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Corporate Account FAQs

1. Who has the authority to open a corporate current account?

A Corporate Account or a Corporate Current Account can only be opened by the chief executive officer (CEO) or the owners of a company. They will need to complete the identification procedure, required by DSBC Financial Europe (""DSBC""), this process will include filling our application forms and a short remote interview. If you ever encounter any issues with the process, our Relationship Manager will be ready to support you, just give us a call. 

In the case where you are not the CEO of a company, but an authorized person, you also need to complete the identification procedure before the process to open the account. Afterward, you'll be required to submit a power of attorney or a permission with e-signature by the company CEO to complete the steps to open a Corporate account. Please don't feel disheartened with the list of required documents, we will provide you with a Relationship Manager to guide you through the process and tell you exactly which paper we would need from you.

Corporate accounts provided by DSBC only available for companies that are currently retaining active status. We will need additional information about your field of operation to complete the opening process. This can be a hassle at first but this process will assist us in providing you with the appropriate features according to your business.

See more: Open a corporate account with DSBC Financial Europe

2. What Is SWIFT?

SWIFT - Society for Worldwide Interbank Financial Telecommunication.

Transaction orders are transmitted between members of this network.

Each member is identified with a unique SWIFT/ BIC code.

To this day, SWIFT is the biggest and most efficient tool for international money transfer, with over 11.000 member institutions in over 200 countries, sending over 5 billions financial messages globally every year.

3. Can I open a personal account for business purposes instead of corporate account opening?

A Corporate Account is made for commercial or business purposes. It can perform more transactions in one day with a higher transaction limit. A Corporate Account has all the functions of a Personal Account together with the exclusive Merchant Account function, which supports incoming payments to your account including accepting debit/credit cards from customers, support chargeback transactions and many more. In short, if you are interested in running your business effectively with the best possible support, you should choose to open a DSBC Financial Europe Corporate Account.

At DSBC, corporate account opening is as easy as opening a personal account with a dedicated Relationship Manager to guide you through the process, which would make it as simple as it can be. So there is no reason to use a personal account if you want to startup or currently run a business yourself.

See more:

4. What Does SWIFT Code Represent?

SWIFT works by assigning each member institution a unique ID code that identifies the bank name, country, city, and branch.

For example DSBC Financial Europe BIC code is: DSFE LT 21 XXX

  • The first 4 characters represent our institution (DSFE - DSBC Financial Europe).
  • The 2 following characters represent the country we are based in (LT - Lithuania).
  • The other 2 following characters might be used to represent the location/city or a combination of numbers based on the organization's liking.
  • There might be an additional 3 characters, which are the institution’s branches.
5. How to open an account for a company which is not registered in Lithuania?

At DSBC, we are aiming to provide the best services for businesses from everywhere across the globe. Companies that are not registered in Lithuania can also apply for a DSBC Financial Europe Corporate account with as simple a procedure as the one in Lithuania. The companies will need to provide following documents for a new corporate account opening: 

  1. Passport of the Directors/ Shareholders (and all related parties).
  2. Proof of residential address of the Directors/ Shareholders (Utility bill or bank statement not older than 3 months) and of those authorized signers.
  3. Documents that verify Business Legal Entity:
    • Certificate of Incorporation (COI).
    • Memorandum of Article of Association (M&AA).
    • Certificate of Shareholders + Licenses (if any).
    • Supporting documents (Commercial Invoice or Sale Agreement, Contract…).
6. What Are The Differences Between SWIFT And SEPA?

 

Difference between SEPA and SWIFT:

 

Network 28 + 3 EU/EEA countries. 118 countries and territories.
Currency EURO. Multiple currencies.
Transaction time 01-02 business days. 02-05 business days.
Or more depending on the relationship between the two payment institutions.
Maximum amount transferred per day 15,000 EUR/day Unlimited.
Note: The maximum amount can be pre-set when establishing your account.
Transfer fees Cheaper for transfer within the EU/EEA region. Depends on the number of correspondent banks involved.
7. Do I need a corporate account if I am a freelancer and work under a business certificate?

In general, if you are working as a freelancer, you can collect payment to your personal account without the need to open a corporate one. However, this may change according to the law and regulation of every country you are based on so we would review this on a case-by-case basis. Please contact our Relationship Manager for specific information regarding your circumstance and your country specifically.

Corporate account procedure requires our client to provide some legal entity documents that a freelancer is unable to submit. For example when a corporate client applies for a DSBC Financial Europe corporate checking account, they are advised to submit some documents like Certificate of Incorporation/ Registration, Memorandum and Articles of Association, Register of Director & Shareholder, Company Extract ( for European companies only); and a freelancer cannot provide these papers to apply for DSBC corporate account.

