FAQs

AB Advisor provides digital money management solutions to customers all over the world, empowering them with cutting-edge technology for efficient financial operations. You can open an account with us regardless of your citizenship or financial history; however, there is a list of countries that we do not onboard clients from. You can find the full list of Blacklisted jurisdictions on the dedicated web page: “Blacklisted jurisdictions”.

Applying for an AB Advisor account is simple and can be done remotely. To start the application process, click on “Open Personal Account” for private individuals, or “Open Business Account” for businesses. After the submission of an application form, it will be reviewed by our Compliance department. This step can take up to 7-10 business days. In some cases, we may ask you to provide additional information in order to complete the procedure in accordance with regulatory requirements.

Upon the submission of your application, you will need to set up a password, which you will use to log into your account. For this purpose, you will receive an email from AB Advisor with a password setup link.

The link is valid for 24 hours; in case of link expiration, please request a new one by contacting our Customer Support team at info@abadvisor.net . After setting the password, please download the AB Advisor app to verify your identity. You will need the frontal camera of your smartphone along with your passport or a national ID to complete identity verification.

It is an identity verification procedure powered by our partner Ondato, performed through a one-time video call.

Our partner Ondato has developed a safe, secure and convenient method for digital ID verification in real-time, from anywhere in the world. To initiate your one-time ID verification process, click on “Verify your identity” button either right after registration or after setting up your password. During the video call you will take photos of your passport or national ID and take a selfie. It will not take more than one minute of your time.

Here are a few tips on how to prepare yourself for the video call:

• Ensure you are in a quiet place with strong internet connection and good natural lighting.
• Select your citizenship, check what type of document you can use for the ID verification and have it ready.
• Important: you can pass the verification with a national ID or passport if you are an EU resident and with a passport ONLY if you are a non-EU resident. ID or passport must contain MRZ (Machine Readable Zonecode) code.

AB Advisor is partner of Satchelpay UAB, licensed EMI operator issued by the Supervision Service Department of the National Bank of Lithuania and has been granted the electronic money institution license Nr. 28, with a payment system participant code Nr. 30600, and conducts Business under the laws of the Republic of Lithuania, according to the EU Directive (2009/110/EC) and the EU Directive (2015/2366) on EUwide payment services. We are legally required to verify your identity before we can open an AB Advisor account for you. The ID verification procedure through video call is a legally compliant remote identification process, designed to comply with the latest banking regulations and laws, as well as the Anti Money Laundering Act (AML).

At the moment, the minimum age for becoming an AB Advisor client is 18. We are working to lower it down in the future, developing products for younger generations.

AB Advisor Business accounts are currently available for companies that are registered and have a physical presence in the European Economic Area (EEA) or Switzerland. This includes the following countries: Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.

Submit your application via email at info@abadvisor.net and we will provide you with the available options for your situation. If there are no possible solutions, we will add your application to our priority waiting list and will notify you as soon as our services become available in your country.

You can find the list of required documentation on our website:

Required documents for Individuals

SecureCore Personal Account page

Required documents for Businesses

SecureCore Business Account page

To open an AB Advisor Business account, we need to confirm the details of the directors and primary shareholders of your company. This policy is in line with the “Know Your Customer” (KYC) regulatory procedure, which helps Businesses verify the identity of its clients. You will need to provide the details of individuals who own more than 25% of the cumulative shares of your Business. These shareholders and directors will need to provide a high-quality photo of an official ID, which is valid for at least the next three months. You can invite them to submit their ID check autonomously or upload the documents on their behalf. Please note that we may ask for additional documents.

Your master account is opened in EUR and comes with a unique IBAN and BIC code, designated for SEPA payments only. There is a possibility to open additional accounts for international transfers in various currencies via a shared IBAN. To order accounts in other currencies, please submit a SWIFT request at info@abadvisor.net, and we will get back to you with the most suitable solution for your transactional needs.

Yes. Any Personal or Business Client of AB Advisor is granted a free access to our online banking services provided by means of App and Web version.

Yes, you can easily access your AB Advisor for account via your smartphone by downloading our mobile banking app (AB Advisor for iOS and Android). You can download the app here:

AB Advisor Android APP

AB Advisor iOS APP

You can easily access your AB Advisor account through the web Client Office or directly from your smartphone, by downloading the AB Advisor app (for iOS and Android).

You can download the app here:

AB Advisor Android APP

AB Advisor iOS APP

Where can I find my IBAN?

