Frequently Asked Questions
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Check out these Frequently Asked Questions
Account opening
You can start your account registration by accessing the SeifMoney Sign-Up via https://secure.seifmoney.com/ login and following the process until your account gets activated.
To open a SeifMoney Business account, you should have the following documentation prepared:
- Certificate of Incorporation
- Memorandum and Articles of Association
- Director Register or equivalent
- Shareholder Register or equivalent
- Proof of Address for the Registered Business Address
- For Complex Company Structure: Corporate Structure Chart showing the directors and shareholders, signed by the Director of the Company
- Identification Documents and Proof of Address for relevant individuals within the company.
In addition to the above, one of the following documents will be required, depending on the company profile:
– Company Bank statement; or
– Balance sheet; or
– Tax returns; or
– Annual Statement
SeifMoney must comply with rules that apply to licensed financial institutions and must comply with AML (Anti Money Laundering) laws, which require it to identify all clients and verify their details. We offer virtual identification solutions, allowing individuals or companies to be identified and KYC (Know Your Customer) documents to be submitted remotely. You will not be allowed to use our services before we are able to verify your identity and other details.
Once you fulfill the requested requirements, it can take up to one week for the account to be approved. It depends on the information and documentation being provided in full when submitting your application for account opening. Incomplete or contradicting information will cause the timeline to be extended.
Account operations
Depending on your account profile, with your SeifMoney Account, you can easily send money to over 150 countries in 30+ currencies with SWIFT and other local payment methods. You may access your Account information by logging into your Account through our website at https://www.seifmoney.com. From here you will be able to view details on your Transactions, including dates, currencies, charges or exchange rates applied.
Depending on your account profile, SeifMoney allows you to send funds both locally and internationally in 30+ different currencies from your account (list of currencies and corresponding countries will be provided upon account approval)
There are several methods for receiving funds into your SeifMoney account. We support multiple local payment networks such as SEPA (for the EU), Faster Payments (for the UK), EFT (for Canada), and more. In cases where a local payment network is not available, and depending on your account profile, you can receive money through SWIFT international payments. All your account details can be found by clicking the “Account Details” button on your account dashboard screen.
SeifMoney accounts do not have daily sending limits. In some cases, high value and high number transactions may require additional Customer Due Diligence verification. Transaction Monitoring is an important part of SeifMoney’s anti-money laundering and financial crime prevention framework.
Weekends and bank holidays can create delays when sending and receiving payments. This is because corresponding banking networks may be closed, impacting the movement of funds throughout. The processing times of transactions will only happen during business days.
Depending on your account profile, your SeifMoney account may have separate account details for SEPA & SWIFT payments. In order to receive SEPA payments, you will need to provide the IBAN that is available for SEPA only. For SWIFT payments, you will need to provide the SWIFT IBAN, BIC code, and bank name and address. In case you provide a SWIFT IBAN for a SEPA payment or vice versa, the transaction will be rejected by the sender’s bank and returned to the sender’s account. Please verify with the sender which payment network will be used before providing your account details.
As payments progress through the payment sequence, they move through the following statuses:
In Progress: The payment is in progress.
Completed: The transaction was successful and the funds are in the recipient’s account.
Rejected: the transaction was not approved by us or our partner payment service providers.
Log on to your SeifMoney account online to check the status of your transaction and if you have any questions, you can always contact your dedicated Account Manager.
About SeifMoney
SeifMoney collaborates with a network of licensed financial institutions in the United Kingdom & European Economic Area. We provide e-wallet and payment services through a licensed third party in your respective jurisdiction – which means we must adhere at all times to the laws and regulations applicable to licensed institutions.
Any funds held on a client’s behalf for the provision of a conversion or payment service are subject to safeguarding by our regulated e-money partners at a credit institution, ensuring that your funds are always safe and can be returned if SeifMoney goes into administration or liquidation.
