What's the best emi for my setup

[IlyMily]

Hello,

i own and operate a UK ltd company and i am a EU passport holder.

i do receive 15k Euro daily from my payment processor STRIPE, so i am looking for the best bank to accept my SEAPA payments. (Stripe will be the only company sending funds to me).

my outgoing payments will be to the UK and Germany only, no swift needed.

i tried Revolut (account locked after reaching 250k) support was awful to verify source of funds, all funds cleared after that tho.
Transferwise didn't accept my account since day 1.



any help or recommandations would be appreciated.
i tried to open an account with Connectpay and paid 900 euro but not yet approved (applied 2 days ago).

 

[avalanche]

IlyMily said:
Hello,

i own and operate a UK ltd company and i am a EU passport holder.

i do receive 15k Euro daily from my payment processor STRIPE, so i am looking for the best bank to accept my SEAPA payments. (Stripe will be the only company sending funds to me).

my outgoing payments will be to the UK and Germany only, no swift needed.

i tried Revolut (account locked after reaching 250k) support was awful to verify source of funds, all funds cleared after that tho.
Transferwise didn't accept my account since day 1.



any help or recommandations would be appreciated.
i tried to open an account with Connectpay and paid 900 euro but not yet approved (applied 2 days ago).
Click to expand...

Maybe you should look into real bank account. Not sure but Singapore or Dubai might be good for your size

 

[kkein]

IlyMily said:
Hello,

i own and operate a UK ltd company and i am a EU passport holder.

i do receive 15k Euro daily from my payment processor STRIPE, so i am looking for the best bank to accept my SEAPA payments. (Stripe will be the only company sending funds to me).

my outgoing payments will be to the UK and Germany only, no swift needed.

i tried Revolut (account locked after reaching 250k) support was awful to verify source of funds, all funds cleared after that tho.
Transferwise didn't accept my account since day 1.



any help or recommandations would be appreciated.
i tried to open an account with Connectpay and paid 900 euro but not yet approved (applied 2 days ago).
Click to expand...

If Revolut cleared your funds why did they lock your account?

 

[Gediminas]

IlyMily said:
Hello,

i own and operate a UK ltd company and i am a EU passport holder.

i do receive 15k Euro daily from my payment processor STRIPE, so i am looking for the best bank to accept my SEAPA payments. (Stripe will be the only company sending funds to me).

my outgoing payments will be to the UK and Germany only, no swift needed.

i tried Revolut (account locked after reaching 250k) support was awful to verify source of funds, all funds cleared after that tho.
Transferwise didn't accept my account since day 1.



any help or recommandations would be appreciated.
i tried to open an account with Connectpay and paid 900 euro but not yet approved (applied 2 days ago).
Click to expand...

Try Bankera. It's definitely a good fit for your case.

avalanche said:
or Dubai might be good
Click to expand...

No chances. They open accounts only if you hold a visa and Emirati ID.

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[IlyMily]

kkein said:
If Revolut cleared your funds why did they lock your account?
Click to expand...

They asked to open a business account instead but as i read many negative feedback and they were extremely unresponsive during the source of funds verification, i won't risk again.

 

[avalanche]

Gediminas said:
Try Bankera. It's definitely a good fit for your case.



No chances. They open accounts only if you hold a visa and Emirati ID.
Click to expand...

If you receive 15k daily from your payment processor you surely can arrange a visa to Dubai lol

 

[CaptK]

avalanche said:
If you receive 15k daily from your payment processor you surely can arrange a visa to Dubai lol
Click to expand...

For a non resident they will ask for either a fixed deposit for a year of about 50K or a minimum balance of 50K on your current account with a minimum 6K a month salary.
Some banks will accept you with a 10K deposit and you commit to 1K a month savings product for 1 year.

 

[Gediminas]

CaptK said:
For a non resident they will ask for either a fixed deposit for a year of about 50K or a minimum balance of 50K on your current account with a minimum 6K a month salary.
Some banks will accept you with a 10K deposit and you commit to 1K a month savings product for 1 year.
Click to expand...