On the other hand, a DSBC personal account is also an optimum choice for personal usages. You can execute wire transfers, pay online with DSBC MasterCard, manage your finance effortlessly with internet banking and mobile banking free registration fees and monthly maintenance fee while you only need to provide your identification and address proof.

8. Can I Send And Receive Transfer In Other Currencies?

At this time, with DSBC SWIFT transfer, you can send money from your Euro account to other accounts in any other currencies.

However, when you receive payments in other currencies, the fund will be automatically converted to Euro in your DSBC Financial Europe current account.

9. Which situation do I need to inform DSBC Fianancial Europe to make change to our corporate checking account?

You would need to inform us if there are any changes to the structure of the company so we can make appropriate updates to your account, this would include the following situation: 

  1. If your corporation change the chief executive officer (CEO) or the board of directors 
  2. If your corporation change your company address 
  3. If your corporation change beneficial owners of the corporation or shareholders of the company

For the security of your corporate account, you need to inform us as soon as these changes have been officially agreed on so we can prepare the relevant document to change the representative of the company accordingly. If there are change not related to CEO or board of directors, we can change it in the account details but if there is a CEO change, the process of changing would be a little complicated as below:

Your corporate needs to inform DSBC Financial Europe of the new CEO information, we will then prepare an identification process for the new CEO, he or she will have to complete a short interview with us to complete this process. After the identification process, we would have all the necessary information of the new CEO in our system and we can proceed to change the authorised person of your company account to the new one, and remove the old CEO access to said account. This process may seem long and complicated but we only need information and a short interview from your CEO and we will get everything done for you.

However, we suggest that you should go through this process before the new CEO change is made official just in case there are any problems relating to this change.

Please check your corporate account after each change for any problems and notice us as soon as you encounter one so we can fix it immediately so you can continue to run your business smoothly

10. Are There Any Place Limited From Receiving Or Transfering Fund Using Dsbc SWIFT Transfer?

DSBC Financial Europe support SWIFT transfer in 118 countries and territories, excluding the following countries/ territories:

  • Akrotiri
  • Iran
  • Panama
  • Pitcairn Islands
  • Bouvet Island
  • Jarvis Island
  • South Georgia and the South Sandwich Islands
  • Christmas Island
  • Johnston Atoll
  • Spratly Islands
  • Clipperton Island
  • Kingman Reef
  • Svalbard
  • Ashmore and Cartier Islands
  • Iraq
  • Cocos (Keeling) Islands
  • Midway Islands
  • Syria
  • Coral Sea Islands
  • Navassa Island
  • Trinidad and Tobago
  • Crimea
  • Norfolk Island
  • Vanuatu
  • Dhekelia
  • North Korea
  • Paracel Islands
  • Baker Island
  • Jan Mayen
  • Wake Island
  • French Southern and Antarctic Lands
  • Pakistan
  • Wallis and Futuna
  • Heard Island and McDonald Islands
  • Palestinian Territories
  • Yemen
  • Howland Island
  • Palmyra Atoll
11. Where can I find the corporate account (corporation online account) option in my DSBCnet?

After logging into your DSBC Financial Europe ( DNBCnet ) online banking, you will see your account details right at centre of the screen, here you can choose which account you want to view, it can either be your personal or corporate account.

Alternatively, you can choose the "Account list" option on the "Fast access" menu on the left side of the screen, then select your account and view details. You can view your available balance of your account on the screen. If you want to export account details in a PDF file, you can choose the "Export PDF" button on the right.

The exported PDF file is an IBAN Certificate which includes name of client, account number information, currency, type of account (current account), IBAN paper format, IBAN electronic format and the BIC code.

You can use these exported information of your corporation online account for transfering using SEPA or wire transfer with IBAN code.

12. Can I Send Money Between EU/EEA Countries Using SWIFT?

You absolutely can.

However, SEPA's fee for transactions made within the EU/EEA region is better than SWIFT's. It will also take less time for the transaction to go through than when using SWIFT.

You can find the SEPA transfer feature in the "FAST ACCESS" menu of www.dnbcnet.com. Or you can select "Remittance" then select "Transfer to other bank via SEPA".

13. Which activities can be considered prohibited by DSBC?

Production or trade in any product or activity deemed illegal under host country's laws or regulations or international conventions and agreements, including, without limitation, host country's requirements related to environmental, health and safety, and labor aspects.

These prohibited goods would require a special license to operate and would need to be reviewed on a case-by-case basis. Please contact us to find out if you are eligible to open an account with us. Here are some examples from the prohibited list.

- Production or trade in weapons and munitions.

- Human Body Parts and Pathogens.

- Production or activities involving harmful or exploitative forms of forced labor/harmful child labor.

Fore more details, you can click to the link below for reference.

https://www.dnbcf.com/info/business-activities-prohibited

14. What Are DSBC Financial Europe Fees For International Transfer?

Please access DSBC Financial Europe's Table Of Fees For Personal and Corporate Account for more information.

