To make quick and secure payments, to access various modern financial services, and to pay small amounts for the account maintenance at the same time, open a corporate account with the Czech payment service system. You will be able to appreciate it quite soon if you get to us for consultancy and support.
Czech payment service systems
Unlike Czech banks, which are quite demanding to customers, European payment service systems demonstrate greater cooperation. They offer modern financial services and solutions, which are often in no way inferior to banking products, but at the same time they cost much less.
We recommend using the services of a Czech payment system operated by a licensed payment services provider regulated by the Czech National Bank. The Czech payment service system is headquartered in Prague.
The Czech payment system we recommend works with reliable European financial institutions of the highest class. These are banks and large payment service networks around the world. This allows offering our customers the best rates for each of the operations and situations, while ensuring maximum security.
A fintech company received a license of the small-sized payment institution in the end of 2017, and in 2020 is expected to receive a full payment license. Also, in 2019, all the measures were taken to obtain the Money Service Operator license from Hong Kong, which will increase the fintech company capabilities and improve the possibilities and speed of transfers.
In 2020, a mobile application will be launched, which will add mobility and convenience to the service. The project on working with cryptocurrencies will also begin its full-fledged work soon. Several investment funds are expected to be launched, and work on the preparation of this project is well under way.
What does a corporate account with the Czech payment service system give a non-resident?
Among the main advantages are:
- absolute reliability;
- bargain service prices;
- Russian-speaking managers;
- fast payments;
- good conversion rate.
By opening a corporate account with the Czech payment service system, foreign companies get access to such services as:
- multi-currency IBAN account (each customer is assigned an individual IBAN number within 48 hours);
- SEPA and SWIFT payments worldwide in 25 currencies;
- currency conversion (0.3% to Forex);
- merchant accounts to arrange for bank card payments in the website;
- Master Card debit cards (the ability to withdraw cash and pay for goods and services around the world);
- online banking in English;
- professional support and advice provided in English, Russian, Czech, Ukrainian and Turkish;
- full-fledged internet banking;
- mobile banking will be available in the near future (launch according to plan in the first half of 2020).
The Czech payment service system, in addition to the classic financial transactions, offers its customers a comprehensive service:
- providing a variety of assistance from registration actions for business to finding local partners in the Czech Republic, Bulgaria, Hungary, Estonia;
- providing advice on accounting;
- optimizing cash flow to reduce payment processing time;
- agreeing on flexible currency conversion conditions.
Who can open an account with the Czech payment service system?
According to the requirements of the AML-5 Directive, all customers must disclose information about themselves in order to access financial services. Therefore, having received the requested information and compared it with the restrictions related to preventing the spread of terrorism and the conduct of the criminal funds laundering transactions, the Czech payment service system may deny opening an account.
In order not to lose time, it is better to know in advance what Czech payment service system has set restrictions on the type of activity and place of origin for customers and registration jurisdiction of their business. In addition, the denial will be received by a business operating or registered in the countries from the sanctions lists.
Non-residents will not be able to open a corporate account with the Czech payment service system if they are associated with such countries and territories as:
- Sudan, Cuba, North Korea, Iran, Crimea and Sevastopol, Syria, Afghanistan, Belarus, Burundi, CAR, Congo, Iraq, Jordan, Lebanon, Djibouti, Eritrea, Liberia, Libya, Mauritania, Somalia, South Sudan, Yemen.
Companies from these countries are more likely to be denied an account:
- Angola, Botswana, Ethiopia, Ghana, Mozambique, Nigeria, Sierra Leone, Uganda, Western Sahara, British Virgin Islands, Ecuador, Guatemala, Guyana, Montserrat, Nicaragua, Panama, Trinidad and Tobago, Bahamas, Venezuela, Cambodia, Laos, Mongolia, Myanmar, Pakistan, Tajikistan, Turkmenistan, Uzbekistan, Albania, Bosnia and Herzegovina, Kosovo, Moldova, Russian Federation, Ukraine, Palestine, Marshall Islands, Nauru, Papua New Guinea, Vanuatu.
Recommendation: If your company is registered in a jurisdiction that the Czech payment service system perceives as undesirable for cooperation, you will be able to order from us a service of business redomiciliation to a reliable sector. Ask us for advice on this issue. It can be done by emailing us to firstname.lastname@example.org.
Restrictions on activities
When opening a corporate account with the Czech payment service system, a non-resident will need to disclose what his company is doing. Customers who sell goods or provide services on the Internet through receiving bank cards will need to show that their business is transparent and clear. The Green Light is provided to trade, logistics and IT companies, as well as other businessmen who are not subject to restrictions.