You can find your account details, including the IBAN, by taking the following steps:

• AB Advisor Web Client office → Sign in to your AB Advisor account using a One-time Password → Go to the Accounts tab on the left side of your screen → Click on the Account that you need the information for → Click on the Funding Instructions tab and expand the details.
• AB Advisor Mobile app → Sign in to your AB Advisor account → go to the Accounts tab → Click on the Account that you need the information for → Click on the Funding Instructions tab.

In order to receive funds to your AB Advisor account, you should provide your full account details to the payer. These can be found in your AB Advisor Client office:

• AB Advisor Web Client office → Sign in to your AB Advisor account using a One-time Password → Go to the Accounts tab on the left side of your screen → Click on the Account that you need the information for → Click on the Funding Instructions tab and expand the details.
• AB Advisor Mobile app → Sign in to your AB Advisor account → go to the Accounts tab → Click on the Account that you need the information for → Click on the Funding Instructions tab.

To order accounts in other currencies, please submit a SWIFT order at info@abadvisor.net , and we will get back to you with the most suitable solution for your transactional needs.

If you would like to close your account, simply contact our Customer Support Team at info@abadvisor.net from your registered email and request to initiate the account closure procedure. Please bear in mind that additional fees may be applied.

Unfortunately, there is no possibility to reactivate an account that has been closed. If you wish to use our services again, please re-apply by submitting a Personal or Business account application form.

The only option that is currently available to fund your account is a bank transfer from the account of another Financial Institution or the cash desk. You can find your account funding instructions by taking the following steps:

• AB Advisor Web Client office → Sign in to your AB Advisor account using a One-time Password → Go to the Accounts tab on the left side of your screen → Click on the Account that you need the information for → Click on the Funding Instructions tab and expand the details.
• AB Advisor Mobile app → Sign in to your AB Advisor account → go to the Accounts tab → Click on the Account that you need the information for → Click on the Funding Instructions tab.

Note: If you are making a transfer from another European bank account to your AB Advisor account in EUR, you have to make sure you are making a SEPA transfer in order to avoid any additional fees charged by your bank. The money will be credited to your AB Advisor account within 1-3 business days. Please note that SWIFT payments cannot be credited to a SEPA account.

Unfortunately, this option is unavailable at the moment.

In order to change your contact details or personal / business data, please contact our Customer Support team at info@abadvisor.net

A complaint can be submitted via two channels:

1. Registered mail sent to our office address Šv. Stepono g. 5, Vilnius, LT-01138, Lithuania;
2. E-mail at info@abadvisor.net

We welcome any constructive critical feedback from our customers, and kindly ask you to provide a detailed explanation of the issue/s you are experiencing. This will help us take appropriate action immediately.

In order to reset your password, please contact our Customer Support team at info@abadvisor.net .

To change your contact details, please contact our Customer Support team at info@abadvisor.net .

Yes, there is a possibility to add an additional user to your Business account. Please contact our Customer Support team at info@abadvisor.net for assistance.

At AB Advisor we aim for an improved user experience, while maintaining high security standards. For this purpose, we have Two-factor Authentication (2FA) in place for your AB Advisor account, which adds an extra layer of security that protects your account from unauthorized access and keeps your money safe at all times. With 2FA you will be required to enter both your password and a One-time Password (OTP) sent to you each time you sign in to your AB Advisor account, as well as any time you are making an outgoing transfer.

Each Customer has the option to download an account statement of his/her particular account that shows the transactions flow for the period selected.

• Step 1. Navigate to all Accounts tab from the side menu
• Step 2. Select the account that you want to generate a statement for
• Step 3. Click the button ‘Download statement’
• Step 4. Pick the date range for which the report will be generated.
  Please note that reporting dates can only be defined for the 1 year period in your account statement.
• Step 5. Select the desired format for the file and click ‘Download’. The file will be automatically downloaded to your PC.

In addition to generating the statement for the entire account, users can also generate a receipt of a specific transaction under the selected account or from the History tab.

• Step 1. Click on a transaction.
  NOTE: the option to generate the transaction receipt is available only for a completely processed payment. You cannot download the receipt for rejected transactions or the ones that are still processing.
• Step 2. Click on “Download receipt“
  The receipt will be downloaded as a PDF document containing details about that particular payment.

Introduction

If you’re dealing with money transfers to your relatives and friends or consider lowering the costs of sending and receiving funds from your business partners and clients, this guide will give you all the information you’re looking for. In this comprehensive guide you will learn more about SEPA and the ways you can benefit by using it for your private and corporate transactions.

