Frequently asked questions
How can we help?
Is SatchelPay a bank?
No, SatchelPay UAB is an Electronic Money Institution, licensed by the Supervision Service Department of the Central Bank of Lithuania and granted the electronic money institution license Nr. 28, with a payment system participant code Nr. 30600, that conducts business under the laws of the Republic of Lithuania, according to the EU Directive (2009/110/EC) and the EU Directive (2015/2366) on EU-wide payment services.
Why to choose SatchelPay?
SatchelPay is a unique platform for covering all transactional needs of private individuals and corporate clients.
This is Electronic money institution, where clients benefit from receiving and issuing pay-outs through various methods (e.g. bank transfer, payment card, various eWallets, etc.) at the highest speed and with lowest commissions.
Receiving funds and forwarding them has never been easier. Unique IBAN for every customer, wide range of loading channels, instant access to funds through Prepaid cards, solutions for transferring funds to almost any card of any bank within minutes 24/7, personal manager, as well as other benefits – make SatchelPay an ideal financial partner for any client.
Is my money safe with SatchelPay?
Yes, your money is always safe with us. Unlike traditional banks, SatchelPay does not invest your money. Therefore, your money is always instantly available. Applicable regulations set by the Central Bank of Lithuania, which is a governmental institution directly regulated by the European Central Bank, require all funds that are deposited on SatchelPay accounts to be stored within segregated accounts in credit institutions and always kept readily available for client withdrawal.
Is SatchelPay secure?
When you trust us with your money and personal information, we take full responsibility over it. 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 personal data safe, such as two-step login and other verification procedures we specifically designed to ensure that your account is safe from any unauthorized access.
Which countries is SatchelPay available in?
SatchelPay is a digital banking alternative with worldwide coverage, offering full financial freedom. You can open an account with us regardless of your citizenship or financial history, but we do have a list of countries from which we are not allowed to onboard clients.
How to sign up?
Signing up for a SatchelPay account is free, simple and can be done online. To start the sign-up process, press the “Open an account” button on the Home page, then proceed to the application form. After the submission of an application form, your case will go through our compliance review. This step can take up to 7-10 business days. In some cases, we may ask you to provide additional information in order to complete everything in accordance with our regulator’s requirements.
The phone number entered in the registration form will be used as your main contact number and cannot be used for other SatchelPay registrations for the same type of account;
After your documents have been checked, your account will be opened and you will receive two emails from SatchelPay with the secret verification code and a password setup link.
After your password has been set, please proceed to Google Play or Apple Store and download our app.
The final stage of the account opening process is verifying your identity through our mobile app. Your mobile phone must have a front camera. Please have your passport or a national ID ready as well.
What is ID verification?
It is an identity verification procedure, which takes the form of a one-time video call though our partners Onfido (onfido.com).
How do I complete the video ID verification call?
Our partners (Onfido) have developed a safe, secure and comfortable method for digital ID verification in real-time anywhere in the world. To initiate your one-time video ID verification process, please log in to your SatchelPay Mobile app from your smartphone, using your email address and password. During the video call you will take photos of your passport or national ID, make a selfie, move your head to the right and left and pronounce a few numbers, which will be given to you by the system. It will not take more than one minute of your time.
Here are a few tips on how to prepare yourself for the video ID verification call:
Ensure you are in a quiet place with a strong internet connection and good natural lighting.
Prepare an identity document and keep in mind that depending on the country of issue, you can either use your national ID or an international passport. Find your country of residence and check what document you can use.
Important: you can pass the verification with a national ID or passport if you are an EU resident and with a passport ONLY if you are a non-EU resident.
Why is the video ID verification call necessary?
SatchelPay is licensed by the Supervision Service Department of the Central Bank of Lithuania and has been granted the electronic money institution license Nr. 28, with a payment system participant code Nr. 30600, that conducts business under the laws of the Republic of Lithuania, according to the EU Directive (2009/110/EC) and the EU Directive (2015/2366) on EU-wide payment services. We are legally required to verify your identity before we can open a SatchelPay account for you. Video ID verification procedure is a legally-compliant remote identification process, designed to comply with the latest banking regulations and laws, as well as the Anti Money Laundering Act (AML).
