Opening an account with the TRANSFERRA payment system (United Kingdom)

Transferra is a British payment system founded in 2020. Transferra currently provides businesses with solutions for multi-currency settlements worldwide and supports more than 40 currencies, including EUR, GBP, USD, CHF, CAD, DKK, PLN, and others. A Transferra business account provides access to a GB IBAN and other payment details, depending on the business's needs. For international payments, clients have access to various payment channels, including SEPA, SEPA Instant, SWIFT, ACH, Faster Payments, and CHAPS.

Corporate clients have access to Visa Debit corporate cards. Card services are provided through an authorized Transferra partner, allowing the cards to be used for both online and offline payments.

How to Open an Account with Transferra

A corporate account with Transferra can be opened remotely. The onboarding process requires the client to complete a verification procedure (KYC/AML), and the compliance team may request additional documents or information about the company's activities and its counterparties, the source of the beneficiary's funds, and the nature of future operations. The review period for an application depends on the complexity of the structure and the results of the compliance check.

The Transferra payment system may consider higher-risk clients on a case-by-case basis. In such cases, the acceptability of a specific business is determined by the current Acceptance Policy and the results of the compliance check.

The ability to open a business account and the availability of a specific pricing plan for a client depends on the corresponding risk category assigned to the client based on the results of the compliance check. For example, Zone 1 clients are offered the cheapest Starter plan, while clients from Zone 3 may be subject to special terms and additional fees.

Opening a Transferra Account for Ukrainian Clients

Under Transferra's policy, Ukraine falls under Zone 3 (Specialised). This means that opening a Transferra account for Ukrainian companies, or for clients whose source of funds is linked to Ukraine, may be subject to enhanced compliance checks.

The Transferra payment system adheres to the "know your customer" principle and reserves the right, on a case-by-case basis, to request additional documents, which may result in longer account opening times or refusal to open an account without explanation.

For questions about opening an account with the Transferra payment system, please contact Maira Consult.