EMI form EU for HK company

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Fouche

Fouche

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Oct 12, 2023
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Hello everyone,

I searched through the threads and didn't find any suitable info. Please advice some EMIs to be able to fit in my situation:
HK company incoming from Ukraine in USD (most emi give me only euro) and outgoing to china usd. With direct iban only and emi from eu.

Asian emis don't understand the framework with Ukraine.
 
Hong Kong company, with transactions in USD, from Ukraine, and then outgoing payments in USD, to China? You haven't made this very attractive to banks, unfortunately.

It's true that only some parts of Ukraine are sanctioned. But it's going to be really hard finding a bank/EMI in Europe that's going to go through the hassle of figuring that out and then expose their USD correspondent in the process only to then send the money to China.

You can try speaking with Verifo, GuruPay, Paysera, Wallter, ConnectPay, and other high risk, Ukraine-friendly EMIs about the situation. But the fact that you need USD and SWIFT as well increase the amount of compliance headache many times over, unfortunately. Most of them won't expose their USD/SWIFT connections to something like this unless absolutely everything else about the structure is clear, clean, and low-risk.

You might have more luck in Kazakhstan (Collect&Pay, Jusan Bank) or fintechs such as Airwallex, Currenxie, Statrys, RD Technologies, and WorldFirst.

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This is the probably the answer to your question.
 
Thank you for your structured reply, Sols!
It is interesting note that they don't like to share their swifts. Incoming are not from sanctioned part of the Ukraine, the structure is simple (1 ua, 1 Chinese) and it is trading business (goods for marketplaces).

I already said yes to only euro but maybe you know who is willing to give direct banking details?
I will go through your list of emis, thank you!
 
Fouche said:
Fouche said:
It is interesting note that they don't like to share their swifts. Incoming are not from sanctioned part of the Ukraine, the structure is simple (1 ua, 1 Chinese) and it is trading business (goods for marketplaces).
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As a bank, if you accept a transaction from Ukraine, you have to make sure it doesn't originate from the sanctioned part of Ukraine. There is no easy or obvious way to do this. They can look at the transaction details and check where the sending bank is located and where the sending party is from. But they also have to make sure that the origin of the transaction isn't the sanctioned part of Ukraine. They might ask about invoices, proof of purchase, pictures of factories, and so on.

If they get something wrong, they risk fines and penalties that are much greater than the income they made from your transactions. That's why so many financial institutions simply decline anything related to Ukraine.

By transacting in USD, you also add US jurisdiction to the scope. The US has asserted that any transaction in USD anywhere in the world is subject to US laws and regulations. So you have to check US sanctions as well, and not go against US law.

It's a lot of work.

Fouche said:
Fouche said:
I already said yes to only euro but maybe you know who is willing to give direct banking details?
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A little difficult to answer, unfortunately. Most can't provide named USD accounts. Instead, they present their own accounts (pooled accounts), and you have to enter a reference in the message field to identify the account. Some can provide USD accounts but they don't always do it.

I think it's going to be difficult for you, but not impossible.

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This is the probably the answer to your question.
 
Sols said:
Sols said:
As a bank, if you accept a transaction from Ukraine, you have to make sure it doesn't originate from the sanctioned part of Ukraine. There is no easy or obvious way to do this. They can look at the transaction details and check where the sending bank is located and where the sending party is from. But they also have to make sure that the origin of the transaction isn't the sanctioned part of Ukraine. They might ask about invoices, proof of purchase, pictures of factories, and so on.

If they get something wrong, they risk fines and penalties that are much greater than the income they made from your transactions. That's why so many financial institutions simply decline anything related to Ukraine.

By transacting in USD, you also add US jurisdiction to the scope. The US has asserted that any transaction in USD anywhere in the world is subject to US laws and regulations. So you have to check US sanctions as well, and not go against US law.

It's a lot of work.
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Think you for your view of the situation. It all makes sense, now.


Sols said:
Sols said:
A little difficult to answer, unfortunately. Most can't provide named USD accounts. Instead, they present their own accounts (pooled accounts), and you have to enter a reference in the message field to identify the account. Some can provide USD accounts but they don't always do it.

I think it's going to be difficult for you, but not impossible.
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Yeah, that's how they call it - pooled). And yes, that's a huge problem because in Asia they are likely to give you direct account but they don't want to hear anything about Ukraine. That's why I am looking for in EU, they can handle the deal.
Anyways, thank you for the advice! All blessings.
 
Fouche said:
Fouche said:
Hello everyone,

I searched through the threads and didn't find any suitable info. Please advice some EMIs to be able to fit in my situation:
HK company incoming from Ukraine in USD (most emi give me only euro) and outgoing to china usd. With direct iban only and emi from eu.

Asian emis don't understand the framework with Ukraine.
Click to expand...
Click to expand...
Payset and Payine - both accept USD, both accept/send payments to Ukraine and China, but its under EDD so make sure you will have all the supporting documents.

