Opening current accounts in EMI

Starting from mid-2020, Private Financial Services clients have a unique opportunity to send a preliminary application for consideration in more than 20 payment institutions around the world in just 5 minutes, for absolutely free!

Send request

In case if you are interested in the traditional method of opening an account, it is also possible, this information is provided below.

How does this solution work?

You fill in the required data

The filled data is encrypted and automatically sent to more than 20 payment institutions around the world. Answers are taken into account and suitable banks are selected according to the criteria

Payment institutions managers receive this information and analyze the application

If the payment institution will have additional questions, you will receive a message

As soon as any of the payment institutions have provided a preliminary acceptance, you will immediately receive a notification with the terms of the bank

You can immediately begin to open an account or wait for offers from other payment institutions as well

Opening current accounts in EMI

The main advantages of this solution

Save time on filling out dozens of questionnaires, visits and negotiations

Save the time it takes to review the application. Applications sent through this form are considered by payment institutions on a priority basis

Save money – many payment institutions charge a preliminary review fee. Through this form you get a preliminary review absolutely free

You can choose a convenient method for opening an account – remotely or with a visit

The opportunity to open an account in different countries of the world. The list of payment institutions is constantly updated and replenished

Assistance with opening an account even if you were refused. Having received comments related to the reasons for the refusal, the specialists of Private Financial Services negotiate with the payment institution and assist with account opening!

Open an account

Opening current accounts in EMI

Private Financial Services has been opening bank accounts all over the world since 1998. For more than 20 years, we have accumulated tremendous experience, knowledge, have concluded hundreds of partnership agreements with various banks and institutions. We have opened thousands of accounts for individuals and legal entities and helped some banks to obtain licenses.

Private Financial Services are not limited to account opening. During this period, we also helped thousands of companies and entrepreneurs to “unfreeze accounts”, challenge payments, obtain loans, leases, factoring, draw up investment portfolios, and helped someone recover money from collapsed banks.

Our team consists of specialists with colossal international banking experience who previously held various positions in banks, from ordinary managers to heads of departments.

Types of accounts we help to open

For Corporations

For Individuals

For nonprofit organizations

Current accounts

Merchant account

Opening current accounts in EMI

The main countries in which we help with account opening (valid at the end of 2020)

England

Hungary

Germany

Hong Kong

Ireland

Lithuania

Malta

Netherlands

Singapore

USA

Finland

Czech Republic

Switzerland

Estonia

What is a payment institution?

A payment institution (in this context, an electronic money institution), a financial institution that has received a license, permission from a central bank or a relevant authority to carry out financial transactions related to the issue of electronic money, transfers, card issuance and other related financial services.

Opening current accounts in EMI

Revolut is one example of such organizations.

If you have not heard of Revolut before, then a payment institution is a kind of online bank that has the same functionality as a regular traditional bank, with the exception of the functionality associated with lending, insurance and other related services.

The requirements from the regulator to payment institutions (in the EU) are comparable to the banking ones, and they are also under constant monitoring, which guarantees the safety of deposits. Also, the important thing is that the payment institution does not have the right to operate with customer deposits and is obliged to keep customer money in separate, specialized (segregated and safeguarded) bank accounts.

And the requirements (if this happens) put forward by creditors to the payment institution will not in any way affect the safety of your funds, since creditors, under no circumstances can claim the money of depositors of payment institutions.

In most payment institutions you will receive a personal IBAN, that means that the counterparties will make payments exclusively to your credentials. Also, you will have access to multicurrency transactions, SWIFT payments, debit cards.
A detailed article is available at this link.

Who needs an account in payment institution?

Today, both small and medium-sized businesses, as well as corporations open their accounts in payment institutions; both residents and non-residents; both IT companies and manufacturing enterprises.
We definitely recommend payment institutions to those who have just started their business, or to those who want to reduce their operating costs associated with transfers and account maintenance.

For what purposes can an account with a payment institution be used?

1. SEPA payments;

2. SWIFT International payments;

3. Payment of salaries to employees;

4. Expenses for corporate cards;

5. Currency exchange;

6. Acceptance of payments on the website;

7. Payments within the group of companies;

8. And much more

You can read more about the history of the development of this area on this page.

Opening current accounts in EMI
Opening current accounts in EMI

The main advantages of opening an account with a payment institution compared to traditional banks

Lower cost of opening and account maintenance

The opening speed is higher than in banks

Possibility of remote opening and faster money transfers

More loyal requirements for the applicant, less checks and bureaucracy

Availability of new “fintech” products and solutions

Required documents and the timeframes

As of the end of 2020, the payment institution will require, in addition to the questionnaires, the following documents to open an account:

For participants individuals

Scan of the passport

Selfie with a passport

Document confirming the place of residence

For participants, legal entities

Scan of a certified package of corporate documents

Scan of a certified extract from the business register

A diagram of the organizational structure

Share certificate

Contracts with counterparties, examples of invoices

Please note that this is an average list that can be expanded depending on the payment institution.
We also draw your attention to the fact that all documents, as a rule, should not be older than three months. If the language of the documents is different from English, then, as a rule, a notarized translation into English or the language of the country where the account is opened will be required.

Opening current accounts in EMI

The minimum period of opening is usually 3-5 business days, but accelerated options are also possible.
The average opening time is about 7-10 business days.

Opening current accounts in EMI

Opening procedure

At the initial stage, you should understand what goals you are pursuing by opening an account with a payment institution. After that, it is necessary to analyze possible institutions and compare their conditions and fees. Usually the opening procedure goes like this:

1. Online registration and opening an account for an individual;

2. Online filling out of questionnaires;

3. Initial analysis of the case by the payment institution, in particular, verification of beneficiaries, directors, companies, counterparties.

4. If after the initial check no questions arise, then a more in-depth study (due diligence) is carried out; at this stage, you will be asked for additional information, documents, narratives;

5. After that, you are given access to your account.

Get a personal offer!

    • European Companies
    • Offshore Companies
    • Bank Accounts
    • Companies in Estonia
    • Crypto-Licenses
    • Accounts for Crypto-business
    • Gambling licenses
    • Forex Companies
    • Non-licensed Forex
    • Merchant accounts
    • EMI Licenses
    • Funds/Trust
    • Licensing
    • Cryptocurrency Platforms
    • Other Services
    • Legal Advice/Legal Opinions

    How can Private Financial Services help you?

    We will really dive into your case, analyze and advise options and solutions according to your criteria

    We will make our own Due Diligence of your case “through the eyes of a payment institution”, we will draw your attention to the aspects that require elaboration

    Very often, having opened an account for an individual, the client is subsequently refused to open an account for a legal entity. We will save you from this stage. We will receive a preliminary confirmation from the payment institution about opening an account and only after that you will need to take all the necessary actions

    We will help you to collect and correctly draw up all the necessary documents

    We will provide all the necessary information and documents in the required form to the payment institution

    We will carry out all the necessary procedures and negotiations with the payment institution before the successful opening of the account

    We will provide comprehensive assistance in the process of work, if necessary

    We will resolve any other issues related to the banking sector and finance

    Private Financial Services – a reliable link of your business!