Overview
Verifo, at a glance.
Verifo is an e-money institution headquartered in Lithuania, regulated by Bank of Lithuania. Business accounts cost from €5 a month. Opening an account takes 3–5 days.
Client funds are held in accounts at EU credit institutions that Verifo cannot use for its own purposes. The account is not covered by deposit insurance.
Why businesses pick Verifo
- Tier 1 is free to open and costs €5 a month, with SEPA payments at €0.25
- IBAN in your company's name
- Cards are free to issue with no monthly fee
- Open to sole traders
- Considers fintech, crypto and higher-risk businesses on its upper tiers
Watch out for
- Higher-risk businesses pay from €800 to open and from €200 a month
- Holds euros only; other currencies are for payments out
- Currency exchange costs 1% over the spot rate
- Incoming SWIFT payments cost 0.2% to 0.5%
- Cards are only for residents of the EEA
Business fit
Will Verifo 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 Verifo's published rules
Needs review
Verifo works with Sole traders, but does not publish the countries it accepts companies from.
Verifo 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 Verifo publishes about the businesses it takes on.
Who Verifo serves
- E-commerce
- Freelancers
- Crypto
- Financial institutions
All 5 industries on Verifo's accepted list
- Sole traders
- International e-commerce
- Businesses needing global payments
- Fintech and crypto businesses subject to requirements
- Higher-risk businesses subject to risk review
Not supported
Industries and countries Verifo does not accept, from its own published lists.
Industries
- Sexually oriented materials/services and human trafficking
- Counterfeit products
- Unlawful gambling
- Defense, munitions and explosives
- Illegal tobacco, prescription drugs and controlled substances
- Unlawful Forex, binary options or products prohibited by law
- Multi-level marketing
- Pseudo-science including clairvoyance, psychic readings, fortune telling, numerology and horoscopes
- Unlicensed payment or trading services
- Religious organizations
- Unregulated charities
- Shell banks or entities serving shell banks
- Drug trafficking or trade
- Bearer-share legal entities
- Informal banking/Hawala
- Crypto exchanges offering only P2P exchange services
- Individuals using Verifo for crypto P2P trading
Countries
- Not published
Coverage
Where can you use Verifo?
Coverage is a starting point. It does not confirm that every business in these markets is eligible.
Supported currencies
EUR account, 29 payout currencies
Hold and receive · 1 currencies
- EUR
Pay out · 29 currencies
- EUR
- USD
- GBP
- CHF
- CAD
- AUD
- JPY
- BGN
- CNY
- CZK
- DKK
- HKD
- HRK
- HUF
- IDR
- ILS
- INR
- MXN
- MYR
- NOK
- NZD
- PHP
- PLN
- RON
- SEK
- SGD
- THB
- TRY
- ZAR
Payment reach
Not published
Who can apply
Company incorporation countries
Not publishedOwner nationality
Not publishedOwner residency
Not publishedCompany types
Companies, Sole traders
Pricing
What does Verifo 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
From €0
depends on plan
Monthly fee
€5–200
depends on plan
Tier 1
Lowest cost€5 per month
€0 setup · €60 in year one
Tier 2
€50 per month
€200 setup · €800 in year one
Tier 3
€200 per month
€800 setup · €3,200 in year one
Transaction fees
| Cost | Tier 1 | Tier 2 | Tier 3 | How it is charged |
|---|---|---|---|---|
| Incoming | ||||
| SEPA | Free | 0.01%, min €1 | From 0.2%, min €5 | No charge |
| SWIFT / international | 0.2%, min €5 | 0.25%, min €7 | From 0.5%, min €15 | Percentage, with a minimum charge |
| Outgoing | ||||
| SEPA | €0.25 | 0.05%, min €2 | From 0.2%, min €5 | Fixed fee |
Other fees
Currency exchange (FX)
| Cost | Listed amount | How it is charged |
|---|---|---|
| FX markup | 1% | Percentage of the amount · Added to the spot rate |
Cards
| Cost | Listed amount | How it is charged |
|---|---|---|
| Virtual card issue | Free | No charge |
| Physical card issue | Free | No charge · A replacement costs €15 |
| Monthly card fee | Free | No charge |
| Card FX | 1.2%, min €0.5 | Percentage, with a minimum charge |
| ATM withdrawal | 2.5%, min €2.5 | Percentage, with a minimum charge · Outside the EEA or in another currency; €1.50 for euro withdrawals in the EEA |
Onboarding
From application to live account.
Opening an account typically takes three to five business days.
- 1
Apply online
Submit the business application.
- 2
Documents
Send the company documents and identity documents for owners, directors and representatives.
- 3
Review
Verifo usually reviews an application within two business days; complex structures take longer.
- 4
Account live
You receive an IBAN in your company's name.
Documents you need
- Registration/incorporation documents
- Articles/memorandum/bylaws
- Proof of address
- Company register extract within three months
- Company structure
- Power of attorney
- Passport or EU/EEA ID for UBOs/directors/authorised representatives
- Proof of address and source-of-funds evidence
FAQ
Your questions, answered.
Is Verifo a bank?
No. Verifo is run by Verified Payments, UAB, an e-money institution licensed by the Bank of Lithuania, register code LB000446. The account is not covered by deposit insurance.
How much does a Verifo business account cost?
Verifo prices in three tiers by risk. Tier 1 is free to open and costs €5 a month, with SEPA payments at €0.25. Tier 2 costs €200 to open and €50 a month, and Tier 3 from €800 to open and from €200 a month.
Which currencies does Verifo support?
The account holds euros. Payments can be sent in 29 currencies, including USD, GBP, CHF, PLN, SEK, JPY and CNY.
Which businesses does Verifo not accept?
Its prohibited list includes adult services, counterfeit goods, unlawful gambling, weapons, multi-level marketing, religious organisations, unregulated charities, companies with bearer shares, and crypto exchanges that only offer peer-to-peer trading.
Does Verifo offer cards?
Yes. Virtual and physical Visa debit cards, free to issue and with no monthly fee, for residents of the EEA.
Alternatives
How Verifo compares.
If Verifo is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.
| Provider | Licensed in | Known for |
|---|---|---|
 VerifoThis pageE-money institution |  | Sole tradersNamed IBAN |
 PayseraE-money institution |  | Low fees16 support languages |
 PayswixE-money institution | | Named IBANSEPA and SWIFT |
 GenomeE-money institution | | Published pricesVisa cards |
 SatchelE-money institution | | European IBANMastercard cards |
Not sure which one fits? Your profile ranks them for your business, with the reason behind each.