The EBF is a trade association representing the 32 national banks of Europe including EU and EFTA countries. The EBF provides a voice for all European banks whether they are big or small, retail or wholesale, international or local. In all the European Banking Federation represents about 2 million bank employees from about 3,500 European banks. The federation is committed to supporting economic growth; creating a single market for financial services and playing an active role in all regulatory debates related to the European and international banking industry. Through the EBF the views and experiences of Europe’s banking professionals can be heard and contribute to shaping relevant policies.
The EU parliament regulation (EC) 924/2009 makes it mandatory for all cross-border euro payments up to 50,000EUR between European Union member countries to have the same charges as domestic payments within those EU countries.
This regulation is not applicable to all SEPA countries but does include Switzerland which is a SEPA-member country but not a member of the European Union. Although the Cross-Border Payments Regulation regulates transfer fees it does not regulate currency conversion charges. This means that SEPA non-euro transactions can still incur currency conversion charges unless specifically banned by national law. Please read more about SEPA transfer here.
There is no doubt that a prepaid credit card is the best business credit card a small business can have. A prepaid, or reloadable, business card enables new business owners to supervise their business’ financial affairs in a most efficient way, refuting the risk of running into major credit debts. First, and most importantly, a prepaid debit card only enables its user to employ funds that were ‘uploaded’ to the card. In other words, the debit card is by no means affiliated with the business’ checking account. Second, most providers do not charge an annual or employee card fee. This enables business owners to request several debit cards, providing each employee or key-member of the company with a different card for tracking the employee’s expenses. Since each card can be designated with a different spending limit, thus guaranteeing that employees conduct themselves within their designated budget, a small business owner can efficiently monitor all transactions and make sure that there are no deviations or credit debts that are accumulating
Nowadays, one can easily purchase a prepaid credit card. It is possible to do so online, yet they are also available in many stores. While there are many captivating prepaid cards available for purchase, some of them belong to unknown brands, and therefore, it is advisable to make an informed decision before deciding which card to purchase. Many prepaid cards now voluntarily provide consumer protections. Read more on best business prepaid cards here
When purchasing a prepaid debit card online, there is a straightforward application process. One must first open a business bank account online, providing the bank or company that issues the card some personal information – Social Security Number or Business Tax Identification Number, Business License specifying both business and owner’s name, Business name filing document, etc. As soon as the application process is completed and approved, a prepaid debit card will be automatically sent to you within 6-9 business days.
Opening a virtual bank account is an incredibly simple process.
As part of the application process you will be asked to provide some personal and contact information, your Social Security number and some additional information for bank identification purposes. In order to ascertain that no one is trying to open an account in your name, information from public records, credit agencies and other financial institutions will be accessed by your bank. This will be followed by a series of questions only you can answer, such as choosing, from a series of dates, the date of a certain transaction or loan you took. After signing the general terms and conditions for account opening, your virtual bank account will be given a unique identification number. Therefore, you will be able to differentiate your virtual bank account from other existing accounts, within the master account.
In essence, a virtual bank account is a ‘subsidiary’ of your actual physical account, allowing you to conduct your businesses without ever entering a bank. With a virtual account, you conduct your affairs electronically, using a computer, or, more conveniently, your mobile phone.
Occupying no actual space, a virtual bank account cuts down in labor and overhead costs, and, consequently, virtual accounts can offer low administrative costs, higher interest rates and lower service fee. With an expanded use of information technology, a virtual bank account allows you to conduct your businesses with dexterity, at all times.
Additionally, with a business bank account you can enjoy fast transactions, improved cash flow and an upgraded account reconciliation process. Once opening a virtual bank account, you can withdraw and deposit money, pay your bills online, check account details, and, generally, save yourself time and efforts in managing your financial lives.
Opening an IBAN Account for companies in Europe can be quite difficult, if you are not aware of all options, regulations and ability of the financial institutions in Europe. Please enter the link for more information of how to open virtual bank account with IBAN.
