As part of our account holder verification, we may ask you to make a first transfer when you open your account. We do this to ensure we open your account safely, as required by financial regulations.
If required, you'll receive an email requesting a first transfer after your identification is complete.
Transfer restrictions during verification
While we verify your account, the following limits apply:
- Each incoming SEPA Credit Transfer must be €50 or less.
- You can't receive more than €150 in SEPA Credit Transfers to your account over its lifetime.
We automatically reject SEPA Credit Transfers that exceed these limits.
We reject all international transfers to your account, no matter the amount.
Impact of fees on transfer restrictions
Swan fees don't count toward the €150 limit.
Example: If you receive a €150 SEPA Credit Transfer and we charge you a €2 fee:
- Your account balance will be €148.
- The €150 you received counts toward your limit, even though fees have reduced your balance.
- We'll automatically reject any further incoming transfers.
Making your first transfer
Tip
We recommend making your first transfer from a bank with a full license and physical branches.
When you make your first transfer, we review and verify the source to make sure it's secure and legitimate. You'll receive one of four different outcomes after we complete our review:
| Outcome | What it means |
|---|---|
| First transfer accepted | We’ve accepted your first transfer source, and will now open your payment account. |
| First transfer refused | We didn’t accept your first transfer source, and won't open your payment account. |
| Additional first transfer requested | We didn’t accept your first transfer source. You've been asked to send a first transfer from a different account in your name. |
| Additional documents requested | We’ve received your first transfer. You've been asked to send supporting documents for further verification. |
How to avoid first transfer rejection
To ensure your first transfer is accepted:
- Use SEPA Credit Transfer: Send your transfer from a bank account in the Single Euro Payments Area (SEPA).
- Keep the amount at or below €50: Your first transfer mustn't exceed €50.
- Stay within the €150 total limit: Make sure the transfer doesn’t push your account balance over €150.
- Avoid international transfers: Don't send your first transfer using international or SWIFT networks.
If you have further questions, submit a request to Swan Support.