What is ConnectPay? ConnectPay is an electronic money institution that provides a range of financial services, including multi-currency account, personal account, business IBAN account, payment gateway for merchants accounts and SEPA payments. It is recognized as one of the growing number of virtual IBAN providers in Europe, facilitating cross-border transactions.
Quick Facts About ConnectPay Offerings
- SEPA, Instant SEPA, and SWIFT transfers
- Bulk and multicurrency payments with over 80 supported currencies
- Business cards, personal cards, virtual cards, and white label cards
- Merchants services: accept bank transfers, card payments, and recurring payments
How to Open ConnectPay Account
You can open ConnectPay virtual bank account by either completing the online application or the PDF application form (only for Personal IBAN account). If you have a smartphone, you can download ConnectPay app for iOS or Android. Go to open account page, choose the type of account and follow their simple instructions. Documents needed include: valid passport or national ID for personal IBAN accounts. IBAN accounts for businesses have different verification methods based on the company’s country of incorporation as shown on this list.
You will need to verify your identity remotely. Collection of company KYC (Know Your Customer) documentation may be done remotely as well. Corporate documents are required to be submitted during the application process. There is an application processing fee for all ConnectPay accounts (See fees below). Note that it takes 2 business days for your application to be reviewed. ConnectPay may use a third-party provider/tool to verify your identity. The third party operates under the same regulations of data confidentiality and security as ConnectPay.
ConnectPay Accounts
ConnectPay offers personal, business and merchants accounts. You can use your account/s to send and receive funds, pay suppliers, accept multicurrency payments from credit and debit cards, etc. To have a merchant account, you first need to apply for ConnectPay business account. If your IBAN business account application is rejected, you will not be able to open a merchant account.
ConnectPay Money Transfer: Sending and Receiving Money
With ConnectPay, you can send and receive funds in multiple currencies. However, currently only SEPA payments are available for receiving funds. For sending funds, both SEPA and SWIFT payments are available. The following currencies are supported for sending and receiving funds: EUR, GBP, JPY, CNY, CAD, PLN, CZK, RUB, CHF.
Currently, ConnectPay does not execute SWIFT payments to the following countries: Crimea, Cuba, Iran, Libya, North Korea, South Sudan, Sudan and Syria. SWIFT transfers are not available for the following industries: adult content, carbon credits, cash, charities, counterfeit goods, cryptocurrencies, defense/military, gambling, high value dealers, MSBs/PSPs, Multi-Level Marketing (MLM), pawnbrokers, political groups, Ponzi/pyramid schemes, precious metals, prostitution, shell banks, speculative trading.
ConnectPay Fees: Personal Account
| Personal Tree | Personal Forest | Personal Jungle | |
|---|---|---|---|
| Onboarding fee | |||
| Application processing fee | Free of charge | €50 | €200 |
| Account fees | |||
| Account opening fee | Free of charge | Free of charge | Free of charge |
| Account maintenance fee | Free of charge | Free of charge | Free of charge |
| Additional account opening fee | €0 | €10 | €10 |
| Payment fees | |||
| Minimum monthly services fee | Free of charge | €25 | €100 |
| SEPA payments (IN) | Free of charge | Free of charge | Free of charge |
| SEPA payments (OUT) | €0.25 | €0.25 | €0.40 |
ConnectPay Fees: Business Account
| Corporate Tree | Corporate Forest | Corporate Jungle | |
|---|---|---|---|
| Onboarding | |||
| Application processing fee | Free of charge | €750 | €1.500 |
| Additional fee for reviewing documents for complex entities | €100 | €500 | €750 |
| Priority review of the application | N/A | €1.500 | €1.500 |
| Account fees | |||
| Account opening fee | Free of charge | Free of charge | Free of charge |
| Additional account opening fee | €0 | €250 | €500 |
| Segregated account opening fee | N/A | €500 | €1.000 |
| Account maintenance fee | Free of charge | Free of charge | Free of charge |
| Payment fees | |||
| Minimum monthly service fee | €0 | €500 | €750 |
ConnectPay Supported Countries
ConnectPay supports accounts opened in the United Kingdom and the European Economic Area (EEA), including Germany, Italy, Ireland, Finland, Sweden, Netherlands, Greece, Switzerland, Portugal, and Estonia.
Is ConnectPay Safe?
ConnectPay is not a bank, therefore it does not invest your money or loan your funds to customers. Your funds are directly held at the Central Bank of Lithuania. ConnectPay is authorized and regulated by the Central Bank of Lithuania and subject to the regulatory framework of the European Central Bank. ConnectPay licensed activities include the issuing of electronic money, the redemption of electronic money, the issuing and /or acquiring of payment instruments and the execution of payment transactions.
ConnectPay Reviews
While ConnectPay boasts a service suite encompassing banking and payment processing, its reputation appears concerning based on user reviews. On Trustpilot, a popular review platform, ConnectPay currently holds a 2.4-star rating out of a possible 5, based on only 19 reviews. This indicates a below average user experience according to reviewers on this platform. The limited sample size makes it challenging to draw definitive conclusions, but the low rating suggests potential issues that warrant further consideration.
Several reviewers highlight concerns regarding high fees compared to similar services and difficulties openin accounts. These aspects can be significant deterrents for potential users seeking cost-effective and hassle-free financial solutions.
ConnectPay Alternatives
There are many other virtual banks that offer more or less similar services. ConnectPay alternatives include the following.
The ConnectPay alternatives above are best for personal and business accounts. For merchant account for online businesses, the best alternative is DynaPay.
More Information
- ConnectPay Customer Service email: [email protected]
- Customer Service phone number (Monday to Friday from 9AM to 6PM EET): +44 748 054 9333