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Account type and level
Swan accounts are defined by a payment level and payment account type. There are two possible values for each:
PaymentLevel→LimitedandUnlimitedPaymentAccountType→EMoneyandPaymentService
An account's current payment level is part of its general information, on your Dashboard under Data > Accounts.
Accounts start with the level Limited and the account type EMoney.
The level changes from Limited to Unlimited when the account holder verification status changes to Verified.
The account type changes from EMoney to PaymentService when the account's main IBAN is available to the account holder.
Accounts with the level Unlimited and the account type PaymentService are fully functional accounts.
Level and type lifecycle
Capabilities
Swan accounts have different capabilities determined by the combination of these values.
| Level + Type | Capabilities |
|---|---|
Limited + EMoney | The account can be used for certain actions, such as inviting account members and adding virtual cards. Account holder verification isn't complete. The account's main IBAN isn't displayed. Payments can't be made from the account. |
Limited + PaymentService | The account's main IBAN is displayed. Money can be added to the account. Account holder verification isn't complete. Payments can't be made from the account. Incoming transfers are subject to the Limited account transfer restrictions. |
Unlimited + PaymentService | Account holder verification status is Verified.Payments can be made from the account. The account's main IBAN is displayed. All account functions are possible. |
Limited account transfer restrictions
Limited accounts are subject to incoming transfer restrictions to comply with regulations.
Transfer amount restrictions
- Any incoming SEPA Credit Transfer (instant or regular) exceeding €50 received on a limited account is automatically rejected.
- Any incoming International Credit Transfer, regardless of its amount, received on a limited account is automatically rejected.
Balance restrictions
A limited account can't receive more than €150 in SEPA Credit Transfers over its lifetime. This means the cumulative sum of all incoming SEPA Credit Transfers can't exceed €150. Swan rejects an incoming transfer that would cause this balance to exceed €150.
Impact of fees
Swan fees don't count toward the €150 limit. For example, if a user receives a €150 SEPA Credit Transfer and is charged a €2 Swan fee, their balance is €148. Even though the fee reduced their balance, the €150 received counts toward their limit. Swan automatically rejects any further transfers sent to the account.
These restrictions primarily impact the first transfer sent while the account holder completes verification.