--- title: "FAQ" url: https://www.ibani.com/en/support lang: en --- # FAQ Find all the answers to the frequently asked questions we get about how our online currency exchange service works. - 1\. About ibani- 2\. Create an ibani account- 3\. Personal account- 4\. Business account - 5\. Transactions- 6\. Cross-border workers- 7\. IBAN & transfers ## 1\. About ibani ### Who is ibani SA? ibani SA is a financial intermediary. ibani SA is affiliated to [SO-FIT](https://so-fit.ch/) as a financial intermediary within the meaning of article 2 para. 3 of the Anti-Money Laundering Act (AMLA). SO-FIT is a self-regulatory organization recognized by the Swiss Federal Financial Markets Supervisory Authority ([FINMA](https://www.finma.ch/en/authorisation/self-regulatory-organisations-sros/sro-member-search/)). You can consult our entry in the Geneva Commercial Register [on its website](https://www.zefix.ch/en/search/entity/list/firm/1341099?name=ibani%2520SA&searchType=exact). You can also check our status as a financial intermediary by going to the [FINMA (Swiss Financial Market Supervisory Authority) website](https://www.finma.ch/fr/autorisation/organisme-d-autoregulation-oar/recherche-de-membres-oar/) and typing "ibani" in the search field. Our company provides Swiss IBAN in your name (denominated CH) in order to be able to execute foreign exchange transactions and/or make payments abroad. * * * ### What guarantees the security of transfers? All payments are traceable, precisely because we use dedicated IBAN. There is no mixing of company funds with customer funds, nor customer funds with each other. Moreover, we rely on secure Swiss and international payment infrastructure to carry out our transfers. ibani SA is a financial intermediary audited for its activity and applies the due diligence obligations of the Swiss Anti-Money Laundering Act (AMLA). * * * ### Do I have to pay fees if I don't use the app? No, ibani has a "Pay as you go" policy, which means that there are no fees to open, maintain or close an account. More information is available on our [Rates page](https://www.ibani.com/en/rates). * * * ### Which currencies are handled by ibani? We work with 12 currencies: CHF, EUR, USD, GBP, CAD, SGD, HKD, JPY, NOK, NZD, SEK and TRY. More information is available on our [Currencies page](https://www.ibani.com/en/currency-converter/currencies). We can also handle other currencies, if you express the will to do so. Do not hesitate to [contact us](https://www.ibani.com/en/contact) for more information. * * * ### Can a destination currency or country incur additional fees? Swiss transfers (between Swiss banking institutions) in Swiss francs, or transfers in euros in European countries (using the SEPA system), do not incur any charges. For your information, SEPA is a European payment system set up with the aim of facilitating and harmonizing euro payments between European countries in the euro zone and non-euro European countries, such as the United Kingdom, Norway or Switzerland. To this end, international payments in euro don't normally incur any fees. * * * ## 2\. Creating an ibani account ### Is ibani a bank account? No, ibani provides you with dedicated IBAN that are used for money transit, but not deposit. Funds cannot stay on your ibani IBAN for more than 30 days. * * * ### Can I have a credit card? We currently do not offer the possibility to get an ibani credit card, but we are working on it. Subscribe to our [newsletter](https://eepurl.com/gbPvhf) and follow us on [Facebook](https://www.facebook.com/ibani.exchange), [Twitter](https://x.com/ibani_change), [Instagram](https://www.instagram.com/ibani_change) or [LinkedIn](https://www.linkedin.com/company/ibani/) to be informed when this will be the case. * * * ### What documents must be provided in order to open an account? For a simple use of the ibani service, i.e. account to account transfer, you will have to provide the following documents: - Photo of your passport or identity card - Live selfie - Photo of proof of home address In case you are collecting funds from a third party, for example from your employer or a relative, we finalize the account opening with a video call through the mobile application to verify your identification. * * * ### Why is it necessary to provide documents to create an account? For regulatory reasons, we are required to know our customers (KYC, "Know Your Customer"). This includes your personal information and some additional information about your business environment. * * * ### What document is considered proof of residence? The document must have a direct link with the address of residence; a bill for water, electricity, gas, landline telephone, internet, rent receipts, tenant's certificate, household insurance, bank statement. In the case of cross-border commuters or expatriates, the work permit or residence permit (Permit G, Permit B or Permit C) is also valid. For each document, a date of no more than 3 months must appear on it. * * * ### How can I send you my documents? There are two ways for you to send us any document needed to finalize your account or transaction. You can simply add them directly from your mobile application by clicking on the Settings icon at the top right of the app and then in Documents > Add a document. Alternatively, you can also send them directly to us by email at hello@ibani.com making sure to specify the reason for sending them and the name corresponding to the registered ibani account. * * * ### How do I get an IBAN? You have the possibility to create a payment route and its associated IBAN at any time in the early stages of your registration. However, the allocation of your IBAN can only be done once all your documents have been provided and your profile verified. * * * ### What is the waiting period before an IBAN is issued? Once you have