Withdrawing money to a bank account

Updated 1 week ago by Flore

When money is sent through Lydia, it is credited to the recipient's Lydia balance and they are notified by email, SMS or a push notification. The recipient can then choose to:

  • temporarily leave it there
  • spend it on a Lydia transaction
  • send it to their bank account

Transferring money to a bank account

With the app

If you're in a hurry, click here on your mobile. If not, see our step-by-step guide below.

There are two ways to transfer your Lydia balance to a bank account:

Option 1 : Use your balance
  1. Open up the third tab to view your account balances.
  2. Tap on the one you want to transfer.
  3. Tap on 'Use and transfer'.
  4. Enter the amount you want to send.
  5. Choose the receiving account or enter bank details and confirm. 
Option 2 : Send a Lydia payment to a bank account
  1. Open the Lydia app and stay on the home screen in the first tab. This is where you make payments. 
  2. Enter the amount and tap on 'Pay'.
  3. Enter your 4-digit security code, your fingerprint or FaceID to continue.
  4. Select the receiving bank account. You can also manually add the bank details.
  5. Choose your Lydia account as the payment source.
  6. If you like, add a note and then confirm.

Without the app

From the email or SMS notification you get when receiving money, you can request to transfer it to your bank account. Simply click on the link and fill in the form that is displayed

Waiting time

Bank transfers are processed by Lydia the day after the user's request and are dealt with every working day. Normal bank delays apply. You should allow for 2 to 3 working days.

Important: since banks only deal with tranfsers on working days, you may experience a delay in receiving your money on bank holidays and weekends.

The transfer has not reached the account

Verifications

If the money is still not visible on your bank statement after these deadlines have passed, check the following aspects to verify your information and to identify why there might potentially be a problem:

  1. Check that the transfer was definitely requested and confirmed
    Lydia does not automatically initiate any bank transfers when you receive money in your Lydia account. It is up to you to send the transfer request.
    You can check to see that Lydia received the transfer request in your transaction history in-app or in your emails (Lydia always sends a confirmation email for bank transfers).
  2. Check that the bank account you are expecting to be credited is definitely the one you selected.
    This information is available:
  3. Check the amount you are expecting to receive:
    Sometimes the amount may differ from what you'd expected for several reasons:
    • Lydia aggregates all transfer requests in a given day. As such, if you request to transfer €100, then a further €50 later that day, Lydia will make a single transfer of €150.
    • You spent part of the money received through Lydia. This explains why the amount requested and transferred is different to that received initially. The payment method debited to carry out a transaction is displayed in the receipt details in the transaction history.
  4. Consult the bank statement for the account receiving the money a few days after the transfer to check that you have not received a transfer from SFPMEI or CurrencyCloud. Sometimes, the name 'Lydia' is not displayed and one of our partner's names appears instead.

Rejected transfer

In some cases, a transfer can be rejected by the receiving bank. For example, if the account has been closed and can no longer receive money. 

The receiving bank may take several days to reject the transfer while it does various verification checks. 

If a transfer is rejected, Lydia is automatically notified. Within 3 working days, Lydia will then recredit your Lydia account, delete the erroneous account and notify you by email that the transfer has failed.

You should attempt the bank transfer again if you still want to, but this time with different bank details instead.

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