Help centre
Take a look at some of the questions our customers most frequently ask about Ivobank.
Frequently asked questions
*Ivobank is a UK domiciled bank therefore all references to tax relate to the United Kingdom HM Revenue and Customs (HMRC) rules and regulations.
Who can open an Ivobank Account?
Anyone over 18 years of age - and a permanent resident in a country that we support - can open an online Ivobank Account.
How many Ivobank eWallet and Savings Accounts can I open?
At present you can only hold one Ivobank Account consisting of an eWallet and Savings Account in your home currency.
How do I open an online Ivobank Account?
Please follow our simple account opening process. You will be required to provide some personal information and contact details to verify your identity: including your name, age, home address and income band.
What documentation will I need to open an Ivobank Account?
We try to open Ivobank Accounts online without the need for you to supply us with documents. However, if we are unable to verify your identity and address through online checks we may ask you to supply additional information to us. This may include proof of your address and other identification. If we need this additional information we will tell you when you make your application.
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What is an eWallet?
An Ivobank eWallet is the online equivalent of a real wallet. You can use it to securely store money. You can fund it in various ways: by transferring money from your Ivobank Savings Account or from your registered external bank account or using your debit/credit cards. Money in your Ivobank eWallet can be used to make online payments, directly to merchants' accounts who partner Ivobank or to another Ivobank Account holder.
What are the benefits of having an eWallet?
An Ivobank eWallet allows you to quickly and securely make and receive online payments. You can transfer money online to friends and family with an Ivobank Account and shop safely online with our selected merchants or use our Ivobank Virtual Card to make purchases with other merchants that accept MasterCard payments.
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What are the benefits of having an Ivobank Savings Account?
Deposit your money into your Ivobank Savings Account and earn interest.
Is there a minimum deposit required to open an Ivobank Savings Account?
No, your first balance could simply read zero.
As a customer, is there a maximum limit I can hold in my Ivobank Savings Account?
Yes, you can deposit up to the equivalent (irrespective of denomination of currency) of a maximum balance of £1,000,000.
What rate of interest will I receive on my money?
Interest is calculated according to your Ivobank loyalty tier. Rates are subject to variation. Interest is calculated daily based on: (a) the applicable annual equivalent interest rate (AER); and (b) the balance held in your Ivobank Savings Account at the end of each day. Interest is paid into your Ivobank Savings Account each calendar month on the business day we issue your Ivobank online statement.
What does A.E.R. mean?
A.E.R stands for "Annual Equivalent Rate" and illustrates what the interest rate would be if interest was paid and compounded each year. Adverts for UK savings products, that quote an interest rate, will also contain an A.E.R which allows customers to make a like-for-like comparison between products, of what return they can expect from their savings annually.
Other countries tend to use their own methods to allow customers to compare savings products such as: T.A.E in Spain, A.I.R in Canada, E.A.R. in Ireland, A.P.Y in the USA, Zins in Germany etc.
When will I receive my interest payments?
Interest on your savings account will be earned each month on the day your online statement is issued.
Do I pay tax on my account?
As specified by law, tax is deducted from the interest earned on your Ivobank Savings account.
Any tax deducted will be shown on your statement, alongside your interest payment.
As specified by law we pay net interest (interest paid after tax deductions) to all customers except those who register as non-taxpayers. Non-taxpayers will receive gross interest as a result.
How do I register as a non-UK taxpayer?
If you are not liable to pay UK tax you would need to register with us before you can receive your interest payments gross.
If you need assistance determining your tax paying status please contact the United Kingdom HM Revenue and Customs (HMRC), or speak to your independent tax advisor.
If your status is that of a non-tax payer, and you want to receive your savings interest gross, please submit either the R85 or R105 forms for us to process your request. These forms are available for download on your Personal Profile page. Please email your completed forms to Tax@Ivobank.com
Once you have submitted the forms to us it can take up to 30 days for your account to be updated to its new status.
What if I need to re-register back as a UK tax payer?
If your tax status changes to one that now requires you to pay tax on interest earned please contact us to update your account to reflect this.
How do I make an application for tax reclaims?
