Frequently asked questions
What is Profee?
Profee is a payment system, created by professionals in fin-tech and e-commerce services. This is a platform launched for fast and secure payments. Profee brand is registered as a company trademark under Sibilla Solutions Ltd. Sibilla Solutions Ltd is regulated as an EMI by the Central Bank of Cyprus, license number 22.214.171.124/2018. Sibilla Solutions Ltd is a private company registered in the Republic of Cyprus.
Profee is designed to meet your needs: from an ordinary Internet user to a large online shop. You may use Profee to pay for goods and services online, accept payments or even reward your employees.
Is Profee a bank?
No, we are not a bank. Profee service is rather offered under the company's operating license as an electronic money institution (license number: 126.96.36.199/2018).
How does Profee work?
To become a Profee e-Wallet owner you need to provide us with your name, residential address, nationality, mobile phone number, date of birth, e-mail address. The aforementioned list of requirements is not exhaustive. Once registered, you will be able to accept and transfer funds subject to the daily and annual limits that apply to your account level.
Our geographical coverage
The company's operating license is issued in the Republic of Cyprus and extended to the rest of the EU member states. Thus, we operate within the EU. Our services, however, may also be available to residents of third countries under certain conditions. Once you have successfully created your account, you can use it anywhere in the world where there is global internet connection and local restrictions do not apply. We have plans to expand the service into other regions soon, so stay tuned.
What is an e-Wallet?
An electronic wallet is a system that securely stores users’ payment information and passwords for numerous payment methods and websites. It is a type of electronic card, which is used for transactions made online through a computer or smartphone or tablet pc.
What is Electronic Money?
Electronic Money is electronically, including magnetically, stored monetary value as represented by a claim on the issuer, which is issued on receipt of funds for the purpose of making payment transactions and which is accepted by a natural or legal person other than the issuer of electronic money.
How can an individual register at Profee?
You can easily and quickly register at Profee with our registration form as an individual. When registering at Profee among with your First name and Second name you will have to provide, residential address, nationality, mobile phone number, date of birth, e-mail address. The aforementioned list of requirements is not exhaustive.
During the registration an authorization code will be sent to the mobile phone you provided (optionally also can be duplicated by email), which you will have to enter in the form. It is, therefore, of high importance to provide valid contacts.
Can I open a Profee account?
Normally, you must be 18 or over to open a Profee account. We do not currently offer e-wallet accounts to minors.
- open more than one Profee personal account;
- open a new Profee account if we've previously closed your Profee account.
How my personal data is protected?
Our policies and procedures are designed to protect both your confidentiality and the security of your information, including your private personal information. We store and process your personal information using third-party servers located in secure data centres, that are protected by firewalls and have restricted access in compliance with applicable regulations. All data passed between Profee mobile apps, our servers, and third parties use certain SSL encryption protocols.
What type of account is created for me?
Your account can be thought of as a virtual account that holds your e-money. It may hold e-money in different currencies at the same time (currently we support Euro, US Dollar and Russian Ruble). These balances can be accessed simultaneously.
When you give us money, we'll issue an equivalent value of e-money in the currency you choose. We'll store the e-money in your account and other people will accept it as payment.
Currently, your account is not linked to a unique IBAN number like the case with banks. You are rather given your own unique e-wallet number. You do not need to remember this number in order to execute a payment.
How to come up with a strong password?
Secure password is the best way to protect your account!
- Secure password contains at least 8 characters.
- To make the password longer, you can write your favorite recipe in one line like: 3Eggs-1tspOil-1tspButter.
- Use both uppercase and lowercase letters. For example, you can MiX uPpErCaSe AnD lOwErCaSe.
- Do not forget about numbers – try mixing the event and its date like A1p9O6l9Lo!
- Make sure to add special characters, too. You can use them inste@d of letter$ or just add a smiley :)
What types of accounts are there at Profee?
We offer two types of accounts (e-Wallets): Personal and Merchant.
A personal account can only be opened under the name of a natural or legal person for his/hers personal use. It is prohibited to use this account for commercial purposes (for the interest of a legal entity).
A merchant account is registered under a legal entity to accept/send payments for goods, services, or any other work performed for commercial purposes. When applying for this account, the details of the company, the company’s authorised representative(s) and signatory(ies), as well as relevant copies of the corporate documents will be required.
