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How to make an international payment and what information will I need?

If you have a current account with us and you are registered on our portal you can log on to send money abroad.

Electronic transfers are the most secure and fastest way to send money abroad. You do this online from any BFC Bank current account that you hold. These payments can be made in most major currencies to worldwide destinations. We offer a foreign exchange (FX) spread that is both clear and transparent.

You need to have the following information about the payment and the beneficiary:

  • Beneficiary’s account name and address
  • Beneficiary’s IBAN or account number
  • Beneficiary’s bank name and address
  • SWIFT or BIC for the beneficiary’s bank
  • Beneficiary’s name and address
  • Any reference such as an invoice number
  • You may need to specify the reason for the payment

You need to decide who pays the bank charges:

  • Are you (the remitter) to pay the remitter’s charges and the beneficiary (receiver) to pay all the other bank charges?
  • Is the beneficiary (receiver) to pay all charges?
  • Are you (the remitter) to pay all charges?

Payment may be made from a current account held in that currency or from a current account in a different currency.

Our payment screen flows will take you through the options.

First, complete the beneficiary and payment details in the relevant boxes on the payments page. Below is a screen shot of the payments page. Some of the boxes have been completed as an example.

Repeated payments can be made easily. We store details securely of any beneficiary that you have paid, so it is even simpler to send money to the same payee again.

Please note that when you input payment details, the rate shown for a foreign currency payment is an indicative rate. Once the payment has been made then the rate provided will be shown, this may differ from indicative rate.

How much does it cost to make an international payment?

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How to receive an international payment

Before a payment is received from overseas (international payment), you need to provide your details to the sender. Please note that the bank account details must be a current account and include:

  • International Bank Account Number (IBAN)
  • SWIFT or BIC (Bank Identifier Code)
  • Bank name: BFC Bank Limited
  • Account sort code For BFC Bank this is always 040002
  • Nominated current account number
  • Full name
  • Address
  • Amount and currency to be received

Funds that have arrived from overseas must be paid directly into the nominated current account by electronic transfer. Funds received for this account in the same currency as it is held will be credited directly to it.

If the funds are received in a different currency to that of the current account that they are crediting, they will be automatically converted to that account’s currency at the prevailing exchange rate.

As soon as the payment has been received and cleared the funds are visible in the account.
Remember, you also need to agree with the remitter who pays the charges. If this is not agreed before the payment is sent there may extra charges such as the remitting bank’s charges.

Please ensure that you provide your correct account details to the remitter.