What is the difference between ‘My reference’ and ‘Beneficiary reference’?

‘My reference’ is a 20-character description that you fill in when making a payment. It allows you to easily identify what the payment was for in your monthly statement or transaction history.

‘Beneficiary reference’ is a 20-character description that you fill in when making a payment. It allows your beneficiary to easily identify what the payment was for in their monthly statement or transaction history.