Audience:
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.
Before a user can make their first transfer, the following conditions must be met:
-
Onboarding status:
Finalized
The user's onboarding is complete, and all required supporting documents have been uploaded. -
Identification status:
Valid
The user's identification was successfully completed.
Not all users are required to send a first transfer to be Verified.
Swan asks some users to send a first transfer as an additional verification measure.
Additionally, if your users complete certain identification processes in certain countries, a first transfer might be required by law.
Review the guide to request a first transfer for communication options.
A first transfer is always required for self-employed and individual accounts for which the account country is Germany, regardless of registration or residency.
Users must send first transfers from an account in their name. Not all third-party payment platforms or online banks are accepted for first transfers. Share this Support Center article with your users. It explains why a first transfer may be requested, and the possible outcomes.
Users can send any amount in the first transfer.
While there is technically no deadline for sending the transfer, the user's account is Limited until the transfer is validated.
First transfer and account holder verification status
A first transfer request is made when the account holder verification status is Pending.
After Swan makes the request, the account holder verification status changes to WaitingForInformation.
After the user sends their transfer, the account holder verification status changes to Pending while Swan checks the transfer source.
If the account used to send the first transfer is located outside of the European Economic Area (EEA), it may be subject to additional review.
First transfer outcomes
| Outcome | Description | Account holder verification status update |
|---|---|---|
| Account holder is verified | The first transfer source was accepted, and Swan approved the account holder. | Verified |
| Account holder is refused | The first transfer source wasn't accepted, and Swan didn't approve the account holder. | Refused |
| Additional transfer requested | The first transfer came from an unaccepted source. Swan asked the user to send another transfer from a different account in their name. | WaitingForInformation |
| Additional documents requested | Swan received the first transfer and asked the user for supporting documents. | WaitingForInformation |
After the additional transfer or documents are received, the account holder verification status changes from WaitingForInformation to Pending while Swan reviews them. Depending on the outcome, the status changes to either Verified or Refused.
Limited account restrictions
During verification, the account remains Limited, and any first transfer exceeding the limited account transfer restrictions is automatically rejected.
Users sending their first transfer should use a SEPA Credit Transfer and make sure the amount is €50 or less and won't cause the account balance to exceed €150.
Swan fees don't count toward the €150 limit.