EMI or Bank can work comfortably with 5-6 figures.

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Schopenhauer

Schopenhauer

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Jul 8, 2024
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Hi,

I am looking for a Bank or EMI that I can apply to with an import-export-wholesale trading company registered in Turkey.

We want to receive payments from Europe with SEPA and to make payments to world with SEPA and SWIFT.

Incoming payments can be from individuals and companies. Mostly companies.

Features I am looking for:

- It will work comfortably with 5-6 digits, will not constantly query documents for incoming and outgoing ones. (actually there is no trade)
- It will be fast in incoming and outgoing payments.
- It will support SEPA Instant.
- It will provide SEPA IBANs. and other local accounts if possible.
- Low fees

I am ready to pay an opening fee, pay for consultancy, parking money. I am even ready to establish a new company in another country.

What can you suggest me about this?

@Forester is expected here with his experience 🙂
 
Schopenhauer said:
Schopenhauer said:
Hi,

I am looking for a Bank or EMI that I can apply to with an import-export-wholesale trading company registered in Turkey.

We want to receive payments from Europe with SEPA and to make payments to world with SEPA and SWIFT.

Incoming payments can be from individuals and companies. Mostly companies.

Features I am looking for:

- It will work comfortably with 5-6 digits, will not constantly query documents for incoming and outgoing ones. (actually there is no trade)
- It will be fast in incoming and outgoing payments.
- It will support SEPA Instant.
- It will provide SEPA IBANs. and other local accounts if possible.
- Low fees

I am ready to pay an opening fee, pay for consultancy, parking money. I am even ready to establish a new company in another country.

What can you suggest me about this?

@Forester is expected here with his experience 🙂
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There are plenty of banks and EMIs in Europe for such case with 5-6-digit transactions. I would recommend banks in Austria and Germany from our experience, if you manage to convince them to take you on board with your background, as for global import-export field requirements are tough. It depends how to prepare for the account opening and everything is possible. There are also some EMIs that might be able to cover your needs, but the bank is definitely more reliable from a transacting perspective.
 
andorra said:
andorra said:
I work with a small lt emi that do high figures please pm me
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I'm new to the forum and I couldn't figure out how to send you a message. Could you please send me a message?
Martin Everson said:
Martin Everson said:
Try KT Bank in Germany. You may already know the brand.

https://www.kt-bank.de/en/corporate-banking/
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I spoke to them. They rejected my request for a personal account and also asked me to register my company in Germany and to start the application by physically being at the branch.
Mayon Solutions said:
Mayon Solutions said:
There are plenty of banks and EMIs in Europe for such case with 5-6-digit transactions. I would recommend banks in Austria and Germany from our experience, if you manage to convince them to take you on board with your background, as for global import-export field requirements are tough. It depends how to prepare for the account opening and everything is possible. There are also some EMIs that might be able to cover your needs, but the bank is definitely more reliable from a transacting perspective.
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Thank you for your valuable opinion.
 
Schopenhauer said:
Schopenhauer said:
@Forester is expected here with his experience 🙂
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Well, I am not the only one expert here re: banking and definitely not the best one 🙂

E.g. @Sols, @Martin Everson, @ilke, @daniels27 are not less knowledgeable ”“ on the contrary; just to name a few 🙂

Just a few comments / ideas:
Schopenhauer said:
Schopenhauer said:
Hi,

I am looking for a Bank or EMI that I can apply to with an import-export-wholesale trading company registered in Turkey.

We want to receive payments from Europe with SEPA and to make payments to world with SEPA and SWIFT.

Incoming payments can be from individuals and companies. Mostly companies.

Features I am looking for:

- It will work comfortably with 5-6 digits, will not constantly query documents for incoming and outgoing ones. (actually there is no trade)
- It will be fast in incoming and outgoing payments.
- It will support SEPA Instant.
- It will provide SEPA IBANs. and other local accounts if possible.
- Low fees

I am ready to pay an opening fee, pay for consultancy, parking money. I am even ready to establish a new company in another country.

