An increasing number of countries now require additional information on their payments which needs to be provided by the sender of the payment in order for the payment to be successfully credited to the beneficiary account. These are regulatory requirements within the beneficiary countries and failure to comply risks the payment being delayed or rejected.

The specific information needed for SWIFT payments to these countries is below:

Jordan

SWIFT Payments to/from Jordan

From 2 February 2014, all banks in Jordan are required to accept and process payment instructions only with a valid IBAN. From February 2015, all payments must have a payment purpose code included. If a payment purpose code is not included, the payment will be declined.

Russia

SWIFT Payments to Russia (RUB)

When making a rouble payment to Russia it is necessary to include the following information requested by the Central Bank of the Russian Federation:


  • Complete name and address (including the city) of the beneficiary
  • Beneficiary's account number (20 digits)
  • Beneficiary's INN (10 digit taxpayer's identification code)
  • Complete name and address (including the city) of the beneficiary's bank
  • BIK (9 digits) of the beneficiary's bank
  • Account number of the beneficiary's bank in the Russian Central Bank (20 digits)
  • VO-code (code of currency transaction), the letters VO + 5 digit payment code (written in format VO12345). Payments without the VO-code or with an incorrect VO-code will be returned
  • Explanation of the payment in English, the number and date of the contract (in payment details field)
  • NDS (VAT) amount. If no VAT is imposed on the goods or services, then you must add a remark "BEZNDS"

The information should be entered in the following form:

Beneficiary Account Number: Account Number/INN number
Beneficiary Bank: Line 1 - /BIK 04xxxxxxx/beneficiary bank Account Number in the Russian Central Bank/Name of Beneficiary Bank
Line 2 - address of Beneficiary Bank

Payment Purpose/Obligatory Information: VO plus payment purpose (written together), contract number and date (in English)

For example:
VO13040 for goods as per contract number xx dated xx
VO200590 payment for freight as per contract number xx dated xx

It is important to note that Russian banks do NOT accept payments with incomplete information so you will need to find out the purpose code from the beneficiary in advance of sending the payment.

India

SWIFT Payments to India (INR)

Following recent regulatory requirements imposed by Indian Banks, the following information needs to be provided within the payment in order for the successful processing of inbound INR payments:


  • Remitter and Beneficiary relationship
  • What is the nature of the payment to the beneficiary by the remitter?
  • Type of beneficiary account held with beneficiary bank i.e. savings/nre/nro etc.
  • Whether this payment is towards expenses of branch / liaison / project office. Additional data may also be required in the form of a unique identification number provided by local authority (Reserve Bank of India) to the beneficiary
  • If payment is invoiced / service based, details to be included

It is strongly recommended that as much information regarding the purpose of the payment (including all the above details) is included within the payment instruction.

Thailand

SWIFT Payments to Thailand

Following recent mandatory governmental requirement for payments being received in Thailand, any SWIFT payment to Thailand will require the purpose of the payment to be applied within the payment instruction. For example if the payment is a salary payment you are required to enter this information within the Reference/Further Payment Details section.

It is important to note that if the purpose of the payment is not included then the payment will be returned by the Overseas Bank.

United Arab Emirates

SWIFT Payments to United Arab Emirates (UAE)

All payments sent to United Arab Emirates (UAE) must include a relevant IBAN. This is a regulatory requirement and failure to comply risks your payment being delayed or rejected. Please check with your beneficiary for information on IBAN details.

NEW: The electronic funds transfer system provided by the Central Bank of UAE (UAEFTS) expedites payment and returns processing times for domestic electronic payments. As part of this service, the UAE Bank regulations state that the inclusion of a code referencing the purpose of payment to the beneficiary account is required for all UAE payments

Pakistan

SWIFT Payments to Pakistan

Effective from 30 June 2013, all banks in Pakistan are required to accept and process payment instructions with IBAN. This is a regulatory requirement and failure to comply risks your payment being delayed or rejected. Please check with your beneficiary for information on IBAN details

Saudi Arabia

SWIFT Payments to Saudi Arabia

Effective from 1 January 2013 the Saudi Monetary Fund has instructed all Financial Institutions to ensure all payments into Saudi Arabia quote the beneficiary’s IBAN. This is a regulatory requirement and failure to comply risks your payment being delayed or rejected.

If an account is held with SAAB then the IBAN will appear as per the following example:

Example of iban number

IBAN Breakdown:

  1. The Country Code is a 2 letter code which identifies the country in which the account was issued.
  2. The Check Digit is a 2 digit-code which enables validation of the IBAN.
  3. The Bank Identifier Code is a 2 digit code which is used to identify where the IBAN account is held (45 is used for SAAB).
  4. The Account Number is an 18 digit code which identifies the account into which the funds should be transferred (six leading zeros will be added to the SAAB Account Number, as SAAB has 12 digit account numbers).

Brazil

SWIFT Payments to Brazil

As of 1 July 2013, all payments sent to Brazil must include a relevant IBAN. This is a regulatory requirement and failure to comply risks your payment being delayed or rejected. Please check with your beneficiary for information on IBAN details.

Brazilian Boleto payments of BRL 250,000 or more need to be accompanied with payer and beneficiary tax ID.

Qatar

Payments to Qatar

As of 31 December 2013, all payments sent to Qatar must include a relevant IBAN. This is a regulatory requirement and failure to comply risks your payment being delayed or rejected and you may incur additional processing charges.

Latvia

SWIFT Payments to Latvia 

Effective 1 January 2014, Latvia will convert to using the Euro as legal tender and the Latvian Lats (LVL) will no longer be an available currency option.