What is a designated account?
Designated accounts are specifically generated to receive money from companies and not from individuals. The typical use case is business-to-business transactions. In case you decide to open one with us, you will have your own IBAN and the account will be under your company name. As you won\’t have access to the account statements, the incoming payments will be immediately reflected on your MNI account.
Which currencies can I receive money in?
Romania (EXIM bank): currencies available: EUR, GBP, USD
Hungary (K&H bank): currencies available: EUR, GBP
Germany (DHB bank): currencies available: EUR
How long does it take to open a designated account?
This depends on the bank. For accounts in Hungary and Romania, it can take up to 3 weeks. It takes just 1-2 days to open accounts in Germany.
How much will it cost to open a designated account?
The prices variate depending on the type of business you own. For further information on this regards, you can contact our support team
Do I need to have an account in order to upload funds to my Pay5 account?
We encourage all our clients to have their own IBAN as this is the easiest way to receive funds.
PSP companies only send settlements to companies who have designated accounts, and it is, therefore, easier for all businesses to provide their own account information to their clients and suppliers.
If I have a designated account in EUR, can I upload USD?
You can only receive money in the currency of the designated account. Meaning if if you have a designated account in EUR, you can only receive EUR, and the same applies to all currencies.