It usually takes 2 business days for your application to be reviewed. Please note that the 2-business day timeframe is only applicable when all the required documentation is provided. If the set of documents is incomplete, this will reflect in delays in the timeframe we commit to.
IBAN account for business
ConnectPay evaluates each client applying for an IBAN account for business based on the following criteria:
• ID issue country for directors, UBOs, shareholders
• country of incorporation of the company
• country of incorporation of the companies forming the ownership structure (if any)
• country of location of headquarters
• nature/risk of business activity.
After the evaluation of the above-mentioned criteria, the client is assigned one of the three business categories. Only the pricing listed for that particular category will apply.
Personal IBAN account
Each client applying for a personal IBAN account is assigned one of the two personal categories based on the country of residence (specifically, if the client resides in a EU member country or not). Only the pricing listed for that particular category will apply.
The application processing fee corresponding to the type of account you have applied for and the category you have been assigned is deducted from an initial transfer required for the review of your application. The remaining funds are made available into your account.
Detailed information about the initial transfer can be found in the IBAN account for business price list on page 7 and in the Personal IBAN account price list on page 6.
Yes. The application processing fee is determined by the type of IBAN account you have applied for and the personal or business category you have been assigned. You can view the application processing fees in the IBAN account for business price list and in the Personal IBAN account price list.
The application processing fee covers all costs incurred for opening your account with ConnectPay.
ConnectPay is required to verify and confirm your identity by the Law on Money Laundering and Terrorist Financing Prevention. This is a mandatory step to open a personal IBAN account or an IBAN account for business.
ConnectPay offers remote identification methods. Individual identification and collection of company KYC (Know Your Customer) documentation may be done remotely. In this case, only copies of ID documents are requested. Corporate documents are required to be submitted during application process. Alternatively, all document copies should be originally certified by Notary (in some cases Apostilled) and sent directly to email@example.com together with the ConnectPay application form(s) signed in original.
Note: ConnectPay may use a third-party provider/tool to verify your identity. The third-party operates under the same regulations of data confidentiality and security as ConnectPay.
Supporting documentation varies according to the type of account you apply for.
Personal IBAN account
For a personal IBAN account, required documentation consists of a valid ID document: passport or national ID.
Different verification methods will apply based on criteria stated in detail in section F of the Personal IBAN account application form.
IBAN account for business
A full list of documentation required for opening an IBAN account for business and the different verification methods which apply based on certain criteria are stated in the online application form.
ConnectPay reserves the right to ask for additional documents at any time and the list of documents provided might differ depending on the company’s country of incorporation.
Both personal and business entities are eligible to open a ConnectPay account.
You can set up your IBAN account with ConnectPay quickly and easily by either completing the online application or the PDF application form. Simply click on the Open Account button available across the website in the main navigation bar and in the footer and you will be directed to our Account opening page.
In order to apply online, select the START ONLINE APPLICATION button. Please note that the online application is currently available only for IBAN accounts for business.
Alternatively, you can apply by filling in the PDF form corresponding to the Personal IBAN account. Please download the application form to your computer and fill in the information required, then email it to firstname.lastname@example.org together with all supporting documentation mentioned.
You can contact our client care team directly by phone +44 748 054 9333 from Monday to Friday, between 9 AM and 7 PM EEST.
Alternatively, you can email us at email@example.com or fill in the form available on the Contact page. For inquiries issued by email, please expect a reply within 2 business days.
If you decide to close your ConnectPay account, you need to inform our Client Care team by calling +44 748 054 9333 (phone assistance is available Monday to Friday from 9AM to 7PM EEST). Alternatively, you can send an email to firstname.lastname@example.org.
If you have a debt in your account, you need to make sure you cover it before we can close your account. If there are any funds left in your account, you need to transfer it to your bank account before we close your ConnectPay account. Alternatively, we can make the transfer for you. In this case, you will have to cover administrative/transfer costs.
There are no fees incurred to close your ConnectPay account unless extra procedures are required (for example, the transfer fee from your ConnectPay account to your bank account).
Once there are no pending operations in your ConnectPay account, it takes up to 3 business days to close it. We will inform you by email when all the procedures have been completed and your account is no longer valid.
Yes, your money is always safe with us. Unlike traditional banks, ConnectPay does not invest your money. Therefore, your money is always instantly available. Applicable regulation set by the Central Bank of Lithuania, which is a government institution directly regulated by the European Central Bank, requires all funds deposited in ConnectPay accounts to be stored within segregated accounts in credit institutions and always to be kept readily available for client withdrawal.
Yes. ConnectPay is an electronic money institution, company code 304696889, authorized and regulated by the Lithuanian supervisory authority – Central Bank of Lithuania. Central Bank of Lithuania is the part of the Eurosystem and cooperates with the European Central Bank and other euro area central banks.
Our activities include the issuing of electronic money, the redemption of electronic money, issuing and/or acquiring of payment instruments, execution of payment transactions. Our license and all activities covered by this license can be checked here. All our business activities are regulated by the applicable laws related to the electronic money, including, but not limited to the legal acts related to the financial institutions and financial services.
When you trust us with your money and information, we take this responsibility to heart. We maintain bank level security, which is independently tested, audited and reinforced by our highly trained staff. We use a variety of security tools to keep your information safe, such as 2-step login and other verification procedures we specifically designed to ensure that your account is safe from any unauthorized access.
Yes, you can. Please contact us via online banking if you would like to change your registered e-mail or phone number. You can do that by logging in to your account and clicking on the message icon ✉ in the top right menu. Alternatively, you can call us at +44 748 054 933 (phone assistance is available Monday to Friday from 9 AM to 7 PM EEST) or email us at email@example.com.
To grant the permissions, you must send us a request by email at firstname.lastname@example.org or through the online banking messaging option. You will receive further instructions from our Client Care team.