Can I use someone else’s smartphone for the video ID verification call?
Yes, you can use someone else’s smartphone to complete your video ID verification call. To do so, simply install the SatchelPay mobile app on that device and sign in using your email and your password. Then, follow the steps and complete your ID verification.
Note: If you are not planning to use the SatchelPay mobile app on that device, please remember to log out from your account (“My Profile“ -> “Log Out“) and delete the app from that device.
How old do I have to be to use SatchelPay services?
At the moment, the minimum age for becoming a SatchelPay client is 18. We are working to lower it down in the future, developing products for younger generations.
SatchelPay Current Account
Where is SatchelPay corporate account available?
SatchelPay for Business is currently available for companies that are registered and have a physical presence in the European Economic Area (EEA) or Switzerland. This includes the following countries:
Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
We will soon be expanding beyond these countries. Please, feel free to register your interest and we will notify you when our services become available in your country.
What can I do if my country is not supported yet?
We will add your application to our priority waiting list and will notify you as soon as our services become available in your country.
Creating a corporate account
In order to open a business account, you will need to fill out a short online application form. This should only take about 10 minutes.
Once you have submitted your application, you will join a short queue. Our team will review your application, possibly reaching out to you to confirm a few details. It usually takes between 1-7 days to open your business account, but it may take a bit longer if we are dealing with high demand.
What types of accounts do we offer?
Once we have opened your master account, you should receive a EUR account with unique IBAN and BIC details.
You will also be able to opt in for a Premium Plus account, which has a unique multi-currency IBAN and is available in 25 other currencies via SWIFT or SEPA. In order to opt in for Premium Plus, please contact our Support team at firstname.lastname@example.org
The currencies are:
AUD, RUB, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, TRY, ZAR and AED.
Providing information for onboarding
To open a corporate account, we will need:
Your name, address, a photo of your ID and a selfie, so we can carry-out a quick identity check.
Name, address and incorporation details of your business.
A short description of which activities are being performed by your company and where.
Basic details about the primary shareholders/directors of your company. They must also be subject to an identity check, which you can submit on their behalf.
To open a personal account, we will need:
Your name, address, a photo of your ID and a selfie, so we can carry-out a quick identity check.
A short description of which activities are being performed by your company and where.
Once we have reviewed your application, we may ask you to confirm a few details about your business. We suggest having the names and details of the primary shareholders of your company, as well as a brief description of your activities ready.
What requirements are there in place for beneficial owners and directors?
To open a SatchelPay business account, we need to confirm the details of the directors and primary shareholders of your company. This policy is in line with a banking regulation commonly known as ‘Know Your Customer’ (KYC), which helps businesses verify the identity of its clients.
You will need to provide the details of the individuals who own more than 25% of the cumulative shares of your business. These shareholders and directors will need to provide a high-quality photo of an official ID, which is valid for at least the next three months. You can invite them to submit their ID check themselves or upload the documents on their behalf.
Please note that we may ask for additional documents.
Does SatchelPay provide online banking services?
Yes. Any personal or corporate IBAN account opened with SatchelPay includes free access to our online banking services.
What is an IBAN? Will my SatchelPay account have an IBAN?
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 corporate or personal SatchelPay account has an IBAN.
Where can I find my IBAN?
SatchelPay Web Client Office – Sign in to your SatchelPay account and go to the “Accounts” menu on the left side of your screen → “Accounts” page → Choose the needed currency (if you have two or more currency accounts). Click on the Funding Instructions tab. After that, choose one from the available accounts and click on it.
SatchelPay Mobile App – Sign in with your passcode and press on the needed currency (if you have two or more currency accounts), → “Add funds” → After that, choose one from the available accounts and click on it.
What details should I provide if I want funds to be sent to my SatchelPay account?
In order to receive funds to your SatchelPay account, you must use your IBAN account number, SWIFT code, name and last name or company name.
Beneficiary name: < Insert name and last name or company name that holds the SatchelPay account >
Beneficiary account: < Insert your SatchelPay IBAN account number >
Financial institution name: UAB SatchelPay
Financial institution SWIFT/BIC code: STUALT21
Financial institution address:Geležinio vilko g. 18A, Vilnius, LT-08104, Lithuania
Can I receive funds to my SatchelPay current account?
