Frequently Asked Questions

 

If you have an Octopus Pays account, please log in to your account with your USER ID and contact our Support team via the internal message centre.

In case you would need to contact the team on a business or any other matter, please use the contact form in the ‘Contact’ section.

For onboarding guides and tutorials, please visit our BLOG section here

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What is an Octopus Pays payment Account?

Octopus Pays is an e-payment platform (company name OREC PTE. LTD.) operating as a Multi-Purpose Stored Value Facility (SVF) registered in Singapore.

More info in About Company page.

 

Currently we provide the following online payment services:

  • Virtual payment accounts* (that allow users to deposit and hold funds that can be managed via a secure e-wallet payment system),
  • International transfers via SEPA (EUR) and SWIFT (EUR, USD),
  • Free Private accounts and Business accounts with 3-level pricing plans,
  • Free international transfers to other Octopus Pays accounts,
  • Individual approach to your needs and a dedicated Business Account manager.

Do I need to verify my Account?

Due to compliance to Anti-Money Laundering (AML) and Countering the Financing of Terrorism regulations it is mandatory for anyone wishing to open an Octopus Pays account to complete the Know-Your-Customer (KYC) procedure.

 

During the KYC/AML verification you will be asked to provide us with photocopies of your personal identification documents such as, but not limited to:

a photocopy of a personal ID document (Passport or National ID card),

a photo of yourself holding the uploaded personal ID document, 

a photocopy of a recent utility bill (We accept only gas, water, electricity, communal service bill or landline phone bill (not older than 3 months),

a valid mobile phone number.

After submitting the aforementioned documents you will be asked to complete an AML questionnaire.

How do I open a Business account?

Opening a Business account takes 3 steps:

Step 1.

The registered owner of the company opens a Private account under his/her name and completes the Know-Your-Customer process;

Step 2.

After completing KYC, the owner should request a Business account registration by sending a message via his/hers Private account‘s message centre. The request message should include company name, registered company email address and phone number, as well as company details for issuing an invoice. 

After receiving the data, we will issue an invoice for document verification fee (100.00 Euros) that is non-refundable. 

Step 3.

Next, when the verification fee has been received, the client will get instructions on company‘s KYC/AML requirements via an internal message. After company‘s documentation has been verified, the client will be requested to settle the Business account setup fee. After the payment has been settled, the client will receive a welcome confirmation message for the new Business account. 

Business accounts can be accessed only by login into Private account first and then switching to Business account dashboard via top menu Profile drop-down.

Please note:

In order to open a Business account for more than one company, all accounts must belong to the same registered owner who has successfully completed the KYC process.

A new Business account can be registered only via Private account‘s internal message centre by sending a request message for new Business account including email address unique to the particular Business account, company name and phone number, as well as legal details for issuing an invoice. 

 

Step by step guide

Follow our step-by-step guide on how to open a Business Account in our blog post.

How to top-up my account?

Follow the instruction below or read a step-by-step guide in our blog.

 

To deposit funds to your Octopus Pays account, click ‘Deposit funds’ either below the balance table in the Dashboard or in the header menu.

Choose the deposit method:

deposit USD via SWIFT,

deposit EUR via SEPA or SWIFT. 

 

When making the payment from your bank, please make sure to add your unique User ID to the transfer details.

Octopus Pays charges a commission for SWIFT inbound transfers according to Price List. Moreover please note that international transfer fees and potential corresponding/intermediary bank fees may apply therefore you should contact the sender bank directly.

How do I transfer funds from my account?

To transfer funds to another bank account, go to Dashboard header menu and click ‘Payments’.

 

Choose your transfer method:

‘Transfer to another user’ for instant fee-free internal bank payments;

‘Transfer to another bank’ for outbound payments (SWIFT & SEPA);

‘Transfer money via email’ for sending an invitation to receive funds to Octopus Pays account*;

‘Transfer money via SMS’ for sending an invitation to receive funds to Octopus Pays account*.

 

Follow this step-by-step guide on how to correctly fill out the transfer forms for sending money with SEPA, SWIFT or other as mentioned above.

