Bankera — a digital bank for the blockchain era
What is Bankera?
The Bankera ecosystem also includes Spectrocoin, a web-based crypto wallet that supports many fiat currencies and offers a debit card, an Exchange recently rebranded as SpectroCoin Exchange, and crypto loans. Bankera is among the very few companies that are offering business loans as well as a payment account.
Individual users in Europe can use the service free of charge- no monthly maintenance fee, no card ordering fee, and the first three ATM withdrawals are also free. Non-EEA residents can view the pricing structure here. Business users’ charges depend on the location and industry, and I recommend checking this link to know more about business accounts.
Bankera payment services are aimed at individuals and companies involved in the digital business, an underserved niche overlooked by traditional banking institutions. Bankera can become an affordable, quick and convenient alternative as a neobank to compete with traditional banks. Currently, the company is focused on offering payment solutions to online businesses such as Fintech firms, crypto exchanges, and iGaming companies that cover online sports, gaming, and online card games platforms.
Serving these high-risk corporate customers (iGaming, Crypto) makes Bankera stand out from the competition since these are underserved segments and had problems with opening a payment account. Bankera is currently offering SEPA payments for them.
Bankera does not impose any limits on transfers, deposits, and withdrawals for its users, but there are some operational limits. I highly recommend contacting the support team if you wish to increase your limits.
Pros
- Free and dedicated European IBAN accounts for personal and business customers along with SEPA transfer structure
- Personal account opening is free of charge
- Competitive pricing for corporate clients. Low maintenance costs and fees for currency exchange, affordable charges for SWIFT and SEPA transfers
- Online/live support is present 24/7
Cons
- Unavailable in some locations such as in the US
- Account review charges for business users are 200 EUR which are not mentioned on the website
Is Bankera safe?
Bankera’s official website explains that the service employs various cybersecurity measures such as multi-factor authentication to protect its users’ accounts. The customers’ money is also kept separate from the company’s funds. Therefore, in the case of solvency, users will be able to recover their money. Besides, e-money is backed by liquid assets (cash, cash equivalents, highly liquid bonds, etc.). I also suggest visiting the Bankera blog to learn more about how Bankera keeps your funds safe.
FAQ
First, users need to create their Bankera account, which can be completed in a few steps. Then navigate to the “Wallets'' section, and click on “Manage Wallet” option. Enter your Bankera token name, and select the one from the list. Tap “Confirm” to create your Bankera wallet.
To get a referral code for the Bankera partnership program, you need to contact Bankera support via their social media channels or email them at partnerships@bankera.com for further guidance. Once you sign the program agreement, you will get a referral code to share with others and claim rewards.
To order a Bankera card, navigate to the “Cards'' section from your account, and click “Order your card today.” Then select the card type, agree to the terms and conditions, and follow instructions.
To add funds to your Bankera account, you can make a bank transfer from any bank. Bankera currently supports SEPa transfers, and its corporate users can also benefit from the SWIFT payments network.
Questions & answers
Asma Ahmed
Is Bankera focused on serving high-risk corporate customers (iGaming, Crypto)? These are considered underserved segments; how is Bankera serving them?
Vytautas Karalevicius, co-founder of Bankera
Yes, Bankera offers business accounts for all sorts of high-risk corporate customers, including iGaming and crypto companies. We provide these businesses with a European IBAN with support for SEPA and SWIFT payments, and VISA corporate cards. For iGaming businesses, we can also offer a separate account for holding clients’ funds.
Asma Ahmed
Does Bankera charge business users for Account review applications? How much is the fee?
Vytautas Karalevicius, co-founder of Bankera
Application fees vary depending on the industry in which the business is operating.
Asma Ahmed
If yes to the previous question, what is the reason for charging the fee? And it applies to which users, industries, and countries?
Vytautas Karalevicius, co-founder of Bankera
The fee is charged to cover the costs of running the risk assessment and due diligence procedures, as well as evaluating any relevant documents sent by the client. Application is free for companies in conventional industries operating within the EU, while high-risks or non-EU companies might pay up to 450 EUR for the review.
Asma Ahmed
Bankera already offers Visa payment cards to individuals, please tell us about your plans for business users.
Vytautas Karalevicius, co-founder of Bankera
Business cards have just been released – our corporate clients can already order them on the Bankera internet banking platform.
Asma Ahmed
Companies established in Lithuania have only been allowed to open saving accounts with EMIs, but Bankera already has experience in other countries? Does this give you an edge over other companies in Lithuania?
Vytautas Karalevicius, co-founder of Bankera
Yes, experience with companies from other countries is a significant advantage for us. What is more, we have been operating in the fintech and cryptocurrency industries for several years and know what companies from these fields need, providing a unique solution for the Lithuanian market.5. Bankera already offers Visa payment cards to individuals, please tell us about your plans for business users.5. Business cards have just been released – our corporate clients can already order them on the Bankera internet banking platform.
Conclusion
Bankera is expanding its product portfolio; apart from personal accounts, it is now offering the opportunity to open savings accounts for businesses and other financial services (business loans for SMEs, payment accounts, etc.) needed to start a business. Recently, it has allowed linking the Bankera’s account and debit card with PayPal. Soon it will offer Visa payment cards to its corporate clients as individual users are already benefiting from it free of charge.
Overall, this service has received good reviews, and users have praised its customer support and smooth service delivery. A few business users had negative experiences regarding the application fee for an account review. Even after paying it, they had to wait for a few weeks to finally know that they were not allowed to open the account due to Bankera’s internal policies.
Apart from that, its exchange Spectrocoin has received mixed reviews. While the users acknowledged the support team’s assistance, a few mentioned that the verification process took longer than expected. While it offers many options to top-up your account, it also bombards you with fees. I highly recommend checking the deposit and withdrawal fees and limits. If you want to convert crypto to cash regularly and don’t care about the charges, then you may try this service. Otherwise, Askwallet.io offers reviews of other exchanges with competitive pricing for your everyday spending of crypto.
Finally, before making a final selection, I suggest checking other options at the Askwallet website and compare the prices and features. Different services offer different features and benefits, so there is no “this e-wallet/payment service is the best.”