Yes. Please note that at the moment you can only receive SEPA payments to your SatchelPay master account. All the EU banks (and many more) support SEPA transfers.
SEPA is the fastest and cheapest way to send and receive funds. Most SEPA transactions are executed and reach destination on the same day. The fees for receiving SEPA transfers are provided in the Corporate account fees list and the Personal account fees list.
Can I send funds from my SatchelPay current account?
Yes. SatchelPay 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 bank account holders in countries outside the EEA or SEPA zones.
The fees for both SEPA and SWIFT money transfers are provided in the fees list.
How can I open a new currency account?
Please, contact our customer support by sending an email with the inquiry to email@example.com. Do not forget to specify the currency of the account you want to open.
You can open up to 25 currency accounts supported by our platform – AUD, RUB, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, TRY, ZAR and AED.
How can I close a currency account that I no longer use?
We do not advise closing your SatchelPay account permanently, as it can take some time to set up a new account with the same details.
However, if you would like to close your account, simply contact our Customer Support team at firstname.lastname@example.org from your registered email, or call us on +370 5214 1818, so we can start the account closure.
Please, bear in mind the fees that will be charged for the account closure according to your tariff plan. You can find them here.
How can I deposit money to my SatchelPay account?
At the moment, the only available option of funding your account is via a bank transfer.
You can make a bank transfer to your SatchelPay currency account via online or mobile banking or at your nearest branch. Here is how you can find your account details, which are necessary to make a transfer:
SatchelPay Web Client Office – Sign in to your SatchelPay account and go to the “Accounts” menu on the left side of your screen → “Accounts” page → Choose the needed currency (if you have two or more currency accounts). Click on the Funding Instructions tab. After that choose one from the available accounts and click on it. Account details, such as Currency, Bank, IBAN, SWIFT BIC , and Beneficiary Name will be shown.
SatchelPay Mobile App – Sign in with your passcode and press on the needed currency (if you have two or more currency accounts), → “Add funds” → After that choose one from the available accounts and click on it. Account details, such as Currency, Bank, IBAN, SWIFT BIC , and Beneficiary Name will be shown.
Note: If you are making a transfer from another SEPA accredited European bank account to your SatchelPay account in EUR currency, you have to make sure you are making a SEPA transfer in order to avoid any additional fees charged by your bank. Your money will be credited to your SatchelPay account within 1-3 business days.
How can I deposit money to my SatchelPay account via credit/debit card?
Unfortunately, this option is unavailable at the moment.
How do I submit a complaint?
The Complaint shall be submitted via:
1. Registered mail sent to the Gostauto g. 40-1, Vilnius, Lithuania;
2. E-mail email@example.com;
3. Online form https://www.satchelpay.com/en/customer-complaint-form/.
We often get really useful critical feedback from customers, so please be clear the matter of your complaint when getting in touch, so we take appropriate action.
How can I order a prepaid card?
You can order a prepaid card, which will be linked to your SatchelPay account.
Note: You can order a prepaid card if you have a current account with SatchelPay.
Can I get a card without opening a current account with SatchelPay?
Unfortunately, to get a card you should open a current account with SatchelPay.
When will my card be delivered?
After your order is placed, the card will usually be sent within the next working day. Standard delivery time is currently up to 20 working days. Express delivery to the EU countries and the UK should take no longer than 3 business days. Express delivery to other countries should take up to 5 business days.
How many cards can I get with my SatchelPay account?
There are no limits on cards amount per account.
What currency can my SatchelPay card be issued in?
At the moment your card could be issued in the following currencies: EUR, GBP and USD.
How to top up SatchelPay card?
In order to instantly add funds to your SatchelPay card, please create a Card Top-up payment, choose an account you want to use for funding and a card you would like to top-up. Then, enter the amount and narrative if needed.
Are there any card limits?
You can check SatchelPay card limits here.
In order to upgrade your card limit, please contact firstname.lastname@example.org
Can I withdraw money from SatchelPay card in the ATM?
You can withdraw money from SatchelPay card in any AMT which supports MasterCard.
Please note that there are limits on withdrawals.
