I've noticed the expression Recipient to Pay, in relation to International Money Transfers - what does this mean?
The Recipient to Pay option refers to Other Bank Fees. If you select the Recipient to Pay option, you will not be charged an Other Bank Fee, but there will likely be fees deducted from the amount that your recipient receives.
Alternatively, you can choose the “Sender to Pay” option. An Other Bank Fee is charged when you choose the “Sender to Pay” option. This fee covers charges from other banks (also known as correspondent, intermediary and beneficiary banks) involved in the payment. This fee will be charged to your ASB account the business day after the payment is sent.
Please note, while ASB will send your payment with instructions for the sender to cover all fees and charges, due to the steps involved in the international payment ecosystem, it is possible that the recipient may still have fees deducted from the amount that they receive.
If the debit account is a Foreign Currency Account, the fee will be converted to the currency of the debit account at the applicable foreign exchange rate at the time the fee is processed.
Our current fees are published in our Guide to fees, and our Guide to business banking fees.
You can also find exchange rates, fees, and other IMT informaton on our International money transfers page.
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