EMI Account Services
EMI is a financial institution that has obtained an official license authorizing the issuance and management of electronic money. This institution generally provides services similar to classic banks, but its main focus is electronic transactions. Moreover, a regulated organization must comply with the established requirements to ensure full consumer protection, financial stability, and integrity of the e-money system.
EMI Account Setup Process
You can apply for an EMI account online. The process of opening an account is a quick and simple procedure. In this case, you will be able to settle in a variety of currencies: euros, pounds sterling, dollars and many others. It includes SWIFT and SEPA payments and direct debit. It is worth noting that these payments are aimed most specifically at non-resident customers with a much lower risk appetite when compared to the traditional banking sector.
In general, the process is as follows:
- Making an application and providing all the necessary documents.
- Sending data to payment institutions.
- The compliance team of payment institutions analyzes the application.
- If the payment institution agrees to open an account, a notification with the bank’s terms and conditions will be sent.
- Opening an account and providing access to financial transactions.
It all starts with collecting the required package of documents and then making an EMI account application, which will be further reviewed. This does not require your presence at the institution, as is often with traditional banks.
Required Documents for EMI Account
EMI account registration necessarily implies the preparation of the required package of documents. First, you must apply for the issuance and management of electronic money. The company must first submit a business plan and documents on financial stability, security measures, governance, etc. After that, a thorough check will be carried out to ensure compliance with certain requirements. This includes the implementation of anti-money laundering and anti-terrorist financing measures.
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Fees and Charges Associated with EMI Accounts
EMI account fees and charges include registration and license fees and legal fees, which depend on the specific case and scope of work. The latter refers to the fact that the fees vary with the services provided as an EMI.
Please note that the cost of an EMI license varies depending on your jurisdiction. Amounts start from 1,000 euros and can reach 5,000 or even 15,000 euros. It is most expensive to obtain a license in Luxembourg. Average prices in the range of 1,500 euros are presented in Belgium, Latvia, and the Czech Republic. The cheapest way to obtain an EMI license is in Estonia – 1,000 euros.
Process of Registration for an EMI Account
If you need EMI account services, it is best to seek this service from real professionals who are well-versed in this matter. Our specialists will assist you in choosing the right jurisdiction for EMI and prepare the necessary documents required for the application. In addition, they will accompany you every step of the way. They will also ensure all the rules are followed in your case. Having a personally qualified lawyer is useful because they will help you with all the documents and interpretation of the current rules, laws, and requirements.
By seeking legal support, you can entrust experienced lawyers with all registration matters, saving you from having to collect documents and participate in other registration matters. Moreover, registering an account with legal support is much faster.
Benefits of an EMI Account
EMI account for digital banking provides a huge number of benefits. And this applies to both the consumer and the business:
- Minimal transaction fees (as compared to bank charges), but you will have to spend more for depositing or withdrawing cash, with the fee directly dependent on the specific service used;
- You will get innovative online banking options and a banking app, making it much easier to manage your accounts;
- Easy and fast account opening;
- You can create a multi-currency account;
- The ability to integrate accounts with other services, such as accounting, simplifies the reporting process.
If you are unfamiliar with EMI account setup, registration, and other important organizational aspects, our staff is always ready to help. All you have to do is contact us and outline the problem; we take care of the rest.
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FAQ
What are the main benefits of opening an EMI account?
How long does the EMI account registration process take?
What documents are required to apply for an EMI account?
In addition to fulfilling a number of requirements, you also need to submit a large package of documents: the company’s business plan, information on management, ownership, financial stability, and so on.
