Opening a bank account these days may be far from easy for the e-residents of Estonia, even if the advertisements claim otherwise. Nowadays we regularly hear customers complain that their account opening applications have been turned down due to the lack of business connections with Estonia, which has definitely caused some disappointment among new e-residents. The reason behind this new stipulation is the recently enacted Anti-Money Laundering and Terrorism Financing Act, which was introduced late last year, making account opening criteria more stringent than they had ever been.

The new AML Act is a continuation of the 4^th AML EU Directive and it is worth mentioning that similar problems have existed for the clients in Latvia when its banks started to question and investigate business connections between the entity and the country of the entity’s registration.

In this current climate, we find that fintech solutions providers can be more flexible than the banks, as can be demonstrated by the following services that they offer:

Paysera

Lithuanian based Paysera describes itself as “a safe, cheap and easy way to perform payments or send and receive money online. We are working each day to make difficult and complex processes simple and expensive services cheaper.”

Additionally, according to Head of Communications at Paysera, Vytautas Urbonas: “Paysera is a payments system where clients can open and use a payment account. Paysera creates services for specific markets, provides services of payment collection for business, transfers to banks and payments for utility services. Paysera creates an infrastructure of transfers and has already been operating profitably for 12 years.”

As customers of Paysera ourselves, we have to compliment the hassle-free account opening process, which requires an internet connection, a phone and an ID to hand. The process of opening a private account took no longer than 30 minutes. Upgrading the personal account to a corporate account took a little longer, possibly due to a high volume of clients, resulting in the agreed Skype interview times being rescheduled on several occasions.

Opening an account is free of charge, both for private and corporate customers, and rates for the common banking services are very reasonable.

For more information, please visit: https://www.paysera.com/ref/5491725

Mistertango

Mistertango introduces itself boldly: “We believe that all major banking services for individuals must be free of charge. Like receiving or sending money to any EU bank account. Only business accounts are charged here with a tiny €0.15 fee for money transfers.”

Its main difference with Paysera is that Mistertango claims to be cryptocurrency friendly.  Nevertheless, all client activities need to be transparent, as the service provider may have questions about the origin of funds, with the failure to provide the information possibly resulting in closure of the account. Fees are very reasonable and like Paysera, Mistertango holds an Electronic Money Institution licence, issued by the Bank of Lithuania.

To open an account, an ID, phone, and internet connection are needed. An online wizard will guide you through the account opening process.

Please see more at: https://mistertango.com/en/

CoinGate

Coingate is a cryptocurrency payment gateway, enabling various businesses to accept Bitcoin and Altcoin payments. The company offers payouts either in Bitcoins, or in EUR / USD, eliminating any risk associated with Bitcoin price volatility. Users can also buy Bitcoins from CoinGate using bank transfer, credit and debit cards, and mobile balance (phone credit), or sell their Bitcoins to CoinGate.

Merchants can receive Bitcoin payments via CoinGate using a range of tools: plugins or modules for the most popular e-commerce systems, API, Point of Sale apps, and payment buttons. Additionally, customers can pay with over 40 Altcoins via ShapeShift integration, converting any payment to Bitcoins automatically.

For more information, please visit: https://coingate.com/

TransferWise

The TransferWise Borderless account, designed for SMEs and sole traders, supports different currencies, which can be held on the account simultaneously and converted as necessary, especially convenient for those selling and operating in various currencies. Additionally, transaction fees and exchange rates are low. Also, those living in the EEA can soon apply for a debit card.

Read more at: www.transferwise.com

Holvi

Holvi is built mainly for freelancers and entrepreneurs. Its uniqueness compared to the other services described is that it includes invoicing and accounting in their monthly plan. How it exactly works is for the client to discover, but Holvi’s description of its services is promising:

“Get the current account that saves you time and effort. Create and send invoices in seconds, upload and archive receipts and prepare payment reports for your bookkeeper or accountant. Holvi keeps you in control of your company’s finances – anytime, anywhere.”

For more information, please visit: www.holvi.com