Virtual IBAN – MiFinity

What is a virtual IBAN solution?

You can create a unique and personal IBAN within the eWallet if you are located in EEA and UK . This is linked to your default eWallet account. You will then be able to transfer funds from a bank account or Bank App into your MiFinity eWallet. Payments are effectively pushed from a bank account or Bank App to your MiFinity eWallet. In fact, it’s another way to deposit funds into your eWallet using your own personal and unique IBAN. We only receive bank transfers in EUR (BIC & IBAN) or GBP (Account Number & Sort Code).

What are the benefits of a virtual IBAN?

The main advantages of the virtual IBAN are :
• Available in EUR and GBP currencies
• An easy and flexible way to deposit funds for FREE into your MiFinity eWallet
• Same day settlement for SEPA transactions
• Receive funds from any IBAN enabled bank account
• Enjoy low-cost transaction fees

How do use virtual IBAN to load funds into your MiFinity eWallet?

First of all, you need to verify your account in order to create a virtual IBAN. When prompted this can be done by uploading the necessary documents within your eWallet.

In order to load funds into your eWallet account, you can copy these unique virtual IBAN details and insert them into the Bank App to complete the payment transfer. Once payment is completed in the Bank Payment app the funds will then be credited and available for use within the MiFinity eWallet.

What are the transaction fees of using the IBAN service?

Sending funds to your MiFinity eWallet using IBAN is completely free.

What are the limits I can receive via IBAN?

Withdrawal limits are dependent on your existing Wallet limits. You will be able to check this by going to Profile button at the top of the navigation and checking your 'Cumulative activity value' amount. If you will exceed this you should complete complete the verification process to raise your limits or contact clientservices@mifinty.com for assistance.

How quickly do I get issued with my IBAN?

Once your account has a verified status you can create a virtual IBAN. You will receive an immediate email to confirm the successful creation of your virtual IBAN.

Which BIC should I use when sending funds to my virtual IBAN?

When you create a Virtual IBAN you will also see your BIC number. Both the BIC and IBAN details can be copied from your eWallet and inserted into the Bank Payment App.

How many IBANs can I use in my eWallet?

You will only be able to have one virtual IBAN.

Where can I use this virtual IBAN?

You can use your unique IBAN details in a Bank App and receive funds into your MiFinity eWallet. You can use your unique IBAN details in a Bank App and receive funds into your MiFinity eWallet. You must be the named account holder from the source of funds.

What is the cost to create a virtual IBAN?

It is free to create a virtual IBAN within your MiFinity eWallet

Where can I see the funds that I have sent using my personal virtual IBAN?

All funds will be transferred to your default eWallet

If I have more than one eWallet where will my funds be sent to?

If you have more than one eWallet the funds will always be available in your default eWallet

How long does it take for the funds to arrive into my eWallet?

Transfers will normally be credited to your eWallet within 1-2 business days from when you send the funds.

I cannot see my transferred funds in my eWallet?

It can normally take up to 1-2 business days before the funds are available in your MiFinity eWallet. If you do not see your transferred funds in your eWallet after 48 hours please feel free to contact us at clientservices@mifinty.com with details confirming evidence of payment. It will be looked into further.