I'm a native EU citizen and resident. Opened an account with Finci a while ago but every single time I deposit money to my account from my other bank accounts, first it gets frozen, and then I have to write a message to them asking to unblock it. We are talking about a few hundred Euros. My Finci card was rejected in a shop and they blocked the amount of the transaction on the account. After a few days, I sent a message asking to release my funds but was told it would be released in 21 days. It's been a month, sent another message and it was straight ignored. Sent a complaint. Did anyone have similar experiences with them?
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I haven't had that experience but based on what I've seen them do with business accounts, I no longer consider Finci for any projects for at least a couple of years. Lots of concerning things (that I can't go into detail about).
Update: ffter the complaint, Finci solved it quickly, and got my money back.
Can you please tell me about your experience with Finci? I had a good treatment so far and was considering opening a business account.
I would listen to @Sols - if he decided to stop considering Finci an option you should do the same or accept to risk your funds and business on an operation with problems.
I can't be too specific unfortunately. What I can say, though, is that Finci very naively said they could do something for another financial institution, and that ended up backfiring and causing a lot of headaches (and some financial losses/damages) to people. That naivety is why I have chosen not to engage with Finci for the time being. It demonstrated a deep lack of understanding of how the industry works, or a willingness to take a risk that could have costed them their license.
I don't think Finci as a whole is necessarily bad. But based on my experience with them, I'm staying away.
This is extremely helpful information! Meaning Finci overestimated or exaggerated their abilities. Happens in 99 out of 100 people and companies. They are unaware of their OWN circle of competence. The radius is a lot shorter than they hallucinate.
So, as long as it is rudimentary banking stuff, they should be OK, correct?
Indeed, in and of itself nothing unusual for businesses to misalign their skills with their undertakings. It was simply the scale and risk involved that made me decide to stay away from them for a while. Maybe in a year or two, I'll reconsider.
Probably. I haven't heard anything bad about them since the aforementioned incident (nor before then).
They just don't fit within my own risk appetite, so I stay away from them and anyone who asks me about them gets the same answer.
As with all EMIs and PIs in Lithuania, you can check their financials every quarter on https://www.lb.lt/en/pi-performance-indicators
I had a similar experience with another EMI couple weeks ago where they informed me we can open a bank account for your business; they made me sign an agreement and pay €300 onboarding fee, afterwards they told me "Sorry your business is beyond our risk appetite". A total waste of time and money due to their sales lack of knowledge.
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What Finci did was essentially that but on a much larger scale.
In your case, did you speak with a sales person first who said they could open an account for your business? If a sales person is typing or their lips are moving — especially in financial services — there is a 99% chance they are lying or spewing misleading BS. The sales rep gets a commission if the application is approved. Nothing happens to them if you are declined. It's the compliance team that has final say.
Yes, the sales person title is "Senior Account Manager", I made it clear to her what is the nature of my business and what service I offer, and she replied "We can certainly open an account for you" and the rest is history.
This shitty EMI is paydo.com
Most EMIs and Neobanks are short of money; they are burning through a hell of a lot of money each month in their competition for the market. If they can onboard 1000 new customers to the application process alone, there is a lot of money involved, and I think we are talking about maybe 10,000 or 100,000 a month - the market is insatiable at the moment due to the banks' restrictions.
I disagree on that, they'll make more money from you as a customer.
However, the point is if they even declined you, they want to at least make some profit of you a.k.a. Document Verification Fees.
Very true, in general.
Bad news. From what I recall, once upon a time (3+ years ago) Paydo was charging the application fee only after (successfull) onboarding, otherwise they did not charge you ...
Well, world is changing...
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Same story all the time, they say YES to everything until you pay their onboarding fee after that, the show get started.
Do these types of lists exist for other EMIs and PIs, e.g., in Switzerland, the UK, Germany, Italy, the Netherlands, Norway, Sweden, France etc., etc.???
Heads-up my experience with Finci was very bad. They took €1,000 for application fee and after a month the application was rejected with no reason! And of course the money is not refunded.
I believe any EMI that ask for application fees upfront should be instantly ignored; if they're understaffed and underpaid then it's an indication your money will not be safe with them.
I believe any EMI that ask for application fees upfront should be instantly ignored; if they're understaffed and underpaid then it's an indication your money will not be safe with them.
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