digital banking services between Europe and China UAB IBS Lithuania (Lithuania) is an electronic money institution authorized and regulated by the Bank of Lithuania. IBS Lithuania is focused on digital banking services between Europe and China. The company 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 2023 UAB IBS Lithuania total safeguarded customer funds were 32.10 mln EUR and revenue was 2.60 mln EUR.
Innovative and reliable channel for funds transfer
Almost real-time cross-border fund transfers
Lowest fixed costs in the market along with highly competitive FX rates
No hidden fees, just simple, fast and efficient payments
Digital banking services for companies participating in cross-border trade
Hassle-free account opening
(*)as stated by the company itself
13 August 2024, by Anna Mileiko
TheBanks.eu has developed a proprietary methodology to assign ratings to payment institutions based on their operating environment, company background, business model, market niche, product range, transparency, customer support and customer sentiment. According to the methodology, UAB IBS Lithuania is assigned the overall rating 4.41 (excellent) which is explained in details below.
| Operating Environment | Very Friendly | (4.96) |
| Product Range | Average | (2.67) |
| Market Niche | Very Broad | (4.94) |
| Company Background | Strong | (4.06) |
| Customer Support | Good | (3.43) |
| Customer Sentiment | Average | (3.36) |
| Transparency | High | (4.08) |
| Overall Rating | Excellent | (4.41) |
|---|
TheBanks.eu has also identified the following pros and cons of the company:
Personal Current Account is a multi-currency account, allowing the account holder to have funds in the following currencies:
EUR (Euro)
USD (US dollar)
GBP (Pound sterling)
HKD (Hong Kong dollar)
CNY (Renminbi (Chinese) yuan)
RUB (Russian ruble)
DKK (Danish krone)
PLN (Polish złoty)
CZK (Czech koruna)
NOK (Norwegian krone)
SEK (Swedish krona/kronor)
AUD (Australian dollar)
CHF (Swiss franc)
JPY (Japanese yen)
AED (UAE dirham)
CAD (Canadian dollar)
HUF (Hungarian forint)
RON (Romanian new leu)
BGN (Bulgarian lev)
TRY (Turkish lira)
KZT (Kazakhstani tenge)
NZD (New Zealand dollar)
INR (Indian rupee)
ILS (Israeli shekels)
MXN (Mexican peso)
ZAR (South African rand)
SGD (Singapore dollar)
BYN (Belarusian ruble)
THB (Thai baht)Payment cards are not offered together with Personal Current Account.
Dedicated IBANs assigned to Personal Current Account belong to Lithuania.
Personal Current Account is offered to EU residents, non-EU residents.
Personal Current Account is offered with several pricing plans for different customer groups, namely EU, non-EU.
Multi-currency account allows keeping funds in different currencies
Designated IBAN account for each customer, for incoming and outgoing EUR transfers
Efficient international transfers (incoming and outgoing currency transfers)
Favourable currency exchange rates on IBS account
SEPA Payments in EUR at a low cost
(*)as stated by the company itself
Business Current Account is a multi-currency account, allowing the account holder to have funds in the following currencies:
EUR (Euro)USD (US dollar)GBP (Pound sterling)HKD (Hong Kong dollar)CNY (Renminbi (Chinese) yuan)RUB (Russian ruble)DKK (Danish krone)PLN (Polish złoty)CZK (Czech koruna)NOK (Norwegian krone)SEK (Swedish krona/kronor)AUD (Australian dollar)CHF (Swiss franc)JPY (Japanese yen)AED (UAE dirham)CAD (Canadian dollar)HUF (Hungarian forint)RON (Romanian new leu)BGN (Bulgarian lev)TRY (Turkish lira)KZT (Kazakhstani tenge)NZD (New Zealand dollar)INR (Indian rupee)ILS (Israeli shekels)MXN (Mexican peso)ZAR (South African rand)SGD (Singapore dollar)BYN (Belarusian ruble)THB (Thai baht)Payment cards are not offered together with Business Current Account.
Dedicated IBANs assigned to Business Current Account belong to Lithuania.
Business Current Account is offered to Lithuania, EEA residents, international, high risk, worldwide.
Business Current Account is offered with several pricing plans for different customer groups, namely LT, EEA, International, Compliance Intensive.
IBS Lithuania is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services. UAB IBS Lithuania conducts some crypto-related activities.
The FCIS is responsible for supervision of the activities of Virtual currency exchange operators and (or) Depository virtual currency wallet operators related to the prevention of money laundering and/or terrorist financing.
UAB IBS Lithuania is not registered with the FCIS as a virtual asset services provider.
IBS Lithuania do not offer crypto assets services.
IBS Lithuania allows crypto-related businesses to open accounts as well as supports in general transfers to and from crypto platforms.
| thn EUR | 2022 | 2023 | change (%) |
|---|---|---|---|
| Customer Funds | 26,846.00 | 32,099.00 | +19.57% |
| Total Equity | 1,767.00 | 2,839.00 | +60.67% |
| Revenue | 1,680.00 | 2,604.00 | +55.00% |
According to the Electronic Money Directive of the European Union, an electronic money institution must safeguard customer funds in a separate account in a credit institution or invested in secure, liquid low-risk assets. IBS Lithuania keeps its customer funds as follows:
| thn EUR | 2023 | share (%) |
|---|---|---|
| Customer Funds In Central Banks | 33,467.00 | 96.71% |
| Customer Funds In Credit Institutions | 1,140.00 | 3.29% |
| Customer Funds In Low-Risk Liquid Assets | 0.00 | 0.00% |
According to the Electronic Money Directive of the European Union, an electronic money institution must maintain a certain level of own funds which is calculated as a maximum of the initial capital required and 2.00 % of its customer's funds. IBS Lithuania own funds adequacy calculation is shown below:
| thn EUR | |
|---|---|
| Initial Capital Requirement | 350.00 |
| Customer Funds | 32,099.00 |
| Customer Funds Requirement (2%) | 641.98 |
| Own Funds Requirement | 641.98 |
| Own Funds | 2,839.00 |
| Rank | Name | Market % | Customer Funds |
|---|---|---|---|
| 14 (+3) |  UAB SatchelPay | 1.69 % | 32.62 mln EUR (+27.86%) |
| 15 (+1) | UAB IBS Lithuania | 1.66 % | 32.10 mln EUR (+19.57%) |
| 16 (+3) |  Payswix, UAB | 1.66 % | 32.08 mln EUR (+40.51%) |
Lithuania
UAB IBS Lithuania is authorized by the Bank of Lithuania as a e-money institution (authorization number LB000404) for issuance of electronic money, distribution and redemption of electronic money, placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments or acquiring payment transactions, money remittance; the authorization was granted on 29 March 2017.
UAB IBS Lithuania is not a bank, it can't collect deposits from public or loan out its clients’ money. Hence, it does not have to participate in deposit guarantee schemes. However, IBS Lithuania is required to safeguard its customers’ money.
Due to EEA passport rules UAB IBS Lithuania, can conduct its activities in any of the 30 EEA member states.
UAB IBS Lithuania is a SWIFT member and a SEPA (SCT) scheme participant.
Sporto str. 18, 09238, Vilnius, Lithuania
+370 (520) 58 111English
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