### Beneficiary Overview

A beneficiary is an entity or individual that receives payments from a business or another individual. This includes:

### Creating a Beneficiary

To initiate payments to a beneficiary’s bank account, you must first create a beneficiary profile. The requirements for creating a beneficiary vary based on the following factors:

- **Beneficiary Type**: Individual or business.
- **Bank Country**: The country where the bank is located.
- **Currency**: The currency in which the payment will be made.