# ABF Pay: Business account

> A business account from ABF Pay, a Canadian money services business: vWallets in more than 10 currencies with account details for receiving money, a personal IBAN issued by a partner institution, and payments by SEPA, SWIFT and Faster Payments. Opening costs €375 and the account €50 a month.

Finzil profile: https://finzil.com/providers/abf-pay · Provider website: https://abfpay.com · Facts checked: 2026-10-20

## Key facts

- **Monthly fee:** €50
- **Setup fee:** €375 (charged after approval; €250 minimum balance)
- **Currencies:** 20 (to send and receive; vWallets in 10+)
- **Onboarding:** 3–5 days (typical)
- **Provider type:** Money services business (Canada)
- **IBAN:** Pooled or personal IBAN from a partner institution
- **Payment rails:** SEPA, SWIFT, Faster Payments
- **Remote opening:** Yes
- **Headquarters:** Canada
- **Currency codes:** EUR, GBP, CHF, CAD, AUD, JPY, CZK, DKK, HKD, HUF, ILS, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, ZAR
- **Trustpilot:** 3.7 from 1 reviews (checked 2026-10-20)

## Who can apply

- **Non-resident owners** (owner or director living outside the company's country): Not published
- **Countries of incorporation accepted:** Not published
- **Countries of incorporation refused:** Not published
- **Owner residency accepted:** Not published
- **Owner residency refused:** Not published
- **Owner nationality refused:** Not published
- **Company types accepted:** Incorporated companies and other registered legal entities (none pending registration, no unregistered charities or religious organisations)

## Industries

- **Industries served:** Import and export, E-commerce, Startups and SMEs
- **Prohibited industries (provider's own list):** Any type of business that is pending incorporation, legal registration, e.g. where the business owner is not able to demonstrate an incorporation / registration of business activity in due form; Unlicensed financial institutions (does not apply for licence seekers for non-yet-licenced business); Anonymous or Numbered Accounts; Cash and Check Handling: Check Cashing, Deposit Taking, Cash Transfer; Any products harmful to human health: tobacco, e-cigarettes and e-liquid; Transactions involving Human Organs; Production of violent content; Psychic services; Selling, hosting, distributing, producing or promoting offensive materials, including materials that incites or promotes racial hatred or discrimination based on gender, race, religion, national origin, physical ability, sexual orientation, or age; All industries and activities involving production or distribution of weapons and other military products; Cultural heritage, Antiques or art dealers; Dealers in precious metals and stones; Shell banks and/or businesses dealing with shell banks; Transactions related to cultural artefacts, ivory or other items related to protected species, or archaeological, historical, cultural and religious significance, or of rare scientific value; Oil Industry; Illegal financial institutions; Unregistered charities and association; Non-governmental charities and religious organizations; Unregistered charities and associations; Illegal securities trading; Online pharmacies (operating outside EEA/UK); Tobacco and Vaping products (operating outside EEA/UK); Gambling; Illegal trade in tobacco products; Alcohol; Prescription pharmaceuticals; Steroids; Weapons; Narcotic substances; Pornography; Unlicensed lottery; Illegal software; Counterfeit or unauthorized goods; Products or services that infringe property or proprietary rights; Other products or services prohibited by law (source: https://abfpay.com/en/business/faq)
- **Permitted industries (provider's own list):** Cross-border businesses receiving and sending international payments; Businesses needing multi-currency vWallets and currency exchange; Companies paying international suppliers, counterparties and teams; Businesses requiring SEPA, international-wire and Faster Payments access

## Licences

- Canada: FINTRAC, Money services business, ABFPAY.COM LTD., register no. M20767876 (https://fintrac-canafe.canada.ca/msb-esm/reg-eng)

Safeguarding: ABF Pay's terms say it is not a bank and does not store client funds: money received on a vWallet is held only until it is used for payments. The partner institutions that issue the IBANs are not named, and no deposit protection applies.

## Fees

Source: https://abfpay.com/en/business/fees (checked 2026-10-20)

### Plans

- **Business vWallet:** 50 EUR a month, setup 375 EUR

### Incoming

- SEPA: 0.2%, min €10 · Any incoming transfer
- SWIFT / international: 0.2%, min €10 · Any incoming transfer
- From another ABF Pay account: Free

### Outgoing

- SEPA: €10
- Faster Payments (GBP): £10
- SWIFT / international: 0.1%, min €80
- To another ABF Pay account: Free

### Currency exchange (FX)

- FX markup: Not published

## Opening an account

Opening an account typically takes three to five business days.

1. **Personal account.** Create and verify a personal ABF Pay account, then choose Open a Business account.
2. **Company details.** Fill in the registration form and upload the company documents, ownership structure and identity papers of owners and directors.
3. **Compliance review.** ABF Pay checks the business, its payment flows and source of funds; companies under two years old add a business plan.
4. **Account live.** After approval you pay the €375 setup fee and receive the vWallet and IBAN details.

Documents: Not published

## Pros and cons

- Pro: vWallets in more than 10 currencies, with sending and receiving in 20 named in its FAQ
- Pro: Personal IBAN from a partner institution, as well as pooled account details
- Pro: Published price list: SEPA €10 and Faster Payments £10 a transfer
- Pro: Opened online, with no visit
- Pro: Free transfers between ABF Pay accounts
- Con: €375 to open, €50 a month and a €250 minimum balance
- Con: Not a bank or e-money institution: only a Canadian money services business registration
- Con: Every incoming payment costs 0.2%, at least €10; SWIFT out costs 0.1%, at least €80
- Con: Partner institutions not named; the personal IBAN is their decision
- Con: Gambling, alcohol, tobacco, weapons, oil, precious metals and pharmaceuticals not accepted

## Finzil's take (opinion)

ABF Pay is a Canadian payments firm offering multi-currency vWallets with a partner-issued IBAN and a public price list. It is not a bank or EMI, and at €375 to open plus €50 a month it costs more than most EU e-money institutions, so it suits companies other providers have turned down rather than a first choice.

## Alternatives

- [Payset](https://finzil.com/providers/payset): E-money institution · UK
- [PayDo](https://finzil.com/providers/paydo): E-money institution · UK
- [3S Money](https://finzil.com/providers/3s-money): E-money institution · UK
- [Wise Business](https://finzil.com/providers/wise): E-money institution · UK, Belgium

## FAQ

**Is ABF Pay a bank?**

No. ABFPAY.COM LTD. is registered with FINTRAC in Canada as a money services business (M20767876) for foreign exchange, money transfers and payment services. Its terms say it does not provide banking services; its application to the Bank of Canada as a payment service provider is still in review.

**How much does ABF Pay cost?**

Opening costs €375, paid after approval, then €50 a month with a €250 minimum balance. Incoming payments cost 0.2% (at least €10), SEPA and Faster Payments transfers out €10 or £10, and SWIFT out 0.1% (at least €80).

**Do I get my own IBAN?**

ABF Pay offers pooled account details and helps clients obtain a personal IBAN from one of its partner institutions; the partner makes the final decision.

**Which businesses does ABF Pay not accept?**

Its list includes gambling and unlicensed lotteries, alcohol, tobacco and vaping, weapons, the oil industry, precious metals and stones, antiques and art dealers, prescription pharmaceuticals, adult content, shell banks and businesses not yet registered.

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