When dealing with funds and transfers in the financial world, it's critical to understand the rules and regulations that govern your transactions to ensure seamless operations. If you’re looking to make fiat deposits to your Xaru account, it's essential to be aware of the guidelines for using the Xaru virtual IBAN. Below we explain what you need to know before initiating transfers to and from your Xaru account.

What is a Virtual IBAN?

A Virtual IBAN (International Bank Account Number) is an account number that allows for the routing of payments to a beneficiary that does not hold a physical bank account. With Xaru, your virtual IBAN functions as a unique identifier that helps in managing and receiving funds from personal accounts you own.

Key Rules for Fiat Deposits Using Xaru Virtual IBAN:

Your Xaru virtual IBAN is designated solely for moving funds between accounts that you personally own. This means you can only use it to send or receive money from another account that is under your name.

Third-party transfers are strictly prohibited. In simpler terms, you cannot use your Xaru virtual IBAN to receive money from, or send money to, an account that is not under your name. This restriction is in place to help combat fraud and maintain the integrity of your financial transactions.

Rejection of Unauthorised Transfers:

Any funds sent from or to a third-party account will be declined or returned to the originating account. This rule applies to both incoming and outgoing transactions. By adhering to these guidelines, you ensure that your transactions do not get held up or result in unnecessary complications.

Undertaking Transactions between Traditional Banks and Your Xaru Account:

For example, you might have a bank account with a traditional financial institution like Raiffeisen, Barclays, HSBC, or Wells Fargo. To transfer funds to your Xaru account, you simply initiate a transfer from one of these accounts using Xaru’s provided virtual IBAN. This process is similar to any standard bank transfer you might already be familiar with.

Utilizing Multiple Personal Accounts:

There is no limit on the number of personal accounts you can use for transferring funds. Whether you have one or several accounts across different banks, as long as they are all registered in your name, you can move funds between those accounts and your Xaru account as needed.

An Example of Fiat Deposit and Withdrawal:

Deposit: Suppose you have a checking account with Bank of America. You want to transfer $500 to your Xaru account. You would log into your Bank of America online banking portal, set up a new beneficiary using the virtual IBAN provided by Xaru, and initiate a transfer of the desired amount.

Withdrawal: Conversely, if you wish to transfer funds from your Xaru account to your savings account at Barclays, you will request a withdrawal using the banking details of your Barclays savings account. Xaru will process the transaction using the virtual IBAN to route the funds to your personal Barclays account.

Conclusion:

Understanding these rules for virtual IBANs is crucial to ensure that your fiat deposits and withdrawals are carried out without any issues. By limiting transactions to personal accounts and refraining from third-party transfers, you can maintain a streamlined and secure financial relationship with your Xaru account. Always remember to double-check your account details before initiating any transfer to prevent delays or errors. With these guidelines in mind, managing your funds between Xaru and other personal bank accounts should be a hassle-free experience. Remember, when in doubt, the Xaru support team is there to assist you every step of the way.