 

*These methods are subject to the receiver either already having an account or creating a new account with Octopus Pays.

How can I receive funds to my account?

To receive funds to your account just follow the same process as in ‘How to top-up my account’ and share the bank details and User ID to your sender.

 

If the sender is another Octopus Pays user, you should share with them your legal name, surname and the specific currency account number (8-digits) that is indicated in your Dashboard under ‘Account number’. 

 

Please follow the step-by-step guide in our blog post.

What subscription plans are there?

Octopus Pays provides individuals and legal entities with Private or Business payment accounts. Both individuals and companies can open and manage Private and Business accounts with the same USER ID.

 

Pricing plans:

All Octopus Pays Private accounts are free of setup and monthly maintenance fees.

For Business account pricing, please contact Business Account manager by sending a message here

How can I contact Customer Support?

The best way is to log in to your Octopus Pays account and click on the Dashboard header menu ‘Messages’ icon. From there you can chat with one of our Customer Support representatives directly.

What are the business hours of Customer Support?

Our dedicated Customer Support is available for a chat from Monday to Friday, 09:00 – 17:00 (GMT +2H), except for Singapore national holidays.

What are the business hours for executing my transfer?

The business hours for executing SEPA & SWIFT transfers are from Monday to Friday, 08:00-18:00 (GMT +2H) except for Singapore national holidays.  

What are the transfer fees?

Octopus Pays Private Account transfer pricing & fees are as below.

For Business Account pricing & fees, please contact Account Manager here.

 

EUR SEPA transfers

Private Account

EUR (SEPA inbound fees): 0.5% 

EUR SEPA (outbound fees): 0.5% + 2 EUR

(Min. transfer fee sum – 2 EUR**)

Account balance fee: 1% p.a. ***

 

EUR SWIFT transfers

Private Account

EUR SWIFT (inbound fees): 0.5%

EUR SWIFT (outbound combined fees): 0.5% + 70 EUR

(Min. fee sum – 70 EUR**)

(Max. fee sum – 50’000 EUR**)

 

USD SWIFT transfers

Private Account

USD (SWIFT inbound fees): 0.5% 

USD (SWIFT outbound combined fees): 0.5% + 110 USD

(Min. fee sum – 110 USD)

(Max. fee sum – 50’000 USD)

 

* All administrative fees and the monthly subscription are charged from EUR SEPA account.

** All transfer fees has a minimum fee amount that is charged from transfer sum.

*** The annual balance fee 1% for EUR SEPA account is calculated from the daily balance and charged monthly. If the daily balance is >0 EUR, min. daily balance fee of 0.01 EUR applies.

What are the other fees?

Please view the current transfer fees in section ‘What are the transfer fees?’.

For EUR SEPA accounts there is a balance fee of 1% per annum. The balance fee is cumulated from the daily balance of SEPA account and charged on a monthly basis. If the daily balance is > 0 EUR, min.daily balance fee of 0.01 EUR applies.

 

Other fees include monthly subscription fee for Business Accounts. Private Accounts do not have a monthly subscription fee.

For more details, please contact us here.

Can I transfer funds between my EUR SEPA and EUR SWIFT e-wallets?

Currently it is not possible to transfer funds between a single user’s EUR SEPA and EUR SWIFT e-wallet accounts.

GETTING STARTED
What payment solutions do you provide?

Currently Private and Business Accounts includes: 

Multi-currency reference payment accounts (denominated in USD, EUR); 

International remittance via EUR, USD SWIFT (170+ countries); 

EUR SEPA transfers between 33 EU countries;

Free global transfers to other Octopus Pays users; 

Transfers to anyone via SMS or email; 

How to top-up my account?

Follow the instruction below or read a step-by-step guide in our blog.

 

To deposit funds to your Octopus Pays account, click ‘Deposit funds’ either below the balance table in the Dashboard or in the header menu.

Choose the deposit method:

deposit USD via SWIFT,

deposit EUR via SEPA or SWIFT.

 

When making the payment from your bank, please make sure to add your unique User ID to the transfer details.

