To verify a beneficiary before an international transfer, confirm three things before you release any money: that the account name exactly matches the person or company you intend to pay, that the IBAN or account number and the SWIFT/BIC code are entered correctly, and that any change to those details is confirmed by phone on a number you already trust — never a number supplied in the same email or message. On a cross-border payment these checks matter more than on a domestic one, because the automatic name-checking and fraud-reimbursement rules that protect UK payments do not apply.
What does it mean to verify a beneficiary?
Verifying a beneficiary means confirming, before you send, that the account you are paying into genuinely belongs to the person or business you mean to pay, and that the payment details are accurate. It answers two separate questions: are the details technically correct, so the money can arrive, and are they legitimate, so it arrives with the right party. A large international transfer can fail either test. A mistyped IBAN can leave funds stuck in transit for weeks; a fraudulently altered account number can send them to a criminal you will struggle to recover from.
Why does verification matter more on an international transfer than a UK payment?
Since 2020, UK banks have run Confirmation of Payee, a name-checking service operated by Pay.UK that warns you when the account name you type does not match the account you are paying. It covers sterling payments to UK accounts sent through Faster Payments and CHAPS. It does not run on international payments. When you pay an account held overseas, no name-match happens in the background, so the responsibility to confirm the name sits entirely with you.
The gap widens with fraud reimbursement. Under the Payment Systems Regulator’s mandatory reimbursement rules, in force from 7 October 2024, victims of authorised push payment (APP) fraud on UK domestic payments can claim back up to £85,000, with banks required to reimburse eligible sterling payments made through Faster Payments and CHAPS. Those rules do not extend to international payments. If you are tricked into authorising a transfer to an overseas account, that statutory protection does not apply — which is why the checks you carry out before sending are the main line of defence.
The scale of the risk is not hypothetical. UK Finance’s Annual Fraud Report 2026 recorded £576.4 million lost to APP fraud in 2025, part of almost £1.3 billion stolen through payment fraud that year. Property completions and other large one-off payments are a favoured target precisely because a single transfer can be very large, and because the details often pass through email between several parties.
How do you verify a beneficiary’s bank details before sending money abroad?
Work through the same sequence every time, whatever the amount. The steps take minutes; a wrong payment can take months to unwind, if it unwinds at all.
- Source the details from somewhere you trust. Take the account details from the beneficiary’s official website, a signed contract, or a call you initiated — not solely from an inbound email or text.
- Match the account name. Check the name on the account against official documents: the solicitor’s firm name, the developer’s registered company name, or a family member’s full legal name.
- Validate the IBAN and SWIFT/BIC. Confirm the IBAN’s country prefix and length are right for the destination, and that the SWIFT/BIC identifies the bank you were told to pay. See how to find an IBAN and SWIFT/BIC code for what each part means.
- Sense-check the country. A French property payment should go to a French account, or to one whose location is clearly and credibly explained — not suddenly to a different country.
- Call to confirm. Confirm the details, and especially any change to them, by phone on a number you sourced independently. Read the account number back rather than relying on copy-and-paste.
- Check who you are paying through. Verify your provider or its regulated partners on the Financial Conduct Authority (FCA) register before you fund the transfer.
- Send a smaller first payment where you can. Where the timetable allows, release a modest amount first, confirm it has landed, then send the balance.
Which checks catch which risks?
No single check does everything. Each confirms one thing and misses another, which is why they work as a layered set rather than alternatives.
| Check | What it confirms | What it will not catch |
|---|---|---|
| Confirmation of Payee | The name matches the account, on UK Faster Payments and CHAPS | Anything on an international payment — it does not run |
| IBAN validation | The IBAN is structurally valid and internally consistent | Whether the account belongs to the right person |
| SWIFT/BIC lookup | The bank and branch exist and can receive the payment | Whether the account holder is who you expect |
| FCA register check | The UK firm you pay through is authorised | The legitimacy of the overseas beneficiary itself |
| Callback on a trusted number | The details, and any change to them, are genuine | Nothing — provided the number is one you sourced independently |
What details should you check on an international payment?
An international payment carries more fields than a domestic one, and each is a place a mistake can hide. Confirm every line against a trusted source before you send.
| Detail | Why it matters | Common error |
|---|---|---|
| Account name | The one field that ties the payment to a real party | A near-match name on a fraudulent account |
| IBAN / account number | Routes the money to the exact account | A single transposed digit copied from a PDF |
| SWIFT/BIC code | Identifies the receiving bank internationally | An outdated or mismatched branch code |
| Bank name and country | Confirms the payment is going where it should | A “new” account in an unexpected country |
| Payment reference | Helps the recipient allocate the funds | Missing reference, delaying credit |
For large sums you will also be asked for documents on your side — proof of identity, address and, above a threshold, source of funds. Those requirements are set out in the documents you will be asked to provide.
How do you make sure you are paying the right person, not a fraudster?
Most large-transfer fraud is not a hack. It is a convincing email that changes where the money goes at the last moment. The warning signs are consistent, and any one of them is reason to stop and confirm by phone.
- A change of bank details arrives close to completion, often framed as urgent.
