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Any NexPay feedback?

Hello,

Do you have an account with Nexpay EMI? please share your experience with them.
Are they strict and asking for every single payments or not? for receiving payments from clients (crypto business)

Thanks!
Yes its a very strict EMI.
 
Cool thing is that they are finally offering SWIFT access. That does offer some hope.
 
The clowns just got shut down.
Afaik, it was 125k fine and not complete shut down.
You can verify this at:
Service still works.

Afaik, it was 125k fine and not complete shut down.
You can verify this at:
Service still works.
This fine must have hurt though, given their profit was just 5k in 2022, which is not bad as most emi-s are not profitable.

 
In accordance with the latest guidelines passed to us by our regulator, we regret to inform you that we will have to temporarily suspend your account among a group of other clients. We are not in favor of such resolutions, especially for long standing clients. Unfortunately, we do not have a choice in this case, but to comply.


You will still be able to access your account, but no outgoing payments will be allowed. It will be possible to access any remaining funds on the account at a later stage. You will need to submit a formal request to withdraw your funds to another account that belongs to you.


We continue to work with the regulator and plan to restore full access to our services soon. Before that happens, we will switch your account to a commission free plan so that you will not bear costs until full service is restored.

A bunch of people got this.
 
Nexpay is great, just very strict in compliance. They refused to onboard new clients for the last 2 months. Try Payset instead.
If I recall correctly, it took 2-3 months to open an account.
We got a request to submit documents even for a 3 EUR outgoing payment.
 
If I recall correctly, it took 2-3 months to open an account.
We got a request to submit documents even for a 3 EUR outgoing payment.
i had cases when it even took 6 months to open an account and yes they need supporting documents for every transaction
 
Nexpay did request a lot of documentation.... which was boring... but it was efficient. It is a shame they are closing private accounts.

Are there any other non-UK virtual IBAN companies which are as good? (With easy onboarding!!)
 

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