EE Company - Where to Bank?
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Does your company sell nuclear waste materials? Or does your company provide translation services?
Do you turn over 1 billion EUR/month or is it more like 50,000 EUR/month?
Are you an Iranian national resident in North Korea? Or are you a Swedish citizen resident in Estonia?
Are your customers the governments and companies like Raytheon? Or do you sell to natural persons?
And so on, and so forth.
Those are the kind of things bank look at and tend to matter more than just where the company is incorporated.
Do you turn over 1 billion EUR/month or is it more like 50,000 EUR/month?
Are you an Iranian national resident in North Korea? Or are you a Swedish citizen resident in Estonia?
Are your customers the governments and companies like Raytheon? Or do you sell to natural persons?
And so on, and so forth.
Those are the kind of things bank look at and tend to matter more than just where the company is incorporated.
I have been using Revolut for 4 years for my ee company without ever any issue 😵
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
No, ahaha. it's wholesale, around 4-5m per year.
Banking in Estonia is sh*t , so thinking of a bank / branch abroad.
But not sure which country would open a bank for a branch. Plus, not really willing to pay huge taxes.
Romania comes up, with the micro-scheme, but then would a bank actually take us onboard.
Banking in Estonia is sh*t , so thinking of a bank / branch abroad.
But not sure which country would open a bank for a branch. Plus, not really willing to pay huge taxes.
Romania comes up, with the micro-scheme, but then would a bank actually take us onboard.
I find banking in Estonia really good. At least LHV, SEB, and Swedbank have excellent service, internet banking, and good rates. Have you spoken with them? In my experience, they're all quite easy to work with if you have a meaningful presence in Estonia. It doesn't sound like you're in any particularly high risk category and the business is of a healthy size.
Fortunately, LHV direct is a very different experience from LHV via EMIs. If you have a direct relationship with them, they are fine. If they don't like a direct business or transaction, they handle rejections quite smoothly.
I have seen LHV make some really poor decisions when they have been a banking partner for EMIs/PIs. It's been a while now; had forgot about some particularly nasty cases from about two years ago with︀ funds stuck.
I have seen LHV make some really poor decisions when they have been a banking partner for EMIs/PIs. It's been a while now; had forgot about some particularly nasty cases from about two years ago with︀ funds stuck.
Interestingly LHV was recently able to secure UK banking license.
https://news.err.ee/1608966808/lhv-bank-granted-license-to-operate-in-the-ukWhile Revolut is struggling to obtain that (they have Lithuanian bank license and operate︀ in Estonia as a bank though)
https://www.wired.co.uk/article/revolut-needs-to-get-its-house-in-order
https://news.err.ee/1608966808/lhv-bank-granted-license-to-operate-in-the-ukWhile Revolut is struggling to obtain that (they have Lithuanian bank license and operate︀ in Estonia as a bank though)
https://www.wired.co.uk/article/revolut-needs-to-get-its-house-in-order
It's funny how many people in this forum complain about banking in Estonia, Wise, Revolut, etc (choose the relevant) without disclosing what kind of shady thing they were actually trying to do.
In most cases "they closed︀ my account without a reason" is actually "I tried to cash out my 6 figures︁ black-hat gains from a no-KYC exchange and the bank is being totally mean to me!"︂
In most cases "they closed︀ my account without a reason" is actually "I tried to cash out my 6 figures︁ black-hat gains from a no-KYC exchange and the bank is being totally mean to me!"︂
Sometimes it happens, unfortunately. I also wrote on this forum regarding Revolut and how stupid they are. My activity was transparent and consists of brokerage in the sale of marine equipment, electric generators, cranes, etc.
We once received a commission for selling equipment of $50,000. Revolut blocked the transaction and asked for documents, an Estonian company, I am an EU citizen, there is an agreement, invoices, a printout of our correspondence and an agreement between the Buyer and Seller (both are large companies with over 500 employees).
Result = three months of correspondence with stupid monkeys, they sent the money back to the sender, blocked︀ our account and paid us $300 for “moral” damage. For me, the biggest problem was︁ to get a repeat payment several months later from a client with whom the relationship︂ had soured by that time.
You could say that 50 thousand is a lot for︃ EMI, especially dollars, etc., but Client sent us the same amount again to Wise and︄ they didn’t even ask for documents.
Having now a phobia that my account would be︅ closed at any moment, for the second such transaction I used Paysera and EURO, they︆ credited the amount to the account, did not block anything, and only asked for an︇ invoice after a while.
I would be happy to open a third account somewhere in︈ a not so popular EMI so that it looks like a real bank, for show-off,︉ but that’s it. 😉
We once received a commission for selling equipment of $50,000. Revolut blocked the transaction and asked for documents, an Estonian company, I am an EU citizen, there is an agreement, invoices, a printout of our correspondence and an agreement between the Buyer and Seller (both are large companies with over 500 employees).
Result = three months of correspondence with stupid monkeys, they sent the money back to the sender, blocked︀ our account and paid us $300 for “moral” damage. For me, the biggest problem was︁ to get a repeat payment several months later from a client with whom the relationship︂ had soured by that time.
You could say that 50 thousand is a lot for︃ EMI, especially dollars, etc., but Client sent us the same amount again to Wise and︄ they didn’t even ask for documents.
Having now a phobia that my account would be︅ closed at any moment, for the second such transaction I used Paysera and EURO, they︆ credited the amount to the account, did not block anything, and only asked for an︇ invoice after a while.
I would be happy to open a third account somewhere in︈ a not so popular EMI so that it looks like a real bank, for show-off,︉ but that’s it. 😉
Revolut is a little problematic, despite being︉ no. 1 UK fintech.
Ive heard about so many people having problems with Revolut and︊ think its suitable only for low risk business.
I dont know any other EMI that︋ can decide to suddenly reverse your whole month of payments.
https://www.paymentscardsandmobile.com/revolut-problems-continue-as-thieves-steal-20-million/
https://www.reuters.com/business/fi...-grew-by-33-despite-crypto-winter-2023-03-01/
https://www.sitejabber.com/reviews/revolut.com
Ive heard about so many people having problems with Revolut and︊ think its suitable only for low risk business.
I dont know any other EMI that︋ can decide to suddenly reverse your whole month of payments.
https://www.paymentscardsandmobile.com/revolut-problems-continue-as-thieves-steal-20-million/
https://www.reuters.com/business/fi...-grew-by-33-despite-crypto-winter-2023-03-01/
https://www.sitejabber.com/reviews/revolut.com
I don't live in Italy.
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