created a new transfer route, we will provide you with an IBAN within 24 hours (business days). * * * ### Where can I find my ibani IBAN? In order to obtain the bank details provided by ibani, simply go to our mobile application under the "IBAN" tab and select the corresponding account. There you will find a document with all the necessary details for your transfers downloadable in PDF format. * * * ### How to add or remove an IBAN? You manage your IBAN in the "IBAN" tab of our mobile application. The addition is done by clicking on "Create an IBAN" and following the instructions given on the screen. If you no longer wish to use one of your IBAN, you can deactivate it. The complete deletion is done via a written request by [email](https://www.ibani.com/en/contact). * * * ### My ID is invalid. Can I still create an account? We are subject to strict regulations. For reasons of compliance and in case of audit, we are obliged to provide valid documents. Therefore, an account cannot be validated with an invalid ID. * * * ### How to close my account? To close your account, simply send us an e-mail with the reason for your request to [hello@ibani.com](mailto:hello@ibani.com). * * * ### How long do you keep my personal data after my account is closed? As a financial intermediary affiliated with SO-FIT, we are required to keep for a period of 10 years all documents justifying the customer relationship and the transaction(s) carried out. * * * ### Is my data secure? Yes, aware of the importance of protecting your data, we use advanced technologies on a daily basis, such as encryption of certain information and regular rotation of authentication tokens. Our great vigilance constantly pushes us to regularly question our security model in order to innovate, improve and guarantee you the most complete protection. * * * ## 3\. Personal account ### How do I send money? The operation is carried out directly with the issuing bank to your ibani IBAN. Afterwards, we will take care of the exchange and redirect it to the beneficiary. * * * ### Can I have multiple IBAN? Yes, a different IBAN is assigned to each payment route you create. * * * ### Why is my account "pending confirmation within 48 hours"? A change in your information has been recorded in your application, which therefore requires verification by us for compliance reasons. * * * ### What can I do if my camera doesn't work? If you are unable to add your documents directly from the application, it is possible to send them by e-mail to hello@ibani.com after creating your account. * * * ### I invited a friend to use ibani, how does the referral system work? Become an ambassador of ibani, it's easy and moreover you earn money by doing so! Find all the information on the functioning of the ibani referral system [on this page](https://www.ibani.com/en/referral). * * * ### I've been doing account to account until now, but now I want to receive a salary from an employer and therefore change the way I use ibani's services, is it possible? Yes, you just need to create a new payment route from our mobile application in the "IBAN" tab. You will have to provide a document justifying the economic context of the transaction, in this case your employment document. You will also be asked to verify the process through a short video interview during which your ID must be shown to the camera. * * * ### I have changed my phone number, address, etc. How can I let you know? You can update your profile at your convenience on your mobile application. To do so, go to your settings by clicking on the icon at the top right of your screen and choosing "Personal Info". * * * ## 4\. Business account ### How to create a business account? First create a private account, then go to our mobile application in Settings > Create a business account and follow the instructions. We will ask you to provide us with your commercial register excerpt so that we can document your profile. Finally, to facilitate and simplify the registration process, a video call may be requested to verify your accounts. * * * ### Is it possible to have more than one business account representative? Yes, it is possible to have one or more people representing your business. To do so, each one of them must create a private account before they can be linked to the rights of the business account. * * * ### Is it possible to pay my suppliers with ibani? Yes, it is perfectly possible to have the created IBAN direct to the bank accounts of your suppliers, and that you use ibani to make payments in other currencies. * * * ### Can I charge customers with my business account? It is currently impossible to receive payments from your customers. However, we are working on adding this possibility in order to expand and improve our services to best meet your needs. * * * ### I've fixed a rate, but the current rate is now more interesting. Do I have to send the reserved amount? When you fix a rate, a double commitment is implied. On the one hand, you undertake to send the blocked amount, on the other hand we undertake to carry out your exchange at the desired rate. * * * ## 5\. Transactions ### Is it possible to use a multi-currency account with ibani? Yes, our services allow you to transfer currencies from your multi-currency account. The steps are similar to those for transfers to a traditional bank. * * * ### What are the fees applied? There are no registration fees or application fees. The only thing that will be retained from the transactions you make is a small margin of 0.4% at most on the currency exchange. We do not apply any additional fees to your transactions. * * * ### Can the fees exceed 0.4%? We have a maximum margin of 0.4%, which can be reduced according to the converted amounts. Thus, it can be less but in no case more than 0.4%. * * * ### Is it possible to reuse ibani for a