In finance, it’s important to know your rights and what to do when they’ve been violated.
Wise is here to help. We want to empower consumers and give them the tools to tell people when they haven’t been treated fairly. This blog post will set out what you can do if a company in Europe doesn’t accept your Wise IBAN. Hint: that’s not allowed.
An IBAN (International Bank Account Number) is what you usually give to people in order for them to send you money.
In 2017, we launched EUR bank details. They meant that anyone could receive Euros for free, straight to their Wise account. Since then, tons of people have signed up for EUR bank details. But we wanted to improve them further. So, in December 2019 we decided to launch new EUR bank details for customers in Europe.
We made this switch to give you a new IBAN - this one starts with ‘BE’. It lets you do more with your Wise account, like:
- Set up Direct Debits from your EUR balance
- Receive Euros faster than before.
But we’ve noticed that some banks and merchants around the world don’t always accept Wise IBANs. Rest assured, this isn’t just a problem that Wise faces. It’s a problem for people across all of Europe. But it’s illegal.
Some companies and employers don’t accept IBANs that aren’t from the country they are based in. Let’s say you want to pay your electricity bill in France, but your electricity provider refuses to accept an IBAN that doesn’t start with FR (for France). That means they discriminate against non-local IBANs, which is a problem for people with an international account.
They are legally not allowed to do that. Merchants are required by EU law to accept IBANs from other member states of European Economic Area (EEA). If they don't, you can report them to the relevant authority in your country.
Here’s what to do if this happens:
Despite the Euro single market, some merchants won’t allow Direct Debits from Euro accounts based in another country.
That is against the law - but you can do something about it. Tell us about a merchant that doesn’t accept our IBAN for Direct Debit payment by reporting your case of IBAN discrimination on acceptmyiban.org.
Every EU country has a national competent authority you can report discriminating merchants to. You can find your national authority here.
Not all banks recognise our new EUR details yet, especially banks located outside the EU that make payments to Europe via SWIFT transfers.
Banks can be slow at updating their systems. This means that software doesn't always know yet about newer bank accounts, like ours. To fix this:
Recently, we’ve had to temporarily restrict how much personal customers can send in one transfer, from certain currencies. There are no changes to how much...
Welcome to the Mission Roadmap - a map of how we plan to achieve the mission of building money without borders: moving it instantly, transparently,...
What if we told you it can take people up to 10 minutes to use your account details to send you money? First they have to ask you for them, then they have to...
Over the last few weeks you might’ve received a few emails from other financial brands you hold money with. This is because the Financial Conduct Authority...
Annyeonghaseyo Shinhan Bank! 🇰🇷 We’re excited to announce Shinhan Bank has integrated with our Wise Platform to bring cheaper, faster international transfers.
Welcome to the Wise Affiliate Program! In this guide you will find all the information you need to get started, optimize and succeed as a Wise affiliate...