Cheap offshore bank for 3-6 transactions/£3K-£6K a month

[michalowskiego]

Im looking to open bank account for my Hong Kong offshore company.

Agency which helped me to setup HK company send me to Singapore OCBC, but the minimal balance of £30K is a bit to much for me.

Im based in Vietnam, working in IT. The way it would work at the moment is 2-5 incoming wire transfers a month, from clients based in UK and USA. Plus 1 transfer to my personal account (or some other way of paying myself).

I've been reading about Euro Pacific Bank or Loyal Bank on this forum, but Im still not sure if that will work for me.

As an alternative, I can relatively easy open branch of my HK company in vietnam and pay some taxes here.

Any opinions highly appreciated.

 

[SoFast]

You can open an account in Cyprus for your Company, really easy! EuroPacific bank has some good reviews for saving accounts but not for day to day banking.

 

[michalowskiego]

Monthly maintenance €22.50
Incoming Wire Transfer €12
Outgoing Wire Transfer €22

That gets to €80-€100, bit more then I expected bank service can cost.

 

[Internationaloff]

michalowskiego said:
Im looking to open bank account for my Hong Kong offshore company.

Agency which helped me to setup HK company send me to Singapore OCBC, but the minimal balance of £30K is a bit to much for me.

Im based in Vietnam, working in IT. The way it would work at the moment is 2-5 incoming wire transfers a month, from clients based in UK and USA. Plus 1 transfer to my personal account (or some other way of paying myself).

I've been reading about Euro Pacific Bank or Loyal Bank on this forum, but Im still not sure if that will work for me.

As an alternative, I can relatively easy open branch of my HK company in vietnam and pay some taxes here.

Any opinions highly appreciated.
Click to expand...

You can open a Leupay account for daily transactions and an offshore account (EPB or LB) as saving account.

PS: LB has a promotion for MasterCard Platinum.

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[negon]

michalowskiego said:
Monthly maintenance €22.50
Incoming Wire Transfer €12
Outgoing Wire Transfer €22

That gets to €80-€100, bit more then I expected bank service can cost.
Click to expand...

Where did you get these fees from? I don't pay anything for incoming transfers and only €3 for IBAN transfers?

 

[michalowskiego]

auric said:
Where did you get these fees from? I don't pay anything for incoming transfers and only €3 for IBAN transfers?
Click to expand...

Fees and Charges - Euro Pacific Bank Ltd
Or am I looking at wrong thing?

Internationaloff said:
You can open a Leupay account for daily transactions and an offshore account (EPB or LB) as saving account.
Click to expand...

Leupay, looking at it right now.

 

[negon]

michalowskiego said:
Fees and Charges - Euro Pacific Bank Ltd
Or am I looking at wrong thing?
Click to expand...

Sorry, I thought you meant Bank of Cyprus! ECP is veru expensive and most often only used for savings!

 

[crownblown]

SoFast said:
You can open an account in Cyprus for your Company, really easy! EuroPacific bank has some good reviews for saving accounts but not for day to day banking.
Click to expand...

I'm in process since 4 weeks with this bank! They approved but still pending application doh948""

 

[SoFast]

LeuPay Works just great for me. I opened a normal personal account with them pretty quick. Considering a business account now!

 

[Internationaloff]

crownblown said:
I'm in process since 4 weeks with this bank! They approved but still pending application doh948""
Click to expand...

With or without Introducer?

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[belarus]

SoFast said:
LeuPay Works just great for me. I opened a normal personal account with them pretty quick. Considering a business account now!
Click to expand...

Have you already applied for business account?

 

[negon]

crownblown said:
I'm in process since 4 weeks with this bank! They approved but still pending application doh948""
Click to expand...

Interesting, what did they told you so far?

 

[henning]

michalowskiego said:
Im looking to open bank account for my Hong Kong offshore company.

Agency which helped me to setup HK company send me to Singapore OCBC, but the minimal balance of £30K is a bit to much for me.

Im based in Vietnam, working in IT. The way it would work at the moment is 2-5 incoming wire transfers a month, from clients based in UK and USA. Plus 1 transfer to my personal account (or some other way of paying myself).

I've been reading about Euro Pacific Bank or Loyal Bank on this forum, but Im still not sure if that will work for me.

As an alternative, I can relatively easy open branch of my HK company in vietnam and pay some taxes here.

Any opinions highly appreciated.
Click to expand...

Have you tried some Russian banks?

 

[michalowskiego]

henning said:
Have you tried some Russian banks?
Click to expand...

Do you have any experience with Russian banks?
Any recommendations?

 

[michalowskiego]

Im looking at Bank of Cyprus fees and Im a bit confused.
Anyone has business account with them and can share what the costs are?

Also would it make any difference if I open personal account with them (since it looks cheaper) and run my business using personal account?

 

[crownblown]

Internationaloff said:
With or without Introducer?
Click to expand...

With introducer, it is the bank we are waiting for! they are damn slow! 🙁

auric said:
Interesting, what did they told you so far?
Click to expand...

Nothing bad, just in process!

 

[crownblown]

michalowskiego said:
Im looking at Bank of Cyprus fees and Im a bit confused.
Anyone has business account with them and can share what the costs are?

Also would it make any difference if I open personal account with them (since it looks cheaper) and run my business using personal account?
Click to expand...

Why would you open a personal account? What do you find expensive? do you compare the fees with your local bank, if so it is Epic Fail to do!

 

[uplana]

OP can you please update with what you found, maybe it can help me to find alternative banking 🙂

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