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This article explains what bank details are required for candidates, where they are paid in GDP, EUR or USD.
What currencies does your company offer invoice financing in?
We offer invoice financing in Pound Sterling (£ GDP), Euro (€ EUR), and US Dollar ($ USD).
What payment details are required for candidates being paid in GBP?
The payment details required include the following:
- Beneficiary Name: The name of the person or organisation to whom the payment is being made.
- Beneficiary Account Name
- Beneficiary Account Number
- Sort Code
- Bank Branch Name
- Payment Reference: A reference or description that helps identify the purpose of the payment. This can be important for tracking and reconciliation purposes.
OPTIONAL: IBAN (International Bank Account Number) & BIC/SWIFT Code: While not always necessary for domestic GBP payments, it may be required if ever the candidate requires international transactions.
What payment details are required for candidates being paid in EUR?
When paying candidates in EUR (Euro), the typical payment details required may include the following:
• Bank Name
• Account Holder's Name
• IBAN (International Bank Account Number): The unique code that identifies the candidate's bank account. The IBAN format varies by country, but it typically includes the country code, bank identifier, and account number.
• BIC/SWIFT Code: The Bank Identifier Code (BIC) or SWIFT (Society for Worldwide Interbank Financial Telecommunication) code is a unique identification code for the candidate's bank. It is used for international money transfers.
• Bank Address: This information is often required for verification purposes.
• Payment Reference: A description for the payment, which could be the candidate's name, employee ID, invoice number, or any other relevant information to identify the purpose of the payment.
It's important to note that these requirements may vary depending on the country, financial institution, and payment method used. Therefore, it is advisable to consult with the candidate's bank or financial institution for their specific requirements and any additional information they may need for successful payment processing.
Example
Beneficiary Name: John Smith
Bank Name: XYZ Bank
Bank Address: 456 High Street, Anytown, EU
IBAN: XX00 0000 0000 0000 0000
BIC/SWIFT Code: ABCDEFGHIJK
What payment details are required for candidates being paid in USD?
When paying candidates in USD (United States Dollars), the payment details required include the following:
• Bank Name
• Bank Address
• Account Holder Name
• Account Number: The unique account number associated with the candidate's bank account.
• Routing Number: The routing number of the candidate's bank, which is used to identify the financial institution.
• SWIFT/BIC (Bank Identifier Code): This code is required for international payments or if the candidate's bank is located outside the United States.
Example
Bank Name: First National Bank
Bank Address: 123 Main Street, Anytown, USA 12345
Account Holder Name: John Smith
Account Number: 1234567890
Routing Number: 123456789
SWIFT/BIC Code: FNBAUS33
It's important to ensure the security and privacy of sensitive information like bank account details. It's recommended to follow appropriate data protection measures and comply with applicable privacy regulations when handling such information.
Are there any specific requirements for accepting invoice financing in different currencies?
Placements must use the same currency for payment and invoicing purposes. This means that candidates can only be paid and charged in the currency agreed upon.
For instance, if the client is invoiced in GBP (British Pounds), the candidate will also be paid in GBP.
If there is a need for your client or contractor to be paid and/or charged in a different currency, it is necessary to create a new placement using the specific currency required.