Here are our top tips and potential pitfalls when sending money from China* using Wise. This service is provided in partnership with a third party payment...
In 2017, we launched EUR bank details. They meant that anyone could receive Euros for free, straight to their Wise account.
Since then, more than a million people have signed up for EUR bank details. But they weren’t perfect.
So in December 2019, we launched new EUR bank details for customers in Europe
We made this switch to give our customers a new IBAN. It lets you do a little more with your Wise account, like:
- Set up Direct Debits from your EUR balance
- Receive Euros faster than before.
If you got the new BE details before June your old DE details have expired on July 1st and you can no longer see them in your account.
We are now replacing all remaining old DE IBANs with the new IBANs starting in BE - so if you got the new details in July, your old EUR bank details still work, but they’ll expire on August 20th.
If someone has sent money to your old EUR bank details recently — don’t worry. They’ll keep working until August 20th 2020.
After that, whoever sends you money will need to use your new EUR bank details. If they don’t, the money will bounce back to the sender and you won’t receive it.
You can see both your new and expiring EUR bank details in your Wise account
They’re labelled clearly. But if you ever need to tell the difference between them, look at the letters the IBANs start with. Your expiring details have an IBAN starting in ‘DE’. And your new details have an IBAN starting in ‘BE’.
Now’s a good time to tell people about your new EUR bank details
To keep receiving EUR smoothly, please:
- Give your new EUR bank details to friends, customers, or businesses who pay you using your EUR details.
- Update any accounting software that uses your old details.
- Change any invoice templates that use your old details.
- Set up any Direct Debits from your EUR balance using your new EUR details — those are the ones with the IBAN starting in ‘BE’.
You’ll still have the same EUR balance
Nothing changes with your EUR balance. That means:
All the money you currently have in your balance stays the same.
Until August 20th 2020, the money you receive using your new EUR details and your expiring EUR details will arrive in your usual EUR balance.
Anything you do with your EUR balance or your EUR bank details will be reflected in your Activity and on your statement — just like normal.
Got more questions? Here are some that customers have asked us already
How do I know if I have new EUR bank details?
When you log in to your Wise account, you should see that you have two sets of bank details associated with your EUR balance — one new, and one expiring. You’ll also have received an email explaining the change.
Are you going to change my bank details again soon?
No. Now that we’ve made this change, we don’t expect to make any more changes to EUR bank details in the future.
I have pending payments set up to my old EUR bank details, and I can’t change them at short notice. What should I do?
This isn’t a problem — you can still receive money using your expiring EUR bank details until August 20th 2020. After that, whoever sends you money will need to use your new EUR bank details.
Can I use my new EUR bank details to accept Euros sent from outside the EU?
Payments like these are called SWIFT payments. We’ve seen that a small number of banks around the world don’t yet recognise the new EUR details for SWIFT payments. It’s because they haven't updated their payment routing systems. If this happens, please let us know by following the instructions here.
Where can I see my bank details?
- Go to the Balances tab on your Wise account on the computer, or the Activity tab in the app.
- Click on your EUR balance.
Does anything change with my statements?
All your EUR payments will show on your EUR statement — regardless of which EUR bank details the money was sent to. The only difference is you’ll only see your new EUR bank details at the top of that statement.
I can only see my new EUR IBAN (starting with BE) in the app
Older versions of our iOS and Android apps won’t show both expiring and new bank details. To see both, update your app, or use your web browser.
I need proof of account ownership before a sender will use my new EUR details
Some senders – like governments paying your pension — require proof of account ownership before they’ll send to new bank details. Usually, giving them a statement is sufficient proof.
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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