My EU Pay | FAQS

Additional fees and processing times for International Payments

Please note that all SWIFT payments are processed with the same day or next day value date.

For more information about pricing, please click the "Pricing" tab and select your currency from the drop down list.

The cost of holding money with safeguarding banks

My EU Pay absorbs the cost of holding money with its safeguarding banks.

However, please note that if you have not received and made at least 1 payment within the last 30 days, we will collect 1% of the total balance on your virtual IBAN. This will be checked every 30 days.

How do you activate your virtual account starting with the country code GB?

Please wire the funds to this virtual account or instruct your partners / colleagues to make payment. Please make sure they spell your name / company name correctly. Transfer among My EU Pay users or transfer between virtual accounts will not activate your virtual account.

Payments between different virtual accounts

For payments between virtual accounts starting with a country code GB (SEPA), country code LI (SWIFT Plus) or country code GB (SWIFT FX), please use the OWT (Outgoing Wire Transfer) form.

Additional fees for provision of documents

My EU Pay will charge a fee of €200 for documents provided upon customer's request. The fee will be automatically collected from customer's virtual account.

Public Holidays

We will not process payments on the following dates:

1	January	2021	New Year’s Day
2	April	2021	Good Friday
5	April	2021	Easter Monday
1	May	2021	Labour Day
3	May	2021	Early May Bank Holiday
31	May	2021	Spring Bank Holiday
30	August	2021	Summer Bank Holiday
24	December	2021	Christmas Eve
payments will be processed until 11am BST
25	December	2021	Christmas Day
26	December	2021	Boxing Day
27	December	2021	Boxing Day (substitute day)
28	December	2021	Christmas Day (substitute day)
31	December	2021	New Year’s Eve
payments will be processed until 11am BST

Pre-Advice

All customers are required to pre-Advise My EU Pay Ltd. of all individual incoming payments, equal or above €50,000 to ensure that such funds may be credited to virtual accounts. The pre-Advice should be clear and concise, and provide the following information relating to each incoming payment:

- Currency and Amount
- Value Date
- Name of Remitting Entity
- Purpose of Transaction (Invoice / Contract)

My Payment is not Credited yet

As we are not the remitter of these funds, to locate the funds a trace would need to be initiated from the remitting side. Please note that the credit of funds depends on the payment method in which the remitter sent them. You can wait until close of business to see if the funds credit your virtual account, and if they don’t we suggest you contact the remitter.

Acceptable Use Policy

You may use our Services only for lawful purposes.

You may not use our Services:

- in any way that breaches any applicable local, national or international law or regulation or causes My EU Pay to breach any applicable law or regulation;
- in any way that is unlawful or fraudulent, or has any unlawful or fraudulent purpose or effect;
- for the purpose of harming or attempting to harm minors in any way;
- for anything that is abusive or does not comply with our content standards;
- for any unsolicited or unauthorised advertising or promotional material or any other form of spam; or
- to deal in harmful programs like viruses or spyware or similar computer code designed to adversely affect the operation of any computer software or hardware;
- in any way that would locally or internationally evade any applicable taxes or facilitate tax evasion.

We do not provide our Services to businesses or support transactions which involve:

- tobacco, narcotics, steroids, cannabis, certain controlled substances or other products that present a risk to consumer safety;
- drug paraphernalia (equipment, product, or material that is modified for making, using, or concealing drugs) or transactions which involve or related to pharmaceuticals;
- seeds or plants;
- chemicals;
- military & semi-military goods & services (including weapons, military software or technologies); adult content;
- individuals, entities or countries which are subject to international sanctions;
- smart drugs / nootropics;
- plagiarism services, multi-level marketing schemes, CFD/options traders located in offshore;
- illegal activities, support of terrorism (including eco-terrorism and groups that support similar such activities), extremism, violence, insurgency;

Country restrictions:

Any party based in the countries listed below will be rejected. The country is determined by the country of residence for the individuals and the jurisdiction of registration for companies.