ICO is Initial Coin Offerings. read all about ICO here
A digitalized nation, Estonia offers agreeable regulatory framework and taxation for those wishing to start a cryptocurrency business in Estonian jurisdiction. As a first step of starting a cryptocurrency business, one has to set up an Estonian company – Estonian Private Limited company being the prevailing business form. Then, it is necessary to obtain an activity license by submitting the following documents to the approval of the Estonian Financial Intelligent Unit: Certificate of (Non) Conviction from the National Criminal Register for shareholders, board members, ultimate beneficiary owners, management and key personnel, along with their CV’s; the company’s rules of Procedure for Anti Money Laundering (AML) purposes; and description of strategic planning. Once a state fee of 345 Euros is paid, a reply should be given within 30 days.
There are several prominent forms of e-banking services.
- Internet banking – can be accessed via your personal computer, laptop or tablet.
- ATM banking – a computerized telecommunication system, allowing customers access to their bank accounts in order to perform a few central banking tasks, such as depositing cheques and cash withdrawal, without the mediation of a teller.
- Tele-banking: through a telebanking number, and a series of instructions given by a user-friendly online menu or an Interactive Voice Response system, customers are granted access to their account.
- Smart card: through its embedded integrated circuits, also known as a microprocessor, the Smart Card can be used in international financial transactions – one such example being the Reloadable Transport card.
- Reloadable prepaid debit card for corporate: while it functions similarly to physical money, when using the debit card method, no actual money changes hands when a purchase is made.
- E-cheques: a method which parallels the traditional paper cheques.
Virtual corporate accounts are like “subaccounts” that route funds to and from a linked “master” current account (your regular physical bank account). A virtual bank account allows you to do all your transactions online so that you can do your business from anywhere in the world at anytime. For this reason (and others) virtual bank accounts are extremely useful to companies and much more cost efficient. A virtual bank account with IBAN can improve your business and streamline your business banking.
You will need to open a new business bank account in order to make and receive payments as well as making your business legitimate. In fact opening a business bank account should be the first thing you do after your company is officially registered and established. The best business checking account for startups should allow you to pay suppliers, employees and affiliates; receive payments from clients; keep track of expenses; convey finances to investors; plan your budget and manage employee salaries.
The best startup bank account allows options for payments in and out. Your account must facilitate the kind of transfers you will be making. You should have several options for incoming and outgoing payments for example transfers in multiple currencies. Check your account payment options before opening the account.
The Payment Services Directive (PDS) defines “a payment institution” as a legal entity that is authorized to provide payment services in Europe. The Payment Services Directive (PSD) was implemented in the EU in 2009 establishing regulations by which all payment services providers must abide. The PSD was transposed by S.I.N.383 of2009 European Communities (Payment Services) Regulations 2009 and came into effect in Ireland on 1st November 2009. The Central Bank of Ireland is the authority in charge of implementing the Directive. As such all payment institutions must be authorized by the Central Bank to provide payment services in the EU. All those providing payment services in the EU are subject to the provisions of the PSD regulations.
Having the right documents in place when opening a business bank account will make the process run smoothly. It will not only make your life easier it will also make a good impression on the bank and they will treat you as a serious and reliable client. Banks are required to do due diligence in verifying the name and nature of any business before opening a corporate bank account.
Many visitors and customers ask us this question. please follow this link for an answer.
When choosing a money transfer app to send and receive money internationally you should consider:
- What is the focus of the app? Is the app intended for private use or for corporate use? Does it function as an additional bank account? Apps which are geared towards private or business use differ in the services they provide.
- What services does the app provide? What are their working hours? What languages can be used on the app? Does the app have a personal account manager function? Is the app recognized internationally? What fees does the app charge? What is the overall cost?
For more information about the best international money transfer apps go here.
Cryptocurrencies like Bitcoin, Litecoin, Ethereum and Zcash are traded on multiple exchanges.
Setting up your own cryptocurrency exchange can be highly profitable yet creating a custom-built exchange platform can be costly and time consuming. White label platforms are available to set up your own cryptocurrency exchange without the unnecessary expense and time consuming issues which could slow down your time to market. By using a white label solution you can take advantage of tried and tested software, business solutions, resources and tools. Please note that the Cryptocurrency market is yet without solid world-wide regulation, but this situation is changing and more and more cryptocurrency regulation is being adopted.
