Opening an account in payment system FAS Finance

About the FAS Finance payment system

FAS Finance is a fresh European B2B solution in the field of payment systems with the ability to open an account in SEPA (Single European Payments Area), which will allow you to receive payments in euros from all countries of the eurozone at the rates of local companies. As of 2021, SEPA has 36-member states: Austria, Belgium, United Kingdom, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain and Sweden, 3 EEA countries - Norway, Liechtenstein, Iceland, as well as Switzerland and Monaco.

The FAS Finance payment system is regulated by the Czech National Bank.

When opening an account in the Czech payment system FAS Finance, the client receives a personal IBAN in EUR currency. The option of SWIFT payments in EUR, USD and GBP is also available. A convenient additional service of the system is the possibility of an unlimited number of deferred payments.

Constant support and an individual approach to billing make FAS Finance an attractive payment solution for various types of business, including high risk.

How to open an account with FAS Finance

The account opening service is available to both individuals and legal entities in a remote format. The procedure for opening an account in the payment system begins with registration and filling in the account data. The service involves two-step authentication, therefore, you must have the Google Authenticator application on your smartphone, which is available both in the AppStore and in the PlayMarket. As soon as FAS Finance processes the application for opening an account, you will be prompted to go through online identity verification, which will take a few minutes.

Taxters helps to open accounts with FAS Finance, speeding up the process and saving you time and efforts. Leave a request by clicking on the "Quick consultation" button, and we will contact you within 20 minutes.

What documents / information are required to open an account with FAS Finance

To open an account, an individual needs the following documents:

• Two documents proving identity (for example, passport and driver's license);
• Proof of residential address (e.g. utility bill, rental agreement);
• An extract from one of the banks of the European Economic Area (EEA), confirming the existence of an account in it.

If we are talking about opening a corporate account for a legal entity, the following documents are required:

• Certificate of registration of a legal entity;
• Information on the composition of the participants and the management body of the legal entity;
• Certificates of shares;
• Extract on the appointment of the director;
• Confirmation of the registered office;
• Charter;
• An account statement from another bank or payment system, if the account is open elsewhere.

All documents must be no older than 6 months from the date of issue. In addition, most jurisdictions require an Apostille stamp on documents.

If your company has a website, this is a great advantage for making a positive decision to open an account.

To complete the process of activating a corporate account with remote verification, you need to make a small deposit (the amount depends on you). Payment must only be sent from a corporate bank account. A director or shareholder cannot make payment from their personal account for corporate verification.

Benefits of having an account with FAS Finance

• Serving high-risk business in Europe and the CIS (Ukraine, Russia, Belarus);
• Fast feedback from the manager;
• Instant payments in SEPA and IBAN systems;
• Convenient cash withdrawal anywhere in Europe;
• Fast and standardized settlements in euros with counterparties.

Tariffs and commissions

The average commission for individual transfers is 2.6%, taking into account the country of the recipient of the payment.

Also, tariffing depends on the category of the country of registration of the company. In accordance with the EU Anti-Money Laundering Policy, countries are divided into categories A, B, C, D, E.

Category A: If a company is located in the EEA, its business is considered the least risky if there are no obvious risk factors for which it can be classified as a higher risk group.

Category B: The company is located in the EEA, but its business is listed in * the list of high-risk activities.

*List of high-risk activities: accounting and auditing, adult (adult content), webcams, construction, cryptocurrency exchange, financial services and money transfers, Forex trading, healthcare, wholesale, ICO, online and offline betting, casinos, slot machines and poker, lotteries, notary services, online gambling, pharmaceuticals, government procurement, real estate investments, tax advisors and lawyers.

Rates

Category C: The company is located outside the EEA (and is not * included in the list of additional jurisdictions), but its business activities are considered less risky.

Rates

Category D: The company is not located in the EEA (but is not * included in the list of additional jurisdictions) and its business activities are considered to be more risky.

Rates

Category E: The company is located in a country from * the list of additional jurisdictions or there is a public official in the company structure.

Rates

* List of additional jurisdictions: Antigua and Barbuda, Aruba, Belize, Bermuda, British Anguilla, British Virgin Islands, Cayman Islands, Cook Islands, Curacao, Dominica, Dominican Republic, French Guiana, French Polynesia, Gibraltar, Grenada, Guernsey, Hong Kong, Island Maine, Jersey, Maldives, Marshall Islands, Nauru, Niue, Reunion, Seychelles, Saint Kitts and Nevis, Saint Lucia, Saint Martin, Saint Vincent and the Grenadines, Tonga, Turks and Caicos.

Additional commissions for all categories of clients:

The speed of processing payments depends on the type of service, for example, an internal payment is processed instantly, while processing a SWIFT payment takes from one to several business days.

It should be noted that FAS Finance provides individual billing for each client, based on the client's history, business model, information about the ultimate beneficiary, and so on.

Prohibited jurisdictions and company activities

FAS Finance takes seriously the management of risks associated with public officials (PEP), illegal activities, sanctions imposed on counterparties, and persons associated with terrorism. In addition, FAS Finance does not welcome or service the following activities:

• Hawala (alternative system of bank transfers);
• Shell and offshore banks;
• Unregulated charities or any regulated charities outside the EEA;
• Activities related to defense and ammunition, including dual-use;
• Selling drugs and / or drug-related activities;
• Companies formed from bearer shares;
• Unregulated pharmaceuticals / food additives (nutraceuticals);
• Piracy or illegal streaming;
• Counterfeit goods;
• Political / religious organizations

You should also take into account the list of countries with which FAS Finance does not cooperate at the moment:

• Afghanistan
• Albania
• Algeria
• American Samoa
• Bahamas
• Barbados
• Botswana
• Burkina Faso
• Burundi
• Cambodia
• Cape Verde
• Cayman islands
• Central African Republic
• Congo
• Cuba
• Democratic People's Republic of Korea - DPRK
• Djibouti
• Equatorial Guinea
• Fiji
• Gabon
• Gambia
• Ghana
• Guam
• Guinea
• Guinea-Bissau
• Haiti
• Iran
• Iraq
• Cote d'Ivoire
• Jamaica
• Laos
• Lebanon
• Liberia
• Libya
• Mali
• Mauritius
• Montenegro
• Morocco
• Myanmar
• Nicaragua
• Niger
• Nigeria
• Oman
• Pakistan
• Palestine
• Panama
• Samoa
• Senegal
• Sierra Leone
• Somalia
• South Sudan
• Sudan
• Syria
• Togolese Republic
• Trinidad and Tobago
• Tunisia
• Turkey
• Uganda
• US Virgin Islands
• USA
• Vanuatu
• Venezuela
• Yemen
• Zimbabwe

Why Taxters?

Our staff will advise you on all issues: from filling out the required forms to the first successful payment. We will contact the FAS Finance payment system and accompany the account opening process on an individual basis. We will help you go through the know your customer (KYC) procedure, which will significantly increase the chances of successful account opening. Just click on the "Quick consultation" button and we will answer all your questions!