Interview with: Valyuz UAB

Can you tell us a little about Valyuz?
Sure. Valyuz is a financial institution that provides electronic payment services. The company is regulated in the EU but offers alternative solutions to traditional banking for customers across the globe. Like some banks Valyuz provides its private and corporate account holders with a dedicated IBAN. Our clients get the latest technology and services which most traditional European banks don’t offer. Valyuz customers can access their accounts via desktop computers, Smart phone apps, in fact they can use any digital platform to access their Valyuz accounts.

What about Valyuz’s beginnings?
Valyuz was created two years ago when our entrepreneurial team found that they couldn’t open an account in the EU for a non-European company. We found that traditional banks in Europe just didn’t understand the company’s complex business plan or the fact that the company had shareholders in different countries across the globe. Instead the bank classified the company as one with high risk and proposed exorbitant account costs and a complicated and prolonged set-up procedure. Following the teams unsatisfactory efforts to open a corporate account we realized that there must be a better way – and so Valyuz was born. The company was officially formed in Lithuania in 2018.

And what do you see as the main advantages of Valyuz over traditional banks?
The most important advantages of Valyuz are the state-of-the-art technology and the outstanding service. Valyuz customers can send or receive wire transfers across the globe in 35 currencies; get the best currency exchange rates; prepaid MasterCards and dedicated customer support. Other advantages include the secure login methods and mobile apps available for Android and Apple devices. One of the stand-out features is multiple signature rights for your account.

Who are your main customers and which industries do you work with? 
Valyuz mainly targets customers in Western European countries but we also have customers in other countries like Hong Kong, Singapore, Australia and UK. We are open to customers from a wide range of industries, whether they are traditionally low risk or medium-to-high risk. After screening our customers with KYC and AML and considering all the necessary data we evaluate the risk level and decide whether to accept the applicant as a Valyuz customer.

What currencies will Valyuz use to make transfers?
Being focused on the EU market most of the transfers made by Valyuz are SEPA transfers in Euro. Of course we can also handle USD transfers, after all it is the primary global currency used by most international businesses. So we work with Euro, US dollars and also about 35 additional currencies.

What difficulties does Valyuz face in light of stringent regulation?
In recent years financial regulation has changed quite a bit; we’ve seen the creation of PSD2 and GDPR which was the most important change in data privacy regulation in the last few decades. With these strict regulations enforced financial institutions like us must comply. Regulation compliance takes a little more effort but the regulations as essential in a world where technology, cyber and data information is a part of every aspect of our lives.

Why do you think people across the world prefer using a wire company such as Valyuz to make transfers?
People want the best; they want transfers that are the fastest, easiest to execute and the cheapest way of sending money internationally. Of course it comes down to trusting the institution handling the transfer and calculating any risk involved. People and businesses generally feel safe using traditional banks to make their transfers. However with the technological advances and online transactions now a way of life for most people money transfer companies are seen as the better option. People want to try new products and services on condition that the risk is not too great. Some people and companies are ready to take the plunge and try money transfer companies while others will take longer to warm to the idea. But the advantages of wire companies over traditional banks are becoming more and more apparent to anyone who compares the two.

What can potential new Valyuz customers expect?
At Valyuz we offer you comprehensive banking services, dedicated customer support and continual development and improvement of our services, manpower and technology. If you want to open a business account with Valyuz feel free to contact me personally.

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