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EMI accounts
Opening accounts with electronic money institutions, and knowing when an EMI suits you better than a bank.
- Accounts with e-money institutions
- How an EMI differs from a bank
- Business and personal
What it is and who it's for
An electronic money institution (EMI) holds funds and makes payments, but it is not a bank. EMIs often serve businesses that operate across borders or in industries some banks do not accept.
Many businesses hold an EMI account alongside a bank account.
Bank or EMI?
Bank
- What it does
- Holds deposits, makes payments and may lend
- Licensed as
- A bank
- Often used for
- Day-to-day banking and holding reserves
- How your money is protected
- A deposit guarantee scheme, up to its limit
- Can it lend your money?
- Yes, that is what a bank does
EMI
- What it does
- Holds electronic money and makes payments
- Licensed as
- An electronic money institution
- Often used for
- Cross-border payments and collections
- How your money is protected
- Safeguarding: your funds held apart from the institution's own, at a bank or insured
- Can it lend your money?
- No
How it works
- 1ConsultationWe talk through what you need, where you operate and what you already have in place.
- 2PlanYou receive a plan that sets out the steps, the documents and the parties involved, so you can decide how to proceed.
- 3Set-upWe prepare the applications and documents with you and coordinate with the providers involved.
- 4Ongoing supportAfter set-up, we stay available for renewals, changes and questions.
Countries
Ten jurisdictions that license electronic money institutions. Each opens with the regulator, how your funds are safeguarded, whether the institutions there onboard remotely and what they ask for.
| Country | Regulator | Safeguarding | Remote opening | Last reviewed | |
|---|---|---|---|---|---|
| United Kingdom | FCA | Safeguarded; not FSCS-protected | Common | 2026-11-11 | |
| Lithuania | Bank of Lithuania | Safeguarded; not deposit-insured | Common | 2026-11-11 | |
| Ireland | Central Bank of Ireland | Safeguarded; not deposit-insured | Common | 2026-11-11 | |
| Malta | MFSA | Safeguarded; not deposit-insured | Case by case | 2026-11-11 | |
| Cyprus | Central Bank of Cyprus | Safeguarded; not deposit-insured | Case by case | 2026-11-11 | |
| Netherlands | DNB | Safeguarded; not deposit-insured | Case by case | 2026-11-11 | |
| Luxembourg | CSSF | Safeguarded; not deposit-insured | Case by case | 2026-11-11 | |
| Singapore | MAS | Safeguarded in trust under the Payment Services Act; not SDIC-insured | Common | 2026-11-11 | |
| Hong Kong | HKMA | Float protected in trust or by bank guarantee; not covered by the Deposit Protection Scheme | Case by case | 2026-11-11 | |
| United Arab Emirates | CBUAE | Safeguarded under the central bank's stored value facilities regulation | Case by case | 2026-11-11 |
United Kingdom
A very large EMI market: GBP and EUR accounts opened remotely, with safeguarded rather than guaranteed funds.
- Regulator
- Financial Conduct Authority (FCA)
- Safeguarding
- Safeguarded; not FSCS-protected
- Remote opening
- Common
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- A very wide choice of EMIs: GBP and EUR accounts, cards, FX and payments APIs
- Many onboard UK and foreign companies remotely; higher-risk industries are placed with specialist providers
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Lithuania
Euro IBANs from the EU's EMI capital, opened remotely with video identification.
- Regulator
- Bank of Lithuania
- Safeguarding
- Safeguarded; not deposit-insured
- Remote opening
- Common
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- Euro IBANs and SEPA access through the Bank of Lithuania's CENTROlink
- Frequently the first account of a new EU company owned from abroad
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Sources
Ireland
EU e-money accounts from Ireland for groups using it as their European base.
- Regulator
- Central Bank of Ireland
- Safeguarding
- Safeguarded; not deposit-insured
- Remote opening
- Common
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- EMIs serving international groups with an Irish or EU base
- Euro and multi-currency accounts with cards
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Malta
E-money accounts from institutions used to Malta's gaming and fintech sectors.
