MisterTango is a crypto-friendly a fintech firm that offers dedicated IBAN accounts for businesses and individuals, crypto banking and SEPA transfers. It was founded in Lithuania in 2014.
Mistertango is currently not a recommended banking service. Many customers have been complaining that they cannot access their money or their accounts are closed without notice. Other complaints include unexpected fees and blocked payments. It only has 1.6/5 star on Trustpilot. There are other good cryptobanks that offer a cheaper and far better experience. Find out more about crypto banks.
Contents
- 1 How MisterTango Works
- 2 What Services Does MisterTango Offer?
- 3 Mistertango Fees
- 4 Mistertango Supported Countries
- 5 MisterTango Customer Support
- 6 Is Mistertango Safe? Is Mistertango Legit?
- 7 MisterTango Customer Reviews
- 8 MisterTango Supported Languages
- 9 Does MisterTango Offer Business Bank Accounts?
- 10 Mistertango Alternatives
How MisterTango Works
MisterTango offers its services via Mistertango app and Mistertango website. You just need to download the Mistertango app from Google Play Store and the App Store, and then follow the simple steps to open an account.
What Services Does MisterTango Offer?
Mistertango bank offers the following banking services.
Unfortunately, there is no Mistertango card at the moment.
- Mistertango personal account. Your personal account with a dedicated IBAN. You can fund your cryptocurrency activities with the bank using fiat currency. You can send money to any Bitcoin address with a single click or receive money in Euros directly from a Bitcoin address.
- Mistertango business account. Companies registered in the EU/EEA can open business accounts. The business account supports both fiat money and cryptocurrency.
- Account for cryptocurrency-related businesses. Mistertango offers banking services for regulated cryptocurrency exchanges and ICO companies.
- Mistertango crypto loans. Mistertango offers crypto loans via a SEPA payment directly into your account through its partnership with Nexo.
- Mistertango API. The API is used by businesses to automate mass payments. The API allows you to manage your business accounts directly from your accounting system without having to login onto Mistertango website or Mistertango app. With Mistertango API, you can create an unlimited number of virtual IBANs for each customer or payment.
Mistertango Fees
Mistertango Personal Account
| Service | Mistertango Fee |
|---|---|
| Setup fee | Free |
| Send SEPA transfers | Free |
| Receive SEPA transfers | Free |
| Balance fee | 0% – 0.75% annual interest rate |
| Administration fee (i.e. confirmation statement, statement extract, etc.) | 50€ |
Mistertango Business Account
| Service | Lithuania | European Economic Area | World |
|---|---|---|---|
| Set-up fee* | 100€ | 400€ | 600€ |
| Monthly fee | 10€/month | 100€/month | 900€/month |
| Send SEPA transfers | 1€ | 5€ | 1%, min. 5€ |
| Receive SEPA transfers | Free | 5€ | 1%, min. 5€ |
| Balance fee | 0.75% annual interest fee | 0.75% annual interest fee | 0.75% annual interest fee |
| Administration fee (i.e. confirmation statement, statement extract, etc.) | 50€ | 50€ | 50€ |
Set-up fee is paid 50% upfront which is not refundable. 100 Eur + 100 Eur means that 100 Eur is paid up-front during on-boarding process, and the rest 100 Eur is paid after on-boarding is completed.
Mistertango reviews on Trustpilot claim that there are Mistertango fees that are not listed on the website.
Mistertango Supported Countries
Mistertango bank supports customers from the European Union and the European Economic Area (EEA).
MisterTango Customer Support
This financial institution offers a premium support service. Premium support is simply one person who will work to complete all your requests in the shortest time possible. It works directly as your agent with the compliance team. If you have further questions, you can also contact the MisterTango team by email- support@mistertango.com or by phone +37052055501 for Lithuanian customers and +442080893535 for international customers. The customer support working hours: Monday-Friday 8:30 AM-5:30 PM (UTC+3).
Is Mistertango Safe? Is Mistertango Legit?
MisterTango is a licensed Electronic Money Institution (EMI) that is supervised by the Central Bank of Lithuania and State Data Protection Inspectorate. Your funds are stored separately from Mistertango own funds and cannot be used for business or lending purposes.
MisterTango Customer Reviews
Customers have reviewed MisterTango on Trustpilot, BritainReviews, and Trust Mamma. Customers rate 3.0 out of 5.0 stars on Trust Mamma, 1.6 out of 5.0 stars on Trustpilot, and 2.5 stars on BritainReviews. 62% of Mistertango customers on Trustpilot said their service is bad. The most common compaint is non transparent fees.
MisterTango Supported Languages
To communicate with MisterTango, customers may send emails to support@mistertango.com. A response will be sent to the clients’ email address used to register the account. All communication is conducted in English or Lithuanian.
Does MisterTango Offer Business Bank Accounts?
Yes. It offers accounts to individuals and crypto-related business institutions. MisterTango, together with IBAN, gives its users a platform to instantly transfer funds via SEPA. If you want to set up a MisterTango business account, make sure you have verified your personal account and installed the app on your iOS or Android phone.
Let’s look at some of the benefits of a MisterTango Business Account.
- The account allows fast and cheap cross-border payments. You can do crypto-currency transactions such as withdrawals, deposits, and transfers.
- A MisterTango business account allows users to get and enjoy the services of a free MasterCard.
- It lays perfect practices for the crypto economy by offering strategic and responsible guidance.
- The account enhances transactions with trust. Your business money will be quite safe and secure to make transfers of currency from diverse crypto-exchanges.
In 2019, The Bank of Lithuania imposed a fine of €245 thousand on MisterTango, UAB for violations of anti-money laundering and counter terrorist financing (AML/CTF) requirements, limiting its activities on business accounts as a preventive measure.
The State Data Protection Inspectorate imposed an administrative fine in 2019 in the amount of EUR 61,500 for the breaches of the General Data Protection Regulation. The sanctions were imposed on MisterTango for the breaches of Articles 5, 32 and 33 of the afore-mentioned Regulation, i.e. the personal data breach in the payment initiation service system.
Mistertango Alternatives
Mistertango alternatives include the following:
