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. 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 bank account
Guarantees on depositsNot applicable
Deposits are not covered by FSCS, 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 
GBP/EUR/USD/AUD
Multi-currency account
15 different currencies supported (excl. USD)

Standard IBAN & SWIFT/BIC
International bank transfers via SWIFTYesYes
Availability for LeapIN customersE-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
FATF high-risk and non-cooperative jurisdictions
Remote online onboardingYesNo. 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 
Yes
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 statementsSeamless API integration - automatic sync of transactions and account balance
Mobile appYes
Mobile app for transferring money
Yes
Fully functional mobile banking application
Monthly feeFREE
No monthly fees, no setup cost
€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
€2 per month
LHV Business Debit Mastercard
Online purchases supported
SEPA bank transfer feesA fixed chargeFREE
Top up of the accountFREE via bank transfer Charges when adding by cardFREE via bank transfer
Withdraw to bankA fixed chargeNot applicable
Account limits for transactionsLimits to USD transactions applyAdjustable, depending on your agreement terms
Support for payment gatewaysNIA (To be tested...)Yes
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
EUR - Standard IBAN & SWIFT/BIC
USD - ABA & Acc. No
AUD - Acc. No & BSB code
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 BorderlessLHV Bank
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