“Lithuania’s favourable fintech regulatory environment and the Visa network membership we secured allow us to offer payment cards at truly favourable conditions. We believe that this decision will increase competition on the financial services market, primarily creating direct benefits for the Lithuanian public, for whom accessible and convenient financial services are more important than ever,” says Bankera co-founder Vytautas Karalevičius.
Using the Bankera card, make payments of up to 5,000 euros and withdrawals up to 2,500 euros can be made at ATMs every day. Card payments made in euros will be free of charge across European countries, while a 1% fee will be charged for payments in other currencies or outside of Europe.
Cash withdrawals using Bankera cards at ATMs based in Lithuania will carry a 1% charge on the withdrawal amount. Meanwhile, the first three cash withdrawals made at ATMs elsewhere in Europe will be free of charge, while subsequent transactions will be charged 1 euro. A 1% charge will be applied when withdrawing cash from ATMs in currencies other than the euro. For cash withdrawals at ATMs outside of Europe, there will be a 2% service fee on the amount withdrawn.
Customers will also be able to create a virtual payment card on the Bankera platform completely free of charge, allowing them to conveniently make payments for goods and services online. Besides, this service will not have a monthly fee and up to 5,000 euros can be made in payments every day.
Bankera plans to launch payment cards for business clients in the first quarter of 2021. Next year, all Bankera clients will be able to manage their everyday finances through a mobile app, which will be made available on Android and iOS platforms.
Bankera payment cards are distributed by the fintech company Pervesk, which has an electronic money institution license issued by the Bank of Lithuania and is a principal member of Visa.
Private clients aged 16 years and older can order a Bankera payment card online by registering for a free account on the Bankera platform: https://ib.bankera.com/lt-LT/signup
Bankera currently offers payment account services to private individuals and business customers. Individuals choosing a standard service plan can perform SEPA payments and can open an IBAN payment account for euros free of charge and without a monthly service fee.
Bankera business clients can perform SEPA and SWIFT transfers at competitive rates. For small and medium-sized enterprises, Bankera also offers financing solutions for invoices, business development, and online transitions.
The fintech company Bankera was founded by three entrepreneurs from Lithuania: Vytautas Karalevičius, Mantas Mockevičius, and Justas Dobiliauskas. In a hackathon held by the European Commission in April, Bankera’s small and medium-sized enterprise financing solution was recognised as the best in the Digital Finance category. During Fintech Week Lietuva held in Lithuania in June, Bankera was recognised as the company creating the best fintech solution for business. Bankera was the only Lithuanian company recognized among international leading fintech innovators by 2019 Fintech100: Leading Global Fintech Innovators, ranked at 42nd place.