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TG: @ClearskyPayments
Join our payments channel https://t.me/PaymentSolutionsClearsky
Payment and Financial Licenses: https://t.me/FinLicense
 
Clearsky Network said:
Clearsky Network said:
Payset
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Can you pull up this link from them ? I can't first browser blocking and then only blank sheet?
https://assets.payset.co.uk/data_protection_registration_certificate.pdf

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Fouche said:
Fouche said:
HK company incoming from Ukraine in USD (most emi give me only euro) and outgoing to china usd. With direct iban only and emi from eu.
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Yikes. Just hope your not Nigerian to add cherry on top 😕.

I hope you understand that the way things are going any part of Ukraine that is not sanctioned today could be Russian territory tomorrow so keep that in mind and have a plan B ready and bank outside EU and USD as a backup.

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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 said:
Martin Everson said:
Yikes. Just hope your not Nigerian to add cherry on top 😕.

I hope you understand that the way things are going any part of Ukraine that is not sanctioned today could be Russian territory tomorrow so keep that in mind and have a plan B ready and bank outside EU and USD as a backup.
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Thanks)))

Clearsky Network said:
Clearsky Network said:
Payset and Payine - both accept USD, both accept/send payments to Ukraine and China, but its under EDD so make sure you will have all the supporting documents.
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Thank you for the tip!
 
Sols said:
Sols said:
Hong Kong company, with transactions in USD, from Ukraine, and then outgoing payments in USD, to China? You haven't made this very attractive to banks, unfortunately.

It's true that only some parts of Ukraine are sanctioned. But it's going to be really hard finding a bank/EMI in Europe that's going to go through the hassle of figuring that out and then expose their USD correspondent in the process only to then send the money to China.

You can try speaking with Verifo, GuruPay, Paysera, Wallter, ConnectPay, and other high risk, Ukraine-friendly EMIs about the situation. But the fact that you need USD and SWIFT as well increase the amount of compliance headache many times over, unfortunately. Most of them won't expose their USD/SWIFT connections to something like this unless absolutely everything else about the structure is clear, clean, and low-risk.

You might have more luck in Kazakhstan (Collect&Pay, Jusan Bank) or fintechs such as Airwallex, Currenxie, Statrys, RD Technologies, and WorldFirst.
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I agree fully with one small amendment: in my opinion and experience, Currenxie won't touch any UA-related business with a 10m pole.
Fouche said:
Fouche said:
I already said yes to only euro
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If so, then really speak with Verifo.
Fouche said:
Fouche said:
but maybe you know who is willing to give direct banking details?
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As mentioned above.

Clearsky Network said:
Clearsky Network said:
Payset and Payine - both accept USD, both accept/send payments to Ukraine and China, but its under EDD so make sure you will have all the supporting documents.
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Thanks for pointing at Payine ”“ nice to learn about another from ~300 UK EMIs 🙂 (I've never met them before ”“ what means nothing.)
They seem to have quite high risk appetite; do you have some experience re: reliability with them? TIA 😉

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

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Forester said:
Forester said:
I agree fully with one small amendment: in my opinion and experience, Currenxie won't touch any UA-related business with a 10m pole.

If so, then really speak with Verifo.

As mentioned above.


Thanks for pointing at Payine ”“ nice to learn about another from ~300 UK EMIs 🙂 (I've never met them before ”“ what means nothing.)
They seem to have quite high risk appetite; do you have some experience re: reliability with them? TIA 😉
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Payine is a very good EMI supporting SEPA/SWIFT.
They are relatively new (less than 2 years)
Accept the following high risk:
Forex (EU/offshore licensed) with payment agent in EU (B2B and C2B flow)
Gambling (EU and Offshore licensed with payment agent in EU B2B and B2C flow)
For low risk they have attractive prices depending on volume

Toggle signature
TG: @ClearskyPayments
Join our payments channel https://t.me/PaymentSolutionsClearsky
Payment and Financial Licenses: https://t.me/FinLicense
 
Clearsky Network said:
Clearsky Network said:
Payine is a very good EMI supporting SEPA/SWIFT.
They are relatively new (less than 2 years)
Accept the following high risk:
Forex (EU/offshore licensed) with payment agent in EU (B2B and C2B flow)
Gambling (EU and Offshore licensed with payment agent in EU B2B and B2C flow)
For low risk they have attractive prices depending on volume
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Thanks for sharing! (BTW ”“ I don't want to hijack this thread ”“ doesn't they accept adult industry?)

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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...
 
Clearsky Network said:
Clearsky Network said:
Never checked with them tbh, simply don't have clients from this industry
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OK, clear. Thanks!

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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...
 
Some Lithuanian, Cypriot EMIs onboard Hong Kong companies, but they usually rank them as high risk, so the fees are high. It is not beneficial for HK company to bank in EU in my opinion.
 
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