We'll lose £215 billion to hidden fees unless we act
We’re set to lose £215 billion to hidden fees this year alone. That's because today, banks and other providers are able to tell you your transfer is free, has...
IBAN not accepted? Report it here!
Much too often, businesses in the EU like internet providers, phone companies or even banks refuse to accept your IBAN because they claim you need an IBAN from a certain country - usually the country they themselves are based in. This is illegal. And we want to put an end to it. So, Wise has partnered with other leading fintech companies to bring this issue to the attention of policymakers. Our friends at Revolut, N26, Raisin, SumUp and Klarna have joined the fight.
IBAN discrimination has been against the law for 7 (seven!) years and it’s still something lots of people - and especially those living international lives - face way too often.
Late 2020, we sent this letter to the European Commission. We’re asking them to take action against countries, where the issue is commonplace. For example, we know the issue is particularly rampant in Spain and France.
We know problems don’t miraculously solve themselves. That’s why we launched acceptmyiban.org. It’s an easy way for anyone to report IBAN discrimination regardless of who they pay with. Whether you bank with HSBC, have an account at Revolut or use our international banking app, you can add your case of IBAN discrimination on acceptmyiban.org. Whenever a company doesn’t accept your IBAN, don’t just take no for an answer. Report it, so we can stop it.
All cases of IBAN discrimination reported on acceptmyiban.org will be passed on to the relevant authorities, so you don’t have to go through the hassle of finding the right complaints body. The more cases we report together, the more countries will be forced to act.
Remember that any company is legally required to accept your IBAN, regardless of the EU country it’s originally from.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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