This article answers some frequently asked questions (FAQ) related to depositing funds in Payhawk.
How do I link a bank account to Payhawk?
It depends on where your entity is based and whether your bank supports open banking:
EEA and UK entities link their bank account through Yapily. See linking and unlinking bank accounts in Payhawk.
US entities link their bank account through Plaid. See linking and unlinking bank accounts to Payhawk in the US.
If your bank isn't supported, you can add the bank account manually to mark expenses as paid and download payment run files. See manually adding external bank accounts to Payhawk.
Can I open different debit accounts in the same currency to allocate separate budgets?
No, this is not supported.
Can I open different credit accounts in the same currency to separate budgets?
No, this is not supported. However, EEA and UK customers can open debit accounts in the same currencies as their GBP and EUR credit lines.
Can I customize who should receive the alert for low debit and credit funds?
Not for the time being. The reminder for low funds will be sent to all Payhawk Administrators of the account over email.
If I link my company's bank account to our debit Payhawk account, will the card expenses be deducted from our linked bank account's balance?
No. Unless you have a credit facility in that currency, for debit ledgers the spend will still be deducted from your Payhawk's IBAN.
Our bank account is successfully linked to our debit Payhawk account but I get an authorization error from my bank when trying to complete the transfer. Why?
You need to contact your bank to make sure all authorizations are correctly set up.
Can I make bank transfers from our PLN, DKK, CHF, or USD debit ledgers (EEA/UK entities)?
Yes, you can make local and FX payments from your PLN (reimbursements only), DKK, CHF, and USD debit Payhawk account. RON debit currency accounts support card expenses only.
Can I make bank transfers from our EUR and GBP credit ledgers to pay invoices or reimbursements (EEA/UK entities)?
No, these currencies only support card expenses.
How often is the balance on my linked bank account refreshed?
It depends on where your entity is based:
US entities (accounts linked through Plaid): about once every 24 hours. The balance is also refreshed straight away when you top up from the linked account or make a payment from it, and when your bank reports new transactions.
EEA and UK entities (accounts linked through Yapily): the balance isn't refreshed on a fixed schedule. It's refreshed when you open your linked accounts in Payhawk, and the new balance shows the next time you open or reload the page. EEA accounts are refreshed at most once every 6 hours, and EEA and UK accounts are refreshed at most 4 times in 24 hours.
If you've just moved money into your linked account, Payhawk might not show the new balance until the next refresh.
Why only some accounts are displayed when I want to top up?
You can make only domestic top-ups such as:
Topping up where the payee and payer are under the SEPA scheme and the top-up is in EUR.
Topping up where the payee and payer are under the FPS scheme and the top-up is in GBP.
Why can't I see my bank when I try to link my account?
For the full list of banks and countries that are covered, see https://www.yapily.com/coverage.
Are there any fees for depositing money into Payhawk?
Payhawk doesn't charge any fees for depositing funds into the system. However, your sending bank may do so, so you need to check their tariff in advance.
If I have entities in both the EU and the UK with bank accounts in EUR and USD, where would the IBANs for these accounts be located?
If you have entities in both the EU and the UK with bank accounts in EUR and USD, here are the locations for these accounts with Payhawk:
EU entities have USD accounts with J.P.Morgan (JPM) located in Luxembourg.
EU entities have EUR accounts with LHV Bank (LHV EE) located in Estonia.
UK entities have USD accounts with JPM located in London, UK.
UK entities have EUR Payhawk IBANs located in the UK. UK customers can also have access to EUR accounts with JPM that are SWIFT-connected and can be used for deposits and outbound SWIFT payments.
Can I transfer funds between balances with different currencies or between my debit and credit balances?
Yes. Payhawk supports both same-currency and cross-currency (FX) transfers between your own Payhawk accounts in GBP, USD, EUR, CHF, DKK, and PLN.
This includes debit-to-debit transfers for the same currency and FX (different currencies), as well as debit-to-credit transfers for the same currency only.
You can top up your Payhawk credit balance by transferring funds from a Payhawk debit balance held in the same currency.
Payhawk credit balances are designed for card expenses and are topped up through transfers from your other Payhawk balances.
For more information, see the article about transferring funds between Payhawk currency accounts.
As a Bulgarian company, do I need to declare my Payhawk account to the Bulgarian National Bank?
Yes. According to Bulgarian regulations, all Bulgarian companies are required to declare their accounts held with foreign financial institutions to the Bulgarian National Bank for statistical purposes.
When filing this declaration for your Payhawk account, note that the account is serviced by a payment service provider located in Lithuania. Therefore, Lithuania must be specified as the country of the account's location.
This declaration is a regulatory obligation that falls on the client, and Payhawk cannot file it on your behalf.
Can I pay reimbursement expenses from a linked bank account if I have a EUR credit account?
If you have a European entity with a credit account in EUR, you can only make card payments directly from your credit line. To pay reimbursement expenses from a different source, you'll need to open a separate debit account with Payhawk.
Once the debit account is set up, you need to fund it before making bank payments from the account.