At IntegralPay we put some effort into thinking what's next when it comes to buying…
Many of the merchants we work with are either based in Europe, or work with European clients and affiliates. This means having access to the European banking system, via a European bank account, in order to receive and send payments.
Thankfully, in Europe, the banking system has opened up quite a bit recently, with the creation of online-only, cross-border banks, as well as e-money institutions (EMIs).
Why a European Bank Account?
Setting up an online bank or EMI account in Europe for your online business can help with:
- Merchant Account Settlements, from European acquirers
- Paying Service Providers and Marketing Affiliates
- Receiving Bank Transfers - SEPA and SWIFT
Accounts for Non-European Businesses
Can you get a European bank account even if you're not a European company or person? Yes! E-money institutions (EMIs) cater to non-European businesses. We can guide you through the setup process.
Some restrictions apply. Some EMIs will not take on US companies or clients due to the complex regulations inherent in dealing with US persons. Also, OFAC sanctions apply, and some EMIs turn away clients from certain jurisdictions they consider too high risk.
Can Your High Risk Business Get a European Bank Account?
European EMIs will consider business types that European retail banks will not accept. Most standard retail banks in Europe are simply not well-versed in the variety of online business out there, and it can be difficult to set up an account when your business is not a traditional brick and mortar one.
In addition, you can set up and use an EMI account much more rapidly and effectively than a retail bank. Of course, standard Know Your Customer (KYC) and Anti-Money Laundering (AML) policies apply to EMIs just as they do to banks.
Set Up Your Account Now
IntegralPay can help you set up a European bank accouunt. Get started now by contacting us and we'll be glad to work with you.