facilitating global payment transactions 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.
Digital banking & Payment solutions
Solutions for a range of industries
Satchel card is a go-to tool for businesses and users who actively transact on a daily basis
BaaS for advanced, customized payment and financial infrastructure, with no license requirements
API for seamless data integration and exchange
(*)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 SatchelPay is assigned the overall rating 4.83 (excellent) which is explained in details below.
| Overall Rank | #2 EMI in EUROPE | |
|---|---|---|
| Operating Environment | Very Friendly | (4.96) |
| Product Range | Very Broad | (4.56) |
| Market Niche | Very Broad | (4.94) |
| Company Background | Strong | (3.51) |
| Customer Support | Good | (4.18) |
| Customer Sentiment | Average | (2.98) |
| Transparency | High | (3.91) |
| Overall Rating | Excellent | (4.83) |
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)
GBP (Pound sterling)
CHF (Swiss franc)
AED (UAE dirham)
AUD (Australian dollar)
BGN (Bulgarian lev)
CZK (Czech koruna)
DKK (Danish krone)
HKD (Hong Kong dollar)
HRK (Croatian kuna)
HUF (Hungarian forint)
ILS (Israeli shekels)
JPY (Japanese yen)
NZD (New Zealand dollar)
PLN (Polish złoty)
SEK (Swedish krona/kronor)
SGD (Singapore dollar)
TRY (Turkish lira)
THB (Thai baht)
NOK (Norwegian krone)
ZAR (South African rand)
USD (US dollar)
CAD (Canadian dollar)Satchel Personal Card (MasterCard) can be ordered together with Personal Current Account.
Dedicated IBANs assigned to Personal Current Account belong to Lithuania.
Personal Current Account is offered to UA residents, EU residents, non-EU residents.
Personal Current Account is offered with several pricing plans for different customer groups, namely Ukrainian, EU, non-EU.
Satchel cards are prepaid cards, rather than debit cards.
Debit vs Prepaid Cards.Debit cards do not have a separate balance and are connected to an account ore-wallet. Such cards are loaded automatically when the account/e-wallet is being topped up.Prepaid cards have a separate balance from an account or e-wallet.These cards have to be loaded manually, usually from the account/e-wallet.
Satchel cards are issued as both physical (plastic) and virtual cards; plastic cards are delivered to the customer's address.Satchel Personal Card is a single currency card, it can be issued in EUR only.
EUR (Euro)Satchel cards are available in the European Economic Area (EEA) countries *).
Satchel cards can be loaded directly from the cardholder's Satchel account.
3D Secure Payments. Satchel applies 3D Secure program for secure online payments.
Satchelpay UAB
| National | Regular Spender | Active Spender | |
|---|---|---|---|
| Card Issuance Fee | 0.00 EUR | 4.00 EUR | 6.00 EUR |
| Card Shipping Fee | Regular: 5.00 EUR Express (EU): 55.00 EUR Express (worldwide): 80.00 EUR | Regular: 5.00 EUR Express (EU): 55.00 EUR Express (worldwide): 80.00 EUR | Regular: 5.00 EUR Express (EU): 55.00 EUR Express (worldwide): 80.00 EUR |
| Monthly Fee | 0.45 EUR | 1.00 EUR | 6.00 EUR |
| Card Loading Fee | 0.00 EUR | 0.00 EUR | 0.00 EUR |
| ATM Withdrawals Fee | Domestic: 0.90 EUR International: 1.5% + 1.50 EUR | Domestic: 1.35 EUR International: 1.5% + 1.50 EUR | Domestic: 1.25 EUR International: 1.3% + 1.50 EUR |
| POS Purchase Fee | Domestic: 0.00 EUR International: 1.2% + 0.15 EUR | Domestic: 0.3% + 0.15 EUR International: 1.5% + 1.15 EUR | Domestic: 0.25% + 0.15 EUR International: 1.1% + 0.15 EUR |
| POS Single Transaction Limit | 2,500 EUR | 2,500 EUR | 20,000 EUR |
| POS Daily Spend Limit | 20,000 EUR | 20,000 EUR | 20,000 EUR |
| ATM Single Withdrawal Limit | 500 EUR | 500 EUR | 500 EUR |
| ATM Daily Withdrawal Limit | 600 EUR | 1,000 EUR | 2,500 EUR |
| Daily Load Limit | 5,000 EUR | 5,000 EUR | 5,000 EUR |
| Monthly Load Limit | 20,000 EUR | 20,000 EUR | 20,000 EUR |
