Satchel provides digital money management solutions to customers all over the world, empowering them with cutting-edge technology for efficient financial operations. You can open an account with us regardless of your citizenship or financial history; however, there is a list of countries that we do not onboard clients from. You can find the full list of Blacklisted jurisdictions on the dedicated web page: “Blacklisted jurisdictions”.
Applying for a Satchel account is simple and can be done remotely. To start the application process, click on “Open Personal Account” for private individuals, or “Open Corporate Account” for businesses. After the submission of an application form, it will be reviewed by our Compliance department. This step can take up to 7-10 business days. In some cases, we may ask you to provide additional information in order to complete the procedure in accordance with regulatory requirements.
Upon the submission of your application, you will need to set up a password, which you will use to log into your account. For this purpose, you will receive an email from Satchel with a password setup link.
The link is valid for 24 hours; in case of link expiration, please request a new one by contacting our Customer Support team at [email protected]. After setting the password, please download the Satchel app to verify your identity. You will need the frontal camera of your smartphone along with your passport or a national ID to complete identity verification.
It is an identity verification procedure powered by our partner Ondato, performed through a one-time video call.
Our partner Ondato has developed a safe, secure and convenient method for digital ID verification in real-time, from anywhere in the world. To initiate your one-time ID verification process, click on “Verify your identity” button either right after registration or after setting up your password. During the video call you will take photos of your passport or national ID and take a selfie. It will not take more than one minute of your time.
Here are a few tips on how to prepare yourself for the video call:
- Ensure you are in a quiet place with strong internet connection and good natural lighting.
- Select your citizenship, check what type of document you can use for the ID verification and have it ready.
- Important: you can pass the verification with a national ID or passport if you are an EU resident and with a passport ONLY if you are a non-EU resident. ID or passport must contain MRZ (Machine Readable Zonecode) code.
Satchel has a license issued by the Supervision Service Department of the National Bank of Lithuania and has been granted the electronic money institution license Nr. 28, with a payment system participant code Nr. 30600, and conducts Business under the laws of the Republic of Lithuania, according to the EU Directive (2009/110/EC) and the EU Directive (2015/2366) on EUwide payment services. We are legally required to verify your identity before we can open a Satchel account for you. The ID verification procedure through video call is a legally compliant remote identification process, designed to comply with the latest banking regulations and laws, as well as the Anti Money Laundering Act (AML).
Get in touch with Satchel
Submit the form and we will reach you on the next business day.