How to open a business account with an EMI
8 Oct 2026
Opening a business account with an electronic money institution (EMI) is usually faster than with a bank, but it follows the same logic: the provider must understand who you are, what your company does and where its money comes from.
1. Choose two or three providers
Filter the catalogue by what you actually need: IBAN country, payment rails (SEPA, SWIFT), currencies, cards. Applying to several providers in parallel saves time if one of them declines.
2. Check the basic fit before applying
- Which countries of incorporation does the provider accept?
- Does it support your business model and expected volumes?
- Are the fees (opening, monthly, per payment) acceptable?
Most of this is on the provider’s website or in its pricing and terms. If not, ask sales before you upload documents.
3. Prepare documents
See our guide KYB documents checklist. Having clear, current scans ready is the single biggest factor in onboarding speed.
4. Fill in the application carefully
Describe your business in plain words, list your main counterparties and countries, and give realistic monthly volumes. Inconsistencies between the form and your documents are the most common reason for follow-up questions.
5. Pass the video or online verification
Directors and beneficial owners usually confirm their identity online. Use the same documents you uploaded.
6. Answer follow-up questions quickly
Compliance teams often ask for contracts, invoices or source-of-funds evidence. Answer in one message, with all requested files.
7. After approval
Fund the account, test a small incoming and outgoing payment, and set up user roles and limits. Keep your company data up to date: providers review clients periodically.