Settlement Methods in Jack’s International Transfer

Modified on Tue, 07 Nov 2023 at 01:24 AM

This article covers two settlement methods you can use in Jack’s International Transfer: Local Bank Network and SWIFT, and provides a clear understanding of the difference in terms of fees and geographical scope.

Table of Contents

In the world of international transfers, the settlement method plays a crucial role in ensuring smooth and efficient transactions. The settlement method refers to the process by which funds are transferred from one party to another across borders. It is an essential component that determines how the payment will be processed and delivered to the recipient. At Jack, the Drafter can determine the settlement method during the creation of the international transfer. To learn more about how to create an international transfer, click here.

Below, we will explore the differences between two commonly used settlement methods at Jack: Local Bank Network and SWIFT Network.

Local Bank Network

Jack’s International Transfer utilizes a robust local bank network to facilitate seamless and rapid transfers. Various advantages using this settlement method:

Swift and Convenient

Through strategic partnerships with trusted financial institutions across various countries, Jack establishes direct connections within our local bank network. This enables us to process transfers swiftly, often delivering funds within the same business day.

Local Currency Support

Leveraging our local bank network, we offer the convenience of processing transactions in the local currency of the recipient. By eliminating the need for multiple currency conversions, Jack helps streamline your cross-border transactions and ensure your recipients receive the funds in their preferred currency.

Low Transfer Fee

Local bank network transfers often entail lower fees compared to traditional methods, allowing you to optimize your international financial operations and reduce unnecessary expenses.

SWIFT SHA (Shared)

SWIFT SHA is a subset of the SWIFT network that offers cost sharing between the sender and recipient. Here are the key advantages of the settlement method:

Extensive Network

SWIFT SHA connects numerous financial institutions globally, enabling secure and standardized communication for international transfers.

Shared Charges

With SWIFT SHA, transfer fees are typically divided between the sender and the recipient. The cost-sharing approach ensures fairness and transparency in cross-border transactions.

SWIFT OUR (Our Charges)

SWIFT OUR is another subset of the SWIFT network that offers other great advantages. Here’s what you should know:

Full Cost Coverage

With SWIFT OUR, you, as the sender, bear the complete cost of the transfer, ensuring that the recipient receives the full intended amount without any deductions.

Enhance Transparency

By covering the entire transfer cost, SWIFT OUR provides full visibility into the fees associated with the international transfer. This transparency is particularly important when sending funds to specific purposes or making high-value transactions.

Take a look at the table below to understand the distinctions between Local Bank Network, SWIFT SHA, and SWIFT OUR methods.

Key differences between Local Bank Network, SWIFT SHA, and SWIFT OUR


Currency Destination

Fee Coverage

Delivery Speed

Fee Amount

Local Bank Network

Diverse (Other than USD, CNH, CHF, and SGD)

Fully Covered by Sender

Same-Day to D+1 Banking Day

Starting from IDR 45.000 to IDR 300.000


Currently limited to several currencies (USD, CNH, CHF and SGD)

Shared between Sender and Recipient

D+1 to D+2 Banking Day

IDR 100.000


Currently limited to several currencies (USD, CNH, CHF, and SGD)

Fully Covered by Sender

D+1 to D+2 Banking Day

IDR 300.000

To learn more about the list of countries and currency destinations in Jack’s International Transfer, see the full list here. Regardless of settlement methods used, all international transfers using Jack have been equipped with Global proof of payment (MT-103). 

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