Octopus Pays charges a commission for SWIFT inbound transfers according to Price List. Moreover please note that international transfer fees and potential corresponding/intermediary bank fees may apply therefore you should contact the sender bank directly.

How can I receive money transfers?

With your Octopus Pays account you can receive payments:

from external bank accounts with SEPA or SWIFT;

from another Octopus Pays user.

 

Each transfer type requires for you to share your account details with the sender.

To start receiving payments to your Octopus Pays account follow the step-by-step guide in this blog post.

How safe is Octopus Pays?

Octopus Pays protects customers’ data according to the regulations of Personal Data and General Data Protection Regulation (GDPR). 

To ensure highest system security our technical support team is working around the clock monitoring the system and all transactions. In addition, login, payments and other important functions are secured by two-factor (2FA) authentication.   

How to send money transfers?

To transfer funds to another bank account, go to Dashboard header menu and click ‘Payments’.

 

Choose your transfer method:

‘Transfer to another user’ for instant fee-free internal bank payments;

‘Transfer to another bank’ for outbound payments (SWIFT & SEPA);

‘Transfer money via email’ for sending an invitation to receive funds to Octopus Pays account*;

‘Transfer money via SMS’ for sending an invitation to receive funds to Octopus Pays account*.

 

Follow this step-by-step guide on how to correctly fill out the transfer forms for sending money with SEPA, SWIFT or other as mentioned above.

 

*These methods are subject to the receiver either already having an account or creating a new account with Octopus Pays.

ACCOUNT
Can I open several accounts?

Currently a natural person can open only one Personal account, while a legal person can open multiple Business accounts as long as it is the registered owner of those companies wanting to open a Business account. 

How to change my email address?

Due to users’ email address being an important user identification method – it is not possible to change an already verified email address.

If you have any issues, please contact our Customer Support via the internal message center.

How can I switch to Private Account?

To switch between your registered Personal and Business accounts just click on your name or company’s displayed name on the Dashboard’s header menu. In the drop-down menu click on the other account’s name to access it.

What happens with my personal information?

Your Personal information, Financial data and the data retrieved from your browser’s cookies, e.g. how many pages have you visited on our front page, is of high importance to Octopus Pays.

Please view our current User Policies below:  

1) Privacy and Data Policy: https://octopuspays.com/business/privacy-policy-2/  

2) User Terms and Conditions: https://octopuspays.com/business/terms-and-conditions/  

How can I get account statements?

To access account statements and see transaction history, go to Dashboard’s header menu ‘Transactions’. Here you can filter transactions according to date, account number, sender’s name, sent or received money’s amount range and transaction type.  

After selecting the necessary parameters, you can export the statement in pdf, csv or xlsx file format by clicking the corresponding icons on the left panel. 

How can I close my account?

To close your Octopus Pays account permanently, please contact our Customer Support via the internal message center.  

Please note that due to compliance with Anti-Money Laundering and Counter the Financing of Terrorism regulations we are obliged to keep parts of your data for a certain period after your account is closed.

Please view more details in our User Terms and Conditions: https://octopuspays.com/business/terms-and-conditions/ 

How can I enable two-factor (2FA) authentication for my account?

By default, account transactional operations such as money transfer requests are secured by sending a confirmation link to your verified email. 

For protecting such actions as login to your account or account password change, we strongly advise you to enable Google Auth 2FA method in your account settings.  

Can I change my account password?

You can change your current account password in your account settings. 

BUSINESS ACCOUNT
How do I open a Business account?

Opening a Business account takes 3 steps:

Step 1.

The registered owner of the company opens a Private account under his/her name and completes the Know-Your-Customer process;

Step 2.

After completing KYC, the owner should request a Business account registration by sending a message via his/hers Private account‘s message centre. The request message should include company name, registered company email address and phone number, as well as company details for issuing an invoice. 

After receiving the data, we will issue an invoice for document verification fee (100.00 Euros) that is non-refundable. 

Step 3.

Next, when the verification fee has been received, the client will get instructions on company‘s KYC/AML requirements via an internal message. After company‘s documentation has been verified, the client will be requested to settle the Business account setup fee. After the payment has been settled, the client will receive a welcome confirmation message for the new Business account. 

