If you’ve ever experienced a flight delay or cancellation in Europe, you might be eligible for compensation under EU261 regulation. However, for people in countries outside of Europe where IBAN (International Bank Account Number) isn’t commonly used, receiving these payments can be tricky. This is where Wise (formerly TransferWise) becomes an invaluable tool. By creating a European IBAN with Wise, you can easily receive EU261 compensation without needing a local European bank account.
In this post, we’ll guide you through the process of setting up a European IBAN with Wise and using it to claim your rightful compensation.
What is EU261 Compensation?
The EU261 regulation ensures that passengers who face flight delays, cancellations, or denied boarding due to airline issues are entitled to financial compensation. This applies if:
- The flight departs from an EU airport or is operated by an EU-based airline.
- The delay exceeds 3 hours, or the flight is canceled with short notice (less than 14 days before departure).
Compensation can range from €250 to €600, depending on the flight distance and delay duration.
Why Do You Need a European IBAN?
Airlines typically require an IBAN to process compensation payments, as it’s the standard for bank transfers within Europe. For individuals in non-European countries, creating a European IBAN through a local bank can be cumbersome or even impossible. Wise offers a seamless solution by providing you with a European IBAN through its multi-currency account.
Step-by-Step: Setting Up a European IBAN with Wise
- Sign Up for Wise
- Visit the Wise website
- Create an account by entering your email address and basic details. Use this link to get started and enjoy low fees on your first transfer.
- Verify Your Identity
- Complete the identity verification process by uploading a valid ID and proof of address. This ensures your account is secure and complies with regulations.
- Activate Your Euro Account
- Once your Wise account is verified, go to the "Balances" section and select “Euro.”
- Activate the Euro balance, and Wise will assign you a unique IBAN and BIC, just like a European bank account.
- Provide Your Wise IBAN to Ryanair
- When submitting your EU261 claim to Ryanair, include your Wise IBAN and BIC in the payment details section.
- Receive Your Compensation
- Once Ryanair processes your claim, the compensation amount will be deposited directly into your Wise Euro balance. You can then withdraw or convert it to your local currency with low fees.
Tips for Claiming EU261 Compensation
- Keep All Flight Documents:
- Boarding passes, booking confirmations, and any communication from the airline will strengthen your claim.
- Check Your Eligibility:
- Use online tools like AirHelp or EUClaim to verify your eligibility for compensation.
- Submit Claims Promptly:
- Airlines often have deadlines for submitting claims. The sooner you act, the better.
- Be Persistent:
- If Ryanair rejects your initial claim, don’t hesitate to escalate it to the relevant national enforcement body.
Why Choose Wise for Your IBAN?
- Low Fees: Wise charges minimal fees for currency conversion and transfers, unlike traditional banks.
- Speed: Transfers are fast, and receiving compensation in your Euro account is hassle-free.
- Flexibility: Manage multiple currencies in one account and use the Wise debit card for withdrawals or spending.
Start Your EU261 Claim with Wise Today
By setting up a European IBAN through Wise, you eliminate the hassle of dealing with local banks and ensure a smooth process for receiving EU261 compensation. Don’t let flight disruptions go uncompensated—get started with Wise and take control of your claims today.
Sign Up for Wise and activate your Euro account in minutes.