What can you suggest me about this?
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Click to expand...

My suggestion: To establish a new company in the other jurisdiction.

Your demands for a bank are not completely unrealistic but quite ambitious for today's world (if we count all); I can imagine it fulfilled with some bigger EMI or an established high-street bank; but not with a company from Turkey. Unfortunately (I do not like it) Turkey is considered too risky for many institutions ”“ as you have already found, with respect to your another threads.

Of course, it all also depends on what business are you in; just “an import-export-wholesale trading” is a quite broad term. (To be honest, I do not understand much what do you mean with “actually there is no trade” but let's put it aside for now.)
If you share this, optimally in a new thread in Offshore company (sub)forum, I think you can get a valuable advice where to incorporate (this is really not much my field of expertise 😉 )

Schopenhauer said:
Schopenhauer said:
I'm new to the forum and I couldn't figure out how to send you a message. Could you please send me a message?
Click to expand...
Click to expand...
Be advised that anyone can send private messages to other forum members either after (roughly said) being here active for some time and gaining some reputation; or immediately after upgrading to Mentor Group.
Details are to find in Help section here Learn how you can start a conversation with other forum users. or at Account Upgrade...


Schopenhauer said:
Schopenhauer said:
I spoke to them. They rejected my request for a personal account and also asked me to register my company in Germany and to start the application by physically being at the branch.
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Yes, onboarding a company with KT Bank always demanded a physical presence (differently from a personal account opening). Again, registering a company in Germany was not requested before, just some ties to Germany as customers or suppliers... 🙁

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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...
 
I think some payment companies in China can do this, I will ask my friends who work at these companies and get back to you.
 
Forester said:
Forester said:
Well, I am not the only one expert here re: banking and definitely not the best one 🙂

E.g. @Sols, @Martin Everson, @ilke, @daniels27 are not less knowledgeable ”“ on the contrary; just to name a few 🙂

Just a few comments / ideas:


My suggestion: To establish a new company in the other jurisdiction.

Your demands for a bank are not completely unrealistic but quite ambitious for today's world (if we count all); I can imagine it fulfilled with some bigger EMI or an established high-street bank; but not with a company from Turkey. Unfortunately (I do not like it) Turkey is considered too risky for many institutions ”“ as you have already found, with respect to your another threads.

Of course, it all also depends on what business are you in; just “an import-export-wholesale trading” is a quite broad term. (To be honest, I do not understand much what do you mean with “actually there is no trade” but let's put it aside for now.)
If you share this, optimally in a new thread in Offshore company (sub)forum, I think you can get a valuable advice where to incorporate (this is really not much my field of expertise 😉 )


Be advised that anyone can send private messages to other forum members either after (roughly said) being here active for some time and gaining some reputation; or immediately after upgrading to Mentor Group.
Details are to find in Help section here Learn how you can start a conversation with other forum users. or at Account Upgrade...



Yes, onboarding a company with KT Bank always demanded a physical presence (differently from a personal account opening). Again, registering a company in Germany was not requested before, just some ties to Germany as customers or suppliers... 🙁
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I am aware that Turkish companies are not reputable. But my company was established in 2000 and has official imports and exports. I wonder if a completely empty company I just founded will be useful to me? I am not sure.

An local bank will most likely ask me to start a company. I think maybe some EMIs can accept me with my Turkish company.

Understood. I will open a new topic.


I guess KTBank is no longer the KTBank you know, I tried to reach them but I wasn't welcomed.

linusAG said:
linusAG said:
I think some payment companies in China can do this, I will ask my friends who work at these companies and get back to you.
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Yes, companies from China and Hong Kong may welcome Turks more warmly. Your help is appreciated.
 
Currenxie could work. Probably not the cheapest one and probably no SEPA instant.
https://help.currenxie.com/hc/en-us...s-can-I-send-and-receive-payments-to-and-from
In my opinion, there will be quite a few that can help you. But I am now aware of any SEPA instant one. Even real banks only support this occasionally and definitely not on all of their products. Like FinTS works with almost all banks in Germany, but most of them only have the transactions ready after 8pm over FinTS.

