"Pending" is a term referring to the procedure that occurs after you make a transaction with your card. Actually, this process consists of four steps.
Payment: When you pay for something with your card, that's the first step.
Authorization: ZEN checks if your card is valid, whether you are authorized to use it, and whether you have sufficient funds in your account to cover the transaction. This is the authorization stage.
Blocking of funds: If everything is okay, ZEN blocks the amount equal to the transaction value in your account. This means that these funds are temporarily "reserved" and you can't spend them on something else.
Settlement: Finally, the bank transfers the blocked funds to the recipient's account. This is the settlement stage.
If you notice that the balance of your account is reduced by the transaction value, but the transaction does not yet appear in your account history as "completed", it means that your transaction is "in settlement process". Usually, the whole settlement process takes up to 10 days.
SWIFT and SEPA transfers are two methods of transferring money between financial institutions, especially for international transactions.
SWIFT Transfer - This is an international system for exchanging financial messages between financial institution all over the world. It allows us to send money to practically any country. A SWIFT transfer usually takes between 1 and 3 business days, although in exceptional circumstances this time may be extended.
SEPA Transfer - This is a system that enables payments in euros within the European Union and a few other countries. SEPA transfers typically take between 1 and 2 business days, but sometimes can extend to 3 days.
Remember, a business day is every day from Monday to Friday, excluding holidays. Weekends and holidays are not counted as business days.
How long does it take to process my SEPA, SWIFT, local, digital currency and ZEN Buddies transfer (incoming and outgoing)?
How can I check the status of my outgoing transfer?
You can check if your wire transfer has been completed or is still in progress by following these steps in your ZEN app:
Before money reaches the recipient, it can pass through up to several intermediary institutions, including, for example, intermediary banks or payment operators. Each of these institutions has its own security systems, which are tailored to local or global threats and regulations.
ZEN, like any financial institution also has a number of security systems. We take security matters very seriously.
There are many other reasons why we need to check payments, and below you can find some examples of them:
- we have been contacted by an intermediary bank that needs additional information
- there may have been an error in the transfer data (e.g., the recipient's or sender's data are missing or are incomplete)
- we check that the money you send does not go, for example, to suspicious companies
- we protect you from falling victim to scammers and swindlers
- Your name may be associated with public figures (e.g. politicians or their families) and we need to monitor these individuals more closely
Payment verifications are routine and can occur at any time.
Money transfers after confirmation are directly transferred to payment provider who realize the transfer.
Unfortunately, each transfer confirmed in ZEN app are unable to cancel.
If you make a mistake in the details, please contact the recipient's bank or the recipient themselves for a refund.
If you want to generate a confirmation the information are available here(https://ask.zen.com/hc/en-us/articles/4868941402012-How-can-I-generate-a-confirmation-of-payment-or-transfer-)
If make a card payment or a money transfer, you can generate a confirmation of such transaction in PDF format.
To generate the confirmation:
Please note: You can only generate confirmations for accounted transactions. It's impossible to generate a confirmation for a pending transaction.
The transactions are usually accounted in:
- Money transfers – up to 1 business day (Monday-Friday),
- Card payments – up to 10 days.
Some payment methods, mostly bank transfers (SEPA or SWIFT), may take up to 3 business days to process because of settlement periods and security proceedings on the payment institution's end.
Quick tip: Business days are from Monday to Friday.
The SWIFT system is used to transfer money to countries outside the European Union, but this does not mean that you cannot send money between EU member states. Via SWIFT transfer you can make transfers in practically all currencies.
If you want to send a SWIFT transfer, the following conditions must be met to make the transfer:
SEPA stands for Single Euro Payments Area. The SEPA system was created to facilitate and speed up transfers between the members of the European Union and with Iceland, Liechtenstein, Norway, Switzerland, Monaco and Andorra.
A SEPA transfer is a domestic or foreign transfer made in EURO.
If you want to send money to an entity operating in Europe via the SEPA system, the following conditions must be met to make the transfer:
There are many reasons why your transfer might have been returned to your account. Please have a look at the list below.
The transfer was rejected by the intermediary institution.
If you need more information, feel free to contact us.
Here are some reasons why the transfer was not settled correctly:
A stopped or returned transfer should be returned to your account within a few working days
The transfer amount received by the recipient may be lower than the amount sent in case of SWIFT transfers sent to a country outside the EU.
In ZEN, fees related to the execution of a transfer are divided between the ordering party and the transfer beneficiary. The costs that you incur as the ordering party are fees, e.g. for the transaction mode, execution. In addition, intermediary banks may deduct fees from the final recipient.
To see the updated fees click here.
Sending transfers is very easy. All you need to do is log in to the ZEN mobile app.
Go to the main accounts view. Click on the currency tile in which you want to make the transfer, and then select the "Transfer" option. Select an existing recipient or add a new one.
After selecting an already defined recipient, just enter the amount of the transfer and press "Send".
In order to send a transfer to a new recipient, all relevant transfer details must be provided, i.e. currency, account number in IBAN format, BIC/SWIFT code, address details. To send a transfer - enter its amount and confirm it by clicking "Send".
If you do not recognize the transaction, please contact us and we will help you verify it.
In the transaction history, enter the transaction details, and then click on "Help". Select the option "Contact technical support" and you will be redirected to a chat with our consultant.
Depending on what type of transfer has been ordered, the settlement time may differ.
In ZEN, SEPA transfers are processed up to 1 business day.
SWIFT transfers are processed up to 2 business days, depending on the currency and the time it was sent.
The fastest transfer option is an internal transfer between ZEN accounts. It is settled in a real-time.
Quick tip: Business days are from Monday to Friday.
If you tried to top-up your ZEn account by sending a transfer from another bank and it didn't reach your ZEN account, please contact your bank in order to verify the transaction.
You can top-up your ZEN account in all 30 available currencies visible on your account.