Bank transfer - Euro (EUR) withdraw

1. Simply log into your ICONOMI account via your web browser and select the ”Money transfer” option.

2. Click on the "Withdraw" tab, enter the amount you want to withdraw and from the drop-down menu select a bank account you want to withdraw to. 

Note: Please find information about your account withdrawal limits here.

3. Click ”Continue”, check the preview window, and confirm the transaction.

4. Two additional confirmations are needed to complete the withdrawal: Two-factor authentication (2FA) and email confirmation. Note: If you can't find that email, please check also your spam folder. 

Withdraw: Login > My portfolio > Money transfer > Withdraw tab > Follow the on-screen instructions

When the withdrawal is confirmed, euros 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 the 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.

Note: ICONOMI reserves the right to randomly review transactions - in those cases the withdrawal process may take slightly longer. Please do not be worried about that, 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 Anti Money Laundering (AML) policy and Terms, Conditions & Policies here.

Important Notes: 

- 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. After you make your first deposit, your bank account will be whitelisted and automatically added to your verified bank accounts list.

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 your personal bank account held in your name and not to a third-party bank account.

- Please find the list of supported countries for depositing/withdrawing EUR and buying/selling with EUR here. Other countries will be added gradually.

- At the moment, only SEPA withdrawals are possible.

- 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. 

- Due to security reasons withdrawal option is only available via web browser access and not also via the ICONOMI app.