Money - deposit via bank account

Transfer euros or British pounds to ICONOMI from your bank account

To transfer euros or British pounds from your bank account to ICONOMI, please follow these steps:

1. Log into your account via the ICONOMI website or the ICONOMI mobile app (iOS, Android)
2. go to My portfolio
3. click Deposit
4. select Euro or British pound (under Fiat currencies)
5. select Bank Account
6. follow the on-screen instructions
7. use the information displayed on our platform to make a deposit via your bank. You can also scan the QR code provided to pre-fill the data automatically

Note: Please find information about account deposit limits here.

It is unlikely to happen but it may take up to 3 business days for the recipient to receive a SEPA payment. This is due to banks requiring “1-3 business days to receive and process the payment."

In the Deposit options, limits & fees article you can find additional information for each supported asset.

After you make your first fiat deposit, your bank account will be automatically whitelisted, and you will be able to make fiat withdrawals to that account. 

IMPORTANT

When depositing fiat:

• Do not deposit funds from third-party bank accounts. You can only deposit funds to your ICONOMI account from a bank account held in your name. Your personal data on the platform must match the personal data of the bank account you will be making the deposit from or it will be rejected. This also includes payment services like TransferWise.
• Don't forget to add the reference to the bank transfer! You will receive the reference during the fiat deposit process on the platform. Only deposits with your reference number can be matched and credited to your ICONOMI account. Deposits without a reference number will be rejected.
• Don’t exceed the Tier deposit limits for your account.
     

Important

ICONOMI's fraud protection 

For security reasons, some of the funds cannot be withdrawn immediately after deposit. This is temporary and is due to one of the following reasons:

• Funds deposited via credit or debit card cannot be withdrawn for 14 days after the deposit
• Funds deposited via bank transfer might not be available for crypto withdrawal for 7 days after the deposit. Note: you can withdraw the deposited amount to your bank account with no limitations.
• Funds received through gift cards cannot be withdrawn for 90 days  after redeeming a gift card

The withdrawal locks only apply to the specific amount of funds deposited in the ways explained above. All your other funds are not affected.

When transferring assets (withdrawing from ICONOMI)

• Before sending assets from your ICONOMI account (fraud prevention measures on withdrawals), always check the validity and trustworthiness of the service/wallet/address you are sending assets to. Check for service reviews, possible scams, fraud reports, etc. (like boiler room frauds, fraudulent crypto projects, fraudulent web pages, account takeovers, etc.). Also, check if the service falls under any regulatory agency and avoid it if unregulated.

General notes on transactions

ICONOMI reserves the right to randomly review transactions - in those cases, the deposit process may take slightly longer. Please do not be worried; this is an industry-standard approach that we perform enabling us to provide better services and fulfill our regulatory requirements. Please find additional information on our Anti Money Laundering (AML) policy and our Terms, Conditions & Policies.
Also, in the case of cryptocurrency transactions, processing might take longer due to the Travel Rule that came into effect on September 1st, 2023. Please check this blog post “Implementation of the Travel Rule” for additional information.