What are the account levels?
There are several levels of Profee accounts: “Basic”, “Plus” and “Premium”. Stepping up a level gives you higher limits and more functionalities.
All account levels are offered for free. In order to upgrade your level, you have to provide us with additional information.
The “Basic” level is available upon registration, thus giving you the opportunity to try our service. immediately after creating your account online.
In order to upgrade your account to “Plus”, we need you to confirm your personal data. It will give you access to more Profee functions limited to annual limit of 15 000 euro.
For the “Premium” level, you have to additionally provide us with information on the source of your funds.
What are Basic accounts?
All Customers who register with Profee receive a “Basic” account. Basic accounts allow you to deposit quickly and transfer funds to any online merchant or to friends and family. However, to take full advantage of Profee services, including higher limits and more, you will need to upgrade the level of your account.
The lifetime funding limit of a “Basic” account is at €250/month (or the equivalent currency). This means that the sum of all credits into your account cannot exceed €250 (or the equivalent currency) including any deposits, transfers from other websites or transfers from friends. In addition to the cumulative lifetime funding limit, “Basic” account holder also has lifetime limits for each of various types of transactions.
To view the limits of your account sign in to your account.
To increase your limits and have more flexibility in your Profee e-wallet, simply upgrade your account by uploading your ID documents.
How to upgrade your account to “Plus” level?
In order to transfer up to €15 000 per year, you need to upload the documents confirming your personal data. You can do this by following three simple steps:
Step 1. Collect your documents
You need to provide copies of two DIFFERENT documents: to confirm your identity and the place of residence. If your documents are not in English, Russian or Greek, please, provide notarised translations in any of these 3 languages.
Documents proving the identity:
- International Passport
- Identity Card (applicable only for EU citizens)
- Internal Passport (if applicable)
Documents proving the residency*:
- Utility Bill (Electricity Authority, Waterboard, Landline)
- Internal Passport (if applicable, both: page with your photo and identity details and address details are required)**;
- House insurance
- Municipal tax bill
- Bank account statement
* The document should be issued within last 6 months (except for the internal passport).\ ** Only if you did not use the internal passport in the previous step (you need copies of two DIFFERENT documents).
Step 2. Make copies
Take a picture (phone camera is fine) or scan a page with your personal data (the first document), as well as a page with your residential address (the second document).
The copies should contain the pages in full (i.e. not cut edges). All the provided information must be clear and readable. Please, save the files as .jpg, .png, .bmp, .pdf or .tiff – of the size up to 10 MB each.
Step 3. Fill out the form
Proceed to the verification page, enter your personal data and upload the copies of your documents. The information you provide will be checked, so write your name, surname, and address as indicated in the official documents.
Why do I need to verify my identity?
You need to verify your identity in order to increase your account level and be able to use your Profee account more broadly. This approach is in line with a regulation used extensively in the financial services community and is commonly known as 'Know Your Customer’ (KYC). This is the process of a business verifying the identity of its clients. It is simply an anti-corruption and anti-fraud measure. It further enhances security and gives the company the ability to serve you better.
Why do you ask for my documents?
We are regulated and authorised by the Central Bank of Cyprus. As a regulated electronic money institution, we need to know who is using our system. That’s the main reason we ask you to provide proof of identification and proof of address. This makes things more secure for all members by helping to prevent fraud or identity theft.
How long does it take to upgrade the account level?
To review your application for an upgraded account, we need to check your submitted documents, which usually takes from 1 to 5 business days.
What are the limits in Profee?
Profee applies two types of limits. These are time limits (24hrs, monthly and annual) and transaction type limits (top-up/withdrawal). The limits define the amount and type of a transaction that can be executed in a day/month/year. Thus, limits may change based on each account level and specific transaction types.
The limits on your account depend on the account you maintain. The higher the account level the higher the available limits.
All new users get a “Basic” account. Customers may then upgrade to a “Plus” account which offers more features and benefits, including higher limits. Thus, holders of a “Basic” account can only transact with up to €250/month (or the equivalent currency) whereas holders of a “Premium” account can transact up to €100.000 per year (or the equivalent currency). These, however, are generic limits.
Please sign in to your Profee account to review your own specific limits.
