Overview
Sokin, at a glance.
Sokin is an e-money institution headquartered in the United Kingdom, regulated by FCA, Finanstilsynet, FinCEN and 4 other regulators. The business account has no monthly fee. Opening an account takes 24 hours.
Client funds are held in segregated accounts with banking partners, separate from Sokin's own money. Not covered by FSCS deposit insurance.
Why businesses pick Sokin
- Free to open, with no monthly fee
- UK and SEPA Instant payments for £1 or €1 each
- Account details in 24 currencies and payouts in 30 more
- Aims to have the account ready within 24 hours
Watch out for
- No cards yet
- No phone or chat support is published
- Some fees are listed without a currency
- No deposit insurance; funds are safeguarded instead
Business fit
Will Sokin accept your business?
Four quick answers. Where your company is registered and what it does rule a provider in or out faster than anything else.
Based on Sokin's published rules
Likely fit
Sokin lists both United Kingdom companies and E-commerce as accepted.
Sokin does not publish a minimum company age or turnover, so those two answers are not checked here.
This is one provider. Your profile checks all of them.
- Every provider that fits your business
- The reason behind each match
- Company age and turnover checked too
Who it works with
Accepted and not accepted.
What Sokin publishes about the businesses it takes on.
Who Sokin serves
- E-commerce
- Import and export
- Marketplaces
Not supported
Industries and countries Sokin does not accept, from its own published lists.
Industries
- Not published
Countries
- Not published
Coverage
Where can you use Sokin?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
24 currencies
Hold and receive · 24 currencies
- EUR
- USD
- GBP
- CAD
- AUD
- JPY
- AED
- BHD
- CNY
- DKK
- HKD
- HUF
- ILS
- MXN
- NOK
- NZD
- PLN
- RON
- SAR
- SEK
- SGD
- THB
- TRY
- ZAR
Further payout currencies · 30 currencies
- AOA
- BRL
- BWP
- CLP
- CZK
- EGP
- GHS
- INR
- JMD
- KES
- KWD
- LKR
- MAD
- MUR
- NAD
- NGN
- PEN
- PHP
- PKR
- QAR
- RSD
- TND
- TZS
- UGX
- VND
- WST
- XAF
- XCD
- XOF
- ZMW
Payment reach
Not published
Who can apply
Company incorporation countries214 countries · show list
- Åland Islands
- Albania
- Algeria
- American Samoa
- Andorra
- Angola
- Anguilla
- Antarctica
- Antigua & Barbuda
- Argentina
- Armenia
- Aruba
- Australia
- Austria
- Azerbaijan
- Bahamas
- Bahrain
- Bangladesh
- Barbados
- Belgium
- Belize
- Benin
- Bermuda
- Bhutan
- Bolivia
- Botswana
- Brazil
- Brunei
- Bulgaria
- Burkina Faso
- Burundi
- Cambodia
- Cameroon
- Canada
- Cape Verde
- Cayman Islands
- Chad
- Chile
- China
- Christmas Island
- Cocos (Keeling) Islands
- Colombia
- Comoros
- Congo - Brazzaville
- Cook Islands
- Costa Rica
- Croatia
- Curaçao
- Cyprus
- Czechia
- Denmark
- Djibouti
- Dominica
- Dominican Republic
- Ecuador
- Egypt
- El Salvador
- Equatorial Guinea
- Estonia
- Eswatini
- Ethiopia
- Falkland Islands
- Faroe Islands
- Fiji
- Finland
- France
- French Guiana
- French Polynesia
- Gabon
- Gambia
- Georgia
- Germany
- Ghana
- Gibraltar
- Greece
- Greenland
- Grenada
- Guadeloupe
- Guam
- Guatemala
- Guernsey
- Guinea
- Guyana
- Vatican City
- Honduras
- Hong Kong SAR China
- Hungary
- Iceland
- India
- Indonesia
- Ireland
- Isle of Man
- Israel
- Italy
- Jamaica
- Japan
- Jersey
- Jordan
- Kazakhstan
- Kenya
- Kiribati
- North Korea
- South Korea
- Kuwait
- Kyrgyzstan
- Laos
- Latvia
- Lesotho
- Liberia
- Liechtenstein
- Lithuania
- Luxembourg
- Macao SAR China
- Madagascar
- Malawi
- Malaysia
- Maldives
- Malta
- Marshall Islands
- Martinique
- Mauritania
- Mauritius
- Mayotte
- Mexico
- Micronesia
- Moldova
- Monaco
- Mongolia
- Montenegro
- Montserrat
- Morocco
- Mozambique
- Namibia
- Nauru
- Nepal
- Netherlands
- New Caledonia
- New Zealand
- Niger
- Nigeria
- Niue
- Norfolk Island
- Northern Mariana Islands
- Norway
- Oman
- Pakistan
- Palau
- Palestinian Territories
