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Request a first transfer

Sending a first transfer to a user's Swan account can be requested after the user completes identification but before the account holder verification status changes to Verified.

Swan can either email your or your users to request the first transfer. Share your preference with your Account Manager.

Prerequisite

Thoroughly review first transfer requirements.

Limited account transfer restrictions

When sending a first transfer to a limited account, users should send a SEPA Credit Transfer of €50 or less that won't cause the balance to exceed €150.

This is due to the following restrictions that apply while the account remains in Limited status:

  • SEPA Credit Transfers exceeding €50 are automatically rejected.
  • SEPA Credit Transfers that would cause the account balance to exceed €150 are automatically rejected.
  • International Credit Transfers, regardless of their amount, are automatically rejected.

Learn more about limited account transfer restrictions.

Option 1: Swan emails your user​

  1. Swan emails your user, requesting a first transfer.
  2. Swan provides users with their Swan IBAN and BIC via email. We also inform users about account restrictions: transfers must be €50 or less, and the balance cannot exceed €150.
  3. Your user sends a first transfer to their Swan account.
  4. Swan verifies the transfer source.
  5. Swan updates the account holder verification status accordingly.

Option 2: You email your user​

  1. Swan emails you to request a first transfer from your user.
  2. You email your user, requesting a first transfer. Make sure to:
    • Include the user's Swan IBAN and BIC in the email.
    • Inform the user that transfers from third-party platforms like Lydia or PayPal aren't accepted.
    • Inform the user that while their account is limited, transfers must be €50 or less, and the balance cannot exceed €150.
  3. Your user sends a first transfer to their Swan account.
  4. Swan verifies the transfer source.
  5. Swan updates the account holder verification status accordingly.