How to Open a Business E-Money Account

8 March 2020

E-Money Institutions (EMIs) specialized in alternative banking are becoming an ever-growing competitive force to traditional retail banks and even direct online banks, especially when considering business banking. In general, EMIs have a lot of advantages over traditional banks: EMIs do not have to comply with capital requirements, do not have to participate in deposit guarantee schemes and do not have to implement strict KYC/AML requirements applied to banks.

Simple and transparent KYC/AML requirements become a crucial point when choosing where to open a business account: in a bank or in an EMI. Due to its business model, EMIs offer completely online account opening: initial application forms are filled online, supporting documents are submitted online, authentication is also performed online. Moreover, while banks prefer to deal with domestic business customers, EMIs are more flexible: they serve international business customers. However, restrictions for some countries and industries exist and vary between EMIs. Several business accounts offered by leading European EMIs are considered in details below.

EMI Customer Groups Pricing Plans Documents Authentication
EU based
non-EU based
high risk, worldwide
EU
non-EU
Compliance Intensive
corporate KYC document package
proof of address
proof of identity
video Open Account
EU based
non-EU based
EU
non-EU
corporate documents
company details
proof of address
proof of identity
video Open Account
all countriesBusiness Accountcompany details
proof of identity
none Open Account
EU based
non-EU based
EU
Multinational
proof of identity
proof of address
company details
none Open Account
Europe, AsiaBusiness Accountcopy of passport
business registration certificate
none Open Account
all countriesBasic
Premium
proof of identity
corporate documents
life video selfie Open Account
all countriesBusinessproof of identity
company details
video Open Account

UAB IBS Lithuania

UAB IBS Lithuania Logo

UAB IBS Lithuania is an electronic money institution focused on digital banking services between Europe and China. UAB IBS Lithuania offers virtual personal IBAN accounts, virtual business IBAN accounts, merchant accounts with IBAN, physical prepaid cards (coming soon), virtual prepaid cards (coming soon), SEPA transfers, SWIFT transfers, international payments, currency exchange, customer payments processing, Alipay, WeChat Pay and UnionPay international acquiring solutions to private individuals, international businesses, financial institutions, merchants. In 2019 UAB IBS Lithuania had total customer funds to be safeguarded of 3.08 mln EUR, UAB IBS Lithuania generated gross profit of 224,000.00 EUR. Incorporated in Lithuania, UAB IBS Lithuania is authorized and regulated by the Bank of Lithuania.

How to Open IBS Lithuania Business Account

Opening Business Account
1.
Provide your details online
2.
Upload your corporate KYC document package
3.
Upload your proof of address
4.
Upload your proof of identity
5.
Pass video authentication
6.
Account is ready to use in up to 3 business days



IBS Lithuania Business Current Account Overview

Currency

Business Current Account is a multi-currency account, allowing the account holder to have funds in EUR, USD, GBP, HKD, CNY, RUB, DKK, PLN, CZK, NOK, SEK, AUD, CHF, JPY, AED, CAD, HUF, RON, BGN, TRY, KZT, NZD, INR, ILS, MXN, ZAR, SGD, BYN, THB.

Customer Groups

Business Current Account is offered to EU based, non-EU based, high risk, worldwide.

Payment Cards

IBS Personal Card (MasterCard) can be ordered together with Business Current Account. Virtual cards are not available.

Personal IBAN

IBAN Countries

Personal IBANs assigned to Business Current Account belong to Lithuania.

Pricing Plans

Business Current Account is offered with several pricing plans for different customer groups, namely EU, non-EU, Compliance Intensive.

Satchelpay UAB

Satchelpay UAB Logo

Satchelpay UAB is an electronic money institution focused on facilitating global payment transactions. Satchelpay UAB offers virtual personal IBAN accounts, virtual business IBAN accounts, merchant accounts with IBAN, physical prepaid cards, virtual prepaid cards to private individuals, international businesses, financial institutions. In 2019 Satchelpay UAB had total customer funds to be safeguarded of 2.42 mln EUR, Satchelpay UAB generated gross profit of 633,000.00 EUR. Incorporated in Lithuania, Satchelpay UAB is authorized and regulated by the Bank of Lithuania.

