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 you 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

The first transfer must respect the limited account transfer restrictions: a SEPA Credit Transfer of €50 or less that won't cause the balance to exceed €150. Transfers that break a restriction are automatically rejected.

Option 1: Swan emails your user

1. Swan emails your user, requesting a first transfer.
2. Swan sends users their Swan IBAN and BIC by email. Swan also informs users about account restrictions: transfers must be €50 or less, and the balance can't 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 can't 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.