simon
2016-05-28 19:58
has joined #banking
jumichot
2016-06-03 17:33
has joined #banking
maxsuur
2016-06-09 04:44
has joined #banking
david99
2016-06-16 12:33
has joined #banking
david99
2016-07-04 11:28
Hello, does anyone have recommendation for mail forwarding service in the US?
I used to stay there for a short time and have a bank account. Need mail forwarding for mails from the bank.
Thank you.
maxsuur
2016-07-04 22:24
Mmm no idea sir
simon
2016-07-12 01:49
@david99: I've heard great things about US Global Mail. Their prices are quite reasonable too, around 10$ per month. https://www.usglobalmail.com/
david99
2016-07-18 12:29
Thanks, @simon
yura-by
2016-08-08 12:29
has joined #banking
brab
2016-08-10 01:35
has joined #banking
kim
2016-08-19 21:01
has joined #banking
yura-by
2016-08-31 12:04
"I will give you an example: I opened a DBS account in Singapore and a Standard Chartered account in Hong Kong. I also opened Citibank accounts in both Hong Kong and Singapore. When I want to transfer money from Hong Kong to Singapore I send a local transfer from my Standard Chartered account to my Citibank HK account. I then use the free Citi Global Transfer functionality to send money to my Citibank SG account. I then send a local transfer from my Citibank SG account to my DBS account. Total cost? 0$."
@simon What currency were you using in these transfers? Is it possible to transfer other currencies than SGD for free between Singaporean banks, or other than HKD between Hong Kong banks? Or did you make currency conversion at some point?
simon
2016-09-03 01:49
@yura-by With Citi Global Transfer, you can send and receive transfers free of charge between Citi accounts. The currency used doesn't matter as long as it is supported by Citi in both countries (most currencies are supported but some are not, for example: CNY).
simon
2016-09-03 01:50
For example, you can transfer USD from HK to SG. You can also transfer HKD from HK to SG and have it converted to SGD upon arrival.
yura-by
2016-09-03 03:44
@simon I meant cost effective local transfers in SG and HK. Eg., is it possible to transfer Standard Chartered HK -> Citibank HK anything except HKD? Or Citibank SG -> DBS anything except SGD?
simon
2016-09-03 03:54
@yura-by Yes, in fact in Singapore it is even cheaper to transfer foreign currencies than it is to transfer SGD. In HK most banks consider the HKD, USD and CNY as "local". Some even consider the EUR as local.
simon
2016-09-03 03:56
Because most Singapore banks charge an "inbound" transfer fee for SGD
yura-by
2016-09-03 03:58
@simon Wow, cool. I thought they will convert something like USD->SGD, then make transfer, then convert back SGD->USD, resulting in loss due to double conversion.
yura-by
2016-09-03 03:59
Which transfer method supports USD in SG? I saw they have several (GIRO/FAST/MEPS)
simon
2016-09-03 04:08
USD transfers are cleared by Citibank in SG using the USDCCS system.
simon
2016-09-03 04:08
Provided that you have a USD current account.
yura-by
2016-09-03 04:15
@simon thank you
simon
2016-09-03 04:20
@yura-by Oh and Citibank SG offers a USD debit card, this is also a convenient way of accessing your money without having to convert it to SGD.
yura-by
2016-09-03 04:25
Now when I know that it is possible to make local USD->USD transfers, I'm thinking about getting PoS/online enabled debit card from another bank. But it seems all of them have some fees, like FX fee or foreign transaction fee
simon
2016-09-03 04:28
Yes that is a problem in Singapore, I can't tell you for sure but I'd bet no banks offer a no-fx fee debit card.
simon
2016-09-03 04:29
In HK it's much easier to get such a card
simon
2016-09-03 04:30
A way to mitigate this is by getting a credit card that offers enough rewards to compensate for the fee. For example, a card offering 2-3 miles per $ spent.
simon
2016-09-03 04:34
This card offers 3% cashback for online transactions: https://www.ocbc.com/personal-banking/cards/365card.html
simon
2016-09-03 04:34
This covers the fx-fee
simon
2016-09-03 04:34
It's in SGD though
simon
2016-09-03 04:38
This gave me a good laugh! ICBC...
yura-by
2016-09-03 04:39
do they open accounts for non-SG residents?
simon
2016-09-03 04:42
I have no experience with them in Singapore but my guess is that they would be pretty damn hard to convince, especially as you have no ties to China. I have an account with them in mainland China and they are the least-customer friendly bank I've ever dealt with.
yura-by
2016-09-03 04:51
UOB cards looks interesting for withdrawals in Malaysia, Indonesia and Thailand. But they probably mean SGD only accounts when they write "You'll Need: A UOB Savings or Current account "
http://www.uob.com.sg/personal/cards/debit/uob_direct_visa_card.html
simon
2016-09-03 04:52
Yeah UOB, DBS and OCBC only issue SGD debit cards
yura-by
2016-09-03 04:52
UOB has good presence in Thailand contrary to Citi (which has only 3 ATMs, all of them in BKK)
simon
2016-09-03 05:01
Ah I just found an interesting one: http://www.cimbbank.com.sg/en/personal/products/cards/credit-cards/cimb-visa-signature.html
simon
2016-09-03 05:01
CIMB has a decent presence in Thailand and Malaysia
simon
2016-09-03 05:01
And this card has no forex-fee
simon
2016-09-03 05:02
And you can get it as a non-resident by posting a security deposit
jedijames
2016-09-14 21:21
has joined #banking
jedijames
2016-09-14 21:22
hey there
jedijames
2016-09-14 21:23
we are thinking about setting up a RAK offshore company. what kind of banks want to work with this kind of structure ? would we be able to open a bank account in Georgia or Latvia ?
simon
2016-09-15 03:27
ADCB in the UAE is a great bank and they open accounts for RAK offshore companies. You can find more info here: http://www.adcb.com/businessbanking/smebanking/accounts/currentaccount.asp
simon
2016-09-15 03:28
You could also bank in Latvia (not sure about Georgia) but I do not see the attraction when you can bank in the UAE where the banks / products are far superior.
simon
2016-09-15 03:28
If you really want to open an account in Latvia, Rietumu and Norvik both work with RAK offshore companies.
jedijames
2016-09-15 08:07
thanks for your reply. sounds goods!
jedijames
2016-09-15 08:10
would there be any US banks that would open a bank account for a RAK offshore company ?
simon
2016-09-15 13:42
@jedijames By US banks I assume you mean banks in the US? Or US banks in the UAE (such as Citi)?
simon
2016-09-15 13:43
If banks in the US, yes it is possible. You will need to get an EIN for your company however.
simon
2016-09-15 13:43
Chase, BOA, Wells Fargo and Citibank all open non-resident bank accounts for businesses.
simon
2016-09-15 13:44
In most cases, you will need to physically visit the bank to open the account.
simon
2016-09-15 13:45
If US banks in the UAE, it also is possible although I'm only familiar with Citibank and their minimum balance requirement is very high compared to banks like ADCB.
david99
2016-09-22 03:41
Everbank (https://www.everbank.com/) in the US would open account remotely if you have US source of income. This is not explicitly mentioned on their website but you will get a similar reply below from their customer service if you inquire:
"If you are a non-U.S. citizen living outside the U.S., under normal circumstances we would not open an account in U.S. dollars unless there was a reason for it; for example, being paid in U.S. dollars, etc. If you would like to apply for an account, please submit the attached personal banking application, W-8 form, color copy of passport, proof of residential address and a notarized bank reference letter. You will also need to include the reason why you are opening an account in U.S. dollars. These types of accounts are reviewed on a case-by-case basis."
simon
2016-09-22 03:50
@david99 Good info, thanks for sharing. Do you know if they also open business bank accounts for non-US businesses?
david99
2016-09-22 03:58
@simon , you can try to contact their customer support. Please share it if you do :slightly_smiling_face:
I didn't open the account as I already have an account with TD bank.
simon
2016-09-22 04:03
Will do :slightly_smiling_face:
kl5340dc
2016-09-27 11:41
has joined #banking
rjmarsden
2016-09-28 10:55
has joined #banking
simon
2016-09-29 19:04
I have just received the info that remote bank account opening for Estonian e-Resident will only work for citizens of: Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, India, Ireland, Italy, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Poland, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, South-Korea, Spain, Sweden, Switzerland, United Kingdom, United States of America.
simon
2016-09-29 19:05
Other countries will be added in the years to come.
jedijames
2016-09-29 19:07
@simon which private bank in Switzerland were you able to get an account for your belize company?
simon
2016-09-29 19:50
@jedijames CIM Banque in Geneva. I rarely use the account though, the fees are very high compared to what I'm used to in Asia.
jedijames
2016-09-29 19:50
noted!
kl5340dc
2016-09-30 18:55
HSBC HK have been annoying me for a while
kl5340dc
2016-09-30 18:55
couple of months ago this new person from US joined our team
kl5340dc
2016-09-30 18:55
I did first payment for the work he did, and made error during transaction in the communication
kl5340dc
2016-09-30 18:55
Long story short, the money was "lost" for 5 months
kl5340dc
2016-09-30 18:56
Every week calling, complaining, sending papers, etc before they finally found the payment and it got back on the account
kl5340dc
2016-09-30 18:56
I've learned to from here on always send $1 first so in case there's error in wire transfer I don't have to deal with this shit
kl5340dc
2016-09-30 18:57
But it left bad taste, been thinking of leaving HSBC after all of this and switching, but it seems it would just be same shit elsewhere
kl5340dc
2016-09-30 18:57
I heard citibank here?
simon
2016-09-30 19:01
I've been with Citibank for years and they've been great. A great advantage of using them is Citi Global Transfer. If your team members can open Citi accounts (in their home countries), you can wire the money to them online free of charge, instantly. There's no way the transfer can be lost because before you can send the transfer, the system will verify that the account exist and hasn't reached the monthly limit (some countries have limits for the free transfers, usually between 10000-50000 USD per month).
kl5340dc
2016-09-30 19:02
Ah, I saw you writing that elsewher e- so it's not just between personal/business account but also anyone at city - that sounds great
kl5340dc
2016-09-30 19:02
The cc card for miles you're happy with?
simon
2016-09-30 19:04
@simon uploaded a file: https://freedomsurfer.slack.com/files/simon/F2J4UHE7R/citigt.png
simon
2016-09-30 19:05
It doesn't work everywhere but a lot of countries are covered
kl5340dc
2016-09-30 19:05
US as well I assume?
simon
2016-09-30 19:09
Yes, I took the list on the US site so that's why it's not there. As for the card, I love it. I get 2.5 miles per USD spent (used to be 2 but they've increased it this summer). Free lounge access, no annual fee (if you spend more than 100000HKD), free travel insurance. There's also limited time offers (one new every month). This month it's 13% off Agoda hotel bookings.
kl5340dc
2016-09-30 19:15
nice!
kl5340dc
2016-09-30 19:15
I have that HSBC mile thing - it suck
kl5340dc
2016-09-30 19:15
40k miles in 2years, ridiculous, spent way more than that
simon
2016-09-30 19:19
In HK the only banks that have good credit cards are Citi, BEA, SCB, DBS and AmEx. The other ones all suck, especially HSBC and Hang Seng.
kl5340dc
2016-09-30 19:19
how are you guys paying for staff? Staff main expense so would quickly get a ton of miles if I could do it all with CC, but issue is the transaction fee then. Any way around? I saw about giving them a credit card
kl5340dc
2016-09-30 19:20
I saw the BEA card on flyertalk yeah
simon
2016-09-30 19:25
@kl5340dc Does your business bank in HKD? If it banks in USD, using TransferWise for Business is cheap and easy.
kl5340dc
2016-09-30 19:29
got accountsin hkd, usd, euro etc
kl5340dc
2016-09-30 19:29
last time I checked transferwise much mroe expensive than wire transfer
kl5340dc
2016-09-30 19:35
would have to do some math, but it would seem like the cost for transferwise transfer would offset gain in miles
simon
2016-10-01 19:18
@david99 I've sent Everbank a message a while ago and they haven't replied yet. Not impressed with their customer service so far. I'll send them another one and see if they reply.
david99
2016-10-02 10:46
@simon , Sorry to hear about that. I last contacted them in May this year, they replied within 2 days. Hopefully there is no change in their policy. But thanks for sharing :slightly_smiling_face:
kl5340dc
2016-10-02 15:22
Flag theory question:
- you have citizenship country A
- resident country B
- company formed in country C
=> why does bank account company/personal have to be in country D? why not country C too?
kl5340dc
2016-10-02 15:23
if you setup a HK company, you'd setup bank accounts of that company in SG? why not just in HK?
kl5340dc
2016-10-02 15:24
I'm looking for simplicity hence the question
simon
2016-10-02 15:48
You could open the business bank account in Hong Kong. In some other territorial taxation countries however you might need to bank offshore as remitted income can be subject to local taxation.
kl5340dc
2016-10-02 15:51
Ah
kl5340dc
2016-10-02 15:51
already have account in HK, but not personal one. Thinking of whether I'd open a personal one in HK, or do it in singapore (but then move the corporate one as well to get rid of hsbc). I like simplicity a lot so prefer to avoid having accounts in too many places
simon
2016-10-02 15:54
Hong Kong doesn't tax remitted income if it was earned offshore. As such, you can bank there without creating a tax liability. The personal banking products are better than in Singapore too, at least in my opinion.
simon
2016-10-02 16:02
In Singapore, remitted income is subject to taxation in Singapore unless "the headline tax rate of the foreign jurisdiction from which the income is received is at least 15%; and the specified foreign income has been subjected to tax in the foreign jurisdiction from which it was received.
kl5340dc
2016-10-02 16:07
hmm
kl5340dc
2016-10-02 16:08
sounds like better no singapore
kl5340dc
2016-10-02 16:10
what about SG is just an investment account?
kl5340dc
2016-10-02 16:10
personal account in HK that receives income from HK company
kl5340dc
2016-10-02 16:10
then that personal account wires to SG to investment account
simon
2016-10-02 16:13
That would work. It's very easy too and can be done online (some brokers accept online applications, others may require a personal visit).
kl5340dc
2016-10-02 16:15
I assume if you already have citibank in HK, opening one in SG is piece of cake
simon
2016-10-02 16:17
It will help, especially if you have a Priority or Citigold account.
yura-by
2016-10-02 16:31
@simon "In Singapore, remitted income is subject to taxation in Singapore unless "the headline tax rate of the foreign jurisdiction from which the income is received is at least 15%". Do they tax remitted income even if one is not Singapore tax resident?
simon
2016-10-02 16:34
It only applies to Singapore companies, not individuals or offshore companies.
etienne
2016-10-04 17:29
has joined #banking
rupyb
2016-10-04 19:56
has joined #banking
kl5340dc
2016-10-05 17:41
what's the difference between those various citibank accounts: priority, citgold?
kl5340dc
2016-10-05 17:42
simon
2016-10-05 18:12
That's in the US. In Asia they've had this policy since the beginning of the year. It's not a big deal though, Citigold offers very few benefits over Citi Priority (Priority has the free wire transfers and the remote bank account opening globally).
kl5340dc
2016-10-05 18:19
I like their welcome package for city gold
kl5340dc
2016-10-05 18:19
You said account is free if minimum x amount of cash on theaccount?
kl5340dc
2016-10-05 18:20
is the mutual fund/stock account any good with city gold?
simon
2016-10-05 18:31
In HK they waive most fees if you are Citigold. They also have interesting welcome bonus offers, https://www.citibank.com.hk/english/investment/investment-promotions.htm
kl5340dc
2016-10-05 18:33
pretty insane compared to banks in europe
kiessler
2016-10-09 04:11
has joined #banking
jase
2016-10-11 12:43
has joined #banking
rik
2016-10-11 14:26
has joined #banking
kl5340dc
2016-10-15 12:04
@simon when setting up appointement for city gold HK: https://www.citibank.com.hk/english/banking/citigold-banking.htm?lid=HKENCBLBGLNTLCitigoldBanking
=> it's giving this document of stuff to bring: http://www.citibank.com.hk/english/banking/pdf/Personal_Account_Opening_Checklist_ENG.pdf
=> but this is "personal" => what about business banking?
I suppose only thing they need are
- passport
- main business documents (biz certificate)
that's it?
kl5340dc
2016-10-15 12:24
@kl5340dc uploaded a file: https://freedomsurfer.slack.com/files/kl5340dc/F2PQ8972L/citibank-application-requirements.jpeg and commented: Founds this, might be worth adding to the HK article on the site as it's complete checklist, easier to prepare
bastianernst
2016-10-15 23:37
has joined #banking
simon
2016-10-16 02:38
@kl5340dc Thanks for sharing this list. I've added it to the HK banking article :slightly_smiling_face:
kl5340dc
2016-10-16 09:36
welcome
kl5340dc
2016-10-19 08:07
@simon I applied for cit gold hk through their website, no reply. Called them today, dude was asking about registered business in HK, "business entity" he calls it, proof we're operatingin HK. Seems to not like virtual office there. Said wouldn't get approved if no physical presence. Wtf? Nothing like this on their website. This a recent thing? Kept insisting we have lease agreement (for virtual office, but the paper doesn't say that), appearently he said they go physically to the thing to double-check. For real?
kl5340dc
2016-10-19 08:08
Also, he was talking about account opening taking 3-4 weeks. Sounds weird - account opening was one day at hsbc when I did it 2y ago. Is this a citibank thing or account opening in hk has changed?
kl5340dc
2016-10-19 08:09
what's your take on that physical office he seem to claim we need?
kl5340dc
2016-10-25 07:00
@simon any insights you have on my q above?
kl5340dc
2016-10-25 07:02
https://n26.com/ => I saw this posted by the way. Free bank account, free mastercards, free cash withdrawal worldwide. need german address but it seems something like http://mygermany.com would be okay as they don't check. Have applied for one - thoughts?
maxsuur
2016-10-25 07:33
I've got that n26 bank account
maxsuur
2016-10-25 07:33
Worth it
maxsuur
2016-10-25 07:35
You can have it sent at some friend's home address, in casi if you have got one
kl5340dc
2016-10-25 08:04
cool
kl5340dc
2016-10-25 08:04
you withddraw in europe without at zero cost?
maxsuur
2016-10-25 08:04
Exactly
kl5340dc
2016-10-25 08:04
and outside EU just the transaction thing mastercard?
maxsuur
2016-10-25 08:04
Worldwide too
kl5340dc
2016-10-25 08:04
nice
maxsuur
2016-10-25 08:05
Never tried outside of the EU though
maxsuur
2016-10-25 08:05
But at least that is what it says
kl5340dc
2016-10-25 08:05
seems currency cost when non-eu, but its normal cost
maxsuur
2016-10-25 08:05
In that case you could always top your revolut card in case you have one
maxsuur
2016-10-25 08:06
And take out money
maxsuur
2016-10-25 08:08
@maxsuur uploaded a file: https://freedomsurfer.slack.com/files/maxsuur/F2TPCESKZ/slack_for_ios_upload.png
maxsuur
2016-10-25 08:09
There you gi
maxsuur
2016-10-25 08:09
Go
kl5340dc
2016-10-25 09:03
cool
kl5340dc
2016-10-25 09:03
they put me on waiting list when I applied
kl5340dc
2016-10-25 09:03
will let you know how it goes
kl5340dc
2016-10-25 09:03
I opened account in BG here to avoid fees when withdrawing money
kl5340dc
2016-10-25 09:03
but BG banks are charging for every single thing, major PITA
kl5340dc
2016-10-25 09:04
with this n26 accont seem i could close BG account
simon
2016-10-25 18:10
@kl5340dc It's the first time I hear about the physical office requirement. Very strange indeed. It may have simply been a poorly informed support agent. I could also be a new requirement but I can't believe they would shoot themselves in the foot like this. There is over a million companies registered in HK with no physical presence in the city.
simon
2016-10-25 18:10
I can ask them in person the next time I'm in the city.
kl5340dc
2016-10-25 18:16
okay
kl5340dc
2016-10-25 18:16
I'll be there half nov for 10 days, this is first thing on the todolist
kl5340dc
2016-10-25 18:18
Do you need appointement or just walk in? I'd expect if interested in opening a city gold they'd be a bit more personal with the requirements the account has. Not even a reply to application email :slightly_smiling_face:
kl5340dc
2016-10-25 18:20
I thought about bringing a reference letter from current bank to city gold, that acounts are in good standing
kl5340dc
2016-10-25 18:20
that worth it?
