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SEPA transfer; name mismatch

Discussion in 'Business & Tax Advice' started by karsyla, Sep 10, 2019.

  1. karsyla

    karsyla Newbie

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    Hi everyone,

    I have a simple question: does SEPA transfer system allow name mismatch? For example, if my account details are the following:

    John Smith
    DE99 1234 1234 1234 1234


    Can I still receive money if the payer enters:

    Calvin Klein
    DE99 1234 1234 1234 1234

    So, the IBAN would be the same, but the name would be different than that on my account.
     
  2. Lauren11

    Lauren11 Regular Member

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    I dont know about SEPA, as I see while I do transactions the account number should be correct in order to receive the money until unless the transaction goes for manual verification.
     
  3. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    It depends on the bank. It's not a requirement to compare the names, some banks still do it, others don't. This is something you won't know without trying, or if someone else tried it before you and wrote about it somewhere online.
     
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  4. ciupanezul11

    ciupanezul11 Jr. VIP Jr. VIP

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    Most of the banks accept it anyway. But it depends on the amount of money. A lot. If you send 5k to an IBAN with a mismatch name it will be held for further verification - been there, done that.
     
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  5. OffshoreSecrets

    OffshoreSecrets Newbie

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    With the SEPA directive 260/2012 the automatic check of recipient name and IBAN has been completely abandoned in the EU. You could write Donald Duck or Minnie Mouse, as long as the sender and recipient are both EU accounts.

    Manual checks in the case of suspicion of fraud or very high amounts are still possible of course.

    Hope this helps,
    Chris
     
  6. infqx

    infqx Registered Member

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    It depends from bank. Most of them allow for small $$$. If you will get 10000 eur and more they can ask you about this
     
  7. malkram

    malkram Jr. VIP Jr. VIP

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    I would say the bank doesn't care as long as it's an authorized transaction. In worst case they will wonder why it's not in your name if it's a big amount and maybe hold funds until you confirm them it's not an error from PayPal.
     
  8. infqx

    infqx Registered Member

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    I would say that bank do not care about small transaction. Big TA are monitored by AI and real people
     
  9. malkram

    malkram Jr. VIP Jr. VIP

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    Yes you may still have your funds hold until they get confirmation (few chances I think) but in all cases it's no problem for the bank that name on transaction details is not yours as long as it's an authorized transaction.