Although the Kingdom Bank actually addresses @Houdini, I beg to express my gratitude for their confirming that, eventually, the setup fee isn't refundable. Now, would they be so kind as to confirm that, once the IBAN issued, that means without any possible doubt that the account is approved and opened ? In other words, the client has the full guarantee to have their account up and working ? This is a sensible question because there are many EMIs out there that will issue your IBAN instantly but will onboard you months later (or possibly never and without notice).
P.S. BTW, do you mean that "rejected" clients pay nothing at all ? This is the logical deduction from your post, right ?
And, if so, why would you ask them to pay a fee on applying ? Wouldn't it be preferable to issue your payment note
with the IBAN, when the account is opened ? It can't be used if the client does not make the payment, all the same.
Dear @GF150
Thank you for your questions.
Our account opening process involves several stages, and once the required compliance procedures are completed, customers can actively use their accounts. IBAN is an additional service we offer, and the application for an IBAN can only be initiated after the customer has been fully onboarded.
Once the IBAN is provided, the setup fee is deducted, confirming that the IBAN account is fully active and ready for use. Clients who are not approved will only be charged the initial application fee.
If you have any further questions, you can always reach out to our team via the following channels:
Live Chat at thekingdombank.com
or Send an email: [email protected]
or Book a meeting: calendly.com/meetthekingdombank/hello
or Send a Telegram message: The Kingdom Bank
Best regards,
The Kingdom Bank