kl5340dc
2016-10-25 18:21
proof of business operation is what I struggle with a bit. HK usually requires originals - but everything we do is digital so it's giong to be printed. Stuff like amazon associate is also hard to get proper proof of sales out of their platform. Any suggestions?
kl5340dc
2016-10-25 18:21
the easiest thing I figure would just to show them our numbers from the annual audit - but the guy on the phone said they didn't want that.
kl5340dc
2016-10-26 13:43
@simon found this: http://asiabc.co/blog/2016/07/hsbc-commercial-acct-hard-new-business/
kl5340dc
2016-10-26 13:44
it talks about tighter regulations for HSBC, sounds like what they told me on the phone with citibank
kl5340dc
2016-10-26 13:44
6) Business address proof: It must be a Hong Kong address in commercial area (i.e. tenancy agreement bears your name)
7) Business employment proof: Employment contracts with persons who are residing in Hong Kong as proof that your business has solid operation in Hong Kong is required.
kl5340dc
2016-10-26 13:44
they seem offer assistance opening account with citibank
kl5340dc
2016-10-26 13:48
contacted them, don't want to waste time doing it wrong
jase
2016-10-26 15:03
It's not just HK
jase
2016-10-26 15:03
HSBC have been kicking clients out around the world for years now
kl5340dc
2016-10-26 15:08
HSBC BS bank - want to leave them, not happy with service:)
kl5340dc
2016-10-26 15:09
this year did wire transfer, made mistake in instructions, 3k stuck for 6 months
kl5340dc
2016-10-26 15:09
at one point they recommended to "get a lwayer to get the 3k" back - idiots, lawyers costs more than 3k
kl5340dc
2016-10-26 15:09
they're BS bank
kl5340dc
2016-10-26 15:09
they kick out clients for what reason?
kl5340dc
2016-10-26 15:10
you make me think to have 2 accounts in 2 different banks just to avoid that kind of bs
jase
2016-10-26 15:19
there was a wave of account closures in Canada a while back, pretty sure they were closing in UK at the same time
kl5340dc
2016-10-26 15:49
they do send letters to update your information and stuff
kl5340dc
2016-10-26 15:49
seems this dude ignored that
kl5340dc
2016-10-26 15:49
(or didn't get it)
jase
2016-10-26 15:49
That's a problem for a lot of people
jase
2016-10-26 15:49
Takes me months to get mail sometimes
kl5340dc
2016-10-26 15:50
I have it scanned immedaitely
kl5340dc
2016-10-26 15:50
mailbox => scan immedaitely => then decide if sent by post or not
kl5340dc
2016-10-26 15:50
not takingrisks
kl5340dc
2016-10-26 15:50
the helpdesk process at hsbc he describes is prety much spot on - terrible
kl5340dc
2016-10-26 15:51
when they lost that 3k, I onc espent 45mins on the phone with a guy telling him I'm not hanging up with talkingto supervisor. 3x he put me on hold then came back and said there was none. Kept insisting, eventually I gto one
kl5340dc
2016-10-26 15:51
persistent pest
brab
2016-10-26 17:00
heard it's really really hard to get a business bank account for offshore company in HK now unless you are going to deposit few hundred k
kl5340dc
2016-10-26 17:02
I've reached out to that firm for assistance, to make sure the documents are all okay. money shouldn't be an issue, just doing it right.
kl5340dc
2016-10-28 08:22
$1000 minimum for assistance opening a bank account those assholes
arcaballero
2016-10-28 10:06
has joined #banking
jase
2016-10-28 13:11
$1000 for assistance = cheap IMO
jase
2016-10-28 13:12
This isn't meant to be offensive, it sounds as though we have similar personalities - think about how much work you'd be to them. $1000 to answer your emails/questions, visit banks, review paperwork, etc, seems like a good deal
jase
2016-10-28 13:12
In some professions $1000 is 2-3 hours
kl5340dc
2016-10-28 14:15
hehe
kl5340dc
2016-10-28 14:15
yeah I get you :slightly_smiling_face:
jase
2016-10-28 14:46
I think my residency agents are sorry they ever met me :slightly_smiling_face:
jase
2016-10-28 14:46
I keep them busy
simon
2016-10-28 15:27
It's a good deal if you really need them. In most cases, opening a bank account is as easy as showing up with your documents.
josh
2016-10-29 04:36
has joined #banking
kl5340dc
2016-10-29 07:38
this is email I got from them:
##########
Our company is experienced in helping client to open bank account via the good banking network.
For the bank account opening in Hong Kong, the residential address proof should be provided.
Bank account consultation service:
According to current banking policy in HK, to setup a bank account, banks will conduct a Know Your Customer (KYC policy). Here is the information/ business proof that we need, we will pre-assess the case for you and discuss with bankers to see the possibility to setup bank account. Please try your best to provide these information and document:
1. Company document (CI, M&A)
2. Directors? and shareholders? passport copy
3. Directors? and shareholders? most update residential address proof (In Chinese/ English, issued within 2 months, e.g. Utility bill, bank statement, credit card bill, driving license. If not in English, translated by chartered translator is needed)
4. Completed Due Diligence form (attached)
5. Business card of your business in home country
6. Company website of your business in home country
7. 3 name cards of Suppliers/ Contractors (existing or new)
8. 3 name cards of Buyers/ Clients (existing or new)
9. Factory / Office full address in home country
10. Photo of Factory / Office in home country
11. Product Catalog
12. Recent 3 months bank statements (Company in home country)
13. Recent 3 months bank statements (Personal)
14. Signed contract/ commercial agreements with potential client
15. Issued invoice to existing client of your business in home country
16. Professional certificate (if business nature is related to this new business)
17. If you are currently not operating your own business, it?s required to provide resume and employment contract (To show that you have relevant experience to start up the business)
18. Any operating address in HK?
19. Any plan to hire local employee?
If client can provide mostly of above information, the bank account opening consultation fee is USD 1,000 up. We can offer smaller bank in HK. But the bank account opening consultation fee and the bank account opening fee charged by bank will be different. (It's based on level of difficulty). There will be 70% refund in case we are not able to help to setup bank account.
######"
kl5340dc
2016-10-29 07:38
the money back guarantee if accont opening fails is nice
kl5340dc
2016-10-29 07:39
the are making it sound complicate though, wonder if it's on purpose so you "need" them
kl5340dc
2016-10-29 07:39
I'm used to do stuff like this/migration:etc all myself
jase
2016-10-29 14:38
They're not making it complicated, they are giving you the greatest possible chance to open an account.
kl5340dc
2016-10-29 15:19
yeah
kl5340dc
2016-10-29 15:19
their email was helpful
kl5340dc
2016-10-29 15:19
it's more precise than what citibank general thing is giving re business operating proof
kl5340dc
2016-10-29 15:20
have everything together, feel confident about application with that, esp that due diligence doc I put together, should be all good
kl5340dc
2016-10-29 15:20
I'll let you know
stoplight
2016-10-29 15:22
has joined #banking
simon
2016-10-29 19:23
It's when you get a list like that that you realize what a pain banking has become. Governments have been putting so much pressure on banks since the crisis, it has made them afraid to open new accounts for anyone other than locals and large corps. A self-fulfilling prophecy of sort...
kl5340dc
2016-10-30 09:41
it's understandable
kl5340dc
2016-10-30 09:41
what I'm not liking it's when it's no clear-cut
kl5340dc
2016-10-30 09:41
provide business proof of operations => okay, say exactly what
kl5340dc
2016-10-30 09:42
Hong Kong has this thing of needing original of documents while our stuff is mostly interent - hate them rejecting application due to wishy washy stuff like that
kl5340dc
2016-10-30 09:42
anyway, feel comfortable abotu the thing about spending yesterday on it, I'll be half nov in hk, will let youknow how it went
jase
2016-10-30 17:18
@simon I've been waiting on a company account in Andorra for around 9 months now :slightly_smiling_face:
jase
2016-10-30 17:18
Don't know if you followed the saga with BPA here or not but it seems the US almost took down the banking sector here
jase
2016-10-30 17:19
Nothing official of course
simon
2016-10-30 17:59
@jase 9 months! Have you tried all the local banks?
jase
2016-10-30 18:07
3 so far. The 4th is apparently very hard to open with but they have the best products. It's a common theme with a lot of people coming into the country right now.
jase
2016-10-30 18:08
Honestly I am half tempted to buy a house here to satisfy the residency requirements and continue running my business elsewhere.
simon
2016-10-30 18:11
I would have thought that as a resident, it would be super easy to open an account. In HK it used to be hard until I became a resident, now it's very easy and I can open an account with any bank, even the small local ones.
jase
2016-10-31 07:58
You'd think that. I have government approval for foreign investment. The banks operate on their own watch.
artem
2016-10-31 12:21
has joined #banking
p32kz
2016-11-02 21:18
has joined #banking
vbraut
2016-11-02 22:51
has joined #banking
simon
2016-11-03 09:17
Great news, it is now possible to open an Estonian bank account remotely using e-Residency! http://estonianworld.com/business/estonian-e-residents-can-now-open-bank-accounts-remotely/
stoplight
2016-11-03 09:24
Wow! This is indeed good news!
stoplight
2016-11-03 09:28
amazing..this changes everything..now its worth to get one of these e-residency cards from Estonia? :smile:
josh
2016-11-03 10:03
if you want to set up an Estonian company yes. I find it a bit gray area though - they require a ton of info, so there is zero privacy, and you are the beneficiary (no nominee directors or anything like that). But it?s a good tax structure so it?s actually quite easy to make it virtually a 0% tax business.
Otherwise though not much you can do with the card, and it?s a complete pain in the ass using their card readers and constantly updating browser extensions etc.
simon
2016-11-03 10:08
@josh It's not the best structure out there that's for sure. Being able to do everything remotely will be useful for those who need to setup a company real-quick though. If you already have the e-Residency card, you can have a fully functioning business within 1-3 days.
josh
2016-11-03 10:10
Yes - it?s quick and easy and cheap, and they?re (LeapIn) really helpful long after the fact, as are the bankers. The KYC is pretty invasive, but frankly, so is everything nowdays.
stoplight
2016-11-03 10:17
The good thing is that its possible to actually do everything remotely..and legitimately..maybe yes a lot of planning involved but like what you said @josh ?it can be virtually a 0% tax business in an EU country with a good reputation?and the best part is?eventually..somewhere some other country is bound to do this?all it will take is some aggressive legislation and some good technical guys?i?m betting on Malta to do something like this in the future...
josh
2016-11-03 10:19
I?m always skeptical of political motives, but it?s cool they did it. Just wish there was more one could do with it, outside of the company setup, than just sign docs!
simon
2016-11-03 10:38
@stoplight Actually there are talks in New Brunswick of launching an e-Residency program. The tax rate there is 4% up to 500k. Not as good as Manitoba (0% up to 450k) but still pretty good (with Federal taxes taken into account, the total rate is lower than Singapore's). Canada has an excellent reputation so this could be a valuable program.
rjmarsden
2016-11-03 11:00
hi all, I'm in Hong Kong later this month and planning to open an account for basic resilience to GBP and the state of things here in the UK. I've read all the articles (thanks @simon) but wondered if anyone had any latest insights I should be aware of? FYI I'm planning to open an Integrated Deposits Account with Standard Chartered https://www.sc.com/hk/save/integrated-account.html
simon
2016-11-03 11:04
@rjmarsden Having a rock-solid proof of address is key. We have a member who had troubles this week with SC in HK due to the format of his proof of address. When I opened mine a while ago I also had some difficulty (it was an address in Australia while my passport is Canadian). They opened the account but I could feel them hesitating. Make sure it's a bank statement you received in the mail and that it shows your name and address clearly.
simon
2016-11-03 11:04
If you have a drivers licence with the same address on it, bring it to the bank too.
paul999
2016-11-03 13:58
has joined #banking
vincent
2016-11-03 15:17
has joined #banking
etienne
2016-11-03 15:49
Noted! :stuck_out_tongue:
rjmarsden
2016-11-03 16:12
thanks @simon i will bring the driving license and a few proofs of address to be on the safe side. Anyone any experience of Standard Chartered? Not much between them and Citi for a HK account in my opinion.
simon
2016-11-03 16:33
@rjmarsden They are the two "easy" options for non-residents. DBS also accept non-residents but it's pretty hard to open an account.
jase
2016-11-03 17:36
Late to the party - I was keen on Estonia until I found out that you personally need to own the company to take advantage of e-residency
jase
2016-11-03 17:37
If you use a holding company from another country, it's business (hassles) as usual
reese
2016-11-03 18:53
has joined #banking
reese
2016-11-03 19:01
Hey guys
reese
2016-11-03 19:01
I'm new here :slightly_smiling_face:
reese
2016-11-03 19:02
Does anyone have experience with Rietumu bank in latvia?
simon
2016-11-04 18:08
@jase I've heard of them but haven't any personal experience. Their product is aimed at the EU migrants to the UK who struggle to open a regular UK account due to not being on the electoral roll / having a credit file.
jase
2016-11-04 18:08
noted!
jase
2016-11-04 18:09
I don't know if it's a particularly good service, but thought it could be of interest
simon
2016-11-04 18:12
Thanks for sharing! One thing I wonder about these EU-focused businesses registered in the UK (Revolut for example) is how they will deal with Brexit if it's the hard brexit option that wins. They could lose their ability to sell their services in the EU pretty much overnight...
jase
2016-11-04 19:12
That would be bad.
jase
2016-11-04 19:13
I'd really love to see someone come along with a product that combined company incorporation, bank opening, invoicing system and credit card merchant rolled into one
jase
2016-11-04 19:13
But in a jurisdiction that allowed simplicity and tax optimization
jase
2016-11-04 19:13
kind of like Stripe Atlas/LeapIN/Revolut combo
jase
2016-11-04 19:13
That is none of those
josh
2016-11-04 19:25
Estonia is that
josh
2016-11-04 19:26
LeapIn for the company, LHV or whoever you want for a bank, Braintree for invoicing / merchant or EveryPay
josh
2016-11-04 19:27
Hell of a lot easier than other places I've dealt with
simon
2016-11-04 19:28
If someone created a product like that in a place like Cayman, it would be huge. Estonia is nice but you still have to deal with things like VAT and getting large amounts out tax-free requires some very fine planning.
jase
2016-11-04 19:29
Estonia has 20% on whatever their name for dividends is, right? That'd the problem
jase
2016-11-04 19:29
I want to build a business that shows solid profit so I can sell it one day
jase
2016-11-04 19:30
Paying myself a stupidly huge salary is not ideal for keeping good financial records
simon
2016-11-04 19:31
@jase And you would have a hard time doing it tax-free anyway, the Estonian tax authority would likely tax it as a "deemed dividend".
josh
2016-11-04 19:35
Yeah it's not clear even to them. You can make money and pay a salary and no dividends and as long as you don't live there or hire Estonians, no tax. Selling the company though they got tight-lipped about. I think honestly nobody has done it (for a large sum) so perhaps they really aren't sure.
jase
2016-11-04 19:35
Didn't Skype start there?
josh
2016-11-04 19:35
I thought it was Denmark
josh
2016-11-04 19:36
They push for apps or SaaS
jase
2016-11-04 19:36
This is such a disruptive time, it's awesome
josh
2016-11-04 19:36
They don't do products (e.g. selling mt bikes to Europe)
jase
2016-11-04 19:38
Oh really?
jase
2016-11-04 19:38
As in its not allowed?
josh
2016-11-04 19:51
Well it's just "complicated". I wanted to use my e-residency for something so we were looking at various options, using Estonia for a physical products biz just isn't what it was created to do. They would have allowed it, but it was going to be a hassle and there were a lot of unknowns regarding VAT issues in not familiar with and they didn't want to deal with. Also for the merchant processing it would have been much more difficult. They strongly advised to do a digital business.
simon
2016-11-04 19:54
@josh That's also been my experience with LeapIN. Which bank did you go with? I'm with SEB, I quite like their virtual cards. I was able to make a killing with the masterpass promo thanks to them!
simon
2016-11-04 19:55
Their credit cards are absolutely awful though.
josh
2016-11-04 19:58
I am with LHV because I'd met the guy in Singapore when I picked up my card - so it negated me having to go to the bank. Now it's a moot point but before it wasn't. I still haven't received my card - they mailed it and it disappeared.
josh
2016-11-04 19:59
What are SEB's virtual cards?
simon
2016-11-04 20:02
You can create as many one-time-use credit card numbers as you want using the internet banking. Masterpass had a promo on Orbitz, they offered 100 USD off every booking with no restrictions other than one per credit card. You can imagine what I did :stuck_out_tongue:
josh
2016-11-04 20:07
Ohhhh nice!
josh
2016-11-04 20:07
Was it a short time promo though? Or is that how their virtual cards always work?
simon
2016-11-04 20:08
The Masterpass promo was only for two months. I can still create an unlimited number of cards but I'm not getting any bonus or cashback anymore.
simon
2016-11-04 20:09
It's still useful when buying on sites that do not seem secure though.
josh
2016-11-04 20:10
That makes sense, clever usage. Do you have to use the card reader for everything? Does yours work?
josh
2016-11-04 20:11
I find it an enormous hassle. Not a fan, and I like new technology. Just seems clunky.
simon
2016-11-04 20:11
You mean the one they give with the e-Residency card? Yeah I have to use it for pretty much everything. I hate it, can't wait for them to allow e-residents to use mobile-ID.
josh
2016-11-04 20:12
Haha yeah so I'm not alone
simon
2016-11-04 20:15
@simon uploaded a file: https://freedomsurfer.slack.com/files/simon/F2XTUKBT2/roadmap.png
simon
2016-11-04 20:15
According to the roadmap, they are supposed to activate mobile-ID support this year.
simon
2016-11-04 20:15
And automated tax filing. I bet this will be a mess!
simon
2016-11-04 20:16
They'll take too much money and then we'll have to fight and waste tons of time to get it back.
josh
2016-11-04 20:38
Yeah not a huge fan of "automating" that aspect of my business thanks. :)
anna
2016-11-06 21:00
has joined #banking
kl5340dc
2016-11-07 08:47
they approved the n26 account nice
kl5340dc
2016-11-07 08:47
even though no germany address, used mygermany
kl5340dc
2016-11-07 08:47
that revolut hack for getting miles it's quite smart @simon
jase
2016-11-07 09:37
I wanted to use it - unfortunately revolut doesn't take australian credit cards >.<
maxsuur
2016-11-07 09:47
I'd like to see a list of good credit cards for that matter depending on your nationality/ residency.
jase
2016-11-07 09:55
Likewise. Unfortunately that is a big challenge of being in Andorra
jase
2016-11-07 09:56
Friends in Australia are flying business class thanks to CC sign-on bonuses
jase
2016-11-07 09:56
Here I'm yet to find a suitable credit card that works with Star Alliance
simon
2016-11-07 10:03
@maxsuur @jase Due to EU regulations, you are very unlikely to find any good cards in Europe. US, HK, SG, China have the best cards by far. Canada, Australia and some of the Caribbean countries also have decent cards although not as generous.
jase
2016-11-07 10:04
@simon do they all need to be in personal name? I'd love to set up some corporate cards in HK and earn through them. Is that even possible for a non-resident?
simon
2016-11-07 10:07
That is possible but usually with a security deposit. Also, not all cards are available to businesses. You are with HSBC? here's their business cards: http://www.business.hsbc.com.hk/en-gb/financing-and-credit-cards/commercial-cards
jase
2016-11-07 10:08
With Hang Seng unfortunately
jase
2016-11-07 10:08
Was told they are great.... they are OK
simon
2016-11-07 10:10
That's their business card
simon
2016-11-07 10:10
The benefits are rubbish
jase
2016-11-07 10:10
If I was to start again with banking, would you recommend HSBC?
jase
2016-11-07 10:11
Banking and card services
jase
2016-11-07 10:11
I've heard of people setting up HSBC accounts in local countries - for example our Canadian clients hate paying us because they have to go to the brand to send a wire
jase
2016-11-07 10:12
If I set up in HK, can I open a Canadian HSBC company account remotely? Or would every additional account require a visit?
simon
2016-11-07 10:14
It can be done remotely but from what I've heard they only do so if your turnover is above a certain threshold.
