SATCHEL

Opening an account with the Satchel payment system (Lithuania)

Cost for the private persons from 400€

Cost for the legal entities from 600€

Opening Term: 5 to 10 business days

Remotely: yes

Satchel (SatchelPay) is a modern fintech company that offers efficient financial solutions for businesses and individuals. In 2018, the company received a license from the Bank of Lithuania, which ensures that its operations comply with EU security and financial regulation standards.

Business Account with Satchel

The Satchel payment system opens multi-currency accounts and lets you make international transfers via SEPA and SWIFT at competitive rates. With Satchel, you can now open a business account in the EU online.

For individuals, Satchel offers personal multi-currency SWIFT accounts that let you send and receive money in more than 20 currencies. Importantly, an individual does not need to confirm residency or an address in EU countries to open a SatchelPay account. Ukrainians can now open an account in the EU without leaving the country.

Who can open an account with the Satchel payment system:

  • small and medium-sized businesses

  • freelancers (individuals)

  • fintech companies

  • startups 

  • merchant accounts for various types of e-commerce businesses.

Maira Consult will help you quickly open an account with Satchel or other payment systems.

SATCHEL advantages

1

Safeguarding of funds with the Bank of Lithuania

2

Freelancer and merchant accounts

3

Unique European IBAN

4

Multi-currency account

General Information

Types of accounts

Satchel Pay opens personal and corporate accounts, as well as freelancer and merchant accounts.

Personal visit

Opening a Satchel account is a fully remote procedure.

Service rates

Account opening:

  • for individuals (EU residents): free of charge;
  • for individuals (non-EU residents): EUR 575;
  • for legal entities (EU residents): EUR 375;
  • for legal entities (non-EU residents): EUR 1,075.

Opening a SEPA Instant account is free of charge for all clients.

Useful information

Official website: www.satchel.eu

Stages of account opening

01

Preparation of documents

To open an account with Satchel, you need to fill out our questionnaire and describe in detail your activity or the company's business, the purpose of opening the account, expected account turnover, and the partners for incoming and outgoing payments.

02

Analysis of documents

At this stage, our lawyers analyze the information and documents provided and complete the Satchel forms.

03

Submission of documents

We send the completed forms, the documents of the company, its director and beneficiary (for a legal entity) or the individual's documents (for a personal or freelancer account) to the payment system's manager for review.

04

Passing verification

Clients complete online identification during an online video meeting with a Satchel manager.

05

Compliance Check

At this stage, the Satchel payment system verifies the client and may request additional documents and information about the activity and the source of funds.

06

Account opening

After the account is opened with Satchel, the manager sends the account details to the client.

Answers to the Most Common Questions:

Yes, opening an account with the Satchel payment system is an online procedure. To open a business account in the EU, the company's director and beneficiary complete identification during an online meeting with a manager.
The Satchel payment system offers accounts to clients residing in EU and non-EU countries. Proof of actual address is a mandatory document for the compliance check. Usually, this is a bank statement or a utility bill for the last three months, translated into English or Lithuanian.
Registering a company in the EU does not in itself guarantee that the EU tariff will apply. Satchel also takes into account the citizenship and residency of the directors, shareholders, and beneficiaries, the place where the company actually conducts its business, the presence of an office in the country of registration, and counterparties in EU countries. A separate UA category is provided for certain structures with Ukrainian participants.
Yes, Satchel offers a separate account for freelancers. Whether an individual can open such an account depends on the freelancer's citizenship and country of residence, the nature of their activity, and their counterparties.

Other payment systems in this region

TitleCost from (EUR)
INTERNATIONAL PAYMENT UNION500
BANKERA600
GENOME500
VIALET600
PAYLAR400
WALLETTO500
PAYSERA600
MISTERTANGO 600

Our Contacts

Phone

+380 97 527-66-30

Client Relations Department

+380 73 427-66-30

Email

[email protected]

Address

Kyiv, 01054, Ukraine,

40B Ivan Franko St., office 207

Legal information

MAIRA LLC

EDRPOU code: 38202700

Jurisdiction: Ukraine

Working hours

Monday to Friday: 09:00 to 18:00

Saturday and Sunday: closed

We respond to inquiries within 15 to 30 minutes during working hours

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International Law Company Maira Consult