Afghanistan
Albania
American Samoa
Anguilla
Armenia
Azerbaijan
Bahamas
Barbados
Belarus
Belize
Benin
BES islands
Botswana
Bouvet Islands
British Indian Ocean Territory
Burkina Faso

Burundi
Cambodia
Cameroon
Central African Republic
Chad
Christmas Islands
Cocos Islands
Colombia
Comoros
Congo (Republic of)
Congo
Cook Islands
Crimea
Cuba
Djibouti
Dominica

Egypt
El Salvador
Equatorial Guinea
Eritrea
Ethiopia
Fiji
Ghana
Guam
Guinea
Guinea-Bissau
Haiti
Heard Island and McDonald Islands
Iran
Iraq
Jamaica
Kiribati

Lebanon
Liberia
Libya
Mali
Mauritius
Morocco
Myanmar
Netherland Antilles
New Caledonia
Nicaragua
Niger
Nigeria
Norfolk Island
North Korea
Northern Mariana Islands
Pakistan

Palau
Palestine
Panama
Rwanda
Saint Barthelemy
Saint Martin
Saint Pierre and Miquelon
Samoa
Seychelles
Sierra Leone
Sint Maarten
Somalia
SGSSI
South Sudan
Sudan
Syria

Tajikistan
Tokelau
Trinidad and Tobago
Turkmenistan
Uganda
Ukraine
United States Minor Outlying Islands
US Virgin Islands
Uzbekistan
Vanuatu
Venezuela
Western Sahara
Yemen
Zambia
Zimbabwe

Payments to / from countries below will not be processed (subject to exceptions based on My EU Pay’s discretionary review)

Afghanistan
American Samoa
Angola
Anguilla
Bahamas
Barbados
Belarus
Belize
Benin
BES islands
Botswana
Burkina Faso
Burundi

Cambodia
Cameroon
Central African Republic
Colombia
Congo
Cook Islands
Crimea
Cuba
Curacao
Djibouti
Dominica
Egypt
Equatorial Guinea

Eritrea
Ethiopia
Fiji
Gabon
Ghana
Guam
Guinea
Guinea-Bissau
Haiti
Iran
Iraq
Jamaica
Lebanon

Liberia
Libya
Malawi
Mali
Marshall Islands
Mauritius
Mongolia
Myanmar
Nicaragua
Niger
Nigeria
North Korea
Pakistan

Palau
Panama
Samoa
Seychelles
Sierra Leone
Somalia
South Sudan
Sudan
Syria
Tajikistan
Timor-Leste
Trinidad and Tobago
Turkmenistan

Uganda
Ukraine
US Virgin Islands
Uzbekistan
Vanuatu
Venezuela
Western Sahara
Yemen
Zambia
Zimbabwe

For more information about restrictions related to different virtual account types please visit virtual accounts

Payments SEPA & Target 2

You can use your virtual account to receive and make SEPA payments and Target-2 payments as long as your bank is reachable via Target- 2

Required Payment Information

To make a transfer (via SEPA/SWIFT etc.) a customer must provide:

1. Name of the recipient;
2. Identity of Payment Service Provider for the recipient;
3. Currency Payment Transaction is to be made in;
4. Country where virtual account of the recipient is located; and
5. The Unique Identifiers of recipient’s virtual account, namely

(A) if Client is making a Pound Sterling payment into a virtual account in the UK, the recipient’s sort code and virtual account number; or
(B) if Client is making a non-euro payment into a virtual account outside the UK or a SEPA Credit Transfer, the recipient’s virtual account.

Handling Fees

FRAD – Fraud – €500
CUST – Requested by customer – €250
TECH – Technical problems resulting in erroneous credit transfer – €50
AC03 – Recipient-virtual account number wrong – €50
AM09 – Wrong amount – €50
DUPL – Duplicate Payment – €50
Refund Request Initiated - €500
Dispute resolution – €1,500 / case
Transaction rejection fee* – €100 + 0,5% transaction amount
Virtual account suspension and termination – €500
Enhanced Due Diligence – €500

* Transaction may be rejected if you do not provide adequate supporting documentation, for any other compliance related reason, or if the beneficiary’s IBAN has been suspended.

Payments to / from crypto exchanges:

We support incoming payments / outgoing payments to the following exchanges only:

- Coinbase
- Kraken
- BitStamp
- Gemini
- Binance

Before an inbound payment is credited or an outgoing payment is executed you will be requested to submit a short description of your business model and information relating to sending and receiving wallets.

We will impose extra charge of 0.5% on any crypto-related transaction.