It would be interesting to hear which banks because I visited many of them recently, and none of them would even talk with you if you are a non-resident. Some won't talk if you don't have a local office (real office), etc. Some of them don't like flexi-desks or consulting businesses (but if you are fine with a 250k AED deposit, they will be willing to at least review the case). I haven't found any who would open an account for a non-resident, so very curious to hear what banks are you talking about.

As regards personal accounts, it's a bit easier. You can open a personal account without a local address (by using a hotel's address), but this will probably change at some point. For example, I was told by HSBC bank they changed this requirement a month ago and now they ask for a rent agreement with the utility bill.

Last edited: Dec 9, 2020
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[IlyMily]

Gediminas said:
It would be interesting to hear which banks because I visited many of them recently, and none of them would even talk with you if you are a non-resident. Some won't talk if you don't have even a local office, etc. Some of them don't like flexi-desks or consulting businesses (but if you are fine with a 250k AED deposit, they will be willing to at least review the case). I haven't found any who would open an account for a non-resident, so very curious to hear what banks are you talking about.
Click to expand...

That's true, was in dubai and Doha for business, all banks request proof of residence. Anyway this want fit as i am looking for a bank or emi offering SEPA services.

 

[Gediminas]

IlyMily said:
That's true, was in dubai and Doha for business, all banks request proof of residence. Anyway this want fit as i am looking for a bank or emi offering SEPA services.
Click to expand...

Go with the option I wrote above and you will be fine. Let me know if you need some help.

P.S. there are more options like Verifo, Globalnet, Wallter, etc, but Bankera offers one of the best pricing on the market.

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[IlyMily]

Gediminas said:
Go with the option I wrote above and you will be fine. Let me know if you need some help.

P.S. there are more options like Verifo, Globalnet, Wallter, etc, but Bankera offers one of the best pricing on the market.
Click to expand...

thank you for your reply, i made the application with Bankera, waiting for their verification.

 

[CaptK]

Gediminas said:
It would be interesting to hear which banks because I visited many of them recently, and none of them would even talk with you if you are a non-resident. Some won't talk if you don't have even a local office, etc. Some of them don't like flexi-desks or consulting businesses (but if you are fine with a 250k AED deposit, they will be willing to at least review the case). I haven't found any who would open an account for a non-resident, so very curious to hear what banks are you talking about.
Click to expand...

Just like you, I have a personal relationship with the right people and know what they are looking for and what not to do.

ENBD, DIB, Mashreq, Sharjah Islamic, ADIB, Noor and CBD.

 

[Gediminas]

CaptK said:
Just like you, I have a personal relationship with the right people and know what they are looking for and what not to do.

ENBD, DIB, Mashreq, Sharjah Islamic, ADIB, Noor and CBD.
Click to expand...

I just don't believe in that, sorry. 🙂 I have a good connection with DIB bank as well, probably the best you could get (very top senior-level), it's just impossible to open an account without an Emirati ID, not speaking about other requirements. Those are the regulations. And I believe this would be similar to the others. You can't do anything without ID, not just with the banking side.

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[CaptK]

Gediminas said:
I just don't believe in that, sorry. 🙂 I have a good connection with DIB bank as well, probably the best you could get (very top senior-level), it's just impossible to open an account without an Emirati ID, not speaking about other requirements. Those are the regulations. And I believe this would be similar to the others. You can't do anything without ID, not just with the banking side.
Click to expand...

Non resident DIB accounts especially during COVID have been a lot easier but still hard so long as you meet their minimum requirements.

For VIP service get 250K USD for fixed deposit they will pick you up from your hotel and then take you wherever you want to afterwards.

Just a heads up, take 6 months bank statements showing in excess of 6K per month income and have a balance of over 50K your willing to put on long term deposit, copy of your CV and a bank reference letter from your current bank.

