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PayDo IBAN benefits and how to get it
IBAN stands for International Bank Account Number and is a number attached to all accounts in the EU countries plus Norway, Switzerland, Liechtenstein and Hungary. The IBAN is made up of a code that identifies the country the account belongs to, the account holder’s bank and the account number itself. The IBAN makes it easier and faster to process cross-border payments.
Benefits of IBAN PayDo accounts
PayDo IBAN (International Bank Account Number) account is an alternative to traditional bank accounts, providing increased efficiency and a digital approach to banking.
You can open, manage and run an IBAN remotely from the EU, EEA or any foreign country. PayDo IBAN accounts provide individuals and entities with all the benefits of a European bank account, without a need to set up a European entity. A fully digital solution provides simpler funds management and lowers fees.
Through this account, individual and business customers can receive and send the money, keep and exchange currencies.
How to get IBAN PayDo details
An application for obtaining IBAN details is submitted during account verification. It is one of the verification steps. Client fills in a short form in which they indicate information about their activities or the activities of the company (depending on the type of account) and specify the location of counterparties (incoming and outgoing transfers).
If, when verifying your account, you skipped the step of applying for details, you can always find the form on the Bank Details page. Also on the Bank Details page your generated details will be displayed after account verification.
Types of requisites
PayDo offers each of its clients two types of payment details:
Individual IBAN for SEPA, SWIFT payments in EUR and an additional multi-currency IBAN for SEPA, SWIFT payments in EUR, GBP, RUB.
For individuals, we issue details for payments in euros with your name in the sender/payee field.
For corporate clients, we issue details for payments in euros with the name of your company in the sender / recipient field.
If you plan to accept and send funds through multi-currency details, always indicate the purpose of the payment (Payment reference). It ensures that the payment is processed in a timely manner. The purpose of the payment is very easy to find – it is the last (bottom) line of your multi-currency details.
You can accept and send payments in any currencies, but if the currency is not supported by PayDo, the payment amount will be converted into the available currency at the rate of the issuing bank.
It is important that the correct IBAN is used when sending the payment. If you enter the wrong details, we will send the money to the wrong recipient and you will be charged the transaction fee. Also, always check that your Payment reference is correct and always include/submit it when using a multi-currency account.