Leupay - "Free" online SEPA account in Malta

[tLxdtS]

Hello!

I would like to revisit the LeuPay topic. Well, one year after the start of this thread they still seem to be trading, which I reckon is good news.

I wonder if anyone knows about the difference between LeuPay and iCard? The former seems to be - at least formally - based in Malta, while the latter is based in Bulgaria and would likely issue Bulgarian IBANs.

LeuPay offer a business bank account, which I suspect can be used to not merely make payments but also receive funds. What about iCard? Can the iCard account be used as a de-facto business bank account? Does anyone know what their SEPA payment charges are? I could not find them online.

I generally have an affection for off-piste providers, yet I suspect having a Bulgarian IBAN on stationery could put some clients off or at least lead to unnecessary questions.


Thanks!

[1714836795]

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[wmtomlinso]

I got a leupay account when i read this thread about a year ago.   No complaints, in fact I love it!  i send and receive SEPA payments, use my mastercard everywhere,  I have a unique IBAN for every currency in my account (no reference needed, its a unique iban that belongs to me).

I am from the US and we are usually banned from using any type of financial site outside the US.  It was a non-issue with Leupay.  I had been looking for a way to have an IBAN for while.  Leupay far exceeds what i expected.

[tLxdtS]

Interesting!

Did you get Maltese or Bulgarian IBANs allocated? Are those individual IBANs still being issued though? One of the earlier posts seems to suggest that this practice was stopped.

What do we know about the practical differences between LeuPay and iCard?

[arlene05973]

I advice anyone who has something serious to do do with his money to stay away from leupaysnake until they have been proven to be a reputable online financial agency.

they still hold my fund uptil date without any communication. the last msg i recieved from leupay support team is that my fund has been transfered/kept in a separate account" until after the  verification process.

Paypal is 10x better & reliable compare to leupaysnake!

[tLxdtS]

How long have they been keeping your funds?

Clause 19.8 of the Legal Agreement for LeuPay Services states:

19.8 Any claim or dispute arising under the Terms and Conditions or as a result of the provision of the Service by Satabank should, in the first instance, be referred to Satabank in writing to the Complaints Officer, or via e-mail on complaints@sata-bank.com. The Client has to clearly state the reasons for complaint. Satabank shall try to resolve the complaint, within reasonable term upon receipt of clear and correctly submitted complaint. The Bank will then investigate and, where appropriate and necessary, take immediate action to rectify the situation. The Bank also undertakes to take the necessary steps to prevent a recurrence. All complaints will be acknowledged and the Client will be informed accordingly of the investigation's outcome. If the Client is still dissatisfied with the outcome of the Bank's investigation, he/she may direct his/her complaint to the Consumer Complaints Manager at the MFSA by writing to the Consumer Complaints Manager, Malta Financial Services Authority, Notabile Road, Attard BKR 3000, Malta, or by calling free phone at 8007 4924, or +356 21441155, or via e-mail at consumerinfo@mfsa.com.mt.

To be fair to LeuPay: Did you complain to their Complaints Officer under the listed e-mail address? Did you appeal to the Malta Financial Services Authority?

What worries me is Clause 1.3 of the Legal Agreement for LeuPay Services which states:

Since the Service is limited to e-money, which does not qualify as a deposit or an investment service in the sense of the Law, the Client is not protected by the Malta Depositor Compensation Scheme provided by the Compensation Schemes Management Committee. Client shall not be entitled to interest on the balance of e-money or money collected by Satabank that is kept by Satabank under this Agreement.

Thus, if Satabank p.l.c. were to hit the rocks - unless the Maltese government comes to their rescue - expect significant losses! This seems to be the major disadvantage of their product.

[wmtomlinso]

I got Maltese IBAN's.  I saw that earlier post also and it is incorrect.  Leupay issues unique IBANs, no reference needed.  I dont know about icard, leupay is perfect for me. 

Leupay has extremely sensitive anti-fraud measures.  When i first got my account, i had some difficulty getting it verified.   I linked a credit card to my leupay account as a funding source.  The name on my card did not match the name on my leupay account (i have 3 names fist, middle and last name.  i go by my middle name, so some cards say Mark and others say william).  This triggered a fraud flag on my account and they froze it for a couple days.   They required that I send them a color notarized copy of my passport AND i was required to wire a deposit (any amount) from my personal bank account in the US.  Im with Bank of America and they charge $45 for an international wire which i really did not want to pay.  I ask leupay to give me another , less costly verification method and they refused. 