15. Which countries are defined as "non-cooperative" countries by DSBC?

DSBC Financial Europe holds the right to refuse to work with any customers whose nationality is in the “Non-cooperative jurisdictions” list under any circumstances. 

According to the European Commission, the purpose of a high risk third country list is to ensure safe and effective business activities.

Please read our Rejected List of Jurisdiction/ Nationality for the Remittance Services (with IBAN Account) at our DSBC Financial Europe UAB High risk list & Non-Cooperative Jurisdictions. 

https://www.dnbcf.com/info/dsbc-financial-europe-uab-highrisk-list-non-cooperative-jurisdictions

16. How Will My SWIFT Payment Be Carried Out?

DSBC Financial Europe has registered and connected with the SWIFT network and are currently working with several correspondent banks to support you in transferring funds abroad.

The transaction time and fees will be heavily influenced by the relationship between our correspondent banks and your beneficiary’s financial institution.

Normally, it would take 02-05 working days for the transfer of funds to be carried out.

In the near future, DSBC Financial Europe will be expanding our connection with correspondent banks around the world to support more currencies, lower transaction costs and reduce wait time.

Please note that in order to transfer funds, DSBC Financial Europe depends on our correspondent banks in some stages of transaction.

Should any delays occur, DSBC Financial Europe and our correspondent banks will work together to help you in transferring or receiving funds on time.

17. How Long Will It Take For My Fund To Arrive?

Normally, it would take 01-02 working days for SEPA transfer, and 02-05 working days for SWIFT.

You also have an option to transfer via SEPA Express, which can arrive on the same day your transaction is made, or on the following business day.

For more information about the services that we offer: Table Of Fees

18. How do I open a corporate business account with DSBC Financial Europe?

At DSBC, we support opening corporate business accounts online, you can find the “Open an Account” option on the top right of our website. This will bring you to the application form to open an account with DSBC Financial Europe, please spend a few minutes to carefully input all the information needed in the form. Once you have done so, our Relationship Manager will contact you to instruct and assist you through the process of opening your account to save your precious time. 

If you wonder what would be included in the process, it is quite simple, after you fill in the application form, you would need to provide us with the required documents, this will depend on your business field of operation and the country it is operating in. After 3 to 4 working days, you will have your account opened, however only after the first deposit of €3,000, you will receive the full benefits and features of our account. Please don’t worry, this money would be in your available balance and can be used for any outgoing transactions. 

See more: Ideal Business Financial Solution with Corporate Account Opening

 

19. Is there any extra fee that would be automatically deducted by DSBC from my corporate account balance during the time of usage?

There is no extra fee associated with your corporate account during the time of usage but you would need to have a minimum amount of €1,200 kept in your account for an ongoing basis for payment of maintenance fees in 1 year. This amount will cover all your services, including a technical hotline, merchant account support, dedicated relationship manager, payroll services and many more.

If you transfer money to another account within our DSBC Financial Europe network, there would be no extra fee occurred but if you want to wire transfer to a bank account outside the network, we will charge you according to the speed of your transfer. You can check the full fees in the link below.

However, we will never charge you for checking your account online, so please check your corporate account balance frequently and let us know if any suspicious fees occur because we will never charge you any hidden fees. This is also to prevent any fraudulent activities on your account. 

See more: DSBC Financial Europe Corporate Account Fees

20. What insurance or guarantee do my accounts have when I apply for DSBC Financial Europe?

As DSBC Financial Europe is a member of the Central Bank of Lithuania, we comply with the Deposit Insurance requirement, which is applied for all Payment Institution (PI) and electronic Money Institution (eMI). Therefore, your funds in DSBC Financial Europe current accounts are protected by the Central Bank of Lithuania, and the deposits held in the bank are covered by the deposit insurance for account holders.

21. Are my accounts with DSBC Financial Europe UAB guaranteed or insured?

No. Insurance or guarantee is not required for DSBC Financial Europe - a Payment Institution under Lithuania legislations.

See more at: https://www.dnbcf.com/faq/how-about-the-security-of-money-on-accounts

22. Does DSBC Financial Europe have EU Deposit Guarantee Schemes?

DSBC Financial Europe is a non-Credit Institution, we do not offer saving account service and lending products. This means the client's fund will be guaranteed by the Central Bank of Lithuania, in which DSBC Financial Europe is a member. It is non compulsory for DSBC Financial Europe to implement direct Deposit Guarantee Schemes for account holders according to the European Central Bank regulation.

About Us

We are always proud of being an experienced Financial Institution in the global financial payment market.

We provide the best payment platform as well as worldwide money remittance service. "DSBC Financial Europe" UAB can assist you with different payment methods, whether it is a personal account or a business account.