Provider profile · 2026 edition
Banking Circle review 2026: scores, fees and alternatives.
A Luxembourg business-to-business bank serving banks, non-bank financial institutions and corporates, not individuals.
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A Luxembourg business-to-business bank serving banks, non-bank financial institutions and corporates, not individuals.
Banking Circle scores 3.5 out of 5 (69 out of 100) in the Buckingham Intelligence Safeguarding Banks Index 2026 and ranks 6 of 14. It is strongest for multi-currency safeguarding across the UK and EEA, with 5 out of 5 for products. Not published or not stated on the pages read: who it serves, pricing, onboarding, technology, protection and scale, published pricing and standing.
Scores from the Safeguarding Banks Index 2026.
| Segment | Score out of 100 | Rank |
|---|---|---|
| For E-money institutions | 69 | 6 of 14 |
| For payment institutions | 70 | 6 of 14 |
| For firms applying for a licence | 68 | 5 of 14 |
The score out of 5 is the overall score out of 100 divided by 20. Leader goes to the top three overall, Best for to the first in each segment, and Top rated for to a score of 5 out of 5 on a criterion. Awards cannot be bought.
Where it scores best, and where to check closely, as shown in each ranking.
Multi-currency safeguarding across the UK and EEA.
What Banking Circle publishes on its own pages, read on 21 October 2026.
A Luxembourg business-to-business bank serving banks, non-bank financial institutions and corporates, not individuals. It publishes safeguarded accounts, agency and correspondent banking and 28 currencies, and publishes eligibility criteria for UK and EEA EMIs and PIs, including firms in the final stage of authorisation. It excludes micro-enterprises and does not publish prices or a timeline.
| Fact | What the provider publishes |
|---|---|
| Legal status | Banking Circle S.A., "Company Registered in Luxembourg", CSSF registration number B00000408; describes itself as a "Fully licensed bank with Central Bank Clearing Rails" and "a regulated business-to-business (B2B) bank" "supervised by the Commission de Surveillance du Secteur Financier (CSSF)". |
| Who it serves | "Non-Bank Payment Service Providers include Payment Institutions and Electronic Money Institutions (small or otherwise)." UK and EEA firms; "This also includes firms who are applying for authorisation" when in final stages, for example with a "minded to" letter. Must "Not be a micro-enterprise" (fewer than 10 staff and turnover or balance sheet at or below €2 million) and "Meet minimum revenue thresholds (or pay minimum fees)", amounts not published. Crypto-asset service providers are a restricted client type and must be authorised in the UK, EEA or approved countries. |
| Products | "For regulated clients, we offer safeguarded accounts." Physical and virtual accounts with the client's own IBAN prefix; agency banking and correspondent banking; "28 Currencies" (24 fiat and 4 stablecoins); local payment methods; direct connections to SEPA and SWIFT. |
| Pricing | Not published. |
| Onboarding | Applicants complete the Banking Circle Initial Client Questionnaire and Client Application Form; the document list is "available on request"; a Banking Circle safeguarding letter is completed if safeguarding accounts are required. No timeline published. |
| Technology | "Connect seamlessly through our robust API and Client Portal, or SFTP and SWIFT." Virtual accounts created individually or in bulk; "efficient reconciliation". Real-time balances not stated. |
| Protection and scale | Banking services to "over 900 regulated financial institutions"; "€1.5 Trillion" in annual payment volumes. Deposit protection on operating balances not stated on the pages read. |
| Date read | 21 October 2026 |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
Facts read on 21 October 2026 from: bankingcircle.com, bankingcircle.com/accounts, bankingcircle.com/…, bankingcircle.com/risk-appetite-policy, bankingcircle.com/insights/….
Each score with the evidence behind it.
Each criterion is scored 0 to 5 against the best published offer in the Safeguarding Banks Index. 0 means not offered or not published. How it is scored
The other providers in the same ranking, ordered by score.
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| ClearBank | 4.2 | 1 of 14 | EMIs and PIs needing direct UK and EU scheme access |
| European Merchant Bank | 3.8 | 2 of 14 | EU EMIs wanting a published safeguarding tariff |
| Mano Bank | 3.8 | 3 of 14 | EU EMIs and PIs wanting fixed published safeguarding fees |
| Memo Bank | 3.6 | 4 of 14 | EU firms wanting interest on safeguarded euros |
| Magnetiq Bank | 3.5 | 5 of 14 | EEA EMIs and PIs still in the licensing queue |
| Bank of London | 3.5 | 7 of 14 | Firms opening accounts during authorisation |
| Griffin | 3.2 | 8 of 14 | Dedicated per-customer safeguarding accounts |
| LHV Bank | 3.0 | 9 of 14 | GBP and EUR safeguarding with agency banking |
| Starling Banking Services | 2.8 | 10 of 14 | UK payment firms wanting their own sort code |
| Solaris | 2.2 | 11 of 14 | A second safeguarding account for licensed EMIs and PIs |
| CaixaBank | 2.1 | 12 of 14 | Payment firms licensed or passported into Spain |
| BNY | 1.9 | 13 of 14 | Large EMIs investing safeguarded cash in money market funds |
| Sutor Bank | 1.9 | 14 of 14 | Digital e-money and payment firms using banking as a service |
Side by side on every criterion, fact and award.
Head-to-head comparisons cover pairs within the top five of each ranking. Banking Circle is compared with its alternatives in the table above.
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