VIALET is a great option for European businesses to manage and process fiat and crypto payments. It is also ideal for anyone who would like to own a free contactless MasterCard card, make instant SWIFT and SEPA transfers and manage 24/7 payments worldwide. There are many other benefits that you can get from this electronic money institution (EMI) if you open an account with it. Continue reading to learn more about VIALET.
What is VIALET?
VIALET is a provider of alternative financial services. It gives you a powerful tool for the management of your finances, thereby meeting your dynamic needs and saving you the burden of dealing with traditional banking institutions.
VIALET was founded as an EMI and neobank in 2017 and has its headquarters in Lithuania. VIALET is owned by VIA SMS Group, an alternative financial services provider with an extensive product portfolio. Since its foundation in 2009, the company has expanded its operations to 10 countries and has grown into one of the leading European consumer lenders with a significant presence in Asia-Pacific. VIA Payments UAB operating under the brand name VIALET is an electronic money institution registered in Lithuania and licensed by the Lithuanian Central Bank. All of this speaks of the great experience that stands behind the professionals of this company.
For business purposes, the company offers dedicated IBANs for SEPA, SEPA Instant, and SWIFT payments in various currencies for low to medium-risk clients. It opens business accounts for crypto exchanges licenced by the European Union (EU) and sets payment processing both to and from crypto. VIALET gives your business support for C2B, B2C, and B2B payments, so your company will have a bunch of options to choose from.
VIALET can also be used to make fast transfers between individuals and businesses, as well as send remittances to family and friends worldwide.
With VIALET’s mobile app, personal users will be able to create a free account in minutes and manage transactions in fiat money and cryptocurrencies.
- Offers a free IBAN account
- Free SEPA transfers
- No hidden charges
- Instant top-ups and in-app payments anywhere in the world
- Free 3D Secure VIALET Mastercard card (contactless)
- Offers single-currency and multi-currency accounts
- Make business payments in more than 200 countries with SWIFT and SEPA
- Free online and in-store shopping
- Easy card locking and unlocking with the VIALET app
- Support for cryptocurrency
- Fast customer support via live chat, telephone, email, and ticket system with the “Issue button”
- Personal accounts are available only for a few European countries residents (Latvia, Lithuania, Poland and Spain)
- VIALET physical contactless card is available to users in a few countries
- Charges a fee and conversion rates for ATM withdrawals outside EEA
- Charges a fee for card replacement
VIALET for Business Use
Businesses, especially small and medium-sized enterprises (SMEs) in Europe, can rely on VIALET for diverse financial solutions that include free IBAN accounts for sending and receiving instant payments in euros via SEPA, and mass pay-outs. In addition, they can add many team members to one business account.
VIALET also accepts payments from and to blockchain companies and licenced crypto exchanges through its crypto-friendly business account for SMEs. The company aims to connect crypto-related businesses to a regulated financial infrastructure that helps them overcome the barriers relating to banking and payments.
This product enables VIALET’s corporate clients to make incoming and outgoing transfers in EUR from/to Virtual Asset Service Providers (VASPs) using the existing payment infrastructure (SEPA/SEPA instant or EUR SWIFT payments).
The product is dedicated to
- VASPs — Virtual Assets Service Providers: crypto exchanges, P2P platforms, NFT platforms, crypto wallets, and custodian services.
- Non-VASPs — Companies that are not directly involved in the crypto business but accept digital currencies as a means of payment or invest in virtual assets.
To open a crypto-friendly account, in addition to the standard KYC questionnaire (filled in via the VIALET online platform), the client must fill in one of the Crypto Client Questionnaires (for VASPs or non-VASPs) and go through the on-boarding procedure.
Why open a company account in another country?
There are some reasons why your enterprise or company would make significant gains from creating a business account outside your home country. They include
- International market players: If your customers, suppliers, or business collaborators are residing abroad, or if you have plans to take your business to the international arena, then it will be of great benefit to open a company account with a foreign bank. It allows you to transact with them in their local currency, which simplifies how you send and receive payments from them.
- New business opportunities with an IBAN account: Having a company bank account in another country makes it easier for you to explore new business opportunities that are not available in your host country. With a free IBAN account from VIALET, you can delve into openings in Europe and collaborate with new foreign partners who can conveniently send and receive payments to and from your business.
- Easy foreign account registration: Although the process of opening a bank account abroad is very time-consuming, bureaucratic, and stressful with traditional banks, the reverse is the case with neobanks. Hence, VIALET lets you open a business account in a very short time. You do not even need to go to a physical office or travel abroad to do this because everything can be done using your smartphone or personal computer.
- Reduction of taxes: Keeping your money in an international bank account can help you get some tax benefits. You can save on tax if your home country does not require you to pay tax on the funds you have in an overseas account. Furthermore, an overseas account saves you tax deductions since any interest collected is paid tax-free. This guarantees you instant higher returns and eliminates the need to ask for a rebate. Therefore, your business has much more to benefit from having an account with VIALET.