You can check SatchelPay card limits here.
Can I pay online with a SatchelPay card?
Yes, you can pay online with your SatchelPay card. Please be sure to enable online transactions, and check the balance of the card is higher than the transaction you wish to perform.
How to enable online transactions?
To increase the security of online transactions we prevent any card payments from being executed by default. You can enable online transactions for 30 minutes by going to menu Cards -> Card settings and click ‘Enable’
I lost my SatchelPay card. What should I do?
If you have lost your card, you should instantly notify our Cards team at email@example.com and ask to block your card. The team will lead you through the following steps.
My card is about to expire. What should I do?
One month before you card’s expiration date you will receive a notification concerning card replacement. In the same notification you will be asked to indicate your delivery address. Your card will be shipped to you completely free of cost. This feature is particularly useful for people whose current address is other than the one stated in their SatchelPay account.
Note: Please, keep in mind that once you receive your new card, you must activate it on the SatchelPay Web Client Office or via the mobile app.
Can I block the SatchelPay cards linked to this currency account?
Yes. To do so, please send an inquiry to customer support at firstname.lastname@example.org.
How long does it take to transfer money from my SatchelPay account?
Processing times for outgoing transfers depend on the type of transfer.
Internal system transfers are instant.
SEPA transfers take between 1-2 business days.
SWIFT transfers take between 3-5 business days.
What currencies can I send/receive bank transfers in?
At the moment, SatchelPay can offer you two types of unique IBANs that you can use to send and receive transfers.
First option – unique LT IBAN, which is connected to your master account and supports only EUR on incoming and outgoing transactions and only for SEPA format/zone.
Second option – unique LU IBAN, which has to be opened in addition to your master account. The name of the service is Premium Plus, and with this type of account you can send/receive bank transfers in the following currencies: AUD, RUB, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, TRY, ZAR and AED. For the moment, you are not able to send and receive USD transfers on your unique IBAN.
I want to send/receive a transfer in USD, what should I do?
The outgoing/incoming bank transfers in USD are available only via Shared IBAN. If you want to receive or send funds in USD, please contact our support team at email@example.com for details on how to proceed with the Shared IBAN option.
I did not receive a transfer in its full amount. Were additional fees charged?
We do not charge any fees when you deposit money to your SatchelPay account via a bank transfer. However, when making an international money transfer, the sender can choose the party that covers the outgoing transfer fees. Additionally, when receiving SWIFT transfers, the correspondent (intermediary) bank may deduct processing fees from the amount that was transferred to you, hence additional fees are charged.
I made a transfer to a wrong IBAN. What should I do?
If you made a transfer to a wrong IBAN, please immediately notify our support team at firstname.lastname@example.org and ask them to initiate a Payment Reversal. Please note that we can’t guarantee the reversal of the amount, if the payment order has been executed and paid to the recipient. We advise you to first request the return of the money from the payee.
What are internal transfers?
Internal transfers are the transfers between SatchelPay users. To proceed with an internal transfer, you need to have the recipient’s:
SatchelPay Account number
Internal SatchelPay system transfers are instant and only take a few seconds to be processed.
How can I make an internal transfer to another SatchelPay account for the first time?
Enter the account number of the recipient, and the system will automatically search the database. Then, all you need to do is enter the amount you want to send. The transfer is executed instantly.
Login and Password
How do I log in to online banking?
You can easily log in by clicking on the ONLINE BANKING button available in the main navigation bar. Alternatively, you can directly access it at https://my.satchelpay.com.
How can I change my password?
Feel free to contact our Support team in order to change your account data at email@example.com.
I forgot my password. How do I reset it?
If you have forgotten your SatchelPay password, but remember your email address, please call our Customer Support on +370 5214 1818, so we can confirm your account ownership and assist you with changing your password.
What is 2FA (Two-Factor Authentication)?
At SatchelPay we aim for an improved user experience, while maintaining high security standards. This is why we have a two-factor authentication (2FA) in place for your SatchelPay Web Account, which adds an extra layer of security that protects your account from unauthorized access and keeps your money safe. With 2FA you will be required to enter both, your normal password and a different code each time you sign in to your SatchelPay Web Account, as well as any time you are making an outgoing transfer.