What You Need To Know About Payments in Holvi

With Holvi, you can receive and send payments with ease. All Holvi accounts have a standard IBAN account number. In this section you will learn more about SEPA, IBAN, payment processing times and how to make your first payment.

First Steps

Making Your First Payment

You can make a payment by clicking the Transactions tab in the browser or in the Holvi app. Click new payment, fill in the details and select Pay now. You will need to prove it is you confirming the payment via completing strong customer authentication when making a payment.  More information about outbound payments can be found here.

Accepted Payment Types

Currently Holvi only accepts payments in EUR currency from SEPA countries. The abbreviation SEPA stands for Single Euro Payments Area. Holvi supports SEPA credit transfers (SCT), also called STEP2 payments. Holvi does not support SWIFT and instant payments. In order to send or receive payments to or from Holvi, the payment needs to be sent as a regular SEPA credit transfer (STEP2 payment).

For international payments, we recommend using TransferWise for payments to and from Holvi in other currencies and payments from outside the SEPA area. More information about international payments can be found here.

Payment Processing time for Card Payments and Bank Transfers

As a payment institution Holvi reserves one banking day (up to 2 business days) for transferring SEPA payments. Usual banking days are from Monday to Friday, with some exceptions.

Usual banking days are from Monday to Friday. Holvi processes outbound payments every Monday to Friday (except public holidays) at 10.30am Helsinki time (UTC+02:00). The following dates are non banking days in Finland and no SEPA transfers are received or sent. All SEPA transfers will be received or sent on the next banking day.

IBAN

In Finland, we are licensed by the Financial Supervisory Authority of Finland (FIN-FSA) and therefore all Holvi accounts with the exception of Germany are Finnish IBANs (with the prefix FI, followed by 16 numbers). Finnish IBAN is equal to any other IBAN in the SEPA and has to accepted everywhere, where any other SEPA IBAN is accepted.

The BIC for Holvi accounts with Finnish IBAN is HOLVFIHH.

In Germany, customers receive German IBAN (with the prefix DE, followed by 20 numbers) are supervised by the German Financial Supervisory Authority BaFin and Federal Ministry of Finance (“BMF”).

The BIC for Holvi accounts with German IBAN is HOLVDEB1XXX.

More Information

Here are some more articles to help you with payments:

• Expense Claims
• Everything about Holvi's IBAN, IBAN Discrimination & SEPA

FAQs

1. How long does it take to receive money on the Holvi account? A payment will arrive to Holvi within two banking days after the payment has been processed by the sending bank. More information can be found here.
2. Which currencies does Holvi support? Currently Holvi only accepts SEPA payments (SEPA credit transfers) in EUR currency from SEPA countries. More information about this here.
3. I need to receive or a transfer in other currency than Euro. How should I proceed? We recommend using TransferWise for payments to and from Holvi in other currencies and payments from outside the SEPA area. Please find more information about international payments in Holvi here!
4. Where can I find my IBAN number? After your account is fully verified, you can find your IBAN under Account details on the Home-tab.