What are the differences between the banking options that LeapIN supports?

Last updated: March 28, 2018

Your LeapIN account works best with an LHV business bank account. We offer support with the LHV “Know your customer” process — including pre-filled application forms, pre-acceptance for a bank account before travelling, and uploading documentation about your personal data. Furthermore, LHV and LeapIN use a seamless API integration — automatically syncing your transactions and account balance to manage your account once it's opened.

We can also support the TransferWise borderless electronic money account and Holvi business current account. For more details and differences between the banking options supported, please see the table below:

tw-flag-transparent.pngTransferWise Borderless
Account typeElectronic Money account (i)Business current accountBusiness bank account
Guarantees on depositsNot applicable
Deposits are not covered by FSCS, any guarantee fund or compensation scheme
Not applicable
Deposits are not covered by any guarantee fund or compensation scheme
€100 000
Estonian state-backed guarantee of €100 000 on all deposits
Supported currenciesMulticurrency account
Over 40 different currencies supported

Send money to 50+ countries

Local account details provided for 
Holvi only accepts payments in euros from SEPA countries

Multi-currency account
15 different currencies supported (excl. USD)
International bank transfers via SWIFTYesNoYes
Availability for LeapIN customersE-residents globallyE-residents globallyE-residents globally
Customers currently not supportedCountries listed on TW website

US residents from the states not listed on TW website

FATF high-risk and non-cooperative jurisdictions
US residents and/or under the US FATCA report requirement.

FATF high-risk and non-cooperative jurisdictions
FATF high-risk and non-cooperative jurisdictions
Remote online onboardingYesYesNo. Visit to Estonia required for a F2F bank meeting
LeapIN supported on-boarding & KYCNo
A separate KYC process designed by TransferWise, no integration with LeapIN 
A separate KYC process designed by Holvi, no integration with LeapIN 
Integrated KYC process - pre-filled application forms, digital signing & pre-acceptance for a bank account before traveling 
Integration with LeapINManually supported via export & import of statementsManually supported via export & import of statementsSeamless API integration - automatic sync of transactions and account balance
Mobile appYes
Mobile app for transferring money
Mobile app for uploading receipts and invoices
Fully functional mobile banking application
Monthly feeFREE
No monthly fees, no setup cost
Starting from €9 per month
e-Residency account tailored to e-Residents
€100 setup fee and €10 monthly fee starting from 01.11.2018
-50% discount from LHV's regular price list for LeapIN customers
Bank cardsFREE
TransferWise for Business Debit Mastercard
Holvi Business Mastercard
Foreign currency exchange fee 2%
€2 per month
LHV Business Debit Mastercard
Online purchases supported
SEPA bank transfer feesA fixed charge50 transfers for FREE (per month, in & out) 
After this €0.25 per transfer
Top up of the accountFREE via bank transfer Charges when adding by cardFREE via bank transfer 2.5% per payment when using instant top upFREE via bank transfer
Withdraw to bankA fixed charge50 transfers included monthly
After this €0.25 per transfer
Not applicable
Account limits for transactionsLimits to USD transactions applyNIAAdjustable, depending on your agreement terms
Support for payment gatewaysNIA (To be tested...)Yes
Using Holvi with external service providers
Other benefits & featuresTW has gained access to the UK Faster Payments Service (FPS) Switch between currencies & make payments at the best possible rate. No setup or monthly charges Instant local bank details in the UK, US Australia and the Eurozone:
GBP - Acc. No & Sort Code
USD - ABA & Acc. No
AUD - Acc. No & BSB code
Holvi card is seamlessly connected to your Holvi mobile app Built-in online store app. Holvi solution includes some basic bookkeeping features like:
- automatically recorded invoices
- reports like general ledger and accounting journal
- creating & sending sales invoices. Please note that Holvi bookkeeping features are not sufficient for accounting and compliance of your Estonian company
International payments also available with currency exchange through TransferWise. Close integration with EveryPay payment gateway. Secure online banking Fixed-term and demand deposits Free of charge SEPA payments, deposits and reasonable withdrawals
SourceTW BorderlessHolviLHV Bank
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