Not sure how to correctly add a new bank account where we should send you the rent, or how to deal with a rejected one? Here we explain it all!
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Not sure how to correctly add a new bank account where we should send you the rent, or how to deal with a rejected one? Here we explain it all!
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In order to pay out money earned from renting your offer(s), it is necessary to add your bank account in the My Rentals web version. At Flatio, you have the possibility to add numerous bank accounts, which is especially advantageous for landlords/managers of multiple properties who need to distribute the money earned in different directions. However, as we are forced to respect the Anti-Money Laundering laws through force majeure, we also need to verify the holder of each inserted bank account.
That in addition to the bank account number and the currency in which the account is maintained, you must also provide a document for the bank account holder's verification account together with a copy of your identity card, ie. ID/driver's license/passport (you do not upload an identity card in the case of a company bank account). Our finance department then manually goes through the filled data and uploaded documents, and approves or declines bank accounts within 24 hours (however, on weekends/holidays, you may have to wait longer, so please be patient).
The document for the bank account holder's verification must contain the name of the account holder and the bank account number. The following documents may be used for this purpose:
The name of the account holder must match the data on the uploaded copy of the identity card and entered in the My Rentals web version. Therefore, if you need to transfer rentals to the account of a specific person/company, you need to provide documents of this person.
You simply add a bank account from the My Rentals web version, but we recommend that you pay close attention to all instructions and texts contained in this wizard:
There can be several reasons for account rejection, the most common are a discrepancy between the information on the uploaded ID card and the document we require for the account holder's verification, or missing information on the document for the account holder's verification. Therefore, please make sure that the uploaded files meet the Flatio requirements. If the files do not match, upload the correct one, and ask for account verification again.
If your bank account is declined, you'll need to upload the correct documents and request for approval again. You can do everything conveniently again from the My Rentals version: