Incoming wires
Everything you wanted to know about third-party bank transfers but was afraid to ask.
What is your IBAN composed of?
Nowadays, most financial transactions are done online. Bank transfers are the most popular and secure way to transfer money between different bank accounts. They are fast, easy, convenient and extremely secure.
With Veritas, you have one account with a unique IBAN to receive your money. However, to make a bank transfer safely and successfully, Veritas tells you more and helps you understand the necessary details.
In order to make a bank transfer, it is essential to indicate the IBAN (International Bank Account Number) of the recipient (your Veritas IBAN can be found in your customer area). This RIB contains all the necessary information to allow the person sending you money to identify your bank account.
Your IBAN is composed of: the bank code, the counter code, the account number and the IBAN key. However, in order for the transfer to be accepted easily and quickly, it is also important to indicate the first and last name of the bank account holder.
Does a bank transfer arrive if the recipient’s name is wrong or incorrect?
In most cases, transfers are made without any problem if the basic information of the bank account number and the name of the recipient are correctly entered.
Sometimes it happens that the recipient’s name information is either misspelled or completely different ("Mr. JEKYLL" instead of "Mr. HIDE"), which can cause problems and delays in processing the transfer.
In this case, serious banks including Card Veritas do a manual verification such as:
When the recipient’s name information is misspelled
For example, Mr. TESLA sends money to his VERITAS account but makes a mistake and indicates as account holder "Mr. TESTELA" instead of "Mr. TESLA".
A FAST manual check is made, and the transfer will be accepted.
A FAST manual check is made, and the transfer will be accepted.
When the recipient name information is completely different
For example, Mr SMITH sends money to the VERITAS account of Mr WESSON. But, Mr SMITH makes a mistake and instead of indicating "Daniel WESSON" as the account holder, he indicates "VERITAS".
A SLOW manual verification is done, and the transfer will be accepted.
This verification can be shortened if in the message of the transfer, Mr SMITH writes for example "reimbursement of expenses for Mr WESSON" or "purchase iPhone of Mr WESSON".
A SLOW manual verification is done, and the transfer will be accepted.
This verification can be shortened if in the message of the transfer, Mr SMITH writes for example "reimbursement of expenses for Mr WESSON" or "purchase iPhone of Mr WESSON".
With the new laws in force, it is now strongly recommended either to indicate the first and last name of the bank account holder to whom the bank transfer is addressed or to indicate in the message part the reason + name of the recipient. This ensures that the money is transferred to the right recipient and that the account holder’s identity is verified correctly.
It is important to note that even with the new laws, transfers with incorrect information can still be processed, but they may sometimes take longer to reach the recipient’s account. In some rare cases, banks may refuse a transfer if the information is very different from the receiving bank account.
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