In this way you can integrate your unique branding with a customized user-interface but without investing in infrastructure and technological development. Using a white label cryptocurrency exchange solution you can have immediate market launch. With a white label exchange solution you can focus on building your brand; promoting services and user retention while the white label solution provides a proven technical framework
The background check process initiated when you apply for an online gaming license includes submitting personal documents; authorizing the release of your personal information by third parties; authorizing tax authorities to share your tax returns; release of court records and financial institutions to share your credit history. Investigators will verify that the information included in your application is true, including the information given about your education and employment history. click here for more information regarding Online Gaming License Background Check
Recommended KYC Methods include:
- Gathering and analyzing basic personal information (CIP or Customer Identification Program)
- Verifying names against a list of familiar parties (for example PEP or Politically Exposed Person).
- Assess the customer’s risk in terms of their likelihood to engage in identity theft; commit money laundering or terrorist financing.
- Determine the customer’s expected transaction behavior.
- Monitor the customer’s transactions and compare to their expected behavior and known profile as well as the customer’s peers
The country of Curacao is a Dutch Caribbean island. In 1996 Curacao started issuing offshore gambling licenses from the Curacao Gambling Commission. It is recognized as one of the most popular jurisdictions for offshore gambling licensing services. Curacao offers one license type which covers all games of chance and skill as well as sports betting bookmakers.
In order to be licensed in Curacao gambling enterprises must register with the Chamber of Commerce of Netherlands Antilles as either an offshore or onshore entity.
Before licenses are issued in Curacao the gambling enterprise must deposit approximately US$40,000 in a Curacao bank, payable to the Curacao Department of Justice for the purpose of investigating the licensing application – this is for master license only. For sub-license there is no sum.
Once your gambling license application has been approved in Curacao you are required to pay a monthly fee of a few thousand US dollars for the maintenance.
Securing an online casino license/ offshore gaming license is one of the most
critical steps necessary if you want to start an online gaming enterprise. A gaming license gives your website credibility; it avoids complications with international laws and allows you to legitimately operate your business from a financial and banking point of view.
The licensing process requires extensive resources, time, money and knowledge of gaming laws so it is extremely advisable to consult with a professional expert in gaming regulations. This will save you time, money and a lot of frustration. It is virtually impossible to simultaneously run a business and go through the complex process of gaining a license. You require the services of a professional who has connections and knowledge of the gaming licensing laws in offshore jurisdictions.
By grouping together a number of businesses of various levels of risk the collective risk of the account, refund level and chargeback level is balanced out. The low risk businesses in the group balance out to offset higher risk businesses within the aggregate account. Banks view aggregate accounts as lower risk than accounts belonging to high risk businesses alone. This way you keep the bank happy and you have the credit and bank services that you require for your high risk business. Aggregate High Risk Merchant Account can only be set up by processors and under no circumstances can you share your regular merchant account with other businesses to gain the same result. If you attempted to share your merchant account and the bank discovered this your account would be permanently and immediately terminated.
GBO assistance with finding merchant services can help you obtain credit card processing services for your high risk business using the many solutions available to them.
Corporate bank accounts are provided with services which respond to the needs of businesses. For this reason the regulations and procedure for opening a corporate account are different to that of a personal or investment account. Primarily corporate accounts are opened to meet the needs of a business.
An offshore online gambling license is essentially a license issued by a jurisdiction, meaning one outside of the country of origin of the company’s owners. Offshore gambling licenses like Curacao gaming license can be issued by jurisdictions around the world, although some countries do oppose the operation of online gambling business within their borders and the sale of services to its residents.
Some of today’s biggest online casino brands and betting industry giants hold offshore online gambling licenses, many of them in multiple jurisdictions.
