What is Verification of Payee when initiating a withdrawal?
Withdrawals should be instructed only to your personal bank account!
To help keep your funds secure, we only support withdrawals to bank accounts registered in your name, as stated in our Terms and Conditions.
Each time you request a bank withdrawal, a system check is completed verifying whether the name on your PaysafeCard account matches the name on the registered bank account. On the withdrawal confirmation page (after selecting the amount and bank account), you’ll see a disclaimer indicating that:
- The names match partially
- The names don’t match. This may indicate that the IBAN or account holder name is incorrect, or that you are not the bank account holder. If you proceed without making changes, the amount could be sent to the wrong person.
- Can’t verify details: This message appears in case there is missing information, invalid IBAN, etc. If you proceed without making changes, the amount could be sent to the wrong person.
- Technical Failure: This message informs you that we couldn’t perform the check due to technical issues. If you proceed without making changes, the amount could be sent to the wrong person.
After seeing these messages, you will be able to either proceed with the withdrawal, edit your personal details, or cancel the withdrawal.
To proceed, you’ll need to confirm that you’ve read and understood this information by checking the box provided.
Verification of Payee is designed to help you make an informed decision before completing your withdrawal.
A name mismatch may result in delayed or cancelled transactions. Funds sent to the wrong account may not be recoverable.
Please proceed with caution.
Why is there a name mismatch?
There may be different reasons for a name mismatch. The most common are:
- There is a typo in your registered name
- You use a joint bank account (may not show a full match, but you can still proceed with your payments)
- The bank account belongs to a third party. Such transactions are prohibited and should not be completed.
- Your name contains special characters or formatting that cannot be verified.