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 mean?
During the withdrawal process, we will verify with the receiving bank if your name matches the name on the receiving account.
Depending on the response we get from the receiving bank, you may receive an additional in-platform notification indicating the match accuracy. There are three possible outcomes:
- Match: If the receiving bank confirms that the account details match, the withdrawal will be processed without any notification to you.
- Close match: If there is a minor discrepancy in the account holder's name, the receiving bank will return the name they have on file. You will be shown this name and asked whether you wish to proceed with the withdrawal or cancel it.
- No match: If the receiving bank either identifies a different name on the account or fails to respond to our VoP name validation request, this doesn't necessarily indicate an issue with the account details. It simply means the receiving bank hasn't confirmed your ownership of the account to Saxo. Therefore, we will require your confirmation to proceed with the payout to the specified account.
When a notification is generated, you will receive it within a few seconds after submitting your withdrawal request.
Does confirming a ‘close match’ or ‘no match’ payment mean anything for the processing of the withdrawal?
Once you confirm that you want to proceed with the payment, Saxo will execute the payment in the same manner, regardless of the VOP scenario. If you are the owner of the receiving account, you should receive the funds without any unnecessary delays. However, if you accidentally confirmed the wrong receiving account, you may need to contact the receiving bank to recover the funds.
If you need more info on how to withdraw, please read how to withdraw funds.