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FAQ

Have a question about ArcaPay or our services? Check out our frequently asked questions below or get in touch directly.

Getting started

Is my business eligible?

What types of business are supported?

We are open for business with all companies incorporated in one of the European Union member states. There is a small handful of higher risk industries that we cannot service (please see the next question).

What industries are not supported?

Due to regulatory restrictions, we are unable to service companies operating in industries such as adult entertainment, diamond and precious metal merchants, e-money (including cryptocurrencies), financial services (including money service businesses) , gambling (online or other), social media activities, defence systems and related defence production including military equipment, crowdfunding businesses, speculative traders, family and personal investment companies, company service providers.

Signing-up

Creating a business account

After pressing the “Register” button at the top right section of the website you will be prompted to choose between business and private accounts. After selecting the business option you will be asked to submit your login details and basic contact details for your business. At this point, you will be asked to upload (or email) required documents and once submitted your account will be placed in the approval queue. It may take several hours until the final approval.

Creating a personal account

After pressing the “Register” button at the top right section of the website you will be prompted to choose between business and private accounts. After selecting the private option you will be asked to submit your login details and basic contact information of yourself. At this point, you will be asked to upload (or email) required documents and once submitted your account will be placed in the approval queue. It may take several hours until the final approval.

Requirements for beneficial owners and directors

To complete the registration process, we kindly ask you to provide an identification document for each director and shareholder controlling more than 25% of the company’s shares.

Is there an alternative method to upload a document?

You can also attach and send the documents by email to [email protected]

Who is a PEP?

A PEP is a person who are or who have been entrusted with prominent public functions as well as their family members or close associates of such persons.

Prominent public functions:

The head of state, head of government, minister, deputy minister, secretary of state, chancellor of parliament, government or ministry;
A member of Parliament;
A member of the supreme courts, constitutional courts or other supreme judicial institutions, the decisions of which may not be appealed;
The mayor of the municipality, the director of the municipal administration;
A member of the management body of the supreme audit and control institution or the chairman of the board of the central bank, they deputy or a member of the board;
An ambassador, a temporary charge d'affaires, a commander of the Lithuanian Armed Forces, commanders of the Armed Forces and units, the Chief of the Defense Staff or an officer of a high-ranking armed forces of foreign states;
A member of the management or supervisory body of a state enterprise, public limited company, private limited company whose shares or part of the shares conferring more than 1/2 of all votes at the general meeting of shareholders of these companies is owned by the state;
Management of municipal enterprises, joint-stock companies, private limited companies, the shares or part of shares of which giving more than 1/2 of all votes at the general meeting of these companies belong to the municipality and are considered large enterprises under the Law on Financial Reporting of Enterprises of the Republic of Lithuania or a member of the supervisory body;
The head of an international intergovernmental organization, they deputy, a member of the management or supervisory body;
The leader of a political party, his or her deputy, a member of the governing body.

* Close relative - Parents, children (natural/adopted), spouse/partner, siblings, uncle/aunt, cousins;* Close associate is an individual known to have joint beneficial ownership of a legal entity or any other close business relationship, or an individual who has sole beneficial ownership of a legal entity which was set up for the benefit of the PEP.

What information can we request from you?

By law, we are required to prevent financial crimes, effectively implement measures to combat fraud, and comply with international sanctions. In implementing these requirements, we apply the internationally recognized principle of "Know Your Customer" (KYC). Thus, we must collect certain information about our clients to understand payment habits, sources of income etc. We need to constantly verify and update this information, which is why we regularly ask clients to provide or update their customer identification information and documents supporting payment transactions. We may ask you to provide or update the following:

Documents confirming your identity.
Contact information (address, email address, phone number, workplace).
Information about your income (such as salary).
Information about your transactions and the origin of funds.
Documents supporting payment transactions (contracts, invoices, information about goods), etc.
Information about your involvement in political activities and information about individuals associated with you in such activities.
Information about the purpose and nature of business relationships.
Information about your business partners.
Other information necessary for customer identification.

For more information on what information and why collect please refer to the Bank of Lithuania website.

Transactions

Payments

How much does it cost?

We charge no commissions or extra fees. As a foreign exchange broker, we make a living from currency conversions and thus our margin is included in the exchange rate displayed in the calculator. You don’t need to worry about transferring any additional money to cover transfer fees.

