What's savest EMI for 20K SEPA transfers without blocking?

[Forester]

May I⁠ ask you about your experience, how much time the KYC procedure at Finductive can take?⁤ I had also been directed there, by my tax consultant; our company (two UBOs –⁣ I & my partner) succesfully passed the Preliminary Check, then we approved the Pricing Schedule⁢ (quite reasonable, IMO) and after some time uploaded all the demanded documents (29 documents altogether,︀ but nothing extremely sophisticated, just paperwork). We received a message that “Our officers will check︁ the uploaded documents and data. You will get an email notification when your process is︂ finished.“ more than 3 weeks ago – nothing happened since that day.
Maybe it is︃ not extraordinary; but furthermore, in a PAYMENT SERVICES FRAMEWORK CONTRACT (available at Finductive's webpage) it︄ is stated “5.1. Onboarding Fee. Following the Preliminary Check set out in Clause 3.2.1 above,︅ fifty percent (50%) of the Onboarding Fee is due by the Applicant to Finductive prior︆ to starting the Onboarding Process. Instructions of how to settle such Onboarding Fee will be︇ given to the Applicant via e-mail.” Not even such an e-mail arrived...
Remark: We are︈ not a high risk business, I think. Just a business consulting company, located at Cyprus.︉

 

[BlueMist]

It took around 1 month for me (with‍ nominee holding structure). Onboarding fee was charged to the account and I didn’t have to⁠ pay anything upfront. Apart from that no issues. Every time you receive or send transfer⁤ above €25.000 you need to submit supporting document e.g. invoice. I have been doing or⁣ receiving transfers €200.000+ and that was never an issue.

Just be patient, I prefer this⁢ approach upfront to instant EMI opening which makes your life miserable later on.

 

[Forester]

Thank you very much for the quick response. This explains well the circumstance I⁠ was mainly concerned with.

I am happy to read it, really.

Generally, the︁ same for me, of course. Agree at 100%.

 

[JohnLocke]

They declined our application in⁤ a few days 😀 not sure how much better they are over other so called high⁣ risk processors. Maybe someone else has more luck.

 

[Forester]

Well, just for the case it is worth for someone: After another two weeks, still‌ no feedback from Finductive. We are still patient 🙂

 

[jkid]

Hello! Were‍ you eventually successful with Finductive? My application with them is pending for nearly 2 months⁠ now

 

[Hamilton]

You could use DynaPay but they will request for supporting documents

 

[Forester]

Sorry, I was not online for two‍ days...

To make a long story short: not yet – but they did not refuse⁠ us... 🙂 🙁
Longer version: After an almost unbelievable technical problem – it turned out after 3⁤ months or so, that some e-mails (more than one!) were not delivered (regardless of whitelists⁣ etc., simply it was not delivered to the final server); so it is necessary to⁢ begin from the very beginning – the case is still not closed by the compliance︀ department.
We called them 3 weeks ago; they promised to inform us soon, but they︁ are still silent. The staff is friendly and the costs for us are zero until︂ now, so I do not want to put a shame on them – but it︃ seems to be really complicated and slow.

(In the meantime, we decided to try another︄ solution – it is still in progress so I am keeping it zipped; when closed,︅ I will share the result here on forum in a corresponding thread.)

 

[tacokai]

so this has going on for you since June 2021‍ ? ja334¤¤#

 

[Forester]

Yes, it has 🙁.