I'm looking for information on the multipass.com bank/emi

[drspak]

wondering if anyone uses bank or emi multipass.com and how reliable it is

Thank you

exact address is multipass.co not .com

 

[Martin Everson]

They are jokers and way too expensive. Don't waste your time. The fees they show on website are guidance only - plus they are already high . They give a quote for each business client based on activity and its way more than what they publish - even for a normal EEA company. They don't support crypto or any high risk stuff either I understood.

For example a friend of mine has a basic EU business consulting company. His residency is in EU and passport EU. Turnover about 80k. They wanted 1000 euros to open an account and 200 euros a month account maintenance fee!!!! . Best of all they were only offering a euro account with no other currencies. They must be smoking crystal meth I told him. He now has an account with Wise instead...lol. He only looked at multipass as he wanted a USD ACH account.

I had a good mind to report them to FCA for attempted theft.

They are registered in UK but directors are a Russian and Latvian. Their global footprint of management seems to follow similar pattern. But maybe I am per-judging them.

Dyninno Group - Contacts, Employees, Board Members, Advisors & Alumni

The global multiproduct company that operates businesses in travel, fintech, and entertainment technologies fields.

www.crunchbase.com

Markets - Dyninno

4,000 professionals work here in 23 offices around the world. We are a multinational and multicultural team, united by a common goal.

dyninno.com

P.S I am not saying its a Russian laundromat at all. But just be careful here.

 

[capitanokirk]

Grazie

 

[apres777]

I can only confirm what @Martin Everson has already said.

I had a corporate account with Multipass last year and the fees are really outrageous.

Also my business model was in no way a risky business model (Basic E-Com Company) and I have been paying 200€ monthly account maintenance plus 1000€ yearly compliance fees (I still don't know what these fees are for.) On top of that "obviously" the onboarding fee of around 1000-2000€. As if that wouldn't been enough already you also pay a fixed fee plus variable fee for every incoming payment and outgoing payment. Last year they couldn't even offer VCC let alone credit cards in general.

I can only imagine that they (Multipass) pay comparable much money to their affiliates which explains their high fees.

I would definitely advise other EMIs if possible.

 

[Buratino]

complete bulls**t. long, expensive, it is not clear whether they make payments or not, compliance checks the level "where did you meet the counterparty, how he was dressed" and sends this nonsense several times. Don't waste your time on this

 

[Martin Everson]

The below Trustpilot post probably explains why they offered my friend only a euro account around that time . But people have hit on the points mentioned about excessive questions and excessive fees. Avoid this EMI like your life depended on it. Think of the now defunct epayments EMI and run from it. When the groups chief legal officer is based in Russia be very very careful about this group .

---- quote start

This company is absolutely a scam, don't believe them!
They closed the account in January 2023 because they lost the banking connection (then our account was involved) and till March 2023 could not offer any alternative bank solution that can accommodate us.
We sent all the documents to move the funds to another UK-regulated EMI, and they asked 100000 questions and information about almost 2 years of account use!!!!
Till now their compliance never asked 1 single question, now they are trying to keep the funds IN and not release them!
The complaint to the Financial Ombudsman is now sent, they are pure scammers and now I understood why they lost the banking connection 3 months ago!!

---- quote end

Seems people have issues with the over the top questioning.

---- quote start

I wanted to quickly talk to you about my recent experience with Multipass. Fortunately, I didn't start working with them because I found their service very contradictory in their statements. At first, I asked very detailed questions on WhatsApp, and they quickly replied saying that everything was possible and that they would contact me to register and proceed with the procedure. However, they later sent an email saying exactly the opposite and started asking me too many questions. I think this is a bad sign and their service could be of poor quality.

---- quote end

Yup and someone complained the exact issue I described about pricing.

---- quote start

Those guys advertise on their website one prices and after a long emailing back and forth and requesting tons of documents, they send you a totally different prices (which are of course much higher and not advertised anywhere). On the website they have a package with 50€/month and with 100€/month.
I was quoted 200€/month.
They tried to justify it with my company being a high risk (online marketing).
My company has 0 risks and 0 debts of liabilities. They just try to rip off people

---- quote end

 

[Fred]

We tried to work with them however they are nothing special - they were basically re-selling on a big scale LHV Bank like most EMI's.

LHV Bank did changed the Risk Appetite and closed down all ties with CIS Countries, Balkan and couple of others like Turkey and UAE.

We never approached them afterwards but they should be usually able as a UK Regulated Electronic Money institution to issue a GB IBAN for EUR/GBP.

I agree with @Martin Everson they seem to have a hard time the past year due to heavy RU links.