- Panama
- Papua New Guinea
- Paraguay
- Peru
- Philippines
- Pitcairn Islands
- Poland
- Portugal
- Puerto Rico
- Qatar
- North Macedonia
- Réunion
- Romania
- Rwanda
- St. Barthélemy
- St. Helena
- St. Kitts & Nevis
- St. Lucia
- St. Martin
- St. Pierre & Miquelon
- St. Vincent & Grenadines
- Samoa
- San Marino
- São Tomé & Príncipe
- Saudi Arabia
- Senegal
- Serbia
- Seychelles
- Sierra Leone
- Singapore
- Slovakia
- Slovenia
- Solomon Islands
- South Africa
- South Georgia & South Sandwich Islands
- Spain
- Suriname
- Svalbard & Jan Mayen
- Sweden
- Switzerland
- Taiwan
- Tajikistan
- Tanzania
- Thailand
- Timor-Leste
- Togo
- Tokelau
- Tonga
- Trinidad & Tobago
- Tunisia
- Türkiye
- Turkmenistan
- Turks & Caicos Islands
- Tuvalu
- Uganda
- United Arab Emirates
- United Kingdom
- United States
- Uruguay
- Uzbekistan
- Vanuatu
- Vietnam
- British Virgin Islands
- U.S. Virgin Islands
- Wallis & Futuna
- Zambia
Owner nationality
Not publishedOwner residency
Not publishedCompany types
Limited companies (LTD, LLC, PLC), Limited liability partnerships, Sole traders, Pty Ltd (Australian companies)
Pricing
What does Sokin cost?
Look beyond the monthly fee. Your total cost depends on how many transfers you make, where they go and how much you convert.
Account cost
Opening fee
Free
Monthly fee
Free
Business account
£0 per month
£0 setup · £0 in year one
Transaction fees
| Cost | Listed amount | How it is charged |
|---|---|---|
| Incoming | ||
| SEPA Instant | €1 | Fixed fee |
| Faster Payments (GBP) | £1 | Fixed fee |
| Outgoing | ||
| SEPA Instant | €1 | Fixed fee |
| Faster Payments (GBP) | £1 | Fixed fee |
| CHAPS (GBP) | £1 | Fixed fee |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | From 0.3% | Percentage of the amount · Major currencies from 0.3%, others from 0.8% |
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Virtual card issue | Not offered | Not available |
| Physical card issue | Not offered | Not available |
Onboarding
From application to live account.
Sokin aims to verify the business and have the account ready to receive funds within 24 hours of the documents being uploaded.
- 1
Sign up
Register the business online.
- 2
Company documents
Incorporation documents, articles of association and the ownership structure.
- 3
Director ID
Identification for each director.
- 4
Account live
Sokin verifies the business and activates the account.
Documents you need
- Certificate of Incorporation
- Articles of Association
- Documents outlining the ownership structure
- Identification documents for each company director
FAQ
Your questions, answered.
Is Sokin a bank?
No. In the UK, Plata Capital UK Limited, trading as Sokin, is an e-money institution authorised by the FCA, reference number 1029250. Client funds are segregated but not covered by FSCS deposit insurance.
How much does a Sokin business account cost?
Opening the account is free and there is no monthly fee. UK payments cost £1 and SEPA Instant payments €1. Currency exchange costs from 0.3% on major currencies and from 0.8% on others.
How long does it take to open a Sokin account?
Sokin aims to have the account ready within 24 hours of the documents being uploaded.
Does Sokin offer cards?
Not yet. Sokin is developing multi-currency virtual cards.
Which currencies does Sokin support?
Accounts are available in 24 currencies, including GBP, EUR, USD, AED, CNY and SGD, with payouts in 30 further currencies.
Alternatives
How Sokin compares.
If Sokin is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 SokinThis pageE-money institution |      +2 | Free accountLocal payment routes |
 Wise BusinessE-money institution |  | Low FX costsStandard businesses |
 WorldFirstE-money institution |  | Marketplace sellersTrade payments |
 AirwallexE-money institution | | Global accountsOnline businesses |
 PayoneerE-money institution |  | Marketplace payoutsMass payments |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.