Embily is pleased to announce exciting improvements to the financial service. Previously, the function was only carried out in a test mode. Starting today, customers wishing to transfer funds will be able to use all the advantages of IBAN.
The main purpose of an IBAN is to reduce the cost of international transfers, especially within the EU. The Single Euro Payments Area (SEPA) makes wire transfers as easy as cash transactions within Europe. IBAN allows for fast processing of electronic transactions; it also allows for minimum delays and extra costs, all of which reduces the risk of propagating transcription errors.
IBAN functionalities will be available to european users that have successfully registered personal accounts and completed KYC verification.
Embily users can:
- Replenish the card account in Euros using their virtual and/or plastic VISA card for habitual spending.
- Top up the card using an Iban account and SEPA payments.
- Send Funds within the Eurozone from an Iban account with low transfer fees (0.02% of payment amount for all outgoing SEPA payments).
- Transfer Funds Between Embily Accounts to friends and family
- To use for salary payments.
“We at Embily truly believe that the infrastructure we offer to our retail and corporate clients is one step forward for the global crypto financial ecosystem we are building right now!”, states Embily CEO Alexander Bychkov.
The following fees will be displayed when using Embily IBAN accounts:
Opening an IBAN Account - no-cost
Monthly Fee - no cost
Incoming SEPA - 0.10% of the payment amount.
Outgoing SEPA - 0.02% of the payment amount.
Account Balance Fee - 0.65% per year on overnight balances charged daily (min. 0.01 EUR)
You can open IBAN account after KYC verification here - https://app.embily.com/auth/check-country