| Yearly Load Limit | 80,000 EUR | 80,000 EUR | 200,000 EUR |
| Maximum Card Balance | 20,000 EUR | 20,000 EUR | 20,000 EUR |
*) EEA stands for the European Economic Area and consists of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
Unique European IBAN online
Simple online application form
Transact with 38 currencies through SWIFT and SEPA
Cover all business expenses with Satchel payment cards
Manage your daily transactions with clients, partners, and suppliers
Invest your dividends or extra earnings to increase corporate capital
Keep track of your account balance and transaction history for efficient and transparent bookkeeping
Payroll program
Personalised customer support
(*)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)GBP (Pound sterling)CHF (Swiss franc)AED (UAE dirham)AUD (Australian dollar)BGN (Bulgarian lev)CZK (Czech koruna)DKK (Danish krone)HKD (Hong Kong dollar)HRK (Croatian kuna)HUF (Hungarian forint)ILS (Israeli shekels)JPY (Japanese yen)NZD (New Zealand dollar)PLN (Polish złoty)SEK (Swedish krona/kronor)SGD (Singapore dollar)TRY (Turkish lira)THB (Thai baht)NOK (Norwegian krone)ZAR (South African rand)USD (US dollar)CAD (Canadian dollar)Satchel Business Card (MasterCard) can be ordered together with Business Current Account.
Dedicated IBANs assigned to Business Current Account belong to Lithuania.
Business Current Account is offered to EU based, non-EU based.
Business Current Account is offered with several pricing plans for different customer groups, namely EU, non-EU.
Satchel cards are prepaid cards, rather than debit cards.
Debit vs Prepaid Cards.Debit cards do not have a separate balance and are connected to an account ore-wallet. Such cards are loaded automatically when the account/e-wallet is being topped up.Prepaid cards have a separate balance from an account or e-wallet.These cards have to be loaded manually, usually from the account/e-wallet.
Satchel cards are issued as both physical (plastic) and virtual cards; plastic cards are delivered to the customer's address.Satchel Business Card is a single currency card, it can be issued in EUR only.
EUR (Euro)Satchel cards are available in the European Economic Area (EEA) countries *).
Satchel cards can be loaded directly from the cardholder's Satchel account.
3D Secure Payments. Satchel applies 3D Secure program for secure online payments.
Satchelpay UAB
| Small/Medium Business | |
|---|---|
| Card Issuance Fee | 9.00 EUR |
| Card Shipping Fee | Regular: 5.00 EUR Express (EU): 55.00 EUR Express (worldwide): 80.00 EUR |
| Monthly Fee | 8.00 EUR |
| Card Loading Fee | 0.00 EUR |
| ATM Withdrawals Fee | Domestic: 1.50 EUR International: 1.5% + 1.50 EUR |
| POS Purchase Fee | Domestic: 0.3% + 0.15 EUR International: 1.2% + 0.15 EUR |
| POS Single Transaction Limit | 20,000 EUR |
| POS Daily Spend Limit | 20,000 EUR |
| ATM Single Withdrawal Limit | 500 EUR |
| ATM Daily Withdrawal Limit | 2,500 EUR |
| Daily Load Limit | 5,000 EUR |
| Monthly Load Limit | 40,000 EUR |
| Yearly Load Limit | 200,000 EUR |
| Maximum Card Balance | 20,000 EUR |
*) EEA stands for the European Economic Area and consists of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
Accounts offered by Satchel as a part of BaaS are multi-currency accounts, allowing account holders to keep their funds in 23 currencies, namely:
EUR (Euro)GBP (Pound sterling)CHF (Swiss franc)AED (UAE dirham)AUD (Australian dollar)BGN (Bulgarian lev)CZK (Czech koruna)DKK (Danish krone)HKD (Hong Kong dollar)HRK (Croatian kuna)HUF (Hungarian forint)ILS (Israeli shekels)JPY (Japanese yen)NZD (New Zealand dollar)PLN (Polish złoty)SEK (Swedish krona/kronor)SGD (Singapore dollar)TRY (Turkish lira)THB (Thai baht)NOK (Norwegian krone)ZAR (South African rand)USD (US dollar)CAD (Canadian dollar)Satchel offers issuance of the following card types:
BaaS platform provided by SatchelPay allows to serve both private and corporate customers worldwide.
