Beneficiary Bank

A beneficiary bank is the financial institution that receives a payment for the recipient. It credits the beneficiary's account once the transfer settles.

For international wires, the beneficiary bank relies on identifiers like IBANs and SWIFT codes to route payments correctly. It may also deduct incoming fees depending on the transfer type.

Related Terms

Beneficiary

A beneficiary is a person or entity designated to receive funds, property, or other benefits from a ...

Wire Transfer

A wire transfer is an electronic transfer of funds between banks or financial institutions. Wire tra...

SWIFT

Society for Worldwide Interbank Financial Telecommunication

SWIFT is a global messaging network that financial institutions use to securely transmit information...

IBAN

International Bank Account Number

An IBAN is a standardized international numbering system used to identify bank accounts across natio...

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