Beneficiary Bank

Beneficiary Bank refers to the bank that ultimately receives the payment in international settlements such as letters of credit and wire transfers, typically the account bank of the exporter (beneficiary). Usage scenarios include: the letter of credit explicitly designates the beneficiary bank; the remitter provides beneficiary bank information when making a wire transfer; under documentary collection, the collecting bank acts as the beneficiary bank. Precautions: the beneficiary bank's name, SWIFT code, and account number must be accurate, otherwise it may cause returned remittance or delays; if the letter of credit specifies a negotiating bank or paying bank, the beneficiary bank may differ; it must be distinguished from the Intermediary Bank, which only assists in the transfer and does not hold the beneficiary's account. It is the opposite of the Remitting Bank, which is the bank of the remitting party. In practice, exporters should ensure that the beneficiary bank information is consistent with the contract to avoid additional fees or fund losses caused by incorrect bank information.