- Regulator
- Malta Financial Services Authority (MFSA)
- Safeguarding
- Safeguarded; not deposit-insured
- Remote opening
- Case by case
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- EMIs familiar with gaming, payments and crypto groups
- Euro accounts and acquiring-linked settlement accounts
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Sources
Cyprus
Euro e-money accounts beside Cyprus's investment firms and merchants.
- Regulator
- Central Bank of Cyprus
- Safeguarding
- Safeguarded; not deposit-insured
- Remote opening
- Case by case
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- EMIs and payment institutions supervised by the Central Bank of Cyprus
- Settlement and operating accounts for CIFs and merchants
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Netherlands
E-money and acquiring-linked accounts from the Dutch payments ecosystem.
- Regulator
- De Nederlandsche Bank (DNB)
- Safeguarding
- Safeguarded; not deposit-insured
- Remote opening
- Case by case
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- EMIs and payment institutions with strong card-scheme and acquiring links
- Euro accounts for European e-commerce
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Luxembourg
E-money accounts from the institutions that power Europe's platforms and marketplaces.
- Regulator
- Commission de Surveillance du Secteur Financier (CSSF)
- Safeguarding
- Safeguarded; not deposit-insured
- Remote opening
- Case by case
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- Large EMIs and payment institutions serving European marketplaces and platforms
- Euro accounts with substance expectations
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Singapore
Multi-currency e-money accounts in Singapore, often the quickest first account for a new company.
- Regulator
- Monetary Authority of Singapore (MAS)
- Safeguarding
- Safeguarded in trust under the Payment Services Act; not SDIC-insured
- Remote opening
- Common
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- Major Payment Institutions offering multi-currency accounts, cards and FX
- Often faster than a bank for a new Singapore company
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Hong Kong
Licensed stored-value wallets in Hong Kong for companies waiting on, or working around, a bank account.
- Regulator
- Hong Kong Monetary Authority (HKMA)
- Safeguarding
- Float protected in trust or by bank guarantee; not covered by the Deposit Protection Scheme
- Remote opening
- Case by case
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- Stored value facility licensees offering multi-currency wallets and cards
- Used by trading companies that cannot yet place a bank account
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
United Arab Emirates
Licensed wallets and payment accounts for UAE companies, under the central bank's stored-value rules.
- Regulator
- Central Bank of the UAE (CBUAE)
- Safeguarding
- Safeguarded under the central bank's stored value facilities regulation
- Remote opening
- Case by case
How an EMI account differs from a bank account
An electronic money institution holds your funds as e-money and makes payments, but it is not a bank. Client funds are safeguarded in a segregated account at a bank or by insurance; they are not covered by a deposit guarantee scheme. Many businesses hold an EMI account beside a bank account, or before one.
Local notes
- Stored value facilities and retail payment service providers licensed by the central bank
- Dirham and multi-currency wallets for UAE companies
What the EMI asks for
- Company documents and the beneficial owners
- A description of the business, its clients and its payment flows
- Identity verification (usually by video) and proof of address for directors and owners
- Where the funds come from
How opening works
We shortlist the banks whose criteria fit your company, its owners, its activity and the countries it trades with; prepare the application and the business description the bank's compliance team expects; and answer their questions with you until a decision is made.
Last reviewed: 2026-11-11
Sources
What the EMI asks for
The exact list depends on the provider. Most ask for:
- Identity documents and proof of address for owners and directors
- Company documents, for a business account
- A description of the business, its clients and its payment flows
- Where the funds come from
Frequently asked questions
Still have a question?
Talk to usHow long does it take?
It depends on the jurisdiction, the provider and the documents involved. We give you an estimate for your EMI account after the consultation.
What does it cost?
Costs depend on the jurisdiction and on the services you choose. We set them out for your EMI account after the consultation, before any work starts.
Do I need to travel?
Some steps can be completed remotely and others need you in person. We tell you which applies to your case before you start.
Used in these set-ups
What comes next
Each service leads to the next: the structure, then the accounts, then the payments and the licence.
Plan your EMI account
Talk to us- IncorporationForming a company or foundation, and keeping it in good standing.Talk to us
- BankingBusiness and personal accounts, and accepting payments.Talk to us
- LicensingFinancial licences for regulated activities.Talk to us
- InvestmentsOpening investment accounts for a company or for yourself.Talk to us