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Review of Payswix — Connecting Payments

by Eugene Bazhan

4 min read

Looking for a wide range of payment solutions without the need for lengthy government procedures? One might consider Payswix electronic money institution as an appropriate option!

Today, Finscanner will review this EMI with a selection of over 70 currencies and a range of services for both individuals and businesses. Our Payswix analysis covers everything you need to know about their open solutions and services, containing the latest information.

Learn more about EMIs in our article «Banking with Electronic Money Institutions».

  • Payswix is an authorized Lithuania-based electronic money institution founded in 2017. It offers consumers electronic invoicing, local and international payments, currency conversion, electronic wallets, and other services, aiming to significantly expand this list shortly.

  • Since the beginning of the year, there have been major changes in the company in the form of rebranding, from now on the company operates under the «payswix» brand (formerly «globalnetint»). According to managers, the new identity marks the beginning of an active product development cycle. Additionally, Payswix is opening a new office in Vilnius, which will provide services to clients throughout Europe and beyond.

  • With a core competent team of about 30 people and over 20 years of experience in the payments industry, the company intends to strengthen its position in the Lithuanian and international markets in 2022.

  • According to Finscanner, the Payswix was placed in Top-5 best e-Money Institutions for high-risk businesses in 2022. Learn more here.

✅ Pros

  • Low fees for transactions
  • C2B accounts
  • Crypto-friendly accounts
  • Prepaid cards

❌ Cons

  • Offshore high-risk merchants not allowed
  • Long onboarding procedure
  • No API
  • No dedicated SWIFT IBAN

NOTE: The above-mentioned pros and cons are drawn up by the Finscanner team’s point of view, while other Payswix reviews may say otherwise.


Payswix is authorized by the Bank of Lithuania in 2017 (authorization number LB000434). The Bank of Lithuania approved the first White Label Agent in 2018. In 2019 it received fully integrated SWIFT Code GLUALT22.

  • Currency: 70+ currencies
  • Business focus: Providing banking solutions
  • Solutions: E-wallet Accounts (IBAN), Payments (SEPA & SWIFT), Prepaid Cards, Agency Program, Correspondent banking, E-shop payments (Coming soon)
  • Customer groups: EU residents, non-EU residents, crypto-friendly
  • Authorized activities: Issuance of electronic money, placing cash to a payment account, withdrawing cash from a payment account, execution of payment transactions on a payment account (not covered by a credit line), issuing payment instruments, or acquiring payment transactions money remittance
  • Crypto-Related Activities: Yes
  • Pricing plan (Business):
    Initial Fee: €49–€499;
    Monthly fee: €9–€99;
    SEPA: from €1;
    SWIFT: from €20;
    Initial CHAPS, BACS, Target 2: from €5. Find detailed fee information here.

E-wallet Accounts

In order to make multi-currency transactions worldwide and conveniently store funds in one place, Payswix offers you to get designated or multiple IBAN accounts. The EMI provides a secure environment and full autonomy to control and track your funds 24/7. Send and receive international payments to and from more than 170 countries in 70+ currencies.


Apply for a payment account to start using payment and currency exchange services for incoming and outgoing SEPA and SWIFT transactions. Payswix provides a possibility to send funds between its clients completely free of charge.

Prepaid Cards

From early this year, it offers contactless payswix prepaid multicurrency cards for business accounts with full access to funds for everyday expenses. The client is able to withdraw his funds at numerous ATMs worldwide. Additionally. Payswix provides the ability to create a separate IBAN to keep funds intended for prepaid card payments only.

Agency Program

The Agency Program is a unique opportunity to work under the Payswix license, use its benefits and expand individual business in a variety of directions. Within the framework of the program, special attention is paid to saving the client-partners time and resources through complex support from developers, the marketing and sales department, as well as providing all kinds of advice. It takes around 2-3 months.


To assign a rating score, Finscanner assesses such key criteria as the pricing of the services, onboarding difficulty, support quality (customer service), and service popularity. In summary, Payswix was assigned the overall rating of 4.00 (great) which is explained in detail below.

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Expert Review of Payswix

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“Payswix sees its role as a one-stop payment solution, offering a variety of services under one roof for industries and businesses of all sizes. In my opinion, it has all the makings to strengthen its position as a highly competitive electronic money institution in the region. Still, the company has much to improve, take, for instance, it's business onboarding procedure.

However, looking at the company from another angle, one may notice some of the successful steps it has already taken. Being at the center of the Fintech industry development, Payswix acknowledged the importance of establishing close partnerships and expanding the network by introducing the Agent program. This, along with the ongoing development of new products, the company's financial statements of previous years, its roadmap, and the extensive experience of the team, could reflect well in expanding the company's market share in 2022.“

Are you ready to start using Payswix?

All you need to do is to go to the Finscanner marketplace, search for the Payswix profile and hit the "Apply" button. Next, you need to set up your Business or Individual account and pass verification. Once you will complete all the necessary steps and successfully go through an onboarding process, the Payswix team will verify your information and approve the account. For individual accounts, it takes 3-5 business days. For business accounts, there is no exact time frame for corporate account activation.

If you still have any questions left, feel free to contact us directly today!

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