IBAN transfers in & out


#1

I will give 3 solid reasons why IBAN transfers would improve my banking experience:

  • It will allow me to connect my online store with big payment gateways like https://www.braintreepayments.com/, Mollie and Mondido. Because you can only use them if you have a bank account with an iban number.
    I don’t have another business bank account (high street banks denied me because I’m a non-uk resident and my business is all online) so I am unable to connect with any of those payment gateways.
    Note: braintree only allows iban accounts located in the same country as the business is registered (so it has to be a UK IBAN). I don’t know about the others.

  • It will allow for easy payroll to directors/employees that have a personal bank account outside the UK.

  • Paying international suppliers will be easier if card payments aren’t an option.

Please implement Tide :wink:


#2

I was told by a Dutch bank that that is now illegal under SEPA Regulations for companies and employers to discriminate against IBAN from other Eurozone countries.

Not accepting a foreign IBAN is actually a violation of European law (Art. 9 of Regulation No 260/2012). Merchants in the SEPA region are obliged to accept any SEPA country IBAN. So are SEPA region employers (for deposits to your salary account). An IBAN can start with EE, FR, ES, IE, or any other valid first 2 letters. So-called “IBAN discrimination” is forbidden.

In the Netherlands there is even an official helpdesk run by banking regulators ( meldpuntibandiscriminatie@dnb.nl ) to contact to report those companies who are refusing to accept foreign IBAN.


#3

Why don’t you try Stripe for you online store? We use stripe i highly recommend it.


#4

Tide hasn’t yet specified the origin country of future IBANs. Most virtual account providers issue the ones that start with “DE”.

Braintree uses them to verify merchant’s domicile and because of how their business works (separate gateway account vs merchant account), they will not likely get rid of UK IBAN requirement.

Speaking from experience and having directly interacted with Stripe’s API, I would never use Braintree. Stripe is far ahead in the technology and ease-of-use, both from developers and users’ point of view.

Needless to say, all leading payment processes roughly charge the same rate (3% or so) for average users, under certain threshold.


#5

Braintree have today been served notice that they are in violation of Art. 9 of Regulation No 260/2012 requiring they do not discriminate against IBAN from different countries. We will wait and see how long it takes them to comply with the law.


#6

Did you launch the complaint or somebody else ? :wink:
I wonder if they could use standard UK sort code instead of slower SWIFT etc. Not that I would switch to it, but it would make itself desirable for others
:smiley:


#7

A consultant I know.

“I wonder if they could use standard UK sort code instead of slower SWIFT” While they may use SWIFT for payments outside Europe, I would assume they use SEPA inside Europe.

To use a standard sort code would require having an account in the UK, but it maybe as a large international firm they wish to operate their accounts from say Ireland, Netherlands or Germany. They therefore are unlikely to want to have one system for say 27 countries and one system just for UK.


#8

I already do. And yes Stripe is great, but my ecommerce platform doesn’t allow to activate maestro through Stripe. This is a bummer because a lot of people in the countries I target use maestro instead of mastercard/visa.


#9

Interesting stuff. I didn’t know that. Thanks for the information!


#10

Yes, Germany, Estonia all sorts of countries. I never understood why it did not take off in UK. Last time I saw a UK bank using Mæstro it was e-First and they have not been around for years!


#11

For the moment you can’t use a UK sort code with braintree.


#12

They switched to visa/mastercard debit.


#13

Thanks for the info. Revolut started issuing dedicated IBANs starting with “DK”.


#14

Most of the market share goes to the Big Four card networks. Maestro probably has less than 2%. The irony is most of these smaller card networks are owned by the big four, like Maestro is owned by MasterCard.


#15

I am looking forward to when IBAN is introduced as currently the American company I work through insist on an IBAN so I cannot use Tide for my receipts. My current business bank have notified me they are ceasing business accounts so I only have a limited amount of time to get this sorted. Please Tide implement IBAN.


#16

Hi. When is expected that IBAN transfers to be available with Tide? Thank you!


#17

Hi @Radu, we can’t provide an exact date just yet. But, we’re working hard to introduce IBAN in the coming months.


#18

Thank you very much. Not even a rough estimate, like by the end of this year or next year?


#19

Hi @Radu, we’re aiming to make this available by the end of the year :slight_smile:


#20

Revolut finally released dedicated UK IBANS. You might wanna take a look who they are partnering with :wink: