ConnectPay is a fintech company regulated by the Bank of Lithuania. It offers multi-currency IBAN personal, businesss and merchants accounts.
- It is accepted in 167 countries
- It processes over 157k transactions per month
- It was named Best Payment Service Provider in the Baltics 2019 by MBGS
- According to the 2019 report by the Bank of Lithuania, ConnectPay is the fastest growing equated monthly installment (EMI) among the biggest players in Lithuania
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 dowload ConnectPay iOS app or Android app. 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 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 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.
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 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.
|Resident of EU member country (category 1)||Resident of non-EU member country (category 2)|
|Application processing fee: Free||Application processing fee: €200|
|Maintaining the account: €50||Maintaining the account: €100|
|SEPA payments: from €0.25||SEPA payments: from €5|
|SWIFT payments: from €40||SWIFT payments: from €50|
|EEA With Lower Risk (category 1)||EEA With Higher Risk, Non EEA With Lower Risk (category 2)|
|Application processing fee: €250||Application processing fee: €500|
|Maintaining the account: €50||Maintaining the account: €150|
|SEPA payments: from €1||SEPA payments: from €3|
|SWIFT payments: from €3||SWIFT payments: from €40|
See full price list here.