jase
2016-11-07 10:17
yeah, likely not enough at the moment
jase
2016-11-07 10:18
have you worked with OCBC HK @simon?
kl5340dc
2016-11-07 10:55
I'm with hsbc in HK - they're shit
kl5340dc
2016-11-07 10:55
terrible customer service
kl5340dc
2016-11-07 10:55
switching to citi bank just because of that (don't think the'll be much better, but hard to be worse than hsbc)
kl5340dc
2016-11-07 10:56
and yeah needed security deposit for business card when I opened it up
simon
2016-11-07 10:58
@kl5340dc At least Citi has really good cards and promos. And their debit cards use the Visa network, not Unionpay.
jase
2016-11-07 11:40
Good to know, thanks @kl5340dc
jase
2016-11-07 11:40
Tempted to go with OCBC SG - but their cards suck too
maxsuur
2016-11-07 13:21
@simon: you mentioned once that getting a us credit card is fairly easy for non-US residents. I'd be interested in that for the revolut hack
rjmarsden
2016-11-07 15:15
I'm thinking a union pay card might be good backup outside of the visa and Mastercard usuals. Anyone used unionpay much outside of china/hk?
simon
2016-11-07 15:25
@maxsuur Yes it's fairly easy to get a US credit card. You simply need to visit the bank in person, open an account and then apply for the card (also in person). You will need to leave a security deposit as you have no US credit history.
simon
2016-11-07 15:27
@rjmarsden I use Unionpay all the time to withdraw money from ATMs. It's rarely accepted in shops but most ATMs around the world accept it. The greatest advantage of Unionpay is that there are never any forex fees and ATM charges are capped. This is a great way to get around the foreign card surcharge in places like Thailand. Some banks in HK (SCB for example) even refund ATM charges.
jase
2016-11-07 15:35
No forex fees because you can't use it elsewhere? :joy:
jase
2016-11-07 15:35
Seriously I haven't tried very hard... I'd love it if someone could make it work with PayPal/etc
simon
2016-11-07 15:36
Unionpay works with Paypal in China. I don't think it works with PayPal in HK.
jase
2016-11-07 15:37
Yeah it does seem to be limited
jase
2016-11-07 15:37
Will hopefully grow
simon
2016-11-07 15:41
For sure. They are close to overtaking Visa for the number of cards in circulation. They have more than MasterCard + AmEx + Discover + JCB combined.
jase
2016-11-07 15:41
Wow
jase
2016-11-07 15:41
Asia - so incredible
jase
2016-11-07 15:42
Was talking a friend in Andorra that used to export furniture from Spain to London
jase
2016-11-07 15:42
The quality is great, and the cost is very competitive... but the supply can be a bit inconsistent.
jase
2016-11-07 15:42
He's been considering exporting to Kenya as he spends a lot of time there
jase
2016-11-07 15:43
I've been wondering about China
clr
2016-11-07 18:36
has joined #banking
kl5340dc
2016-11-08 15:40
@simon for revolut - that is no business account but personal it seems. So for that hack with the miles. You wire let's say 20k to that revolut card from a business account, then put it back on your account. Isn't this seen as personal income by revolut?
simon
2016-11-08 15:43
Yes Revolut only offers personal accounts at the moment. For the hack to work you need to use a credit card that earns miles. Then you wire the money back to yourself and repeat.
simon
2016-11-08 15:43
Personal credit card -> Revolut -> Personal bank account -> Personal credit card etc
kl5340dc
2016-11-08 18:51
like that
kl5340dc
2016-11-08 18:52
with big amounts aren't they ringing alarms - where's that money coming from?
simon
2016-11-08 18:54
Yeah, after 15k you have to submit a proof of origin. Can be a tax return, pay slip etc
kl5340dc
2016-11-08 19:30
ah
kl5340dc
2016-11-08 19:30
what you think of using miles for upgrades?
simon
2016-11-08 19:35
Depends on the airline. Some require that you purchase a specific fare bracket and that is not usually a good deal (for example, having to purchase full Y). I prefer buying the entire ticket using miles, especially as I can get them very cheaply.
kl5340dc
2016-11-08 19:36
QATAR sent upgrade option, tempting
kl5340dc
2016-11-08 19:37
get them cheapy with revolut trick?
simon
2016-11-08 19:50
Yes and promos. HK banks often offer 2-3x bonus miles for purchases on some sites. You can also get a lot of bonus miles by opening term deposits. I also get miles for my regular spending, my hotel stays, my flights etc.
kl5340dc
2016-11-08 19:53
k
darwin
2016-11-08 22:53
has joined #banking
jase
2016-11-09 15:40
@simon do you recommend any US banks for use with HK companies that allow for remote opening/remote credit card applications?
simon
2016-11-09 18:39
@jase It is very hard, nearly impossible, to open a US bank account for an offshore company. Especially remotely. In any cases, you would need an EIN for your HK company.
jase
2016-11-09 18:40
@simon noted, back to the drawing board!
harvie
2016-11-10 03:14
has joined #banking
darwin
2016-11-11 03:34
Newbie question, anyone tried hiring a HK citizen to open a HK business banking account, add you to the account and then remove them? Employees change all the time so people being added/removed isn?t out of the ordinary.
stoplight
2016-11-11 10:37
@darwin hmm?that?s dangerous waters..must be really a trusted someone...
jase
2016-11-11 11:48
Risk can be negated there but the real question is who can open it for you. I believe HK requires a shareholder to be present.
jase
2016-11-11 11:48
In my opinion, be rejected by every bank in HK before you look at alternative options
simon
2016-11-11 22:34
@darwin You could make this work but it wouldn't be easy and you would have to give the employee the power to open bank accounts. That is something someone could abuse (open a second account without telling you for example). Also, you would probably struggle to find someone willing to put themselves on the line, unless you are willing to pay a considerable amount.
stoplight
2016-11-12 08:49
hey folks?currently doing a short South Pacific tour now?has anyone had any experience with banking here...ANZ has strong presence in the region?came from Fiji the other day...currently in Tonga now..will be in Vanuatu in a few days...and several countries here aren?t members of the OECD..any thoughts?
simon
2016-11-12 14:30
@stoplight Have you tried walking into a branch and asking them about their account opening requirements? Frankly I have no idea how feasible it is, to open an account in Tonga / Vanuatu. Or if it offers actual benefits for that matter. It certainly is off the beaten track! In any cases, I hope you'll have a great time there, the south Pacific is quite amazing!
yamahoto
2016-11-13 00:23
has joined #banking
stoplight
2016-11-13 01:25
Actually I did..just the other day?.met up with one of their mid-level execs for the whole country and asked if they had any private banking or other investments aside from time deposits..sadly they don?t have that..too bad?Tonga is not a member of OECD..
stoplight
2016-11-13 01:41
On the brighter side..it apparently takes one ID or passport to open a personal bank account in local currency the Tongan dollar or Pa?anga which is currently about USD$1 = TOP$ 2.2 ?and they also have a foreign currency account as well.?minimum amount to open local bank account is TOP$100 ?wasn?t able to ask how much the minimum for the foreign currency account is?they also allow Business/Corporate accounts...you just need a board resolution?I have a U.S. LLC?I don?t know if they are going to be FATCA compliant or anything like that?so if that is possible to do that?then that will be great?.ANZ has internet banking?still checking if they do international wire transfers online?if they do..then its awesome right there?they just impose some limits on outgoing remittances though (TOP$100,000 or about USD$50,000 for a business account) plus they passed a new tax levy law on foreign currency so that?s quite a bummer there?.but there has been a lot of complaints in all sectors so parliament is thinking of repealing it...I still have more questions and will be meeting the branch manager tom. when the banks open.. :slightly_smiling_face: ?and if i?m successful enough to open a bank account?will let you guys know?
harvie
2016-11-14 14:48
Applying for a business account in Singapore for a HK business (UK resident).
I'm going to Singapore next month to open a bank account, my strategy is to make 3 meetings Mon/Tues/Weds (although I hope I don't need to attend the ones on Tues/Weds).
I am a marketing consultant (35%income) and run an affiliate blog (selling dating memberships, 65% income) , and I've just started a new subscription service in Thailand which I am launching this next week.
I kind of feel I'm the jack of all trades and the bank won't take me seriously if I tell them I'm all 3, even if I show payments etcs. Not to mention that my dating blog has some PG13+ content which I don't think they will appreciate.
What is my optimal plan? I have enough clients to the point where I can draw up a few contracts for my consultation business, should I make business cards, setup a website for it (currently use Upwork and word of mouth) and sell myself as an online consultant.
Any advice would be great.
jase
2016-11-14 14:53
I forget @harvie, have you been knocked back by HK yet?
harvie
2016-11-14 15:00
Hi @jase nope not been, been advised by a lot of people including my own CPA that it will be hard for me to get approval there nowadays.
jase
2016-11-14 15:01
I'd be very surprised if it was easier for you to to open a corporate account in SG for a HK company
jase
2016-11-14 15:01
Honestly, I feel as though there's a bit of a rite of passage when it comes to opening bank accounts
jase
2016-11-14 15:02
I ~know of a person that~ was knocked back in SG when there in person, then years later after laws become stricter managed to open an account remotely :slightly_smiling_face:
jase
2016-11-14 15:03
If you are running a legitimate business, show them
jase
2016-11-14 15:03
Whether you open in HK or SG, you're going to need to present your best image
jase
2016-11-14 15:03
If I were you, I'd go with marketing consultant
jase
2016-11-14 15:04
Print 5 business cards, take some screenshots of what you've done, print out some invoices, etc
jase
2016-11-14 15:04
Ideally have a website - mine was a 1 pager for HK
jase
2016-11-14 15:04
Keep it simple - affiliate income is unknown
jase
2016-11-14 15:04
Consulting? People consult all the time
jase
2016-11-14 15:05
My 20c
harvie
2016-11-14 15:07
Sounds sensible and I'll take that on board, going to get on the business card and website tomorrow. Will hear if anyone else has an opinion on whether I should go HK/SG (not booked flight yet). All businesses are legitimate.. Thanks!
jase
2016-11-14 15:07
You know that, but the banks are suss of you
jase
2016-11-14 15:08
Why is this guy that doesn't live in HK setting up a company here and opening an account with us?
jase
2016-11-14 15:08
How likely is he to try and avoid taxes really obviously/poorly and cause issues for us?
jase
2016-11-14 15:08
Is he going to launder money through the account?
jase
2016-11-14 15:09
If your revenue is very low, it's just not worth their hassle/risk
jase
2016-11-14 15:10
There's so much liquidity in the world right now, why would they open account for @harvie who tells us he's going to deposit HKD100000 when the next guy is going to deposit HKD10000000000000000
jase
2016-11-14 15:10
I haven't checked what that converts to :slightly_smiling_face:
jase
2016-11-14 15:12
I hope this is helpful and not coming across as me berating you :slightly_smiling_face:
jase
2016-11-14 15:13
We're all in the same boat - it's just important to see it from their point of view
harvie
2016-11-14 15:14
No it is helpful, I understand your points and the takeaway is my case has to be rock-solid, never thought of it from their POV.
paul999
2016-11-14 15:16
@simon - regarding the banks SEB and Nordea and your comment "A personal visit is currently necessary but this should change later this year when e-Residents are granted the right to apply remotely."
Do you know if this has changed already? I had a look at the banks in Asia but most of them require substantial deposits and I like to be flexible with my money, not mandatorily have it tied up somewhere + I have to visit them in person for which I currently don't have time. So the SEB and Nordea seems like pretty good options for me if I can now open them remotely. This question is in response to your article here: https://www.freedomsurfer.com/best-banks/
jase
2016-11-14 15:22
@harvie remember, relax/be yourself/you're not doing anything wrong. My banking getup is jeans/chinos, Converse shoes and a collared shirt.
"I'm a marketing consultant, I made $xxx,xxx last year, I work with these companies [print outs], here are my business cards, here's some sample invoices, here's a profit/loss statement for last FY, here's a bank statement that shows these invoices being paid, I estimate to deposit $xx,xxx into the account upon opening, here's my passport."
jase
2016-11-14 15:22
Ok I have to run. Talk later.
simon
2016-11-15 13:20
@paul999 It was announced a couple of days ago that remote opening was finally possible but from what the banks have told me during my meetings is that in practice they still require a personal visit. At LHV the banker I met told me that he expects remote opening to be possible by the end of the year but wouldn't be surprised if it was pushed to Q1 2017 (or only available to people from a few countries, running only certain types of businesses).
simon
2016-11-15 13:23
@harvie Everything @jase said is spot on. Banks are businesses, they exist to make money. Prove to them that you will be a profitable client / that you won't cause them any troubles and you'll get your account.
reese
2016-11-15 13:31
does anyone had experience with http://bredersuasso.com ? 2 offshore agencies promotes them to me.
rik
2016-11-15 13:33
some agency mentioned them to me too, but don't know anything about them
simon
2016-11-15 13:40
@reese Their fees are brutal, even more than most Swiss banks. And they are not a real bank, just a financial service provider. Seems like a "last resort" type of option. Oh and if you intend to accept credit card payments, your bank account should be in the same country as your company (or else it will make everything complicated).
reese
2016-11-15 13:57
@simon thanks. I've seen the fees. The good thing about them, is their not regulated as bank, so they won't participate in CRS.
reese
2016-11-15 13:57
I guess privacy and tax-free business has it's price.
reese
2016-11-15 13:57
I also use Payoneer.
alexanderhay
2016-11-15 16:13
has joined #banking
stoplight
2016-11-15 23:44
financial service providers are harder to work with than banks because they?re not as regulated right? Seems a bit too scary for me..i?d rather bank in a non-OECD country with a fairly good reputation..
stoplight
2016-11-15 23:54
Besides these guys are based in New Zealand right? Well..i?m here in Tonga now?just a few hours from Auckland...successfully opened my personal bank account with ANZ yesterday with not so much crap?and lots of smiles and jokes in between?hopefully i?ll be getting my ATM card tom?its not a debit card though which is quite a bummer?but the good news is that..I asked how difficult would the business account would be..well..you?re already an account holder..so just send us an email and the documents..and "we?ll do the rest"?and since i?m opening an account for my U.S. LLC...they?ll just have a bit more forms for me to fill?minimum opening balance of a foreign currency business account is about US$2,200 and maintenance fee of about $10/month?although they?ve got pretty strict transfer limits though?maximum of about $40,000 per day I think?I also inquired?if I have an ANZ account in Tonga..how difficult would it be to open an ANZ account in other countries??oh just let us know so we can email our counterpart in that country to assist you??hehe.. :slightly_smiling_face:
kl5340dc
2016-11-16 02:11
recent HK bank opening experience
kl5340dc
2016-11-16 02:12
already have HK business and HK HSBC business account since 2014
kl5340dc
2016-11-16 02:12
not happy with hsbc so wanted citi gold account with free global wire transfer and better cc miles card
kl5340dc
2016-11-16 02:14
Went to citi with 50 pages of docs - biz certificates, bank statements, products, proof of residence, etc etc. Thorough stuff
kl5340dc
2016-11-16 02:14
Citi rejected application based on translated docs from non-english to english not according to their standards. Have redone this locally inHK meanwhile so it's up to their standards, shoudl be okay after that
kl5340dc
2016-11-16 02:15
Citi basically said to not open a biz account but open a personal citi gold account first, then using that open the biz account. The personal citi gold gets you access to personal wealth manager or whatever, and then this makes process of opening biz account easier without all the know your customer process you otherwise have to go through
kl5340dc
2016-11-16 02:16
just need to put 1.5 milHKD on account for citi gold or so first
kl5340dc
2016-11-16 02:16
it overall feels definitely stricter than 2y ago when I opened account. HSBC also rejected application of personal account + premier based on the same proof of residence docs not being according to their translation standards in HK.
stoplight
2016-11-16 06:27
yup..when you have a citigold account..they let you pretty much do a lot of things easily..specially if you have at least $1 million dollars upwards..haha..
kl5340dc
2016-11-16 13:37
okay so they didn't like the new docs that I ddid based on tehir recommendations. BUnch of asses really. He said translated by HK company, I did. Now it had to be a lawfirm not just a certified translator. This is really frustrating thing. They did the application anyway but it could be rejected anyway. Idiots.
kl5340dc
2016-11-16 13:39
I understand you want to make sure the address is not made up, but this is basically about a street address consisting of eight letters on my residency card they want translated from cyrillic to English. Just enter it in google translate and you know the address. I like HK for business, but this example is the typical BS they do with requiring official docs for the silliest stuff. There sure is less friction than in other countries, but stuff like this they should get into 2016
kl5340dc
2016-11-17 10:02
HSBC approved personal account on the spot today - went to different branch in wan chai, immediately opened with new translated document, not a single complaint. Got out with the atm card. They did recommendation for visa signature card to get it faster.
kl5340dc
2016-11-17 10:03
@simon visa signature card seems to be even better than the premier miles of citibank - 1mile for 2.78hkd vs 1mile for 3hkd. It's not free though (only first two years) and you need to put 600k on account for 3 months to get it (can empty account aftre that). But outside of that it seems to be just as good. Am I missing something?
kl5340dc
2016-11-17 10:04
not been impressed with citibank wheelock and all the hastle they made me go through. I like backup account just in case hsbc shuts it down for bs so considering going to differnet citi bank and try again. But the cc reason seems less compelling now with the hsbc card they approved
simon
2016-11-17 10:25
@kl5340dc It looks like a good card indeed, congratulations for being approved. It does seem fee heavy however. For example, you need to pay 300 HKD to convert your points into miles and the annual fee after two years is 2000 HKD. If you use it a lot, ask the bank to waive those fees, they usually do.
theremotetrip
2016-11-17 10:51
has joined #banking
kl5340dc
2016-11-17 11:07
okay
kl5340dc
2016-11-17 11:07
it's not approved yet but this sounded way better than at citi
kl5340dc
2016-11-17 11:07
I thought there was no fee the first 2y
kl5340dc
2016-11-17 11:08
yeah that's what you're saying, k :slightly_smiling_face:
scorps
2016-11-19 15:24
has joined #banking
gary
2016-11-19 19:47
has joined #banking
harvie
2016-11-21 11:37
Hi all I'm going to Singapore next month to open a business account for my HK business. Here is what I plan to bring:
-3-5 contracts of clients I freelance for including PayPal/wire invoices of payment
- Contracts of employees (2 freelancers) including PayPal invoices
- Company website
- Business cards
- Letter of reference from UK Bank
- Online statement of UK bank account and Thailand bank account
- Upwork transaction from clients and freelances I've made for the past 12 months
- Capital to deposit into the account
I am going to call various DBS and OCBC branches this week to confirm what they need for the meeting. Just wanted to post here to get feedback on what else I may want to bring to strengthen my case.
Also, if the bank requires say $10,000sgd to deposit, am I meant to give that on the day or do they give you a month to deposit it?
jase
2016-11-21 13:05
I don't actually know if banks in developed countries want cash nowadays
jase
2016-11-21 13:06
They'll give you a month no problems
kl5340dc
2016-11-22 02:32
I oepned ocbc accont yesterday (personal for investment)
kl5340dc
2016-11-22 02:32
the 1000SGD must be wired within 24h or given cash they said
kl5340dc
2016-11-22 02:33
I was rejected at the main ocbc thing (they didn't like the translated docs) but accepted at the other branch a couple of blocks further
kl5340dc
2016-11-22 02:33
keep trying if rejected :slightly_smiling_face:
kl5340dc
2016-11-22 02:33
they need proof residence as well
kl5340dc
2016-11-22 02:38
what's best country for HSBC in Europe?
kl5340dc
2016-11-22 02:38
to open personal bank account HSBC in EU
harvie
2016-11-22 03:04
Thanks for the info guys. I see others talk about translated docs all the time, I assume your native documents were in another language other than English or Singaporean?
kl5340dc
2016-11-22 03:30
yes
kl5340dc
2016-11-22 03:30
for residency
kl5340dc
2016-11-22 03:31
they can be pitas for this in HK and SG
kl5340dc
2016-11-22 03:31
HK refused the doc because not transalted in hk, had to translate it there then accepted
kl5340dc
2016-11-22 03:31
SG refused the HK document for same reason, not done inSG
kl5340dc
2016-11-22 03:32
but the other SG OCBC bank ignored it - I basically didn't bring it up and took attention away from where it was translated, they said nothing. The first guy when he heard translated in HK he said it must be translated here. Basically shut your mouth :slightly_smiling_face:
scorps
2016-11-22 15:41
Good to know. I'm also planning to open an account with OCBC.
scorps
2016-11-22 15:46
Does anyone know if the Singapore banks ask for detailed Shareholder info (ID, proof of resident, etc) in a structure where a trust/foundation is 100% shareholder of an IBC with one person as a director?
jase
2016-11-22 16:00
AFAIK, UBO is what they are mostly interested in
scorps
2016-11-22 16:05
Thanks Jase
tal
2016-11-23 16:07
has joined #banking
rjmarsden
2016-11-24 15:22
FYI all, I've been laughed out of 3 banks so far this week in Hong Kong, Standard Chartered, Citibank and HSBC have all said they need proof of address within Hong Kong to open any personal account, apparantly overseas accounts haven't been available for a long time. Tried a suit and smart casual and no-one is interested, even waving around 20,000HKD didn't help. Never mind, guess it is going back under the mattress when i get home! :slightly_smiling_face:
jase
2016-11-24 15:35
Did they ask why you wanted to open an account there?
harvie
2016-11-24 16:09
@rjmarsden are you from the US?