If you can live without SEPA instant, let us know as they will be solutions. Otherwise, your best luck lies with retail banks in Germany. They are among those with the lowest fx fees. Way below 0.1% is possible. But they would probably ask for a German company.
 
linusAG said:
linusAG said:
I think some payment companies in China can do this, I will ask my friends who work at these companies and get back to you.
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A valuable idea. Frankly, I am not oriented at the Chinese financial services market, so no chances for this to come to my mind; but as I read it now, it might be plausible...


daniels27 said:
daniels27 said:
Currenxie could work. Probably not the cheapest one and probably no SEPA instant.
https://help.currenxie.com/hc/en-us...s-can-I-send-and-receive-payments-to-and-from
In my opinion, there will be quite a few that can help you. But I am now aware of any SEPA instant one.
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Yeah, SEPA instant is the problem. Currenxie really could work and they are ”“ IMO ”“ cheap; but it fulfills all but SEPA instant, they give just a standard SEPA with Citi UK. (@Schopenhauer has already applied there and it is in process, IIRC.)

Having said that, I can imagine well that for certain import-export business instant payments are essential.


Schopenhauer said:
Schopenhauer said:
I am aware that Turkish companies are not reputable. But my company was established in 2000 and has official imports and exports.
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Yes, 24 year history counts, no doubts. In such a case, what banking have you used until now? Even if you are dissatisfied there, it can help you as a reference, e.g. Or have you been de-banked? Then why? (It can be a root of the problem, or at least one of the roots...)


Schopenhauer said:
Schopenhauer said:
I wonder if a completely empty company I just founded will be useful to me? I am not sure.
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There is no general answer to this. It all depends on the business you are into, jurisdiction, what particular setup you use (e.g. a daughter company of your old company) and some more factors. Just generally, there are a lot of startups, it's a natural phenomenon.

Schopenhauer said:
Schopenhauer said:
I think maybe some EMIs can accept me with my Turkish company.
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As already discussed 🙂


Schopenhauer said:
Schopenhauer said:
I guess KTBank is no longer the KTBank you know
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Yes, it seems so. Unfortunately 🙁
Making a note... 🙁

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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...
 
linusAG said:
linusAG said:
I think some payment companies in China can do this, I will ask my friends who work at these companies and get back to you.
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Good news from some company, WorldFirst said yes to this case, If you are interested, I will share the email of their BD.
Some other companies also said yes, They want to know the exact business of your company.
 
daniels27 said:
daniels27 said:
Yes, WorldFirst, Amnis etc. they will all take it, but I think without SEPA instant?
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Do you think that Amnis will take a Turkish company? From what I have heard, they have just a moderate risk appetite and are oriented mainly at DE-AT-CH region, then at neighbours...
Having said that, I think that they are able to offer SEPA instant if they want. Erste which is backing them (TBMK) can do this without much effort, AFAIK. (So perhaps worth a try? @Schopenhauer 's company turnover fits into their expectations.)
Agreeing with you re:WorldFirst.

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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...
 
Forester said:
Forester said:
Do you think that Amnis will take a Turkish company? From what I have heard, they have just a moderate risk appetite and are oriented mainly at DE-AT-CH region, then at neighbours...
Having said that, I think that they are able to offer SEPA instant if they want. Erste which is backing them (TBMK) can do this without much effort, AFAIK. (So perhaps worth a try? @Schopenhauer 's company turnover fits into their expectations.)
Agreeing with you re:WorldFirst.
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Worldfirst should potentially take it as long as everything is legal and does not require a lot of compliance. However, I am not 100% sure that they accept Turkish companies. Turkiye isn't listed in their 'Countries we serve' section. I know that they can accept UK/EU companies operated from non-EEA with more obscure citizenships/residencies (have seen Pakistan, Cambodia, etc.)

