AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
The person sending a SWIFT payment chooses who bears the charges: OUR means the sender pays everything, SHA means each side pays its own bank and intermediary fees usually come out of the amount, and BEN means every charge is deducted before you are paid. If your Nigerian client pays SHA or BEN, you receive less than the invoice, so state in the invoice that payment is to be made with charges OUR, or price the deductions in.
The three charge codes, in plain terms
Every SWIFT payment carries a charge instruction chosen by the payer when they fill in the transfer. It tells the banks in the chain where to take their fees from. The client's bank in Lagos or Abuja sets its own price for sending; the bank that receives the money for you sets its own price for receiving; and any correspondent (intermediary) bank in between, often a US bank for dollar payments, may also take a fee.
| Code | Who pays what | What you usually receive |
|---|---|---|
| OUR | Sender pays their own bank and asks for the overseas and intermediary charges to be covered too | Closest to the full invoice amount, though your own bank's receiving fee can still apply |
| SHA (shared) | Sender pays their own bank; you pay your bank; intermediary fees are normally deducted from the payment in transit | Invoice amount less intermediary deductions and your bank's receiving fee |
| BEN (beneficiary) | All charges, including the sender's bank fee, come out of the amount sent | The lowest of the three |
Barclays describes the options this way on its international payments page: with OUR you pay all charges plus an overseas delivery charge that varies by country, with SHA you pay Barclays' fees and the recipient pays the others, and with BEN the charges are deducted. It also warns that intermediary banks may charge. Other banks use the same codes.
Why Nigerian payments often arrive short
Three things tend to shave money off an incoming payment from Nigeria:
- The default is often shared. Many banks set online international payments to SHA and only offer OUR at a branch or on a special form. Lloyds says its online and app payments are always on shared charges, and AIB says all its Internet Banking international payments go on a SHA basis, with OUR only available through a branch application for non-EEA payments. If your client's bank works the same way, OUR may take an extra step on their side.
- Correspondent banks. A dollar payment from a Nigerian domiciliary account usually passes through at least one correspondent bank. Each one may deduct a fee under SHA. Neither you nor the client sees the amount in advance.
- Your bank's receiving fee. Lloyds, for example, lists £2 for incoming payments up to £100 and £7 for those over £100 from outside the UK and EEA, and says the overseas bank's agent bank may also deduct a fee. If the payment is in a different currency from your account, your bank converts it at its own rate, which includes a margin.
So even an OUR payment can land a few pounds or dollars short if your own bank charges for receiving. OUR protects you from the deductions in the chain; it does not stop your bank's own tariff.
Worked example
Example only, with assumed fees, to show how the codes change the result. You invoice a Lagos client US$2,000 and they pay from a dollar domiciliary account to your US-dollar account abroad.
- OUR
- Client pays their bank's fee and the overseas charge on top. You receive about US$2,000, less any receiving fee your bank applies.
- SHA
- Client pays their bank's fee. A correspondent deducts, say, US$25 in transit and your bank charges, say, US$15 to receive. You get US$1,960.
- BEN
- As SHA, plus the client's bank fee of, say, US$40 comes out of the payment. You get US$1,920.
The gap of US$80 between best and worst case is 4% of the invoice, which on regular monthly work adds up. Check your own bank's tariff for the real receiving fee; the figures above are assumptions, not quotes.
Writing it into the invoice and contract
The charge code is chosen by the payer, so the only lever you have is the agreement. Put it in two places.
In the contract
A short clause does the work: "All amounts are payable in full, without deduction for bank charges. Payments by international transfer must be sent with charges OUR. Any shortfall caused by bank charges will be added to the next invoice." Keep withholding tax separate: if Nigerian withholding tax applies, the client deducts it by law and gives you a receipt, which is a different matter from bank charges. See how Nigerian withholding tax works for freelancers abroad.
On the invoice
- The currency and exact amount you expect to receive
- Your full bank details as your bank gives them (name, account number or IBAN, SWIFT/BIC, bank address)
- The line "Bank charges: OUR. Please do not select SHA or BEN."
- A payment reference, so the credit can be matched
If a client cannot choose OUR, agree a fixed bank-charges line on the invoice instead, sized from what previous payments actually lost. The full list of fields Nigerian finance teams expect is in invoice fields for a Nigerian company, and how the intermediary leg works is explained in intermediary bank fees on SWIFT transfers.
Where Pryme fits
A Pryme Business Account, which can be opened from any country, holds NGN, USD, GBP and EUR with local account details for each, so a client can pay in the currency the work was priced in. Money stays in that currency until you choose to Swap it, and the app shows the rate and the fee before you approve. Outside Nigeria, these services are provided through regulated partners. Invoicing lets you put the payment details and charge instruction on every invoice.
What to check first
- Your own bank's fee for receiving an international payment, from its tariff.
- Whether your client's bank lets them choose OUR online or only at a branch.
- That the contract says payment is due in full without deduction for bank charges.
- After each payment, the difference between invoiced and received, so you can price the next one.
Questions people ask
What does SHA mean on a transfer from Nigeria?
SHA means shared charges: the sender pays their own bank's fee and you pay yours. Intermediary bank fees are usually deducted from the payment on the way, so you receive less than the invoice.
Can I make my Nigerian client pay all the bank charges?
Only by agreement. The payer chooses OUR, SHA or BEN when they send, so write "charges OUR, no deductions" into the contract and the invoice, and say how any shortfall will be recovered.
Why did I receive less even though the client chose OUR?
OUR covers the sender's and the chain's charges, but your own bank may still charge to receive the payment or convert it. Check your bank's tariff for incoming international payments.
Is withholding tax the same as bank charges?
No. Withholding tax is a tax the Nigerian client deducts by law and should give you a receipt for. Bank charges are fees taken by banks. Treat them as separate lines.
Sources
- Barclays: International payments · accessed Oct 2026
- Lloyds Bank: Receive money from outside the UK · accessed Oct 2026
- AIB: Schedule of International Transaction Charges · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.