- Onboard companies from most countries in the world
- Instant SEPA payments
- Fast digital onboarding
- Add multiple team members and businesses to one account
Global banking is becoming more and more important for my business as it expands, so I began to search for a sleek and reliable way to make payments abroad.
This is when I was recommended Narvi.
Narvi is a modern Finnish banking solution which aims to bring trust and reliability to international banking.
I was told that they provide a Finnish IBAN account and that they allow you to open up an account quickly and efficiently with an onboarding process of just 15-20 minutes.
I thought it was time to try out this new way of banking that allows you to onboard companies from most countries in the world.
The Onboarding Process
I found it useful that the onboarding process was fully digitized.
It was nice not to need countless amounts of PDFs or have to work with any physical paperwork.
The Narvi onboarding process was very smooth and fast.
I first needed to create an account with Narvi. This was easily done by pressing the “open account” button on their website homepage and creating a user profile by entering my business email and phone number.
I was then required to fill in their short online questionnaire, which took about 10 minutes to complete, and then was asked to upload all of my required documents.
The last steps were to complete the ID verification, which involved uploading my ID, completing a face scan, and then uploading my proof of address which I was able to keep in its original language.
Then my uploaded details were sent off to the Narvi team for verification.
It took just one day for the Narvi compliance team to contact me for some additional information, such as some invoices and contracts with clients (as a way of verification), and asked me to confirm some details.
Once I replied and they confirmed they had no further questions, they quickly approved my account, and then their sales team got in touch about pricing.
Once I confirmed the pricing, I was then told by the team that my company’s IBAN was issued.
Fees
One downside I have found is that Narvi doesn’t show their price list on their website and only tells you the exact pricing after onboarding.
Without being able to be too specific due to the terms and conditions of the contract, I can say that their pricing comes in the categories of low, medium, and high-risk.
Low risk is for European entities which are involved in more basic businesses such as start-ups or e-commerce.
Their medium and high-risk category pricings are for businesses involved in higher “risks” according to them.
I received low-risk pricing as my business is pretty straightforward; I was charged an onboarding fee of 100€, a monthly fee of 25€, and 50 cents per in and out transaction.
My Account
After our IBAN was issued, I was able to smoothly log in to my new dashboard with the same user account that I used for the onboarding by pressing the “login” button on the Narvi website.
Once I logged on, I could see that the dashboard displayed all my given company details and IBAN account details in a clear format. The interface is really modern, super easy to use, and not cluttered.
There are some particular features that I am especially pleased with, such as the transaction screen where I can see all my payment history and can download it efficiently onto both PDF and CSV files.
I also found the “send money” screen really smooth to use when completing transactions.
Another stand-out feature that Narvi has is that you can add multiple companies to one profile by clicking on your username and adding a company.
Of course, you still need to fill in the company questionnaire to add a new company, but once you have done so, it is all under one account.
They also have a “manage company” tab where you can add multiple users and also change the details of your company, such as its address.
Other Features
Their customer support is done by email. I sent an email regarding some questions I had, and I got a response within a few hours, so that was really helpful.
I also had a chance to speak to the Narvi team about their upcoming features, and I was told that they are planning to add visa cards in the next 6 to 9 months so customers can start adding virtual cards to their accounts.
They also plan to add multi-currency accounts, international payments, and support for crypto-currencies.
It is worth noting that, currently, Narvi is limited in that it only issues SEPA Euro IBANs, so you can only send and receive payments within the SEPA zone.
Therefore, Narvi may not be useful for your business if you are required to do multi-currency transactions.
However, it is definitely worth checking back with them once they have developed this feature.
Overall Takeaways
Overall, I find Narvi to be the perfect solution to navigate international banking for my business, and it will work well as my company expands.
For the first time, I have been able to confidently send money abroad with ease due to the security of safe banking that Narvi provides.
My team and I are also excited about the new features that Narvi is bringing out soon, making the banking experience even more seamless and accessible for us.
To summarize, I’ve put the Pros and Cons I found out about the Narvi product into this table:
| Pros | Cons |
|---|---|
| Onboard companies from most countries in the world | Currently limited to payments within the SEPA zone |
| Affordable business banking | Account opening fee |
| Super fast digital onboarding-process | Pricing is unknown until creating an account |
| Able to link multiple businesses | |
| Able to add multiple users | |
| Secure international transfers | |
| Instant SEPA payments |
