The father says to the kohen:

אִשְׁתִּי הַיִשְׂרְאֵלִית יָלְדָה לִי בֵּן זֶה הַבְּכוֹר

My Israelite wife has borne me this firstborn son.

The kohen asks the father:

אֵיזֶה תִּרְצֶה יוֹתֵר, בִּנְךָ בְּכוֹרֶךָ זֶה אוֹ חֲמִשָׁה סְלָעִים שֶׁנִתְחַיַבְתָּ בְּפִדְיוֹנוֹ

Which would you rather have—this firstborn son of yours, or the five coins which you are obligated [to give me] for his redemption?

With the money extended, the father responds:

חָפֵץ אֲנִי לִפְדוֹת אֶת בְּנִי וְהֵא לְךָ דְמֵי פִדְיוֹנוֹ שֶׁנִתְחַיַבְתִּי מִן הַתּוֹרָה

I want to redeem my son, and here you have the redemption money that I am required by the Torah [to give].

בָּרוּךְ אַתָּה ה' אֱלהֵינוּ מֶלֶךְ הָעוֹלָם. אֲשֶׁר קִדְּשָׁנוּ בְּמִצְוֹתָיו. וְצִוָּנוּ עַל פִּדְיוֹן הַבֵּן

Blessed are You, L-rd our G‑d, King of the Universe, who has sanctified us with His commandments and commanded us concerning the redemption of a son.

בָּרוּךְ אַתָּה ה' אֱלהֵינוּ מֶלֶךְ הָעוֹלָם. שֶׁהֶחֱיָנוּ וְקִיְּמָנוּ וְהִגִּיעָנוּ לַזְמַן הַזֶּה

Blessed are You, L-rd our G‑d, King of the Universe, who has granted us life, sustained us and enabled us to reach this occasion.

The kohen takes the money and then, while holding the money over the child's head, recites the following:

זֶה תַחַת זֶה, זֶה חִילוּף זֶה, זֶה מָחוּל עַל זֶה. וְיִכָּנֵס זֶה הַבֵּן לְחַיִים לְתּוֹרָה וּלְיִרְאַת שָׁמַיִם. יְהִי רָצוֹן שֶׁכְּשֵׁם שֶׁנִּכְנַס לְפִדְיוֹן כֵּן יִכָּנֵס לְתוֹרָה וּלְחֻפָּה וּלְמַעֲשִׂים טוֹבִים אָמֵן

This instead of this; this a substitute for this; this [one] is forgiven upon this. And this lad shall enter to life, to Torah [study] and to fear of G‑d. May it be [G‑d's] will that just as [this boy] entered redemption, may he also enter Torah [study], the wedding canopy, and good deeds. Amen!

He then places his hand on the child's head and blesses him as follows:

יְשִׂימְךָ אֱלהִים כְּאֶפְרַיִם וְכִמְנַשֶּׁהְ
יְבָרֶכְךָ ה' וְיִשְׁמְרֶךָ
יָאֵר ה' פָּנָיו אֵלֶיךָ וִיחֻנֶּךָּ
יִשָּׂא ה' פָּנָיו אֵלֶיךָ וְיָשֵׂם לְךָ שָׁלוֹם
ה' שׁמְרֶךָ ה' צִלּךָ עַל יַד יְמִינֶךָ
ה' יִשְׁמָרְךָ מִכָּל רָע יִשְׁמר אֶת נַפְשֶׁךָ
כִּי אוֹרֶךְ יָמִים וּשְׁנוֹת חַיִּים וְשָׁלוֹם יוֹסִיפוּ לָךְ
ה' יִשְׁמָרְךָ מִכָּל רָע יִשְׁמר אֶת נַפְשֶׁךָ

May G‑d make you like Ephraim and Manasseh.
May G‑d bless you and guard you.
May G‑d shine His countenance upon you and grant you grace.
May G‑d turn His countenance towards you and grant you peace.
G‑d should guard you against all evil, [may He] guard your soul.
For long days and years of life shall be added to you.
G‑d should guard you against all evil, [may He] guard your soul.

Lifting the glass of wine, the kohen says:

בָּרוּךְ אַתָּה ה' אֱלהֵינוּ מֶלֶךְ הָעוֹלָם. בּוֹרֵא פְּרִי הַגָּפֶן

Blessed are You, L-rd our G‑d, King of the Universe, who created fruit of the vine.

The festive meal then commences, followed by Grace After Meals.