Money - withdrawal via bank account

Transfer euros or British pounds from ICONOMI to your bank account

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

1. Log into your account via the ICONOMI website
2. go to My Portfolio
3. select Withdraw
4. select Euro or British pound (under Fiat currencies)
5. select "Bank account"
6. enter the amount and select your bank account you want to withdraw to from the dropdown menu
7. select a withdrawal method
8. review transaction
9. enter 2FA code
10. check your inbox for a confirmation email and confirm it (please check also your spam folder)
11. when the withdrawal is confirmed, the amount will be transferred from your ICONOMI account to the receiving bank account.

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."

Please read the Withdrawal options & Fees article for additional information about each supported asset.

Please bear in mind

You first need to make a deposit to your ICONOMI account from the bank account (personal bank account held in your name) you want to withdraw to. You can make a deposit via bank account or instant transfer. After you make your first deposit, your bank account will be whitelisted for withdrawals and automatically added to your verified bank accounts list (under Settings). Whatever amount you choose to deposit will go straight into your ICONOMI account. Note: depositing using a debit/credit card to verify-whitelist your bank account will not work. Cards do not "hold" information about your bank account.

Note: 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.

Why has this requirement been implemented? Due to strict regulatory and AML requirements, you can only withdraw to a bank account held in your name and not to a third-party bank account.

Withdrawals are only possible with 2FA enabled! Please find the information on 2FA here.

Note: you will not be able to withdraw for a period of 24 hours after you change your 2FA settings or change your password.

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/withdrawal 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 fulfil 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.