Pay-outs to current accounts

The Paycos system provides payments to current accounts. We cooperate with SEPA and SWIFT systems, which allow payments to be made all over the world.

We work with licensed financial institutions. Transfers are carried out in the currency – euro. Translation duration – up to 10 days. Transfer fees are lower than those of competitors.


How do pay-outs to current accounts work?

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Before we start, we will assess the potential risks of cooperation and conduct KYC (Know Your Client), CDD (Customer Due Diligence) procedures.

After successful identifications and verification, when the Agency Agreement is signed, processing of pay-outs will be launched. Execution of such payment may take up to 10 working days maximum. Payment and transfer (pay-outs) are made in the Euro (EUR).

Details of withdrawals from payment accounts

Currently, SEPA and SWIFT are the most common channels for bank transfers. The main difference is that SEPA (or Single Euro Payment Area) allows unlimited euro payments within the Eurozone, using account numbers in IBAN format. Payments through SEPA are made between 28 EU countries, also Norway, Iceland, Switzerland and Liechtenstein, which are members of the Schengen area.

SWIFT (Society for Worldwide Interbank Financial Telecommunications) is, in fact, considered to be the global system, whose members today are more than 210 countries and about 11,000 banks. Thus, using these two international systems, we cover almost all countries in the world.