How to Open SatchelPay Business Account

Opening Business Account
1.
Provide your details online
2.
Upload your corporate documents
3.
Upload your company details
4.
Upload your proof of address
5.
Upload your proof of identity
6.
Pass video authentication
7.
Account is ready to use in 1 day - 2 weeks



SatchelPay Business Current Account Overview

Currency

Business Current Account is a multi-currency account, allowing the account holder to have funds in EUR, GBP, CHF, CNY, JPY, AED, TRY, ILS, PLN, HUF, DKK, SEK, NOK, RON, HRK, CZK, AUD, NZD, CAD, MXN, HKD, SGD, RUB, ZAR, SAR.

Customer Groups

Business Current Account is offered to EU based, non-EU based.

Payment Cards

Satchelpay Business Card (MasterCard) can be ordered together with Business Current Account.

Personal IBAN

IBAN Countries

Personal IBANs assigned to Business Current Account belong to Lithuania.

Pricing Plans

Business Current Account is offered with several pricing plans for different customer groups, namely EU, non-EU.

Transferwise Ltd

Transferwise Ltd Logo

Transferwise Ltd is an electronic money institution focused on international money transfers. Transferwise Ltd offers prepaid cards, international money transfers, virtual accounts with IBAN to individuals, businesses. In 2019 Transferwise Ltd had total assets of 1,108.80 mln GBP, Transferwise Ltd generated net income of 10.30 mln GBP. Incorporated in the United Kingdom, Transferwise Ltd is authorized and regulated by the Financial Conduct Authority.

How to Open TransferWise Business Account

Opening Business Account
1.
Provide your details online
2.
Upload your company details
3.
Upload your proof of identity
4.
Account is ready to use in 4-7 business days



TransferWise Business Account Overview

Currency

Business Account is a multi-currency account, allowing the account holder to have funds in EUR, GBP, AUD, AED, ARS, BDT, BGN, CHF, CLP, CNY, CZK, DKK, EGP, GEL, HKD, HRK, HUF, CAD, IDR, ILS, INR, JPY, KES, KRW, LKR, MAD, MXN, MYR, NGN, NOK, NPR, NZD, USD, PEN, PHP, PLN, PKR, RON, RUB, SEK, SGD, THB, TRY, UAH, VND, ZAR.

Customer Groups

Business Account is offered to all countries.

Payment Cards

TransferWise Business Card (MasterCard) can be ordered together with Business Account. Virtual cards are not available.

Personal IBAN

IBAN Countries

Personal IBANs assigned to TransferWise Borderless accounts belong to:

Account Security

TransferWise uses HTTPS encryption, and two-factor authentication to protect all customer transactions and make sure everything is secure. TransferWise will never misuse or sell customer data.

Pricing Plans

Business Account is offered with a single pricing plan for all customers.

DynaPay Ltd

DynaPay Ltd Logo

DynaPay Ltd is an electronic money institution focused on providing banking alternative for online-oriented businesses and PSP solution for low and medium risk merchants. DynaPay is a part of DYNINNO Group that provide in-house IT solutions, lead generation and sales to brands operating in more than 50 markets worldwide. DynaPay Ltd offers payment accounts with IBAN for businesses and individuals, card acquiring, payment processing, white-label solutions, merchant accounts. In 2018 DynaPay Ltd had total assets of 2,144.00 GBP, DynaPay Ltd generated net income of -48,534.00 GBP. Incorporated in the United Kingdom, DynaPay Ltd is authorized and regulated by the Financial Conduct Authority.

How to Open DynaPay Business Payment Account

Opening Business Payment Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Upload your proof of address
4.
Upload your company details
5.
Account is ready to use in up to 24 hours


DynaPay Business Payment Account Overview

Currency

Business Payment Account is a single-currency account, allowing the account holder to have funds in EUR only.

