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Provider profile

Xoala

Business account

Multi-currency business account from Xoala, a Swedish e-money institution: dedicated IBANs in your company's name in 28+ currencies, SEPA Instant, Faster Payments, ACH and SWIFT, and Mastercard cards, for companies in low, medium and high-risk jurisdictions.

  • Sweden
  • EMI
  • Business account
  • Multi-currency
  • High-risk friendly

Regulated by

  • Finansinspektionen · SwedenNo. 48004
Provider type
E-money institution
IBAN
Dedicated IBANs in the company's name
Payment rails
SEPA Instant, Faster Payments, ACH, SWIFT
Cards
Mastercard, physical and virtual
Safeguarding
Segregated safeguarding account
Non-residents
Not published
Remote opening
Yes
Support languages
English
Support channels
In-app chatEmailPhone

Overview

Xoala, at a glance.

Xoala is an e-money institution headquartered in Sweden, regulated by Finansinspektionen. Pricing is agreed with each client. Opening an account takes 3–5 days.

Xoala is the trading name of Steven AB, a Swedish e-money institution. Customer funds are kept apart from its own funds in a designated safeguarding account with a credit institution.

Why businesses pick Xoala

  • Dedicated IBANs in your company's name in 28+ currencies, plus virtual IBANs per client
  • SEPA Instant, UK Faster Payments, ACH and SWIFT
  • Built for companies in low, medium and high-risk jurisdictions, including iGaming, brokerages and prop trading
  • Physical and virtual Mastercards for teams and payouts
  • Companies are usually reviewed in 1 to 3 business days

Watch out for

  • No fee schedule is published: the link in its terms leads to a missing page
  • Companies with business in 30 countries are refused, including Russia, Ukraine, Belarus and Iran
  • A long prohibited list, including construction, dating, crypto, cash businesses and holding companies of private individuals
  • Support in English only
  • Only one Trustpilot review

Business fit

Will Xoala 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 Xoala's published rules

Likely fit

Xoala lists both United Kingdom companies and iGaming as accepted.

Xoala 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
See all my matches

Who it works with

Accepted and not accepted.

What Xoala publishes about the businesses it takes on.

Who Xoala serves

  • iGaming
  • Forex
  • E-commerce
  • IT and software
  • Import and export

Not supported

Industries and countries Xoala does not accept, from its own published lists.

Industries

  • Deforestation or the burning of natural ecosystems for the purpose of land clearance relating to the establishment of large scale agricultural plantations
  • Illegal logging or trading in illegally harvested or uncertified timber
  • Producing, processing and/or trading of palm oil by companies that are not a member of- or in the process of becoming a member of- the Round Table for Sustainable Palm Oil (RSPO)
  • Large-scale ruminant farming (over 500,000 heads)
  • Animal testing unless this is required by law and done in the least harmful way
  • Commercial events with animals where the Five Animal Freedoms are not respected
  • Producing, processing and/or trading Angora wool
  • Producing, processing and/or trading fur
  • Using endangered species or great apes for testing and experimental purposes
  • Activities non-compliant with the EU regulation on the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH)
  • Activities violating the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal
  • Agents involved in the sale of fuels and industrial chemicals prohibited
  • Manufacture of chemicals and chemical products prohibited
  • Producing and/or trading pharmaceuticals, pesticides, herbicides, chemicals and ozone depleting substances subject to international phase outs or bans
  • Producing, trading and/or using unbounded asbestos fibres
  • Construction companies
  • Producing, selling and/or distributing controversial weapons and/or elements of the core weapon system. The following weapons are considered controversial: Cluster weapons, nuclear weapons, depleted uranium weapons, anti-personnel mines, biological weapons, chemical weapons, white phosphorus weapons and fully autonomous weapons
  • Providing private security services in countries that are defence-sensitive without the company being member of the International Code of Conduct Association (ICOCA)
  • Selling small arms and light weapons (SALW) to private sector in countries without gun control laws or countries that are defence-sensitive
  • Weapons of war, automatic weapons, ammunitions or defence equipment
  • Providing employment agency services by agencies that are not certified - or in the process of becoming certified - by the Stichting Normering Arbeid (SNA) and – if they provide housing to migrant workers – the Stichting Normering Flexwonen (SNF). Employment agencies that do not operate on the Dutch market should provide evidence that they comply with the same material standards
  • Controversial methods of energy production, such as drilling in the arctic, shale gas extraction and oil extraction from tar sands
  • Exploration and processing of tar sand, the transportation of tar sand oil and the construction of pipelines dedicated to tar sand oil
  • New coal-fired power plants. Generation of electricity from thermal coal
  • Stand-alone project finance of nuclear power plants
  • Dating
  • Binary Options and/or speculation financial products platforms
  • Credit granting by non-deposit taking finance houses and other
  • Credit repair, Debt Restructuring, Debt recovery, Debt settlement, Debt Collections, Factoring, Debt consolidation/management
  • Crowdfunding, crowdlending and assimilate activities
  • Cryptocurrencies
  • Downstream/Nested relationship
  • Unregulated investment companies involved in managing or investing own- or third-party funds
  • Activities causing adverse human rights impacts
  • Activities resulting in conversion or degradation of protected areas or critical habitats
  • Activities resulting in the infringement of the rights of indigenous and/or vulnerable groups without their Free Prior and Informed Consent (FPIC)
  • Any industry known to be an illegal industry in its local jurisdiction or in the EEA
  • Bidding fee auctions and penny auctions
  • Cash Business
  • Holding companies of private individuals
  • Legal Entities owned via Nominal Ownership / Bearer Shares
  • Operating businesses that require a license or special permit without obtaining such license (i.e. Unregulated Auction Houses)
  • Sanctioned individuals
  • Shell banks and shell companies
  • Trading of plant or animal species, or products thereof, in violation of CITES
  • Cheque encashment and small loan services
  • Groups, legal bodies or similar subject to international sanctions or embargoes
  • Transactions involving Human Organs
  • Any business involved with Cannabidiol “CBD”/ ilegal drugs
  • Drugs and pharmaceuticals (legal)
  • Precious metals and stones, arts and antiques, sale of vehicles or other merchants dealing with high value goods
  • Affiliate Marketing schemes, including Network Marketing, Referral Marketing, Multilevel Marketing, Pyramid schemes
  • Selling, hosting, distributing, producing or promoting offensive materials, including materials that incite or promote racial hatred or discrimination based on gender, race, religion, national origin, physical ability, sexual orientation, or age
  • Acquisition or building of thermal coal mines
  • Commercial large scale deep sea mining beyond exclusive economic zones
  • Mining and/or trading rough diamonds which are not certified according to the Kimberley Process
  • Mountaintop removal
  • Other activities
  • Discount/prepaid telephone cards
  • Genetically modified organisms
  • Massage parlours
  • Pawnbrokers, Pawn shops and salvage yards
  • Striking of coins
  • Weight loss products

