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Elpaso is a UK-based payment system (PS) that allows clients to open settlement accounts remotely. Virtual IBANs and electronic wallets are also available for opening. The PS supports SEPA and SWIFT transfers.
Elpaso is a licensed payment system serving citizens of more than thirty EEA countries.
Account Opening
The fee for assistance in opening an account by Sowana is €300.
Corporate and personal accounts are available for opening.
The payment system opens accounts only for companies registered in the EU/EEA and Hong Kong (preferably without nominee structures).
Accounts are also opened for operations in the field of information technology and the Internet. A company website is mandatory.
Elpaso does not serve politically exposed persons (within the company ownership structure), individuals on sanction lists, companies registered in offshore jurisdictions (except Cyprus), or companies with P.O. Box addresses.
Fees
Individuals can open accounts free of charge. The cost of opening an account for legal entities is €500.
The account opening fee includes the assignment of an individual IBAN in euros.
The PS has no physical branches. Account management is conducted through internet banking.
Transfer Fees
Account maintenance fees are:
- Individuals – free, for account balances up to €100,000;
- Legal entities – from €50 monthly, depending on the average monthly account balance.
Incoming and outgoing payments within the ELPASO system are free of charge.
Please note that the payment system supports only incoming payments in euros; outgoing payments can be made in various currencies.
More detailed information about the payment system’s fees can be found here.
Account Opening Requirements
To set up an account, certain preparations are necessary, including the compilation and submission of required documentation. The preparation time directly depends on the client. The account opening period ranges from 5 to 10 business days from the moment the necessary documentation is submitted to the PS.
The PS may request additional information or documentation, which can extend the account setup period. A refusal may occur without explanation.
Staff communicate in English and Russian. Card issuance is planned.
Documentation
Originals of all company founding documents are required. Additionally, the following must be provided:
- Extract from the register, including all company details, not older than 6 months;
- Ownership structure diagram and registry declarations for each ownership level;
- Documents confirming the company’s activities and the origin of funds;
- If there is an account in another bank, a statement for the last 6 months;
- Confirmation of the current business address (rental agreement, utility bill, phone bill) not older than 3 months;
- Identification numbers of the company and shareholders (if applicable);
- Company website.
Documents for the client manager:
- Original internal passport;
- Original international passport;
- Original identification code;
- Selfie with passport;
- Original utility bill (gas, electricity) not older than 3 months (to confirm residential address).
Documents related to the company’s beneficiary:
- Original internal passport;
- Original passport;
- Original identification code;
- Selfie with passport;
- Original utility bill (gas, electricity) not older than 3 months (to confirm residential address).
Also required are documents confirming the beneficiary’s source of income (assets). The package may include:
- Employment certificate indicating salary and account statement showing salary payments;
- Tax declarations;
- Documents confirming inheritance received;
- Documents confirming fund transfers and their presence in accounts;
- Documents confirming the sale of movable/immovable property.
If the beneficiary is the company’s founder, documents related to the company, company account statements, tax declarations, and documents confirming dividend payments must be provided.
If the beneficiary is a private entrepreneur, a registry extract, entrepreneur’s tax declarations, and bank account statements must be provided.
Additionally required:
- Bank certificate confirming the presence of a deposit, as well as documents confirming the source of funds;
- Other documents confirming sources of income.
The payment system may request additional documents/information during the account opening application process.
Account Opening Process
Visiting the office is necessary for completing questionnaires and certifying documents of the company, director, and shareholder. Then, the papers are sent to the payment system for approval, after which the account is opened. Personal attendance is not required. The payment system’s website is elpaso.co.uk.
For detailed information on the conditions for opening an account with Elpaso, please contact us. We will answer your questions and assist in opening an account with Elpaso or another payment system of your choice.
Call us on messenger: +372 552 00 78
Write to us: info@sowana.ee
Subscribe to our Telegram channel @EstoniaSowana to stay updated with relevant articles.
You deserve accurate information and assistance from attentive specialists!
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Please note that while the formatting has been preserved, some specific details such as fees and procedures may vary over time. For the most current information, it’s recommended to visit the official Elpaso website or contact their support directly.
If you need further assistance or translations into Estonian, feel free to ask!
