Sokin

Pricing

• •A bulk payment can carry up to 5,000 transactions in a single batch, at no extra cost.
• •ACH deposits are held for two business days as protection against reversals, and the local ACH sending fee is published as a starting price rather than a fixed one.

Payments & transfers

• •When sending Brazilian real (BRL), the local partner (Banco Rendimento) may request extra documentation for a single payment above BRL 50,000, or for cumulative payments above BRL 250,000 to the same beneficiary within a rolling 12-month period, to comply with Brazilian regulations.
• •US dollars run on ACH and Fedwire, but unlike the other currencies the account is held under Plata Capital US Inc, Sokin's settlement entity, rather than in your own name.
• •Australian dollars run on NPP. The account is open to Australian registered companies, and to other Sokin users on request through a support ticket.
• •Euro runs on SEPA Instant and SEPA Credit, and the account is issued in your own legal name.
• •Sterling runs on Faster Payments, BACS and CHAPS, and the account is issued in your own legal name.
• •Canadian dollars run on EFT and Interac e-Transfer, auto-deposit included. The account is issued in your own legal name.

Cards

• •No card is available, physical or virtual: multi-currency virtual cards are in development, with a waitlist.

Crypto

• •The stablecoin feature (USDT and USDC) is not enabled by default: you have to apply for access before using it.
• •Supported networks differ by coin: USDT can be received on Ethereum (ERC-20) and sent on Ethereum (ERC-20) or TRON (TRC-20), while USDC is limited to Ethereum (ERC-20) for both sending and receiving.

Business activity

• •The account terms also prohibit these specific activities: online sales of prescription drugs; drugs and drug paraphernalia; satellite and cable TV descramblers; content that incites violence, hatred, or racism, or that is obscene; government IDs and licences, including replicas and counterfeit products; non-merchant prepaid or stored-value cards; multi-level marketing, pyramid, and Ponzi schemes; matrix, get-rich-quick, and high-yield investment (HYIP) schemes; goods that infringe intellectual property; un-coded or miscoded gaming; and timeshare or property-reservation payments.

Countries & residency

• •living in INIn India, the service is provided through a licensed local partner, NSDL Payments Bank (regulated by the RBI), rather than by Sokin directly.
• •living in MXIn Mexico, local licensing is still pending.
• •living in GBIn the UK, accounts and payment services are provided by Modulr FS Limited (an FCA-authorised e-money institution, FRN 900573), with Sokin acting as its distributor; customer funds are safeguarded under the UK e-money rules rather than protected by the FSCS.

Company ownership

• •Sokin is a trading brand of the Plata Capital group (Plata Capital Ltd, registered in England and Wales, company number 10958599).