We made sure to answer the FAQs and cover various issues related to SEPA payments — the top transfer option that improves daily transactions for millions of people and companies in the Single Euro Payment Area.

If you are not acquainted with SEPA payments, we suggest you study this guide carefully to learn the basics of how the system works. Should you be interested in specific questions, please refer to the Table of Contents to find the section that will give you a comprehensive answer

What is SEPA?

Single Euro Payments Area is a payment integration initiative of European countries, which simplifies the execution of transfers in euro, both in terms of speed and costefficiency

What are the use cases of SEPA transfers?

European citizens and residents use SEPA for different motivations. These include but are not limited to billing for services or products, receiving salaries, pensions, and various regular payouts, sending money to friends and family, etc. Many businesses fully rely on SEPA within Europe, as the system help them satisfy their main needs: purchasing raw materials, buying and selling ready products, sending salaries to their employees, clearing money obligations with their partners, and the list goes on.

Although certain banks may apply small commissions for the Single Euro Payments Area transactions, the system is completely free on a general scale. Moreover, as all payments are in Euro only, customers also save on exchange rates. Any given transfer that amounts to less than 50,000 EUR will only require a couple of hours to reach the beneficiary. Besides, the instant credit transfer option that takes 10 seconds at most, is being gradually integrated all over Europe.

The euro currency and its coverage

Euro has the status of national currency in nineteen countries of the Eurozone, as well as in nine other non-EU territories, including two states outside Europe.

Euro is the only available currency in the SEPA system, as it covers not only the EU member-states, but also Norway, Denmark, Poland, and other countries. Open financial and customs borders give businesses in these countries an opportunity to conveniently trade and operate in Euro, alongside the local currency.

SEPA countries

The thirty-six territories that support SEPA greatly boost the economic capacity of the region. At the moment, the SEPA zone consists of twenty-eight EU member-states: Germany, France, Estonia, Belgium, Spain, Denmark, Italy, Greece, Finland, Hungary, Austria, Slovenia, Ireland, Bulgaria, Malta, the Netherlands, Lithuania, Poland, Croatia, Portugal, Sweden, Cyprus, Latvia, Romania, the Czech Republic, Luxembourg, Slovakia, and the United Kingdom.

However, SEPA is not only about the EU countries. Such territories as Norway, Iceland, Liechtenstein, Switzerland, Andorra, San Marino, and Monaco, are also part of the network.

Considering the population of the above-mentioned states, almost half a billion people reside in the SEPA area and generate more than 120 billion SEPA transactions each year.

This makes SEPA the primary means for Euro transactions in the EEU. All citizens and businesses residing or possessing bank accounts in the countries of the SEPA zone can enjoy international Euro transactions of the same speed and convenience as the ones executed domestically.

SEPA and the UK

Despite the fact that GBP is the national currency of Great Britain, SEPA transfers are still available for its citizens and residents.

Despite Brexit, the UK has retained its SEPA membership, as the system is an excellent tool that currently has no analogs for private and corporate transactions in Euro. This payment method combines a perfect set of standards for improving the efficiency of cross-border transactions and merging separated local markets into one.

In Europe, any customer can make a transfer Euro to a UK bank account using the SEPA system. Moreover, such transactions won’t require currency exchange or any relevant commissions. Euro accounts in the UK come with IBANs that are no different from the ones issued in Europe.

A SEPA transfer can also be chosen to execute a transaction between the USA and the United Kingdom, given that the American party has a Euro account opened in an EU banking institution.

In order to open a current account in Euro, the UK citizens and businesses only have to provide the very basic personal data, which falls under European requirements.

EUR currency account

So, what are the privileges of having a Euro current account? Because current accounts in Euro allow you to transact without inquiring extra commissions and extensive waiting times.

You are free to open a Euro account anywhere beyond the Eurozone; the conditions will be quite similar as those relevant for the local currency in that jurisdiction. Most banks also offer very competitive fees for the conversion of local currency to Euro.

No matter what EU country we are speaking about, having a private or business account in Euro has become an essential requirement for hassle-free international travels and smooth cross-border trade.

Although currency exchange is very simplified within Europe, it is best to open a Euro current account in countries that use Euro as national currency.

SEPA Direct Debit vs SEPA Credit Transfer (CT)

Even though the two may sound quite similar, SEPA CT and Direct Debit are two different ways to send money and come with different requirements. Both support transactions in Euro, but the mechanism is distinct for each.

