Bank for BVI with low fees

[Mmkm]

I own a BVI company with nominee shareholder and directors. But the transaction fee is 50-60 US dollars for each transaction.

After looking through our Year Report of 2021 i realized we spend more than 22.000 dollars in transaction fees + annual and maintaining fees.

which banks can you recommend to keep expenses to a minimum?


Best Regrads

 

[Martin Everson]

Sorry which bank are you already using?

 

[lostguy]

Wise, Paysera and Sachelpay - good for such type of companies. What bank do you‌ use today.

 

[Mmkm]

Bank of‌ Asia

Unfortunately none of them accept BVI jurisdictions..⁠

 

[Martin Everson]

Just accept it as the cost of doing business with a BVI.

 

[Fred]

Curious about how the Wire Transfer Instructions‌ looking like - do they give you dedicated VG.... IBAN and have proper correspondence bank‍ network?

Last time I have checked they were using some HK bank as correspondence bank.⁠

If they just use an EMI then technically it's not a Bank but an EMI⁤ and you can go pretty much with every high risk EMI - technically it would⁣ be the same.

However look in Cayman National Bank at least from the DIFC Dubai⁢ based rep. Banker I know they are absolutely fine with BVI entities however this would︀ only improve the fact you bank with a proper bank having CITIBANK as correspondence but︁ fees around 1000$ per year and around 50$ for Wire and since recently for 50k$+︂ and 100k$+ something between 80-150$.

Like @Martin Everson says it's the price of banking a︃ BVI company and it's exactly what I try to tell all the time the folks︄ here - you pay with a Dubai Company initial more then your 1500-2000$ BVI Company︅ however a wire transfer is 10$ and opening or no they is 0.

You get︆ with the setup we provide the highest transactional Offshore Banking possible while maintaining the all-time︇ classic KPI's - 0% tax, no VAT, no accounting and audit and of course no︈ public company register.