FAQ (Frequently Asked Questions)
How To Open an Account with Paylar For Private Individuals?

In order to open a payment account with Paylar, you need a valid ID or Passport and an internet-connected computer with a webcam or a smartphone with the selfie-camera.

Once you click “Register” on the Paylar.com website, you will be taken to a registration page, where you should provide your email address and other relevant information. After you confirm your e-mail address, using a link sent to you via provided e-mail you shall then be asked to choose a password to protect your account.

Once you are logged in to the Paylar system, you are still an Unidentified user, so, you need to pass the remote identification procedure by clicking the “Verify now” button on the top of the man account page. Then, you shall be taken to the Ondato identification page, where you shall be asked to take a selfie and show your ID or Passport. You will be notified by email if the verification procedure has been successful.

As soon as your data is verified by our staff – your account is ready. Enjoy!

How To Open an Account with Paylar For Corporate clients?

The procedure for onboarding a corporate client is similar to one for the private individual.

After the application is reviewed by our specialists, and the decision to open an account is made, we will ask for the general manager of the company to open up a personal account as described in the section above.

At least one physical person must be appointed to be representative of the company to access the Paylar account. The company can assign as many representatives as required, as long as they are onboarded as private Paylar clients.

Who is eligible to have an account with Paylar?
  • Private individuals – above 18 years of age and have a valid ID or passport, not listed in the international sanction lists.
  • Freelance professionals.
  • Corporate clients – companies from all over the world (with a few minor exceptions).

Is my money safe?

We are a licensed electronic money institution under the close supervision of the Bank of Lithuania. Following the strict client fund separation requirements, we are obliged to keep all of our client’s funds in a separate deposit account at the Bank of Lithuania, at the national banks of the other European Union member states or commercial banks of the EU – member states.

What documents do I need to open a business account?

In order to open a business account, we may ask you to provide the following:

  • Articles of Association
  • Apostilled extract from the Government Register
  • Company Structure (Including UBO’s; Group members and shares percentage)
  • Source of Funds proof (Account Statements, Contracts)
  • Notarized passports of UBO’s
  • Utility Bill of Actual business address. (Apostilled)
  • Transfer from EU Regulated Financial Institution (First Payment)
  • Explanation for the need of banking services in Lithuania (EU)
  • Explanation of business activities ( how the revenue is generated, is it a B2B or B2C business, what are the countries involved in the activities?, main partners)
  • Contracts with partners
  • SOF of the UBO’s ( shareholders)
  • Licenses (if applicable)

We may also ask for additional documents if our onboarding specialists deem required.

In what currencies do you operate?

We currently operate in Euros only within the SEPA area.

USD and RUB currencies will be added shortly.

How can I transfer money to banks and other payment systems?

Transfers from a Paylar account to other banks are performed just like at banks. We can provide you with standard transfers in EUR to the EEA countries via SEPA and worldwide TARGET2 transfers using an IBAN account. Multiple currencies SWIFT payments will be available soon.

To perform a payment, you have to fill in the recipient data, indicate the account number and purpose of payment/reference. In order to transfer money from Paylar to other payment systems, you will have to indicate the client number in the system or other data depending on the payment system.

Why should I identify myself and go through the KYC process?

Paylar complies with the latest Anti-Money Laundering and Counter Terrorist Financing directives. Our goal is to understand who we are dealing with and to follow the international regulations for the sake of security of our clients’ money.

Therefore, Know Your Customer (KYC) process is an integral part of client onboarding. To gain access to our services, every user must verify their identity.

What is a high risk industry?
  • Online shops (fast-moving consumer goods, appliances, etc.)
  • Tourism/travel services (including via the online platform)
  • Online training
  • Freelancers Exchange
  • Advertising and marketing services (including Internet advertising, mobile marketing, website promotion, the page in the social. Networks)
  • Real estate for rent (online platform for rental housing)
  • IT services (including software development)
  • Consulting services
  • Other services related to E-Commerce and agreed with PAYLAR on an individual basis.
What industries Paylar does not serve?
  • Soft drugs/recreational chemicals
  • Adult Entertainment
  • Charitable organizations/activities
  • Car dealers (used cars)
  • Legal entity – a shell company
  • Military-related industries, multiple-purpose goods. 
  • Gambling (casino) / betting (totalizator, bookmaker’s offices)
  • Precious metals and Gems

Deposit limit, daily limit, transfer limit.

Legally there are no limits, however all large transactions have to undergo an extensive due diligence process.

What is a UBO?

A UBO or Ultimate Beneficial Owner is the person or entity that is the ultimate beneficiary when an institution initiates a transaction. A UBO of a legal entity is a person who:

  • Holds an interest of minimum 25% capital of the legal entity
  • Has minimum 25% voting rights at the general meeting of shareholders
  • Receives minimum 25% of said legal entity’s capital as beneficiary

What is a Shell company?

A shell corporation is a corporation without active business operations or significant assets. These types of corporations are not all necessarily illegal, but they are sometimes used illegitimately, such as to disguise business ownership from law enforcement or the public.

We do not onboard companies where there is no connection between the company and UBO. Please get in touch with us directly to discuss your options.

Can’t find the answer to your question?

Please reach out to us directly via email: vilnius@paylar.com for additional information.

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