US EMIs are dead?

[inector]

A client of mine had a US business doing marketing for 4 years.

Mercury sends a message "your account will be closed in 2 weeks", no explanation, great. Many people complain as well in the same period.

Now, alternatives I have tried:
- Relayfi (doesn't allow his passport, he is Russian)
- Brex (50 employees)
- Zenus (not yet released)

Others tried:

- Payoneer (rejected payment without even asking for invoice, monkeys, plus it's subject to CRS)
- Paysera, Worldfirst, Airwallex (Foreign EMIs, wouldn't fit in the list)

So...that leaves Relayfi only as the option? Wouldn't consider a jurisdiction that has only 1 EMI that is reasonable.

 

[marioIT]

wouldn't touch USA with a ten-foot pole for a while. Unless you really forced to‌ be there. Yep they're tighten things a lil.
If you open Mercury with US address...‍ they now wants real proof of US customers or pretty much that you're etbus right⁠ now.
add that to the face they made when they saw the russian passport 😱

sooner or later someone will have to ask them how their bosses or VCs can still⁤ shuffle heavy money to caymans and are avoiding taxes without issues 😉
unfair world smi(&%

 

[Cloudbanck]

Having US customers doesn't mean ETBUS though. That's mainly if you have︀ dependent agents/employees or an office in the US, or you spend time in the US.︁

 

[Martin Everson]

Whats his residency?‌

That Russian passport may be a grave headstone without a decent residency to go with‍ it.

 

[inector]

EU resident

 

[Sols]

If he has genuine EU residence permit, that saves him from EU sanctions. But a‌ US bank/fintech has enough clients that they can just reject all Russian citizens (who aren't‍ resident in the US). Much easier that way. Not worth the risk to them.

Why is CRS a problem? Is he committing tax evasion?

Gee whiz, I wonder why Mercury, Payoneer, and Relay said no.

 

[inector]

It's always better to have‌ a FATCA one

On this note, are USD accounts CRS reportable in like Wise /‍ Payoneer / Paysera?

 

[Sols]

Currency is not a factor in CRS. What determines reportability‍ is having a relationship with a reporting institution.

 

[uplana]

Account holder is from Russia but he owns a US LLC and don't live in‌ the US correct ?

 

[inector]

Yes

Didn't know that, thanks

 

[yngmind]

relayfi is a racist emi.

They don't accept︀ lots of people based on their nationality, and guess what, they don't accept Russians too︁