Revolut's intermediary bank

Hi,

I usually make bank transfers from Revolut to Morocco and always receive the full amount, but yesterday the amount received was reduced by 20 Euros.

I asked my bank in Morocco to send me the SWIFT transfer detail in order to see who took the 20€ and i was surprised to see that Revolut acted as an intermediary and charged me the 20€!

Did this happen to anyone else?

Below are the relevant SWIFT transaction Fields

:71A:SHA
:71F:EUR0,
:71F:EUR20,
:72:/INS/REVOGB2LXXX

It’s probably Revolut unique details being fulfilled by a partner bank that they’re using. In reality that’s just a routing BIC, another bank is handling and charging for the acceptance

There is another field with the Revoults details
:52A:REVOGB21XXX

Note that the BIC in 52A is different from the BIC in 72 as the latter has an L at the end.

I spoke to Revolut and they told me that they didn’t charge any fee, but the fee could have been charged by Barclays as they are the ones who handled this transfer.

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Please, update us, if you know more what happened! I am pretty much interested how can another entity charge in the name of Revolut in a Swift message, if we trust in what Revolut communicates. Other explanation could be that Revolut started to charge in a non-transparent way!
Either way, it is interesting development!

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When placing a transfer make sure the originating bank select BEN or OUR as the code. if SHA is selected you will be charged a fee likely by intermediaries. You can also select BEN since Revolut doesn’t charge a fee. If your bank is located in Morocco and only charges a small fee or no fee for sending the SWIFT, then OUR is also an inexpensive option.

What are BEN, SHA, OUR payment instructions?

When you make an international wire transfer you can choose who pays the transfer charges.

BEN , SHA , OUR are codes in a SWIFT instruction, at [field 71A “Details of Charges”].

The OUR instruction means you pay all transfer charges. We receive all your payment.

SHA (shared) means you only pay your bank’s outgoing transfer charge. We receive your payment minus the correspondent (intermediary) bank charges.

BEN (beneficiary) means you do not pay any charge. We receive your payment minus all transfer charges.

I don’t think that it’s possible to specify BEN or OUR when making a Revolut bank transfer. It’s always set as SHA by default.

Also what stops intermediary banks for charging their routine intermediary fees even if the transfer is set to BEN or OUR? Revolut will just end up deducting that amount and will say that the fee is from intermediary bank not them.

This is not possible with transfers sent from Revolut - it is always SHA by default

You are correct.

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