Looking for a UK account for a money remittance company

[Franciscorhp]

Hi I am new here I was reading the forum and I could find anything to help me! because that I am posting!

Do someone knows banks what accept a a money remittance (money transfer) company in uk?

I tried many of them and all of them just keep the account open for some months or reject direct when they know is a money remittance company!

We need an account to receive a customer transfer and procede with the payments abroad

Thnak you

 

[CaptK]

Where is your company licenced?

 

[Martin Everson]

Go with BFC bank if you meet their requirements and‍ if you are regulated in EU and can do volume. They are a fairly new⁠ bank in UK, but group is very well established money remitters themselves.

Home - BFC⁤ Bank

If you are on a lower budget and regulated but willing to pay a⁣ fat monthly fee until you build volume then go with Earthport.

Earthport | Cross-border payments⁢ | Foreign exchange | Money transfer

 

[FinTech Avenger]

What's your⁢ company ownership structure? Is it regulated in the UK or elsewhere in the EU? Is︀ it regulated as an authorized payment institution (API) or rather registered as small payment institution︁ (SPI)? If it is incorporated not in the UK, does it has passporting under PSD2︂ to the UK? Do you provide online remittance services, or cash-based?

I'll send you PM︃ shortly - banking for financial services providers is one of our core services 🙂

BFC may be an option, but they prefer to deal︊ with companies that have real presence within the UK and regulated as authorized payment institution.︋

There are less costly alternatives to the Earthport, which could be quite selective and not︌ very comfortable with some quite common money remittance pathways.

 

[Martin Everson]

@Franciscorhp Be careful with anyone PM'ing you with a service offering 😉

 

[FinTech Avenger]

I've offered @Franciscorhp a non-onligatory consultation on this matter, so assume it'd be‌ fair to say that I've not offered any services so far 🙂

 

[Franciscorhp]

We are a money transfer regulated in UK⁣ licenced for FCA but what I can see is the banks categorize us like a⁢ high risk company and prefer do not offer the service!

We have the hole process︀ working the big problem right now! is an account on the bank to receive a︁ customers transfer

 

[FinTech Avenger]

Correct - you are classified by default⁠ as a high-risk business given money laundering concerns and reluctance of high-street banks to serve⁤ their effective competitors. Even provisions in the PSD2 prohibiting discrimination of MSB's by the banks⁣ don't really work well. The fact you're regulated by the FCA won't get banks too⁢ excited and queueing in line to offer their services, it rather goes the reverse way.︀

Some of the solutions have been named in this thread, and there are more in︁ the spot. However, it all goes down to the particulars of your business model, ownership︂ structure, targeted groups and types of customers and destinations of your outward remittances.

 

[Franciscorhp]

We work 100% with people︁ we don't deal with business only with people! and we just make payment right now︂ to EU and Brazil.

 

[FinTech Avenger]

I won't be able to make any in-depth analysis of your situation on public forum as‍ there is not enough info to make any definitive conclusion and give relevant advice, and⁠ my advisory services are billable. However, in brief, your issue may lie within your risk⁤ appetite (and Brazil is risky destination for money laundering purposes), as well as with 100's⁣ of any other factors that may be present in your organization (ownership structure, owner's experience,⁢ lack of well-defined business plan and compliance procedures etc.).

 

[DGTLOTC]

What is the name of your money transfer company?
I work with a lot of‌ companies In your sector both present and past what you need to do is get‍ a named segregated account that’s issued by a UK Api sounds like you don’t need⁠ USD so your battle is a little easier

a relationship directly with a bank is⁤ hard - how long have you been going and what is your turnover ? Also⁣ do you hold an SPi or Api ?

your flow is it to first party⁢ account overseas or have you got pay out partners ?