Anyone heard or experienced with Guru Pay?

[Dreamwalker]

Hi guys,

I have heard that Guru Pay (UAB Guru Pay, registered# 304891889) with EMI license by LIthuania LB001929, possibly helps to open IBAN account with SEPA and SWIFT both.
Anyone here have heard or experienced how good or bad they are?

Thanks.

 

[JohnLocke]

There are a lot new popping up each day. It must be very cheap to setup an EMI in Lithuania.

Check Google for reviews they may be the best help you can get. With all the new EMI's showing up everyday they can't manage to cheat people already.

 

[Sols]

Guru Pay were sanctioned on August 3rd 2020 for violating article 24(3) of the Lithuanian EMI law (Lithuania's implementation of PSD2).

3. The equity capital of an electronic money institution at all times may not be less than the larger of the following items:
1) the initial capital referred to in Article 22(2) of this Law;
2) the equity capital requirement calculated using the methods laid down by legal acts of the competent authority.

So it sounds like they almost ran out of money at some point or weren't handling the funds correctly. It's not that big of a deal if they have improved since then but with so many options and Guru Pay not offering anything unique, I'd take my money elsewhere.

 

[GlobalConsult]

There are a lot new popping up each day. It must be very cheap to setup an EMI in Lithuania.

The requirements are the same within the EU. Licensing is only faster in Lithuania between 3-6 months and other EU countries up to 12 months.

 

[Dreamwalker]

I know a guy who actaully opens their IBAN account even the guy company is in SVG.
It not only surprising me but also they say to open a client account for him so I should really know who they are and who's back there.

Not many reviews on Google, but the news they were sanctioned is quite bad and see more what was that.

 

[Evgeniy Miller]

Also didn't use it, didn't hear any recommendations. But sounds like they have some problems