FAQs

What details should I provide to receive incoming transfers to my Global 12 account?

In order to receive funds to your Global 12 account, you should provide your full account details to the payer. These can be found in your Global 12 Client office:

Global 12 Web Client office → Sign in to your Global 12 account using a One-time Password → Go to the Accounts tab on the left side of your screen → Click on the Account that you need the information for → Click on the Funding Instructions tab and expand the details.

Global 12 Mobile app → Sign in to your Global 12 account → go to the Accounts tab → Click on the Account that you need the information for → Click on the Funding Instructions tab.

How can I close a currency account that I no longer use?

If you would like to close your account, simply contact our Customer Support Team at support@global12.com from your registered email and request to initiate the account closure procedure. Please bear in mind that additional fees may be applied.

How can I close a currency account that I no longer use?

 If you would like to close your account, simply contact our Customer Support Team at support@global12.com from your registered email and request to initiate the account closure procedure. Please bear in mind that additional fees may be applied.

How can I deposit money to my Global 12 account?

The only option that is currently available to fund your account is a bank transfer from the account of another Financial Institution or the cash desk. You can find your account funding instructions by taking the following steps:

Global 12 Web Client office → Sign in to your Global 12 account using a One-time Password → Go to the Accounts tab on the left side of your screen → Click on the Account that you need the information for → Click on the Funding Instructions tab and expand the details.

Global 12 Mobile app → Sign in to your Global 12 account → go to the Accounts tab → Click on the Account that you need the information for → Click on the Funding Instructions tab.

Note: If you are making a transfer from another European bank account to your Global 12 account in EUR, you have to make sure you are making a SEPA transfer in order to avoid any additional fees charged by your bank. The money will be credited to your Global 12 account within 1-3 business days. Please note that SWIFT payments cannot be credited to a SEPA account.

How can I deposit money to my Global 12 account via a credit/debit card?

Unfortunately, this option is unavailable at the moment. Money can be deposited electronically to your IBAN account where a MasterCard Debit can be ordered for following customers (domicile): Germany, Sweden, Denmark, Italy, Spain, Portugal, Cyprus, UK.     

How can I change my phone number, email address, registration address or other personal data?

In order to change your contact details or personal / business data, please contact our Customer Support team at support@global12.com.

How do I submit a complaint?

A complaint can be submitted via:

E-mail .

We welcome any constructive critical feedback from our customers, and kindly ask you to provide a detailed explanation of the issue/s you are experiencing. This will help us take appropriate action immediately.

Login and Password

How can I change my password?

In order to reset your password, please contact our Customer Support team at support@global12.com.

How can I change my login e-mail?

To change your contact details, please contact our Customer Support team at support@global12.com.

Can there be several users for my business account?

Yes, there is a possibility to add an additional user to your business account. Please contact our Customer Support team at support@global12.com for assistance.

What is 2FA (Two-Factor Authentication)?

At Global 12 we aim for an improved user experience, while maintaining high security standards. For this purpose, we have Two-factor Authentication (2FA) in place for your Global 12 account, which adds an extra layer of security that protects your account from unauthorized access and keeps your money safe at all times. With 2FA you will be required to enter both your password and a One-time Password (OTP) sent to you each time you sign in to your Global 12 account, as well as any time you are making an outgoing transfer.

SEPA: The Ultimate Guide

Here you will find all the necessary information for making transactions via SEPA, one of the largest global payment systems.

Introduction

Since 2017, SEPA Instant Credit Transfers (SCT Inst) have been available across financial institutions in eight Eurozone countries. Currently, SEPA Instant payments are executed in all the Eurozone states and offer users an unparalleled transaction execution speed of up to 10 seconds.

Key benefits of SEPA Instant Credit Transfer:

Immediate funds availability for the recipient;

Reduced fraud risk;

Real-time payment tracking;

Competitive fees;

A seamless customer experience;

What is SEPA?

Single Euro Payments Area is a payment integration initiative of European countries, which simplifies the execution of transfers in euro, both in terms of speed and cost efficiency

What are the use cases of SEPA transfers?

European citizens and residents use SEPA for different motivations. These include but are not limited to billing for services or products, receiving salaries, pensions, and various regular payouts, sending money to friends and family, etc. Many businesses fully rely on SEPA within Europe, as the system help them satisfy their main needs: purchasing raw materials, buying and selling ready products, sending salaries to their employees, clearing money obligations with their partners, and the list goes on.

Although certain banks may apply small commissions for the Single Euro Payments Area transactions, the system is completely free on a general scale. Moreover, as all payments are in Euro only, customers also save on exchange rates. Any given transfer that amounts to less than 50,000 EUR will only require a couple of hours to reach the beneficiary. Besides, the instant credit transfer option that takes 10 seconds at most, is being gradually integrated all over Europe.