Just wondering when going to setup a business account and showing contracts, I was given a stamp when setting up my business, am I meant to stamp the contract with my company's markor can I just sign it with a pen or both? (sorry newb question).
jase
2016-11-24 16:09
Different thing @harvie - personal vs business
rjmarsden
2016-11-24 16:12
No one asked anything, I have decent reasons prepared as well but didn't get that far. Any advice @jase?
jase
2016-11-24 16:13
Can't say I have experience with HK, but my guess is they were the wrong people to talk to.
jase
2016-11-24 16:13
That said, it can be hard to talk to the right people
simon
2016-11-24 17:40
@rjmarsden did you try multiple branches?
kl5340dc
2016-11-25 02:51
I opened personal account last week
kl5340dc
2016-11-25 02:51
in HK
kl5340dc
2016-11-25 02:51
rejected at HSBC branch due to them not liking the docs, then approved in another branch after re-translating docs locally
kl5340dc
2016-11-25 02:51
ask why rejected, keep trying
kl5340dc
2016-11-25 02:51
local address is not needed, I have none and got it done
kl5340dc
2016-11-25 02:52
it seems to depend on the branch and the person you talk to a lot
rjmarsden
2016-11-26 00:27
will try other branch of HSBC today and let you all know
kiessler
2016-11-26 09:33
In my experience it's always best to visit the "main branch" downtown instead of a smaller local branch... I've had this experience with Bank of America in the US for example. The small branch wouldn't do it and they were very surprised that a "tourist" wanted to open an account, at the main branch everything went very smoothly :slightly_smiling_face:
jase
2016-11-26 10:02
Yes and if possible, the "offshore" branch.
jase
2016-11-26 10:02
It especially helps if you're living in an obscure location
jase
2016-11-26 10:03
I've never tried it but I bet if you told them how "I'm moving to *some african country* on a mining contract and want somewhere safe to bank" they'd understand
harvie
2016-12-01 10:05
Got my meetings lined up next week and was told by email to bring " Annual Return" my business is 2 weeks old and I don't have one, what should I do? I have several contracts on hand to show income but no annual return, should I assume I don't need one because I'm a new startup? Also, can anyone point in me the right direction on how to write-up a business plan or is it fine if I just verbally articulate it?
torsten
2016-12-01 16:30
has joined #banking
kl5340dc
2016-12-02 03:15
I brought annual return, they didn't even look at it
kl5340dc
2016-12-02 03:15
it again depends on who you're talking to, sometimes you face nitwits
kl5340dc
2016-12-02 03:15
what they need to know the most is what your business does, how much revenues it does, etc
kl5340dc
2016-12-02 03:15
due diligence letter is what I created
kl5340dc
2016-12-02 03:15
with printed material of the products we sell etc
kl5340dc
2016-12-02 03:15
including receipts of hosting for websites etc
kl5340dc
2016-12-02 03:16
and invoices, payment received customers, etc
kl5340dc
2016-12-02 03:16
and payments to contractors etc
kl5340dc
2016-12-02 03:16
this waythey see it's REAL
jase
2016-12-02 15:41
Looks as though Revolut is no longer possible for me
maxsuur
2016-12-02 15:43
why?
jase
2016-12-02 15:43
Kicking non EU residents out.
maxsuur
2016-12-02 15:43
I thought you were a resident of Andorra
jase
2016-12-02 15:44
@jase uploaded a file: https://freedomsurfer.slack.com/files/jase/F3A0JGA6Q/screenshot_20161202-174402.png
jase
2016-12-02 15:44
Andorra is not in the EU
maxsuur
2016-12-02 15:45
I thought it was
maxsuur
2016-12-02 15:45
sorry to hear that
jase
2016-12-02 15:46
I never used it. The load currencies were too limited for me to use
maxsuur
2016-12-02 15:47
Good.
jase
2016-12-02 15:50
Was hoping the business product would have worked for me but such is life
jase
2016-12-02 15:50
No one said 5 flags would be easy!
maxsuur
2016-12-02 15:51
let alone 6 flags..
harvie
2016-12-05 04:29
I'm in Singapore now, went to OCBC and DBS and they said they will get back to me after they review. Should I approach other DBS/OCBC branches as well, or does it all go to the same place for review?
harvie
2016-12-05 06:13
Update: seems you can't. Tried to setup a 2nd meeting with DBS and their online system said I already have an application in process. Anyone know if it's the same for OCBC? I don't want to apply for a business account at several places if it will raise a flag or the same person/team are left to make the final decision.
jase
2016-12-05 07:18
Did you sign @harvie?
jase
2016-12-05 07:21
I wouldn't speak to the same bank twice
jase
2016-12-05 07:21
Can't recall if you are opening a personal or a company account
jase
2016-12-05 07:22
If it's personal and you didn't get it on the spot or at least within 48 hours my guess is you won't get one
jase
2016-12-05 07:24
If OCBC knock you back, sign up for an OCBC Securities account, then ask for a personal account to facilitate transfers in/out
jase
2016-12-05 07:24
If you have over SGD200k to deposit, go to their Premier Banking section.
jase
2016-12-05 07:25
You can withdraw it after the first month.
jase
2016-12-05 07:36
When thinking about banking, I think there's a disconnect between the digital nomad community and the banks.
jase
2016-12-05 07:36
Banks don't want 25 year old with sketchy residency/tax compliance and 1000 to deposit.
jase
2016-12-05 07:37
They want HNWI'S and professional expats - they have lots to deposit, they can make lots of money from them and these people typically have to have their affairs in order.
jase
2016-12-05 07:38
So even if you aren't a HNWI, make yourself look like one. Not by buying a suit, but by pooling all of your cash together to make it seem like it "ain't a thing" to make a large deposit.
jase
2016-12-05 07:39
It may be a big hassle, but welcome to the PT lifestyle.
jase
2016-12-05 07:40
I /know people that/ have remotely opened accounts in countries that everyone says you can't using this method. Wealth opens doors.
rjmarsden
2016-12-05 08:04
I agree with you @jase My 12000HKD got me nowhere in HK last week, i think another zero might have worked, another two zeros would have definitely worked.
jase
2016-12-05 08:21
The point to note is that the large players have special departments that understand the needs of expats/HNWI's
jase
2016-12-05 08:22
To the banking intern at the front desk of a branch, a self-employed non-resident British citizen that lives in Vanuatu is a huge risk
jase
2016-12-05 08:23
To the offshore division, they know how much wealth this person has and they understand the reasons why they live where they do/have a company where they do
harvie
2016-12-05 10:34
Thanks Jase. I was referring to a business account, both banks were helpful and one needed a few more things via email before she could process my application so I sent them today. They both said before I even started that it will go for review and if successful we will proceed. I had a feeling that they process business accounts elsewhere or do some checks first? All banks I called said it takes a few days.
UOB wanted $700sgd just to process my application with no refund if it was not a sucesss.
I later managed to get a personal account on the spot on my first attempt. The women at the counter said I could not but then I told her I rang CS and they told me if I bought a letter from my bank and passport it should not be an issue ( I said this is a really nice and friendly way) . She then got the supervisor who said it would be fine. So 1/1 just hoping that my business account comes through now later in the week.
harvie
2016-12-05 11:18
Oh, yes I signed all the papers, they took copies of all my statements, contracts etc etc (for the business account)
jase
2016-12-05 11:25
Excellent. Worst case scenario after 12 months of having a personal account without issues you should be able to get a business account with the same bank
jase
2016-12-05 11:25
But it sounds as though it will be a formality to setup the rest.
harvie
2016-12-05 14:43
I hope so. They tried to upsell me a fixed interest deposit for 6 years pretty hard, she even gave me her business card and was like call me if you change your mind. Each time I make an account or help someone they always are pushing these interest deposits, I'm guessing they get a commission for it? (personal account).
maxsuur
2016-12-05 14:44
I guess that you guess right
stoplight
2016-12-05 16:54
it seems its getting harder and harder to open a bank account in Singapore now..personal or business?also here in SG now..but for a different matter?leaving tom. though...
kl5340dc
2016-12-06 04:25
I opened personal account with no money down in OCBC two weeks ago
kl5340dc
2016-12-06 04:25
was fairly simple
kl5340dc
2016-12-06 04:25
did what jase said: told them wanted to invest with ocbc securities
kl5340dc
2016-12-06 04:25
was pretty straight forward
jase
2016-12-06 07:38
#freedomsurferinsidetips :grin:
scorps
2016-12-08 09:40
Inside look on how banks should report based on CRS http://www.the-best-of-both-worlds.com/fi-look-thru-nfe.html
soebusiness
2016-12-08 10:43
has joined #banking
jase
2016-12-09 07:26
Ok I need to get my act together on the credit card points hacking.
Questions:
Will anywhere give me a corporate card or will it always be in my personal name?
Are corporate cards not as good for points as personal?
If I get a card in HK while being resident elsewhere, is the travel insurance worthless?
Is there a better alternative in the US that non-residents are eligible for?
I currently keep my points with Asiana Air miles but once I get Star Alliance Gold with them I will probably switch to a different airline with a better program.
kl5340dc
2016-12-09 11:39
corporate cards not as good
kl5340dc
2016-12-09 11:39
the best cards are personal
kl5340dc
2016-12-09 11:39
I asked simomn about this etc
kl5340dc
2016-12-09 11:40
basically you ahve to spend everything on personal, then get it refunded through your biz, if you want to get max points
kl5340dc
2016-12-09 11:40
the corporate cards are not as good as personal, and the good personal cards you will not get on your biz
jase
2016-12-09 13:51
Thanks man. Opens up some possibilities outside of HK then I guess.
rupyb
2016-12-09 14:26
Hey Guys, question: If you sign up for a business bank account, and claim that you do 'marketing consulting' when in fact you do trading, what is the risk there?
rupyb
2016-12-09 14:27
We're a small business, and do trading, and really struggling to get a bank account in hong kong, as soon as you mention 'financial' anything the banks seem to run for the hills
rupyb
2016-12-09 14:27
Im thinking of just saying we do 'marketing consulting' which is actually partially true
rupyb
2016-12-09 14:27
is there any risk in doing that/
kl5340dc
2016-12-10 05:47
I don't think the bank cares about what you do exactly
kl5340dc
2016-12-10 05:47
they care about whether you're going to screw them over
kl5340dc
2016-12-10 05:47
it's about giving them astory that is trustworthy
kl5340dc
2016-12-10 05:48
personally I think it's better to give the truth than me find out at one point with lies
kl5340dc
2016-12-10 05:48
but if there's a truth in it, think it's okay to embelish things
jase
2016-12-10 10:40
Yeah it's all about the right spin on the truth.
harvie
2016-12-10 12:07
I've got a quite a bit saved up in various Thailand banks, I tried to do a TT wire out to another bank and it turns out if you don't hold a work permit you cannot wire money out of Thailand. Had a look a Currency Fair and Transfer wire and niether allow you to send out THB.
Anybody know my best play? Was thinking about giving the money to my Thai GF to send out but a little worried if I send $2-3k and she withdraws it a week later it may raise a flag.
jase
2016-12-10 16:22
Anyone had luck with a non-resident credit card from the US?
mescos
2016-12-11 13:55
has joined #banking
rupyb
2016-12-11 16:53
If you have a Chinese bank account, in USD, does China have capital controls even on that?
rupyb
2016-12-11 16:53
@simon I know you're quite a guru with Chinese banking, do you perhaps know?
rupyb
2016-12-11 16:54
Or do the Chinese capital controls apply only for CNY?
kiessler
2016-12-11 18:30
I'm going to be in HK in January. Is it still possible to open a personal account as a non-resident?
kiessler
2016-12-11 18:31
If so, which bank do you recommend?
rupyb
2016-12-12 02:19
@kiessler Yup, I opened a personal account with DBS and Standard Chartered with success, but they both want large deposits
jase
2016-12-12 07:49
What is large @rupyb ? 5k? 100k? 250k?
rupyb
2016-12-12 19:24
@jase Depends on the bank, some banks wanted US$50k, some like Citi were ridiculous and wanted US$150
jase
2016-12-12 19:25
Thanks - I thought it would be helpful for the group
rupyb
2016-12-12 19:33
Np. It seems the banks are always changing though, so nothing beats calling the banks to check, or just walking into the branches and asking what they offer
jase
2016-12-12 19:38
Agreed
jase
2016-12-12 20:31
Interestingly enough, Turkey could be a good option for expat banking. https://www.streber.st/2015/05/turkey-offshore-banking-tax-and-incorporation/
jase
2016-12-12 20:32
Garanti bank appears to offer relatively easy opening, potentially remotely and they also have a Turkish Airlines credit card.
trevorjames
2016-12-13 17:33
has joined #banking
etienne
2016-12-14 02:27
Thanks for sharing!
harvie
2016-12-14 08:16
update on my attempt to get a Singapore business account for the group (HK business). I was rejected by DBS the next day, no reason given MBFC branch. The women who was doing my application didn't seem that interested, didn't bother to even look at my company contracts. OCBC still pending but have received a few positive emails this week asking for my school history as a background check and another one saying 'you account should be up within the week'. Nothing confirmed but hopefully it goes ahead and will post an update when I get one.
anna
2016-12-15 04:43
Hey there, I had a quick question. Are there any recommendations for which banks to approach to get a personal bank account setup?
jase
2016-12-15 04:49
For the best answer you will want to be much more specific @anna. What are you wanting to achieve? What is most important?
anna
2016-12-15 04:50
Reduce my tax burden. That's priority #1.
anna
2016-12-15 04:51
You are right, I should have mentioned that.
jase
2016-12-15 04:51
Bank account has nothing to do with that, legally.
anna
2016-12-15 04:51
But it... kinda does with the recent CRS effort surely?
anna
2016-12-15 04:51
Unless I'm missing the boat completely. (which if I am.. please let me know)
jase
2016-12-15 04:52
If you are setup legally, CRS is not an issue (as far as I am aware)
anna
2016-12-15 04:52
As it relates to a business, I'm pretty clear on that. But what's not clear is what to do if it's a personal account.
jase
2016-12-15 04:52
Those affected by CRS are hiding money from their high tax government
jase
2016-12-15 04:53
Where are you a tax resident?
anna
2016-12-15 04:55
Canada
jase
2016-12-15 04:58
I am not an expert on Canada, however to my knowledge it doesn't matter if your personal bank account generates income in Canada, Singapore, Australia, Hong Kong,etc that income must be declared in Canada and you will be taxed on it
jase
2016-12-15 04:59
Banking offshore can be an insurance policy in case of a banking crash in your country
jase
2016-12-15 04:59
However Canadian banks are some of the safest in the world
jase
2016-12-15 04:59
If you are new to this whole journey in my opinion it all starts with residency. You will probably need to leave Canada to significantly reduce your tax burden
anna
2016-12-15 05:03
Ok, that sounds like something I need to look at a little closer. It sounds like residency is the key component here.
jase
2016-12-15 05:13
Yeah, it's also a tricky one initially. I believe Canada is easier than Australia but still requires you to prove your new residence elsewhere... Which is tricky for digital nomads
jase
2016-12-15 14:44
No Android app yet unfortunately so I haven't tested. If anyone does sign up, let me know how it goes! https://secret.tide.co/
maxsuur
2016-12-15 18:51
"I'm lovin' it"
stoplight
2016-12-17 01:38
@anna ..I agree with @jase ?residency is going to be the first thing on your mind..fortunately Canada is not a control freak like the U.S. and though the Canadian government may tax you on your worldwide income while living in Canada?once you are no longer residing there?it shouldn?t be a major problem?please do take up simon?s course on taxation?it personally help me a lot?he?s Canadian as well so i?m sure he will be the best person to help.. :slightly_smiling_face: ?if you don?t like being away too much from Canada?consider living in the Caribbean countries?lots of tax haven countries there?many Canadians live there as well?its only about 4 hours from Toronto?so you can go back anytime?but if you truly want to go under the radar..well..there are a lot of other options?Europe, Asia & Pacific countries?depends on your type of surrounding?from beaches to city life...
jase
2016-12-18 20:23
@simon as a non resident applying for a business credit card in HK, is my personal credit/asset proof important to the bank?
max
2016-12-19 05:27
has joined #banking
harvie
2016-12-20 11:11
Good news, I managed to get my business account in Singapore, thanks @jase and everyone else who gave me advice etc etc. Bad news is I think I asked for an USD account thinking I was going to get a debit card but seems not to be the case, hopefully they let me change to SGD :neutral_face:. Anyway great news.
jase
2016-12-20 11:12
Doesn't matter @harvie, it's probably a multi currency account or has something attached.
jase
2016-12-20 11:12
Even if it is a USD account, use it for 6 months then ask for a SGD account
jase
2016-12-20 11:12
you have your foot in the door
jase
2016-12-20 11:12
Congrats!
harvie
2016-12-20 11:27
I already have a SGD personal go will use that to pay for payments etc for the business online as the USD as no debit card IIRC her telling me. I assume that would be fine just to use the personal account for business expenses? Just a case of pooling $30k to open it now, would not be an issue but I just learned today you cannot transfer money out of Thailand bank account without a work permit lol. Anyway still over the moon.
jase
2016-12-20 12:37
Personal opinion. I avoid mixing personal with business as much as possible
maxsuur
2016-12-20 12:54
@jase: agreed
simon
2016-12-21 01:49
@jase If you have a personal credit score in HK, they will use it. If you don't, they will use whatever data they have about your business. If they do not have sufficient data, they will ask for a security deposit.
jase
2016-12-21 08:20
Thanks @simon. I applied before and they "lost" the paperwork.. which I highly doubt. This time I am going to find a specific person to give the responsibility to.
djoneverett
2016-12-21 11:08
has joined #banking
simon
2016-12-21 22:17
@harvie Congrats on that Singapore bank account :slightly_smiling_face: As @jase said, you now have a foot in the door and everything will become easier from now on. As for using your personal account for business expenses, of course that isn't ideal. If you can, ask the bank for a business credit card and use that instead. You'll probably have to leave a security deposit but you'll get it back after 1-2 years of good payment history.
scorps
2016-12-22 03:04
Do Singapore banks accept opening a business account with a foreign LLC?
scorps
2016-12-22 03:05
And how about a US LLC?
harvie
2016-12-22 03:18
@scorps I emailed OCBC Bank in Singapore about my requirements before I went there. and they got back to me the same day via email, they did ask why I wanted a Singapore bank as a HK businesses but luckily my biggest client is from Singapore. @simon thanks!
scorps
2016-12-22 03:25
Thanks Harvie but i'm sure a HK company is much more reputable then say a Belize LLC or any other island LLC.
scorps
2016-12-22 03:28
I will send them an email as you suggested.
harvie
2016-12-22 03:54
@scorps I read not so long ago that someone did get a Singapore bank account with a BVI if that's any comfort, I was trying to find the link but couldn't.
scorps
2016-12-22 03:56
That does add some comfort.
harvie
2016-12-22 03:56
Newb question again I got this email from my bank:
"Please remember to fund your account with a minimum deposit of USD $30,000 (after transaction fees)"
Are they saying my first deposit has to be the entire amount? I have GBP and USD which I am sending from two diff banks to fill it up. But it reads as if you have to do it in one transaction"
harvie
2016-12-22 03:57
@scorps if you Google' BVI and Singapore bank account' there are a few agencies who give advice and services. I never used them but their info was pretty good and matched up to what I experienced a few weeks ago.
scorps
2016-12-22 03:57
Will do that. Thanks for your help Harvie.
scorps
2016-12-22 04:00
I would doubt it would have to be in one shot. Maybe others on the forum would have a better idea. Or give the bank a quick call to confirm.
jase
2016-12-22 09:38
@harvie usually they give you around 30 days to get everything deposited
jase
2016-12-22 09:38
It can come from multiple banks
scorps
2016-12-24 04:44
For those that have had experience opening a business bank account in Singapore, do the documents (i.e. operating agreement, articles of incorporation) need to be certified copies? If so, was this done through an embassy or a legal notary in your home country?
harvie
2016-12-24 04:50
@scorps I took both original copy and notarized copies (signed by the agency who setup my business).
