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
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 (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, 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. 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. 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.

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. 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