Bank accounts and reports

VAKOVAKO tries to be as transparent as possible towards its users, nonprofits and partners. On this page, you will find information about financial movements, quarterly reports, and the processing, receipt and settlement of payments.

Reporting

To provide its users with key financial and operational updates, VAKOVAKO publishes quarterly impact and financial reports. These reports provide information on the structure of received and distributed donations as well as on transaction cost totals.

In 2023, an audit of the entire Foundation Fund 2091 is expected to be published, independently confirming all our regular reports.

How do payments work in VAKOVAKO?

SEPA Region — ČSOB / KBC Group

VAKOVAKO’s main bank is ČSOB, one of the largest commercial banks in the Czech Republic, owned by the Belgian financial group, KBC Group NV. We use this bank primarily to send and receive payments within the SEPA region and of the following currencies: euro (EUR), US dollar (USD), and Czech Koruna (CZK).

Our terms and conditions with ČSOB allow payments received through the VAKOVAKO platform to incur optimal transaction fees (0.64% to 1.20%, depending on individual regions and payment card providers). These costs are fully covered by VAKOVAKO’s founding company and primary partner, STARTEEPO. Thus, 100% of donations are directed to intended causes and nonprofit organizations.

ČSOB regular payments also have the advantage of a no minimum limit — allowing users to send recurring micro donations of as little as 1 CZK within the SEPA region as many times as they wish.

Previews of ČSOB's transparent accounts

Non-SEPA Region — Stripe Inc.

For countries outside of the SEPA region and as a backup payment gateway, VAKOVAKO uses Stripe, Inc.'s global services.

The cost of this service is 1.20% + 6.50 CZK when paying with a standard European card, 2.50% + 6.50 CZK when paying with a card issued in the United Kingdom, and 3.25% + 6.50 CZK when paying with any other international card. The full Stripe price list can be found here. We accept payments in the following currencies: euro (EUR), US dollar (USD), British pound sterling (GBP), and Czech Koruna (CZK). These additional costs and fees are fully covered by VAKOVAKO’s founding company and primary partner, STARTEEPO, thus 100% of user payments received through the platform are directed to intended causes and nonprofit organizations.

Stripe does not offer transparent online viewing of transactions. However, all of VAKOVAKO’s received payments are subsequently forwarded to our transparent bank accounts at ČSOB.

VAKOVAKO is an ambitious project which hopes to maximize impact by optimizing payment efficiencies, currency conversions (of more than ten international currencies), and the sending of aggregate payments to nonprofits and causes.

VAKOVAKO aims to become a global payment service provider within a few years of launch.

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