I could not find a thread for this company. I would like to share my experience.
https://www.wallter.comWallter UAB is authorised Electronic Money Institution by the Bank of Lithuania (LN: 30) under the Law on Electronic Money and Electronic Money Institutions 2011 for Issuance of electronic money.
They partner with IFX Payments under the hood.
I recently spoke with their sales team about opening a business account. The application fee was €1,000. I asked if they could review my business activity/sector before paying the application fee for "pre-approval". They agreed to review my business prior to paying the application fee to prevent an unnecessary application.
I provided details of the business activity and corporate structure/business owners. I received pre-approval so I paid the €1,000 application fee. I spent €1,000s on outside counsel, filling out 9 application forms and collating all the documents they required, 1-2 days work for me.
Later the compliance team rejected my application based on information I provided during pre-approval stage. They could have rejected my application given the information provided during pre-approval.
They refunded €500 of the application fee, but refused to refund the remaining €500. I nice quick profit for them and I am left with a bill for €1,000s.
I feel some EMIs are set up just to collect application fees without any expectation of opening an account.
Does anyone else have any experience with this EMI?
https://www.wallter.comWallter UAB is authorised Electronic Money Institution by the Bank of Lithuania (LN: 30) under the Law on Electronic Money and Electronic Money Institutions 2011 for Issuance of electronic money.
They partner with IFX Payments under the hood.
I recently spoke with their sales team about opening a business account. The application fee was €1,000. I asked if they could review my business activity/sector before paying the application fee for "pre-approval". They agreed to review my business prior to paying the application fee to prevent an unnecessary application.
I provided details of the business activity and corporate structure/business owners. I received pre-approval so I paid the €1,000 application fee. I spent €1,000s on outside counsel, filling out 9 application forms and collating all the documents they required, 1-2 days work for me.
Later the compliance team rejected my application based on information I provided during pre-approval stage. They could have rejected my application given the information provided during pre-approval.
They refunded €500 of the application fee, but refused to refund the remaining €500. I nice quick profit for them and I am left with a bill for €1,000s.
I feel some EMIs are set up just to collect application fees without any expectation of opening an account.
Does anyone else have any experience with this EMI?