OCBC kept the notary copies which were signed by the agency who set my company up. DBS were happy to take photocopies but they ended up rejecting me.
harvie
2016-12-24 04:52
You can setup a meeting for DBS by using their online form, makes the process much faster: https://www.dbs.com.sg/sme/dbs-forms/accounts/account-opening.page?pid=dbs_sg_en_sme_get-in-touch_landing-page_Open-Business-Account-Online
scorps
2016-12-24 05:05
@harvie So I guess the copies do not have to be notarized in Singapore.
scorps
2016-12-24 05:06
Did you have to submit a "Certificate of Incumbency"?
harvie
2016-12-24 05:16
@scorps I did not have a COI but I had something similar which showed I was the only director and shareholder. I had nothing notarized in Singapore.
scorps
2016-12-24 05:17
Good to know. Thanks!
harvie
2016-12-24 05:18
Both banks asked why I wanted an account in Singapore and why I setup a business in Hong Kong over where I'm currently staying (Thailand).
scorps
2016-12-24 05:19
I'll have the answers ready if they ask.
jase
2016-12-24 10:27
My answer has typically been "I want to bank somewhere reputable and safe". If you are resident in Thailand this would surely be a formality.
harvie
2016-12-24 10:29
@jase she first asked why I didn't setup a business in UK and then Thailand, and then why I didn't get a bank account in HK. They could have all be formalities questions, I was pretty jaded as I'd be traveling for 6 days before that and may have mis-read her intent.
jase
2016-12-24 10:32
The HK one is a genuine question.
jase
2016-12-24 10:32
At the end of the day they are either fishing or uneducated.
jase
2016-12-24 10:33
In most cases the latter. They are Singapore employees, Singapore residents, paid in Singapore dollars. They don't know anything about internationalisation.
harvie
2016-12-24 11:06
Very true, Thailand is the worst for that. In one instance I had to visit their website in the branch and show them their own policies on being able to setup a bank account on a tourist visa.
petr.novak
2016-12-27 09:29
has joined #banking
remy
2016-12-27 10:31
has joined #banking
jase
2016-12-27 11:49
Interesting to see OCBC now offering accounts specifically for offshore companies: https://www.ocbc.com/business-banking/accounts-and-services/foreign-business-accounts.html
jase
2016-12-27 11:49
They have offices around the world too, so account opening could potentially be easier too.
harvie
2016-12-27 13:10
Yup that was the one I got
jase
2016-12-27 13:30
Nice - their fee structure seems.... interesting
jase
2016-12-27 13:31
If I'm reading it correctly, business run in CHF, EUR and JPY have no fees so long as you don't deposit too much
jase
2016-12-27 13:32
"S$100 per month if monthly average balance falls below S$30,000"
jase
2016-12-27 13:33
But if "monthly average balance" is "EUR 25,000 and below", "Service fee" is Waived
jase
2016-12-27 13:34
I'm guessing for a Foreign Currency Call account you must have either an SGD or USD chequing account attached
harvie
2016-12-27 14:01
Yes, you can only choose SGD or USD, but with the USD you cannot get a debit card.
jase
2016-12-27 14:09
Thanks for the info @harvie
jase
2016-12-27 14:09
$500 account opening fee is a bit steep
harvie
2016-12-27 14:18
Yeah she did say any other accounts I wanted if approved would be free of any fees, although I'm not really sure what other account I would want (personal are free). I also lacked options so had no other choice but to pay the fee as DBS rejected me pretty sharply. I did put on a big smiley face and asked if they could either waive sign up fee or increase the time for me to deposit $30k, declined both.
jase
2016-12-27 14:18
Yeah, I think in time you'll be able to get a bit waived
jase
2016-12-27 14:19
but... in a world where bank accounts are hard to open, maybe not?
jase
2016-12-27 14:19
might be their way of adapting
jase
2016-12-27 14:19
"sure, we'll open an account for you, but it's going to cost you"
harvie
2016-12-27 14:21
UOB were charging me $700 just to make an application and if I were rejected they'd still keep the fee, a little more obvious that they are trying to attract the bigger fish and isolate people like me out.
jase
2016-12-27 14:22
sheesh
jase
2016-12-27 14:22
better off being with ocbc IMO anyway
harvie
2016-12-27 14:23
Yeah I'm happy with how they treated me and everything. Final step is to get a HK business/personal account to pay my taxes each year then I'm golden.
jase
2016-12-27 14:23
Are you living there?
jase
2016-12-27 14:23
HK
harvie
2016-12-27 14:23
I live in Thailand
jase
2016-12-27 14:23
Do you have management & control in HK? HK clients?
jase
2016-12-27 14:24
If not you should be sorted
jase
2016-12-27 14:24
no tax
harvie
2016-12-27 14:25
No I don't but @simon states it's better if I pay tax because of the CRS, if I pay 0% in HK I may default back to the UK.
harvie
2016-12-27 14:26
And use travel expenses, office space etc to reduce my bill
jase
2016-12-27 14:26
Fair call
harvie
2016-12-27 14:27
lol
jase
2016-12-27 14:28
living the dream
alex
2016-12-27 23:54
has joined #banking
ahawkins
2016-12-28 10:36
has joined #banking
philippe
2016-12-28 14:28
has joined #banking
philippe
2016-12-28 14:47
Hi, I?ll be in Hong Kong soon (I plan to ask for a working holiday visa). I plan to open a personal bank account and form a ltd+bank account.
I read this
>Make sure it's a bank statement you received in the mail and that it shows your name and address clearly.
kl5340dc
2016-12-28 14:48
yes
kl5340dc
2016-12-28 14:48
you need proof of address
kl5340dc
2016-12-28 14:48
bank statement is easiest
philippe
2016-12-28 14:49
My current bank is an online bank so I don?t have statements in my mail box
philippe
2016-12-28 14:49
Will they be happy with a digital statement ?
kl5340dc
2016-12-28 14:52
it's not ideal
kl5340dc
2016-12-28 14:52
Hong kong in general wants original copies
kl5340dc
2016-12-28 14:53
they do not like digital stuff
kl5340dc
2016-12-28 14:53
it can be rejected for this reason
philippe
2016-12-28 15:02
I also have a business account in Bulgaria, maybe it works? (plus I?m moving my residency there, for now)
philippe
2016-12-28 15:02
I will also ask the bank for printed and mailed copies
kl5340dc
2016-12-28 15:06
I have residency in BG
kl5340dc
2016-12-28 15:06
BG papers is a lot in cyrillic
kl5340dc
2016-12-28 15:06
residency card has your address, but in cyrillic
kl5340dc
2016-12-28 15:06
they'll want official transated and stamped docs of that
kl5340dc
2016-12-28 15:07
mine were rejected due to not translated by HK company but BG company, this depsite having company account at the same bank already
kl5340dc
2016-12-28 15:07
HK can be pita
philippe
2016-12-28 15:29
Soooo what should I do? :smile:
- Translate BG stuff in HK ?
- Ask my french bank to send print statements ?
kl5340dc
2016-12-28 15:30
right
philippe
2016-12-28 15:30
I dont want them to report to french tax authority, rather to BG one
philippe
2016-12-28 15:30
but have no Personal Bank Account in BG
kl5340dc
2016-12-28 15:36
you need to set residency in BG
kl5340dc
2016-12-28 15:36
takes 3 days :slightly_smiling_face:
kl5340dc
2016-12-28 15:36
just go with passport, airbnb appartment, copy credit card and good to go
kl5340dc
2016-12-28 15:36
then unsubscribe in france
kl5340dc
2016-12-28 15:36
maybe more needed there, no idea
philippe
2016-12-28 15:43
It?s done already :slightly_smiling_face:
philippe
2016-12-28 15:44
My card is in Sofia, My accountant provide the address
maxsuur
2016-12-28 15:54
Hi phillippe, welcome to the club. I am a spanish citizen and I am considering perhaps moving my tax residency to Bulgaria, how easy is that for you as a EU national? What's the process? Thanks
kl5340dc
2016-12-28 15:55
your residency address is from your accountant you say
kl5340dc
2016-12-28 15:55
?
philippe
2016-12-28 15:56
Yes, in Sofia. He helped for the personal setup (residency card) so just gave me a small contract.
kl5340dc
2016-12-28 15:56
interesting
kl5340dc
2016-12-28 15:56
what did you give as proof?
philippe
2016-12-28 15:56
The rental contract was enough I think.
kl5340dc
2016-12-28 15:57
but your rental contract has different address than accountant address?
philippe
2016-12-28 15:58
Hi Max, I was in Sofia and was refered to a part-time accountant (main job = teaching). He answered my questions and we had 1 day to go to various administrations and notary to setup the business and register as a resident.
philippe
2016-12-28 15:58
I think it is not a ?permanent residency? though
kl5340dc
2016-12-28 15:58
yeah you get one year
philippe
2016-12-28 15:59
@kl5340dc I think it?s where he live. The company is also registered there.
kl5340dc
2016-12-28 15:59
renew each year
philippe
2016-12-28 15:59
As a citizen of FR I benefit from free circulation but still has to register to stay long term legally and work.
philippe
2016-12-28 15:59
We have been to the NAP and I have a tax ID.
simon
2016-12-28 15:59
@philippe Your best option is to ask your bank in France for a paper statement. You will have an HKID so opening bank accounts in HK will be easy with the paper statement. I tried using printed statements and this was a no-no even as a local resident.
kl5340dc
2016-12-28 16:00
I always understood resdiency address being the place where you live. So confused you got accountant address as your official address. It would make things easier to do that as well. And I can see how this would work in bulgaria as they don't seem to check stuff
philippe
2016-12-28 16:00
Thank you Simon. What about Bulgaria (so HK do not report to french Fisc)?
philippe
2016-12-28 16:00
@kl5340dc I?m supposed to live there but I live in airbnbs around the world
kl5340dc
2016-12-28 16:01
so you only rented airbnb for a month?
kl5340dc
2016-12-28 16:01
in bg
philippe
2016-12-28 16:01
yes
philippe
2016-12-28 16:01
a room
philippe
2016-12-28 16:01
different place
kl5340dc
2016-12-28 16:01
right
kl5340dc
2016-12-28 16:01
I've done the same
philippe
2016-12-28 16:01
I think we?re on the wrong channel :smile:
kl5340dc
2016-12-28 16:02
I'm from belgium originally, think we have similar problems hihi
maxsuur
2016-12-28 16:09
For some reason I thought you were from some asian country @kl5340dc
kl5340dc
2016-12-28 16:09
no
kl5340dc
2016-12-28 16:09
dated asian girl for several years and visited quite a bit, so familiar with culture
kl5340dc
2016-12-28 16:10
chinese specifically
kl5340dc
2016-12-28 16:10
HKID is only possible with working holiday?
kl5340dc
2016-12-28 16:10
seems less than 30y for that?
simon
2016-12-28 16:11
@philippe They do but in your case it won't be a problem as you will have a HK tax ID number. They will report to the HK IRD. As for the address, once the account is open you can change it for a HK address very easily.
philippe
2016-12-28 16:12
>HK tax ID number
Through working holidays ?
simon
2016-12-28 16:12
@philippe Yes
maxsuur
2016-12-28 16:12
I checked the working holiday visa for hong kong, but it seems it does not apply to spanish nationals
philippe
2016-12-28 16:13
Ok, I thought it did not make me a resident with a tax ID
philippe
2016-12-28 16:13
It?s 1 entry only, correct ?
simon
2016-12-28 16:15
@philippe Once you activate the visa, you can visit HK as many times as you please within the following year. You can also work for local companies. Having a Tax ID doesn't make you a tax resident (unless you actually live in HK) but it does open up some interesting opportunities.
simon
2016-12-28 16:16
@maxsuur Singapore also has a working holiday visa although I can't remember off the top of my head which citizenships are accepted. Might be worth googling it.
philippe
2016-12-28 16:17
awesome, I will reread their documentation.
If I?m not a tax resident there (even with the id), shouldnt they report to my country of residence ?
philippe
2016-12-28 16:17
The Sing visa is restricted to quite young age in my mind.
maxsuur
2016-12-28 16:19
I am going to take a look at it @simon
philippe
2016-12-28 16:20
This is the correct page to lookup: http://www.immd.gov.hk/eng/services/visas/working_holiday_scheme.html ?
philippe
2016-12-28 16:23
"Xerox copy of the visa application form will also be accepted.?
Can I print it myself ?
simon
2016-12-28 16:24
@philippe Technically speaking they should but in practice they do not (for HKID holders). They do not even collect your home country's tax ID.
philippe
2016-12-28 16:24
Thank you
simon
2016-12-28 16:24
Yes or you can show up in HK and apply there. It takes less than a week to get the approval and visa
philippe
2016-12-28 16:25
Is it a good idea ?
simon
2016-12-28 16:29
Depends on how much time you want to spend in HK. It takes around 1 week to get the visa, two weeks to get the HKID and then you can open all the bank accounts in a day.
kl5340dc
2016-12-28 16:30
any way to get hkid without working holiday? (I'm over 30)
maxsuur
2016-12-28 16:34
Singapore working holiday visa is only for people between 18-25, Spain is not included either.
simon
2016-12-28 16:36
@kl5340dc you can apply using one of the traditional residency options but they are much more restrictive and require a significant time and / or capital investment. Not worth it in my opinion, unless you want to live in HK full-time.
kl5340dc
2016-12-28 16:37
yeah figured residency was only way
kl5340dc
2016-12-28 16:37
okay thanks
maxsuur
2016-12-28 16:37
@simon: which tax residency would you get if HK weren't an option?
philippe
2016-12-28 16:40
>is ordinarily residing in that participating country;
How is it prooved and verified?
simon
2016-12-28 16:42
Depends where you want to live. In Europe there's a few options such as Malta and Bulgaria. In Asia, Malaysia and Thailand are both easy and decent countries to live in. Chile is great too if you're into south America. There's also a few other options such as Georgia.
simon
2016-12-28 16:43
@philippe It's not verified. They take your word for it (fairly common in common law countries)
maxsuur
2016-12-28 16:45
Thanks Simon. The thing is not having necessarily to live in thw country for the most part of the year. That is a thing I like from Paraguay, you step in once every 2-3 years. Pressure-free.
kl5340dc
2016-12-28 16:46
You seem to travel a lot simon - and it seems sometimes not staying long in a place. Don't you find this disruptive to get work done? Or is the business mostly automated at this point (retired?)
kl5340dc
2016-12-28 16:46
I just spent a week booking app/hotels/flight for next six months so id on't have to think about it again later, and staying in places usually at least a month.
kl5340dc
2016-12-28 16:47
I think ideal for me is to live 5 months in one country, 5 in another, 2 back home. Seems more effective
simon
2016-12-28 16:52
@kl5340dc It's definitely been disruptive these last few months. I've been to a lot of cities and countries for 1-3 days and this has meant that I've spent way too much time in airports. I'm currently writing this from the airport in San Francisco :stuck_out_tongue_winking_eye: In 2017 I will definitely travel slower
kl5340dc
2016-12-28 16:53
figured that
simon
2016-12-28 16:53
It's not just a business thing, I feel like this constant coming and going is starting to affect my health
kl5340dc
2016-12-28 16:53
sleep?
simon
2016-12-28 16:54
Yeah jet lag.
philippe
2016-12-28 16:54
of course
philippe
2016-12-28 16:54
This year I traveled nearly every month but stayed in Europe so no jet lag at least
maxsuur
2016-12-28 16:56
Travelling non-stop for me is such a drag in productivity.. i prefer the 3-month thing as well, get to know the city, the locals, I find it way more fulfilling at this stage in life
kl5340dc
2016-12-28 16:56
yeah
kl5340dc
2016-12-28 16:56
decided this year to travel more to check out places that I might like forlonger stays
kl5340dc
2016-12-28 16:57
I thought chiang mai sucked at first but ended up liking it quite a bit, it's a nice place to get stuff done (I got a lot done there, got zero done in bangkok just too much distraction there!)
simon
2016-12-28 17:02
Ah I know what you mean, I also struggle to get work done in BKK. Great city, love spending time there. HK is my high productivity city. Lots of cool places to work from and everything is very efficient.
simon
2016-12-28 17:02
@kl5340dc @maxsuur @philippe where will you guys spend 2017?
philippe
2016-12-28 17:06
- until mid january : brussel, geneve, megeve, maybe frankfurt, and sofia
- until mid february : chiang mai
- until end of february ou mid march : HK (have to get my working holiday :o)
- until mid april : japan (tokyo, osaka or kyoto ?)
- next 6+ month : santiago (and? ) in Chile
harvie
2016-12-28 17:13
Bangkok can get you if you don't have a solid routine. Joining a gym, having a solid social circle and a regular side-check is good if you really want to get work done....else, well you know what happens if you dont lol. I work here just fine but know plenty of people who can't.
maxsuur
2016-12-28 17:26
Austria, Germany, Spain, Mexico and perhaps Panama
simon
2016-12-28 17:33
@philippe Very diverse itinerary! You'll avoid cold weather most of the time too.
philippe
2016-12-28 17:33
as always hehe
philippe
2016-12-28 17:36
this year was france, lisbon, france, italy (road trip), slovenia, england (oxfordshire), bulgaria (sofia), serbia (belgrade), switzerland (lausanne), palermo (sicily), road trip (sicily/campania/venezia), now in normandy :slightly_smiling_face:
-
A good compromise, not very tiring (but nt resting either)
simon
2016-12-28 17:39
Ah Normandie! I love it there (in the summer) :slightly_smiling_face: Not great from a tax optimization perspective though!
philippe
2016-12-28 17:50
haha
philippe
2016-12-28 17:50
check my instagram for some fresh pics of caudebec, st wandrille and rouen
simon
2016-12-28 18:17
@philippe Nice photos! I especially like the one of the water near the Abbey, looks very peaceful
philippe
2016-12-28 18:25
it was :slightly_smiling_face: (� to my partner, Chonticha) I?ll check their craft beer when my pat�s from Auvergne are delivered :stuck_out_tongue:
sherice
2016-12-29 04:18
has joined #banking
kl5340dc
2016-12-30 09:38
@simon my schedule, all booked already:
-jan: hong kong one week, then chiang mai
-feb: chiang mai 2 weeks, then bkk/thai islands
-march: taipei
- april: shanghai 1 week, then seoul
- may: tokyo
- june: hong kong a week, then bxl
americanomad
2016-12-31 00:08
has joined #banking
simon
2016-12-31 13:44
@kl5340dc Seems like many of us will be in HK and Thailand in Q1. If our schedules match, would be fun to do a meetup.
jase
2016-12-31 13:49
Hey @kl5340dc I should be in Taipei in March too. Might be able to make a HK meetup possible..
petrsuska
2017-01-02 12:29
has joined #banking
dawn
2017-01-02 21:59
has joined #banking
tal
2017-01-03 17:30
Hey,
I am considering forming a company in Panama (for Amazon FBA). I understand that these days it became almost impossible to open a corporate bank account in Panama.
