While Panther doesn’t charge fees to receive an international wire, your bank might charge you to send one. You should elect to cover these fees when sending a payment, so that your invoices can be marked as paid.
What are the fees?
When an international wire (or SWIFT payment) is sent, it may have to pass through multiple banks — called "intermediaries" — before the money reaches its final destination. If one bank in the chain doesn’t have a relationship with the next, they may charge an additional fee for their services.
Those fees are paid in one of two ways, depending on how the wire is coded.
If the wire is coded as Charges Shared (SHA), the fees are deducted directly from the wire amount. So if you sent $1000, and intermediary bank charges were $20, your contractors would end up with only $980 when all was said and done.
If the wire is coded as Charges Ours (OUR), the intermediary bank fees are covered by the payer and the contractors receive the full amount.
In order to make sure that invoices are paid, Panther must receive the exact amount denominated on the invoice.
If you choose to pay using an international wire, please ensure that you are covering the cost of any additional intermediary fees through your bank by using an OUR payment.