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
all countriesBorderless Accountproof of identityselfie Open Account
EU residents
non-EU residents
EU
Multinational
proof of identity
proof of address
none Open Account
all countriesBasic
Premium
proof of identitylife video selfie 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 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 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. 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 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.

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 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.

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 Personal Payment Account

Opening Personal Payment Account
1.
Provide your details online
2.
Upload your proof of identity
3.
Upload your proof of address
4.
Account is ready to use in 15 minutes



DynaPay Personal Payment Account Overview

Currency

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

Customer Groups

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

Payment Cards

Payment cards are not offered together with Personal Payment Account.

IBAN Countries

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

Pricing Plans

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

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 Individual EURO Wallet

Opening Individual EURO Wallet
1.
Provide your details online
2.
Upload your proof of identity
3.
Account is ready to use in a few hours



Nexpay Individual EURO Wallet Overview

Currency

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

Customer Groups

Individual EURO Wallet is offered to all countries.

Payment Cards

Payment cards are not offered together with Individual EURO Wallet.

IBAN Countries

Personal IBANs assigned to Individual EURO Wallet belong to Lithuania.

Pricing Plans

Individual 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 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