DynaPay Ltd, now called MultiPass is a banking alternative providing multi-currency IBANs for payments in 38 currencies for European businesses with global partners. It also supports SWIFT, SEPA transfers as well as TARGET2 payment scheme, which works within and outside of the EU. Moreover, MultiPass payment solution is also a payment processor (payment service provider) for low and medium risk merchants.
DynaPay changed its name to MultiPass in March 2022.
DynaPay Pros and Cons
Advantages of DynaPay
- IBANs in EUR, USD and GBP,
- SEPA, SWIFT, Target2, UK Faster Payments, ACH payments
- GBP accounts with sort code for UK companies
- Invoicing and reporting
- API integration
Disadvantages of DynaPay
- DynaPay does not offer a free trial plan unless for promotional purposes
- It only accepts businesses and merchants within the EU, EEA, Hong and Canada
DynaPay is a great match for European-based businesses that are involved in international and cross-border activities. They include:
- Import/Export companies, wholesalers, distributors
- Shipping and forwarding companies
- Small businesses with international activities
- International companies with multiple branches
- Companies with subcontractors abroad
- IT and Digital Marketing companies
How to Open DynaPay Account
It is free to open MultiPass payment account. MultiPass opening is completely remote and online on DynaPay website and you will get an IBAN with your name or your company name depending on the account you opened. Video conferencing is not necessary when opening an account. You need an email address and a password to open an account. To open an account, you do not need to send original documents. All you need to do is to scan and upload documents. You need to provide the following documents when opening an account.
- Proof of incorporation like a certificate of incorporation
- Proof of Director’s authority and Shareholders
- Shareholders/UBOs structure
- Proof of company address through a utility bill
- Proof of funds through a financial statement
It takes 24 hours from the time you send all the documents to have your account operational. You can then go to Dynapay login and start making MultiPass payments.
Apply now for a DynaPay account and receive a 3-month trial with no monthly fee. Valid for DynaPay Basic tariff.
DynaPay offers the following accounts for online businesses and merchants.
- Business Account. DynaPay provides banking solutions to businesses through bank accounts. Currently, many businesses are facing hurdles when opening payments accounts for international businesses. With DynaPay, businesses can create payment accounts for doing business around the world.
- Merchant Account. With a merchant account, you can securely process incoming and outgoing payments in multiple currencies via Visa and MasterCard. It is a quick and fast way to accept payments online.
- SEPA transfers
- SWIFT transfers
- International payments via TARGET2 payment scheme
- EUR, USD and GBP IBANs
- API integration
- Invoicing and reporting
- Instant international payments
DynaPay has three price plans that come with different pricing.
|DynaPay Basic||EEA Registered Entity||Multinational Entity|
|Offered to||EEA and UK low-risk||Other EEA based||Non-EEA based|
|Initial Fee||0.00 EUR||200.00 EUR||500.00 EUR|
|Monthly Fee||9.90 EUR||50.00 EUR||100.00 EUR|
|Closing Fee||0.00 EUR||100.00 EUR||200.00 EUR|
|SEPA Outgoing||10.00 EUR||10.00 EUR||15.00 EUR|
|SWIFT Outgoing||35.00 EUR||35.00 EUR||35.00 EUR|
|CHAPS Transfer Fee||18.00 GBP||18.00 GBP||27.00 GBP|
|Faster Payments Transfer Fee||1.00 GBP||1.00 GBP||3.00 GBP|
DynaPay Supported Currencies
Currently, DynaPay supports multicurrency accounts in EUR, GBP, USD, CHF and ISL. It is the process of bringing in other currencies. You can make payments in over 38 currencies and get currency conversions at a wholesale rate.
DynaPay Supported Countries
DynaPay accepts companies from EU/EEA, UK, Gibraltar, Canada, Hong-Kong, United Arab Emirates, Singapore, Australia, Brazil, Isle of Man, Israel, Japan, Jersey, New Zealand, South Africa, South Korea, Taiwan, etc. It accepts payments to many other countries with only a few exceptions. It has offices in Canada, Cyprus, Columbia, India, Egypt, Romania, Latvia, Malta, Moldova,the UK and the USA.
Is DynaPay Secure?
DynaPay is secure payment software that is secured with 2-step verification. This ensures that no one else can log in to your account. Also, unlike many other financial institutions that invest client’s funds, DynaPay doesn’t. Clients’ funds are kept separately from those of DynaPay, which ensures added security to the clients’ funds by minimizing the risks. DynaPay Limited is regulated by the Financial Conduct Authority (FCA) in the UK.
If you don’t like DynaPay or would like to use a different service, you can use the following:
Concluding Remarks About DynaPay Review
DynaPay Limited is a great option for businesses and merchants looking for IBAN accounts. If you have a business that is involved in international and cross-border activity, consider DynaPay. It offers an excellent payment gateway to help businesses make international payments.