To proceed with onboarding, we will require the following documents (all documents must be provided in English):

• Corporate legal documents confirming:
  • Company name
  • Registration number
  • Registered address
  • Details of the UBO(s) and Director(s)
• Company’s Articles of Association
• Office lease agreement together with proof of payment
• Utility bill (not older than 3 months)
• For the Director: LinkedIn profile link or CV
• For the UBO:
  • Tax declaration
  • Utility bill
• Company’s annual report (if applicable)

Yes. Please let us know whether you plan to transfer share capital to Magnetiq Bank. If applicable, please provide a bank statement confirming how the share capital was formed.

The financial terms are a matter of individual agreements and consists of:

• Onboarding fee (non‑refundable)
• Activation fee
• Monthly invoice
• Fees on payments
• Virtual Iban fees
• And other applicable fees

Yes, the entire onboarding process can be completed remotely.

The following documents are required (in English):

• Corporate legal documents (company details, UBO, Director)
• Company’s Articles of Association
• Office lease agreement with proof of payment
• Utility bill (not older than 3 months)
• For the Director: LinkedIn profile link or CV
• For the UBO:
  
  • Tax declaration
  • Utility bill
• Company’s annual report
• Agreements with main partners (e.g. SumSub)
• Business model description and cashflow overview
• AML procedures
• Completed Excel table and sanctions questionnaire

The financial terms are a matter of individual agreements and consists of:

• Onboarding fee (non‑refundable)
• Activation fee
• API integration fee (if required)
• Minimum monthly invoicing

Yes, the entire onboarding process can be completed remotely via the onboarding portal.

During the process, you will be required to verify your identity and submit the necessary documents using an electronic signature. Documents are signed electronically via Dokobit.

You can learn more about:

• signing documents with a Qualified Electronic Signature [HERE]
• signing documents without a Qualified Electronic Signature [HERE]

The following documents are required (in English):

• Corporate legal documents (company details, UBO, Director)
• Company’s Articles of Association
• Office lease agreement with proof of payment
• Utility bill (not older than 3 months)
• For the Director: LinkedIn profile link or CV
• For the UBO:
  
  • Tax declaration
  • Utility bill
• Company’s annual report
• Agreements with main partners (e.g. SumSub)
• Business model description and cashflow overview
• AML procedures
• Completed Excel table and sanctions questionnaire
• Liquidity provider details and screenshots of wallets
• Bank statements for the last 3–6 months

The financial terms are a matter of individual agreements and consists of:

• Onboarding fee (non‑refundable)
• Activation fee
• API integration fee (if required)
• Minimum monthly invoice

Sanctions are legally binding restrictions measures imposed by governments or international organisations that prohibit or limit certain financial transactions, economic activities, and business relationships involving specific countries, organisations, or individuals.

The Bank operates in compliance with Latvian national sanctions and European Union sanctions. Accordingly, the Bank may not establish business relationships, process transactions, or provide services to persons or entities subject to applicable sanctions.

A person is considered subject to sanctions if they appear in the official Latvian national sanctions lists or the European Union consolidated sanctions lists.

The Bank determines this by conducting sanctions screening as part of the client onboarding process and ongoing transaction monitoring, using up‑to‑date official sanctions databases. If a match is identified, the Bank is required to restrict or refuse the provision of services in accordance with applicable sanctions regulations.

The obligation to comply with sanctions is established by European Union regulations on restrictive measures, which are directly applicable in all European Union Member States, as well as by the Law on International Sanctions and National Sanctions of the Republic of Latvia.

These regulations require banks and other obligated entities to identify sanctioned persons, freeze funds and economic resources where applicable, and refrain from providing financial services to persons or entities subject to European Union or Latvian national sanctions.

Clients are required to comply with sanctions because these requirements apply to any person or entity that establishes or maintains a business relationship with a bank operating in Latvia and the European Union.

As a bank regulated in Latvia and the European Union, the Bank is legally required to comply with European Union and Latvian sanctions legislation. This obligation applies regardless of a client’s nationality, country of incorporation, or place of residence.

Therefore, the Bank may not provide services or process transactions involving sanctioned individuals, entities, or jurisdictions, even if the client is located outside Latvia or the European Union.

The certification must be signed by the client’s authorised representative (in the case of legal entities) or by the client themselves (in the case of natural persons), i.e. the person who is legally authorised to establish a business relationship with the Bank.

Signing this certification is mandatory, as it confirms that the client understands and undertakes to comply with Latvian national and European Union sanctions.

The Bank is required by law to obtain this confirmation as part of its sanctions compliance obligations and cannot establish or continue a business relationship without it.

Violating national or international sanctions may result in serious legal and financial consequences, including:

• refusal or termination of banking services;
• freezing of funds and economic resources;
• administrative fines imposed on individuals or legal entities;
• criminal liability, including substantial fines, confiscation of assets, and, in serious cases, imprisonment;
• reporting to competent authorities by the Bank, as required by applicable law and regulations.

In Latvia, violations of sanctions may result in administrative or criminal penalties in accordance with European Union regulations and Latvian law, depending on the nature and severity of the breach.

You can access Internet Banking by visiting the following link: https://ib.magnetiqbank.com/login

When logging in, you may choose from the following authentication methods:

• Digipass – available if you have previously requested and received a Digipass device from the Bank;
• SMS authentication – available if this service has been activated in Internet Banking;
• Mobile App – enables secure login and transaction authorization through the Bank’s mobile application;
• eParaksts – available only to individual customers holding a valid Latvian eParaksts.

Please select the authentication method that is most convenient and available to you.

Customers who use a Digipass device are not subject to standard transaction limits, as the device provides enhanced level of security for confirming transactions.

For customers who do not use a Digipass device, transaction limits are applied in accordance with the Bank’s security policies. These limits vary depending on the type of service used and are specified in the Bank’s official price list.

For more detailed information, please refer to the following link here.

FOR MORE INFO CONTACT BANK

You can access your account statements in the “Profile” section of the Internet Bank. This section also allows you to configure account display settings, select payment export formats, view information about your payment cards and block them if necessary.

In addition, you can update your profile settings and authorization password, review the Internet Bank activity log, and access the Bank's standard settlement instructions for client payments.

For more instructions, please visit Internetbank User Guide.

The fees charged for banking services depend on the type of service you use, so there is no single fee that applies to all services.

For detailed and up-to-date information about the fees for a specific service, please contact your dedicated relationship manager or reach out to Magnetiq Bank directly at [email protected].

The price list for Magnetiq Bank's services is available online here.

Magnetiq Bank Internet Banking allows you to send messages and communicate directly with the Bank.

• “New Messages” – contains messages that have been created but not yet sent.
• “Send a Bank Message” – allows you to create a new message with attachments.

For more instructions, please visit Internetbank User Guide.

A Digipass is a secure authentication device used to confirm and authorize transactions performed through Internet banking.

It provides an additional layer of security by generating one-time passcodes required to access Internet banking services and approve transactions.

To obtain a Digipass device, you must first submit a request through your Internet banking platform. Once approved, the device can be collected at a designated bank branch.