Interview with: Valyuz UAB - Fintech and Banking Information Center

Interview with: Valyuz UAB

We would like to learn more about Valyuz company and what it offers.

  1. First, tell us about the early days of Valyuz and its establishment.

Several years ago our team encountered difficulties when trying to open a company bank account in Europe. They realized that the traditional banks had little understanding of complicated business models or companies with stockholders in multiple countries. They couldn’t get their heads around complex company structures. The traditional banks would take one look at our profile and classify the company as ‘high risk’. Of course, traditional banks will only offer high-risk companies elevated charges and a drawn-out account set-up process. After this disheartening experience, the team knew that an alternative had to be found. This led to the birth of Valyuz which was established in 2018.

  1. And what is Valyuz?

Valyuz is a cutting-edge electronic money institution offering payment services, alternative solutions to regular banking and payment accounts for individuals and companies world-wide. We’re authorized by the Bank of Lithuania and regulated in the European Union. Basically, we’re similar to banks – but not exactly the same. Each one of our private and corporate account holders has their own dedicated IBAN and use of our advanced technology and comprehensive customer service. Valyuz account holders can logon to their accounts from anywhere in the world via all online platforms – mobile phones, desktop computers and smartphone apps.

  1. What advantages does Valyuz offer its clients compared to traditional banks?

There are several advantages but the primary ones are our technical know-how and impeccable service. In addition, our account holders can:

  • Use the Apple and Android mobile apps
  • Make wire transfers in 35 currencies to 212 countries
  • Get a prepaid MasterCard
  • Exchange currency at excellent rates
  • Use superior secure login technology
  • Have multiple signatories for one account
  1. Who are Valyuz’s target customers?

Valyuz customers are primarily from Europe but Valyuz has customers from around the world. We accept new accounts from many industries. Some of our account holders are low to medium risk. We evaluate potential customers and only after we have considered all the facts do we make a decision about the customer’s risk and accept them as a new client or reject their application.

  1. What are the main currencies used in transfers at Valyuz?

With our base in the European market, most of Valyuz’s transfers are in euro as SEPA electronic payments. Obviously, we also offer transfers in US$ as most international companies use dollars. And we deal with over 35 other currencies in our other markets.

  1. Strict regulation has affected the financial industry recently, so what, if any, challenges do you see from higher regulation?

Strict regulation requires us to invest more effort into compliance but in my opinion, regulation is essential in today’s complex financial industry. Recently we’ve seen PSD2 and GDPR come into effect. GDPR was a vital addition to data privacy regulation and who knows what will be next.

  1. Can you explain why more and more people are choosing EMIs instead of traditional banks?

Businesses and private individuals want the best, fastest and easiest way to transfer their money internationally. But they also want it to be as safe and risk-free as traditional banks. Conventional banks have always been seen as the safest way to transfer money. However two factors have made people reconsider how they send and receive money – the internet has become an integral part of our lives, and financial technology has developed in leaps and bounds. These days people don’t think twice about making online purchases and transactions, as long as it is low risk. Eventually, digital banks like EMIs will be the first choice for almost anyone wanting to transfer funds – it’s just a question of whether you will be one of the first to catch on or one of those who waits for others to lead the way.

  1. What can prospective new Valyuz clients reading this interview expect?

Valyuz will always do its utmost to provide comprehensive customer service and efficient banking. We aim to always evolve and improve our services, use cutting-edge technology and support our customers in all their banking needs. You can find out more about opening a new Valyuz account as a business or private individual by getting in touch with me personally.

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