Kolo Now Sends to Any IBAN for a Flat 1 EUR Fee
Kolo added a way to move money out of the app without spending it. Transfers now go from a Kolo balance to any IBAN — the sender's own bank account or someone else's — across 130-plus countries, and the recipient needs nothing except a bank account.
The fee is 1 EUR per transfer, flat, whether the amount is 10 EUR or 1,000 EUR. Send 100 EUR and 101 EUR leaves the balance while 100 EUR arrives. A flat fee behaves very differently at the two ends of the range: at the 1 EUR minimum it swallows the entire transfer, at 100 EUR it is 1%, and at the 25,000 USD per-transaction ceiling it rounds to nothing. Splitting one monthly rent payment into four sends costs the fee four times and buys nothing, so batching is the only thing that helps.
Before the first transfer, Kolo runs a one-time verification inside the app, and approval can take up to 24 hours. That makes the feature useless for a bill due the same afternoon unless the check was already cleared. After approval, IBAN stays in the Send menu as a standing option.
Speed after that is decided at the receiving end. Where the recipient's bank supports SEPA Instant the money lands in seconds, weekends included; where it does not, the transfer follows normal banking hours.
Two conditions decide whether a transfer completes cleanly. Banks match the recipient name against the IBAN, so a mismatch can delay or bounce the payment — for a company that means the exact registered legal name rather than a trading name. And a confirmed transfer to a valid account cannot be pulled back, which leaves the sender responsible for checking the IBAN before confirming.
The caps are 25,000 USD per transaction, 50,000 USD per month and 250,000 USD per year. Amounts above them are not declined automatically; they route into a source-of-funds review first, so a larger payment stays possible but stops being quick.
For anyone already carrying the Kolo Card, the change is narrower than a new card feature. A card balance used to leave the account by being spent, at a merchant or an ATM. It can now also leave as a bank transfer priced at a fixed amount rather than a percentage — the opposite of how card spending and ATM withdrawals are usually charged.
Sources: Kolo: Send money to any IBAN from Kolo, X trigger.
