You expected to receive a payment in a foreign currency, such as USD, GBP or AED, but the funds arrived in your iBanFirst payment account in EUR.
This is called automatic currency conversion. It happens before the payment reaches iBanFirst.
Why did this happen?
International payments pass through several correspondent or intermediary banks before they reach the recipient. One of these banks may convert the payment into EUR before it reaches iBanFirst, without prior notice.
This can happen when:
the payment route does not support the original currency
the payment instructions do not identify the correct intermediary bank
a bank in the payment chain applies its own currency conversion rules
Did iBanFirst convert the payment?
No, iBanFirst did not perform the currency conversion.
The intermediary bank converted the payment before it reached iBanFirst. Once the conversion has taken place, iBanFirst cannot reverse it.
Which exchange rate did the intermediary bank use?
The intermediary bank sets the exchange rate for the conversion. This rate may differ from the rate available through iBanFirst.
When we notify you about the converted payment, we share the information available to us and outline the options available to you.
What happens next?
When we detect an automatic currency conversion on an incoming payment, we contact you by email.
You can then choose one of the following options:
✅ Accept the payment: the converted EUR amount remains credited to your payment account.
↩️ Reject the payment: we ask for the payment to be returned to the sender.
The return may be subject to processing times or other conditions. If we do not receive your response within one month of contacting you, we will automatically credit the converted EUR amount to your iBanFirst payment account. We will provide further information when we contact you.
How can I reduce the risk of automatic conversion?
To reduce the risk of automatic currency conversion, share your complete iBanFirst payment instructions with your counterparty.
Make sure the instructions include the intermediary bank listed in your current iBanFirst Bank details. Do not replace it with another bank.
You can also ask your counterparty to add “No FX auto please” to the payment instructions, if their bank supports this type of request.
These steps can reduce the risk of conversion, but they cannot guarantee that the payment will remain in its original currency.