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  • Can’t receive money from Unicredit (CZ)

I opened a secondary normal account, shared my IBAN and SWIFT and saw the transfer being made in internet banking, but no matter what amount of money the transfer gets stuck with unicredit. Has anyone seen any similar behaviour with other banks, where the money would not leave the sender’s account? Does anyone here have an account with this bank as well?

I’m assuming it’s on their end, seeing as transfers to ING work, but I’m curious why is it that this happens only to bunq accounts as far as I’ve experienced.

    @JonasV#80044 I have heard of problems with Instant Transfers, but not yet with normal SEPA transfers. Note that for a normal SEPA transfer you don't need the SWIFT code. If you do make a SWIFT transfer make sure the transfer is done in Euro otherwise the money will never arrive because bunq will refuse the transfer.

      @JonasV#80044 I've heard of German banks blocking transfers "abroad", i.e. everything that is not inside Germany. Commerzbank likes to do that for example. In that case, you have to ask your bank to let you make transfers outside of Germany
      Maybe the same is true for your Unicredit bank in CZ

        @JeroenE#80046 Can you develop on this? I am transferring CZK, the transfer should be made in EUR? Why is this? Why would ING accept the transfer?

          @Roeshimi#80052 I received money to my ING so it’s for sure not a problem of that.

            @JonasV#80057 In the T&C you can read in chapter 6 that bunq only accepts SEPA transfers. SEPA transfers are always in Euro. However, hidden in their Pricing document they also state the fees for accepting SWIFT transfers. These are only valid for transfers in Euro (they don't list other currencies). You can find the documents here https://www.bunq.com/legal but you have to scroll down a bit.

            You can find other topics about this on Together (well, if the search would work properly you could).

            That other banks accept SWIFT transfers in other currencies does not mean bunq will do too, of course.

            And perhaps yoor bank will do the conversion themselves. You have to ask them if they do. Perhaps they are used to the ING and not yet used to bunq?

              @JeroenE#80063 That’s most probably where the problem is, thank you very much for the explanation.

              Wouldn’t it be an obvious service to offer conversion of foreign currency when it’s being received, seeing as its available when sending? Is there a good reason why this isn’t done? Seeing as ZeroFX is being used for sending, isn’t there a chance to use it for receiving as well? I’m not aware of how that system works but I’d hope I’d be able to receive foreign currency other than Euros...

                @JonasV#80075 I don't know why bunq doesn't do the conversion themselves. Like you mentioned they do this when you pay in another currency so it doesn't seem logical that they wouldn't when receiving.

                My guess is that it has to do something with SWIFT. There are probably rules about what is allowed and what not. Perhaps they have a "simple" SWIFT connection that only allows for Euro and they would need to pay (a lot) more for a connection where other currencies are allowed. But that's just guessing.

                  @JonasV#80075 seeing as its available when sending

                  The conversion is happening at Transferwise (when doing bank transfers) or Mastercard (when paying with your card) in that case. Bunq still only deals with Euros.

                  Maybe at some point they will be able to support other currencies, but for now it is Euro-only.

                    It should still be possible to receive the money through TransferWise into Bunq and convert that way.

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