Yes, during the update to Finom X, you will be issued new IBANs as Finom now operates under its own licence and directly issues IBANs. You can continue using your current IBANs until the update is complete. Once the transition is finalized, your old IBANs will be deactivated, and you will no longer have access to them.

We understand that updating your payment details for daily business activities can be challenging. That’s why we’ve developed a special tool to help you inform your counterparties about your new payment details as soon as the update is finished. This ensures that your transition to Finom X is as seamless as possible.

Yes, once you update to Finom X, you will be issued a new French IBAN. Finom now operates under its own Electronic Money Institution (EMI) license, which allows us to issue French IBANs to our customers directly.

This ensures you can continue your business operations smoothly with the necessary local banking details.

Before the update to Finom X is complete, you will continue to have full access to your current account, wallets, and funds without any restrictions. The final step in the update process involves transferring your funds from your current IBANs to the newly issued IBANs provided during the update.

This transfer will be processed via SEPA payment, free of charge, and typically takes 1 to 2 business days to complete. The transfer will only be initiated upon your explicit approval, giving you control over when it happens. We recommend scheduling the transfer during a less busy period to avoid any potential delays for your business.

While waiting for the funds to arrive in your new Finom X IBANs, you are free to set up your account, explore the new features, and inform your counterparties about your updated payment details.

Once the transfer is finalized, your funds will be securely available in your new Finom X IBANs.

Yes, once you update to Finom X, your current IBANs will be deactivated.

You will continue to have access to your current IBANs during the update process, but after the update is completed and the transfer of funds is finalized, your old IBANs will be deactivated and set to close within 30 days.

During this 30-day period, any incoming transfers to your deactivated IBANs will automatically be redirected to your new Finom X IBANs free of charge. After 30 days, your old IBANs will be permanently closed, and any further payments sent to them will be returned to the sender.

For more information, feel free to explore our comprehensive Help Center, by clicking here.

If you have any further questions or need assistance during the update, our Customer Support team is ready to guide you through every step. You can contact us from in-app chat or by email at [email protected]