So, i complied and paid the $45 wire fee and got my account fully verified.  It was a pain in the ass, but worth the effort.  They are great now, treat me like family.  I can pickup the phone and talk to a live person anytime i have a question.  Their customer service is very strict and secure because they have to be.  Issuing accounts globally is a dream come true for money launderers and scammers.

[Spiritus Sanctus]

does anyone know whether it is possible to receive money directly to the Leupay Mastercard using the card details?

[Spiritus Sanctus]

does anyone know whether it is possible to receive money directly to the Leupay Mastercard using the card details?

It is called "Peer to Peer" transactions. P2P transactions are available for LeuPay card?

[nindie]

if iam outside europa land
iam can register or not, and i can use SEPA account or not
thank you

[Spiritus Sanctus]

if iam outside europa land
iam can register or not, and i can use SEPA account or not
thank you

try to register and see whether your country is in the list

[TM1019]

Ive been working with Leupay and they are ok, they have other product that is more interesting for me called myPOS, its a TPV with an anonymous Masterdcard linked. The cool thing is that you have acces to the money instanly after process a transaction. PLUS they have something called virtualmyPOS where you can request payments online.

Thats the website www.mypos.eu

Is this legit?

Don't mean to sound harsh but newbies reviews have very limited credibility.

Leupay is completely legit, i have had an account by Leupay for now 1,5 year and my account turnover has been 180.000 eur , and no problems at all.  They provide you with a prepaid mastercard that is issued by SATA BANK in Malta and can be used for withdrawel of money in ATM or you can pay with in shops etc.

Very friendly costumer service.

Please be aware of the CRS ( Common reporting Standard) and AEOI ( Automatic Exhange of Information) as Malta has joined this agreement the bank has to report foreign private account holders  and entities who are taxpayers to another eu country to the respective counterpart tax authorities.

I am also very sad to close my account with Leupay due to above.

I anyone knows about a similar service as Leupay wich is operating outside the AEOI compleint countries, please share.

[TM1019]

Disclaimer
I don't work for Leupay in anyway.
I don't get anything from them by writing this here.
"Nothing"
I just think that this service is good and can be useful for the Bitcoin community


https://www.leupay.eu/

Their old domain is https://www.ipay.eu, they have change it few weeks ago. (they are probably still migrating accounts)
They are these also: https://www.icard.com / https://www.icard.bg


You can open and verify the account for free.
They will be even sent you a debitcard (mc) for free.
You can even deposit with credit/debit cards. (max 5 cards currently)
You will have a sepa iban for every currency that you will enable on your account.
The IBAN is assigned at "your name", so you can use to receive and send to exchanges that need verification

Here are the "actual" fees with a verified account:
https://i.imgur.com/Oow14xDt.pnghttps://i.imgur.com/hdZ7dSIt.png


I can just say that it works well, but I haven't used it for large amount of money, so be careful as always

Maybe, it will be interesting if an exchange will integrate their iPay system ...

Leupay service is great. But due to the CRS( common reporting standard) and AEOI ( automatic exhange of information) that many Eu countries has signed and participating in it is now extremely difficult to have an account with Leupay which is handled by sata bank in malta, if you dont want to get in trouble with your local tax authorities.

If anyone know about a loophole or a similar service as Leupay please share.

[Bitcoin_BOy$]

Can I transfer my bitcoin to leupay anytime ?

[crypto.ua]

Hi,

You may also be interested in this thread.
Looks like the bank is legit but not bitcoin-friendly at all. 


Regards

[choetech]

Why Skype video chat not available for verification?

[stefan2208]

Do you need to be an EU resident to open an account ?

I don't see any telephone numbers on their site.. only email contacts.

You don't have to be an EU resident to open an account. On the LeuPay's official page you can see the list of the countries whose citizens are allowed to have a LeuPay account and get the cards. https://www.leupay.eu/en/faq/new-client/getting-started Here you can see the list of those countries in the PDF format (FAQ- First steps- What countries is LeuPay  available in?)

[bvv]

Hi!

Is someone know what is the conversion fees on cards, if you are withdrawing money in different currency than your card issued. Thanks.

[zamanexx]

This Leupay (later rebranded as Leopay) has been giving out some smelly practices. It seems that their group bank Satabank in Malta has gone into public administration in October 2018. Since Leopay used Satabank as their correspondent bank, a lot of their money has been tied up at Satabank and cannot be accessed.  Since then, Leopay has been kicked out of SEPA transfers and alredy was not included in USD transfers. Anybody who want to work with Leopay, be warned.