What does Beneficiary mean?

The beneficiary is the recipient of the funds in the transfer.

Key points

• This could be an individual or a company, and their details may include name, account number, IBAN, or another method depending on the type of transfer.

• Before confirming, carefully review the name, account number, and bank, especially for the first time, as transferring funds to the wrong beneficiary may be difficult or unreliable to recover after successful transfer.

Source

• Central Bank of Egypt — Consumer Protection