E-commerce businesses have certain requirements that traditional enterprises do not have, therefore it is important to open an account in a jurisdiction that has a certain level of infrastructure available. Some of the things a jurisdiction should have in order to qualify as a suitable location for an offshore ecommerce merchant account are:
- Robust infrastructure
- Stable government (politically and economically)
- Reliable internet connections
- Banking and financial institutions with knowledge about e-commerce businesses
- Access to qualified human capital
Basically, acquiring banks request, as a basic condition, processing history of the last 3-6 months so if you are a new online business and don’t have any processing history, it can be quite difficult to open a direct merchant account so usually new online companies start with an aggregate merchant account and if their overall performance after a while is OK (low chargebacks, high volume, no refund issues), then it is possible to approach the bank and ask for a direct (MID) merchant account.We can assist to new companies (with no previous processing history) and to existing companies that are looking for additional processing options, read more here and contact us
There are 2 types of licenses in Curacau, a Master License and a Sub-License. With both licenses you can operate an internet gaming business (Poker, casino games, bingo, sport betting, scratch, online lottery, etc). The difference between the master license and the sub-license is that the master license can issue sub-licenses while the sub-license can not issue sub-licenses
In order to obtain the sub-license we first need to incorporate a company to which the sub-license would be issued to. The company does not need to be incorporated in Curacao but can be incorporated in any jurisdiction – onshore and offshore.
Once the company is incorporated we can submit the application for the sub-license. The sub-license is renewable annually with the associated fee. The whole procedure for the company and the sub-license takes around 2-4 weeks.
Read more information on costs & fees, time frame, required documents and additional regulation for a Curacao gaming license
Software / IT
Tobacco / Smoking
Benefits of selecting a payment service’s white label gateway:
- Design and offer a fully-branded payment gateway with your own desired look and feel
- Easy deployment with the use of a platform designed for white labels
- Provide customers with a cost-effective solution that you can load and customize with value-added services
- Have full autonomy over your product, marketing, project management and sales
- Take advantage of your provider’s product innovations, professional training and fully-redundant network
- Offer your own support, or if you prefer, you can leave the task to us as well
Your clients benefit too
- Offer their customers a bigger variety of online payment methods.
- Reach a wider audience by offering the preferred local payment method in any market, with a payment page available in up to 23 languages.
- Localize their payment page and customize it to match their desired look and feel, so they can build trust with their client base.
- Optimize their checkout process with features such as one-click payments and ‘save card details’ for quicker payments.
- Accept more safe orders, which will in turn limit their exposure to fraud.
There are several approaches, let’s examine the average and most common way to start an online casino:
While label solution – no need for you to develop the casino software and the licensing yourself (you can save millions of dollars this way).
The main costs are:
- Set up fee – Initial set up fee that you pay to the white label company, cost starts at around $8,000 for simple solution and can reach up to $100,000.
- Maintenance fee – Monthly maintenance fee payable to the white label company, depending on the products and services you ordered.
- Revenue share – the casino software company is your partner, they charge a percentage from your income, the range can be from 5% to 25% – depending on the agreement you sign.
- Sub licensing – some companies charge for the use of their licence and some don’t, it can cost thousands of dollars.
(There are some additional minor costs)
As you see, in order to start an online casino you need to invest a significant amount of money and that does not include the marketing costs that can reach tens of thousands each month
There is no one standard answer for this question. It is more dependant on your needs, business model, location requirements and other factors. An experienced broker can help you ensure what solution is best for you. At GBO our focus on the client’s business model ensures the most robust long term solution. Our experience with offshore bank accounts and offshore business incorporation means that our clients will receive the best, most up to date advice for their offshore banking solutions. find more information regaring offshore bank account here
There are several steps one needs to take in order to set up an online forex brokerage business that includes the following:
- Consider obtaining a forex license in a proper jurisdiction.
- Opening a corporate bank account in order to collect funds from clients.
- Deciding on a forex white label.
- Applying to receive Forex Payment Service Provider – if necessary.
White Labels and IBs
If you don’t feel ready yet to buy your own trading platform license, then you have the option to start with an IB or a White Label solution provided by a prime broker (your clearing company).
A prime broker will customize the interface and platforms accordingly with your company image such that you will run your business under your own logo.
- A start-up business with little or no credit card processing history
- Poor credit rating, history of bankruptcy.
- An industry with a high chargeback ratio (such as travel)
- High average amount per ticket (such as airline tickets)
- Subscription-based products or services (online dating, magazines)
- History of merchant account terminated by a bank
- A business that processes high volume
To start an online casino business you need professional casino software, a gambling license, a company (can be offshore or onshore) a merchant account, and a dedicated server and full marketing operation.