Customer Groups

Business Payment Account is offered to EU based, non-EU based.

Payment Cards

Payment cards are not offered together with Business Payment Account.

IBAN Countries

Personal IBANs assigned to Business Payment Account belong to the United Kingdom.

Pricing Plans

Business Payment Account is offered with several pricing plans for different customer groups, namely EU, Multinational.

Neat Global Limited

Neat Global Limited Logo

Neat Global Limited is an electronic money distribution agent, focused on providing alternative banking solutions for entrepreneurs. Neat Global Limited offers personal IBAN accounts, business IBAN accounts, prepaid cards. Neat Global Limited is in progress of obtaining its e-money institution licence from the Financial Authority of the United Kingdom.

How to Open Neat Global Neat Business Account

Opening Neat Business Account
1.
Provide your details online
2.
Upload your copy of passport
3.
Upload your business registration certificate
4.
Account is ready to use in a few days



Neat Global Neat Business Account Overview

Currency

Neat Business Account is a multi-currency account, allowing the account holder to have funds in HKD, USD, EUR, GBP.

Customer Groups

Neat Business Account is offered to Europe, Asia.

Payment Cards

A payment card can be ordered together with Neat Business Account. Virtual cards are not available.

Pricing Plans

Neat Business Account is offered with a single pricing plan for all customers.

UAB Nexpay

UAB Nexpay Logo

UAB Nexpay is an electronic money institution focused on providing IBAN accounts and crypto exchange. UAB Nexpay offers virtual IBAN accounts, cryptocurrency exchange, cryptocurrency trading to individuals, businesses. In 2019 UAB Nexpay had total customer funds to be safeguarded of 1.94 mln EUR, UAB Nexpay generated gross profit of 205,000.00 EUR. Incorporated in Lithuania, UAB Nexpay is authorized and regulated by the Bank of Lithuania. UAB Nexpay is doing business as Globitex.

How to Open Nexpay Corporate EURO Wallet

Opening Corporate EURO Wallet
1.
Provide your details online
2.
Upload your proof of identity
3.
Upload your corporate documents
4.
Account is ready to use in up to 2 business days



Nexpay Corporate EURO Wallet Overview

Currency

Corporate EURO Wallet is a single-currency account, allowing the account holder to have funds in EUR only.

Customer Groups

Corporate EURO Wallet is offered to all countries.

Payment Cards

Payment cards are not offered together with Corporate EURO Wallet.

IBAN Countries

Personal IBANs assigned to Corporate EURO Wallet belong to Lithuania.

Pricing Plans

Corporate EURO Wallet is offered with several pricing plans for different customer groups, namely Basic, Premium.

Via Payments UAB

Via Payments UAB Logo

Via Payments UAB is an electronic money institution focused on alternative banking and payment services. Via Payments UAB offers personal virtual accounts with IBAN, business virtual accounts with IBAN, prepaid cards, international transfers, currency exchange to individuals, businesses. In 2019 Via Payments UAB had total customer funds to be safeguarded of 25.67 mln EUR, Via Payments UAB generated gross profit of 2.08 mln EUR. Incorporated in Lithuania, Via Payments UAB is authorized and regulated by the Bank of Lithuania. Via Payments UAB is doing business as Vialet.

How to Open Via Payments Business Account

Opening Business Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Upload your company details
4.
Pass video authentication
5.
Account is ready to use in 2 days-1 week


Via Payments Business Account Overview

Currency

Business Account is a single-currency account, allowing the account holder to have funds in EUR only.

Customer Groups

Business Account is offered to all countries.

Payment Cards

A payment card can be ordered together with Business Account. Virtual cards are not available.

IBAN Countries

Personal IBANs assigned to Business Account belong to Lithuania.

Pricing Plans

Business Account is offered with a single pricing plan for all customers.

See Also