Banking needs for my UK company...

[Forester]

Joyceww said:
1 - If it is a real bank and money in and out will be easy, I can leave 50000 USD to the bank.
Click to expand...

I understand. It is not much but it can help.

Joyceww said:
2- When applying for EMIs, I showed my monthly turnover between 5-15K. Because I thought if I showed it high, they'd be afraid of me.
Click to expand...

It was perhaps a mistake. Take into account that the amount of burden with KYC and other issues related to the onboarding and further account maintenance is practically the same for 10k and 80k turnovers but the profit from fx conversions and (sometimes, if no flat rate) even from payments is not the same.

Joyceww said:
and I don't want to get more than 5-10K USD per month on an EMI. Because I don't trust EMIs.
Click to expand...

Of course, it is up to your sole discretion ”“ but see below.

Joyceww said:
I am very comfortable in banks in Turkey. Even if they are going to close my account they are telling me to come and withdraw all my money.
According to Turkish law, if there is money in the bank account, the account cannot be closed.
Click to expand...

Nice 🙂. (So, why you do not try to open an account for your UK Ltd in Turkey, if you are in a good standing with some banks there? Because of taxing, I presume?)

Joyceww said:
3- They call Wise the most reliable and famous EMI.
Click to expand...

Totally incorrect. (You can search here at forums for a plenty of /true/ stories. OK, they are not second to evil but definitely not the most reliable.)

Joyceww said:
But they close your account, don't give your money for a long time and there is no one to contact.
Click to expand...

Unfortunately, exactly.

Joyceww said:
Why should I trust EMIs?
Click to expand...

Because not all the EMIs behave in this way. (BTW, it is the same with banks; they also differ a lot.)

Joyceww said:
4 - I'm talking about the bank's constant questioning of money at the entrance and exit, and the constant demand for documents, the never ending requests, sir.
Click to expand...

Well, sorry ”“ but you will not avoid it anywhere. It is the current reality.It can be better for small sums but it is not the core.

Joyceww said:
I don't think they will do that.
Click to expand...

But you can give it a try (HSBC). (I personally do not think that they offer an excellent service but let's put it aside.)

JimBeam said:
Habibi, with $200k/month you should be in Dubai not in Turkey.
Click to expand...

Yes, he can ”“ but the question is whether he wants 🙂

Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------

I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Joyceww]

JimBeam said:
Habibi, with $200k/month you should be in Dubai not in Turkey.

Just my 2cents
Click to expand...

Only 2.5% profit of $200k 🙂

And I love my country. Thank you.

 

[JimBeam]

If profit is 2.5% on 200k that's only $5k profit.
That's super small profit margin.

In that case paying taxes + finding the way to make the profit 0.5% or less is the best way.

 

[Trudy Trees]

Joyceww said:
Hello, I am a Turkish citizen and I live in Turkey.

I established a company in the UK last August.

I do business in the UK, Europe and the United States market.

I need a bank account to receive payments from my customers. I was using Wise. And guess what happened ? Account closed within 1 month and no
no explanation!

As I am not a UK resident, high street banks and EMIs do not accept my business.

I applied to many places and they were all rejected.
(Monese,Revolut,Monzo,Starling,Currenxie,AirWallex etc. )

I currently own a company without a bank account in the UK (!)

Can you please recommend EMIs or banks that provide GBP, USD and EUR accounts that I can receive LOCAL payments from my customers?

Bank/EMI don't need to offer GBP,USD,EUR at the same time.

I can use it in another EMI for EUR, another for GBP and another for USD.

Thank you !

Edit : I don't do Amazon, Ebay business. I get paid from individuals and sometimes companies.
Click to expand...

Try Blackthorn Finance | The home of global financial services they are awesome!

 

[avalanche]

Trudy Trees said:
Try Blackthorn Finance | The home of global financial services they are awesome!
Click to expand...

Thank you for the suggestion! What experience do you have with them?

 

[Joyceww]

Trudy Trees said:
Try Blackthorn Finance | The home of global financial services they are awesome!
Click to expand...

