Avoid Bank account closure

[Tepesch]

So I opened a personal bank account in a safe offshore jurisdictation(with deposit scheme)( Mother‌ bank has also 100 billion+ in assets) a few months ago.

Now I am looking‍ to receive a dividend payment of 100k+(will split into 2 payments) into this personal account⁠ but wondering if I can send the money directly from my business emi account to⁤ my new personal account. While a support agent of the bank I recently called said⁣ it is no issue at all because that would still not be business use, the⁢ guy who helped when opening the account said that I shouldn't do it and better︀ send only money from personal accounts in my name.

Since it took a alot of︁ time and paperwork to open this account I would want to avoid having it closed︂ again.

My alternative would be to first send the money from my business emi(not tw)︃ to a personal transferwise account(business tw account attached but not opened bc I didn't provide︄ company utility bill) and from there to my new personal bank account. But this would︅ pose its own set of risks. Btw my business is completely legit online marketing and︆ my new personal bank knows about it.

What do you guys think which option is︇ better( I think 1) and do you have experience with sending dividend payments ( 40k+)︈ from offshore company to personal accounts? Taxes are not an issue btw only how the︉ bank will react.

 

[NicolasMaduro]

I dont see what the difference is between sending money from Company to TransferWise to‌ Real Bank is vs Company to Real Bank. Source of Funds is still the‍ same; Dividends.

If you have financial statements from the company and a board meeting where⁠ you decide to distribute dividends, I don´t see how it should be an issue.

 

[Tepesch]

Yes I dont see an issue as well, the only reason I asked was that‌ the inital guy in onboarding when I asked him about it said I shouldn't do‍ it but maybe he misunderstood or he meantt dont do it in the beginning.

 

[boomy]

You can simply use transferwise as you already mentioned. It's an easy way to deal‌ with business vs personal account, since you easily can open both with TransferWise for the‍ same person in minutes.

 

[Tepesch]

Thank you was it also 3rd‍ Party business account to personal Transferwise account? Because in my case Transferwise years ago wanted⁠ utility bill in company name so I didnt proceed with opening the transferwise business acc⁤ , so I have only personal Transferwise acc approved. What kind of docs did TW⁣ want?

 

[Tepesch]

Thanks man for the detailed reply! In my case I have the choice either send‌ it directly from business bank acc in Hong Kong to real personal bank account in‍ Jersey or to personal Transferwise account. But end destination is the Jersey account anyways. I⁠ am just asking myself are real banks more stricts or emis like Transferwise? Atleast with⁤ banks I think you can communicate better.