What is the difference between an Electronic Money Institution (EMI) and a Small EMI?

The difference centres around the Electronic Money Institution's (<a href="/glossarycollection/electronic-money-institution" style="color:#48277C;" target="_blank" title="Electronic Money Institution"><u>EMI</u></a>) size and business activities. If an EMI's total business activities generate less than €5 million outstanding e-money, and the EMI does not require passporting rights, it might be able to register as a 'small EMI'. Registering as a 'small EMI' is generally cheaper than authorisation.<br/><br/>

(c) The Financial Conduct Authority