We understand that the world of fintech (financial technology) might be confusing. It's a world of acronyms, sort codes, and strange numbers. This article will help you understand a variety of aspects related to your Plutus Payment Account.
We create a Plutus Payment Account for each of our customers when they register to use our services. If you register from the UK, a standard bank account with a Sort Code and Account number will be automatically generated for you by our e-wallet banking provider Clear Junction Ltd. Customers registering from eligible EEA countries will be issued with a new IBAN number.
What is an IBAN number?
IBAN stands for International Bank Account Number, which consists of a maximum of 34 alphanumeric characters, most common IBAN numbers are made from 22-24 characters (e.g. for Germany: DE44 1111 2222 3333 4444 55)
What is a SWIFT/BIC Code?
BIC stands for Bank Identifier Code. A BIC is sometimes called a SWIFT code - these are synonymous and mean the same thing.
These codes, which consist of 8-11 characters, are used to specify a bank when sending money internationally.
Where can I find the SWIFT/BIC code to top up my Plutus account?
If you're a user from outside of the UK, when you attempt to top up your account, you will be presented with your SWIFT/BIC code which is used when topping up your account. You can follow the guide to top up your account here
What is a Faster Payments transfer?
Faster Payments is an electronic payment method that is available only in the UK. It enables you to transfer money between accounts almost instantaneously - seven days a week, 24 hours a day. You can find more information here.
What is a SEPA transfer?
SEPA = Single Euro Payments Area
These money transfers/payments are conducted using an IBAN (International Bank Account Number) and can only occur between a limited number of countries. More information can be found here.
SEPA transfers offer users a faster way of sending money internationally.
Which countries is Plutus available in?
- Czech Republic
- United Kingdom
Which currencies are currently supported?
Currently, Plutus supports EUR and GBP. As we expand our list of supported currencies will grow.
What spending limits are in place?
As part of our dedication to regulatory compliance, there are a number of limits which we must place on Plutus Payment Account holders. You can find more details of those limits here
How do I deposit funds to my Plutus account?
You can check our detailed guide on how to deposit funds here
How do I withdraw funds from my Plutus account?
Withdrawing funds to your bank account is easy, you can follow our detailed guide here