30 December 2022

Top Rated E-Money Institutions 2022

Written by Anna Mileiko

TheBanks.eu has selected several top EMIs in the following categories:

• Support Ukraine. TheBanks.eu reviewed European EMIs offering payment accounts and card to find out which options they offered to Ukranian people and businesses affected by Russia's war in Ukraine. Three EMIs provided the most extensive support has been selected.
• Overall Rating. All EMIs across Europe are assessed, 10 with the highest ratings are listed.
• New EMIs. EMIs obtained licences in 2019 and later are assessed, 3 with the highest ratings are included.
• Countrywide Ratings. All assessed EMIs are grouped by country of incorporation, EMIs with the highest rating are selected for several e-money-friendly countries, namely:
  • Lithuania: 5 EMIs
  • Malta: 3 EMIs
  • United Kingdom: 5 EMIs

Top 3 Support Ukraine EMIs

#1 Ukraine Support: UAB SatchelPay (Satchel)

UAB SatchelPay (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. Satchel is focused on facilitating global payment transactions. The company offers virtual personal IBAN accounts, virtual business IBAN accounts, merchant accounts with IBAN, physical prepaid cards, virtual prepaid cards, currency exchange, international payments, software development, white-label solutions, white-label card issuing to private individuals, international businesses, financial institutions, online merchants, legal entities, entrepreneurs. In 2023 UAB SatchelPay total safeguarded customer funds were 32.62 mln EUR and revenue was 2.91 mln EUR. Satchel is ranked #2 EMI in Europe. UAB SatchelPay is doing business as Satchel.

European Accounts for Ukranians and Ukranian companies

In March 2022 Satchel introduced pricing plans "Proud to be Ukranian"
"Proud to be Ukranian" accounts are available to Ukranian residents, freelancers and companies
Reduced or no service fees
Money transfers to Ukraine, the EU and around the world
Payment cards for any shopping, wherever you are
Everything is online, without queues and waiting
Customer support in Ukrainian

Account Currencies

Accounts offered by Satchel are multi-currency accounts, allowing account holders to keep their funds in:

Card Providers

• 

#2 Ukraine Support: Wise Payments Limited (Wise)

Wise Payments Limited (United Kingdom) is an electronic money institution authorized and regulated by the Financial Conduct Authority. Wise is focused on global cross-border payments. The company offers prepaid cards, personal accounts with IBAN, business accounts with IBAN, international money transfers, local money transfers, currency exchange, payment infrastructure to individuals, freelancers, entrepreneurs, small- and medium-sized businesses, enterprises, credit unions, banks, financial institutions. In 2023 Wise Payments Limited had total assets of 5,806.20 mln GBP, and generated net income of 100.20 mln GBP. During 2023 the company had 3,192 employees in average. Wise is ranked #1 EMI in Europe. Wise Payments Limited is doing business as Wise.

Wise Accounts and Cards for Ukranian Refugees

You need to be currently located in Ukraine or in one of the countries where Wise offers its card
Virtual cards are available for those located in Ukraine
Plastic cards are delivered within the EEA
Wise accepts a Ukrainian passport, ID card, or driving licence

Account Currencies

Accounts offered by Wise are multi-currency accounts, allowing account holders to keep their funds in:

Card Providers

• 

#3 Ukraine Support: Amaiz Limited

Amaiz Limited (United Kingdom) is an electronic money institution authorized and regulated by the Financial Conduct Authority. Amaiz is focused on providing business accounts. The company offers personal accounts with IBAN, business accounts with IBAN, debit cards, card acceptance to individuals, sole traders, companies. In 2022 Amaiz Limited had total assets of 1.32 mln GBP, and generated net income of -1,014,532.00 GBP. During 2022 the company had 5 employees in average.

Accounts and Cards for Ukranian Refugees in the UK

Sign up in minutes after crossing the UK Border
No monthly fee until the end of December 2022
Zero transfer fees to Ukraine for new and existing users
£15 as a bonus for the start after account is active

Account Currencies

Accounts offered by Amaiz are single-currency accounts, allowing account holders to keep their funds in GBP only.

Card Providers

• 

Top 10 EMIs in Europe

#1 Overall: UAB SatchelPay (Satchel)

UAB SatchelPay (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. Satchel is focused on facilitating global payment transactions. The company offers virtual personal IBAN accounts, virtual business IBAN accounts, merchant accounts with IBAN, physical prepaid cards, virtual prepaid cards, currency exchange, international payments, software development, white-label solutions, white-label card issuing to private individuals, international businesses, financial institutions, online merchants, legal entities, entrepreneurs. In 2023 UAB SatchelPay total safeguarded customer funds were 32.62 mln EUR and revenue was 2.91 mln EUR. Satchel is ranked #2 EMI in Europe. UAB SatchelPay is doing business as Satchel.

