What does Debit all charges from the account mean?
This is when all the charges for transferring money are taken from your account.
So your recipient will receive the full amount you specified.
As part of the second Payment Services Directive (PSD2), the payment service regulators have introduced the following regulation on payments for all banks across the EEA:
Where the senders Bank and the beneficiary’s Bank are located within the EEA, irrespective of the currency of the transaction, shared charging (SHA) is mandatory, which means:
- the sender must pay any charges levied by their Bank
- the beneficiary must pay any charges levied by their Bank
Therefore the only charge option available is Shared (SHA).
This is the case for both sterling accounts and currency accounts
EEA countries where shared charging would be mandatory
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