Web Interface
Mobile Applications (iOS, Android)Reseller Agreement. A private reseller agreement is signed between Satchel and the company.
Agent License. A private reseller agreement is signed between Satchel and the company. Satchel assists the company in obtaining Electronic money institution intermediary license from the Bank of Lithuania.
Separate License. Satchel assists the company in obtaining Banking/EMI license from the Bank of Lithuania.
| Reseller Agreement | Agent License | Separate License | |
|---|---|---|---|
| Sales and Marketing | Own Company | Own Company | Own Company |
| BaaS Platform | Satchel | Satchel | Satchel |
| Card Issuer | Satchel | Satchel | Own Company |
| Account Provider | Satchel | Satchel | Own Company |
| KYC/AML Checks | Satchel | Own Company / Satchel | Own Company |
| Delivery Time | 1 month | 5-6 months | 2-3 years |
Satchel is neither registered with the Financial Crime Investigation Service (FCIS) as a virtual asset services provider, nor offers any crypto assets services. UAB SatchelPay 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 SatchelPay is not registered with the FCIS as a virtual asset services provider.
Satchel do not offer crypto assets services.
Satchel 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 | 25,512.00 | 32,620.00 | +27.86% |
| Total Equity | 470.00 | 1,001.00 | +112.98% |
| Revenue | 2,517.00 | 2,911.00 | +15.65% |
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. Satchel keeps its customer funds as follows:
| thn EUR | 2023 | share (%) |
|---|---|---|
| Customer Funds In Central Banks | 35,350.00 | 100.00% |
| Customer Funds In Credit Institutions | 0.00 | 0.00% |
| 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. Satchel own funds adequacy calculation is shown below:
| thn EUR | |
|---|---|
| Initial Capital Requirement | 350.00 |
| Customer Funds | 32,620.00 |
| Customer Funds Requirement (2%) | 652.40 |
| Own Funds Requirement | 652.40 |
| Own Funds | 1,001.00 |
| Rank | Name | Market % | Customer Funds |
|---|---|---|---|
| 13 (-1) |  UAB "Finansinės paslaugos "Contis" | 1.73 % | 33.35 mln EUR (-24.28%) |
| 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%) |
English
Lithuania
UAB SatchelPay is authorized by the Bank of Lithuania as a e-money institution (authorization number LB000448) for issuance of electronic money, distribution and redemption of electronic money, 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; the authorization was granted on 6 March 2018.
UAB SatchelPay 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, Satchel is required to safeguard its customers’ money.
Due to EEA passport rules UAB SatchelPay, can conduct its activities in any of the 30 EEA member states.
UAB SatchelPay is a SWIFT member and a SEPA (SCT, SCT Inst) scheme participant.
UAB SatchelPay is connected to MasterCard payment card scheme.
A. Goštauto str. 40-1, LT-03163, Vilnius, Lithuania
+370 5214 1818English
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United Kingdom
Netherlands
Cyprus
Denmark
Luxembourg
Lithuania
