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Queries

How do I set up an account?

Simply visit the registration page on our website. Once you’ve uploaded all the required documents, our compliance team will review them and contact you if they require further information. After this process has been completed, your account shall be ready.

What costs are involved in the account opening process?

Fees vary from business to business. For further information, contact our support team.

How long will it take to set up my account?

As soon as you have completed our onboarding formalities and provided the required documents, our compliance department will validate and verify your application. This process typically takes a few days after your complete application is submitted. After we conduct the initial Know Your Client (KYC) procedure, your account will be activated and ready for use. You will receive an email informing you about the same.

What is a multi currency IBAN?

The next generation of bank accounts or International Bank account numbers (IBAN) are here. The multi currency IBANs are designed for a more complex world where more and more businesses are going global but want to manage their cash flow and cash management from one account. A multi Currency IBAN is one Bank account number like normal. But the magic is in the setup. The IBAN is pre-setup with 35-50 different currencies. This means regardless of whether your customers pays you in USD, EUR, or INR the IBAN is able to receive the funds AND store it in the correct currency account. this is especially relevant for large multi-nationals and e-commerce players who sell in multiple markets and countries. the savings for a large player could be significant in terms of banking costs and foreign exchange. Also the fact that you are working with only one account saves a lot of effort and confusion with your customers.

Who uses the IBAN?

Initially developed to facilitate payments across the European Union, it has since been adopted by most European countries as well as many countries in the Middle East and the Caribbean. North American, Australasian, and Asian countries do not use the IBAN for money transfers unless sending a payment to a country that has adopted the IBAN.

What is a check digit?

A check digit is added into an account number as a way to verify whether the information provided can possibly be true. It allows for a quick mathematical calculation that ensures there are no missing or extra digits, or transposition errors. A check digit will not ensure you have the proper account number for the intended recipient, it will only validate that such an account actually exists. The destination bank is responsible for calculating the check digits, as well as providing the IBAN.

What is an IBAN?

An International Bank Account Number (IBAN) is a standardized format for displaying unique account information when making an international money transfer. The purpose of the IBAN is to reduce errors and improve validation of cross border payments. Allowing up to 34 alphanumeric characters, an IBAN consists of a two-digit country code, two check digits, and a Basic Bank Account Number (BBAN) that contains specific bank and account details. Each country is responsible for its own BBAN structure and SWIFT is the official registrar of the national IBAN formats.

What is SWIFT?

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is an international organization that provides a global network for financial institutions to communicate securely and effectively. SWIFT focuses on the standardization of payment orders and is the official registrar of IBANs and SWIFT/BIC Codes.

What is a SWIFT/BIC Code?

A SWIFT Code, also known as a Business Identifier Code (BIC), is an 8 to 11-character standardized international code that uniquely identifies a financial institution. The purpose of a BIC is to ensure a payment is routed to the proper bank, particularly for international transfers. A BIC consists of a four-letter bank code, a two-letter country code and a two-digit code that indicates the location of its head office. The last three characters are optional if the bank wants to specify a particular branch. SWIFT is also the BIC registration authority.

General

What is the background of NEOBANQ?

NeoBanQ offering best rates for business transactions from Europe to rest of the world. We have partnered with Several Reputed and high street banks worldwide to change the way international payments are carried out, lowering the fees and processing time substantially. Our solutions work for global exporters to Europe with a virtual bank account, which enables exporters to collect payments from their European customers.

What is a BIC code?

In the world of banking, you will hear words such as IBAN, SWIFT, and BIC. A Bank Identifier Code is known as a BIC code. Another name for the same function is SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication. The terms are interchangeable, and a BIC or SWIFT code is an 8 to 11 character number, which identifies a specific bank anywhere in the world. It is a form of registration, and B2B Pay also has a BIC or SWIFT code in accordance with regulations of banking. IBAN stands for International Bank Account Number, which can be verified worldwide to ensure the security and legitimacy of your virtual bank account and transactions coming in and out of it. It is easy to look up the IBAN of a person with whom you may wish to do business, and ensure that the payment you receive is legitimate. There are many calculators and software tools which will allow you to convert a customer or supplier's bank account number into an IBAN. BIC can tell you the bank and origin of the country of its account.

What is the minimum age for opening an account?

To open an account you must be at least 18 years old.

Why do you ask for my documents, can I transfer money before verification?

We are a licensed financial institution and have to comply with AML laws. This requires us to identify all clients. The account verification procedure is straight forward . You will not be allowed to send any money before you verify your identity.

How would IBAN benefit me?

The main benefit is that IBAN should provide you with quicker processing of your funds transfer. Since banks are required to check the accuracy of the IBAN at the point of initiating a fund transfer, they can only make the funds transfer which carry the correct IBAN.

What is the background of NEOBANQ?

B2B Pay is a Fin-Tech (financial technology company) offering best rates for business transactions from Europe to rest of the world. We have partnered with Several Reputed and high street banks worldwide to change the way international payments are carried out, lowering the fees and processing time substantially. Our solutions work for global exporters to Europe with a virtual bank account, which enables exporters to collect payments from their European customers.

What is a BIC code?

In the world of banking, you will hear words such as IBAN, SWIFT, and BIC. A Bank Identifier Code is known as a BIC code. Another name for the same function is SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication. The terms are interchangeable, and a BIC or SWIFT code is an 8 to 11 character number, which identifies a specific bank anywhere in the world. It is a form of registration, and B2B Pay also has a BIC or SWIFT code in accordance with regulations of banking. IBAN stands for International Bank Account Number, which can be verified worldwide to ensure the security and legitimacy of your virtual bank account and transactions coming in and out of it. It is easy to look up the IBAN of a person with whom you may wish to do business, and ensure that the payment you receive is legitimate. There are many calculators and software tools which will allow you to convert a customer or supplier's bank account number into an IBAN. BIC can tell you the bank and origin of the country of its account.

What is the minimum age for opening an account?

To open an account you must be at least 18 years old.

Why do you ask for my documents, can I transfer money before verification?

We are a licensed financial institution and have to comply with AML laws. This requires us to identify all clients. The account verification procedure is straight forward . You will not be allowed to send any money before you verify your identity.