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Zen.com EMI?

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This can be a problem – it can trigger something. (If⁠ you are told to do something and you do not object, you are naturally expected⁤ to do it.)
This is true, unfortunately.
Sorry but it makes some︂ sense. With all due respect, being told to use passport and trying to use DL︃ three times(!), it is... not a very reasonable behaviour. It leads to a suspicion perfectly.︄ Do not forget that the process is to a large extent automated (otherwise it would︅ be costly / would not be for free).
Well, generally it is possible (although there are certain law barriers blocking institutions from︈ sharing data) but I do not think this is the case.
Some operators (especially with prepaid cards or virtual︋ operators) do not handle SMS messages well, especially from abroad.
Yes, it could have contributed.
Wrt this passport/DL⁠ problem, what have you expected? Zen is a cheap EMI; the complications with handling applications⁤ represent unnecessary cost.
To avoid misunderstandig: I am not advocating for Zen. It is not⁣ a very customer-friendly behaviour in general. I am just trying to explain the roots.
See above...
Good for you! (You might just have a luck 😉 ). Could you share the name,︁ for a recommendation?
 
Hi mate! Thank You for your reply. I tried 2 times with⁣ an ID card and 1 time with a driver's license, because I wanted it verified⁢ asap due to the fact my passport is located in another city at the time︀ of doing the verification..
Yes, the numbers︂ are being managed by different operators, this could explain it.
Although it is not a very reputable EMI, I've decided to give︅ it a try with small amounts since the card and the delivery is free, it's︆ Monese. I am currently looking for other EMIs, besides Adv Cash, Revolut, and Wise, which︇ have a card and don't ask for a TIN.
 
Oh, well. I was misunderstanding a little bit. I⁤ understand your motivation, nevertheless you should have objected to the agent “I am sorry but⁣ I am not able to use my passport, as I do not have it here.”,⁢ when recommended. (It is pretty possible that it would not have changed the final result,︀ I do not know.)
Understandable.
BTW, what service do you need from the EMI?︅ Just a card, not payment service? In what currency? How you are intended to fund︆ a card? There can be plenty of reasonable options... (You want a personal account, I︇ presume.)
 
Yes, looking for a personal one for low amounts in EUR/USD, for temporary usage, can⁤ fund it via bank transfer.
We are looking for a corporate account as well, we⁣ have an application somewhere, and hopefully, it will be accepted asap.
 
In such a case you‍ can go well for example with Blackcatcard, I think. It is bound to EUR only⁠ account, so for payments in USD you will bear FX costs; but for low amounts⁤ and temporary usage it IMO does not matter so much. (Cards bound to a multi-currency⁣ account are less frequent.)
Good luck!
(If it evt. fails, come here for advice 😉 )
 
I remember I read it somewhere where they ask for tin and report automatically(implemented the⁤ CRS). My country is in the EU but it has its own currency so will⁣ pay FX fees, as always. 🙂
 
I do not possess any information related to this‍ (maybe someone else here does); but generally:
All the EU (and UK, too) EMIs are⁠ in the same situation. Their countries of incorporation signed for AEOI/CRS but EMIs, as subjects,⁤ seem not yet being formally forced to report automatically. Whether some of them report or⁣ not, it is uncertain. In any case it is definitely not recommendable to rely on⁢ it, if you need some discretion in front of a taxman. (Note: you can be︀ perfectly reported even without knowledge of your TIN.)
From the three subjects you have named︁ above, only AdvCash definitely does not report – but it is just a shell, some︂ subject behind might report; Wise is the same as Zen/Monese/Blackcatcard and Revolut reports for sure,︃ it is a bank.
 
Yes, that is for sure, I don't rely on EMI for secrecy but I try‌ to minimize the risk of getting automatically reported. I doubt any taxman in my country‍ will be interested in low amounts, however, it is possible, but if I was the⁠ taxman, I wouldn't waste my time investigating my case since it is a mass practice⁤ among individuals nowadays and it is not such a crazy amount, also no illegal money⁣ source. I try not to use Revolut since it become really popular and turned into⁢ a bank. Many people use Revolut in my country, so if a taxman starts to︀ investigate this sphere closer, then it would be Revolut to start with, that is another︁ downside and why I don't want to use it, I think only people who deal︂ with high amounts would be interesting("profitable") to be investigated due to the fact it would︃ be a waste of time for a taxman to investigate 10 different cases where 10︄ people got a yearly turnover of 20 000 EUR instead of 1 person who got︅ the yearly turnover of 200k EUR, that is just an example, how they can minimize︆ their time and effort. Also, I believe more of the interest would fall into businesses︇ and especially those that are dealing with VAT because most financial crimes are the abuse︈ of VAT. Yeah, you may be interested as well, if you are unemployed, have a︉ luxurious lifestyle, and show it to the public, without even paying your monthly health insurance︊ and have nothing declared as an income.
 
This is in︋ fact OT here, so just briefly.
There is also another logic:
It is much more︌ comfortable to catch 100 small fishes where the case is simple and clear; than try︍ to catch one big fat fish involved in a complex case who can afford to︎ pay very smart lawyers. (Small cases are all similar: There is ~4 figures sum landing️ at the account; where and how was it taxed?) It is just about semi-automatic processing‌ of a big data that is pretty simple nowadays. (I heard that a nice example‍ of applying this logic is contemporary Romania.)
Similarly, it is probably true that most financial⁠ crimes today concerns VAT but it represents a very sofisticated crime complicated to prosecute.
Of course, the decision what logic will be applied is a political decision depending fully on⁤ a particular country.
As this is really off-topic for this thread, if you like to⁣ discuss it more, I propose you to start a new thread here TAX & Legal⁢ Topics 🙂
 
Since they got recommend to us as an alternative payment processor I would like to‌ know what the latest experience is if someone has used them for some time, at‍ least 6 - 12 months wit clean business.

Any experience would be much appreciated.
 
I heard from many people that recently they often do bans⁤ and reKYC but it's mostly regarding gray business
 
They're still performing well. Very reasonable to work with.
 
I have only opened account with them the business one recently⁤
But for now only have small amount with them
For now had no problems but⁣ will see in future
 
All good , personal and buss . they are crypto friendly also . PLN pair‌ on binance is provided by them

SEPA instant not available
 
Can anyone share which banks ZEN.com relies on for handling EUR and USD transactions? Specifically,‌ when issuing an invoice with payment instructions for ZEN, which bank's details are provided to‍ the client
 
For EUR/SEPA, it's Zen themselves handling it end⁠ to end. For SWIFT and other currencies, it's CurrencyCloud.

The accounts are in your name,⁤ though.
 
He already did in a‌ previous post, it was Monese - however, I believe he has found others in the‍ meantime 😉
 
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