Operating Environment	Very Friendly	(4.96)
Product Range	Very Broad	(4.56)
Market Niche	Very Broad	(4.94)
Company Background	Strong	(3.77)
Customer Support	Good	(4.18)
Customer Sentiment	Excellent	(4.50)
Transparency	High	(3.91)
Overall Rating	Excellent	(4.87)

#2 Overall: Wise Payments Limited (Wise)

Wise Payments Limited (United Kingdom) is an electronic money institution authorized and regulated by the Financial Conduct Authority. Wise is focused on global cross-border payments. The company offers prepaid cards, personal accounts with IBAN, business accounts with IBAN, international money transfers, local money transfers, currency exchange, payment infrastructure to individuals, freelancers, entrepreneurs, small- and medium-sized businesses, enterprises, credit unions, banks, financial institutions. In 2023 Wise Payments Limited had total assets of 5,806.20 mln GBP, and generated net income of 100.20 mln GBP. During 2023 the company had 3,192 employees in average. Wise is ranked #1 EMI in Europe. Wise Payments Limited is doing business as Wise.

Operating Environment	Very Friendly	(4.81)
Product Range	Broad	(4.18)
Market Niche	Very Broad	(4.60)
Company Background	Very Strong	(4.94)
Customer Support	Poor	(2.29)
Customer Sentiment	Excellent	(4.62)
Transparency	Very High	(4.94)
Overall Rating	Excellent	(4.86)

#3 Overall: Pay Set Limited

Pay Set Limited (United Kingdom) is an electronic money institution authorized and regulated by the Financial Conduct Authority. Pay Set is focused on providing multi-currency IBAN accounts. The company offers personal IBAN accounts, business IBAN accounts, prepaid cards, payment gateways, international money transfers, local money transfers, global pay roll, foreign exchange to private individuals, freelancers, entrepreneurs, small and medium sized businesses, enterprises, financial institutions, startups, marketplaces, affiliate programs. In 2022 Pay Set Limited had total assets of 26.96 mln GBP. Pay Set is ranked #3 EMI in Europe, #2 EMI in the United Kingdom.

Operating Environment	Very Friendly	(4.81)
Product Range	Broad	(3.43)
Market Niche	Very Broad	(4.94)
Company Background	Strong	(3.93)
Customer Support	Excellent	(4.56)
Customer Sentiment	Excellent	(4.78)
Transparency	Very High	(4.94)
Overall Rating	Excellent	(4.82)

#7 Overall: MultiPass Platforms Limited (MultiPass)

Multipass Platforms Limited is an electronic money institution focused on providing a banking alternative for businesses with international payment needs. MultiPass 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. MultiPass offers dedicated multicurrency IBANs for businesses, local UK, EU and US accounts, instant FX service and corporate cards. In 2022 MultiPass Platforms Limited had total assets of 2.94 mln GBP, and generated net income of -1,768,408.00 GBP. During 2022 the company had 41 employees in average. Multipass Platforms Limited is authorised by the Financial Conduct Authority (FRN: 900840). MultiPass Platforms is ranked #4 EMI in the United Kingdom.

Operating Environment	Very Friendly	(4.81)
Product Range	Average	(3.05)
Market Niche	Very Broad	(4.25)
Company Background	Strong	(3.83)
Customer Support	Excellent	(4.56)
Customer Sentiment	Excellent	(4.52)
Transparency	Very High	(4.94)
Overall Rating	Excellent	(4.50)

#10 Overall: UAB "NexPay"

UAB "NexPay" (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. "NexPay" is focused on providing IBAN accounts and crypto OTC desk. The company offers virtual IBAN accounts, cryptocurrency OTC desk to businesses, financial institutions. In 2023 UAB "NexPay" total safeguarded customer funds were 32.08 mln EUR and revenue was 3.91 mln EUR. The cryptocurrency OTC desk "Nexdesk" is accessible through the UAB "NexPay" ecosystem.

Operating Environment	Very Friendly	(4.96)
Product Range	Focused	(2.45)
Market Niche	Very Broad	(4.94)
Company Background	Strong	(3.90)
Customer Support	Good	(3.81)
Customer Sentiment	Excellent	(4.73)
Transparency	Very High	(4.42)
Overall Rating	Excellent	(4.31)

Top 3 New EMIs

#3 New EMI: Bitpanda Payments GmbH

Bitpanda was founded in 2014 in Austria to make investing accessible for everyone. Bitpanda provides a trading platform to invest in stocks, cryptocurrencies and precious metals. Digital assets trading are offered in two options: Bitpanda is designed for novice investors willing to buy, sell and hold crypto assets while Bitpanda Pro offers professional trading solutions, price matching capabilities and fully automated clearing, settlement and netting processes. Bitpanda Payments GmbH is a member of Bitpanda Group (Austria) and an e-money institution authorized and regulated by the Austrian Financial Market Authority. Bitpanda Payments is focused on providing payment and e-money services to Bitpanda clients.

Operating Environment	Friendly	(3.46)
Product Range	Broad	(3.43)
Market Niche	Very Broad	(4.25)
Company Background	Average	(2.81)
Customer Support	Average	(3.05)
Customer Sentiment	Excellent	(4.27)
Transparency	High	(4.08)
Overall Rating	Good	(4.07)

Top 5 EMIs in Lithuania

Top 3 EMIs in Malta

Top 5 EMIs in United Kingdom

See Also

• E-Money-Friendly European Countries
• Top Rated E-Money Institutions