Caribbean USD Account

[Brianthedog]

I'm looking into opening a corporation my american clients can easily make wire transfers into.

What's the easiest jurisdiction to open an IBC and bank account, i.e. hopping on a flight with my corporations paperwork, walking into the bank and leaving with an account. The account doesnt have to be in USD, it can be local currency, if that currency has a fixed exchange rate with the USD and no exchange fees.

Ideally it'd look like a "proper" bank, i.e. my corporation is the beneficial account owner, unlike caye international bank etc where the account owner is euro fund transfer ltd and you're just adding the banks account number & your own account number in the wire instructions.

No anonymity needed, all 100% legit, selling sailing vacations (mostly in the british virgin islands).

For info, currently resident in Spain (but looking to move to a tax free caribbean nation in the next year or two), British passport holder.

Thanks.

 

[Martin Everson]

You can try large banking groups here in Caribbean like First Caribbean International Bank. There wire instructions for Bahamas branch is here but you can visit any branch across Caribbean.

You may already know that the majority of small banks in Caribbean are without proper USD correspondence banking due to US regulations. Many now use Crown Agent Bank in UK, payment processors or small banks and difficult wire instructions for clients. Caye banks wire instructions is not unusual at all.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Brianthedog]

Thanks, but that's what I'm trying to avoid, the "further credit to" system. I'm wondering if there are any banks that work like normal ACH/wire transfer, keep it simple for the clients and try to avoid any lost payments for the clients that forgot to add the for further credit notes.

The account doesn't even have to be in USD, aslong as the client can send USD to the account, it can be stored in anything, aslong as it's a currency fixed to the USD so there wont be any exchange rate troubles

 

[Sols]

Have you considered forming a US company (LLC) instead and opening an account with for example Mercury or TransferWise? If you are able to take a trip to the US, you might be able to open a bank account in the US for your company if you can prove that you have US clients, and a good, clean business.

Payoneer might also be an option.

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This is the probably the answer to your question.

 

[JohnLocke]

If you consider the US company formation you want to have a qick read here Delaware or Wyoming llc vs UK ltd I believe the bank that @Martin Everson suggest will require a personal visit anyway, so you may consider your options and draw down what it is you exactly look for.

OffshoreCorpTalk can be the perfect platform for your research in that case.

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[Martin Everson]

Brianthedog said:
Thanks, but that's what I'm trying to avoid, the "further credit to" system. I'm wondering if there are any banks that work like normal ACH/wire transfer,
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You can try sh1t banks like paxumbank.com. Never used them but they say they offer ACH conf/(%.

Brianthedog said:
The account doesn't even have to be in USD, aslong as the client can send USD to the account, it can be stored in anything, aslong as it's a currency fixed to the USD so there wont be any exchange rate troubles
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The sort of pegged (to USD) currencies your after like XCD are not available to offshore banks I think. You will find it more problematic for US persons to use any other currency other than USD - if simple instructions is what you need.

Maybe someone else can suggest something. I know there are more providers that offer ACH and are US friendly but they are not banks. Try Puerto Rico or USVI banks as they have direct Fedwire access for easy US payment instructions i.e Bank of St Croix.

Last edited: Aug 7, 2020
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Garret Gates]

Brianthedog said:
I'm looking into opening a corporation my american clients can easily make wire transfers into.

What's the easiest jurisdiction to open an IBC and bank account, i.e. hopping on a flight with my corporations paperwork, walking into the bank and leaving with an account. The account doesnt have to be in USD, it can be local currency, if that currency has a fixed exchange rate with the USD and no exchange fees.

Ideally it'd look like a "proper" bank, i.e. my corporation is the beneficial account owner, unlike caye international bank etc where the account owner is euro fund transfer ltd and you're just adding the banks account number & your own account number in the wire instructions.

No anonymity needed, all 100% legit, selling sailing vacations (mostly in the british virgin islands).

For info, currently resident in Spain (but looking to move to a tax free caribbean nation in the next year or two), British passport holder.

Thanks.
Click to expand...

Brianthedog said:
Thanks, but that's what I'm trying to avoid, the "further credit to" system. I'm wondering if there are any banks that work like normal ACH/wire transfer, keep it simple for the clients and try to avoid any lost payments for the clients that forgot to add the for further credit notes.

The account doesn't even have to be in USD, aslong as the client can send USD to the account, it can be stored in anything, aslong as it's a currency fixed to the USD so there wont be any exchange rate troubles
Click to expand...

I was usuing CIBC First Caribbean Bank in Barbados for my local Barbados LLC, no any credit system and etc., It was working like a normal bank for USD account. But that's was in 2015 and for LLC, cause this bank as well as Scotia Bank are not friendly to IBCs there, for IBC activity you can use their branch in Turks & Caicos or BVI banks.This is what I was told by clerk in CIBC FCB in Worthing branch in Barbados. So that's easily to travel BVI or Turks & Caicos to setup entity there and get in touch with local bank for IBC purposes. Check their website, maybe smth changed!

Last edited: Aug 7, 2020

 

[Martin Everson]

Cetme308win said:
I'm really interested in First Caribbean international bank....
Should I open the bank account in person right?
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I don't know if your looking for corporate or personal account. My experience has been with wealth management accounts. You need to email them as covid got things messed up.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Martin Everson]

Cetme308win said:
I'm interested for both but lemme know about your experience with wealth management accounts
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You can literally walk into a branch while on holiday and open the account. For example with branch in Curacao. Just email any branch and they will tell you what you need to bring etc as compliance keeps changing.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Martin Everson]

Cetme308win said:
Would be great! Do you know some banks in BVI or any other jurisdictions as well that would be interesting?
Click to expand...

You need to google them

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.