Is there a minimum or maximum amount I can transfer?

There are default minimum and maximum limits set in our system for security purposes, however please contact us directly if your transaction falls out of the default range. We will happily adjust your account limits to meet your needs.

Does ArcaPay accept funds in cash?

ArcaPay does not process any cash transactions and thus accepts no payments in cash.

How long does the payment process take?

When your funding payment arrives, we strive to process each transaction as quickly as possible. Our commitment to you is the next business day delivery, however in practice 80% of transactions are completed on the same business day.

Which destination countries can I send money to?

You can find all viable destination locations on the “Geographical coverage” page.

Why have I been asked to upload an invoice?

Your payment or a total amount converted via ArcaPay platform has reached the regulatory threshold or the payment destination is outside the EU.

Who does a recipient see as a payer?

Depending on the currency and destination country, we use different payment methods for payouts. In the vast majority of cases, it will be either your name or ArcaPay shown as a payer. In some niche cases it might be one of our payment partners. Please contact us if you require more information about a specific situation.

Importing multiple payments

Importing multiple payments functionality allows users to efficiently and conveniently process a large number of payments in bulk. This feature enables users to upload payment data from CSV or XML formats files into ArcaPay platform.
To enable this feature head over to Edit Profile page functionalities tab

Transaction imports are accepted in two formats:
CSV: import file example single payment, import file example batch payment
XML: import file example single payment, import file example batch payment

How to create your transaction import files:
CSV: (Note: 1st row of the file is reserved for column headers and is therefore skipped.)
- col1 - BUY transaction currency code in ISO3
- col2 - BUY transaction amount
- col3 - recipient‘s full name (optional when col14 is set to SELL)
- col4 - BIC (Bank Identifier Code) (optional when col14 is set to SELL)
- col5 - recipient‘s bank account country code in ISO2
- col6 - recipient‘s bank account number
- col7 - transaction reference
- col8 - recipient‘s email
- col9 - recipient‘s country code in ISO2
- col10 - recipient‘s address
- col11 - forward maturity date (required only when making a forward transaction)
- col12 - SELL transaction currency code in ISO3 (optional when col14 is set to BUY)
- col13 - SELL transaction amount (optional when col14 is set to BUY)
- col14 - fixed side of the transaction (available values: BUY/SELL; default: BUY)
- col15 - end to end ID is user provided internal ID for the transaction, (optional)

XML: compliant with payment initiation (pain.001.001.03) schema

Currency conversion

Which currencies can I convert?

We are covering more than 30 major currencies all around the world. If the currency you are looking for is not stated in the currency calculator feel free to contact [email protected] for more options.

How long does it take?

We strive to process each transaction as quickly as possible. Our commitment to you is the next business day delivery for all major currencies after receiving the funds. Please contact [email protected] with your specific case to get more information.

How does it work?

You book a transaction on our website and fund it via local transfer from a bank account in your (company's) name. Once your funds arrive, we will pay the recipient in the desired currency via local transfer in their country.

Profile

Profile information

Can I edit my business profile?

After logging to your account click on “my account” and pick “edit profile” option from the drop-down menu.

How can I change my password?

You can change your password by visiting “edit profile” section and providing current password along with the new one.

What if I forget the login details of my ArcaPay account?

By using “forgot password” function in the login popup, you will be able to reset your ArcaPay account password with your email address.

How can I make my profile more secure?

By choosing one of the additional verification option in the “Edit profile” menu you will be able to make your ArcaPay account more secure. Two-step verification sends additional security code to your email address or mobile phone so make sure that your contact details are correct.

Dashboard

How can I see more detailed historical payment information?

You can see more detailed data by exporting your historical payments to .pdf or .csv file and opening it.

How can I export my payment history?

You can export all the data by clicking export pdf or csv icon on the right side just above the transaction history table in your account.

What do status indications mean?

In progress - we are awaiting for your funds. It usually takes few hours to receive the funds.

Completed - Transaction is completed. You can find the estimated arrival time in the email confirmation.

General questions

Have you got an app?

We do not have an app but you can easily set up a mobile shortcut on your phone following this guide. Our website is fully adapted for mobile giving you app-like experience.