The euro currency and its coverage

Euro has the status of national currency in nineteen countries of the Eurozone, as well as in nine other non-EU territories, including two states outside Europe.

Euro is the only available currency in the SEPA system, as it covers not only the EU member-states, but also Norway, Denmark, Poland, and other countries. Open financial and customs borders give businesses in these countries an opportunity to conveniently trade and operate in Euro, alongside the local currency.

SEPA countries

The thirty-six territories that support SEPA greatly boost the economic capacity of the region. At the moment, the SEPA zone consists of twenty-eight EU member-states: Germany, France, Estonia, Belgium, Spain, Denmark, Italy, Greece, Finland, Hungary, Austria, Slovenia, Ireland, Bulgaria, Malta, the Netherlands, Lithuania, Poland, Croatia, Portugal, Sweden, Cyprus, Latvia, Romania, the Czech Republic, Luxembourg, Slovakia, and the United Kingdom.

However, SEPA is not only about the EU countries. Such territories as Norway, Iceland, Liechtenstein, Switzerland, Andorra, San Marino, and Monaco, are also part of the network.

Considering the population of the above-mentioned states, almost half a billion people reside in the SEPA area and generate more than 120 billion SEPA transactions each year.

This makes SEPA the primary means for Euro transactions in the EEU. All citizens and businesses residing or possessing bank accounts in the countries of the SEPA zone can enjoy international Euro transactions of the same speed and convenience as the ones executed domestically.

SEPA and the UK

Despite the fact that GBP is the national currency of Great Britain, SEPA transfers are still available for its citizens and residents.

Despite Brexit, the UK has retained its SEPA membership, as the system is an excellent tool that currently has no analogs for private and corporate transactions in Euro. This payment method combines a perfect set of standards for improving the efficiency of cross-border transactions and merging separated local markets into one.

In Europe, any customer can make a transfer Euro to a UK bank account using the SEPA system. Moreover, such transactions won’t require currency exchange or any relevant commissions. Euro accounts in the UK come with IBANs that are no different from the ones issued in Europe.

A SEPA transfer can also be chosen to execute a transaction between the USA and the United Kingdom, given that the American party has a Euro account opened in an EU banking institution.

In order to open a current account in Euro, the UK citizens and businesses only have to provide the very basic personal data, which falls under European requirements.

SEPA Instant Credit Transfer

Since 2017, SEPA Instant Credit Transfers (SCT Inst) have been available across financial institutions in eight Eurozone countries. Currently, SEPA Instant payments are executed in all the Eurozone states and offer users an unparalleled transaction execution speed of up to 10 seconds.

Key benefits of SEPA Instant Credit Transfer:

Immediate funds availability for the recipient;

Reduced fraud risk;

Real-time payment tracking;

Competitive fees;

A seamless customer experience;

What are the next steps to start using SEPA Instant transfers?

In order to start transacting, you need to open one of the following accounts with Global 12: business, merchant, freelance or personal.

As soon as your main account is active, you will need to apply for a separate SCT Inst account directly from your desktop Client office that can be accessed via this link https://my.Global 12 .EU/#/login.

Please make sure that both your bank and the recipient’s bank support SCT Inst transfers. Otherwise, the transaction will be declined.

If you still do not have an account at Global 12, you can submit your application for a corporate, merchant, freelancer or personal account online. If you have any further inquiries, please contact us at support@Global 12.com.

What are the limits on SEPA Instant payments?

Corporate clients can make payments of up to EUR 15,000 per transaction, while private clients have a limit of EUR 5,000. If the payment amount exceeds the limits specified above, the transaction will be not executed instantly and can be rejected. We advise you to familiarize yourself with our tariffs before initiating payments.

Can I send a transfer to an account that doesn’t support SEPA Instant?

Unfortunately, it is not possible to make a SEPA Instant transfer to a bank account that does not support the SEPA Instant scheme. Both the sender’s and recipient’s banks / EMIs must support SCT Inst in order for the transaction to be successful. If the recipient’s bank does not support the SCT Inst option, we recommend using a regular SEPA transfer instead.

EUR currency account

So, what are the privileges of having a Euro current account? Because current accounts in Euro allow you to transact without inquiring extra commissions and extensive waiting times.

You are free to open a Euro account anywhere beyond the Eurozone; the conditions will be quite similar as those relevant for the local currency in that jurisdiction. Most banks also offer very competitive fees for the conversion of local currency to Euro.

No matter what EU country we are speaking about, having a private or business account in Euro has become an essential requirement for hassle-free international travels and smooth cross-border trade.

Although currency exchange is very simplified within Europe, it is best to open a Euro current account in countries that use Euro as national currency.

