How do I withdraw money from CO2IN?
At present, the only way to withdraw money from CO2IN is by creating a Withdrawal request. First, to unlock the Withdrawal function, make sure that your account is Verified. This can be checked on the Home screen. Either you will see the Verification box (in case fill in the details to get Verified), or at the top of the page, after your name, you will see a green tickmark. This indicates that your account is currently Verified.
What methods are available?
You can withdraw your money to a SEPA bank account in Euros, or ask for a withdrawal to a local bank account in Czech crowns.
Why do I need to verify my bank account to withdraw money?
To comply with the relevant requirements of various regulations to prevent money laundering, you can only withdraw money from your CO2IN wallet to a bank account which has the same beneficiary, as the CO2IN account.
How can I verify my bank account?
At CO2IN, we offer two ways to have your bank account verified. Since most users will first Top up their account, before Withdrawal, we automatically verify the bank accounts from the incoming payments.
This, however, may not always work. Some online financial institutions do not provide their users with a dedicated bank account number. In that case, and in the case where you do not want/need to make a Top up to verify your account, you can send us a proof of your bank account by e-mail to: support@co2in.com.
Make sure that the account beneficiary matches the CO2IN Account.
Please send the documentation in pdf format.
Include your CO2IN ID (which you can find in Settings - Contact Support).
We process a bank account verification request in 1-2 business days.
What is an IBAN?
An IBAN, or international bank account number, is a standard international numbering system developed to identify an overseas bank account. It starts with two letters designating the country of the bank of issue and has a standardized format.
What is a BIC?
BIC stands for Business Identifier Code. It is an international standard for routing business transactions and identifying business parties. In our case, this code identifies your bank in a SEPA transaction. It has 8 or 11 characters.
What is a SEPA payment?
SEPA refers to The Single Euro Payments Area, which is a payment-integration initiative of the European Union for simplification of bank transfers denominated in Euro. A SEPA payment means a payment made in accordance with this initiative and is the standard bank transfer method between bank accounts in countries (but not exclusive to) using the Euro.
How long does a withdrawal usually take?
CO2IN processes Withdrawal requests generally within 1 business day. However, we do not control the time it takes for the banks to process the payment. Based on payment type it can take up to 5 business days for you to receive your funds. But most users receive their money within 2 full business days.
What happens after you make a Withdrawal request?
After you make a Withdrawal request from the app, the CO2IN team will verify all details and process the request. In specific cases, it may be possible that we will have to reach out to you for some additional information. During this whole time, you will see your Withdrawal request in the CO2IN app in Pending transactions in the Wallet screen.
Will I get notified after a withdrawal has been processed?
Yes, you will receive a push notification from the CO2IN app that informs you that your Withdrawal request has been processed. Please make sure that you have push notifications allowed for the CO2IN app. You can check this in Settings. At that time, your Withdrawal request will be moved from Pending transactions to Transactions. For Withdrawal in CZK it will display additional information about the conversion.
I have not received the money from a withdrawal to my account
It may take up to 5 business days for a bank transfer to reach you, after it has been processed by CO2IN. If even after that period you have not received the funds, do not hesitate to contact support@co2in.com.
