TransWikia.com

disclosure of payee's iban in sepa transactions

Personal Finance & Money Asked on February 28, 2021

I recently received a sepa payment from a third party across Europe. As I needed to give back some of the money received, I tried to find the payee’s iban but it wasn’t among the transaction’s data.

I contacted my bank (one of the new, “modern” UK online only banks).

They told me that as part of their policy, for confidentiality they do not disclose the payee’s iban. I raised a complaint to no avail.

I was mostly surprised as:

  • the payee has entered in a transaction with me and, of course, knows my iban. I do not see why I shouldn’t know his / hers. This unbalance of information doesn’t seem entirely fair
  • I’m pretty sure in the past & by other banks this information was made available to me, but they were possibly swift transfers (I don’t remember).

Now my only option is to complain with the Ombudsman (possibly to change bank!).

If possible, I’d like to know:

  1. Is there any specific sepa rule that specify that the iban of the payee needs to be hidden?
  2. Is this restrictive approach common to all banks?
  3. Is there any kind of solution?

I would like to contact the Ombudsman, but only if it makes sense. Any advise is welcome.

One Answer

He knows your IBAN because you gave it to him, not the bank.
Why don't you try to get it from him?

I doubt that you have a right to get this information, but I cannot cite any laws.

On the other hand, in Europe's banking system, the only thing you can do with someone account information is send him money (not like in the US). I wouldn't have a problem publishing mine. Actually, many businesses piblish their IBANs on their website.

You can always reject the received money, which doesn't give you the IBAN, but the bank will get the money back to him.

Answered by Aganju on February 28, 2021

Add your own answers!

Ask a Question

Get help from others!

© 2024 TransWikia.com. All rights reserved. Sites we Love: PCI Database, UKBizDB, Menu Kuliner, Sharing RPP