SEPA Credit Transfer is a simple money transfer, which only requires the recipient’s IBAN. It is most frequently used to make single payments for services or goods within the SEPA network. For instance, if a person living in Italy purchases an item from a supplier in the Netherlands, he can use SEPA Credit Transfer as a payment method. In most cases, the beneficiary receives the payment in one business day after the transaction is executed.

Alternatively, SEPA Direct Debit is managed by the customer’s bank, credit union or another money institution, on his behalf. This process works under the conditions of signed authorization.

Having a much simpler option like the SEPA Credit Transfer on the other side, this may sound too complicated, however, sending a Direct Debit payment doesn’t require immediate personal approval of every transaction by the customer.

Most of the Direct Debit transfers are recurring payments of a certain amount that are executed every month, or another set timeframe; they can also take the form of conditional cashless payments, like sending a particular amount to the beneficiary after the account balance hits an indicated threshold. Direct Debit is widely used to subscribe for services, pay debts or rent. Businesses heavily rely on this option, as lengthy contracts may include several predefined payments.

What is an IBAN and a BIC?

Within the SEPA system, all transactions require the sender’s and beneficiary’s IBAN, or International Bank Account Number, which is a unique code that serves as an address from and to which the payment is sent. IBAN contains the bank identifier, the country code, and the account number in the bank itself, which makes it sufficient to execute most payments, especially Credit Transfers.

An IBAN contains the bank chain number or code, a two-digit country code, a checksum to ensure its integrity, and the account number in the financial institution itself. A regular IBAN looks like this:

DE89 3704 0044 0532 0130 00

Here, DE — is the code for Germany, 89 is the control number, calculated using all other digits, 3704 0044 is the code of the bank, as well as of the bank office the account was opened at, and 0532 0130 00 is the account number. Such a precise coding system minimizes the possibility of errors and ensures that every transaction reaches its recipient.

It is worth mentioning, that in different countries IBANs may contain extra letters together with digits; however, the length and overall appearance is generally identical.

Business Identifier Code, or BIC, is a unique short code that serves for the identification of banks, their branches, credit unions, and other money institutions. For SEPA CT within the Eurozone, these are usually not needed, but sometimes a bank may require this information to issue Direct Debit payments.

A BIC contains four digits that stand for the bank code, a two-digit country code, and two to five digits (letters or numbers) that indicate the exact bank office. Here’s an example:

STUALT21XXX

Here, STUA is the designated code for Satchelpay UAB, AB Advisor’s main partner, LT is the country code of Lithuania, and 21XXX is the company’s designation for the central office in Vilnius.

SEPA vs SWIFT

SWIFT is another cross-border wire transfer network, which is accessible from pretty much anywhere. Currently, over 10,000 banking institutions in 210 states are connected to SWIFT. Its rules are practically identical to those of SEPA; however, SWIFT transactions are executed in pretty much any currency. Businesses located in Europe use SWIFT for their financial operations, but there are several key differences that make SEPA much more convenient for Euro payments.

Unlike SEPA, SWIFT is not free. Any bank is allowed to set and charge commissions, for both incoming and outgoing transactions. Not all financial institutions are connected to SWIFT without third parties, but instead use correspondent banks that act on their behalf, following mutual agreements. Thus, one simple transaction may sometimes be subject to fees from a couple of different institutions!

Another difference is transaction speed. While SEPA instant credit transfers only need ten seconds to be executed, some SWIFT transactions may take up to a few working days.

SWIFT supports any currency, and this is both an advantage and a drawback. Let’s say, the recipient and sender operate in two different currencies. In this case, the funds will be converted automatically using exchange rates that are not beneficial to the parties, along with institutional commissions.

SWIFT is a fundamental worldwide payment instrument that is, however, slowly giving up to SEPA transfers, as more and more businesses outside of Europe are opening Euro current accounts to operate within the system.

It is worth mentioning that since these two methods are different, SWIFT transfer cannot be received on a SEPA account, and vice versa.

SEPA Instant Credit Transfer

Since 2017, financial institutions in eight Eurozone countries started offering SEPA Instant Credit Transfers, also known as SCT Inst. Essentially, these are credit transactions that are usually processed in under 10 seconds, and under unusual circumstances – in up to 20 seconds. Currently, SEPA Instant payments are executed in all the Eurozone states.

Conclusion

As suggested by this guide, SEPA has various advantages, which makes it one of the most popular money transfer methods in Europe. Both individuals and businesses continue to increasingly integrate SEPA transfers into their daily operation.

At AB Advisor we are ready to become your trusted partner and guide in the world of fast and cost-efficient Euro transfers. Apply for a European current account today, without leaving your home or office, and enjoy all the benefits of SEPA payments!

