Why does London House Exchange verify bank accounts?

Our regulator, the Financial Conduct Authority (FCA), requires that we verify that the bank account details you have provided belong to you. This is an important step in ensuring your funds are secure and is a standard anti-money laundering procedure. We are required to only make a payment into an account that has been verified.

For UK bank accounts, verification is first attempted electronically and this happens as soon you add an account. If electronic verification is unable to verify the account it is possible for you to review and amend the details. We often find electronic verification fails because bank account details were accidentally entered incorrectly, so it is worth checking each field is what you intended to add. We will reattempt an electronic verification on UK bank accounts when amendments are made.

If you have a bank account from outside of the UK, or if your bank details have been entered accurately and bank verification still cannot be completed electronically, simply email us at payment@londonhouseexchange.com with a photo of a bank statement or a screenshot of your online banking account dashboard. Please ensure that full name, sort code and account number, or your IBAN and SWIFT code are clearly displayed in a way that enables us to confirm the bank account belongs to you.

Even though bank account verification is required at the point of withdrawing funds, it can be completed at any point. Verifying a bank account early will ensure any future withdrawals happen as quickly and smoothly as possible.