Silverbird

[PMJ]

Has anybody had any experience of Silverbird?

Business Account | Business Banking alternative -Silverbird

Join the best digital service for international trade in the US, UK, and EU. Manage your online business accounts and transfer money abroad easily.

silverbird.com

It's a UK based e-money service, backing on to PayrNet/Railbank.
They appear to offer multi-currency accounts with SWIFT and SEPA access.
Several currencies covered, including EUR and GBP. But no USD in 'supported currencies' but, the site suggests that funds are convertible to USD.
There a little confusion on there between the marketing text and what is supported.

I spoken to a few people that have had e-mails from them as part of a campaign to get people to sign up to their introducer program.
I'm not linked to them, I've had a few emails from them recently and am thinking about looking deeper into it.
But I can't seem to find any online or forum discussion on anybody that has actual experience of using their accounts / services.

Looks like it only started activity at the start of 2020.

thanks

Paul

 

[Martin Everson]

It's a UK based e-money service, backing on to PayrNet/Railbank.

It's setup, directed and controlled by Railsbank also:

PAYRNET LIMITED persons with significant control - Find and update company information - GOV.UK

PAYRNET LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity

find-and-update.company-information.service.gov.uk

Do they offer accounts to people in EU after brexit or is website out of date? They would need to be licensed in EU somewhere to do so.


P.S Never heard of them but looks legit but no use to me as the accept limited number of countries sadly .

 

[Mark Rucken]

Looks interesting, but EUR 29 minimum incoming payment fee is a bit of a turn off to be honest.

 

[Martin Everson]

What are they offering that is so special as an EMI that it is worth them joining the other 200+ UK based EMI's?

Daft business model if you ask me.

 

[JohnLocke]

OP you mind to comment on all the replies you got?

 

[GlobalConsult]

Railsbank/PayrNet has an e-money license in Lithuania like most of the UK EMI´s after BREXIT.

 

[PMJ]

Hi all,

Thanks for the feedback.

It doesn't appear to be a unique business model or different service compared to a crowded market of EMIs. But it is interesting to look at some of these new challengers as part of a larger portfolio of payment options.

Fee wise, they aren't the most cost effective for regular transactions with a minimum fee of EUR 29 or 0.09% fee on incoming; and EUR 49 minimum or 0.09% on outgoing. That's compared to some of the larger EMI offerings that I have experience of. But, they aren't as bad as some of the newer EMIs that I have seen at 0.25% / 0.35%.

I've come across Railsbank before featuring in partnership announcements and EMI news. I had seen, like most European based EMIs, that they have licence from LT; and I think some of the Railsbank development is based in Lithuania now. But, they are simply providing the 'back end' to Silvernet. They probably dictate the service level that can be provided - in particular the serviced jurisdictions.

The country list is a limiting factor and that is a concern. But, it's not clear if a "supported country" is a country that they will allow payments to or from or if that is the jurisdictions that they will support users from. I don't think the limiting factor is simply down to SEPA access. The site quotes "SWIFT and SEPA support for easy payments all over the world". If backed into Lithuanian licencing and utilising the Bank of Lithuania as a payment processor, then it should also have access to TARGET which gives access to countries beyond EURzone.

I've contacted them for more information, so will update on the response I get.

 

[PMJ]

I can give an update on Silverbird based on recent experience...

I now have experience of the on-boarding process and it was straight forward and well automated.
It needed usual amount of paperwork, evidence etc. Very similar process to most EMIs.
It took several weeks to complete due diligence and onboarding.
But time invested is the only initial cost. There wasn't an account opening or onboarding fee.
So it might be attractive to give it a go in order to add to banking options.

Common multi-currency IBAN for major currencies on SWIFT transfers.
EUR has an additional and different SEPA IBAN. ACH coordinates for USD account.
Currencies stored in their own wallets.
Not attempted or experienced transfers or exchange so far.

Silverbird no longer appears to have a "back-end" relationship with Railsbank.
They now promote themselves as appointed representative of The Currency Cloud.
I've seen this payment process being used by several EMIs (e.g. Intergiro) and FX-payment specialists.
The Currency Cloud approved countries for transfers only includes main-stream international jurisdictions.
See: Permitted Jurisdictions
This might be a limiting factor for truly International business. I think it offers less support that the original offering via Railsbank.

 

[uplana]

thank you for the review @PMJ it's always good to read about a EMI that actually deliver what they claim to do. It's hard these days to find alternatives which are indeed alternatives to all other EMI's in the way that they differ from all others.f

Still this is an valid EMI which I may look closer in my next setup.

 

[montterio]

I can give an update on Silverbird based on recent experience...

I now have experience of the on-boarding process and it was straight forward and well automated.
It needed usual amount of paperwork, evidence etc. Very similar process to most EMIs.
It took several weeks to complete due diligence and onboarding.
But time invested is the only initial cost. There wasn't an account opening or onboarding fee.
So it might be attractive to give it a go in order to add to banking options.

Common multi-currency IBAN for major currencies on SWIFT transfers.
EUR has an additional and different SEPA IBAN. ACH coordinates for USD account.
Currencies stored in their own wallets.
Not attempted or experienced transfers or exchange so far.

Silverbird no longer appears to have a "back-end" relationship with Railsbank.
They now promote themselves as appointed representative of The Currency Cloud.
I've seen this payment process being used by several EMIs (e.g. Intergiro) and FX-payment specialists.
The Currency Cloud approved countries for transfers only includes main-stream international jurisdictions.
See: Permitted Jurisdictions
This might be a limiting factor for truly International business. I think it offers less support that the original offering via Railsbank.

I need this bank .. so on-boarding process is difficult ?

 

[Javimetal]

I need this bank .. so on-boarding process is difficult ?

Did you try silverbird finally?

 

[Avvcoun]

I am having account with them, onboarding was apx 1 week. But you need to keep in mind, they work only with physical e-commerce businesses (exporters, importers etc.). And also need to prepare good website + normal private bank statements

 

[Javimetal]

I am having account with them, onboarding was apx 1 week. But you need to keep in mind, they work only with physical e-commerce businesses (exporters, importers etc.). And also need to prepare good website + normal private bank statements

That's ok for me, I'm in e-commerce