Wirecardbank for offshore

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Lejla

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Feb 6, 2019
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Hello all!
I was wondering does anyone has the experience opening an account with Wirecardbank for an offshore company? I have tried with Vanuatu company, filled in the application form, and received an invoice on 250 eur as an account opening fee. But, received the notifications:
- Upon receipt of the payment, we will send you the account opening documents.
- Following the review of your documents, we will open your Corporate Account at Wirecard Bank!
This could mean that after reviewing they could say that they won't open an account? They are charging this fee for only processing the compliance documents?
Please share, if you know something!
Thank youuuuuuuuuuu 🙂
 
Yeah, it looks like to me too...Thank you! I have written them an e-mail, I will see what the answer would be. But. I can suppose what it would be 🙂
 
Wirecard bank is legit. They are one of the largest payment processors in Germany and had a close partnership with Deutsche Bank back in 2005 - 20011 maybe even longer. They already converted to their own bank back then but think the license was fully valid a bit later.

They know the game exactly. The €250 fee they charge is to cover all the incoming applications they may receive. They may receive say 100 applications a day and only 2 may have a valid business the rest is totally waste of time.

So I belive if you pay the €250 you get into the category "waste of time" and that's why you have to pay them to do so.

Sorry, but that's how it works now a days.

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''In general we do accept applications from Vanuatu Islands. But please note that we can only confirm if we can open the account after we have reviewed all the account opening documents.''

This is what I have received from Wirecard bank support. What do you think, should I try?
 
Vanatu is a high risk country. I maybe wrong but I think wirecard bank provide correspondence banking services for paxumbank in Dominica. You may want to just try paxumbank.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Thank youuuuu for advise 🙂 Paxumbank is for small volumes, right?
 
Anyone had experience with setting up Wirecard bank account for company registered in Panama?
 
JimBeam said:
JimBeam said:
Thanks for the heads-up. Do you know any banks in EU (SEPA) zone that can open a bank account for a Panama company?
Click to expand...
Click to expand...
almost impossible task if we talk about banks
but you still can try to move forward with EMIs
MisterTango, Transferwise, Epayments may accept such company and all they have SEPA details

Transferwise provides clients with Handlesbank details for EUR transfers
Handlesbank is German bank very similar to Wirecard
 
Well, I figured that out since many banks are closing bank accounts from offshore companies or companies that do not have accounting and auditing as a requirement.

About the TransferWise - we got declined because of "the nature of the business activities exceed our risk appetite"...


Also when we made or tried to make payments from our for eg. Cyprus company (VAT registered, not offshore one) from BoC bank account to a Panama company they would ask us so many details about that Panama company, and if we do not provide these details or do not provide it in time, they would stop the payment.
 
BTW: I have just applied at Epayments and have filled in all their stuff... Waiting to see what will they have to say...
 
You need to consider moving to another jurisdiction, Panama holds awful position after Panama Papers scandal
 
Wonder how WireCard is able to take on offshore companies like they do. Back when I was using them for a payment processing business they only took on European business and would not touch offshore corps. that's about 10 years back, so why do they take on offshore corps today??

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Wirecard has always been doing dodgy stuff involving offshore companies, high-risk card processing, and outright flaunting regulations. But they are very good at hiding it by having a large amount of clean business. A lot of early fintechs use their platform to issue IBANs and prepaid cards. Imagine FBME but run by Germans instead of Lebanese.

They are under investigation in Singapore for cooking their books, although a similar investigation in Germany recently found nothing substantial. They have been sweeping a lot of things under the carpet through their Asian subsidiaries and "agents" and "partners".

There is a report out there by an anonymous research group calling itself Zatarra Research. The report they released about Wirecard has a lot of flaws but gets a lot of things right. Wirecard has denied the whole thing and to the report's discredit, Zatarra has not been heard from since.

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This is the probably the answer to your question.
 
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