I've searched the internet and they don't seem safe at all. What is your experience with them?

 

[avalanche]

Joyceww said:
I've searched the internet and they don't seem safe at all. What is your experience with them?
Click to expand...

What did you find?

 

[chinthaphanti]

Did you try Cashplus Biz Account
its Good EMI Bank

 

[avalanche]

chinthaphanti said:
Did you try Cashplus Biz Account
its Good EMI Bank
Click to expand...

Don't they require the customer to be UK resident?

 

[chinthaphanti]

It's Emi
U need one address in uk
They will send card
But daily you can do transactions up to £49k

 

[Trudy Trees]

Joyceww said:
I've searched the internet and they don't seem safe at all. What is your experience with them?
Click to expand...

had some hiccups with the fees being back charged but otherwise very good. reliable. wires to the US are same day

 

[Joyceww]

Trudy Trees said:
had some hiccups with the fees being back charged but otherwise very good. reliable. wires to the US are same day
Click to expand...

Hello,
What is your average volume with them?

 

[Cryptohodler]

Forester said:
Deep respect to your knowledge, @Sols. I have never heard about this bank (no surprise, I do not consider myself being an expert for the UK financial market that is really complex) but I guess it might work.
(BTW, from a quick look, I consider this subject generally interesting /re: TRNC/ but it is off-topic here.)
@Joyceww, if you post your experience with their service, it will be appreciated.

Well, Moneycorp Bank (https://www.moneycorpbank.com/, not to confuse with Welcome to moneycorp) could onboard you, too; they were designed mainly for UK companies; but I do not know whether they offer local USD/EUR/GBP payments (GBP almost for sure, EUR perhaps too, but USD...)
Click to expand...

What's the difference between the two ?
The first one is a Gibraltar based bank. Actually lot of links on its website open
www.moneycorp.com. so probably it's a branch office. Both sites offer multi currency account and usd too. Don't know which is more reliable for a UK Ltd company run by a non resident. Anybody has used these before?

 

[chinthaphanti]

Joyceww said:
Hello, I am a Turkish citizen and I live in Turkey.

I established a company in the UK last August.

I do business in the UK, Europe and the United States market.

I need a bank account to receive payments from my customers. I was using Wise. And guess what happened ? Account closed within 1 month and no
no explanation!

As I am not a UK resident, high street banks and EMIs do not accept my business.

I applied to many places and they were all rejected.
(Monese,Revolut,Monzo,Starling,Currenxie,AirWallex etc. )

I currently own a company without a bank account in the UK (!)

Can you please recommend EMIs or banks that provide GBP, USD and EUR accounts that I can receive LOCAL payments from my customers?

Bank/EMI don't need to offer GBP,USD,EUR at the same time.

I can use it in another EMI for EUR, another for GBP and another for USD.

Thank you !

Edit : I don't do Amazon, Ebay business. I get paid from individuals and sometimes companies.
Click to expand...

Better to use uk high street bank bcoz every month volume

 

[Forester]

Cryptohodler said:
What's the difference between the two ?
The first one is a Gibraltar based bank. Actually lot of links on its website open
www.moneycorp.com. so probably it's a branch office. Both sites offer multi currency account and usd too.
Click to expand...

At the time of writing this (I have not re-checked now), Moneycorp Bank was a (small) bank at Gibraltar, Moneycorp was a (large and reputable) currency exchange & international payments provider ”“ i.e., e.g. no payments to your account from 3rd parties; you was able just to exchange and send money. I am not familiar with the background but guessing that there was some connection between the two.

Cryptohodler said:
Don't know which is more reliable for a UK Ltd company run by a non resident.
Click to expand...

Both are reliable but IMO only the former is fully usable as a transactional account.

Cryptohodler said:
Anybody has used these before?
Click to expand...

Not personally. I did not hear anything bad.

chinthaphanti said:
Better to use uk high street bank bcoz every month volume
Click to expand...

Wrt the issue you are commenting, you are right ”“ but UK high street banks are reluctant to onboard LLCs with non-resident directors.

Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------

I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...