Why has my instant SEPA failed?

A SEPA Instant Transfer may fail for various reasons. Here are some common explanations.

• Technical Issues: Temporary technical glitches or system maintenance by either the sending or receiving bank can lead to transaction failures.
• Recipient's Bank Incompatibility: Not all banks support SEPA Instant Transfer. Confirm with the recipient's bank to ensure they are equipped for instant transactions.
• Insufficient Funds: Ensure that your account has sufficient funds to cover the transfer amount.
• Incorrect Information: Double-check the accuracy of the recipient's IBAN and other details provided.
• Compliance: Our banking partner, Swan, may be carrying out a transaction analysis to ensure that your account complies with legal regulations.

What information should I include to ensure a successful transfer?

To ensure a successful transfer, make sure to include the following information:

• Recipient's Full Name or company name: Ensure it matches the name on their bank account.
• IBAN: Double-check for accuracy.
• BIC/SWIFT Code: If transferring internationally.
• Amount: Ensure the correct amount is specified.
• Reference or Payment Description: Provide details for the recipient to identify the transfer, like invoice numbers, payment references, or any other details).
• Bank Name and Address: If required by the transfer service.

What not to do?

• Mismatch in Recipient's Name: The name must match the account holder’s name.

  If the recipient’s name is ‘John Doe’, make sure not to insert ‘Johny Doe’, ‘John Deo’ or ‘John Doe Friend’.

  Ensure you write the recipient's name correctly.

• Invalid Reference or Payment Description: If specific information is required by the recipient’s bank.

  Do not use vague or irrelevant information such as ‘Payment’, ‘Miscellaneous’, ‘stuff’ or ‘things’.

  This doesn't provide any specific information and could lead to confusion or rejection by the recipient's bank.

• Banking Details Not Matching: The provided bank details should match the bank’s records.

  Again, if the recipient’s name is ‘John Doe’, do not write ‘Jonathan Doe’.