Are you familiar with banks out of Panama that will allow to open a corporate bank account for a Panamanian company? (preferably stable bank, better in western country and allows to open remotely)
kl5340dc
2017-01-04 04:59
@simon im in hk now but only till sunday
kl5340dc
2017-01-04 04:59
@jase taipei okay!
jase
2017-01-04 06:51
I will let you both know when I have dates for HK and Taipei. Will be around mid-late March @simon @kl5340dc
scorps
2017-01-05 03:59
All, if you had the choice to open a corporate bank account and trading account between OCBC and DBS, which would it be?
harvie
2017-01-05 04:01
From my experience, DBS because of the lower limits and they offer merchant abilities for business owners (granted I don't know much about how it works).
kl5340dc
2017-01-05 04:08
ocbc securities is best for trading, lower costs when going index funds route
harvie
2017-01-05 04:28
To add, I'm finding it very hard to find a payment processor that allows me to take payments from Clients because my business location and bank account are from two different countries. I do believe the DBS merchant account that comes with the account solves this issue (but you'll have to research that to confirm). @scorps
scorps
2017-01-05 04:53
Thanks both for quick reply. Does DBS issue a USD debit card for foreign accounts? At this stage trading would be priority. @kl5340dc aren't the fixed percentage commission fees the same? Would i be able to invest in vanguard funds?
harvie
2017-01-05 05:03
No they don't give a debit card for USD accounts. You only get a debit card with a SGD account. To bypass that I'm using http://mychoicecorporate.com (Prepaid)
kl5340dc
2017-01-05 05:28
when i researched it, ocbc seems best, check bogleheads
harvie
2017-01-05 05:44
From what I read on here OCBC is best for trading, as a business account I think DBS edges it for my needs at least. Also if you apply online (you'll still need to visit their branch) you can wave some monthly fees.
scorps
2017-01-05 06:48
Will check it out. Thanks for info guys.
kl5340dc
2017-01-05 08:31
dbc credit cards are very good i heard
kl5340dc
2017-01-05 08:31
you can have both, ocbc account is free if you put 1000sgd on it, they opened it on the spot, just use for trading and done
scorps
2017-01-05 09:03
Would be good to get a dbc credit card, but don't think they issue any to foreign corporate accounts?
tkrunning
2017-01-05 20:51
has joined #banking
harvie
2017-01-06 12:12
If you wanted to change the currency of your business account later down the line, how hard would that be?
jase
2017-01-06 12:40
Depends on country
jase
2017-01-06 12:40
HK and Singapore mostly has multi currency accounts with a daily account in the local currency
harvie
2017-01-06 13:13
I just logged into my online account for the first time and it showed SGD assets and USD as the main currency. I guess I need to ring my bank to find out, but if I was sent SGD would they keep it as SGD or convert to USD, sorry for the newbish question, I seem to be full of them lately.
jase
2017-01-06 13:29
They won't convert your currency if it's sent to a multicurrency account
jase
2017-01-06 13:30
If it is a SGD only account, and you send USD, they'll convert it
jase
2017-01-06 13:30
But if it's an account that has different currencies available in it, they'll just add it to the appropriate currency
harvie
2017-01-06 13:37
Thanks again Jase!
jase
2017-01-06 13:38
Beginning to think I should be an internationalization consultant :joy:
harvie
2017-01-06 13:44
It's a good niche to get in to lol. I have this : https://www.ocbc.com/business-banking/accounts-and-services/foreign-business-accounts.html so I assume this is a multi-currency? The person explaining it to me during setup didn't tell me anything about this. I'll most likely call them up tomorrow to find out, God I have no clue what I'm doing :smile:.
kl5340dc
2017-01-06 14:08
yeah it4s just multi currency
harvie
2017-01-06 14:17
@kl5340dc thanks!
ace01
2017-01-07 01:15
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princevaliant
2017-01-08 21:40
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saskia
2017-01-09 11:41
has joined #banking
skat
2017-01-10 13:24
has joined #banking
jase
2017-01-11 14:42
Non-resident UK LLP bank account looks to be possible with: https://www.paywithfire.com/faqs/business.html
jase
2017-01-11 14:47
https://www.nemeabank.com/
> Following a recent onsite inspection held jointly by the Malta Financial Services Authority and the European Central Bank in April 2016, a number of serious regulatory shortcomings were identified in the Bank?s operations.
Oops!
skat
2017-01-11 16:02
@jase damn, I was trying to open an account with them. Probably it means, that they will not accept any new clients in near future?
jase
2017-01-11 16:03
Not sure if they are accepting clients... I'd say that when they do re-open to clients, they'll probably be the safest bank in Malta.
tkrunning
2017-01-11 17:08
Nemea is pretty okay, but I?m not sure how much confidence I have in them anymore. Their online bank is okay to use at least, fairly low costs and open to residents from many countries.
tkrunning
2017-01-11 17:09
Decent interest on term deposits though
skat
2017-01-11 17:24
@tkrunning any good options for personal banking that i can register online?
tkrunning
2017-01-11 18:13
Depends on your requirements, of course? There are many options these days, especially as a EU citizen
tkrunning
2017-01-11 18:14
@skat
tkrunning
2017-01-11 18:15
Are you just looking for cheap ways to spend you money? Or other requirements as well?
tkrunning
2017-01-11 18:16
N26 is still good, and you can order it to Estonia now and as long as you do it (and verify your identity) this month you won?t have to pay a new 3 EUR monthly fee for their Mastercard that applies to certain countries.
tkrunning
2017-01-11 18:17
I also like Monzo. It?s not a fully functional checking account yet, but will be soon. Right now it?s in ?beta? and is basically a prepaid card. It?s kind of UK?s version of N26
tkrunning
2017-01-11 18:18
You just need a UK address to sign up. I just used a mail forwarding service (UK Postbox) when I opened my account, and that worked just fine.
skat
2017-01-11 18:49
@tkrunning mostly, i?m just distributing my money across different bank account. i start to get nervous then i have too much money on my bank account.
skat
2017-01-11 19:08
nostly yeah, cheap ways to spend money
skat
2017-01-11 19:10
oh, that?s a great news about n26. Last time i checked they only worked with Austria and Germany
maxsuur
2017-01-11 19:14
N26 extended their countries support
skat
2017-01-11 19:19
This is so cool. 5 minutes and i have a bank account
maxsuur
2017-01-11 19:25
;)
jase
2017-01-11 19:26
the site isn't working for me >.<
philippe
2017-01-11 23:01
N26 says N26 Black will not be available for non residents
philippe
2017-01-11 23:02
I have an account (France)
maxsuur
2017-01-11 23:07
Non-residents of which countries?
harvie
2017-01-12 03:43
On the pricing page it says: Applies to customers from Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, Netherlands, Portugal, Slovakia and Slovenia
rjmarsden
2017-01-12 09:06
+1 for Monzo in the UK, does anyone know when Revolut for Business is accepting applications?
jase
2017-01-12 09:24
N26 does nothing when I try and sign up on chrome/IE chrome on Android
jase
2017-01-12 09:25
@rjmarsden I believe they're still waiting. Was claimed to be November but they must be well behind schedule
tkrunning
2017-01-12 09:26
Revolut for Business _could_ be killer? Really excited to see what they come up with :slightly_smiling_face:
jase
2017-01-12 09:29
Worth noting that they revoked accounts to anyone outside of the EEC late last year. I'd be surprised if you can open a business account for a company outside of the EEC
tkrunning
2017-01-12 09:30
Oh, and yes, N26?s offerings vary a bit between countries. I still think the German account is the best one, since it offers the most features. At least if you don?t spend much time in Germany that is, due to the German account having a limit of 3-5 free ATM withdrawals per month in Germany. International accounts have no such limits.
And N26 Black could be interesting for certain types of trips if you don?t already have a better included travel insurance from another bank
tkrunning
2017-01-12 09:31
@jase yeah, but that was due to problems with their card issuer. As soon as they get their own Mastercard license that shouldn?t be an issue anymore.
jase
2017-01-12 09:31
Fingers crossed!
tkrunning
2017-01-12 09:32
Indeed :slightly_smiling_face:
tkrunning
2017-01-12 09:34
Does anyone have experience with https://www.koho.ca ? a Canadian prepaid product? Looks better than Zenbanx, but I?m not sure if they?ll ask for a Canadian SIN during signup?
stoplight
2017-01-12 11:36
hey folks..anyone with some recent experience with WB21?
jase
2017-01-12 15:21
Does anyone know how the IBAN system works through Europe? Say a German company gets a hosting contract with a Swiss company, can the Swiss company direct debit from the German bank account using the IBAN? Or are countries still separated?
maxsuur
2017-01-12 15:49
This is funny: "from koho's faq:
maxsuur
2017-01-12 15:49
"What if I live outside of Canada? Can I use Koho?
Sorry, Koho is exclusive to Canada. One more reason to immigrate, I suppose."
maxsuur
2017-01-12 15:50
And I say: one more reason to do the working holiday visa thing
mescos
2017-01-12 16:42
Any thoughts on Akirix (http://www.akirix.com)? Based in the US, out of Ogden, Utah. They claim to manage all of their client accounts through a trust account at Wells Fargo. @tkrunning @jase @simon
tkrunning
2017-01-12 17:29
@mescos I don?t really know anything about them...
tkrunning
2017-01-12 17:29
@stoplight I would stay far, far away from WB21
mescos
2017-01-12 17:30
Akirix seems to be opening accounts for offshore companies.
tkrunning
2017-01-12 17:35
But it?s just an escrow service, no?
jase
2017-01-12 18:11
Due to liquidity issues @tkrunning? Something else?
tkrunning
2017-01-12 18:57
I think this is a pretty good reason: http://theheureka.com/wb21-founder-has-history-of-fraud
tkrunning
2017-01-12 19:15
@mescos are you Strebz on Streber? :smile:
mescos
2017-01-12 19:26
Nope, but saw it there first.
alex
2017-01-12 19:58
Thanks @tkrunning! Just signed up for the wait list at Koho. It is not clear when they will provide access to the product though.
jjlm
2017-01-12 22:36
has joined #banking
danz
2017-01-13 04:23
has joined #banking
tkrunning
2017-01-13 09:39
I just got access, and I signed up a month ago...
tkrunning
2017-01-13 09:39
Are you on Android or iOS? To give you access they use some simple Typeform with your email embedded in the URL, so maybe we can trick them into giving you access right away?
tkrunning
2017-01-13 09:41
I actually managed to sign up, and they provided routing and account numbers, etc, but just now got an email saying I need to verify my identity?
> You must be some sort of a secret agent because our system is having trouble verifying your identity. Please help us verify who you are so we can get you full access to Koho?
:smile:
tkrunning
2017-01-13 09:49
@tkrunning uploaded a file: https://freedomsurfer.slack.com/files/tkrunning/F3QCRGU80/img_0430.png
tkrunning
2017-01-13 09:49
@tkrunning uploaded a file: https://freedomsurfer.slack.com/files/tkrunning/F3QDKHEKB/img_0431.png
tkrunning
2017-01-13 09:49
@tkrunning uploaded a file: https://freedomsurfer.slack.com/files/tkrunning/F3R6D4G6Q/img_0432.png
tkrunning
2017-01-13 09:49
@tkrunning uploaded a file: https://freedomsurfer.slack.com/files/tkrunning/F3R6D4VN0/img_0433.png
tkrunning
2017-01-13 09:49
@tkrunning uploaded a file: https://freedomsurfer.slack.com/files/tkrunning/F3RQ38CJ2/img_0434.png
maxsuur
2017-01-13 10:11
Just for canadians right @tkrunning ?
alex
2017-01-13 13:45
@tkrunning Android
stoplight
2017-01-13 14:16
@tkrunning ?have heard so many bad things about WB21?I guess still no improvement eh?oh well...
stoplight
2017-01-13 14:16
With Koho?you were able to open an account even if you?re not in Canada? Currently in Vancouver now?what?s the validation procedure? Do they need local ID?s?
tkrunning
2017-01-13 15:36
Yes Koho is just for Canadian residents. 2 sec will get a screenshot of what they ask for when they can?t automatically verify your identity
tkrunning
2017-01-13 15:38
You need 2/3 of these:
tkrunning
2017-01-13 15:38
@tkrunning uploaded a file: https://freedomsurfer.slack.com/files/tkrunning/F3R6C8335/screen_shot_2017-01-13_at_4.37.56_pm.png
stoplight
2017-01-14 09:08
Ok..well there?s that.. :smile: thanks @tkrunning
yuli
2017-01-16 06:35
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jd
2017-01-17 05:55
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princevaliant
2017-01-17 12:40
Hi to all, I am new here, anyone knows Liri Business and their I-account? It should be based in HK and can be opened online but I didn't find any review or discussion on their service
stoplight
2017-01-18 09:54
hello and welcome @princevaliant ?.interesting thing on Liri?it looks quite complicated to use though?do you use it?
https://www.liri-bd.com/i-account.html
alistair
2017-01-18 17:23
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jase
2017-01-18 17:40
Pretty high level basic stuff but, http://www.offshorecorptalk.com/threads/review-leupay-eu-good-or-bad-post-your-experience-please.19408/
jase
2017-01-18 17:41
I think it's more poor understanding of their marketing website but I can understand their concerns
tkrunning
2017-01-18 19:25
They are definitely not ?unlicensed? as some of the authors claim. Your money is held with Satabank in Malta which is fully licensed there: http://www.mfsa.com.mt/pages/licenceholder.aspx?id=9923 (including for issuing ?electronic money?)
tkrunning
2017-01-18 19:27
Your funds are still not covered by any depositor scheme, though. So in any case I wouldn?t keep your entire savings with any e-wallet provider.
jase
2017-01-18 20:05
I do think the product is quite good. May be best running it side by side for a business with a normal bank account
jase
2017-01-18 20:06
Standard account keeps deposits, Leupay makes the transactions
stoplight
2017-01-19 01:16
@jase where is this bank based?
jase
2017-01-19 07:08
UAE if I understand correctly
maxsuur
2017-01-19 08:33
Many "digital banks" popping up lately
maxsuur
2017-01-19 08:35
They are talking about credits and interests, interesting. This frigging algorithms making everything so easy.
simon
2017-01-19 16:16
@tkrunning I tried to open a Koho account but my application was declined due to being from QC. I've noticed that many of these new online banks do not accept clients from QC, I wonder if it's the language laws or something else.
princevaliant
2017-01-21 08:46
@stoplight no I am not using it just looking for infos about it
arkdeeplove
2017-01-21 17:55
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hhenrikson
2017-01-23 09:29
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el_roberto
2017-01-23 13:10
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foreverlearning
2017-01-23 18:33
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tatelev
2017-01-25 15:27
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tkrunning
2017-01-25 18:13
Have anyone successfully added a US credit card to Revolut lately? I tried adding one now, and it says it?s not supported.
Do you think this might be related to them booting all their non-EEA users a couple months ago?
tatelev
2017-01-25 19:05
hi, sorry I join this not to answer but to ask. I just found out about revolut after reading your question. does it have any interesting advantages, from the freedom/privacy point of view? cheers :slightly_smiling_face:
tatelev
2017-01-25 19:06
and by booting their EEA users do you mean they only allow europeans customers?
tatelev
2017-01-25 19:06
sound strange
tkrunning
2017-01-25 19:49
It was an issue with their card issuer, AFAIK, that made them kick out the non-Europeans. But I hope that will change once they get their own Mastercard license.
I?m not aware of any privacy advantages of Revolut, but they do make it easy to save on fees and currency conversions when living and traveling abroad. I mostly have European and US bank accounts, and use Revolut to transfer money between them with no exchange rate loss or fees.
@simon has also written about a trick involving Revolut to create cheap manufactured spending on credit cards (to earn miles, cashback, etc), but I guess that?s a no-go if they no longer will let us add US credit cards.
jase
2017-01-25 19:50
I thought I'd start the banking referrals chat in here since, you know, it is the banking channel :stuck_out_tongue:.
jase
2017-01-25 19:51
To be honest I'd only consider helping someone that I've talked to for some time, is willing to tell me who they are/connect on LinkedIn or something, what their business does/is doing/is going to do/etc. Otherwise you're shooting yourself in the foot if you refer the wrong individual.
stoplight
2017-01-25 19:55
agree with you on that @jase transparency..due diligence and all that?haha?now we sound exactly like a bank?but just cooler? :smile:
jase
2017-01-25 19:56
It's a very good idea though. Connections make the world go around. Maybe this is when the Freedom Surfer events will show greater importance.
stoplight
2017-01-25 20:03
Oh definitely..
trevorjames
2017-01-26 06:44
Hi everyone,
I am intending to create a HK based company. My advice is that I can set up a US bank account of the HK Co. to receive Adsense payments and that because it is a HK entity my company tax exposure in the US will be zero. Can anyone confirm this?
skat
2017-01-26 07:15
@trevorjames people told me that Google doesn't like it then you have company in one country and bank in other country.
trevorjames
2017-01-26 07:16
oh...
trevorjames
2017-01-26 07:16
so adsense may not accept?
trevorjames
2017-01-26 07:17
I think that is my main issue is going to be getting adsense set up correctly
danz
2017-01-26 14:06
Anyone has experience with banking in Saint Vincent?
maxsuur
2017-01-26 15:00
Nein
simon
2017-01-27 06:29
@danz Would definitely not recommend banking there. It's easy to open an account but there is a reason why (the banks are crap). In the Caribbeans, I'd only bank in Cayman or the Bahamas.
danz
2017-01-27 06:29
Good to know
danz
2017-01-27 06:30
It?s actually not as easy anymore to from what I have been shown
simon
2017-01-27 06:57
@danz It still is relatively easy (compared to HK, SG, UAE) but you need to run a real business and be able to prove it. If you absolutely want to bank there, I'd recommend to at least go with one of the big international banks (CIBC or Scotiabank). Europac, Loyal and the local banks all have a reputation for being less than reliable.
stoplight
2017-01-27 08:24
Definitely agree with @simon on this?i?ve been to the islands?not long enough to live there though but know enough people and connections on the ground to know that unless you?re actually doing business on the islands themselves?you shouldn?t bank there..
stoplight
2017-01-27 08:32
A personal experience is with the National Bank of Dominica?it took them ages, almost 3 weeks to clear a wire transfer?whereas when we sent money to the Royal Bank of Canada?it took them only 2 days to clear it?
stoplight
2017-01-27 08:33
If you must really choose to bank in the Eastern Caribbean islands?definitely choose the Canadian banks, RBC, Scotiabank and CIBC...
danz
2017-01-27 08:33
Don?t specifically have to, there are other options. But I read that the bank was doing a much better job now at some forums and stuff.
danz
2017-01-27 08:34
Wanted to set it up in the UAE in the first place, but need to physically be there to open it and it can take up to a few weeks
save
2017-01-27 08:35
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stoplight
2017-01-27 08:35
If you?re intending to open a HK company..why not bank in HK? ...
danz
2017-01-27 08:36
I got a company in the UAE
danz
2017-01-27 08:36
not HK
stoplight
2017-01-27 08:37
Oh my mistake?made a wrong back read?sorry bout that.. :joy:
stoplight
2017-01-27 08:38
well a UAE company is a pretty strong company?you have a lot of options then?
stoplight
2017-01-27 08:45
If you?re based in North America?and the islands are easier to reach than UAE?the Canadian banks are good options?CIBC First Caribbean, RBC and Scotiabank all have branches in Kingstown...
