Why has my instant SEPA failed?
Discover how instant SEPA transfers work, best practices for successful processing, and common mistakes to avoid.
In Rauva, if an instant transfer fails, it will automatically be converted to a regular transfer, eliminating the need for you to repeat the process.
Why has my instant SEPA failed?
A SEPA Instant Transfer may fail for various reasons. Below 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 conducting 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?
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Mismatch in Recipient's Name: The name must match the account holder’s name.
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If the recipient’s name is ‘John Doe,’ do not enter variations like ‘Johny Doe,’ ‘John Deo,’ or ‘John Doe Friend.’ Always enter the recipient’s name exactly as it appears on their bank account.
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Invalid Reference or Payment Description: If specific information is required by the recipient’s bank.
- Avoid using generic or unclear references like 'Payment', 'Miscellaneous', 'stuff', or 'things.' Such vague descriptions may cause confusion or result in the transfer being rejected by the recipient’s bank.
- Avoid using generic or unclear references like 'Payment', 'Miscellaneous', 'stuff', or 'things.' Such vague descriptions may cause confusion or result in the transfer being rejected by the recipient’s bank.
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Banking Details Not Matching: The provided bank details should match the bank’s records.
- Similarly, if the account holder’s name is ‘John Doe,’ avoid using any variation such as ‘Jonathan Doe.’