FAQ

A compilation of advices and answers from our Team

“Help others achieve their dreams
and you will achieve yours.”
― Les Brown

GETTING STARTED

MyeWire is an innovative solution that helps people and businesses in their everyday life. We offer both personal and business accounts, which you can get without a painful application process, credit checks or long waiting times.

MyeWire offers FX Exchange, Referral Program and SEPA, Target, Instant Transfers and more. We are looking forward to seeing you onboard.

MyeWire is not a bank, but as an Electronic Money Issuer, we provide a lot of similar services. We are the modern alternative to the high-street institution.

The EMI works exactly like a regular bank – we issue IBANs and Cards, moreover, everything is in the comfort of your home. No more standing in line in front of an office of a bank.

MyeWire is the brand name of Paywiser Ltd, a company incorporated in the United Kingdom with company registration number 1067753 and whose registered address is at 36-38 Westbourne Grove Newton Road, London, W2 5SH, United Kingdom. Paywiser Ltd is the issuer of Electronic Money in your MyeWire Electronic Money Account and performs the payment services related to your MyeWire Electronic Money Account. Paywiser Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 901086) for the issuing of electronic money (e-money) and providing payment services.

To open a Personal account, you’ll need to fill out a short online application form. This should only take around 2 minutes. Once you have submitted your application, you will receive an email with an account activation link. You will have to tap the link to activate your MyeWire account. You will be then redirected to the Two-Factor Authentication setup page. Once you have your 2FA set up you will be able login to your MyeWire account.

However, you won’t be able to use MyeWire Services yet. You will have to request your payment accounts in any of the supported currencies and pass the identity verification. Once this is done, you will join the short queue to get your MyeWire account verified. Our team will review your application and may reach out to you to confirm a few details. It usually takes between 1 – 5 business days to open your business account, but it may take a bit longer if we are experiencing high demand.

To open a Business account, you will need to fill out a short online application form. This should only take around 5 minutes. Once you have submitted your application, you will receive an email with an account activation link. You will have to tap the link to activate your MyeWire account. You will be then redirected to the Two-Factor Authentication setup page. Once you have your 2FA set up you will be able log in to your MyeWire account.

However, you won’t be able to use MyeWire Services yet. You will have to request your payment accounts in any of the supported currencies and pass the identity verification. Once this is done, you will join the short queue to get your MyeWire account verified. Our team will review your application and may reach out to you to confirm a few details. It usually takes between 1 – 5 business days to open your business account, but it may take a bit longer if we are experiencing high demand.

To apply for a MyeWire Personal Account, you just need to be over the age of 18 and be a resident of any of the European Economic Area Member States. Check out our Acceptable Use Policy for more information about your eligibility.

To apply for a MyeWire Personal Account, your business needs to be registered in any of the European Economic Area Member States. Check out our Acceptable Use Policy for more information about your eligibility.

FSCS is an abbreviation for Financial Services Compensation Scheme.

FSCS protects deposits you pay into a bank, building society or credit union. A deposit is classed as money placed in a bank, building society or credit union in current, savings, accounts, cash mini ISAs and some types of saving bonds.

E-money is considered a payment method, like cash or currency, and not a deposit that a bank, building society or credit union holds. This means it falls outside our remit and we can’t protect it.

Check the link below for more information:
FSCS link - https://www.fscs.org.uk/

Moreover, refer to the FSCS protection checker tool - Check if FSCS protects your money.

PROFILE

Our policy requires that we verify your email address to activate your MyeWire user account. Email verification is easy. Upon completed Sign Up we will send you an email with an account activation link which you will need to click on to verify your email. Remember to check your spam folder if you don’t receive the email.

We use Two-Factor Authentication (2FA) as an extra layer of protection to ensure the security of your MyeWire account, your personal information and ultimately your money. By definition 2FA is a method of confirming the user’s claimed identity by using a combination of two different factors: 1) something you know, 2) something you have, or 3) something you are. We use third parties to integrate the 2FA into our Services. As a MyeWire User, you’ll be required to set up your 2FA via SMS to log in to your MyeWire account and use our Services. You can also reset your 2FA in the “Profile” section of your MyeWire account.

You can edit your email address, and phone number in the “Profile” section of your MyeWire account with your name on it. However, you can edit your name or any other personal details only when you contact our support team.

Yes, you can change your email address in the “Profile” section of your MyeWire account. Here is how to do it:

  • Login to your MyeWire account,
  • Head to your ‘Profile’
  • Click “Change” to your Email
  • Follow the instructions

If you have forgotten your password to access your MyeWire account, tap on ‘Forgot Password?’ on the Login page and follow the instructions to reset your password.

