Qonto allows you to initiate transfers in foreign currencies to several countries around the world. This is thanks to our connection to the SWIFT network via a third-party provider who will be responsible for validating and executing your transfers.
In some cases, your transfer may be rejected, and we are sorry for that. Our goal at Qonto is to communicate as clearly as possible the reason for the rejection in the email you receive. But sometimes, very little information is shared by our third-party provider.
Here are some guidelines and principles to know about on SWIFT transfers, for two scenarios :
The document(s) supplied is (are) not valid or does (do) not meet the criteria of our third-party provider ? Learn more about the 📔 documentation requirements for SWIFT transfers on this link.
💵 Please keep in mind that every rejection or cancellation of an international transfer costs money to Qonto (a 15 euros cancellation fee).
We will do our best to reimburse you the entirety of transfer fees initially charged, in cases of rejection that we deem to be beyond your control...
...but we will deduct the cancellation fee (15 EUR) from the transfer fee in two scenarios:
When the documentation provided at the initiation of the transfer is indisputably invalid.
When the beneficiary details initially informed on the Qonto application does not match the beneficiary on the invoice or contract.
Has your transfer been rejected, and no clear reason has been provided to you ? There are a number of cases in which it will not be possible to execute your transfers:
Rejection for regulatory reasons, by our external partner or the beneficiary bank
Insufficient funds to process the payment, as there may be charges on the SWIFT network
Incorrect or incomplete account information
Finally, it is also possible that the beneficiary bank or the intermediary banks in the SWIFT space have not provided a reason.
To find out more about foreign currency transfers, click here.