Country requirements
French and German accounts are already available, with more countries on the way. For each country, Swan must comply with different requirements depending on local law.
The account country is not the country of residence of the account holder, but the country of your account. It will determine the country code of the Local IBANs of the account.
With Swan, it's possible to open French and German accounts.
Depending on the account country:
- the end customer will have local IBANs (FRxxx or DExxxx)
- the end customer will sign local Terms and Conditions
- the account will be reported to the local administration (Banque De France or Bafin)
When the account holder has a residency address in the account country it's considered as a resident account.
When the account holder is not living in the country of his account it's considered as a non resident account. This account usually needs to be declared as a foreign account to the local tax authority.
To open a French account, you will need to set the input
accountCountry:FRA in the mutation onboardCompanyAccountHolder (Learn more).To start the verification process of the account holder, the user that finalizes the onboarding must verify their identity. We recommend the
Expert identification level for the best user experience. Learn moreTo open a French account, you will need to set the input
accountCountry:FRA in the mutation onboardIndividualAccountHolder (Learn more).To start the verification process of the account holder, the user that finalizes the onboarding must verify their identity. We recommend the
PVID identification level for the best user experience. For Capital Deposit, we recommend Expert, for which the account holder must send an initial transfer from an account in their name at another European financial institution. Learn moreTo open a German account for a company account holder, Swan will need to collect specific data during the onboarding in the mutation
onboardCompanyAccountHolder (Learn more): accountCountry:DEUtaxIdentificationNumberof the company (also called Wirtschafts-Identifikationsnummer or Steuernummer) if the address is in Germany. Swan expects between 10 and 11 digits.- The
residencyAddressof the Ultimate Beneficiaries and theirtaxIdentificationNumberif their address is in Germany. If the company is not registered yet, Swan can accept00000000astaxIdentificationNumberRegistration is still required within the following 3 months. - Legal representative personal
residencyAddress
To start the verification process of the account holder, the user that finalizes the onboarding must verify their identity. We recommend the
Expert identification level for the best user experience. Learn moreTo open a German account for a individual account holder, Swan will need to collect specific data during the onboarding in the mutation
onboardIndividualAccountHolder (Learn more): accountCountry:DEUtaxIdentificationNumberof the individual (also called Identifikationsnummer or Steuer-ID) if their address is in Germany. Swan expects 11 digits.
To start the verification process of the account holder, the user that finalizes the onboarding must verify their identity with a
QES identification.To complete the verification process, the account holder will have to send an initial credit transfer from another account in their name (the other account must also be a European financial institution). Learn more
For each new
accountMembership attached to a German account with the rights canInitiatePayment or/and canViewAccount, Swan will also need: - AccountMembership personal
residencyAddress taxIdentificationNumberof the individual if their address is in Germany. Swan expects 11 digits.
Last modified 1mo ago