If you have your phone lost or stolen, you can change your phone number in the “Profile” section of your MyeWire account. Here is how to do it:

  • Login to your MyeWire account,
  • Head to your ‘Profile’
  • Click “Change” to your Phone number
  • Follow the instructions

Please note that if you use the SMS service for your 2FA you’ll also have to reset your 2FA settings.

If you would like to edit your company details in your MyeWire profile or the details provided during the sign up process change with time, you will need to be re-verified and provide a proof of the change. Please do this by contacting our support team.

ACCOUNTS

Currently we support accounts in the following currencies: EUR, GBP, USD. We're adding more currencies soon so stay tuned.

You can easily generate your account statement for certain periods from the “Accounts” tab in your MyeWire account.

Yes, you can export your account statement in official PDF format from the “Accounts” tab in your MyeWire account.

The available balance displays the amount of funds in your account that can be accessed immediately while the current balance shows the total balance of your account which includes pending transfers and fee collections.

IDENTIFICATION

You need to verify your identity in order to create and use your MyeWire account. This policy is in line with a banking regulation commonly known as Know Your Customer (KYC) and is the process of a business verifying the identity of its clients.

When creating new MyeWire account you will be requested to fill in some additional personal information and upload a valid government-issued ID or Passport in order for us to verify your identity. The verification process can take anywhere between 10 minutes and 24 hours or more. You will get an email confirmation of a successful or failed ID verification. Note that you want be able to use your MyeWire account until we successfully verify your identity.

Some tips to ensure the identity verification goes smoothly:

  • Make sure the photo copy of your identity document is readable
  • Make sure the details on your MyeWire profile match the details on your legal document
  • Make sure that your legal document has at least 3 months validity left on it

Please note that you must reside within any of the European Economic Area Member States to open a MyeWire account. The EEA includes:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom

Please check out our Acceptable Use policy for more information.

Please note that you must be 18 years or older to open a MyeWire account.

Please check out our Acceptable Use policy for more information.

If you are waiting for the verification result, please note that it can take anywhere between 10 minutes and 24 hours or more for you to hear back from us. If your verification has failed, please try again and double-check that your images are clear and all document photos are readable without any blur or glare.

To open MyeWire Business Account, we’ll need a few bits of basic information about you and your business.

  • Your name, address, Date of Birth, Nationality, a photo of your ID, so we can carry out a quick identity check
  • Name, address and incorporation details of your business
  • A short description of what your company does and where
  • Corporate Website (where applicable)
  • The same identity details about the primary shareholders/directors of your company, so we can also carry out an identity check on them.

    • Once we’ve reviewed your application, we may ask you to confirm a few more details about your business.

MyeWire Business Account is available for the following types of business:

  • Private limited company (LTD)
  • Public limited partnership (PLC)
  • Limited partnership (LP)
  • Limited liability partnership (LLP)
  • Sole traders & freelancers

    • Check out our Acceptable Use policy for more information about the eligibility of your business.

To open MyeWire Business Account, we need to confirm the personal information of the directors and primary shareholders of the company. This policy is in line with a banking regulation commonly known as Know Your Customer (KYC) and is the process of a business verifying the identity of its clients.

You will need to provide the details of the individuals who own more than 25% of the cumulative shares of your business. These shareholders and directors will need to provide a high quality photo of an official ID which is valid for at least the next three months. You will have to upload the documents on their behalf as part of the identity verification process.

Please note that we may ask for additional documents.

RECEIVING MONEY

You can receive money to your MyeWire account via transfer. You can send your friends, clients and partners your MyeWire account details so they can transfer money to you. To find your MyeWire account details:

  • Login to your MyeWire account
  • Open the "Accounts" menu
  • Click the Account “Info” button

You can review all fees applicable to your MyeWire account on our Pricing page.

Each account comes with certain types of transactional limits. Here is how to check them:

  • Login to your MyeWire account
  • Open the "Accounts" menu
  • Click the Account “Info” button
  • Choose the Account “Limits” tab

Some of the MyeWire accounts are 'pooled accounts'. A pooled account has the name ‘MyeWire’ as the account holder. This means that in order for the funds to be routed to your MyeWire account, the sender will need to include your unique MyeWire Account number and your full name as the ‘reference’ for the payment when transferring the money.

Yes, you can receive money from other MyeWire Account holders via an internal money transfer.