- SEPA instant payments with VIALET: You can make direct SEPA and SEPA Instant payments with a VIALET business account. It will help you save time and enjoy speedy and free European transfers from anywhere.
NOTE: VIALET business accounts are only intended for low-risk companies. High-risk and middle-risk companies can also open a business account for free. However, service for high-level risk companies will not only be paid but the rate for the service and different operations will be specified by a personal manager. The serviceability itself is also examined for each case individually.
VIALET for Personal Use
Apart from businesses, individuals can also benefit from opening a personal account with this EMI. You can begin the process of registering a current account with VIALET by downloading its app using your smartphone, and in about three minutes, your account will be ready for use.
IBAN account with a contactless Mastercard card
Your free personal current account from VIALET, with an international bank account number (IBAN), allows you to place an order for a free contactless Mastercard card. But this is possible only after you have verified your identity. Your Mastercard card can be used online and offline shopping where it’s accepted and to withdraw cash from ATMs in more than 200 countries.
Free SEPA payments and money transfers
You can use your IBAN account with VIALET to make free SEPA payments to individuals and merchants. Also, it allows you to make free money transfers abroad without hidden charges. All VIALET-to-VIALET payments are processed and sent to the receivers instantly and for free.
How to apply for a credit limit?
If you have a residence in Poland, VIALET personal account also can be assigned with a credit line. Paid back correctly the first time, it will allow you to re-use your credit money again and again. You can contact the support team for assistance with the process of writing via chat on the website or by email. The decision on assigning a credit line is almost immediate, it usually takes a few minutes to review the application and put credit money into your account. If your application was accepted you’ll get feedback through email or SMS immediately.
Also, note that your application for a credit limit may be rejected for some reasons. They include the following:
- You have not successfully verified your identity.
- Your data was found in any of the debtors’ databases.
- You have a negative or poor loan history.
- You currently have an active loan with VIALET.
Is VIALET Safe and Secure?
Yes, VIALET is a safe and secure service. It is registered in Lithuania. The Central Bank of Lithuania also gave the company a licence to operate as an electronic money institution. Moreover, VIALET follows all EU regulations concerning EMIs. So, all the money deposited in your account is secured by the Central Bank of Lithuania and can only be used for your transactions.
In addition, VIA Payments does not collect your payment card details. The company also does not share your financial information with third parties, including online merchants. It is only when necessary that your data will be shared with legal or regulatory authorities.
VIALET offers a 3D Secure system. This neobank uses it to protect all your online purchases and keep your information safe. For further account security, VIALET sends its customers a confirmation number to complete each transaction. Moreover, you can use the VIALET app to block your card if you lose or misplace it.
You can open a VIALET account for free, but there are other fees that you need to be aware of. We have broken them down below.
General account services
IBAN account opening
Issuance of a certificate about the payment account
Administration fee for an inactive account
P2P payments between VIALET accounts
Account top-up with card
Card and cash services
Card issuing and delivery
Card replacement and delivery
ATM cash withdrawal
2% (minimum, €2.5)
Currency exchange for the use of your VIALET card for payments in non-euro currency and ATM withdrawals abroad.
Mastercard exchange rate + 1% of the value of the transaction.
Invalid dispute fee
Please note that:
- For up-to-date information on VIALET fees and the transaction limits on verified and unverified (or “non-verified”) personal accounts, click here.
- If you operate a low-risk SME, you can open your IBAN account for free, and make fee-free SEPA and SEPA Instant payments as well as SWIFT transactions. However, there is an annual fee of 1% for SWIFT payments. To learn more about business pricing, contact the sales team.
Countries Where VIALET Works
You can use your VIALET account almost in any country in the world. Also, the Mastercard card that comes with your account can be used in more than 200 countries where Mastercard is accepted for payments and compatible ATMs are available for cash withdrawals.
Nevertheless, only residents of Lithuania, Latvia, Spain and Poland who have valid phone numbers and EEA ID documents (except France and Italy) are eligible to create a VIALET account. Also, in terms of card availability, only customers in Latvia, Poland, and Spain can receive a physical card from VIALET when they place an order for it.
Features of VIALET
VIALET has many attractive features which bring you a lot of benefits and transform your banking and payment experience for the better. Here is a list of its main features:
- Free instant money transfers
Private users of VIALET are allowed to send and receive fast money transfers to and from family and friends all over the world at no cost. Both of you just need to have a VIALET account.
Business users can take all the advantages of quick and free-of-charge transactions all across Europe with direct SEPA and SEPA Instant Payments. Opening a free business account the company will receive an IBAN account with euros as the default currency to make fast operations with the SEPA payment clearing system in minutes.
- Easy digital banking
If you are a private user, everything you need to do with VIALET can be done using its mobile app. You do not need to go to a brick-and-mortar office to initiate any transaction or make any enquiries; your smartphone or tablet with the VIALET app is enough. Besides, there are no complicated bank details involved with VIALET. You can send payments to anyone using fast and simple payments between app users, SWIFT or SEPA transfers.
Business account owners have even more significant options. VIALET offers them a web-based banking business platform with a bunch of different options. It allows you to see all detailed information about incoming and outgoing payments, and control all of the user transactions all in one place.
