Local US bank account with EU company

[hoffak]

Hi!

We run a e-com store doing 7 digits per year and are in desperate need of a local US bank account to be able to receive USD payouts from Stripe. Currently we're paying 2-3% exchange fee on ALL revenue due to not being able to make USD withdrawals to our EU bank account.

I got banned on TransferWise due to trying to create a 'dark' account 1-2 years ago and I keep getting banned instantly when I open a new account (with new and real info), so TransferWise seems not to be a option.

So how can I go about getting a US based bank account for my legal EU based company? I talked with my local bank and they told me they could set me up with their US branch at a $5,000 / year cost, but I thought that was excessive.

I'm eager to hear your suggestions. Thanks!

 

[Sadhu]

Hey! Have you tried Payoneer or Ebury ?

 

[hoffak]

Yes, but Payoneer charges 2% to make withdrawals so it's basically the same as paying‌ the currency exchange fee directly with stripe.

 

[Willblack]

I think Paysera should be an option?

 

[hoffak]

They don't seem‌ to use local US bank accounts, or am I wrong? To clarify... it's necessary that‍ the bank account is based in the US and that it's not just a USD⁠ IBAN account.

Also, when I'm navigating around on the Paysera website they don't feel very⁤ trustworthy, especially when we need to trust them with $150K/m.

 

[Sadhu]

Paysera can be trusted, one of the better EMI out there, but⁣ they won't solve your problem for USD. You can also try moneycorp bank - these⁢ guys are pretty flexible and you will have your account manager who can be reached︀ on the phone on demand - they should be able to help.

 

[hoffak]

Thanks. What about opening a 'real' bank account with a US bank. Is there any services⁤ that can help me do that for my current company?

 

[Sadhu]

I know you can open with Silicon Valley Bank. Maybe get US company?

 

[Martin Everson]

Ok

7 digits per a year but your not⁤ making enough profit from that to pay $5,000 a year....just saying.

 

[hoffak]

We definitely are capable‍ of paying that amount, but I find it ridiculous that they want to charge us⁠ $5,000 (per year!) for simply having a bank account opened with their US branch. So⁤ it's more a matter of principle why I'm looking for an alternative.

 

[hoffak]

I signed up with Moneycorp. I'll report back once I've tried them out! 🙂

 

[curiousmarv]

Paysera will not work. They are absolutely incompatible with USD receiving in every way.

Worldfirst World Account. It's more or less a competitor to TransferWise.

 

[BlueMist]

Moneycorp Bank sounds flexible but they expect you to make FX transactions/transfers, otherwise they won't open⁤ the business account.

 

[clemens]

Do you know how reliable and "strong" they are - I know from @Martin Everson post that TW is backed with money.

 

[curiousmarv]

Just Google for‍ World First valuation and then you will see a past valuation on TechCrunch and Crunchbase⁠ and that a branch of Alibaba bought them. I think impressive is that World First⁤ moved double digit billions since creation and I know people buy e.g. houses with World⁣ First FX services and also many Amazon merchants use their services. They are legit but⁢ if you do a 1:1 comparison to TW then TW is bigger.

Nevertheless I would︀ not store very big amounts for a longer time on neither TW or World First.︁

 

[isyet]

Yes, right, Our Paysera experience: We had a business account at Paysera.⁣ Although we filled out the KYC form during the first registration, the money on the⁢ account was restricted after 1000 USD. Account remained closed for 30 days. we have become︀ unable to do our job. Our customers sent money to our paysera account. But we︁ couldn't take the money. I sent the same KYC form we gave a year ago︂ many times. They did not unblock our account again. After a lot of emails, our︃ account opened 1 month later. We became victims. We have tax numbers in 3 EU︄ countries. Paysera excuses KYC and runs the money for a long time. When they said︅ we would complain to the EU consumer rights agency, they opened our account. All emails︆ are available as evidence. I recommend you stay away.

 

[dotpedal]

What is the local bank with a USA branch︄ that offered to set you up with a USA account for $5000/year?

 

[clemens]

second that question. Would‍ love to hear about it?