Your new EUR bank details — for receiving money and Direct Debits

Europe Team
19.12.19
4 minute read

In 2017, we launched EUR bank details. They meant that anyone could receive Euros for free, straight to their TransferWise 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 TransferWise account, like:

  • Set up Direct Debits from your EUR balance
  • Receive Euros faster than before.

Your old EUR bank details still work, but they’ll expire on 1st July 2020

If someone has sent money to your old EUR bank details recently — don’t worry. They’ll keep working until 1st July 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 TransferWise 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 July 1st 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 TransferWise 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 July 1st 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. At the moment, we’ve seen that some banks don’t recognise the new EUR details for SWIFT payments. It’s because they’re using older software.

But this shouldn’t last long. By February 2020, banks around the world should have updated their software. You can then start using your new EUR bank details to receive SWIFT payments.

If you need to receive Euros from outside the EU, we recommend using your expiring EUR bank details — they’re the ones with the IBAN starting in ‘DE’.

Where can I see my bank details?

  • Go to the Balances tab on your TransferWise 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.

What if I didn’t get a new IBAN, but I want one?

Great! Get in touch with our customer support and we’ll get you set up.

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.

TransferWise is the smart, new way to send money abroad.

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