ibsettle

ibsettle provides e-money accounts for companies and individuals, allowing them to receive, hold, exchange and send funds. The legal entity is ibsettle UAB, also known as IBS Lithuania UAB, with company number 304310405 and an office in Vilnius.

Licence The Bank of Lithuania authorised the company as an electronic money institution (authorisation LB000404, licence 10, approved on 29 March 2017).

Services The listed services are e-money accounts, local and international transfers and FX. Limits depend on the country and on the client's verification.

Important distinction The terms state directly that e-money accounts are not bank accounts and that losses are possible in the event of insolvency. Clients who look for deposit-style protection should read this clause before opening an account, because it separates electronic money balances from bank deposits.

Who it suits The accounts suit businesses and private clients that need a European payment account for transfers and currency exchange, and that accept the e-money model. Fees and the list of supported currencies are not given in the data and should be confirmed with the company.