Countries

  • Afghanistan · owners
  • Belarus · owners
  • Burundi · owners
  • Central African Republic · owners
  • Comoros · owners
  • Congo - Kinshasa · owners
  • Congo - Brazzaville · owners
  • Cuba · owners
  • Equatorial Guinea · owners
  • Ethiopia · owners
  • Haiti · owners
  • Iran · owners
  • Iraq · owners
  • Lebanon · owners
  • Libya · owners
  • Mali · owners
  • Myanmar (Burma) · owners
  • Nicaragua · owners
  • North Korea · owners
  • Palestinian Territories · owners
  • Russia · owners
  • Somalia · owners
  • South Sudan · owners
  • Sudan · owners
  • Syria · owners
  • Turkmenistan · owners
  • Ukraine · owners
  • Venezuela · owners
  • Yemen · owners
  • Zimbabwe · owners
  • Afghanistan · company or owners
  • Belarus · company or owners
  • Burundi · company or owners
  • Central African Republic · company or owners
  • Comoros · company or owners
  • Congo - Kinshasa · company or owners
  • Congo - Brazzaville · company or owners
  • Cuba · company or owners
  • Equatorial Guinea · company or owners
  • Ethiopia · company or owners
  • Haiti · company or owners
  • Iran · company or owners
  • Iraq · company or owners
  • Lebanon · company or owners
  • Libya · company or owners
  • Mali · company or owners
  • Myanmar (Burma) · company or owners
  • Nicaragua · company or owners
  • North Korea · company or owners
  • Palestinian Territories · company or owners
  • Russia · company or owners
  • Somalia · company or owners
  • South Sudan · company or owners
  • Sudan · company or owners
  • Syria · company or owners
  • Turkmenistan · company or owners
  • Ukraine · company or owners
  • Venezuela · company or owners
  • Yemen · company or owners
  • Zimbabwe · company or owners

Coverage

Where can you use Xoala?

Coverage is a starting point. It does not confirm that every business in these markets is eligible.

Supported currencies

28+ currencies

Named: USD, EUR, GBP, SEK, AED, SGD and CAD. The full list is not published.

