Holvi has opened a branch in Germany! Beginning 1.8.2019, all customers with a business in Germany with primary residency in Germany registered before 1.6.2019 will receive a DE-IBAN. In the FAQ’s we will go through step by step what this means for you.
1. Important dates
1.6.2019 You will receive an update to your Holvi email related the DE-IBAN and upcoming changes
1.7.2019 You will be able to add additional information through your Holvi account required to receive the DE-IBAN
31.7.2019 Last date to add additional information through your Holvi account in order to keep your account up and running and to receive your DE-IBAN on 1.8.2019
1.8.2019 Your DE-IBAN will be visible in your Holvi account
1.10.2019 possible account suspension
Due to the local requirements for the DE-IBAN in Germany, we are obliged to ask certain information from our customers.
This information is needed to provide you with your new DE-IBAN.
If you have not been able to provide us with the information within the specified time period of 01.07.19 until 30.09.19, your account will be temporarily suspended.
To unlock the account and get your DE-IBAN, please login to your Holvi account and fill in the required information in the "Information Required" section. As soon as the necessary information is available, your account will be fully released within an hour.
What happens to my balance during the suspension?
Don‘t worry, your account and account balance will remain unchanged.
Can I send and receive transfers during the account suspension or use my Holvi Business Mastercard?
No, unfortunately not, these functions will be functional again only after successful input of the missing information.
Can SEPA direct debit be deducted from my account during the suspension of my account?
No, unfortunately not. The direct debit will bounce back.
I'm an account administrator, what happens to my access to the Holvi account?
Your access will be downgraded to the user role “editor” until the missing information is entered. As soon as you have completed the details in the Holvi account, your account access will be reactivated within an hour to your previous user role, administrator.
Can I generate account statements or other reports during the suspension?
Yes, reports and account statements work as usual.
Will I be billed service fees during the account suspension?
No, you will not be billed any service fees during the account suspension.
2. What is a DE-IBAN number?
An IBAN is an International Bank Account Number from which you can send and receive payments. The prefix stands for the country code, and therefore all Holvi customers have had a FI-IBAN, with the Finnish country code as a prefix. Even though the FI-IBAN should work anywhere within the EU, many of our German customers have experienced IBAN discrimination due to the FI prefix. With the new Holvi Branch in Germany, we will be able to offer DE-IBAN numbers and therefore our German customers should not experience IBAN discrimination anymore.
3. What is needed from you in order to receive a DE-IBAN number?
In order for you to receive the DE-IBAN and to continue to use the features of your Holvi account after 1.8.2019, the Federal Financial Supervisory Authority (BaFin) requires us to submit additional information about your account.
Depending on what information you have provided when you have registered with Holvi we might ask you to add the following information:
Your personal Tax Identification Number (Steuer-ID)
Your Business Address
The Tax Identification Number (Steuer-ID) of the beneficial owner(s)
The place and the date of birth beneficial owner(s)
The FATCA Liability of the beneficial owner(s)
In some cases we might ask you to verify your identity and complete your business verification.
You will be able to add the additional information through your Holvi account latest on 1st of July.
4. What is the personal tax identification number / TIN?
The Personal Tax Identification Number, also called TIN , is an 11-digit series of numbers that a person receives permanently from birth. The TIN is not changeable, unique and permanent. The basic requirement for obtaining a TIN is a permanent residence within Germany. Foreigners receive their TIN (Tax Identification Number) from the Federal Central Tax Office after registration at the registration office.
Where can I find the tax ID?
The TIN can be found on the employment tax statement, income tax assessment, or the information letter of your tax office. If you can not find your TIN, please request the number at the Federal Central Tax Office online.
How do I know that this is the TIN?
These are the specifications of the Federal Central Tax Office:
- 11 digits
- First digit must not be 0
- in the first 10 digits one digit may occur exactly two or three times. If that is the case, no other digit may occur more than once.
5. What if I don’t want a DE-IBAN?
Unfortunately, beginning 1.8.2019 Holvi can no longer offer a FI-IBAN for customers with businesses registered in Germany. If you choose not to accept these terms, you may close your account at any time by contacting our customer support team here.
6. What does this mean for your current Holvi account?
Your current Holvi account will remain the same, only your IBAN will change.
IBAN: You will receive your DE-IBAN on 01.08.2019*. Your DE-IBAN will be visible on 1.8.2019 in your Holvi account under “Account Details”. Unfortunately, it is not possible to receive the DE-IBAN before this date. As of 1.8.2109, you can start updating your DE-IBAN to your business partners and customers. Your FI-IBAN will still be visible in your account statement under “Reports”.
*If you have provided the required information in your Holvi account.
Account balance: Your money will still stay on your account, only your IBAN will change.
Transactions: Your DE-IBAN will be ready to use as of 1.8.2019. Payments made to the FI-IBAN will be routed to your Holvi account until further notice. Payments made to your FI-IBAN will be marked in your Holvi account so you can inform any partners or customers who are still using your FI-IBAN.
Holvi Business Mastercard: There will be no changes to your Holvi Business Mastercard related to the DE-IBAN.
Invoicing tool: Your DE-IBAN will be automatically updated on your invoice template. Any payments to open invoices with your old FI-IBAN will arrive to your Holvi account.
Online Store: There will be no changes to your Holvi Online Store related to the DE-IBAN.
Bookkeeping and Reports: Your DE-IBAN will be visible in your account reports beginning 1.8.2019. Reports from a previous time period will reflect both DE-IBAN and FI-IBAN.
Expense Claims: Your DE-IBAN will be automatically updated on your expense claim template. Any payments to open expense claims with your old FI-IBAN will arrive to your Holvi account.
Users of the Holvi account: If you have added any persons as administrators to your Holvi account before 1.6.2019, these individuals will also be asked to provide their personal Tax Identification Number (Steuer-ID) through their own logins. Persons with editor rights do not need to provide any information.
Subscription plan: There will be no changes to your subscription plan related to the DE-IBAN.
7. Where is my money?
There is no change in where Holvi holds customer funds. You can read more about it here.
8. Why are we requesting this information?
As an Authorised Payment Institution, Holvi is subject to legal due diligence and needs to meet the requirements of the German Federal Financial Supervisory Authority (“BaFin”) for the Holvi Payment Services Oy Zweigniederlassung Deutschland. Part of these requirements is to request information about your tax liability and the tax identification number (TIN).
9. Further questions?
Please contact us here.