Stanbic Bank Uganda has introduced International payments to their online banking platform to enable simple, trusted and convenient cross-border payments. Being a new offering by the financial institution, there are a lot of questions that arise.
If you are one of the curious customers that want to know about Stanbic Bank’s International payments solution, here are 15 FAQs about the service.
1. What is an International payment?
This is Digital adaptation of the existing Outward Telegraphic Transfer (OTT) capability currently enabled at Stanbic Bank Branches and on Business Online (BOL). It allows for clients to make Foreign currency payments to accounts outside Uganda (Cross Border Payments).
2. Where is the menu option for International Payments located on Online Banking?
The option is found under the “Pay and Transfer” menu.
3. What details do I need when making a payment?
It is key that you obtain the right details from the beneficiary. You will need;
- A correct name, phone number and email address must that must be registered with us.
- Beneficiary Name
- Bank Name
- Branch Name (and Branch Code)
- The IBAN number or SWIFT code
- Their Account Number
- The beneficiary address
- The country to which the funds are to be transferred.
- The beneficiary reference (Their reference) – This is the narrative that will appear on the beneficiary’s account. It also describes the purpose of the payment.
- My reference: is the narrative that you would like to see on your account that describes the purpose of the payment.
4. What is a SWIFT or IBAN code?
A SWIFT code is a popular term for a Bank Identifier Code (BIC). SWIFT is an eight- or 11-digit code that identifies your country, city, bank, and (11-digit only) branch. An example of a swift code is CITGUS442SP.
5. What is an IBAN number?
IBAN in full is International Bank Account Number and it is used to identify the beneficiary ‘s Bank account. The IBAN is made up of a code that identifies the country the account belongs to, the account holder’s bank and the account number itself.
6. What is the cost of making an International Payment?
This payment costs Ugx 30,000 or its equivalent in foreign currency to the sender. There will be an additional charge of 15% excise duty levied on the charge. The 15% excise duty is subject to change from time to time depending on when Uganda Revenue Authority reviews. The Beneficiary bank will also levy a charge on the Inward Telegraphic Transfer (TT).
7. Who bears the charges for the transaction?
- ME: The sender can bear all the charges.
- BENEFICIARY: The beneficiary can bear all the charges. You will need to agree with the beneficiary on this.
- SHARED: The sender and the beneficiary can choose to share the charge between the two. The sender will pay for the Stanbic charges and the Beneficiary will pay for their inward (ITT) bank charges.
8. How long do payments take to be processed?
An international payment typically takes two business/working days (48 hours). However, this can take longer because of currency holidays, time differences and public holidays in various parts of the world.
9. Can I cancel my payment?
There is small chance that transactions that have been submitted for payment will be processed successfully due to various reasons. However, upon your written request, Stanbic Bank will send a cancellation request to the beneficiary’s Bank requesting them to stop or cancel the payment. The funds will be credited back to your account only when a confirmation is received from the beneficiary Bank that the payment has been cancelled.
10. Will the transactional charges for the payment be reversed if a payment is cancelled?
No, the transactional charges will not be reversed. Also, please note that the beneficiary Bank may charge a cancellation fee off the funds you transferred, implying that you may receive funds less than what you transferred.
11. Can I make payments outside business operating hours?
Yes, you can transact outside business hours 24/7.
12. What exchange rates are offered while making an International payment?
The bank’s published rate of the day will be offered, and this will be displayed for you to view before you can complete the transaction. Please ensure that you are content with the exchange rate before you confirm the transaction.
13. Can I get a negotiated rate for my transaction?
No, currently the published rate of the day will apply if you are making the payment using Online Banking.
14. Can I save beneficiaries for my future use?
No, the International Payment is a once off transaction for which you will not be able to save. Therefore, you will be required to populate the details each time you wish to make a payment.
15. Who can I contact if I need help?
For more information or clarification contact Stanbic Bank by email, CCCUG@stanbic.com or call our toll-free lines; 0800 150150, 0800 250250 or 0800350350. You can also visit the nearest Stanbic Bank branch or contact your Relationship Manager
While calling from outside the Uganda, you can contact Stanbic Bank on +256414340788 or +256417154910 or +256312224910