What is the Lydia IBAN?
Lydia provides verified users > 18 with several free French IBAN (account number) to receive bank transfers.
You can view the IBAN and its settings in the app.
How can I activate and use my main Lydia IBAN? 🏦
The main Lydia IBAN is only available to Lydia users with a verified profile. You will find it in:
- From the "Accounts" tab,
- from any Lydia account, in the IBAN section;
- from the "..." menu, "Beneficiaries" > under "My Lydia IBAN";
- From the "Profile" area, by copying your "Lydia IBAN" directly.
One Lydia IBAN for each Lydia account
The user can obtain a Lydia IBAN for any of his other Lydia accounts, like his joint account for example.
An incoming transfer to the user's main Lydia IBAN will credit their main Lydia account, by default. The user will then be able to instantly redistribute this money to any sub-account of their choice.
But the user can choose to make a bank transfer to one of their other Lydia accounts directly from their connected bank if it's initiated in-app. By doing so, the user will get a dedicated IBAN for his account. Only the account holder will be able to initiate the creation of an IBAN after a bank account transfer.
The user can create an IBAN for their other accounts without having to make a bank transfer, if they wish. They simply open their account and click on "IBAN". The user can then choose to create an IBAN specific to their account. Again, participants cannot create an IBAN for a sub-account.
Finally, when creating a joint account, the user can, after choosing a title for their account, choose to create an IBAN during account creation.
The user can use this IBAN, like the Lydia IBAN, to receive money directly and for direct debits.
How do I save my IBAN?
You can copy/paste your IBAN and BIC (bank identifier code) or download it as a PDF file like standard bank account details.
Can I transfer money to my other accounts?
By default, any incoming transfer to your main Lydia IBAN will credit your main account. You can then instantly redistribute this money to any sub-account of your choice.
You can transfer money directly from the bank account linked to Lydia to one of your other Lydia accounts if you make the transfer in-app. By doing this, a dedicated IBAN will be created for this account. Only the account owner can initiate the creation of an IBAN after a transfer from a bank account.
Moreover, you can also create an IBAN for other accounts without going through a bank transfer. All you have to do is open an account and click on "IBAN". You can then choose to create a specific IBAN for your account. Again, participants cannot create an IBAN for a sub-account.
Finally, by creating a shared account, you can (after having chosen a title for your account) choose to create an IBAN during the creation of the account.
Can I receive money on my Lydia IBAN? 📲
You can receive your salary on a Lydia IBAN.
You must be able to justify any refund that is credited to your Lydia account through a Lydia IBAN.
This means that our transaction security department can request proof of funds if necessary.
You cannot use a Lydia IBAN for this purpose.
According to French law, self-employed workers need to open a dedicated account for their activity that is separate from their personal bank account. Since Lydia is not a bank account for professionals, you cannot legally use it to receive payments for your services.
What are the bank transfer fees and processing time?
For more information on bank transfer fees, please read this article.
To find out about the processing time of transfers using a Lydia IBAN, see this article.
Can I set up direct debits?
You can set up a direct debit with your Lydia account. To do so, you just need to share your Lydia IBAN with the merchant and sign the corresponding direct debit mandate (provided by the merchant).
Your Lydia account will then be debited for each direct debit request received, provided that the balance is sufficient. If it isn't, you will be notified and you will have up to 6 hours to top up your account before the second attempt. If the funds still aren't available at that time, the payment will then be definitively rejected.
You can use this IBAN, like the Lydia IBAN, to receive money directly and for direct debits.