Payment reach

Not published

Who can apply

Company incorporation countries220 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
  • Bosnia & Herzegovina
  • Botswana
  • Bouvet Island
  • Brazil
  • British Indian Ocean Territory
  • British Virgin Islands
  • Brunei
  • Bulgaria
  • Burkina Faso
  • Cambodia
  • Cameroon
  • Canada
  • Cape Verde
  • Caribbean Netherlands
  • Cayman Islands
  • Chad
  • Chile
  • China
  • Christmas Island
  • Cocos (Keeling) Islands
  • Colombia
  • Cook Islands
  • Costa Rica
  • Côte d’Ivoire
  • Croatia
  • Curaçao
  • Cyprus
  • Czechia
  • Denmark
  • Djibouti
  • Dominica
  • Dominican Republic
  • Ecuador
  • Egypt
  • El Salvador
  • Eritrea
  • Estonia
  • Eswatini
  • Falkland Islands
  • Faroe Islands
  • Fiji
  • Finland
  • France
  • French Guiana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Georgia
  • Germany
  • Ghana
  • Gibraltar
  • Greece
  • Greenland
  • Grenada
  • Guadeloupe
  • Guam
  • Guatemala
  • Guernsey
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Heard & McDonald Islands
  • Honduras
  • Hong Kong SAR China
  • Hungary
  • Iceland
  • India
  • Indonesia
  • Ireland
  • Isle of Man
  • Israel
  • Italy
  • Jamaica
  • Japan
  • Jersey
  • Jordan
  • Kazakhstan
  • Kenya
  • Kiribati
  • Kosovo
  • 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
  • North Macedonia
  • Northern Mariana Islands
  • Norway
  • Oman
  • Pakistan
  • Palau
  • Panama
  • Papua New Guinea
  • Paraguay
  • Peru
  • Philippines
  • Pitcairn Islands
  • Poland
  • Portugal
  • Puerto Rico
  • Qatar
  • Réunion
  • Romania
  • Rwanda
  • Samoa
  • San Marino
  • São Tomé & Príncipe
  • Saudi Arabia
  • Senegal
  • Serbia
  • Seychelles
  • Sierra Leone
  • Singapore
  • Sint Maarten
  • Slovakia
  • Slovenia
  • Solomon Islands
  • South Africa
  • South Georgia & South Sandwich Islands
  • South Korea
  • Spain
  • Sri Lanka
  • St. Barthélemy
  • St. Helena
  • St. Kitts & Nevis
  • St. Lucia
  • St. Martin
  • St. Pierre & Miquelon
  • St. Vincent & Grenadines
  • Suriname
  • Svalbard & Jan Mayen
  • Sweden
  • Switzerland
  • Taiwan
  • Tajikistan
  • Tanzania
  • Thailand
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Trinidad & Tobago
  • Tunisia
  • Türkiye
  • Turks & Caicos Islands
  • Tuvalu
  • U.S. Outlying Islands
  • U.S. Virgin Islands
  • Uganda
  • United Arab Emirates
  • United Kingdom
  • United States
  • Uruguay
  • Uzbekistan
  • Vanuatu
  • Vatican City
  • Vietnam
  • Wallis & Futuna
  • Western Sahara
  • Zambia
Owner nationality and residency220 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
  • Bosnia & Herzegovina
  • Botswana
  • Bouvet Island
  • Brazil
  • British Indian Ocean Territory
  • British Virgin Islands
  • Brunei
  • Bulgaria
  • Burkina Faso
  • Cambodia
  • Cameroon
  • Canada
  • Cape Verde
  • Caribbean Netherlands
  • Cayman Islands
  • Chad
  • Chile
  • China
  • Christmas Island
  • Cocos (Keeling) Islands
  • Colombia
  • Cook Islands
  • Costa Rica
  • Côte d’Ivoire
  • Croatia
  • Curaçao
  • Cyprus
  • Czechia
  • Denmark
  • Djibouti
  • Dominica
  • Dominican Republic
  • Ecuador
  • Egypt
  • El Salvador
  • Eritrea
  • Estonia
  • Eswatini
  • Falkland Islands
  • Faroe Islands
  • Fiji
  • Finland
  • France
  • French Guiana
  • French Polynesia
  • French Southern Territories
  • Gabon
  • Gambia
  • Georgia
  • Germany
  • Ghana
  • Gibraltar
  • Greece
  • Greenland
  • Grenada
  • Guadeloupe
  • Guam
  • Guatemala
  • Guernsey
  • Guinea
  • Guinea-Bissau
  • Guyana
  • Heard & McDonald Islands
  • Honduras
  • Hong Kong SAR China
  • Hungary
  • Iceland
  • India
  • Indonesia
  • Ireland
  • Isle of Man
  • Israel
  • Italy
  • Jamaica
  • Japan
  • Jersey
  • Jordan
  • Kazakhstan
  • Kenya
  • Kiribati
  • Kosovo
  • 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
  • North Macedonia
  • Northern Mariana Islands
  • Norway
  • Oman
  • Pakistan
  • Palau
  • Panama
  • Papua New Guinea
  • Paraguay
  • Peru
  • Philippines
  • Pitcairn Islands
  • Poland
  • Portugal
  • Puerto Rico
  • Qatar
  • Réunion
  • Romania
  • Rwanda
  • Samoa
  • San Marino
  • São Tomé & Príncipe
  • Saudi Arabia
  • Senegal
  • Serbia
  • Seychelles
  • Sierra Leone
  • Singapore
  • Sint Maarten
  • Slovakia
  • Slovenia
  • Solomon Islands
  • South Africa
  • South Georgia & South Sandwich Islands
  • South Korea
  • Spain
  • Sri Lanka
  • St. Barthélemy
  • St. Helena
  • St. Kitts & Nevis
  • St. Lucia
  • St. Martin
  • St. Pierre & Miquelon
  • St. Vincent & Grenadines
  • Suriname
  • Svalbard & Jan Mayen
  • Sweden
  • Switzerland
  • Taiwan
  • Tajikistan
  • Tanzania
  • Thailand
  • Timor-Leste
  • Togo
  • Tokelau
  • Tonga
  • Trinidad & Tobago
  • Tunisia
  • Türkiye
  • Turks & Caicos Islands
  • Tuvalu
  • U.S. Outlying Islands
  • U.S. Virgin Islands
  • Uganda
  • United Arab Emirates
  • United Kingdom
  • United States
  • Uruguay
  • Uzbekistan
  • Vanuatu
  • Vatican City
  • Vietnam
  • Wallis & Futuna
  • Western Sahara
  • Zambia