SENDING MONEY

The internal money transfer is the internal service that allows you to transfer money between your accounts and send money to other MyeWire Users instantly.

Sending internal money transfer is quite easy; here is how to do it:

  • Login to your MyeWire account
  • Open the "Transfers" menu
  • Select the type of transfer wanted - “Between My Accounts” or “To Other MyeWire Account”
  • Choose the Account the money will be send from
  • Fill in the amount, currency and receiver’s account
  • Click “Pay Now”

To authorize an internal money transfer “To Other MyeWire Account” you’ll be required to fill in your 2FA password.

Yes, you can instantly send an internal money transfer to other people having MyeWire account. Simply Login to your MyeWire account, go to “Transfers” menu, select “To Other MyeWire Account” and follow the instructions.

With MyeWire you can make local and cross-border SEPA, TARGET2 and SWIFT transfer directly from your account. Here is how to do it:

  • Login to your MyeWire account
  • Go to "Transfers" menu
  • Select the type of transfer wanted - “EU Wire Transfer” or “International Wire Transfer”
  • Choose the Account the money will be send from
  • Fill in the amount, currency and receiver’s account details
  • Click “Pay Now”

To authorize a transfer you’ll be required to fill in your 2FA password.

Processing time for outgoing transfers depends on the type of transfer and the selected value date for the transfer:

  • Internal money transfers usually execute on the same day
  • Standard SEPA transfers usually take between 1-2 business days
  • SWIFT transfers may take between 3-4 business days

For each transfer, you will get the estimated processing time upon payment order completion.

You can send internal or external transfers in the following currencies: USD, EUR, and GBP.

Please note, if you transfer money to an account which holds a different currency (for example, if you transfer GBP to an account which holds CAD), a conversion fee will be applied. We will be adding more currencies very soon.

We currently do not support transfers to the following countries:

Afghanistan,Albania,Algeria,American Samoa,Andorra,Angola,Antigua and Barbuda,Azerbaijan,Bahamas,Bahrain,Belarus,Belize,Benin,Bolivia,Bosnia and Herzegovina,Botswana,Brunei Darussalam,Cambodia,Central African Republic,Colombia,Comoros,Cook Islands,Costa Rica,Cuba,Dominica,Ecuador,Egypt,El Salvador,Equatorial Guinea,Eritrea,Ethiopia,Fiji,Ghana,Grenada,Guam,Guatemala,Guinea,Guinea-Bissau,Guyana,Haiti,Honduras,Hong Kong,India,Iran (Islamic Republic of),Iraq,Ivory Coast,Jamaica,Kenya,Korea, Democratic Peoples Republic of,Kyrgyzstan,Lao Peoples Democratic Republic,Lebanon,Liberia,Libyan Arab Jamahiriya,Macau,Malaysia,Maldives,Mali,Marshall Islands,Mexico,Moldova, Republic of,Monaco,Mozambique,Myanmar,Nauru,New Caledonia,Nicaragua,Nigeria,Niue,Oman,Pakistan,Palau,Palestine,Panama,Papua New Guinea,Peru,Pitcairn,Puerto Rico,Saint Kitts and Nevis,Saint Lucia,Samoa,Saudi Arabia,Seychelles,Somalia,Sri Lanka,Sudan,Swaziland,Syrian Arab Republic,Tajikistan,Tanzania, United Republic of,Trinidad and Tobago,Tunisia,Turkey,Turkmenistan,Uganda,Ukraine,United Arab Emirates,Uzbekistan,Vanuatu,Venezuela,Virgin Islands (U.S.),Yemen,Zimbabwe

You can review all fees applicable to your MyeWire account on our Pricing page.

As your account details are unique, the counterparty will see your name in his/her account. For International cross-currency payments out, the funds are expected to arrive under the name of MyeWire.

Please note that when transferring internationally some banks will require an 11-digit SWIFT code. As such, you may need to append “XXX” to the SWIFT code shown.

Please double-check the estimated processing date of your transfer. EU Wire transfers usually take 2-3 hours to process but can take up to 1 working day. If you’re transferring money internationally, it can take between 3-5 working days to reach their account.

You should also double check the account details you entered for the transfer. If you entered the incorrect account details, please contact our support team so we can help.

