About payment system Genome
Genome is a Lithuanian payment system founded in 2018, licensed and legally registered as UAB “Maneuver LT”, operated by the Central Bank of Lithuania.
Genome serves both business and individual needs. With the help of the payment system, customers can manage their accounts and make money transfers using only a phone application or a browser. Everything is done remotely since payment systems do not have physical branches.
Since the Genome payment system is focused in particular on the EU market but among the main options that it offers are:
- opening of accounts;
- payment processing;
- exchange (conversion) of currencies;
- internal transfers;
- SEPA and SWIFT transfers;
- other banking transactions carried out entirely online.
When opening an account in the Lithuanian payment system Genome, a client can receive several IBANs for their business.
The registration procedure in the system takes several minutes.
You can open up to 15 accounts in different currencies, including EUR, USD, and GBP.
In Genome, it is possible to open personal and business accounts (personal and business accounts).
However, a Genome business account is paid, unlike a personal account.
See also about opening an account in the FAS Finance payment system.
Opening a personal account in Genome
Opening a personal account at Genome payment system consists of the following steps:
- Download Genome application and create an account, where you indicate personal data, phone number, email, registration (residence) address, and individual tax number;
- Next, upload a photo of identification documents: passport / ID card or residence permit.
- The last step is to record a short video to verify your identity.
Opening a corporate account with Genome
To open a business account with Genome, the following documents are required:
- Passport or ID card of the director and shareholder of the company;
- A document confirming the registration (legal) address of the company;
- A document indicating the shareholders of the company and their shares;
- Confirmation of the authority of the account manager: if this is a director - a corporate document confirming the identity and position of the director; if this is an authorized person - a power of attorney or other document confirming the person's right to manage the account;
- Certificate of registration of the company.
Advantages of a corporate account in Genome payment system
- Getting multiple IBANs for business;
- Favorable exchange rates;
- Account sharing (the ability to share access to the company's corporate account with employees and partners: assignment of roles with different access levels to control and restrict access in one click);
- Account statements and analytics in CSV and PDF formats;
- Convenient mobile app Genome;
- Real-time notification.
Genome payment system services:
- Multicurrency accounts;
- SEPA transfers;
- SWIFT transfers;
- Group transfers (no need to manually enter data for each transfer);
- Corporate cards: both physical and virtual cards are available. For a certain type of business, they can provide a huge number of virtual cards: for example, affiliate marketing;
- Google Pay / Apple Pay.
For companies with a B2C business format, there is a Payin and Payout option.
For low and, in some cases, medium-risk businesses, the payment processor may provide merchant accounts for credit card processing and alternative payment methods as an additional or separate service for credit card processing.
Fees and Charges
The cost of maintaining an account depends on the type of activity of a legal entity.
Usually, companies are divided into low-risk and high-risk.
A low or high-risk level will be granted to the company after the due diligence procedure is completed.
Genome's low-risk businesses include:
- Medical services;
- Trade in commercial equipment;
- Landscape engineering;
- Financial institutions;
- Affiliate marketing;
- Insurance;
- Airlines and air carriers;
- Health and wellness coaching;
- Tourist services;
- Some other activities.
FEES FOR LOW-RISK COMPANIES
| Service | Charges |
| Initial EUR IBAN account opening | 100 EUR |
| Monthly account fee | 10 EUR / month or 100 EUR / year |
| Additional (EUR or multicurrency) account opening | Free |
| Monthly multicurrency account fee | Free |
| Monthly administration fee (is charged monthly in % of monthly average balance based on annual rate) | 0 (below EUR 200,000) |
| 0,5 % (exceed 200 000 EUR) | |
| Account confirmation letter | 5 EUR |
| Account balance confirmation for audit purposes | 20 EUR |
| Dormant account fee (applies monthly after 6 months of inactivity until the balance reaches 0) | 100 EUR |
| Funds safekeeping fee (in case of impossibility to redeem / transfer funds as described in Clause 20.7 of Genome T&Cs; applies starting from 8th day of notification) | 0.005 % (but not less than 1 EUR) of the daily balance stored (If your remaining balance is 10 EUR or below, we may apply a one-time fee up to the amount of your remaining balance). |
| Code generator (Token) | 50 EUR |
| Transfer fees & Currency exchange | |
| Incoming / Outgoing transfer inside Genome | Free |
| SEPA Incoming transfer D+1 (SCT) | 1 EUR |
| SEPA Outgoing transfer D+1 (SCT) | 1 EUR |
| SWIFT Incoming transfer D+1 (+3) | 10 EUR |
| SWIFT Outgoing transfer D+1 (+3) | 20 EUR |
| Faster Payment (Incoming transfer up to 250 000 GBP) | 10 EUR |
| Top-up by non-Genome card (same cardholder only) | 5% |
| CFT transfers (pay-out to card) | 5 EUR |
| Cancelation of outgoing SEPA transfer | 30 EUR |
| Refund (investigation request) | 99 EUR |
| Dispute or search of outgoing wire transferred funds | 150 EUR |
| Currency exchange | 1% |
| Card fees | |
| Virtual card activation | 1 EUR |
| Card issuing fee | 10 EUR |
| Card delivery fee | 8 EUR |
| Card activation | Free |
| Monthly fee for the card | Free |
| Second card fee (with delivery) | 10 EUR |
| Card order cancellation | Free |
| Lost card or replacement (order a new one) | 10 EUR |
| Sales transaction fee (International) | 1.5 EUR + 2% |
| Sales transaction fee (Intra EEA) | 2 EUR |
| Sales transaction fee (Lithuania) | 2 EUR |
Genome's high-risk activities include:
- Subscription services;
- automobile dealers;
- Lead generation;
- Direct marketing, telemarketing;
- Consumer lending (non-bank loans);
- Betting and Gambling;
- Dating websites;
- Other activities.
