You must submit:
- Your name and address as the first step.
- Details about the business (name, type, location).
- Email and phone numbers are required.
- Accept the terms and privacy statement.
After submitting this information, your account will become operational. To begin using it, you must first validate your identity and business. Have no fear, this will not take long.
What occurs following account creation
You will be required to confirm your account. As regulated payment institutions, they are required to gather certain data to combat financial crime.
Sub-account
A sub-account is a sub-account of your primary Holvi account. They can be used to separate funds for purposes such as taxation, savings, and others.
Sometimes businesses require these documents for tax or other purposes. They are also desirable, thus we will implement this function as soon as possible.
Holvi credit report
When you open an account with Holvi, they want permission to do a financial status check. This enables them to confirm that your company is in good standing and prepare you for success with Holvi. After confirming your name and business, they will conduct a financial status check behind the scenes. This occurs so swiftly that you will be oblivious to it. If everything is in order, you will be able to select a pricing plan and gain complete access to your Holvi account.
When opening your Holvi account, they do a brief solvency check to gain a basic overview of your financial condition. This is kept as light as possible on purpose so you may begin using Holvi immediately. The credit card, on the other hand, necessitates a more thorough financial status check. At Holvi, they are devoted to responsible lending and conduct the checks to match your particular creditworthiness to industry-standard loan rates. Thus, they ensure that their offer is suitable for both parties. This type of solvency check helps you avoid debt, which benefits everyone.
Credit limit
Holvi provides loan lines ranging from €1,000 to €5,000. When you apply for a Holvi card, an individual evaluation and credit check will be conducted. Based on the results of this evaluation, they will offer you a customized financial line that meets your financial status and company requirements. A credit line is a fixed amount that you can borrow from Holvi (a financial institution)
You can use your card to make purchases up to your credit line’s limit. For instance, if your credit limit is €3,000, you cannot spend more than €3,000 on your Holvi card.
As you use your credit card, your balance will decrease proportionally. For instance, if you spend €100 of your €3,000 credit line, you will have €2,900 remaining. However, it is renewed automatically once the loan is paid off. Therefore, as soon as you repay the €100, you will have €3,000 in credit again.
How to locate credit limit
The simplest way to determine your limit is by logging into the Holvi mobile app. Note that the My credit balance area will automatically display on the home screen once you receive your credit card. My credit balance area displays the total amount spent and the remaining balance for your Holvi credit card, as per the terms of your agreement.
Currently, it is not possible to withdraw cash with your Holvi Business credit card due to licensing restrictions.
As a financial payment institution, Holvi is only permitted to extend credit when it is directly tied to a payment transaction. ATM cash withdrawals are currently not supported because they are not directly tied to a payment transaction. Other unsupported ‘cash-like’ transactions include person-to-person payments made through apps such as mobile pay or apple cash.
