I could not find a thread for this company. I would like to share my experience.
Wallter UAB is authorised Electronic Money Institution by the Bank of Lithuania (LN: 30) under the Law on Electronic Money and Electronic Money Institutions 2011 for Issuance of electronic money.
They partner with IFX Payments under the hood.
I recently spoke with their sales team about opening a business account. The application fee was €1,000. I asked if they could review my business activity/sector before paying the application fee for "pre-approval". They agreed to review my business prior to paying the application fee to prevent an unnecessary application.
I provided details of the business activity and corporate structure/business owners. I received pre-approval so I paid the €1,000 application fee. I spent €1,000s on outside counsel, filling out 9 application forms and collating all the documents they required, 1-2 days work for me.
Later the compliance team rejected my application based on information I provided during pre-approval stage. They could have rejected my application given the information provided during pre-approval.
They refunded €500 of the application fee, but refused to refund the remaining €500. I nice quick profit for them and I am left with a bill for €1,000s.
I feel some EMIs are set up just to collect application fees without any expectation of opening an account.
Does anyone else have any experience with this EMI?
Wallter
www.wallter.com
They partner with IFX Payments under the hood.
I recently spoke with their sales team about opening a business account. The application fee was €1,000. I asked if they could review my business activity/sector before paying the application fee for "pre-approval". They agreed to review my business prior to paying the application fee to prevent an unnecessary application.
I provided details of the business activity and corporate structure/business owners. I received pre-approval so I paid the €1,000 application fee. I spent €1,000s on outside counsel, filling out 9 application forms and collating all the documents they required, 1-2 days work for me.
Later the compliance team rejected my application based on information I provided during pre-approval stage. They could have rejected my application given the information provided during pre-approval.
They refunded €500 of the application fee, but refused to refund the remaining €500. I nice quick profit for them and I am left with a bill for €1,000s.
I feel some EMIs are set up just to collect application fees without any expectation of opening an account.
Does anyone else have any experience with this EMI?