Onboarding Guide
A clear, simple guide for beginners and professionals to understand banking services, transactions, and onboarding with AstraBank/AstraPay.
Last updated
A clear, simple guide for beginners and professionals to understand banking services, transactions, and onboarding with AstraBank/AstraPay.
Last updated
Welcome to the Banking Guide, designed for both beginners in banking and financial professionals. This guide explains key banking terms, services, and fees in a clear and simple way, making it easier for clients to understand the onboarding process and financial transactions. Whether you're setting up an account, making payments, or dealing with digital assets, this guide will help you navigate each step with confidence.
These cover the costs of maintaining your AstraPay account, ensuring compliance and operational efficiency.
Onboarding Fee Covers regulatory checks, including identity verification (KYC) and Anti-Money Laundering (AML) compliance, required before account activation. Example: When opening an AstraPay account, you must submit ID documents and proof of address for verification.
Account Fee A standard monthly charge for keeping your account active, ensuring access to financial services. Example: If you hold an AstraPay IBAN, this fee ensures continued access to banking operations.
Closing Account Fee Applied when terminating an account, covering administrative work needed for final account reconciliation. Example: If you decide to close your AstraPay account, this fee ensures a proper account closure process.
Minimum Fee A base monthly charge to keep your account operational, offset against other transaction fees. Example: If your total transactions for the month fall below a certain amount, this fee ensures your account remains active.
Fees for sending and receiving funds through different banking networks, both locally and internationally.
Local Payments Applied to domestic transfers within a country or region, using local banking rails such as SEPA (EUR) or Faster Payments (GBP). Example: Sending money from your AstraPay EUR account to another European bank account via SEPA.
SWIFT Payments Charged for international transactions made through the global SWIFT network, enabling cross-border transfers in multiple currencies. Example: Sending USD from your AstraPay account to a business partner in another country.
Intra-Account Transfers Free or minimal-fee transactions between your own AstraPay accounts in different currencies. Example: Moving funds between your AstraPay EUR and USD accounts.
Payment Trace A service for tracking delayed or unconfirmed payments. Example: If a bank transfer has not arrived as expected, this service can help locate it.
SWIFT Amendment Allows corrections to be made to a SWIFT transaction after it has been initiated. Example: If you enter the wrong beneficiary's name in a SWIFT payment, an amendment request can fix it.
Payment Recall A request to reverse a sent payment, subject to recipient bank approval. Example: If you mistakenly send funds to the wrong recipient, a recall request can be made to retrieve them.
Local Incoming Payments Fees for receiving funds into your AstraPay account via local banking methods. Example: If a business partner sends EUR to your AstraPay account, this fee applies.
Specialized services for documentation and compliance.
Auditor’s Letter An official statement verifying account activity for auditing or tax purposes. Example: If your accountant requests proof of financial transactions, an auditor’s letter can be provided.
Bank Reference Letter A formal document confirming account ownership and transaction history, often required for business dealings or loan applications. Example: If you need proof of banking history when applying for a business loan, this document helps.
Fees related to digital asset transactions within AstraPay.
Send Out Crypto (Wallet to Wallet) Applied when transferring cryptocurrencies from AstraPay to an external digital wallet. Example: Sending BTC from your AstraPay crypto wallet to a personal hardware wallet.
Sell Crypto (Off-Ramp) A transaction fee for converting digital assets into fiat currency. Example: Selling USDT for EUR through AstraPay.
Buy Crypto (On-Ramp) A fee applied when purchasing cryptocurrencies using fiat. Example: Buying ETH with USD via AstraPay’s crypto exchange.
Fees applied when exchanging one currency for another within AstraPay.
FX Fee Covers the cost of converting between supported currencies at competitive exchange rates. Example: Converting GBP to EUR for an international payment.
Fees vary based on transaction type, currency, and payment method.
Crypto-related transactions are subject to network fees.
FX rates fluctuate based on market conditions.
All documents must be in English and submitted in electronic format - handwritten forms won't be accepted.
Utility bills must be dated within six months of the application date; older bills will not be accepted.
We accept the following types of utility bills as proof of address: Electricity Bill, Gas Bill, and Bank Statement.
Fees & Charges vary from client to client and business to business, depending on factors such as total annual turnover, risk level, transaction history, and industry. The form you receive is not final and may be adjusted through discussions with the onboarding team to better suit your specific needs.
