How to file the bank account details

Why do you need my bank details?

Providing your bank details is an important step in setting up your account. We can only pay you your remuneration on time if you have provided us with correct bank details. You are always responsible for ensuring that your details are complete and correct. If there are any changes, please update your account information promptly. 

Payments are always issued to the exact bank details that are specified in your account on the payout day. However, please allow for a small buffer when changing your information: We can not guarantee that changes made after the 16th are processed by the system on time.

Please only make account changes for the following month after the 18th! 

For all payout dates for the current year, please refer to the following article: When will I receive a credit note and when will the credit be paid out?

Please also refer to our general terms and conditions for further information on the payout conditions.

Where can I enter and change my bank details?

You can enter your bank details in your profile under "Account" in the sub-section "Invoicing data & tax matters".

Click on your profile picture and then select the item "Account":

 Then on the point "Invoicing": 

The fields for the bank details and the option to save the entries will then appear there at the bottom:

How do I change the "Account holder" field

This field is automatically pre-filled with the first and last name you provided when creating your Talent account. If your name changes, please contact the Talent support to have your data updated. Please keep in mind this process can take a few days. 

 

How do I fill out the "Alternative account holder" and when do I need it?

At any time, you can enter the name of your spouse here, or your company name if you use your own company for billing and payout purposes and have a separate account. You can also enter a different spelling of your own name here if the spelling of your Talent account name does not match the spelling used by your bank. 

ATTENTION: Everything you enter here will overwrite the entry in the Account Holder field. As soon as something is entered here, only this information will be used for the payout. Be careful not to fill in the field accidentally if you don't need it! If there is an error here, your bank will not be able to allocate the transfer and will return it to us!

 

How do I change the "SWIFT/BIC" and what exactly is a "SWIFT/BIC"?

In this field you enter the SWIFT/BIC of your bank. This field is only mandatory if your bank account does not allow SEPA transfers. 

The BIC (Bank Identifier Code) or SWIFT code is a unique identifier for a bank. It is used to identify banks worldwide, especially for international money transfers.

Think of it this way, banks have names like people. But like people, there can be many banks with similar names, for example "ABC Bank". If you want to send money to another bank, you need to make sure it's the right "ABC Bank". This is where the BIC comes in. The BIC is like a special name for each bank, made up of letters and sometimes numbers.

When you send money overseas, your recipient's bank needs to know where to send the money. The BIC helps to identify the right bank, even if there are many banks with similar names. It ensures that your money gets to the right place.

Overall, you can think of the BIC as a kind of international bank identifier that is used in wire transfers to ensure that your money finds its way to your recipient's specific bank.

 

How can I change the "IBAN" and what exactly is an "IBAN"?

In this field you enter your IBAN.

The IBAN (International Bank Account Number) is a standardized international account number that is used to facilitate transfers between different banks and countries. It was developed to simplify international payments and make them more secure.

For deposit we recommend Google Chrome as browser. Please check the IBAN several times after depositing to make sure it is correct.

We do not assume any warranty if your transfer goes to a wrong account due to incorrectly stored data. It is always your responsibility as a freelancer on yoummday that your data is up to date and correct. Especially your bank details.

 

What can I do if I do not know my IBAN/SWIFT/BIC?

- Bank statement: Check your bank statements. The IBAN is usually listed on every bank statement. Look for the section that contains your account information and you should find the IBAN there.

- Online banking: Log in to your online banking. The IBAN is usually available in the account details or account information of your bank account.

- Bank card: Look at your bank card. Many bank cards have the IBAN printed on the front or back.

- Bank branch: If you still have trouble finding your IBAN, you can also visit your bank branch or contact your bank's customer service. The bank staff can assist you in providing your IBAN.

- Online Banking Platform: If you have an online banking account, you could also find the IBAN in your bank's mobile app or website.

- Bank documents: If you recently received mail from your bank, it might also contain your account information, including the IBAN.

 

What are SEPA and SWIFT transfers? Which one will I use?

SEPA (Single Euro Payments Area) transfers are fast (often same-day), low-cost euro transfers within Europe. A few non-EU countries also offer this transfer method (e.g. Albania, Andorra, Iceland, Liechtenstein, Monaco, Norway, San Marino, Switzerland, Vatican City, and the United Kingdom). With this transfer method, only the account holder and the IBAN are required.

SWIFT (Society for Worldwide Interbank Financial Telecommunication) transfers, on the other hand, are the global standard for international transfers regardless of currency. They often take a little longer and are associated with higher transfer fees. 

If your bank account is located within the SEPA area, we always initiate a SEPA transfer. Please keep the following in mind: Make sure that your bank account is activated for this! In most cases, this happens automatically, but if not, issues may occur during payout . Please contact your bank if you are unsure whether your bank account for SEPA transfers. 

If your bank account is not located within the SEPA area, we will initiate a SWIFT transfer. It is important that all fields (including SWIFT / BIC) in your account are filled in. The account holder and account number alone are not sufficient. 

 

What do I do if I do not have an IBAN because my country does not participate in the IBAN system?

Then you can enter your account number and check the box "I don't have an IBAN".

Here you can find a list of countries that participate in the IBAN system and how IBANs typically look like in the country:

https://www.iban.com/structure

 

Can I use another person's account?

Yes, as long as this person is your spouse. 

 

Can I use my company's account?

Yes, if you are the owner of the company and have specified in your account that you use said company for billing purposes.

 

Can I use the account of a friend or other person?

Unfortunately no. That is not possible.

 

Can I have the payment transferred to me in another currency?

Currently, all transfers are always made in Euro. Please make sure that you can receive transfers in Euro on your account. Yoummday is working on making transfers in other currencies possible in the future.

 

What are the fees for sending money to me?

We do not charge a fee for transfers. The only fees that apply are those charged by your bank and the fees charged by our bank for the transfer. These can vary depending on the bank, payment service provider and country. 

 

Can I avoid the fees?

The fees charged by your bank vary from bank to bank. By choosing the bank you can reduce the fees but never avoid them completely if your bank/payment service it outside of Germany. After your onboarding, you are welcome to exchange information with other talents on our discord server. After your onboarding, feel free to talk to other talents from the same country as you are about this issue or contact your bank to clarify their transfer conditions. Our payouts are always in Euros from the German "Commerzbank".

 

Can my funds be transferred to me via Paypal/Moneygram/Western Union or other payment service providers?

Unfortunately, this is not possible.

 

What happens if my details are incorrect on the payment date?

If the transfer cannot be initiated, you will see immediately that there has been no outgoing transaction in your finances. If the transfer has been initiated but there are still discrepancies, it depends on your bank whether you will still receive the money or not.

Since SEPA transfers are subject to stricter requirements when the transfer is initiated, the second case usually only occurs with SWIFT international transfers to non-SEPA regions. 

If the transfer fails during the process, the money will be returned to us. The duration for this varies from case to case. As soon as the money has been returned to us, it will be automatically credited back to your account. However, banks may retain fees for the failed transfer.

As long as the money is back in your account by the 16th at the latest, it will be paid out to your bank account as one lump sum together with your current earnings on the next payout date. 

Please check your bank details beforehand and correct any errors! In some cases, your automatic payout function will be deactivated until the data is corrected.