SEPA Direct Debit vs SEPA Credit Transfer (CT)

Even though the two may sound quite similar, SEPA CT and Direct Debit are two different ways to send money and come with different requirements. Both support transactions in Euro, but the mechanism is distinct for each.

SEPA Credit Transfer is a simple money transfer, which only requires the recipient’s IBAN. It is most frequently used to make single payments for services or goods within the SEPA network. For instance, if a person living in Italy purchases an item from a supplier in the Netherlands, he can use SEPA Credit Transfer as a payment method. In most cases, the beneficiary receives the payment in one business day after the transaction is executed.

Alternatively, SEPA Direct Debit is managed by the customer’s bank, credit union or another money institution, on his behalf. This process works under the conditions of signed authorization.

Having a much simpler option like the SEPA Credit Transfer on the other side, this may sound too complicated, however, sending a Direct Debit payment doesn’t require immediate personal approval of every transaction by the customer.

Most of the Direct Debit transfers are recurring payments of a certain amount that are executed every month, or another set timeframe; they can also take the form of conditional cashless payments, like sending a particular amount to the beneficiary after the account balance hits an indicated threshold. Direct Debit is widely used to subscribe for services, pay debts or rent. Businesses heavily rely on this option, as lengthy contracts may include several predefined payments.

What is an IBAN and a BIC?

Within the SEPA system, all transactions require the sender’s and beneficiary’s IBAN, or International Bank Account Number, which is a unique code that serves as an address from and to which the payment is sent. IBAN contains the bank identifier, the country code, and the account number in the bank itself, which makes it sufficient to execute most payments, especially Credit Transfers.

An IBAN contains the bank chain number or code, a two-digit country code, a checksum to ensure its integrity, and the account number in the financial institution itself. A regular IBAN looks like this:

DE89 3704 0044 0532 0130 00

Here, DE — is the code for Germany, 89 is the control number, calculated using all other digits, 3704 0044 is the code of the bank, as well as of the bank office the account was opened at, and 0532 0130 00 is the account number. Such a precise coding system minimizes the possibility of errors and ensures that every transaction reaches its recipient.

It is worth mentioning, that in different countries IBANs may contain extra letters together with digits; however, the length and overall appearance is generally identical.

Business Identifier Code, or BIC, is a unique short code that serves for the identification of banks, their branches, credit unions, and other money institutions. For SEPA CT within the Eurozone, these are usually not needed, but sometimes a bank may require this information to issue Direct Debit payments.

A BIC contains four digits that stand for the bank code, a two-digit country code, and two to five digits (letters or numbers) that indicate the exact bank office.

SEPA vs SWIFT

SWIFT is another cross-border wire transfer network, which is accessible from pretty much anywhere. Currently, over 10,000 banking institutions in 210 states are connected to SWIFT. Its rules are practically identical to those of SEPA; however, SWIFT transactions are executed in pretty much any currency. Businesses located in Europe use SWIFT for their financial operations, but there are several key differences that make SEPA much more convenient for Euro payments.

Unlike SEPA, SWIFT is not free. Any bank is allowed to set and charge commissions, for both incoming and outgoing transactions. Not all financial institutions are connected to SWIFT without third parties, but instead use correspondent banks that act on their behalf, following mutual agreements. Thus, one simple transaction may sometimes be subject to fees from a couple of different institutions!

Another difference is transaction speed. While SEPA instant credit transfers only need ten seconds to be executed, some SWIFT transactions may take up to a few working days.

SWIFT supports any currency, and this is both an advantage and a drawback. Let’s say, the recipient and sender operate in two different currencies. In this case, the funds will be converted automatically using exchange rates that are not beneficial to the parties, along with institutional commissions.

SWIFT is a fundamental worldwide payment instrument that is, however, slowly giving up to SEPA transfers, as more and more businesses outside of Europe are opening Euro current accounts to operate within the system.

It is worth mentioning that since these two methods are different, SWIFT transfer cannot be received on a SEPA account, and vice versa.

Payments & Transactions

Where can I find my IBAN?

You can find your account details by taking the following steps:

Global 12 Web Client office → Sign in to your Global 12 account using a One-time Password → Go to the Accounts tab on the left side of your screen → Click on the Account that you need the information for → Click on the Funding Instructions tab and expand the details.

Global 12 Mobile app → Sign in to your Global 12 account → go to the Accounts tab → Click on the Account that you need the information for → Click on the Funding Instructions tab.

How long does it take to transfer money from my Global 12 account?

The processing time for outgoing transfers depends on the transfer type. Internal system transfers are instant. SEPA transfers take between 1-2 business days. SWIFT transfers take between 3-5 business days.