I think there is a chance at Amnis. You're right that they are oriented primarily at DE-AT-CH (also CZ, PL, SK - they have a branch here - and some involvement in Benelux, too. But, IIRC, I had seen them onboard a HK company as well, and there was a compliance fee charged for the reviewing of the documents (while EU companies are onboarded for free). Maybe the same would apply to Turkiye; Amnis supports TRY too, which could be a benefit.
 
I am convinced that if you want any bank to be convinced that the business for which you have opened an account is completely legal, you need to have some transactions that are typical for businesses worldwide. This includes, among other things, payroll settlements, tax payments, health insurance, electricity, internet, premises, bookkeeping, etc., and there are probably more things as well.

We have an account with Wise and Revolut for one of our oldest companies, and we have never had to provide any documentation. I assume this is because they can see that we make payments to public authorities and other institutions.

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Forester said:
Forester said:
Do you think that Amnis will take a Turkish company? From what I have heard, they have just a moderate risk appetite and are oriented mainly at DE-AT-CH region, then at neighbours...
Having said that, I think that they are able to offer SEPA instant if they want. Erste which is backing them (TBMK) can do this without much effort, AFAIK. (So perhaps worth a try? @Schopenhauer 's company turnover fits into their expectations.)
Agreeing with you re:WorldFirst.
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Erste is only for first party transfers. They are now using SXPYDEHH for collection, as you can see this bank does not yet participate in SCT Inst:
https://www.europeanpaymentscouncil...s/registers-participants-sepa-payment-schemesWorld First uses CITINL2X which does not feature on the list either.

If you need SCT Inst, you should try a solid German bank. It is possible. If you do not really need it, you can use either of those EMIs.
 
ilke said:
ilke said:
Worldfirst should potentially take it as long as everything is legal and does not require a lot of compliance. However, I am not 100% sure that they accept Turkish companies. Turkiye isn't listed in their 'Countries we serve' section.
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Oh well. I've just checked the current list. Maybe I am wrong / misled by my memory; but I guess that it was longer in the past; as e.g. I recall that some time ago they refused certain Canadian company but not because of jurisdiction but because they did not like their business ”“ and Canada is currently missing, too.... 🙁


ilke said:
ilke said:
You're right that they are oriented primarily at DE-AT-CH (also CZ, PL, SK - they have a branch here - and some involvement in Benelux, too.
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That's why I was mentioning “the neighbours” 😉 (but honestly, I was not aware about their engagement in PL ”“ do they even have there a branch?)

ilke said:
ilke said:
But, IIRC, I had seen them onboard a HK company as well, and there was a compliance fee charged for the reviewing of the documents (while EU companies are onboarded for free). Maybe the same would apply to Turkiye; Amnis supports TRY too, which could be a benefit.
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Well, it looks plausible now. Definitely worth trying, at least.


daniels27 said:
daniels27 said:
Erste is only for first party transfers.
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Oh ”“ so it has changed, if my memory serves me well (?)


daniels27 said:
daniels27 said:
They are now using SXPYDEHH for collection, as you can see this bank does not yet participate in SCT Inst:
https://www.europeanpaymentscouncil...s/registers-participants-sepa-payment-schemes
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Yes, and it is quite interesting: SXPYDEHH is Banking Circle S.A. - German branch; with no SEPA Instant. Yet Banking Circle S.A. Luxembourg, their parent, has SEPA Instant. Pretty possible but strange to me.

daniels27 said:
daniels27 said:
World First uses CITINL2X which does not feature on the list either.
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TBH, I would not expect SEPA Instant from WorldFirst; but again: CITINL2X is CITIBANK EUROPE PLC Netherlands, no SEPA Instant. But CITIBANK EUROPE PLC Ireland has SEPA Instant. WTF? (Well, I admit that I am not much using SEPA Instant, just very occassionally; so I am apparently not well educated.)


daniels27 said:
daniels27 said:
If you need SCT Inst, you should try a solid German bank. It is possible.
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For a Turkish company? Do you have any particular idea who could onboard them? (I am not saying that it's not possible. I was only suprised when I recommended KT Bank Germany to OP and they said no unless he would incorporate in Germany. KT Bank! Times are changing.)

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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...
 
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