FEES FOR HIGH-RISK COMPANIES
| Account fees | |
| Initial EUR IBAN account opening | 500 EUR |
| Monthly account fee | 100 EUR/ month or 1000 EUR/ year |
| Additional (EUR or multicurrency*) account opening | 1000 EUR for USD account
500 EUR for each additional account in other currencies except EUR 0 EUR for additional EUR account |
| Monthly multicurrency account fee | 100 EUR |
| Monthly administration fee (is charged monthly in % of monthly average balance based on annual rate) | 0,5% |
| Account confirmation letter | 5 EUR |
| Account balance confirmation for audit purposes | 20 EUR |
| Dormant account fee (applies monthly after 6 months of inactivity until the balance reaches 0) | 200 EUR |
| Funds safekeeping fee (in case of impossibility to redeem / transfer funds as described in Clause 20.7 of Genome T&Cs; applies starting from 8th day of notification) | 0.005 % (but not less than 1 EUR) of the daily balance stored (If your remaining balance is 10 EUR or below, we may apply a one-time fee up to the amount of your remaining balance). |
| Code generator (Token) | 50 EUR |
| Transfer fees & Currency exchange | |
| Incoming / Outgoing transfer inside Genome | Free |
| SEPA Incoming transfer D+1 (SCT) | 5 EUR |
| SEPA Outgoing transfer D+1 (SCT) | 10 EUR + 0.2% of the transaction amount |
| SWIFT Incoming transfer D+1 (+3) | 30 EUR |
| SWIFT Outgoing transfer D+1 (+3) | 30 EUR + 0.2% of the transaction amount |
| Faster Payment (Incoming transfer up to 250 000 GBP) | 30 EUR |
| Faster Payment (Outgoing transfer up to 250 000 GBP) | 10 EUR + 0.2% of the transaction amount |
| Top-up by non-Genome card (same cardholder only) | 5% |
| CFT transfers (pay-out to card) | 30 EUR + 0.2% of the transaction amount |
| Cancelation of outgoing SEPA transfer | 50 EUR |
| Refund (investigation request) | 99 EUR |
| Dispute or search of outgoing wire transferred funds | 150 EUR |
| Currency exchange | 1% |
| Card fees | |
| Virtual card activation | 1 EUR |
| Card issuing fee | 10 EUR |
| Card delivery fee | 8 EUR |
| Card activation | Free |
| Monthly fee for the card | Free |
| Second card fee (with delivery) | 10 EUR |
| Card order cancellation | Free |
| Lost card or replacement (order a new one) | 10 EUR |
| ATM withdrawal fee (International) | 1.5 EUR + 2% |
| ATM withdrawal fee (Intra EEA) | 2 EUR |
| ATM withdrawal fee (Lithuania) | 2 EUR |
Important! Genome's final rates are negotiated based on the exact monthly volumes and number of transactions.
Prohibited business activities at Genome
Here is the list of the prohibited business activities for Genome users:
- multi-level marketing;
- trade of weapons/explosives, mediation in the trade of weapons/explosives and/or production of weapons/explosives;
- online sales of alcohol, tobacco and tobacco-related products and parts thereof (e-cigarettes, vapes);
- all sexually-oriented or pornographic services: (i.e., companion or escort services, adult telephone conversations, entertainment, adult bookstores, adult dating services, online adult membership or matchmaker services, adult paraphernalia or toys;
- trading in stocks, indices, raw materials, currencies (e.g. Forex), options, exchange-traded funds (ETFs), providing trade, investment or other services on currency exchanges, Forex markets and otherelectronic currency trading systems Not-regulated (unlicensed) in EU;
- accepting or sending payments in crypto or other unregulated and (or) unsupervised virtual currency, buying, converting or managing it in any other way;
- drug paraphernalia/Marijuana;
- organization and execution of lotteries, gambling, betting Not-regulated (unlicensed) in EU;
pawnbrokers; - political organizations/groups;
- trade of antiques, works of art, numismatic values and/or ferrous, non-ferrous and precious (rare) metals and their wares, precious stones;
- luxury goods trade;
- activities requiring carbon credits;
- ponzi/ pyramid financial schemes;
- charities and/or relief organizations;
- activities related to production and/or recycling of explosives and nuclear fuel;
- activities related to illegal goods/services including but not limited to: Counterfeit Goods/trademark infringement, human trafficking, child labor, prostitution;
- MSBs/PSPs/Shell banks;
- financial institution that does not have a physical presence in any country (Shell banks);
trade of real estate; - wholesale trade of alcohol drinks and products, tobacco products;
- petroleum industry - extraction, production and trade of oil, gas and petrochemical products;
- supplements or nutraceuticals;
- pharmaceuticals;
- selling/manufacturing any kind of counterfeit items and products;
- the Company assigns prohibited activities to all prohibited activities by the laws and other legal acts in the Republic of Lithuania and the European Union.
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 Genome 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!
FAQ
Can I get a physical card?
Yes. You can order a physical VISA card through the application.
Can I withdraw money from an ATM using a physical Genome card?
No. You still need to link your Genome account to another bank account/card in order to withdraw funds.
