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
EEA, SwitzerlandFree
Grow
Scale
Enterprise
proof of identity
company details
proof of operating address
none 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
non-EU
corporate KYC document package
proof of address
proof of identity
video Open Account
SEPA based
non-SEPA based
international
SEPA
non-SEPA
International
proof of identity
corporate documents
video Open Account

Revolut Ltd

Revolut Ltd Logo

Revolut Ltd is an electronic money institution focused on offering banking services. Revolut Ltd offers UK current accounts, EURO current accounts with IBAN, prepaid cards, virtual prepaid cards, cryptocurrency exchange, cryptocurrency transfers between Revolut users to individuals, businesses. Incorporated in the United Kingdom, Revolut Ltd is authorized and regulated by the Financial Conduct Authority.

How to Open Revolut Business Account

Get 50 EUR/GBP when you open a 'Company' account, top up 50 EUR/GBP or more and make a transaction.

Opening Business Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Upload your company details
4.
Upload your proof of operating address
5.
Account is ready to use in 1-7 days



Revolut Business Current Account Overview

Currency

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

Customer Groups

Business Current Account is offered to EEA, Switzerland.

Payment Cards

Revolut Business Card can be ordered together with Business Current Account.

Personal IBAN

IBAN Countries

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

Pricing Plans

Business Current Account is offered with several pricing plans for different customer groups, namely Free, Grow, Scale, Enterprise.

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. 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

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. 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.

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 (coming soon) to private individuals, international businesses, financial institutions, merchants. 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.

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.

Paysera LT UAB

Paysera LT UAB Logo

Paysera LT UAB is an electronic money institution focused on providing payment services at reasonable prices. Paysera LT UAB offers virtual accounts with IBAN, international money transfers, SEPA payments, prepaid cards to individuals, businesses. Incorporated in Lithuania, Paysera LT UAB is authorized and regulated by the Bank of Lithuania.

How to Open Paysera Business Account

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



Paysera Business Checking Account Overview

Currency

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

Customer Groups

Business Checking Account is offered to SEPA based, non-SEPA based, international.

Payment Cards

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

Personal IBAN

IBAN Countries

Personal IBANs assigned to Business Checking Account belong to Lithuania.

Pricing Plans

Business Checking Account is offered with several pricing plans for different customer groups, namely SEPA, non-SEPA, International.

See Also