Within 3 weeks your account will be opened by Mashreq and ENBD personal, you don't need anyone to help you on that at Dubai Mall branches.
Keep your story clear and concise, with the end goal is to buy property for investment so rent needs to be paid and "plan" to eventually move out there.

You don't say anything about gambling, crypto, Forex and anything else deemed Haram (against Islamic principles).

 

[IlyMily]

Gediminas said:
Go with the option I wrote above and you will be fine. Let me know if you need some help.

P.S. there are more options like Verifo, Globalnet, Wallter, etc, but Bankera offers one of the best pricing on the market.
Click to expand...

Can you write me a pm please, i need help for Bankera business account setup.

Thank you

 

[Dasboot]

IlyMily said:
They asked to open a business account instead but as i read many negative feedback and they were extremely unresponsive during the source of funds verification, i won't risk again.
Click to expand...

Same experience, first the app did not WORK for filing extra documents and then the "dialogue" was the insane drivel you'd get in a corporate world.

Then I got an OK, and off course pulled the rest of what I had there. Planned on keeping the disposable card only, downgraded from Metal to regular.

That did not work out as planned, a few months later with NO activity whatsoever I got the SAME request... Tried transfering 1 euro from another account to see how that would work out, its still locked.

All of this was my own cash, from my own accounts and not a lot at all...

Revolut has simply gone from being pure genius to corporate beast in a VERY short timespan. I've got a lot of people there as contacts on Linkedin, even planned to help out & get involved somewhat - now I feel like trolling them for a while instead ;-)

 

[IlyMily]

Dasboot said:
Same experience, first the app did not WORK for filing extra documents and then the "dialogue" was the insane drivel you'd get in a corporate world.

Then I got an OK, and off course pulled the rest of what I had there. Planned on keeping the disposable card only, downgraded from Metal to regular.

That did not work out as planned, a few months later with NO activity whatsoever I got the SAME request... Tried transfering 1 euro from another account to see how that would work out, its still locked.

All of this was my own cash, from my own accounts and not a lot at all...

Revolut has simply gone from being pure genius to corporate beast in a VERY short timespan. I've got a lot of people there as contacts on Linkedin, even planned to help out & get involved somewhat - now I feel like trolling them for a while instead ;-)
Click to expand...

Exactly the same experience, but i was asked to provide source of funds after 24 hours from Being verified, LOL.

i had to write on Twitter until they replied. Never again revolut.

 

[Naderaldein]

IlyMily said:
Hello,

i own and operate a UK ltd company and i am a EU passport holder.

i do receive 15k Euro daily from my payment processor STRIPE, so i am looking for the best bank to accept my SEAPA payments. (Stripe will be the only company sending funds to me).

my outgoing payments will be to the UK and Germany only, no swift needed.

i tried Revolut (account locked after reaching 250k) support was awful to verify source of funds, all funds cleared after that tho.
Transferwise didn't accept my account since day 1.



any help or recommandations would be appreciated.
i tried to open an account with Connectpay and paid 900 euro but not yet approved (applied 2 days ago).
Click to expand...

Below you can find a list of suitable solutions:

1. Wallter (dedicated IBAN for SEPA payments)
2. KoalaPays (aggregated IBAN, but if you pay the set-up fee then you can get a dedicated IBAN for SEPA)
3. GlobalNetInt
4. MoneyNetInt
5. Bankera
6. Ibanera
7. Wittix
8. iSignThis
9. Majestic
10. Globitex
11. PayTah
12. EPayBlock
13. Bilderlings
14. Valyuz

Pay attention that their compliance can be tricky, so you might need some assistance in order not to burn the whole application.

 

[tacokai]

Naderaldein said:
Pay attention that their compliance can be tricky, so you might need some assistance in order not to burn the whole application.
Click to expand...

what does tricky covers, can you be more specific?

Good list btw.

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[Naderaldein]

tacokai said:
what does tricky covers, can you be more specific?

Good list btw.
Click to expand...

There are certain red flags that can trigger the compliance officers, especially in regard to the source of funds, the expected flow of money in the account (incoming/outgoing payment destinations) etc.