726dbr
2017-01-28 07:05
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wojtek
2017-01-28 15:58
has joined #banking
726dbr
2017-01-30 02:44
Hi I was trying to sign up for Revolut, but do not live in a qualifying country. I got a skybox address that qualifies, but still can't sign in as I don't have a local cell number in a qualifying country, is there a way around this?
el_roberto
2017-01-30 07:43
Sure, sign up to twilio (https://www.twilio.com/phone-numbers) and buy a local number in the same country as your address
el_roberto
2017-01-30 07:43
It's been a while since I used it but I think you can send/receive without using the API
726dbr
2017-01-31 02:11
Thanks @el_roberto !!!!
kiessler
2017-02-01 04:27
Hey guys,opening a personal (non-resident) bank account in Hong Kong turns out to be very difficult at the moment. I've tried various bank branches (Standard Chartered, DBS, Hang Seng, HSBC and so on) in Sheung Wan with no luck at all. Without a proof of address in Hong Kong and/or a working visa none of them will do it. I've told them I would like to open an account to get paid easier when doing business in HK/China but that wouldn't do it. The only other acceptable reason to grant a personal account would be for "investment" reasons (securities) but that would require an audit as well. Any tips on how to get it done? Otherwise I'm giving up...
danz
2017-02-01 04:29
Have you tried OSBC branche in HK?
kiessler
2017-02-01 04:29
I have multiple proofs of address in Germany and a bank reference but only Hang Seng cared to look at it...
danz
2017-02-01 04:29
Because that was the only one who would open for me in SG
danz
2017-02-01 04:29
OCBC'
kiessler
2017-02-01 04:30
No, I haven't tried OCBC yet...
danz
2017-02-01 04:30
Try that one, many had luck with that one
kiessler
2017-02-01 04:31
Ok, thanks. I will give it a shot!
harvie
2017-02-01 07:14
Let us know how you get on with OCBC in HK
wojtek
2017-02-01 11:10
Does anyone know a way to get a better bank than Bank of Cyprus for my company in the Seychelles?
kiessler
2017-02-02 03:32
@harvie Same thing, OCBC Wing Hang Bank didn't work either
kiessler
2017-02-03 06:11
Tried the OCBC Wing Hang Main Branch in HK today with no avail. No chance to open a personal account without a work visa. They also explicitly told me not to mention wanting to use the account for investing purposes... Now I'm running out of reasons why I need the account :laughing:
danz
2017-02-03 06:34
Damn, bad luck. I told them I wanted a bank close to the countries I travel through, so if anything was needed I could come by eventually and it was all fine.
tatelev
2017-02-03 06:38
@kiessler not sure if it will be of help to you because this article is from last year and maybe things are different now, but if you haven?t read it maybe it can give you a few ideas of other banks that might be worth trying: https://www.globalfromasia.com/hong-kong-bank-applications/
jase
2017-02-03 09:36
Transferwise requires the sender to be a member, correct?
tatelev
2017-02-03 09:43
@jase yes, a member that has verified his/her identity
jase
2017-02-03 09:43
Best for freelancers then - not really scalable hey
tatelev
2017-02-03 09:46
I use World First
tatelev
2017-02-03 09:47
what do you mean best for freelancers and not scalable because they make you verify identity?
jase
2017-02-03 09:51
Say you have 100 clients
jase
2017-02-03 09:52
Before they can pay you have to ask them to setup a transferwise account
harvie
2017-02-03 09:52
Transwire also require you to visit their HQ in some countries to verify, for example Singapore.
jase
2017-02-03 09:52
madness
tatelev
2017-02-03 10:08
@jase I wasn?t aware that Transferwise could be used to receive payments
tatelev
2017-02-03 10:11
say you want to make a wire transfer from your bank A to somebody?s bank B, and bank A and B are in different currencies/countries?
tatelev
2017-02-03 10:14
With Transferwise, instead of making A->B through your classical bank as international bank transfer(very expensive way), you buy the currency from Transferwise and send the originating currency amount to Transferwise local bank(local to A) and they send the destination currency to bank B from a local bank(local to B)
tatelev
2017-02-03 10:14
a lot cheaper and better currency exchange rates
tatelev
2017-02-03 10:16
I prefer World First(similar concept), as they have even better currency exchange rates
jb
2017-02-03 14:05
has joined #banking
simon
2017-02-03 14:48
@mescos Both
simon
2017-02-03 15:11
@mescos They can usually open the account but it won't be domiciled in the Bahamas. Usually it will be in Cayman or Bermuda.
scorps
2017-02-04 04:32
@simon: Do they they also offer online brokerage? If so, do you think it would be a good option to access north american exchanges?
gbennett
2017-02-08 02:38
has joined #banking
mescos
2017-02-09 18:10
@simon - did Butterfield require the corp to have a local "tie"?
max
2017-02-10 03:15
Hey guys! Just sharing, I followed @simon steps and advice and formed a business in Estonia. First e-residency then LeapIn and finally a meeting at LHV. I arrived there on Tuesday and just got back today. I had a meeting at Leapin's office and then a went to open an account at LHV. The lady at the bank confirmed my ID but could not complete the procedure. She said they need an approval from some commission board and that was potentially going to take a few more days (still waiting). Considering the application to open an account was sent in just the day before that argumentation sounded fair and understandable. Still I did not want to feel like my trip to Estonia was for nothing. So instead of passively waiting for the approval from LHV I went to a nearby Swedbank branch. The first person I spoke to was very communicative and seemed to treat my request to open an account as a normal thing, a procedure which could be handled within minutes. But when it came to speaking to the right person I was seated in a room with a lady who was colder then the temperature outside (-16�C) and very reluctant to help out with anything. She told me there was no way to open an account with them, mentioned some new regulations, fear of money laundering and some more vague reasons. I was not sure what to think. Am I not a good client? I am a clean guy so I knew that should not be an issue. But have the regulations changed? But were they not planning to offer remote account opening soon. So that would not really align. Have they had some trouble with some warlords, arm traffickers or moguls? :wink: (The people at LeapIn mentioned earlier that the LHV would not offer to hold USD dollars as they had a money laundering case with some Modlova company). Anyway, I did not have answers but I had one more option and that was SEB bank. And what a surprise! I walked in and opened the account on spot. My advice if you are coming to Estonia, make sure the LHV has some time to process the account opening application.
simon
2017-02-10 03:24
@max I'm glad you could get an account opened. I'm not aware of any recent changes in Estonian law that would prevent non-residents from opening accounts. Maybe @hhenrikson could help?
simon
2017-02-10 03:25
Oh and have you since received an answer from LHV?
max
2017-02-10 03:26
Not yet, but I had a meeting with them yesterday so I would give it a couple more days before asking again
wojtek
2017-02-10 04:02
It always depends on the people in the Bank is my experience, my branch here in Bangkok for example opens an account for tourists instantly, most other branches do not ..
tkrunning
2017-02-10 06:29
@max glad you managed to open an account with SEB. I?m sure the LHV account will come through soon anyway, it usually only takes a few days for their compliance team to review your application. You can actually hold USD with them, but not receive or send USD at the moment?they lost their correspondence account for USD a little while ago, which seems to be a trend among lots of mid-sized European banks these days.
Regarding your Swedbank experience, I don?t think there are any new AML regulations in place. They are probably being extra cautious due to neighboring Latvia?s current situation, and Estonian banks trying very hard not to end up with a similar reputation. I?m still a bit surprised, though, as (I assume) you were opening an account for your Estonian company, and from what Swedbank told me when I initially talked to them I was under the impression that they generally always open accounts for Estonian entities. But I guess that?s no longer the case then.
tkrunning
2017-02-10 06:33
Also, in case you guys haven?t seen it yet, Revolut is not offering a dedicated UK current account for their users: http://revolutapp.tumblr.com/post/156938742072/introducing-revolut-current-accounts
tkrunning
2017-02-10 06:33
Dedicated EUR IBANs soon to follow, apparently
max
2017-02-10 06:42
@tkrunning I will keep you posted. With regards to Latvia, I just saw this https://www.occrp.org/en/investigations/5358-latvian-banks-promote-money-laundering-companies, scary :ghost:
max
2017-02-10 06:45
Revolut is getting better and better, cool stuff!
simon
2017-02-10 06:48
@scorps They have a wealth management service with online access but no "real" online self-managed brokerage accounts. Even if they had, their rates would probably be awful in comparison to the likes of Interactive Brokers
simon
2017-02-10 06:48
@mescos No need for a tie. What they are mainly concerned about is your reputation. They usually ask for professional references, bank references etc
simon
2017-02-10 06:51
@tkrunning Thanks for sharing about Revolut. This new dedicated account thing will definitely make their service more valuable. They just need to sort out their awful customer service and all the glitches in the app.
scorps
2017-02-10 06:53
@simon: thanks for the info. That is what i suspected.
tkrunning
2017-02-10 06:53
I feel their CS has been improving lately? At least compared to what it was like initially. But I think it?s understandable that their CS is a bit lacking at their current price point :wink: Anyway, I?ve never really had any serious issues with their app either? (I primarily use the Android version)
nemo
2017-02-10 13:07
has joined #banking
mescos
2017-02-10 14:31
Regarding Swedbank - Estonian companies now need to be able to prove that they have a legitimate "tie" to Estonia. Direct quote from Swedbank: "...as of Dec 12, 2016, there was a change in the procedure of opening current accounts for companies. Now it is necessary to take into the consideration that company should have a connection with Estonia (to have business partners in Estonia and to have business activity in Estonia)."
mescos
2017-02-10 14:43
@simon - Butterfield just confirmed they had a policy change; they are now requiring a "tie" to Cayman. When did you open?
mescos
2017-02-10 14:47
@simon - did you open an account for at foreign company at Standard IOM? If so, when?
jase
2017-02-10 16:41
Revolut for Business "nearly there"
jase
2017-02-10 16:41
I still don't know if it's going to be for UK companies only?
jase
2017-02-10 16:41
My guess is they don't either :slightly_smiling_face:
maxsuur
2017-02-10 16:45
Revolut is a interesting mess
jase
2017-02-10 16:46
Such a good description
maxsuur
2017-02-10 16:46
Hahah :))
maxsuur
2017-02-10 16:47
Now they have a bot, Rita. I am trying to get her understand me.
maxsuur
2017-02-10 16:48
Probably she got offended with my twisted ways
jase
2017-02-10 16:48
I spent too long trying to get my personal account approved. A week later they cancelled because I wasn't in the European Economic Zone - I clarified with them - "pretty sure Andorra is". They admitted it is, but my account needed to be verified again
maxsuur
2017-02-10 16:49
First time I hear of that country haah
jase
2017-02-10 16:49
I mean, if you're going to kick your customers out on a whim then make it hard for them to use your product I imagine your churn rate is high
jase
2017-02-10 16:49
maxsuur: "it's somewhere in Africa"
maxsuur
2017-02-10 16:50
Customer retention protocol has been developed by a 5-year-old retarded kid
maxsuur
2017-02-10 16:50
I was about to say that. Do you rrad minds too? Quite impressed though
jase
2017-02-10 16:51
Hi, it's me, the NSA
maxsuur
2017-02-10 16:52
Well, NSA, I have been a bot all of this time. My gf is Revolut-bot Rita and as of now I am heading to Mars with Elon. Catch me if you can.
jase
2017-02-10 16:53
classic
princevaliant
2017-02-11 16:29
Anyone has experience with Bunq an online wallet/bank from Netherlands? It seems interesting and it gives up to 10 free accounts with Iban
tkrunning
2017-02-11 17:53
I tried signing up for Bunq 6 months ago, bit at the time the only way of verifying your account was sending them an Ideal payment from an account in your name (which is only supported by Dutch banks). But now you can verify your account via a video call instead, so opened my account earlier today actually. So I can't say I have much experience with them yet... One thing to note is that they require you to be resident in an EU country, EEA isn't sufficient.
jase
2017-02-11 17:58
@tkrunning you are on it man!
maxsuur
2017-02-11 18:06
Got to admit that opening accounts all over the world is tempting, but as of now I can't see a practical use for that opening this account. Anyone to persuade me, please?
jase
2017-02-11 18:06
I'm only interested in signing up to products that have been around for 12 months minimum now
maxsuur
2017-02-11 18:08
The 12-month-jasenian policy seems sensible enough to adopt it as mine
jase
2017-02-11 18:08
Disclaimer: policies are unproven and have potential to stop one's self from missing opportunities
maxsuur
2017-02-11 18:10
Mmmm. Sign above or just leave! Haha. Take that into account. Still young and exploring the world. Should the do the under-30 working holiday visa program somewhere just for the sake of using it
maxsuur
2017-02-11 19:41
a friend of mine wants to transfer funds from strpe to a non-CRS european bank account (iban). A while ago I remember some of you mentioned "leupay"
tkrunning
2017-02-11 20:20
I'm pretty sure Leupay will be affected by CRS
maxsuur
2017-02-11 20:21
Yep, I have been checking the site and it explicitly says so
maxsuur
2017-02-11 20:21
The territorial taxation route...
jd
2017-02-12 06:45
Hi team - any thoughts on other methods to obtain a SSN or SIN (Canada) to begin building a credit history if over the age for working holiday visas?
alexanderhay
2017-02-12 16:01
jd
2017-02-13 02:02
@simon Do you have any thoughts on this?
maxsuur
2017-02-14 09:13
Like half of my customer paid by using paypal, the other half is fine paying with credit card. Due to paypal's ridiculous fees, I am considering ditching it in favor or Stripe. The only caveat is I believe this could affect somehow negatively my sales.
But at the same time, if the client really wants the product, she'll have no problem in using credit/debit card. Has anyone toss paypal? Sales suffered?
maxsuur
2017-02-14 09:53
*tossed
max
2017-02-14 14:03
I just spoke a CS at http://paysera.com and was told there is no problem to open up an account for any IBC, Cayman, Panama, Belize.... I found a thread on this http://www.offshorecorptalk.com/threads/neobanks.18139/ and I am curious what your thoughts on this might be?
tatelev
2017-02-14 14:15
@max one issue might be figuring out how much funds you are comfortable storing in one of those e-money accounts at the same time. What do you think?
max
2017-02-14 14:20
@tatelev I would not consider it as a place to store funds, but rather a mean of paying to my personal account in Panama or Europe if that makes sense
tatelev
2017-02-14 14:24
@max so what would be the flow of the funds?(trying to understand if it?s attractive/practical for my situation)
max
2017-02-14 14:26
uk bank (uk company) => paysers / neobank (offshore bank) => personal offshore bank or onshore
tatelev
2017-02-14 14:38
interesting
harvie
2017-02-14 15:28
@max would this be a useful alternative to Stripe/PayPal for taking payments? On my phone now so will give it a deeper look tomorrow.
max
2017-02-14 15:34
@harvie it might, although I have serious concerns about the reputation of this institution https://goo.gl/6k8GGH
harvie
2017-02-14 15:35
Thanks but link does not work. Paysera won't let you use Visa/MC if your business is outside the EU :disappointed:.
tatelev
2017-02-14 20:04
I have this potential situation unfolding for which one of these e-money accounts might come handy(any opinion welcome):
tatelev
2017-02-14 20:05
I currently have my UK Ltd operating. I have in the past deposited a few times decent sums of money as initial funding to this company. They have been accounted for as ?Director?s loan"
tatelev
2017-02-14 20:06
I am in the process now of creating a US LLC and have a contact that will make it possible for me to open an account for the LLC in USA remotely
tatelev
2017-02-14 20:08
If I am understanding well, I can extract from the UK Ltd any funds up to the total amount I have ?loaned? to the company
tatelev
2017-02-14 20:08
at any time
tatelev
2017-02-14 20:09
so I could open one of these e-money accounts and use it as a middle point to transfer out of the UK Ltd and to the US LLC to initially fund it
tatelev
2017-02-14 20:10
So I would first wire UK Business account -> Personal E-Money account
tatelev
2017-02-14 20:10
and then Personal E-Money Account -> US Business Account
tatelev
2017-02-14 20:12
I haven?t yet understood that option I mentioned in another channel about operating with an offshore company in conjunction with the US LLC for selling on Amazon USA
tatelev
2017-02-14 20:14
but even in that scenario, the Personal E-Money account would allow me to take money out of the UK Ltd and use it to fund wherever I incorporate/create business bank account
tatelev
2017-02-14 20:14
Is my thinking correct?
tatelev
2017-02-14 20:24
my main concern would be if a US business bank account(in Wells Fargo) would accept an incoming wire from such an e-money account in my name
max
2017-02-14 21:52
@tatelev this is a good read on directors' loan
tatelev
2017-02-14 21:57
thanks @max I quickly read this and it explain how does the Director?s Loan concept work, which is in line with what I understood of it
max
2017-02-14 21:57
@tatelev where is your residency?
tatelev
2017-02-14 21:57
Spain
tatelev
2017-02-14 21:57
I?m technically infringing
tatelev
2017-02-14 21:58
because due to double treaty Spain-UK my UK company is considered spanish tax resident
max
2017-02-14 21:59
ohh, I see
maxsuur
2017-02-14 22:38
@tatelev: are you from Spain?
tatelev
2017-02-14 22:39
what do you mean?
maxsuur
2017-02-14 22:39
If you are a spanish national/spaniard
tatelev
2017-02-14 22:40
I have spanish nationality because I have lived in Spain for a long time
tatelev
2017-02-14 22:40
born in Argentina
tatelev
2017-02-14 22:40
so I also have argentinian nationality
maxsuur
2017-02-14 22:41
Nice.
simon
2017-02-15 07:24
@jd You will only be able to apply for an SSN or SIN if you have been granted the right to work. So you could apply for a work permit, green card etc. The easiest way would be to register as a student with right to work on campus for a fun course that doesn't last very long (flight school for example)
jd
2017-02-15 11:46
Thanks - will check it out
jamief
2017-02-17 09:52
has joined #banking
harvie
2017-02-22 05:30
Are there any banks in Europe that one can visit to setup a business bank account for a HK business?
max
2017-02-22 06:55
@harvie paysera or leypay?
harvie
2017-02-22 11:10
@max thanks I've emailed them both to see what they can do for me
max
2017-02-22 11:11
Would be interested to hear how far you can take this
max
2017-02-22 11:13
@harvie here is a first hand report from a guy trying to use them for a forex setup
max
2017-02-22 11:13
#23
harvie
2017-02-22 12:01
Paysea told me I can, going through the sign up process now, will keep you posted on the progress. Seems it's a bad idea( and a hassle) to start a business in Syec, BVI or Belieze these days after reading that.
skat
2017-02-22 13:34
It appears that i?ve been to excited about N26 bank, it?s been a month - i still didn?t got my card via mail.
max
2017-02-22 13:58
I called PaySera a few days ago, they had no problem with Panama or Belize. LeuPay accepts Belize but not Panama.
jase
2017-02-22 20:10
Leupay: "We offer Spanish, Czech, Italian, Polish BINs and many more."
jase
2017-02-22 20:10
Sounds like a much better product now
danz
2017-02-23 07:46
Anyone has any recommendations for banks in SG/HK for personal banking? OCBC doesn?t seem that good anymore unfortunately.
harvie
2017-02-23 07:47
What are you after @danz with your personal account?
danz
2017-02-23 07:48
Just for personal banking/living expenses.
harvie
2017-02-23 07:48
I opened an account with OCBC in Dec 2016, did you get rejected? Personal.
danz
2017-02-23 07:48
Don?t want to keep all my money in my company?s bank account
danz
2017-02-23 07:49
No, I opened with OCBC in december. Basically more a ?savings account? as that?s what I had to do first. I could only open a EURO account 3 months later, which I want in the end. But now I hear from a friend who been there this monday that it?s not that easy and there are strange requirements now
danz
2017-02-23 07:50
So I am not sure to return to SG for opening it, and want to look at other options
harvie
2017-02-23 07:52
ah okay, they only allowed me to open an SGD account, was pretty easy, got the same savings with debit card and online banking . LMK if you find anything in HK as I'm looking but don't want to make a wasted trip.
danz
2017-02-23 07:53
I got an SGD account to, but receive most of my income in Euro, so makes no sense to convert it to SGD and lose some every time
danz
2017-02-23 07:53
Will let you know, thanks your replies
jase
2017-02-24 16:44
anyone know of a personal e-wallet type account that allows you to receive payments by credit card?
jase
2017-02-24 16:44
...that isn't PayPal :slightly_smiling_face:
jase
2017-02-24 16:45
As I understand it, Leupay only allows bank transfers via SEPA/SWIFT
harvie
2017-02-24 17:14
@jase Payoneer.
jase
2017-02-24 17:14
requires the sender to join Payoneer though @harvie
harvie
2017-02-24 17:15
Are you sure, the last I checked the sender only had to send ID to verify themselves (not joining up)
jase
2017-02-24 17:16
interesting, i wonder if it's location dependent
harvie
2017-02-24 17:16
Paysera too but EU only, actually that might not be personal
jase
2017-02-24 17:28
Thanks - I think that's similar to Leupay - SEPA/SWIFT transfers OR from the Paysera app
jase
2017-02-24 17:28
I'm basically looking for a "freelancer wallet" - account in personal name, debit card to spend on, accept payments from SEPA/SWIFT and ideally credit card
maxsuur
2017-02-24 18:25
I've heard pf payoneer charging ridiculously high fees
jase
2017-02-26 16:54
FYI an acquaintance is happily using a HK company and Leupay
jase
2017-02-26 17:03
OKPAY fees are insanely good, but reading online... they're maybe a bit risky :slightly_smiling_face: https://www.okpay.eu/en/business/fees/
maxsuur
2017-02-26 20:20
I created an Okpay account a few years ago merely as a medium to wire money to BTC-e for purchasing bitcoin
harvie
2017-02-27 04:02
@jase I set a business account up with them but currently they don't accept visa/mastercard for some reason (this was about 2 weeks ago)
harvie
2017-02-27 04:40
They sent me this 14th Feb "Please, note that due to changes from the side of our financial provider, banking card payment option is temporarily unavailable.