Restrictions on activities for companies from the fields:
- Adult sites.
Corporate account with the Czech payment service system for a non-resident: tariff plans
The Czech payment service system provides its customers with an opportunity to make the most convenient choice, consisting of three package solutions:
- SEPA+SWIFT (without USD);
The main difference for these plans is the ability (or lack thereof) to carry out SWIFT payments. The cost of tariff plans doesn’t differ significantly. Monthly fee is:
- SEPA package – 150 EUR.
- SEPA+SWIFT (without USD) – 200 EUR.
- SEPA+SWIFT+USD – 250 EUR.
At the very beginning of the cooperation you will have to pay for:
- documents verification – EUR 100;
- opening a corporate account with the Czech payment service system – 900 EUR.
Companies with a nominal structure will have to pay a little more:
- documents verification – 200 EUR;
- activation of the account – 1,300 EUR.
Incoming and outgoing financial transactions above EUR 50,000 will be charged at the SWIFT payments rate, namely 0.2% of the amount, given that:
- for incoming payments the minimum is 100 EUR, the maximum is 250 EUR;
- for outgoing payments the minimum is 150 EUR, the maximum is 450 EUR;
It is important: The Czech payment service system does not set any minimum deposit requirements for the account when it is opened. In order to continue using the services, you will not have to provide a minimum balance in the account.
Currency for opening and making transfers
The main transaction currency is EUR, the standard package provides for automatic opening of accounts in 3 currencies: CZK, EUR, USD. Multi-currency payments are made in 25 currencies.
Types of accounts
- A current account with the ability to make international payments;
- A multi-currency account (transaction with foreign curriencies);
- A trading account.
If you watch this video you will figure out what other accounts you could open with an international financial organization:
Types of bank cards
Check with us whether the Czech payment card service has started to be provided. The service is expected to be launched in the near future (as planned, in early 2020). Customers will be provided with Master Card debit cards.
|Service||SEPA package||SEPA+SWIFT (without USD) package||SEPA+SWIFT+USD package|
|Opening an account||From EUR 1,000|
|Monthly commission||EUR 150||EUR 200||EUR 250|
|Closing an account||EUR 500|
|Transfer between intra-system accounts||EUR 3|
|Incoming SEPA payments (up to EUR 50,000)||0.2 (min/max – EUR 20-100)|
|Outgoing SEPA payments (up to EUR 50,000)||0.2 (min/max — EUR 20-150)|
|Incoming SWIFT payments||unavailable||0.2 (min/max – EUR 100-250)|
|Outgoing SWIFT payments||unavailable||0.2 (min/max — EUR 150-450)|
|SWIFT confirmation||EUR 30|
How to open a corporate account with the Czech payment service system?
The procedure of opening a corporate account with the Czech payment system is not much different from that of other similar European services:
- First, you need to pass a two-stage check consisting of such parts:
- Step 1: Provide personal details of the directors, shareholders and beneficial owner of the company.
- Step 2: Provide a copy of the company’s beneficial owner’s passport.
- Once the client’s profile has been preliminarily approved, it will be necessary to collect and properly certify the company’s corporate papers and personal documents of its key persons. The papers are sent in a scanned form. Copies are made from the originals, if need be, and these copies are to be notarized.
Recommendations: Before sending the documents to the back office of the Czech payment service system, send them to us for pre-approval. We will also help you complete a questionnaire and online forms.
Corporate account opening procedure:
- To open a corporate account with the Czech payment service system, email us an application to email@example.com.
- Pay for our services. The cost will be just from EUR 2,999. You can make payment in a way the most convenient for you: bank transfer, payment card, WebMoney, PayPal, Western Union.
- Once we receive your payment, we will start working with the list of required documents that are to be submitted for opening an account.
Package of documents for opening a corporate account with the Czech payment service system
Customers are required to provide a standard set of registration and statutory documents:
- CO-incorporation and CO-incumbency;
- Trust deed or Trust declaration (if it is a trust);
- Passport or ID of UBO and director;
- Confirmation of addresses of director and UBO;
- ownership structure;
- business description;
- UBO source of funds;
- list of potential counterparties and copies of contracts/invoices;
- bank statement of the company.
It is important: The list of documents can be supplemented based on the jurisdiction of the company and the beneficiary owner (UBO).
For more information on the standard and special lists of documents requested at opening an account please see our video:
Time frames for opening a corporate account with the Czech payment service system
To open an account with the Czech payment service system, a non-resident needs to fill out a form and send the scans of documents. The approximate date of account opening in case a confirmation has been obtained is 5-7 bank days.
Please contact us by email to firstname.lastname@example.org if you wish to open your main corporate payment account in Europe.