Note: all authorized representatives (individuals who have been granted permissions to manage your account) will have to be verified.
Yes, you can order a periodic statement subscription by logging in to your online banking account, clicking on the ACCOUNTS->Periodic statement->Subscribe and creating the wanted subscription.
You are able to see the currency exchange rates while you perform a currency exchange in your account.
You can exchange currency by logging in to your account and clicking on the PAYMENTS->Payments->Currency exchange option.
Yes, you can create standing orders which can be executed periodically within your chosen timeframe (daily, weekly, monthly).
Yes, you can create a template with beneficiary details, account number and bank.
Yes, you can. Under User and rights tab you can view your daily, monthly and single transaction limits. You can modify them by following the below steps:
1. Click on the name link in the User column.
2. Change the limits up to the maximum amounts provided in your agreement and click Continue. You will need to confirm the operation using the code received by SMS. In case different limits are required, kindly fill in the Request to change transaction limits and upload your signed request to change the transaction limits via online banking.
For additional information, please contact Client Care. You can do so by logging to your online banking and clicking on the message icon in the top right menu. Alternatively, you can call us at +44 748 054 9333 (phone assistance is available Monday to Friday from 9 AM to 7 PM EEST) or email us at email@example.com.
In order to receive funds to your ConnectPay account, you have to use your IBAN account number, SWIFT code, name and surname or company name.
Beneficiary name: < Insert name and surname or company name that holds the ConnectPay account >
Beneficiary account: < Insert your ConnectPay IBAN account number >
Financial institution name: UAB ConnectPay
Financial institution SWIFT/BIC code: CNUALT21XXX
Financial institution address: Gedimino Ave. 20, 01103, Vilnius, Lithuania
Yes. Please note you can receive only SEPA payments to your ConnectPay account at this moment. All EU banks (and many more) support SEPA transfers. SEPA participant countries can be found here. SEPA is the fastest and cheapest way to send and receive funds, most SEPA transactions clear the same day. The fees for receiving SEPA transfers are provided in the IBAN account for business price list and the Personal IBAN account price list. More information about sending and receiving funds is provided in our Payment Guidelines.
Yes. ConnectPay provides two options for money transfers: SEPA transfers and SWIFT transfers.
SEPA (Single European Payment Area) transfers are executed only in the EU and EEA countries, in EUR currency. Switzerland, Monaco, San Marino, and Gibraltar participate along with EEA countries (EU countries, Iceland, Liechtenstein and Norway) in the SEPA scheme.
SWIFT transfers are executed in other currencies and/or in Euro currency to banks in countries outside the EEA or SEPA.
Note: Services are restricted and are not available to the following categories: adult content, carbon credits, cash, charities, counterfeit goods, cryptocurrencies, defense/military, drug paraphernalia, explosives, gambling, high value dealers, illegal goods, MSBs. PSPs, multi-level marketing (MLM), pawnbrokers, political groups, Ponzi/pyramid schemes, precious metals, prostitution, shell banks, speculative trading, weapons.
The fees for both SEPA and SWIFT money transfers are provided in the IBAN account for business price list and the Personal IBAN account price list. More information about sending and receiving funds is provided in our Payment Guidelines.
In order to send funds from your ConnectPay account, you must login to your online banking account, click on the Payments option in the main menu and select Payments from the dropdown.
Yes, you can see status of the money transfer by logging in to your online banking and clicking on the PAYMENTS->List option.
Yes, you can view and download your account statements by logging in to your online banking, clicking on the Accounts option in the main menu and selecting the Statements options in the dropdown.
The International Bank Account Number (IBAN) is the standard for identifying international bank accounts across national borders. The IBAN is comprised of a maximum of 27 alphanumeric characters within Europe. Any business or personal ConnectPay account has an IBAN format.
Please send us an email firstname.lastname@example.org or call us at +44 748 054 9333 (phone assistance is available Monday to Friday from 9 AM to 7 PM EEST) and we will help you recover your details after confirming your identity.
You can use the online banking service to check your account balance, download your statements in PDF or XML format, manage account settings, issue online payments, import payments, view a history log of your account operations, change limits for transfers.
Yes. Any personal IBAN account or IBAN account for business opened with ConnectPay includes free access to our online banking service.
You can easily login by clicking on the ONLINE BANKING button available in the main navigation bar. Alternatively, you can directly access https://onlinebanking.connectpay.com.
ConnectPay discloses your personal information only when this is mandatory to complete the services provided:
a) payment service users (payees and payers);
b) financial institutions (subject to Customer’s consent and in the scope of the personal data of the solely specified by Customer);
c) The Bank of the Republic of Lithuania and the SEPA participant (personal data for these beneficiaries is due to the use of the Single Euro Payments Area – SEPA).
Customers’ personal data may be transmitted to the third parties not specified above for the specified and legitimate purposes only, and only to third parties who have the right established by laws and other legal acts to receive personal data in the countries of the European Union and the European Economic Area.
Yes. ConnectPay is fully compliant with the General Data Protection Regulation, effective of 25 May 2018, with the Legal Protection of Personal Data of the Republic of Lithuania, with all of the other Laws and/or legal acts, as well as all of the European Union acts that are applicable in accordance with the personal data protection regulations applicable for the specific country in which the services are provided.
We do not use the private information you disclose to us by email contact form, phone communication, account application or any other channel that enables the collection of personal data to market our product unless you have expressed your consent.
All subsequent communication initiated by ConnectPay is mandatory to complete your request, in view of:
1. Provision of services of issuance, distribution and redemption of electronic money and provision of payment services;
2. Conclusion and execution of the agreements;
3. Customers’ identifications;
4. Implementation of the obligations under the Law on Money Laundering and Terrorist Financing Prevention.
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