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SEPA Direct Debit

SEPA Direct Debit payments can be used for paying in Euros to TransferWise from accounts in Germany.

Your bank account must be in Germany in order for us to complete the Direct Debit for you.

In order to use SEPA Direct Debit you will need to input your IBAN and a reference (which will appear on your bank statement). We withdraw the money from your account. This may take up to 4 working days to reach us. We use secure payments processor, Adyen to collect all direct debit payments from German banks. That is why you might see “Adyen Client Management Foundation” as the company booking the money on your account. If you want to cancel a transfer with an active SDD payment:
  • If you cancel before we've sent the withdrawal request to your bank, then no money will be taken and nothing will happen
  • If you cancel after the withdrawal request has been sent, we'll need to wait for your money to clear with us (which can take up to 4 working days), and then refund the full amount back to you which can take 1-3 working days (Please do not start a separate refund from your bank in this time)
If you want to cancel a transfer after you already provided us with IBAN for SEPA Direct Debit, you can absolutely do that. We will refund the whole amount with no extra charges right after it reaches our account. Please note that it might take a few days and make sure to not start a separate refund from your bank.

Account Ownership Verification

When you’re making a SEPA Direct Debit payment to TransferWise, we need to know that the account number used is yours, is active, and is in your name. To do this, we’ll verify it in one of two ways:
  • Verification through Figo - our trusted verification partner
  • Verification via Account Verification Code
Verification via Figo

To instantly verify your bank account ownership you can enter your bank details on our website, and our trusted verification partner, Figo, will contact your bank to make sure that the IBAN is yours. 

When using this verification method, your data is secure and TransferWise does not store your bank details. We forward your details to Figo and, in response, they verify that your account, used for Direct Debit, exists and is in your name.

All communication of intermediate data is encrypted with AES-256 with dynamic Initialization Vectors
It has been adopted by many world governments and is now used globally. 

After Figo have verified your details, all the intermediate data is deleted. Currently, instant verification is supported for 3000 German banks, including all the largest banks.

Verification via Account Verification Code
  1. To verify yourself via Account Verification Code, set up a regular Sepa Direct Debit payment. 
  2. When performing the Direct Debit, we’ll send a unique account verification code along with your payment reference, which you’ll need to enter on our website. 
  3. The verification code will be shown on your bank account statement, typically on the next working day, depending on your bank.
  4. The statement will show the following: “ACCOUNT VERIFICATION CODE:  _your verification code_ | _the payment reference that you have entered when setting up the payment_”
This verification method is slower as it takes one to two additional business days for you to see the code on your statement. That's why we'd recommend you to instantly verify your account via Figo.

Why do you need to verify me?

Verification is a precautionary measure that helps us keep your data safe and prevents financial fraud when using SEPA Direct Debit. It also helps us understand that you are the owner of the bank account and have the right to make a SEPA Direct Debit. For most accounts, it means we can perform the transfer within 1 business day instead of 3.
 

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