SWIFT to EU accounts under offshore IBC (affiliate payments)

[smbdoff]

I read that a lot of EU/US companies don't want to work with offshore companies because of issues with banking. But I'm somewhat confused why they would have issues transferring funds to EU bank accounts that are registered under some company name (even if it's an offshore company)? The funds go to a reputable bank in EU and only the following info is provided:


Bank account name











Bank account number











Bank name











Bank code











Bank address











Bank SWIFT code





And by the way, what info goes under "bank account name"? I assume it should be a company's name, for instance, "blah blah name, IBC"? not the name of the person, right?


It would be great if somebody with experience could reply.

 

[adultmaster]

And by the way, what info goes under "bank account name"? I assume it should be a company's name, for instance, "blah blah name, IBC"? not the name of the person, right?
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True


I don't see isues getting my business partners pay to my SC company in Cyprus they don't even ask questions. So far I neither faced any issued to receive funds from my partners. Did you had problems in the past OP?

 

[smbdoff]

I don't know because I receive payments to PayPal now, but I have one company that has a limited list of jurisdictions they consider. The only "offshore" jurisdictions they have are not true offshore (like Hong Kong, Singapore, Malta, Cyprus) and they specifically indicate that it's a "form for banks in XYZ country".


"If your bank is located in a different country, please choose it here:


If your country is not listed here, we do not currently offer Direct Deposit to your country."


So by jurisdictions I assume they mean banking, because they will not know where the company is based unless we sign a contract and I don't think we will.


I guess I'm asking so that I don't have to email each and every one asking if they have issues with offshore companies. I won't be signing any contracts with them so I don't think having a bank account in EU under offshore company is going to be an issue. I assume some just have strict reporting and cannot send money to offshore bank accounts.

 

[JohnLocke]

If you can use 2co.com, Neteller, Skrill or some other payment processor your would get rid of PP's money laundering restrictions.

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[smbdoff]

Admin, I don't need a payment processor, I need a bank for direct wire transfers. I'm using PayPal now only because I don't have a business bank account. By the way, do you know what are PayPal money laundering restrictions? Just curious

 

[adultmaster]

I need a bank for direct wire transfers.
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So you need a bank account why don't you open one with what is suggested? you can have banking in Cyprus, Belize, Mauritius, Latvia and many other places easily!

 

[smbdoff]

So you need a bank account why don't you open one with what is suggested? you can have banking in Cyprus, Belize, Mauritius, Latvia and many other places easily!
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Yeah, I will do it next month. I am just gathering info

 

[JohnLocke]

Admin' date=' I don't need a payment processor, I need a bank for direct wire transfers. I'm using PayPal now only because I don't have a business bank account. By the way, do you know what are PayPal money laundering restrictions? Just curious[/quote']
You can find PP's regulation here Offshore Company Registration - Incorporation Offshore Companies | SFM Offshore
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[smbdoff]

I meant something more specific 🙂 I know they have algorithms that scan for "suspicious transactions" and flag a ton of transactions as "high risk" or "fraud". In my experience even most banks are not as uptight as paypal.

 

[happyjohn]

OP did you copy past? It's not very friendly to read your post 😉

 

[lavel]

smbdoff said:
I meant something more specific 🙂 I know they have algorithms that scan for "suspicious transactions" and flag a ton of transactions as "high risk" or "fraud". In my experience even most banks are not as uptight as paypal.
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PayPal really sucks! I wonder how long it takes the banks to adopt some of this!

 

[zoomer]

Is this something you have the first-hand experience with or just something you heard or read on a forum or something like this?

Personally, I have had an account with Piraeus Bank in Cyprus for some years and never had a single issue with them. Excellent Internet banking and right support the few times there were problems.

They are not cheap, but hey, what offshore bank is cheap today?

 

[negon]

smbdoff said:
I meant something more specific 🙂 I know they have algorithms that scan for "suspicious transactions" and flag a ton of transactions as "high risk" or "fraud". In my experience even most banks are not as uptight as paypal.
Click to expand...

You could try ABC Bank Mauritius or some of the Cyprus banks! You may already have found a bank by now.

 

[JohnSeed]

What bank did you found for your needs OP?