- Contact has been by email only, and a phone call is discouraged or deflected.
- The account name does not quite match the person or firm you are paying.
- You are asked to split the payment, or route it through a third party.
- The “new” account is in a different country from the one you expected.
The single most effective habit is the callback: before releasing funds, telephone the recipient on a number from their official website or letterhead, and confirm the details out loud. More on the wider picture in our guide to sending money abroad safely, and, for finance teams, the guide to invoice and mandate fraud aimed at businesses.
A worked example: the cost of skipping the call
Consider a buyer sending £400,000 to complete on a property in France. The solicitor’s bank details arrive by email, and a day later a follow-up email asks for the money to go to a “new” account instead. At an illustrative 1.17, £400k converts to about €468,000 — a payment large enough to be worth a fraudster’s effort.
If the second email is fraudulent and the payment is authorised, the mandatory reimbursement rules that cover UK domestic scams do not apply to an international transfer of this kind, and the money may be unrecoverable. A two-minute call to the solicitor — on the number from their official website, not the one in the email — before releasing funds is what separates the two outcomes. The exchange rate you convert at is a separate question; you can benchmark it against the live mid-market rate before you commit.
What are the most common mistakes when verifying a large transfer?
- Trusting an email for a change of details. A changed account number should always be confirmed by voice on a known number.
- Assuming the bank will catch a wrong name. On an international payment, no name-check runs — the name is not verified for you.
- Verifying on the number in the suspect message. Fraudsters supply their own phone number; use one you sourced yourself.
- Copy-pasting an IBAN from a document that may have been altered. Read it back against an independent source.
- Leaving verification to completion day. Time pressure is exactly the condition fraud relies on.
- Assuming reimbursement rules protect you abroad. They cover UK domestic sterling payments, not cross-border transfers.
How does a specialist broker add a layer of verification?
Cambridge Currencies is a UK specialist currency broker that completes every transfer by phone with a dedicated specialist. Because beneficiary details are set up and confirmed verbally before any money moves, there is a human check on the account you are paying — a second pair of eyes at the exact point where large-transfer fraud strikes. Client funds are safeguarded by the firm’s FCA-authorised partners, Currencycloud and ScioPay, and held at a credit institution, separate from company money; the detail is set out on the safeguarding funds page.
For anyone weighing up how to move a substantial sum, it is worth reading how the best way to transfer large amounts of money internationally compares across providers, and the wider options for large-transfer support. Where timing matters, our currency forecasts set out realistic rate ranges, and country guides such as sending money to Portugal from the UK cover corridor-specific detail.
Frequently asked questions
Does Confirmation of Payee work on international transfers?
No. Confirmation of Payee checks the payee name only on UK accounts paid through Faster Payments and CHAPS. It does not run on international payments, so on a cross-border transfer you need to confirm the account name yourself against a trusted source.
Can I get my money back if I am scammed on an international transfer?
Recovery is not guaranteed. The Payment Systems Regulator’s mandatory reimbursement rules cover authorised push payment fraud on UK domestic sterling payments, not international transfers. If you suspect fraud, contact your bank or provider immediately to try to halt the payment, and report it to Action Fraud. Speed matters, because funds can be moved on quickly.
How do I check whether an IBAN is valid?
An IBAN carries check digits that let its structure be validated — the country prefix, length and internal checksum can all be tested. That confirms the number is well-formed, not that it belongs to the right person. Always pair IBAN validation with a name check and a callback.
What is a SWIFT/BIC code and why does it matter?
A SWIFT/BIC code is the international identifier for a specific bank and branch, used to route cross-border payments to the correct institution. If it is wrong or outdated, the payment can be delayed, returned or sent to the wrong bank, so it should be confirmed alongside the account number or IBAN.
How can I verify the company or person I am paying?
Use independent sources: a UK company can be checked on Companies House, a regulated firm on the FCA register, and a professional such as a solicitor through their governing body. Confirm the bank details directly with them on a number you find yourself, rather than one supplied in an email.
Is it safe to send bank details by email?
Email is one of the most common routes for payment fraud, because messages can be intercepted or spoofed and details altered. Treat any bank details or change of details received by email as unconfirmed until you have checked them by phone on a trusted number.
What should I do if the bank details change at the last minute?
Treat a last-minute change as a red flag and pause. Do not act on the new details until you have called the recipient on a number you already hold and heard them confirm the change. Genuine parties will expect and welcome the check.
Speak to a specialist before you send
Planning a large transfer and want a second pair of eyes on the beneficiary details before the money moves? Speak to a Cambridge Currencies specialist or call +44 (0)1223 608232. Every transfer is set up and confirmed by phone with a dedicated specialist, so the account you are paying is checked with you before anything is sent.
Related guides
Sources
- Payment Systems Regulator — PS24/7: Faster Payments APP scams reimbursement, maximum level of reimbursement
- Payment Systems Regulator — PS24/5: CHAPS APP scams reimbursement requirement
- Pay.UK — Confirmation of Payee
- UK Finance — Annual Fraud Report 2026
- Financial Conduct Authority — Financial Services Register
