Offshore banking without a pooled IBAN?

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pieceofmind

pieceofmind

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For my Samoa company, I opened a corporate account at Caye Bank in Belize. For context, it's a software consulting company under $500k/yr. UBO is a non-resident Canadian.

The IBAN that Caye Bank provided is a pooled IBAN number where the sender must put my account info in the reference memo. It is such a problem when hooking it up to payment providers or other services like Amazon payments, etc because there's no place to add a memo.

I don't want to create a US or UK LLC wrapper because I don't want to get tangled up with the IRS or royal revenue at all even if only for reporting, rather keep things as simple as possible as well.

Any experience with a solid offshore bank that provide a dedicated IBAN?
 
You can use Currenxie EMI, for those amounts it works great.

Much cheaper than Caye Bank.
 
Airwallex was one of the first I tried, but said they don't work for Samoa. I'll try Currenxie and report back..

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What payment rails do you need to access? What amount are you willing to spend for opening and for monthly running the account?

I know of 2 institutions which can be opened by introduction. Would be crypto-friendly as well. But it depends on your pricing outlook.

Currenxie might work. Samoa is not on their banned countries list and they have a lot of supported rails. Their risk appetite is not so high though so maybe they won't consider the business valuable enough to take a pretty low reputation IBC.
 
Currenxies is working well for my in my country (EU) if you can get an account there, you should take it.

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Clank said:
Clank said:
You can use Currenxie EMI, for those amounts it works great.

Much cheaper than Caye Bank.
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Nauru said:
Nauru said:
Currenxie might work. Samoa is not on their banned countries list and they have a lot of supported rails. Their risk appetite is not so high though so maybe they won't consider the business valuable enough to take a pretty low reputation IBC.
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Currenxie is generally fine; but they always had American Samoa as one of high risk countries/jurisdictions, so your chances are close to zero there, @pieceofmind, I am afraid.
TBH, American Samoa is a problematic country re: banking nowadays, unfortunately. You can try with Verifo but they will be able to offer you just SEPA, if anything. You should also check Interpolitan Money but I do not dare to predict the result.
There are more players for high-risk jurisdictions in general; but unfortunately, a software consulting is often treated as a higher-risk business and your turnover also will not motivate some players enough 🙁
Can you share the UBO residence country?
(BTW, a US LLC might really be a more simple solution...)

UPDATE: Just now I have realized that I presumed that you had meant American Samoa not Samoa (formerly Western Samoa); but if the latter, not much changes. Samoa is not on the high-risk jurisdictions list of Currenxie but the situation will be similar, I guess.

Last edited: Oct 4, 2024
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
 
Forester said:
Forester said:
Currenxie is generally fine; but they always had American Samoa as one of high risk countries/jurisdictions, so your chances are close to zero there, @pieceofmind, I am afraid.
TBH, American Samoa is a problematic country re: banking nowadays, unfortunately. You can try with Verifo but they will be able to offer you just SEPA, if anything. You should also check Interpolitan Money but I do not dare to predict the result.
There are more players for high-risk jurisdictions in general; but unfortunately, a software consulting is often treated as a higher-risk business and your turnover also will not motivate some players enough 🙁
Can you share the UBO residence country?
(BTW, a US LLC might really be a more simple solution...)

UPDATE: Just now I have realized that I presumed that you had meant American Samoa not Samoa (formerly Western Samoa); but if the latter, not much changes. Samoa is not on the high-risk jurisdictions list of Currenxie but the situation will be similar, I guess.
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Currenxie accepts offshore / high risk countries with an additional fee of 0.05% of all payments received.
 
Clank said:
Clank said:
Currenxie accepts offshore / high risk countries with an additional fee of 0.05% of all payments received.
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Wow. I admit I was not aware about this, altough living under impression that I know Currenxie quite well. Your statement is based on the proved experience, I presume? (It's almost too good to be true 😉 ”“ as 0.05% is effectively zero... 5 from 10k payment is negligible.)
Thanks for sharing!

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
 
Forester said:
Forester said:
Wow. I admit I was not aware about this, altough living under impression that I know Currenxie quite well. Your statement is based on the proved experience, I presume? (It's almost too good to be true 😉 ”“ as 0.05% is effectively zero... 5 from 10k payment is negligible.)
Thanks for sharing!
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If you go to their website and later to pricing, you can find this under additional fees section. But I know if from experience as I use them for my companies.
 
Clank said:
Clank said:
If you go to their website and later to pricing, you can find this under additional fees section.
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Very true. Really, thanks for pointing at it.
Just needing to add that this is, apparently, quite a new measure. I've just checked the snapshots of Currenxie webpages at archive.org and it was not so until at least 2024-06-17 (until this date, no such information neither in Pricing nor in Global Account Guidelines).

Clank said:
Clank said:
But I know if from experience as I use them for my companies.
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Nice.
BTW, this fee schedule also clearly implies that Currenxie is currently quite fine with Anguilla, Antigua, Bahamas, Belize, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Dominican Republic, Isle of Man, Marshall Islands, Mauritius, Monaco, New Caledonia, Saint Lucia, Samoa, Seychelles, St Kitts and Nevis, St Vincent and the Grenadines, Turks and Caicos Islands, United Arab Emirates (sorted alphabetically). A very useful information 🙂 (Curenxie was always quite fine with many “classical” offshore jurisdictions but, as far as I recall, it has never been said so explicitly.)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
 
I was not aware of Currenxie and Caya Bank open accounts for Belize and Seychelles or Belize companies. Anyway, do you know if they have strict KYC and lots of DD they do on such companies? Any substance requirements?
 
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