Applications for reclaims should be made directly to HMRC. You would need to contact them in order to obtain the relevant form(s).
You may also need a S352 tax certificate, to detail the gross and net interest paid, and the amount of tax deducted in the tax year. S352 tax certificates are issued at tax year end, or on account closure. Please contact us if you require this certificate.
Need advice on your tax status?
If you are in any doubt as to your eligibility to receive interest without tax taken off; your tax status, or tax reclaims please contact your local tax office or refer to the Inland Revenue website www.hmrc.gov.uk and help line for further information.
Disclaimers
References to tax relate to United Kingdom HM Revenue and Customs (HMRC) rules and regulations.
Ivobank cannot provide you with individual tax advice, please contact your local tax office or the Inland Revenue for assistance. Legal responsibility for ensuring your tax status and tax payments are up-to-date lies with the individual.
How long does it take to transfer money between my Ivobank eWallet and my Ivobank Savings Account?
Funds can be transferred instantly between your Ivobank eWallet and your Ivobank Savings Account. As there is no cut-off time, this can be done 24 hours a day, 365 days a year.
Can I set up regular transfers between my Ivobank eWallet and Ivobank Savings Account?
Yes, we can transfer funds to your Ivobank Savings Account automatically when your Ivobank eWallet balance reaches a level specified by you. This service can be set up easily and quickly via your "My Preferences" page.
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What is Pay Now?
Pay Now gives you instant access to funds held in an external bank account.
You can only use Pay Now once you have registered your external bank account using the Instant Account Verification service.
You can register your external bank account at any time by logging in, clicking on 'Manage accounts/payees', go to 'Manage source accounts' and click on 'Add a new account'.
At present, Pay Now is only available to our customers in the UK, Ireland and Spain.
How does Pay Now work?
Using Pay Now is quick and simple. Just tell us how much you'd like to transfer online. We'll confirm that you have the funds available and initiate an online transfer from your registered external bank account on your behalf. Then we'll credit your Ivobank eWallet with funds that you can use straight away.
What are the benefits of using Pay Now?
If you want to make an online payment but don't have the funds available in your Ivobank eWallet, we'll check the funds available in your registered external bank account. If you have sufficient funds, you should be able to use some of these immediately.
Are there restrictions on how much I can Pay Now?
Yes, minimum and maximum limits will be set and we can tell you what these are.
What fee structure is associated with this feature?
Pay Now transactions will incur a fee which is based on both the value of the transaction and your Ivobank Loyalty tier. View Pay Now fees here.
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What is the Ivobank Virtual Card?
The Ivobank Virtual Card is a secure online debit card, which you can use when you make purchases online. For extra security, an unique card number is generated every time a transaction is made and a limit can be set on the value of transactions. You can use the Virtual Card to make purchases up to the amount you have in your Ivobank eWallet, so you'll always have funds at your fingertips.
What are the benefits to me of having an Ivobank Virtual Card?
Additional security, extra convenience and time saved when completing online purchases. Ideal when you're shopping online.
What is the difference between an ordinary debit card and the Ivobank Virtual Card?
They work in much the same way. However, unlike a regular plastic debit card, with an Ivobank Virtual Card, you'll have extra security as it cannot be physically lost or stolen. Your identity and funds are also further protected with an unique card and security number generated each time you make a purchase. Additionally, as the card is virtual, it automatically fills online billing and shipping forms for you too. The Ivobank Virtual Card makes online payment quicker, easier and safer.
How does the Ivobank Virtual Card work?
Wherever MasterCard is accepted when making a purchase online a screen pop up appears asking if you'd like to pay with your Ivobank Virtual Card. Click on the screen or find the Ivobank Virtual Card from the icons on your browser's toolbar or the system task tray (bottom right of your screen).
What fee structure is associated with the Ivobank Virtual Card?
For most purchases, the Ivobank Virtual Card is free for you to use. However, merchant and foreign exchange fees may apply.
If I use the Ivobank Virtual Card, will full details of the transaction appear on my statement?
Your Ivobank online statement will only show the transaction details that the merchant returns to Ivobank. If you are concerned about what will appear on your Ivobank online statement, please contact the merchant directly and ask them what description they will use for the goods or services you are buying. Many merchants will have information about this on their website.