Business accounts can be accessed only by login into Private account first and then switching to Business account dashboard via top menu Profile drop-down.

Please note:

In order to open a Business account for more than one company, all accounts must belong to the same registered owner who has successfully completed the KYC process.

A new Business account can be registered only via Private account‘s internal message centre by sending a request message for new Business account including email address unique to the particular Business account, company name and phone number, as well as legal details for issuing an invoice. 

 

Step by step guide

Follow our step-by-step guide on how to open a Business Account in our blog post.

Can I open multiple Business accounts?

It is possible to open multiple Business accounts for companies belonging to the same registered owner. In order to open a Business account for more than one company, all accounts must belong to the same registered owner and will be managed with the same Private account login. 

 

How to register multiple Business accounts?

Step 1.

After completing KYC, the owner should request a Business account registration by sending a message via his/hers Private account‘s message centre. The request message should include company‘s name, registered email address and phone number, as well as company details for issuing an invoice. 

After receiving the data, we will issue an invoice for document verification fee (100.– Euros) that is non-refundable. 

 

Step 2.

Next, when the verification fee has been received, the client will get instructions on company‘s KYC/AML requirements via an internal message. After company‘s documentation has been verified, the client will be requested to settle the Business account setup fee. After the payment has been settled, the client will receive a welcome confirmation message for the new Business account. 

Business accounts can be accessed only by login into Private account first and then switching to Business account dashboard via top menu Profile drop-down.

 

Opening an account for an additional Business account

To open an additional Business account belonging to the same registered owner who has a Private account with Octopus Pays – the owner should send a new request for opening a Business account via the internal message centre.

The request message should include an email address unique to the particular Business account, company‘s name and phone number, as well as company details for issuing an invoice. 

After completing company’s KYC process and settling all the setup fees, a new Business account will be added to the Private account. All Business accounts can be accessed by login into the same Private account and switching to the particular Business dashboard via the top menu profile drop-down.

 

 

How long does company onboarding process take?

The time period between signing up and being able to execute money transfers takes less than a week usually. The complete onboarding process with estimated completion time is described below. 

Step 1. The company owner’s KYC process, if successful, takes less than 24 hours,

Step 2. After submitting the Business Account application form and requested documents it takes around 5 to 10 working days to receive a reply and login information.  

Can I give permission to manage my business account to another user, e.g. accountant, CFO?

Unfortunately, current Octopus Pays Business account supports only one verified user with full access to the account.

Therefore it is strongly advised that the verified user is also the registered owner of the company. 

How can I export my business account statements?

To access account statements and see transaction history, go to Dashboard’s header menu ‘Transactions’. Here you can filter transactions according to date, account number, sender’s name, sent or received money’s amount range and transaction type.

After selecting the necessary parameters, you can export the statement in pdf, csv or xlsx file format by clicking the corresponding icons on the left panel. 

How can I switch between my Personal and Business account?

To switch between your registered Personal and Business accounts just click on your name or company’s displayed name on the Dashboard’s header menu. In the drop-down menu click on the other account’s name to access it.

How can I contact Business Customer Support?

The best way is to log in to your Octopus Pays account and click on the Dashboard header menu ‘Messages’ icon. From the message center you can chat with one of our Customer Support representatives directly.

 Our dedicated Customer Support is available for a chat from Monday to Friday, 09:00 – 17:00 (GMT +2H), except for Singapore national holidays.

FEES & LIMITS
What are the pricing plans for a Business Account?

For Business account pricing, please contact Business Account manager by sending a message here.

Each Business Account’s owner is required to first set up a Private Account, which is free of subscription and setup fees. 

What are the transfer fees?

Octopus Pays Private Account transfer pricing & fees are as below.

For Business Account pricing & fees, please contact Account Manager here.