When sending money, whether it’s by EU or International, it’s vital to double check you’ve entered the correct account number. If the number you use isn’t accurate, it’s exactly like getting one digit of a phone number wrong: Either the number won’t work or you’ll end up getting the wrong person.
It depends on the account number you’ve got wrong. If the account number or IBAN is wrong and it is a number that doesn’t actually exist, the money will just return to your account. If the number does exist, it will then get sent to the person the account number belongs to.
Once you have authorized a payment order, it can only be cancelled prior to the actual processing, which means in a couple of hours after placing the payment order. You need to contact our support team in order to do this. After processing we are afraid that we are no longer able to cancel the payment. This is why it’s so important to get the account numbers right from the get go.
It is possible but it depends on the receiving institution and individual but that isn’t guaranteed, and no matter what it is by no means a straightforward process because so many parties and processes are in place. You should contact contact our support team as soon as possible, but not expect us to be able to press a button and get your money back.

Please contact our support team quickly if you want to cancel a transfer. We can only cancel a transfer if our partner hasn’t processed the funds already, so unfortunately there’s no guarantee that we’ll be able to cancel it for you.

Please contact our support team quickly if you want to reverse a transfer. We can only reverse a transfer if our partner supports that, so unfortunately there’s no guarantee that we’ll be able to reverse it for you.

Please double check your account available balance to ensure you have enough funds to make the transfer. If the issue persists and everything looks good from your side, please contact our support team so we can help.

You can track the status of all your transfers, you should simply Login to your MyeWire account and head to the “Transfers” menu. You will find all the transfers that are pending processing in the “Pending Transfers” Tab, all executed ones are available in the “Sent Transfers” Tab.

MESSAGES

If you need any help from us when using MyeWire or just have a question, you can always contact our support team via our in-app contact form. Your message will be filed in our system and assigned to a customer support team member to ensure you get help form us as quickly as possible. We also reserve the right to send you messages when this is necessary. You can review those messages in the ‘Inbox’ section of your MyeWire account.

You can opt in or out of marketing emails in the ‘Profile’ section of your MyeWire account.

If you would like to file a complaint, the best way is to contact our support team via our in-app contact form.

FEES

You can review all fees applicable to your MyeWire account on our Pricing page.

LIMITS

Each account comes with certain types of transactional limits. Here is how to check them:

  • Login to your {{bankName}} account
  • Go to "Accounts" menu
  • Click the Account “Info” button
  • Choose the Account “Limits” tab

If you need your limits adjusted to match your personal or business needs, please contact our support team so we can help.

As a financial institution, we are obligated under the Anti-Money Laundering and Counter-Terrorism Financing regulations to retain information about you and all your transactions for a period of 5 years. That includes a “Source of wealth” declaration for all your transfers amounting 15,000 EUR or more or amount equivalent in other supported currency.

FX RATES

Please Login to your MyeWire account and review our latest or historical foreign currency exchange rates or in the “Buy/Sell Rates” Tab.

Yes, simply Login to your MyeWire account and use our FX Calculator to pre-check what would be the conversion rates and converted amounts for a particular transfer.

Yes, please contact our support team via our in-app contact form to request preferential foreign currency exchange rates for a particular transfer.

We support the following currencies for holding and exchange: USD, GBP, EUR. We're adding more currencies soon so stay tuned.

SECURITY

Yes, in accordance with the Electronic Money Regulations (EMRs) 2011, we ensure that all client funds are stored under a segregated trust account at a partner bank. This means that in the event of the Issuer becoming insolvent, the e-money is protected from other creditors’ claims and can be repaid to our customers.

Yet your money is not covered by the Financial Services Compensation Scheme. As an FCA authorised institution, MyeWire safeguards your funds as per FCA requirements, the Electronic Money Regulations (EMRs) 2011, and the Payment Services Regulations 2017. In the event of an insolvency of MyeWire, you will be able to claim your funds from this segregated account and your claim will be paid above all other creditors. You can review our Terms of Service for more information.

Yes, our policies and procedures are designed to protect both your confidentiality and the security of your information, including your non-public personal information. We store and process your personal information using third-party servers located in secure data centres, which are protected by firewalls and have restricted access in compliance with applicable regulations. All data passed between MyeWire applications, our servers, and third parties are SSL encrypted.

The personal information we need from you to open an account for you can include your name, phone number, email address, date of birth and identity documents. Among other things, we use your personal data to verify your identity, protect you against fraud, and provide you our services. You can find out more information about this in our Privacy Policy.

As a financial institution, we are obligated under the Anti-Money Laundering and Counter-Terrorism Financing regulations to retain information about you and all your transactions for a period of 5 years.

Your account may be flagged by our security system if we have reason to believe that your account details may have been compromised and/or are at risk of fraudulent activities, or if we have reason to suspect a deliberate violation of our T&Cs. Our support team will contact you to advise you further.

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