How to Open a Personal E-Money Account

29 February 2020

E-Money Institutions (EMIs) offer a wide range of products, services and solutions in payment processing and alternative banking, ranging from merchant accounts and cross-border money transfers to elite payment cards and private banking approach to corporate clients. Providing alternative retail banking services to individuals and companies is a business niche popular amongst EMIs.

These EMIs are becoming an ever-growing competitive force to traditional retail banks and even direct online banks. Often called 'alternative banks', EMIs essentially are not banks which gives them a lot of advantages over banks themselves: 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.

These factors coupled with changes in the population's social structure and digitalization of the society, allow EMIs to offer their products and services at reduced prices via online channels, thus saving customers time and money. Personal current accounts offered by EMIs usually provide customers with the same facilities as traditional bank accounts while giving benefits of reduced costs and simplified opening procedure: such accounts are opened online, supporting documents are submitted online, authentication is also performed online. Account opening procedures vary in terms of required documents and identity verification. Several personal accounts offered by leading European EMIs are considered in details below.

EMI Customer Groups Pricing Plans Documents Authentication
EU residents
non-EU residents
EU
non-EU
proof of address
proof of identity
video Open Account
EU residents
non-EU residents
EU
non-EU
proof of address
proof of identity
video Open Account
EEA residentsStarter
Plus
Premium
proof of identityvideo Open Account
all countriesBorderless Accountproof of identityselfie Open Account
all countriesPersonalproof of identityvideo 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 Personal Account

Opening Personal Account
1.
Provide your details online
2.
Upload your proof of address
3.
Upload your proof of identity
4.
Pass video authentication
5.
Account is ready to use in a few minutes



IBS Lithuania Personal Current Account Overview

Currency

Personal 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

Personal Current Account is offered to EU residents, non-EU residents.

Payment Cards

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

Personal IBAN

IBAN Countries

Personal IBANs assigned to Personal Current Account belong to Lithuania.

Pricing Plans

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

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 Personal Account

Opening Personal Account
1.
Provide your details online
2.
Upload your proof of address
3.
Upload your proof of identity
4.
Pass video authentication
5.
Account is ready to use in a few minutes



SatchelPay Personal Current Account Overview

Currency

Personal 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

Personal Current Account is offered to EU residents, non-EU residents.

Payment Cards

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

Personal IBAN

IBAN Countries

Personal IBANs assigned to Personal Current Account belong to Lithuania.

Pricing Plans

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

Prepay Technologies ltd

Prepay Technologies ltd Logo

Prepay Technologies ltd is an electronic money institution focused on digital banking and payment services. Prepay Technologies ltd offers virtual Euro IBAN accounts, virtual UK accounts, prepaid debit cards, travel money cards, gift cards, corporate cards to individuals, businesses. Incorporated in the United Kingdom, Prepay Technologies ltd is authorized and regulated by the Financial Conduct Authority. Prepay Technologies delivers its products and services to UK customers via its registered agent Monese Ltd (company number 8720992, FCA reference number 900188). Products and services listed below are offered by Monese Ltd.

How to Open Monese Monese Current Account

Opening Monese Current Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Pass video authentication
4.
Account is ready to use in a few minutes



Monese Monese Current Account Overview

Currency

Monese Current Account is a multi-currency account, allowing the account holder to have funds in EUR, GBP.

Customer Groups

Monese Current Account is offered to EEA residents.

Payment Cards

Monese Debit Card (MasterCard) can be ordered together with Monese Current Account.

Personal IBAN

IBAN Countries

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

Pricing Plans

Monese Current Account is offered with several pricing plans for different customer groups, namely Starter, Plus, Premium.

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 Borderless Account

Opening Borderless Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Upload selfie with your proof of identity
4.
Account is ready to use in 2 days



TransferWise Borderless Account Overview

Currency

Borderless 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

Borderless Account is offered to all countries.

Payment Cards

TransferWise Personal Card (MasterCard) can be ordered together with Borderless 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

Borderless 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 Personal Account

Opening Personal Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Pass video authentication
4.
Account is ready to use in 3 minutes


Via Payments Personal Account Overview

Currency

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

Customer Groups

Personal Account is offered to all countries.

Payment Cards

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

IBAN Countries

Personal IBANs assigned to Personal Account belong to Lithuania.

Pricing Plans

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

See Also