Epayments for personal use

[7889]

After initial verification was done, epayments is asking for description of provided services and supporting docs like agreement, invoice or screenshot. Are they not OK with just using their personal account as current account for everyday spending/online shopping and such? Will i need to provide supporting docs for all incoming transactions?

 

[JohnLocke]

Most often you will have to provide supporting documents. I got a personal account approved but as soon as I start using it they started to ask for additional docs.

But generally I have had only bad experience with ePayments I must say, so let's see if others will respond here.

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[7889]

Admin said:
Most often you will have to provide supporting documents. I got a personal account approved but as soon as I start using it they started to ask for additional docs.

But generally I have had only bad experience with ePayments I must say, so let's see if others will respond here.
Click to expand...

May i ask, were you approved also after answering questions similar to mine or it was easier?

 

[CaLViN]

You have to pass the initial KYC.
Thenafter you will receive questions about your first or second incoming transfer.This is quite normal.You have to explain them the reason of the transfer.
Then you should be good to go.No more questions.

 

[7889]

CaLViN said:
You have to pass the initial KYC.
Thenafter you will receive questions about your first or second incoming transfer.This is quite normal.You have to explain them the reason of the transfer.
Then you should be good to go.No more questions.
Click to expand...

Are they OK with using account for personal spending and not for receiving payments?

 

[CaLViN]

I am receiving payments from 2-3 companies.
30-60 K some months.No transfers some months with no operations at all.But no questions.They never ask me about transfers or anything.It is like my local bank account. 🙂))

 

[kengan]

CaLViN said:
I am receiving payments from 2-3 companies.
30-60 K some months.No transfers some months with no operations at all.But no questions.They never ask me about transfers or anything.It is like my local bank account. 🙂))
Click to expand...

You receive to your personal account and the you spend the money or you withdraw it?

 

[CaLViN]

Spend and withdraw.
I havent had problems with atm withdrawals before.I have friends with personal accounts.They both spend and withdraw and no issues at all.
I have a friend who withdrawn 350K euro in one year from one personal account.

 

[kengan]

May I ask why you use epayments and not transferwise? What is better with epayments?

 

[CaLViN]

We also have TW accounts but they dont seem stable actually.They might ask tons of questions or even close your account.
They dont issue cards for Non-EU residents,too.

 

[kengan]

CaLViN said:
We also have TW accounts but they dont seem stable actually.They might ask tons of questions or even close your account.
They dont issue cards for Non-EU residents,too.
Click to expand...

thats good. you only use business account with epayments? what KYC questions do they ask?

 

[JohnLocke]

7889 said:
May i ask, were you approved also after answering questions similar to mine or it was easier?
Click to expand...

Yes they didn't asked more questions after the 5th or the 10th document I send to them. I'm not using this service any longer, just to risky. My transaction was a small one so if they wouldn't have approved it I would not bother.

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[CaLViN]

I both use personal and business accounts on ePayments.
Regular questions like where is the money coming from,going to/ where are you working / how do you earn your income..

 

[kengan]

thanks. do they report under CRS and may i ask in what country you registered the business?

 

[CaLViN]

I dont know about their CRS status but they are using Rietumu bank in Latvia.
We have accounts for UK LTDs.