Company types

Companies (legal persons), Sole traders

Pricing

What does Xoala 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

Not published

Monthly fee

Not published

  • Commercial agreement

    Custom

Transaction fees

Transaction fees
CostListed amountHow it is charged
Incoming
SEPA InstantFreeNo charge · Up to €100,000
SWIFT / international£7Fixed fee · For amounts under the equivalent of €1,000

Other fees

Currency exchange (FX)

Currency exchange (FX)
CostListed amountHow it is charged
FX markupNot publishedMid-market rate plus a spread shown before you confirm

Crypto

Crypto
CostListed amountHow it is charged
On-ramp (fiat to crypto)Not published
Off-ramp (crypto to fiat)Not published

Top-up by bank card

Top-up by bank card
CostListed amountHow it is charged
Other countries' cards1.5%Percentage of the amount · Funding the account by debit or credit card

Onboarding

From application to live account.

Opening an account typically takes three to five business days.

  1. 1

    Apply

    Start the application online or through the sales team.

  2. 2

    Company and people

    Give the company's registration details, directors and owners.

  3. 3

    Checks

    Upload the documents requested and complete identity verification.

  4. 4

    Account live

    Once approved, the account is opened and you receive its details.

Documents you need

Not published

FAQ

Your questions, answered.

Is Xoala a bank?

No. Xoala is the trading name of Steven AB, an electronic money institution authorised by Finansinspektionen in Sweden (institution number 48004), with branches in the Netherlands, Portugal and Spain.

How much does Xoala cost?

Xoala does not publish a fee schedule. Its account guide says SEPA Instant deposits are free up to €100,000, incoming SWIFT payments under the equivalent of €1,000 cost £7 and card top-ups cost about 1.5%. Exchange is the mid-market rate plus a spread shown before you confirm.

Which countries does Xoala refuse?

Businesses located in or connected with 30 countries, including Afghanistan, Belarus, Cuba, Iran, North Korea, Russia, Syria, Ukraine and Venezuela.

How long does opening take?

Xoala says a single business day for companies; business accounts under manual review usually clear within 1 to 3 business days.

Alternatives

How Xoala compares.

If Xoala is not the right fit, these providers work with similar businesses. Compare their listed licences and services below.

Xoala and similar providers
ProviderLicensed inKnown for
XoalaThis pageE-money institutionMulti-currencyHigh-risk friendly
FinXPE-money institutionDedicated EUR IBANHigh-risk industries
PayDoE-money institutionDedicated IBANHigh-risk industries
3S MoneyE-money institutionLocal IBANsNon-residents accepted
BilderlingsE-money institutionDirect IBANHigh-risk industries

Not sure which one fits? Your profile ranks them for your business, with the reason behind each.

One Finzil profile

Stop applying one provider at a time.

The usual route is to apply to each provider you find, then spend weeks going back and forth with its compliance team. Tell Finzil about your business once and start with the providers likely to say yes.

Find my options Free · 2 minutes · No obligation

Already decided on Xoala? Open a Xoala account

  1. 1

    Describe your business once

    Country, industry, owners and what you need. One profile, saved, instead of a new form for every provider.

  2. 2

    See who fits, and why

    Your matches, each with the reason behind it, so you know who would turn you down before you apply.

  3. 3

    Use the same profile to applyComing soon

    Send it to the providers you choose, without starting from scratch each time.