You can find out more about this on our “Account levels” page.
What is gambling balance?
Based on regulations set by International Card Schemes that we have to follow, not all the money placed in your Profee account can be used for gambling and/or betting activity. Specifically, the restrictions apply when your e-wallet is topped-up using a credit/debit card.
Funds deposited from the bank card with gambling purpose (selected “yes” to the question “Do you intend to use your funds for gambling?”) can be used for all types of payments with the Profee wallet, including transfers to gambling/betting merchants. Funds deposited with non-gambling purpose of use can be used for all types of payments with the Profee wallet, except transfers to gambling/betting merchants. Please note that the purpose of deposit cannot be changed at a later stage.
When you receive money from another Profee e-wallet or you perform a currency conversion, these do not increase your “gambling balance”.
How to log in to my account?
You can log in to your account from the Profee website or the mobile app using the mobile phone number provided during registration and your password.
As an additional security measure, once you entered correctly your phone number and password, you will receive an SMS to contain a number that you must type in.
I cannot log in. An error message appears. What to do?
If you already have an account with Profee, you've tried logging into your e-wallet but did not succeed it may be because you forgot your login details. In that case follow our automatic password recovery option.
It may also be possible that you entered a wrong password or SMS code for more than 3 times in a row. In this case, we will send you relevant instructions via SMS.
How can I change my password to my account?
How do I reset my password?
If you are already logged in, you can reset your Profee password by following our automated password reset procedure by clicking on the “Change password” tab in your profile settings. You will then simply have to follow the instructions given on the screen.
If you have forgotten your existing password, click on the “Forgot password” link. Enter the phone number registered on your Profee account, select the “I am not a robot” tab and hit “Reset your password”. You then simply have to follow the instructions given.
If you are unable to complete the procedure using the automatic process, contact us via email at, firstname.lastname@example.org and our team will make sure to assist you accordingly.
My account has been suspended/blocked. Why?
If we are unable to verify the information provided for your account or due to other significant reasons that may prevent our cooperation (for example, you already have an active Profee account), we reserve the right to block your account on the basis of our Terms and Conditions of Service.
How to find out the balance on my account?
You have to first sign in to your account using our website or our mobile app. Your balance is always displayed at the top of the screen.
How do I close my account?
You can close your account and end the agreement with us at any time by letting us know. You can do this by writing to us at our head office or by sending an email to email@example.com.
You will still have to pay any charges you've run up (for example, if you have any pending transactions). We may also charge you any cancellation fees that apply to other agreements you've entered into with us, if any.
When you inform us about your request to close your account, we will give you the opportunity to withdraw the money we hold for you.
Cancelling your Profee Card
If you have a Profee card and want to cancel it, you can contact us any time at firstname.lastname@example.org. Our team will proceed with the further instructions.
I need a statement but I have closed my account
If you have closed your account and need a bank statement, please get in touch with our customer support team by email email@example.com.
If you chose to withdraw funds from your e-wallet with a wire transfer, we would like to inform you that we have to check and approve the said account before we execute the transfer. In that respect, one of our executives may contact you in order to provide further supporting evidence.
Please note that the minimum acceptable amount for the wire transfer is specified in Schedule 1 to the User Agreement (plus any bank charges and/or fees).
The maximum amount for each transfer, however, is based on the daily/annual limit of your account maintained with Profee.
Thus, if the transferred amount exceeds your respective limits you will be required to pass through a verification procedure. In the event that you refuse to comply with this requirement, the transaction will not be processed by Profee. The funds will be maintained in our Client Funds’ Accounts until the verification procedure is completed. Please note that you maintain every right to cancel this transaction if you wish.
Please also note that your banking institution may charge you for performing this transfer.
We would also like to stress out that a wire transfer is not equivalent to an online payment. As such the funds may need up to five (5) business days to reach your bank account. The balance of your e-wallet, however, will be reduced soon after the request for a withdrawal via wire transfer is placed into the system.
We further inform you that Sibilla Solutions Ltd does not accept to execute any wire transfer to a banking institution based in any of the countries identified as high risk by the FATF or the EU or the US or the UN in terms of facilitating Money Laundering or Terrorist Financing. Therefore, any transfer targeted to these countries will be blocked and not executed.