| Note: If you need instructions on how to register a new account and withdraw funds, please read our other Help article. |
When you initiate a EUR withdrawal to a European bank, the EU's Instant Payments Regulation requires Verification of Payee (VoP), which confirms the recipient's account name and IBAN match the details provided during a transaction. This adds a layer of security and accuracy to ensure your funds reach the correct account and protect you against errors or fraudulent activities.
What do the in-platform notifications I see mean?
During the withdrawal process, you may receive in-platform notifications indicating varying degrees of match accuracy, based on how well your information aligns with the recipient's account details. These three levels are:
- Match: The name and IBAN match exactly. You won’t receive any notification and the withdrawal will be processed.
- Partial match: The account details partially match but have small discrepancies. You will be notified to confirm the receiver details are correct before proceeding.
- No match: The details you provided do not match the account and cannot be verified. You will be notified that verifying the recipient’s details is not possible and must confirm if you want to proceed with the given account.
| Please note: If you decide to proceed with a 'partial match' or 'no match' withdrawal, there may be delays in processing due to detail discrepancies. |
How can I prevent delays or issues when withdrawing funds?
Ensure all recipient details are accurate when you initiate the withdrawal by confirming information using reliable and trustworthy methods to prevent errors.
By understanding and responding to these notifications, you can ensure that your withdrawals are processed smoothly and securely, avoiding potential mistakes and safeguarding your transactions.