Can I use my Ivobank Virtual Debit card for Mail Order and Telephone Order transactions?
Yes you can. However, the Ivobank Virtual Card cannot be used for transactions where the merchant will require you to present a physical card to authorise your online debit/credit transaction. For example, when hiring a car or paying for a hotel over the phone, you are normally required to present a physical debit or credit card when you pick up your car or check into the hotel. If in any doubt, check with the merchant directly that you will not need to present a physical debit/credit card at a later date.
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Why has Ivobank decided to offer a Loyalty Program?
Ivobank is the rewarding online bank. We want to make sure that you are rewarded whenever you use your Ivobank Account and encourage you to use Ivobank more. We've designed the program to give you great benefits and savings so you're always making the most of your money.
How does the program work?
Every time you fund your Ivobank eWallet Account or make a payment to a selected merchant, we'll add loyalty points to your Loyalty Account. There are three tiers in the Ivobank Loyalty Program: Bronze, Silver and Gold. The more points you earn, the higher you move up the tiers.
At the end of each business day, the points earned on each of your qualifying transactions are added to your Loyalty Account. If you've earned enough points, you'll automatically move up to the next tier and we'll email you to let you know. Purchases using your Virtual Card are not qualifying transactions so will not earn you points.
What are the benefits of moving up the tiers?
When you move up to the next tier, you'll experience some excellent benefits. Currently these include reducing fees on each of your transactions and an increasing interest rate on the money in your Ivobank Savings Account. We constantly keep our Loyalty Program under review.
Once I have enough loyalty points for a tier, do I need to keep earning points to remain there?
No, once you have reached a tier you will remain there. To earn more rewards you'll need to accumulate enough points to move into the next tier.
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What security measures and processes are there to ensure my money remains safe?
The security of your money and personal details are very important to us. Please visit our Security section for full information on the measures we enforce to ensure your money and personal information remain safe and secure.
How can I be sure that correspondence is from Ivobank and not fraudulent or phishing?
For up to date information on how to avoid scams and fraudulent activity please visit our Security section.
Who should I contact if I believe any fraudulent or abnormal activity is occurring?
You should contact one of our Customer Advisors immediately.
If I receive a suspicious email what should I do?
If you receive a suspicious email, do not open any attachments to the email and please forward it onto suspiciousemails@ivobank.com. We won't be able to reply individually but we'll look into every suspicious email to ensure fraudulent activity is investigated and reported as quickly as possible.
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I can't find the answer to my question, what do I do?
If you are experiencing problems accessing your account or using your account services please contact an Ivobank Customer Advisor.
What is the best way to view Ivobank.com?
Keep your PC up to date and make sure that Java Script is enabled.
I would like to make a complaint, what is the procedure?
At Ivobank, we take customer service very seriously and will always try to ensure that you're happy with our service. But occasionally things do go wrong so, if we've made a mistake, we would like to hear about it. Below are details of our complaints procedure.
If you are an Ivobank customer please login and click on “Contact Us” on the left-hand side of our website and choose “Make a Complaint” from the drop-down menu. You’ll receive an acknowledgement from our Complaints Resolution Team who will then begin their investigation.
If you are not an Ivobank customer but wish to make a complaint, please do so by using the "Contact Us" tab at the bottom left-hand corner of this page and let us know the details of your query.
The Complaints Resolution Team will contact you to keep you informed about the progression of their investigation.
If we're unable to resolve your complaint within five working days from receipt, we'll let you know our understanding of the nature of the complaint, who in the Complaints Resolution Team has been personally assigned to deal with it and the next steps you can expect.
Should our Complaints Resolution Team be unable to resolve your complaint within four weeks, we'll let you know why we may need more time to resolve it.
In the unlikely event that your complaint cannot be resolved within eight weeks of receipt, you have the right to refer it to the Financial Ombudsman Service.
Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
United Kingdom
Telephone: +44 (0)845 080 1800
Website: www.financial-ombudsman.org.uk
Further questions
If you cannot find an answer to your question in this section, please contact a Customer Advisor here.
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