Any NexPay feedback?

[Tomson prest]

Hello,

Do you have an account with Nexpay EMI? please share your experience with them.
Are they strict and asking for every single payments or not? for receiving payments from clients (crypto business)

Thanks!

 

[Don]

Hello,

Do you have an account with Nexpay EMI? please share your experience with them.
Are they strict and asking for every single payments or not? for receiving payments from clients (crypto business)

Thanks!

Yes its a very strict EMI.

 

[Tomson prest]

Yes its a very strict EMI.

You have an account with them?

 

[Don]

You have an account with them?

Yes for a crypto business

 

[Cryptohodler]

Yes its a very strict EMI.

Can you suggest a lenient easy going EMI that doesn't hassle for documents on every transfer ?

 

[Clearsky Network]

Every reputable EMI is very strict on compliance requirements for C2B transactions

 

[russelw65]

I understand Nexpay are shutting down private accounts.

 

[stronco]

IMHO they NGMI

 

[Don]

Cool thing is that they are finally offering SWIFT access. That does offer some hope.

 

[stronco]

IMHO they NGMI

The clowns just got shut down.

 

[Don]

The clowns just got shut down.

Afaik, it was 125k fine and not complete shut down.
You can verify this at:
https://www.lb.lt/en/sfi-financial-market-participants/uab-nexpayService still works.

Afaik, it was 125k fine and not complete shut down.
You can verify this at:
https://www.lb.lt/en/sfi-financial-market-participants/uab-nexpayService still works.

This fine must have hurt though, given their profit was just 5k in 2022, which is not bad as most emi-s are not profitable.

https://rekvizitai.vz.lt/en/company/nexpay/

 

[russelw65]

Yes, Nexpay are officially closing down private accounts.

Any other suggestions for an alternative?

 

[stronco]

In accordance with the latest guidelines passed to us by our regulator, we regret to inform you that we will have to temporarily suspend your account among a group of other clients. We are not in favor of such resolutions, especially for long standing clients. Unfortunately, we do not have a choice in this case, but to comply.


You will still be able to access your account, but no outgoing payments will be allowed. It will be possible to access any remaining funds on the account at a later stage. You will need to submit a formal request to withdraw your funds to another account that belongs to you.


We continue to work with the regulator and plan to restore full access to our services soon. Before that happens, we will switch your account to a commission free plan so that you will not bear costs until full service is restored.

A bunch of people got this.

 

[vehzag]

A bunch of people got this.

That’s why they refused to open a corporate account for me I think recently

 

[Clearsky Network]

Nexpay is great, just very strict in compliance. They refused to onboard new clients for the last 2 months. Try Payset instead.

 

[Don]

Nexpay is great, just very strict in compliance. They refused to onboard new clients for the last 2 months. Try Payset instead.

If I recall correctly, it took 2-3 months to open an account.
We got a request to submit documents even for a 3 EUR outgoing payment.

 

[Clearsky Network]

If I recall correctly, it took 2-3 months to open an account.
We got a request to submit documents even for a 3 EUR outgoing payment.

i had cases when it even took 6 months to open an account and yes they need supporting documents for every transaction

 

[russelw65]

Nexpay did request a lot of documentation.... which was boring... but it was efficient. It is a shame they are closing private accounts.

Are there any other non-UK virtual IBAN companies which are as good? (With easy onboarding!!)

 

[stronco]

Nexpay did request a lot of documentation.... which was boring... but it was efficient.

I think no legitimate business puts up with that nonsense. Basically over-compliance leads to become a host for shady business only... as those have a high tolerance for nonsense "compliance q&a".

 

[vehzag]

Nexpay is great, just very strict in compliance. They refused to onboard new clients for the last 2 months. Try Payset instead.

For the corporate needs no thanks
They just block accounts with no reason