Deduct from beneficiary: Difference between revisions
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imported>Doug Williamson mNo edit summary |
imported>Doug Williamson (Align with qualifications material and link with Beneficiary page.) |
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''Banking.'' | ''Banking.'' | ||
The | The practice of deducting bank fees directly from an amount being transferred. | ||
The amount received in the beneficiary's account is reduced by the amount of the fees. | |||
This practice is common in some countries where a correspondent bank is used to effect a cross-border payment. | |||
== See also == | == See also == | ||
* [[Correspondent banking]] | * [[Correspondent banking]] | ||
* [[Beneficiary]] | |||
Revision as of 09:25, 23 May 2015
Banking.
The practice of deducting bank fees directly from an amount being transferred.
The amount received in the beneficiary's account is reduced by the amount of the fees.
This practice is common in some countries where a correspondent bank is used to effect a cross-border payment.