 

EUR SEPA transfers

Private Account

EUR (SEPA inbound fees): 0.5% 

EUR SEPA (outbound fees): 0.5% + 2 EUR

(Min. transfer fee sum – 2 EUR**)

Account balance fee: 1% p.a. ***

 

EUR SWIFT transfers

Private Account

EUR SWIFT (inbound fees): 0.5%

EUR SWIFT (outbound combined fees): 0.5% + 70 EUR

(Min. fee sum – 70 EUR**)

(Max. fee sum – 50’000 EUR**)

 

USD SWIFT transfers

Private Account

USD (SWIFT inbound fees): 0.5% 

USD (SWIFT outbound combined fees): 0.5% + 110 USD

(Min. fee sum – 110 USD)

(Max. fee sum – 50’000 USD)

 

* All administrative fees and the monthly subscription are charged from EUR SEPA account.

** All transfer fees has a minimum fee amount that is charged from transfer sum.

*** The annual balance fee 1% for EUR SEPA account is calculated from the daily balance and charged monthly. If the daily balance is >0 EUR, min. daily balance fee of 0.01 EUR applies.

What are the other fees?

Please view the current transfer fees in section ‘What are the transfer fees?’.

For EUR SEPA accounts there is a balance fee of 1% per annum. The balance fee is cumulated from the daily balance of SEPA account and charged on a monthly basis. If the daily balance is > 0 EUR, min.daily balance fee of 0.01 EUR applies.

 

Other fees include monthly subscription fee for Business Accounts. Private Accounts do not have a monthly subscription fee.

For more details, please contact us here.

VERIFICATION
Do I need to verify my account?

Due to compliance to Anti-Money Laundering (AML) and Countering the Financing of Terrorism regulations it is mandatory for anyone wishing to open an Octopus Pays account to complete the Know-Your-Customer (KYC) procedure.

During the KYC/AML verification you will be asked to provide us with photocopies of your personal identification documents such as, but not limited to:

1) a photocopy of a personal ID document (Passport or National ID card),

2) a photo of yourself holding the uploaded personal ID document, 

3) a photocopy of a recent utility bill (We accept only gas, water, electricity, communal service bill or landline phone bill (not older than 3 months),

4) a valid mobile phone number.

After submitting the aforementioned documents you will be asked to complete an AML questionnaire.

What documents do I need to provide to complete the verification?

Natural persons should provide the following information and documents:  

1) a photocopy of a personal ID document (Passport or National ID card),

2) a photo of yourself holding the uploaded personal ID document, 

3) a photocopy of a recent utility bill (We accept only gas, water, electricity, communal service bill or landline phone bill (not older than 3 months), 

4) a valid mobile phone number.

After submitting the aforementioned documents you will be asked to complete an AML questionnaire.

Can I edit my personal or business information after setting up an account?

It is possible to edit your Personal information such as legal names or phone number only by messaging the Customer Support via your Octopus Pays account’s message center. 

Please note that it is not possible to change your verified email address.

TRANSACTIONS
What are the transfer limits?

Transfer limits vary depending on currency and amount. If limits are over exceeded, an error pop-up window will inform you about the fact.

How long does it take for the recipient to receive funds?

SEPA transfers connecting 33 European countries are treated as domestic transfers therefore you might expect your funds to reach the recipient in 1 to 2 business days.

SWIFT transfers usually take from 2 to 5 business days depending on the receiver bank’s country, need for currency exchange and other factors. 

Sending funds to another Octopus Pays user is almost instant and available 24/7.  

What are the business hours for executing my transfer?

The business hours for executing outbound transfers are from Monday to Friday, 08:00-18:00 (GMT +2H) except for Singapore national holidays.  

All internal bank transfers between Octopus Pays accounts are available 24/7 and executed almost immediately.  

How to send/ receive amounts larger than $3000 or equivalent in other currencies?

Currently there is no limit on how much you can send or receive to your Octopus Pays account, however transfers over $3000 (or equivalent in other currency) are subject to complying with local money transfer regulations. This applies to both inbound and outbound transfers with SEPA, SWIFT and internal Octopus Pays user transfers.

 

PAYMENT CARD
What currency payment card can I order?

Octopus Pays payment cards are not available at the moment.

To get on the waiting list and get notified about the launching of this program, please sign up in the ‘Payment cards’ section.