What is a structured payment
A structured payment is an EU based method of payment which can be used to transfer amounts of up to 50,000 euro to accounts held with banks within European Union countries. A structured payment is an efficient way to send funds abroad from an offshore account.
If you wish to establish an offshore bank account with DeltaQuest, please view our Offshore Banking services page to learn more about the jurisdictions we offer banking services in.
Structured payment features
A structured payment is a way of transferring Euros to countries within the European Union, using the SWIFT payment system. It is possible to transfer funds via structured payment if both parties are within the EU. Many bank accounts offer the facility to transfer funds via structured payment, and structured payments will always be transacted using Euros. However if payments are being sent to Sweden, then it is possible to send Swedish Kroner if stated. In addition, it is also possible to use a structured payment for countries such as French Ghana and Martinique, provided they have a French IBAN and BIC number.
The amount of time it takes for a payment to be processed and reach the beneficiary account can take anything from 1 to 7 working days. In order for the payment to be processed, it is important to provide the bank with an IBAN and BIC number.
In order to process a structured payment, both the issuer and the recipient will bear a charge. This charge will be dependent on the particular bank that is processing the structured payment. Provided that the BIC and IBAN number are correct, there will not usually be any additional charges incurred. However if these numbers are incorrect then either party (the processing or the receiving bank) can issue a repair fee.
A structured payment must send no more than 50,000 euro at any one time. If it is necessary to process more than 50,000 euro, then other methods of payment must be adopted.
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