second transfer? Yes, our service can be used unlimitedly. * * * ### How can I make a repeat payment? You can simply take the same IBAN and use it for any number of transfers. We also recommend that customers simply save a payment template in your e-banking system to facilitate and repeat a payment. * * * ### If a rate is advantageous, is it possible to block it? Yes, you can block the exchange rate for 24 hours by sending us a request by e-mail or by phone. * * * ### Are all transfers automatic or is it possible to choose when I want to make the exchange? You can choose how you want to use each IBAN you create. Each IBAN can be configured in the mobile application in the following ways: - **Automatic exchange:** We take care of everything. Upon receipt of your funds, we take care of directly executing the exchange of your funds and the sending to your beneficiary account is done automatically. - **Manual exchange:** You choose the exchange rate at which you want to make your transfer, directly on your mobile application. You have 30 days to initiate the exchange. After this period, the payment is processed automatically. * * * ### I made a mistake and I made a transaction that I want to cancel. Is it possible to do so? You have the possibility to [contact us](https://www.ibani.com/en/contact) quickly in order to cancel your transaction. However, we are committed to processing your transfers as soon as possible. Therefore, once your transaction has been processed, no cancellation is possible. * * * ### I would like to change my beneficiary account. How do I proceed? All you have to do is add a new beneficiary on your mobile application and send us your request for the change directly by [e-mail](mailto:hello@ibani.com). * * * ### What is a proof of payment? A proof of payment is a document containing information about the transaction. That is to say, a receipt containing the name of the sender, the receiver, the exact amount of the transaction and the date of the transfer. * * * ### What exchange rate do you apply when you process my transactions? We commit ourselves to apply the real time exchange rates of the interbank market to which we must add our decreasing commission (from 0.40% to 0.15% depending on the amount) in order to provide you with the service closest to the reality of the market. * * * ### Can I make a payment in the same currency? CHF-CHF for example No. The only CHF-CHF transfers tolerated are within the framework of payment of KVG/LAMal invoices, for example, but cannot under any circumstances be the sole use of the platform. * * * ## 6\. Cross-border workers ### Once arrived on the ibani account, will the salary be paid directly to the beneficiary account of my IBAN? Yes, as soon as we receive the salary, we apply the exchange rate and transfer the salary within 24 hours, unless you have configured your IBAN in manual exchange mode. * * * ### I already have a bank account in Switzerland, can I still use ibani? Absolutely! Your Swiss bank account can be used to receive your salary and you have the possibility to use ibani to repatriate your funds to your euro account. * * * ### Do I have to provide a reference from my employer? No, with ibani no reference is required. * * * ### Will I have a set IBAN, or will it be different every month? The IBAN transmitted to you is set so that you can communicate it to your employer once and only once. * * * ### When will I receive my salary? On our end, we process your transaction within half an hour of receiving the funds. After that, the deadlines are no longer up to us, but to the receiving bank. International payments usually take 24 to 36 hours. Therefore, your payment should be collected as soon as possible. But we draw your attention to the fact that banks in France do not process international transactions on Mondays. * * * ### I have changed employers. Can I provide the same IBAN to several companies? You can easily share your IBAN with multiple employers. All you have to do is send us the corresponding certificates of employment to the various companies. * * * ### Is it possible to receive my salary on two different beneficiary accounts? Receiving one's salary on several beneficiary accounts is generally not part of the services we offer. However, it is possible to receive your salary on several accounts as long as the amounts transferred are set. * * * ## 7\. IBAN & transfers ### What is an IBAN? The International Bank Account Number, known by the acronym IBAN, is an international standard for numbering and uniquely identifying bank accounts, which facilitates payment transactions. * * * ### What is a BIC or SWIFT code? The BIC (Business Identifier Code) or SWIFT code (Society for Worldwide Interbank Financial Telecommunication) is the international identifier of a bank or financial institution. * * * ### What is SEPA? SEPA (Single European Payment Area) is a unified area that aims to standardize cross-border payments in euros between member countries as well as domestic payments. * * * ### What is the bid-ask spread? The bid (demand) is the price the broker is willing to pay to buy an asset. The ask (offer) is the price at which the broker is willing to sell the asset. The bid-ask spread is the difference between the best buying price and the best selling price. * * * ### What is the average rate? The average rate is the median rate between the buy and selling rates. * * * ### What is the interbank rate? The interbank rate is the rate at which banks exchange money with each other. * * * ## No luck? If you don't find in our FAQ the answer you're looking for, you can ask our team by [email](https://www.ibani.com/en/contact), on the [phone](https://www.ibani.com/en/contact) (Monday to Friday), on [Facebook](https://www.facebook.com/ibani.exchange) or on [Twitter](https://x.com/ibani_change).