Question 1

What is iCard?

Accepted Answer

iCard is a Bulgarian fintech company operating as an electronic money institution (EMI) authorized and regulated by the Bulgarian National Bank. The company specializes in innovative digital payment solutions, offering personal and business IBAN accounts, virtual and physical payment cards, international money transfers, and cryptocurrency services. With over 1 million users across Europe, iCard provides comprehensive financial services through its mobile app and online banking platform.

iCard is ranked #1 among all electronic money institutions in Europe by TheBanks.eu with an overall score of 4.55 (excellent). The company operates across all 30 European Economic Area (EEA) countries under the EU passporting rules.

Question 2

When was iCard founded?

Accepted Answer

iCard was founded in 2007 in Varna, Bulgaria. The company received its official authorization as an electronic money institution from the Bulgarian National Bank on July 21, 2011, under license No. 4703-5081/25.07.2011.

Since its inception, iCard has evolved from a payments processor into a comprehensive fintech platform offering over 10 years of experience in providing high-technology payment services in Bulgaria and internationally. The company became a Principal Member of both Mastercard and Visa, allowing it to issue cards directly.

Question 3

Where is iCard headquartered?

Accepted Answer

iCard is headquartered in Varna, Bulgaria, with its registered office located at Business Park Varna, Building B1, Varna 9009. The company maintains a second significant office location in Sofia, Bulgaria, at 76a James Boucher Boulevard, Hill Tower.

The dual-location structure reflects iCard's growth, with operational centers in both Bulgaria's third-largest city (Varna) and the capital (Sofia).

Question 4

Where does iCard operate?

Accepted Answer

iCard operates throughout the European Economic Area (EEA), providing services across all 30 EEA member states through the EU passporting framework. While headquartered in Bulgaria, the company has passported its electronic money and payment services to every EEA country, enabling it to serve legal residents across Europe.

The company serves customers from 9 different nationalities across its offices and provides customer support in 11 languages. iCard's services are primarily focused on individuals and businesses within the EEA, though certain services have specific geographic requirements.

Question 5

What services does iCard offer?

Accepted Answer

iCard offers a comprehensive suite of digital financial services through its Digital Wallet platform:

Personal Banking Services:
• Free personal IBAN accounts for sending and receiving bank transfers worldwide
• Two free virtual cards (Visa and Mastercard) for secure online shopping
• Physical debit cards including iCard Aqua, iCard Air, iCard Visa Infinite, and iCard Metal
• Contactless payments via mobile (Apple Pay, Garmin Pay)
• Free and instant money transfers between iCard users
• SEPA and international money transfers in multiple currencies (EUR, GBP, BGN, CHF, RON)

Business Services:
• iCard for Business accounts with multi-currency support
• Business debit cards
• Comprehensive business transaction records
• Merchant payment processing (iCard Direct)

Investment and Cryptocurrency:
• Cryptocurrency trading (200+ cryptocurrencies through Bitpanda integration)
• Precious metals trading

Additional Services:
• GiftCard issuance and management
• Loyalty card digitization
• QR code payments
• Cash deposits via Cashterminal devices (in Bulgaria)
• E-vignette purchases for Bulgaria
• Premium services including travel insurance, personal concierge, airport lounge access, and up to 1% cashback (with premium cards)

Technology Infrastructure:
• iCard Mobile App for iOS and Android
• Online banking platform at iCard.com
• Two proprietary Tier 4 data centers
• 24/7 risk monitoring and management
• PCI DSS Level 1 certification

Question 6

What makes iCard unique?

Accepted Answer

iCard distinguishes itself through several distinctive features that set it apart in Europe's competitive fintech landscape:

Zero Monthly Fees: Unlike traditional banks, iCard offers a completely free basic account (0.00 EUR/month) with two free virtual cards and a free physical Visa card, making financial services accessible to all.

Exceptional Customer Ratings: Nearly 90% of users have given iCard 5-star ratings, with excellent reviews on Trustpilot, reflecting strong customer satisfaction and trust.

Comprehensive Security Infrastructure: iCard operates two proprietary Tier 4 data centers and maintains PCI DSS Level 1 certification—the highest security standard in the financial industry. The company provides 24/7 risk monitoring and remote customer identification via video chat.

In-house Card Personalization: iCard maintains its own card personalization center, allowing rapid card issuance and customization capabilities that many competitors outsource.

Cashback Program: Through the "Smart Shopping Program" available in Bulgaria, iCard offers customers bonuses when paying with iCard payment instruments at participating merchants, both online and in physical stores.

Instant Transfers: The platform enables instant, free transfers between iCard users and offers instant SEPA transfers in euros to banks across Europe, available 24/7 year-round.

Multi-Currency Support: Users can hold, send, and receive funds in multiple currencies, making iCard ideal for international transactions and cross-border payments.

Question 7

What type of financial institution is iCard?

Accepted Answer

iCard is an electronic money institution (EMI) authorized and supervised by the Bulgarian National Bank under the Payment Services and Payment Systems Act. This authorization implements the EU's Payment Service Directive (PSD2) 2015/2366 and Electronic Money Directive 2009/110/EC.

As an EMI, iCard is not a traditional bank and cannot accept deposits from the public or lend out customer funds. However, it is legally required to safeguard customer funds by keeping them separated from its own operational funds. iCard does not participate in deposit guarantee schemes but adheres to stringent EU financial regulations for customer protection.

The institution holds the legal authority to issue electronic money, distribute and redeem electronic money, operate payment accounts, issue payment instruments, acquire payment transactions, and provide money remittance services. iCard participates in the SWIFT network (BIC: INTFBGSF) and is a full participant in SEPA schemes (SCT, SCT Inst, SDD, SDD B2B), enabling seamless European banking integration.

iCard

in Bulgaria 🇧🇬

Crypto-Friendliness

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About iCard in Bulgaria