How long does it take to set up and maintain an online casino based on your solutions? The approximate time of an online casino set up and release it online can be approximately estimated as 1-2 months, in accordance with your specific demands and requirements.
It is essential for every business to have a bank account in order to process their finances, whether it is an online company or offline. GBO’s online business banking solutions are tailored especially for online companies operating in a variety of fields, such as:
- SEO and internet services
- Online casinos and gambling sites
- Online Lottery messenger
- Clothing and fashion stores
- Internet services and more
A nominee director service is typically used when the beneficial owner of the company wishes to retain anonymity. The purpose of having a third party who is unrelated in any way to the company owner or the company is that it will be the nominee’s name that is signed on all the public company documents instead of the actual beneficial owner. Typically, the nominee director is not involved in the day-to-day goings on of the company as he really is appointed merely to be a name on the documentation. The beneficial owner of the company is provided with a Power of Attorney that proves that he has the ultimate control over his company.
There are certain industries which are considered to be high risk among all merchant providers and are generally refused by such providers, unless they are specifically a high-risk merchant provider.
These sectors include: alcohol, Tabaco products, pharma products, nutraceuticals, drug prescriptions and online e-commerce activities like: travel, tourism, tickets, forex, loans, gambling, gaming, dating, adult, insurance, software, media and ads, “How to” services and jewelry. Read More
Starting a white label online casino requires several factors to be taken into consideration.
The white label casino package includes:
- Finding the most suitable online casino software for your company – a casino white label solution or white label casino software
- Online casino regulation and licensing in a variety of jurisdictions
- Bank accounts for your online casino
We will guide you through the entire process and assist you from A to Z with all your requirements for setting up your new online casino.
Yes. We specialize in opening bank accounts remotely, meaning that you don’t need to make a personal visit to the bank in order to open your account. We can do the entire procedure by email.
There are many options with regards to opening an offshore corporate bank account. One should take several factors into consideration: the location of the bank, the reputation of the bank, whether the bank fits your branding, service and products.
No – even if your company is non-regulated you can still use platforms that already have licenses and payment solutions – white label. This is the simplest and fastest way to run an online casino. The White Label online casino allows you to operate almost instantly.
Many casinos are regulated in either the Isle of Man, Belize, Cyprus or the Netherlands
Yes, however each country differs with regards to its laws in gambling and one should take those into consideration.
You can use a casino white label solution that includes regulation and license so you don’t need to take care of it. Please see some our business partners that offer white label casino solutions
Yes, PayPal accepts several banks that we work with – contact us for more information.
Anyway, Paypal has it’s own regulations and terms and condition so you must verify your needs directly with Paypal
Yes, most banks offer full internet access where you can execute a range of actions, including transfers, outgoing payments, receive payments, buy securities, issue debit cards etc.
No, as most banks issue a debit card and credit card. You can use the debit card for online shopping, payments accounts and more.
There are several factors to take into consideration when choosing a jurisdiction for your new affiliate business: what the expected business activity of the company is; whether or not a license is required; company formation fees; which location or bank you will need to incorporate a bank account (note that some bank will refuse to open corporate bank accounts for companies that have been incorporated in offshore jurisdictions).
There are many banking options worldwide when it comes to your online business. You should take the following into consideration before deciding on a particular bank: the location of your potential clients, bank fees, expertise of the bank, whether credit/debit cards are available and the reputation of the bank. We can assist you in deciding which e commerce bank would best suit your business needs. Also, in today’s’ atmosphere, it is not easy to find a bank that willing to open corporate bank accounts for overseas companies – not domestic companies but companies and more important, shareholders that are outside the country. if you hold an offshore company then your chance in finding a bank that will open for your offshore company a bank account is very low, if any.
There are several reasons for which a provider might consider your business to be high risk. The various factors include the industry in which you are involved. The industry may have a tarnished reputation for high chargebacks or fraud. Another factor could be you have a history of bad credit. But in most cases the high risk companies are those that deal with Forex and Binary Options, Adult entertainment, online tobacco or cigarette sales, online gambling, pharmaceutical, ticket sales, travel and others.