The platform makes fast and convenient invoice management. You can download and send statements of completed transactions as an invoice to your client or accountant.
Setting transaction limits will not be a problem either. When you set monthly or annual limits in your account management system, you will be able better control your corporate expenses.
- Instant alert
As a private user, you will receive push notifications on your smartphone anytime a transaction occurs in your account with VIALET. It keeps you informed about all your payments and receipts.
- In-app card blocking
The VIALET app can be used to block your card to protect your account from unauthorised access to your funds. This process can be completed inside the app within a few seconds. It is necessary to block your card if it was stolen, you lost it, or you do not remember where you kept it.
- Convenient top-up
You can use the VIALET app to top up your account using your bank card or a SEPA transfer. Thus, it helps you bank conveniently.
How to Apply – Setting Up an Account
Accounts for personal use
VIALET is an app-based service. So, you need to have a smartphone to apply for an account. The registration process is free of charge. It begins with downloading the app on the App Store (for iPhone users) or getting it on Google Play (for Android phone users).
The next step after downloading the VIALET app is to enter your details for registration. So, you will write your name and surname, date of birth, email address, telephone number, and country of residence.
After providing details for your VIALET current account, you will need to create a passcode or PIN for secure access to your account. Immediately after the KYC process is complete, or, to put it simply, you have answered all the questions, you will receive an IBAN. This account comes with some limits that you need to be aware of. However, private individuals can contact VIALET’s customer support to request that the limits on their accounts be raised. The applicant must provide reasons for applying for an account limit increase.
Now, identity verification is the next step. It is necessary to verify your identity with VIALET so that you can make transactions with your account and enjoy endless possibilities. Besides, it will also qualify you to order its physical Mastercard contactless card, with which you will be able to take advantage of all its services. Note that, as of June 2022, only residents of Latvia, Poland, and Spain can order a VIALET card using a valid phone number.
The verification process begins with signing into your profile in the app. Next, you will tap “Start authentication” and provide your mailing address and take photos of your face and your valid identity document. The only acceptable documents for identification are international or national passports.
When you have completed the process of registering your VIALET account and verifying your identity, your next step is to fund your account. To do this, you need to click the “Top-up” button in the app and choose to either make a SEPA transfer or use your bank card. VIALET supports the use of Mastercard and Visa cards for top-ups.
Business account setup
Setting up your business account neither will take a lot of time. You will have to pass easy registration stages on its Business Platform:
- Fulfil your personal data such as a valid email and phone number.
- Provide your company’s basic details.
- Open-up financial information related to the company.
- List key Ultimate Beneficial owners and information related to them.
- Upload related documents.
- Perform online identification before application submission.
After the company is onboarded, there is no need to wait for any access credentials or code calculators as access to send and receive payments is available straight away!
Who is VIALET For?
VIALET is a service for European SMEs and individuals looking for innovative ways to manage their transactions in fiat money and cryptocurrency, as well as send and receive instant SEPA and SWIFT payments, all at low cost.
Business accounts can be opened by any company almost from all over the world. VIALET’s onboarding list includes more than 200 countries. The procedure for opening an account for the majority of the companies will be as simple as possible, but be aware if you have a high-risk business. In this case, you will have to go through an individual application procedure.
VIALET provides payment processing services to European SMEs and allows businesses and individuals to send and receive money all over the world. It's Crypto friendly business IBAN account for SMEs and a mobile app with a current account and contactless Mastercard for private users. Its personal accounts are exclusively available to EU and EEA residents; however, VIALET business accounts can be opened by companies from all over the world (more than 200 countries). With its free IBAN account, you can make transactions locally and internationally at little or no cost.
Yes, VIALET is legit. It is licenced by the Central Bank of Lithuania and is registered and regulated as an electronic money institution. You can trust this company with your money and your financial information.
Generally, most digital banks are safe. They know how to accept online payments safely, use high-security technology and comply with international standards for secure electronic money operations. But this does not mean that there are no fraudulent so-called online banks on the market. That is why we recommend that you deal with only the best neobanks in the industry and use the safest digital wallets for your business and personal needs.
Log in to your app. Go to the "Top-up" option and choose between making a SEPA transfer and using your bank card. VIALET accepts Mastercard and Visa debit and credit cards for top-ups. However, you need to have verified your identity before you can deposit funds into your account.
- The VIALET app allows you to make free instant money transfers to friends and family.
- Its easy digital banking service makes it possible for you to complete all your transactions using your smartphone.
- It also sends you instant transaction alerts to keep you informed about everything happening in your account.
- In addition, you can use the app to secure your money from unauthorised access by blocking your card whenever you cannot find it.
VIALET is a hassle-free neobank and a licenced electronic money institution that offers cost-effective and flexible financial services to contemporary customers. Switch to VIALET for a better banking and cross-border payment experience in and outside Europe. With VIALET mobile app with a personal account or with a VIALET business payment account, you’ll get the most from the financial benefits and security that you desire.