You can find your account details by taking the following steps:

• AB Advisor Web Client office → Sign in to your AB Advisor account using a One-time Password → Go to the Accounts tab on the left side of your screen → Click on the Account that you need the information for → Click on the Funding Instructions tab and expand the details.
• AB Advisor Mobile app → Sign in to your AB Advisor account → go to the Accounts tab → Click on the Account that you need the information for → Click on the Funding Instructions tab.

The processing time for outgoing transfers depends on the transfer type. Internal system transfers are instant. SEPA transfers take between 1-2 business days. SWIFT transfers take between 3-5 business days.

International outgoing/incoming bank transfers in other currencies than EUR are available only via our Shared IBAN service. To order accounts in other currencies, please submit a SWIFT order and we will get back to you with the most suitable solution for your transactional needs.

We do not charge any fees when you deposit money to your AB Advisor account via a bank transfer. However, when making an international payment, the sender can choose you as the party that covers the outgoing transfer fees. Additionally, when receiving SWIFT transfers, the correspondent (intermediary) bank may deduct processing fees, hence a smaller amount can be credited to your account.

In case a transfer that was sent to you has not been credited to your account, you should obtain a payment confirmation from the sender and send it to our Customer Support team at info@abadvisor.net .

If you made a transfer to a wrong IBAN, please immediately notify our Support Team at info@abadvisor.net and ask them to initiate a Payment Recall.

Please note, that if the transfer has already been credited to the recipient’s account, we will not be able to reverse the transaction. In this case, we would advise to contact the recipient directly and ask for a return.

To make an internal transfer, you will only need the short account number of the recipient.
Choose the “Internal transfer” payment type in your Client office, enter the account number, and the system will automatically search the database. After selecting the beneficiary, you will be requested to enter the amount of the transaction and confirm the payment. The transfer will be executed instantly.

You can do so directly from your Account Dashboard.
Choose the Cards section, tap the ‘Order new card’ button and complete your order.

Unfortunately, this option isn’t available. In order to get a card, you have to open a current account with AB Advisor.

The difference is in the card limits and fees. The Active Spender tariff allows for higher limits with lower fees

Yes, in order to request an upgrade, please contact our Customer Support team at info@abadvisor.net .

After placing the order, the card is usually sent within the next 1-2 business days.

• Regular post shipping takes 15-20 days depending on destination country.
• Express delivery to the EU countries and the UK should take no longer than 3 business days.
• Express delivery to other countries should take up to 5 business days.

• Personal account: 2 physical cards and 2 virtual cards per account holder.
• Business account: a maximum of 5 cards (virtual or physical) for up to 5 cardholders per single Business account.

At the moment, all cards are issued in EUR.

You can do so directly from the card settings in your Client office. You should then proceed with topping-up of your card balance.

All the card functions will be enabled as soon as you make your first transaction at an ATM or a POS. Please restrain from using the contactless feature to make your first transaction; this is necessary in order to activate the card chip.

Choose the Cards section in your Client office, select the card you need to top-up, enter the amount and the narrative, if necessary, and approve the transaction.
The transaction will instantly reflect on your card’s balance.

You can always find it in the card settings. If you wish to change it, please contact our Customer Support team at info@abadvisor.net .

Yes, all AB Advisor cards support contactless payments.

The limit is set by the merchant’s bank, guided by World Payment Systems. Usually the limit is between 25-50 EUR. Nevertheless, all the limits for transactions being set up on the card in accordance to the tariff plan assigned remain the same.

3D Secure is a feature that creates an additional security layer for e-commerce card transactions.

All AB Advisor cards are equipped with 3D Secure.

You can check the AB Advisor card limits in your Account’s page, at the Card dedicated section. In order to raise your card limit, please contact our Cards team at info@abadvisor.net .

You can withdraw money from your AB Advisor card in any ATM that supports Mastercard. Please note that there are withdrawal limits in place.

Yes, you can pay online with your AB Advisor card. Please be sure that the balance of the card is higher than the amount of the transaction you wish to perform.

If you have lost your card, you should immediately notify our Cards team at info@abadvisor.net , asking them to block your card. The team will then guide you through the following steps.

One month before your card expires, you will receive a card replacement notification. In the same notification you will be asked to indicate your address for card delivery. Note: Please note that once you receive your new card, you must activate it through the AB Advisor web Client office or via the mobile app.

Yes. To do so, please send an inquiry to our Cards team at info@abadvisor.net .

Yes. For details, please contact our Customer Support team at info@abadvisor.net .