I want to send/receive a transfer in other currency than EUR, what should I do?

 International outgoing/incoming bank transfers in other currencies than EUR are available only via our Shared IBAN service. To order accounts in other currencies, please submit a SWIFT order form and we will get back to you with the most suitable solution for your transactional needs.

I did not receive a transfer in its full amount. Were additional fees charged?

We do not charge any fees when you deposit money to your Global 12 account via a bank transfer. However, when making an international payment, the sender can choose you as the party that covers the outgoing transfer fees. Additionally, when receiving SWIFT transfers, the correspondent (intermediary) bank may deduct processing fees, hence a smaller amount can be credited to your account.

I did not receive an incoming transfer. What should I do?

In case a transfer that was sent to you has not been credited to your account, you should obtain a payment confirmation from the sender and send it to our Customer Support team at support@global12.com.

I made a transfer to a wrong IBAN. What should I do?

If you made a transfer to a wrong IBAN, please immediately notify our Support Team at support@global12.com. or via chat and ask them to initiate a Payment Recall.

Please note, that if the transfer has already been credited to the recipient’s account, we will not be able to reverse the transaction. In this case, we would advise to contact the recipient directly and ask for a return.

How can I make a transfer to another Global 12 account?

To make an internal transfer, you will only need the short account number of the recipient.

Choose the “Internal transfer” payment type in your client office, enter the account number, and the system will automatically search the database. After selecting the beneficiary, you will be requested to enter the amount of the transaction and confirm the payment. The transfer will be executed instantly.

Global 12 Cards

How can I order a prepaid card?

You can do so directly from your client office.

Choose the Cards section, tap the ‘Order new card’ button and complete your order.

Can I get a card without opening a current account with Global 12?

Unfortunately, this option isn’t available. In order to get a card, you have to open a current account with Global12.

When will my card be delivered?

After placing the order, the card is usually sent within the next 1-2 business days.

Regular post shipping takes 15-20 days depending on destination country.

Express delivery to the EU countries and the UK should take no longer than 3 business days.

Express delivery to other countries should take up to 5 business days.

How many cards can I get with my Global 12 account?

Personal account: 2 physical cards and 2 virtual cards per account holder.

Business account: a maximum of 5 cards (virtual or physical) for up to 5 cardholders per single Business account.

What currency can my Global 12 card be issued in?

At the moment, all cards are issued in EUR.

How can I activate my card?

You can do so directly from the card settings in your client office. You should then proceed with topping-up of your card balance.

All the card functions will be enabled as soon as you make your first transaction at an ATM or a POS. Please restrain from using the contactless feature to make your first transaction; this is necessary in order to activate the card chip.

How can I top-up my Global 12 card?

Choose the Cards section in your Client office, select the card you need to top-up, enter the amount and the narrative, if necessary, and approve the transaction.

The transaction will instantly reflect on your card’s balance.

Where can I find my card’s PIN?

You can always find it in the card settings. If you wish to change it, please contact our Customer Support team at support@global12.com.

Does my Global 12 card have the contactless feature?

Yes, all Global 12 cards support contactless payments.

What is the current limit for a contactless payment without authorization (PIN entering)? 

The limit is set by the merchant’s bank, guided by World Payment Systems. Usually, the limit is between 25-50 EUR. Nevertheless, all the limits for transactions being set up on the card in accordance to the tariff plan assigned remain the same.

What is 3D Secure? Is it enabled on my card?

3D Secure is a feature that creates an additional security layer for e-commerce card transactions.

All Global 12 cards are equipped with 3D Secure.

Are there any card limits?

You can check the Global 12 card limits here: Card page. In order to raise your card limit, please contact our Cards team via email at cards@global12.com.

Can I withdraw money from my Global 12 card in an ATM?

You can withdraw money from your Global 12 card in any ATM that supports Mastercard. Please note that there are limits on withdrawals in place.

Can I pay online with my Global 12 card?

Yes, you can pay online with your Global 12 card. Please be sure that the balance of the card is higher than the amount of the transaction you wish to perform.

I lost my Global 12 card. What should I do?

If you have lost your card, you should immediately notify our Cards team via email at cards@global 12.com asking them to block your card. The team will then guide you through the following steps.

My card is about to expire. What should I do?

One month before your card expires, you will receive a card replacement notification. In the same notification you will be asked to indicate your address for card delivery. Note: Please note that once you receive your new card, you must activate it through the Global 12 web Client office or via the mobile app.

Can I block the Global 12 cards linked to a currency account?

Yes. To do so, please send an inquiry to our Cards team via chat or at cards@global12.com.

Can a company issue cards for its employees under a business account?

Yes. For details, please contact our Customer Support team via email at cards@global12.com.