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Payment system Satchel (Lithuania)

Satchel payment system is a Lithuanian EMI that entered the digital finance market in 2018. The main office is located in Vilnius.

Payment is a member of SEPA and SWIFT, works with more than 35 currencies and provides its clients with beneficial solutions for both business and individuals.

OPEN AN ACCOUNT IN SATCHEL PAY LT

Account types

Personal, corporate (all multi-currency accounts).

 

Satchel preferably opens business accounts for companies that are incorporated in the European Economic Area (EEA) This includes the following countries: Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Great Britain or Switzerland. They may also consider opening an account for other non-blacklisted jurisdictions.

 

The payment system does not cooperate with jurisdictions from the black list, including if the country applies to the nationality of the account signatory/ director/shareholder/beneficiary.

 

It is possible to open an account for some types of Hight-risk activities, it is negotiated on an individual basis. 

The cost of opening an account (tariff of the payment system)

Account opening cost:

- for individuals of EU residents - free of charge;

- for individuals non-residents of the EU - 575 EUR;

- for individuals, residents of Ukraine - free of charge;

- for legal entities of EU residents - 375 EUR;

- for legal entities of non-EU residents - 1075 EUR;

- for legal entities residents of Ukraine - 50 EUR.

 

Please note that individual rates may apply for different clients, depending on the individual case. The cost will be agreed and confirmed with the client prior to submitting an application for opening an account.

 

Minimum balance:

- for individuals who are residents of the EU - no requirements;

- for non-EU individuals – 250 EUR;

- for natural persons residents of Ukraine - no requirements;

- for legal entities of EU residents - 250 EUR;

- for legal entities of non-EU residents - 750 EUR;

- for legal entities residents of Ukraine - 100 EUR.

 

 Closing an account:

- for individuals resident in the EU - free of charge;

- for individuals and legal entities of residents of Ukraine - free of charge;

- for individuals non-EU residents - 150 EUR;

- for legal entities resident in the EU - 100 EUR;

- for non-EU legal entities - 250 EUR.

Representative offices

None.

Account management

Using free online banking software.

Service rates

Monthly account maintenance:

- for individuals of EU residents - 1 EUR;

- for non-EU individuals – 35 EUR;

- for individuals, residents of Ukraine - free of charge;

- for legal entities of EU residents - 35 EUR;

- for legal entities of non-EU residents - 50 EUR;

- for legal entities residents of Ukraine - 5 EUR.

 

The payment system provides individual SEPA IBANs for all categories. Additionally, it is possible to open a unique SWIFT account.

 

Payments:

- incoming/outgoing internal transfers - free of charge;

- incoming SEPA transfer - free of charge;

- outgoing SEPA transfer - 3 EUR (for EU residents) and 5 EUR (for non-EU residents);

- incoming SWIFT transfer – 0,2% min. 10 EUR, max. 100 EUR;

- outgoing SWIFT transfer – 0,5% min. 15 EUR, max. 350 EUR.

Terms of opening an account

The procedure of opening the account consists of two stages: the preliminary stage and final stage of opening an account.

The preliminary stage includes the process of collecting and filing your documents which are required for opening an account. The terms of preliminary stage depends wholly on you.

An account is opened within 5-10 business days from the date of submission of all necessary documents to the payment system.

Satchel follows KYC policy and reserves the right to require additional documents what may lead to account opening term exceeding, as well as refusing of account opening without reasons explanation.

Staff

Working languages: Russian, English, Lithuanian.

Credit/Debit Cards

MasterCard.

The Satchel card has a European IBAN that can be connected to PayPal for withdrawals.

Account opening documents

Company documents - originals of all statutory documents are required. If more than 1 year has passed from the date of registration of the company, a Certificate of Good Standing or Certificate of Incumbency is required, not older than 3 months. You will also need to provide:

- a detailed description of the business;

- accompanying documents for counterparties (invoices, contracts, draft contracts);

- proof of address (utility bill issued no earlier than 90 days before the application)/letter of recommendation from the bank/bank statement translated into English or Lithuanian;

- documents with supporting information about the initial financing (if the first transfer was made from a bank, a bank statement is required; if the first transfer was made from a partner, an account or agreement is required).

 

Documents for the account holder:

- original of national passport;

- original of foreign passport;

- original of identification code;

- curriculum vitae;

- original of bank reference.

 

Documents for the beneficiary:

- original of national passport;

- original of foreign passport;

- original of identification code;

- curriculum vitae;

- original of bank reference.

 

Documents confirming the source of income (wealth) of the beneficiary. It can be:

a certificate from the place of work indicating salary and statement of personal account, where payroll is displayed;

tax returns;

documents confirming inheritance;

documents confirming money donation, as well as their availability on accounts;

documents confirming the  presence/sale of real estate/movable property;

if the beneficiary is the founder of the company - documents for the company, extracts from company accounts, tax returns, documents confirming the payment of dividends;

if the beneficiary is a private entrepreneur - extract from the register, tax returns on the entrepreneur, bank statements;

Certificate of deposit from the bank, as well as documents confirming the source of income;

other documents that show sources of income. 

 

The payment system may also request documents for nominal director, shareholder and secretary (if the company uses nominal service). These documents are:

- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months and bank reference (if nominal director, shareholder and secretary are natural persons);

- set of statutory documents affixed with apostille, which includes Certificate of Incorporation, Memorandum, Article of Association, Minutes of the director designation (if director is legal entity). Also may require Certificate of Good Standing affixed with apostille, Certificate of Incumbency affixed with apostille and documents on this director, which includes set of documents affixed with apostille: copy of passport, utility bill no older than 3 months and bank reference.

Account opening procedure

You must visit our office to fill out questionnaires, as well as certification of documents for the company and the director. Further, the documents are sent to the payment system and, after approval, an account is opened.

Account opening takes place remotely, but according to the procedure, the client must go through remote video verification.

For further consultation concerning the terms of account opening in SatchelPay  (Lithuania) please contact our office. We will respond to any questions you may have and will help you open an Lithuanian account in payment system  Satchel Pay or any other bank out of 70 foreign banks you may choose from.

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