We will inform all of our clients when it will become available again. "
harvie
2017-02-27 05:16
I'm trying to setup myself up with Payza, hard work (because their support sucks) but I'm almost there.
jase
2017-02-27 07:16
@harvie with okpay or leupay?
harvie
2017-02-27 07:33
@jase that is with OKPay. I have no tried Leupay.
jase
2017-02-27 07:37
Thanks @harvie - that seems to be a common occurrence with OKPAY
harvie
2017-02-27 07:40
let me know how you get on with Leupay
jase
2017-02-27 07:54
Will do
princevaliant
2017-02-28 12:29
N26 will begin to charge fees if credit card is not used monthly
princevaliant
2017-02-28 12:29
Not free anymore...
maxsuur
2017-02-28 12:30
too bad
maxsuur
2017-02-28 12:30
there's always a catch
maxsuur
2017-02-28 12:30
we can use it to top up revolut, if that's a solution
tatelev
2017-02-28 14:02
I saw this bank mentioned in a forum. Anybody works with them or knows anything about them? Euro Pacific Bank - https://europacbank.com/
harvie
2017-02-28 14:04
@tatelev from what I read during my research a few months ago, their fees are very high, requires a lot of paperwork to apply and a few uers on another form (off-shore gold talk or something) reported accounts being closed or it taking a long time for payments to come.
danz
2017-02-28 17:18
I got experience with them
danz
2017-02-28 17:18
Service and everything is good, but fees are very high.
danz
2017-02-28 17:19
I have done quite some reading about that bank, a lot of negative stuff from before 2015. Everything after is actually positive for what I have read.
ivopalazzi
2017-03-01 17:53
has joined #banking
saskia
2017-03-02 05:41
Hey! I?m interested to set up an offshore bank account with Standard Bank. Anyone have experience doing this? Are the fees to withdraw and transfer money super high, compared to other bank setups?
harvie
2017-03-03 04:18
http://www.standardbank.com/pages/StandardBankGroup/web/index.html that might help you if you plan to do a remote open (I think they allow that).
scorps
2017-03-03 10:36
They allow remote opening. Here are some details on fees: https://international.standardbank.com/standimg/PBBInternational/Common%20elements/eforms/Banking-Charges-Sheet%20-%20Nov%202016.pdf
saskia
2017-03-04 02:09
Thanks!
tkrunning
2017-03-04 08:11
princevaliant: Do you have a link to info about this? I didn?t find any info on their website...
princevaliant
2017-03-04 09:36
They sent an email (I am a new client) with this info and a new price list
princevaliant
2017-03-04 09:43
They sent an email (I am a new client) with this info and a new price list
tatelev
2017-03-04 17:12
I want to fund my newly established US LLC company with funds that are on my uk ltd. It?s funds that I as sole director injected in the past into the uk LTD, so they are classed into a special account in the chart of accounts as ?director?s loan?. So I can take any of that money out. But how would it be best to get the funds from the uk LTD to the us LLC discreetly?
jase
2017-03-04 17:29
Probably via methods not discussed on open, unencrypted Slack channels :slightly_smiling_face:
tatelev
2017-03-04 17:31
if you are serious I think that is a silly comment
tatelev
2017-03-04 17:32
there is nothing illegal about wanting to be discreet when moving money around plus I see people here discussing discreet ways of transferring money all the time
tatelev
2017-03-04 17:33
I?�ve seen several methods such as Leupay, etc? mentioned here lately, just want to see what people think it?s best for my use case
jase
2017-03-04 17:34
i haven't seen anyone using leupay or similar to move money under the radar, they are likely using these tools to save on fees
jase
2017-03-04 17:34
you may want to define discreet
tatelev
2017-03-04 17:36
I thought these kind of e-money services were not considered actual banks so they were out of the reporting obligation crazyness required for banks
jase
2017-03-04 17:37
so to me, it sounds as though the "discreet" you are referring to is likely to do something illegal
simon
2017-03-04 17:39
Every financial institution conducting cross border transfers has to report to the relevant authorities. If you want to move money under the radar, cash is your best bet (unless we are talking about millions of dollars). Especially as flights are very cheap nowadays.
tatelev
2017-03-04 17:44
who would be the relevant authorities? the country where Leupay is incorporated you mean?
jase
2017-03-04 17:45
Oversimplified: use any sort of bank that I'd trust with my money, and the information is either already being shared, or will be retrospectively shared very soon.
simon
2017-03-04 17:51
Usually it will be the countries involved in the transaction (origin and destination).
tatelev
2017-03-04 17:56
I mainly want to keep it discreet from spanish authorities
tatelev
2017-03-04 17:56
again, not doing anything illegal, just prefer to keep Spain as much out of the loop as possible
tatelev
2017-03-04 17:57
I?m ok with UK knowing that I?m getting money out of my uk company
tatelev
2017-03-04 17:57
and ok with usa knowing that I?m funding in my new us company
simon
2017-03-04 18:02
Is there a way your US company could sell a service to your UK company? (At a fair price, to avoid falling afoul of anti-avoidance rules)
tatelev
2017-03-04 18:05
I would have to invent this service, not sure if it would be believable
tatelev
2017-03-04 18:06
also those funds would be part of the US company?s income, when it?s really personal money that I would prefer to get into the us company as a member contribution
simon
2017-03-04 18:18
Ah you want the funds registered as a capital contribution? Then the funds should come from you and be recorded in your capital account.
tatelev
2017-03-04 18:37
I know
tatelev
2017-03-04 18:38
That's why a method like Leupay came to my mind first
tatelev
2017-03-04 18:40
But as I said first I'm open to suggestions
tkrunning
2017-03-04 19:04
Interesting. Which country are you a client in? Their rules vary greatly from country to country it seems.
tkrunning
2017-03-04 19:06
Aha!
N26�Account: Free
Minimum usage requirements apply to all customers with primary
delivery�address�in�France,�Italy�and�Spain.
tkrunning
2017-03-04 19:07
Was the requirement just 1 card or bank transaction per month? Or a certain amount?
tkrunning
2017-03-04 19:08
@tatelev Leupay?s bank (SATA Bank in Malta) doesn?t have correspondence for USD at the moment, plus Leupay?s exchange rate isn?t very good either. Transferwise could be an option, not sure what sort of reporting they do.
Or even Revolut. How much money are you moving? They will give you a personal UK sort code and bank account number (not shared with others), so you can easily move the money from your company there. And then from there you can move the money to the US bank account of the LLC. As long as you don?t do it over the weekend, there?s no exchange markup (up to ~$6000 USD per month, 0.5% after that) and no fee for either transfer. Again, not sure what kind of reporting Revolut does.
tatelev
2017-03-04 19:18
I cannot use Transferwise because the money into my us llc bank account has to be funded with money that comes from me, not from my uk company
tkrunning
2017-03-04 19:37
And you don?t have a personal UK bank account? (If you don?t, that?s easy to get, with either Monese or Revolut)
IIRC, in Transferwise you have the option of adding who the money is being transferred ?On behalf of? or something like that. So if you add your name there, even if the company funds the transfer, shouldn?t that be enough? (I?m not sure, maybe other?s know)
tatelev
2017-03-04 19:53
Didn't know about this 'on behalf of'. Will try to find out if for this it would work
tatelev
2017-03-04 19:55
Don't have personal account in uk. This Monese/Revolut might work, but maybe they report to authorities of country of residence and if so it would defeat the purpose
tatelev
2017-03-04 19:56
Don't know how they work. This is all new to me:kissing_closed_eyes:
tatelev
2017-03-04 19:56
Will take a look, thanks
maxsuur
2017-03-05 18:40
You can mail multiple packets too through regular mail. Put money inside a magazine and send it out. 500 eur notes (interesting for the matter). You may want to take a look at JJ luna's books on amazon as well
tatelev
2017-03-05 20:07
And send those magazines to the manager of my us business bank account? mmmmmm :blush:
maxsuur
2017-03-05 20:53
For example :) I believe he'll be delighted, specially if you send him magazined of his interest. Snail mail is coming back.
tatelev
2017-03-05 20:57
:slightly_smiling_face:
clr
2017-03-06 00:46
@clr uploaded a file: https://freedomsurfer.slack.com/files/clr/F4E091KFE/n26-016-lista-precios-es.pdf and commented: @tkrunning They are requiring an average of 3 card payments/month for every 3-month period.
tatelev
2017-03-07 10:32
Anybody has experience in opening a US business bank account remotely for a foreign company? Is it possible and if so, with what banks?
alexanderhay
2017-03-07 11:03
@tatelev can't be done. at least not at a reasonable rate. Better to form a US LLC as a wholly owned subsidiary. http://www.bank-in-america.com/index.php/digital-nomad-package/
tatelev
2017-03-07 11:12
what is a wholy owned subsidiary?
tatelev
2017-03-07 11:13
a US LLC owned by a foreign company?
tatelev
2017-03-07 11:14
also, you meant it that it cannot be done remotely or that it cannot be done even physically going to open it?
yu138086
2017-03-07 15:21
has joined #banking
yu138086
2017-03-08 14:26
hi everyone... have a look at this... https://www.bloomberg.com/news/articles/2017-03-07/rbc-closes-customer-accounts-as-panama-papers-review-concludes
Royal Bank is also introducing measures this year to strengthen account agreements with cross-border customers around tax requirements in their countries.
?We are also going to continue enhancing the due diligence that we do on clients when operating in countries where automatic transfer of tax information doesn?t exist, including requesting confirmation that they?re filing their taxes on these accounts," Courville said.
tatelev
2017-03-08 16:29
@tkrunning about Revolut, I see that first thing the iphone app asks you as part of the sign up process is your cell phone number(for sms verification) so it stores already your country. What you choose here will affect the sign up process later like direct you to a different region or save in your account your country? Will Revolut later make me fill up my residential address as part of sign up process?
mrblonde
2017-03-08 17:25
has joined #banking
tkrunning
2017-03-08 23:22
Well, you can use any cellphone number you'd like?I signed up with a US Google voice number. But I belive I used my parents' address in Norway for the address so they don't have to be the same...
globalconsulteurope
2017-03-09 12:50
has joined #banking
simon
2017-03-10 20:54
A little hack for those who plan to travel to the US this year. Register a Wyoming LLC (it's one of the cheapest) and open business bank accounts with all the major banks (very easy but you need to open them in person). When you open the accounts, apply for all the credit cards that offer decent bonuses. For example, Chase has a few cards that come with 80k+ miles each (you will likely need to secure the cards but most banks will allow many cards to share the same limit and hence, deposit). When you get your bonus, close the card account (you will get the security deposit back at this point). Once you have got all your bonuses, close the bank accounts and have your LLC dissolved. The whole thing will have cost you a few hundred dollars and if you played your cards right (no pun intended) you will have earned close to a million miles. I do not recommend this hack to those who have an SSN as this will impact your personal credit (for those who do not have a SSN, this is not a problem).
tatelev
2017-03-10 22:39
I thought that all the US cards with bonuses, miles, etc, were only for us residents with SSN
simon
2017-03-10 23:04
@tatelev Anyone can apply for the business cards, as long as they have a US company and an EIN.
stoplight
2017-03-11 13:57
Thanks for this Simon! :slightly_smiling_face: ?hmm..should I probably set aside a couple of weeks to do this..lols! :smile:
tkrunning
2017-03-12 09:20
Do you know anyone who have actually done this @simon? I have a SSN, so won?t try it myself, but do you really think a brand new LLC with no history, and an owner with no credit history, would actually qualify for any (or at least that many) credit cards with signup bonuses?
Applying is one thing, but being approved?
simon
2017-03-12 09:24
Yes I know of people who have done it. All banks will be happy to issue you a credit card if you secure it (usually in the form of a locked deposit 1x to 1.5x the credit limit requested).
jerobo
2017-03-12 17:19
has joined #banking
highflier
2017-03-12 20:00
has joined #banking
philippe
2017-03-14 12:51
not really but stuffs to fill
philippe
2017-03-14 12:52
grr
philippe
2017-03-14 12:55
Transferwise is launching a sort of multicurrency account called ?bordeless"
maxsuur
2017-03-14 12:58
Interesting
simon
2017-03-14 13:01
@philippe Any info on the product?
philippe
2017-03-14 13:02
@philippe uploaded a file: https://freedomsurfer.slack.com/files/philippe/F4J4L3LNR/pasted_image_at_2017_03_14_09_02_pm.png
philippe
2017-03-14 13:02
@philippe uploaded a file: https://freedomsurfer.slack.com/files/philippe/F4J4L6NDT/pasted_image_at_2017_03_14_09_02_pm.png
simon
2017-03-14 13:05
It seems targeted, I can't get the link to work. Maybe only for those with an EU address in their profile? Is it working for you @maxsuur ?
philippe
2017-03-14 13:08
It?s ?experimental? apparently
philippe
2017-03-14 13:08
account based
philippe
2017-03-14 13:08
since I sent several hundreds ? with it I suppose, I got an email
simon
2017-03-14 13:15
This is neat, maybe an easy way to get a business bank account in the future. Is your Borderless account in your own name or your business name? I have my business linked to my TW account, I'll email them to see if I can get in on the action :stuck_out_tongue:
philippe
2017-03-14 13:40
I think you can have both, personal and business. I?ll later I need to receive sms :stuck_out_tongue:
philippe
2017-03-14 13:40
Also http://qonto.eu will be excellent probably but only from France for some time (then SEPA+Euro zone)
maxsuur
2017-03-14 14:26
Not working for me either @simon
philippe
2017-03-14 14:37
:zipper_mouth_face:
johannago
2017-03-14 16:28
has joined #banking
globalconsulteurope
2017-03-14 18:24
Hello, guys!
I would like to ask for your professional opinion on corporate account for bitcoin trading company. It is Ltd. established in Bulgaria but we are facing troubles with traditional banks. That's why I am thinking about moving online, using LeuPay, myPOS or Worldcore.
crimsonpost
2017-03-15 11:28
has joined #banking
rjmarsden
2017-03-16 10:10
you've probably all seen, but neat have launched at last in HK. It shows promise as an online/app bank http://www.neat.hk/ I got an invitation the other day but I have decided not to both at the moment.
pedrodemendez
2017-03-16 13:38
has joined #banking
harvie
2017-03-16 14:05
nice I need something like that
netroxx
2017-03-17 15:35
has joined #banking
netroxx
2017-03-17 15:37
Hey guys, I'm working and living in Malta and just bought a car in the UK that I'm going to drive down here
netroxx
2017-03-17 15:37
Any idea where I can stop and try to open a non-resident bank account?
netroxx
2017-03-17 15:38
Luxembourg, Switzerland?
netroxx
2017-03-17 15:38
I'm thankful for any hint or experience one of you guys already has :slightly_smiling_face:
netroxx
2017-03-17 15:39
If anyone needs an account in the Netherlands, I just got my account with ABN AMRO without any problems.. remote
tatelev
2017-03-17 17:21
do they also drive on the left in Malta? If your car has driving seat on the right side but drive on the right side it will be awckward :slightly_smiling_face:
maxsuur
2017-03-17 18:25
You'd be the contrarian king of the road
simon
2017-03-17 19:50
@globalconsulteurope I've heard good things about Czech banks regarding BTC. @skat Do you know if the Estonian banks are BTC-friendly?
simon
2017-03-17 19:51
@rjmarsden Thanks for sharing. It looks like an interesting option for those who cannot open traditional bank accounts. The fees are fairly high though for a card offering no miles / cashback.
simon
2017-03-17 19:59
@netroxx Swiss banking is more trouble than it's worth, in my opinion. The fees are much higher than in the EU, opening an account is a bit of a hassle (especially if non-resident) and the normal products are not very good (wealth management is). If you are just looking to open a normal bank account, better open one in the EU (there are plenty of interesting fee-free banks to choose from). If you are looking for great banking products (miles earning credit cards, multi-currency accounts etc), you'll need to travel to the US, HK or Singapore.
netroxx
2017-03-17 20:02
Yeah here in Malta it's like in the UK.. I'm from Germany but already used to the way of driving here in Malta
netroxx
2017-03-17 20:02
Gonna be weird to drive through Italy with the sterring wheel on the "wrong" side though :smile:
netroxx
2017-03-17 20:04
thanks @simon, then I probably won't bother wasting time in Swiss banks and rather check out the lakes & girls with dat new convertible :slightly_smiling_face:
netroxx
2017-03-17 20:06
what other "fee-free" banks can you recommend in the EU? According to my advisors, I should close my Germany accounts to cut all ties I have with Germany, so I'm stuck with my Maltese accounts + the one in Holland I just got
netroxx
2017-03-17 20:07
looking to get at least 1-2 more in different EU countries both for daily banking and "wealth management"
netroxx
2017-03-17 20:09
I want to open in HK and Singapore as well but I heard it's getting more and more difficult for non-residents without any ties to the country
netroxx
2017-03-17 20:09
not feeling comfortable to have everything in Europe though
netroxx
2017-03-17 20:10
AMRO in Holland will probably be able to supply me with AMEX platinum card.. still discussing with them
simon
2017-03-17 20:35
@netroxx You can also get one through the international program. https://www.americanexpress.com/icc/eurodollar/personal-platinum.html
As for fee-free banks, there's ICA in Sweden, Mondo in the UK. @philippe mentioned one in France a couple of days ago.
The attached image may also be of interest to you if you are concerned about banking stability. It's the results from the EU stress test (the smaller the percentage, the better).
simon
2017-03-17 20:35
@simon uploaded a file: https://freedomsurfer.slack.com/files/simon/F4L8BC1A9/image_uploaded_from_ios.jpg
netroxx
2017-03-17 21:03
thanks @simon, I appreciate it!
netroxx
2017-03-17 21:04
I talked to AMEX a few weeks ago and they told me that they are not issuing a card for me directly, since I'm in Malta
netroxx
2017-03-17 21:04
the only way is through a bank they said, since I currently don't have ANY amex card at all (lol)
skat
2017-03-17 21:56
@simon didn't seen any bitcoin friendly banks in estonia.
maxsuur
2017-03-17 22:12
@simon does ICA bank allow non-resident account openings?
maxsuur
2017-03-17 22:13
The name is good at least: bank on fire (the dream of every anarcho-libertarian out of there)
simon
2017-03-17 22:14
@maxsuur They do although only in person as far as I know (ICA).
simon
2017-03-17 22:14
And only for EU residents
maxsuur
2017-03-17 22:17
It'd be a nice excuse to visit Sweden. Never been there. Only 25 SEK per month, and outside of the EURO
pedrodemendez
2017-03-18 03:54
I use http://cashila.com and http://bitwa.la to make payments to IBAN numbers in the EU. I am trying to go without banks and use cryptocurrency.
pedrodemendez
2017-03-18 03:57
Setting up a bank account in Cambodia is pretty easy and for $8 per year you can get a VISA card with it. ABA Bank is a good bank to go for.
pedrodemendez
2017-03-18 03:57
There are also options to setup deposit accounts with microfinance companies and get 6%+ on an USD deposit for 1 year. The only thing is you will get a bank card that only works in Cambodia
harvie
2017-03-18 04:30
^Can you withdraw your money out of Cambodia from the account? Many SEA banks don't (Thailand and Vietnam make it very hard without a work permit).
harvie
2017-03-18 04:33
Would be nice to have a Google Docs sheet or something that shows up-to-date info on where to get personal and business bank accounts from.
pedrodemendez
2017-03-18 04:33
The ABA one, yes. I use the VISA card on buys outside Cambodia. And pulled PHP out of ATM in the PH with it..
harvie
2017-03-18 04:33
Sorry I meant wire transfers, outside the country.
pedrodemendez
2017-03-18 04:34
Didn't try that yet. I know that wiretransfer in can be done but you need an intermediary bank which might add to the costs of doing it
harvie
2017-03-18 04:35
Thanks, I might head to Cambodia soon for my next visa run. Read on another forum they offer attractive rates if you keep the money there for a year or 3.
pedrodemendez
2017-03-18 04:36
ABA Bank is 5.25% on a 1 year deposit last time i looked.
pedrodemendez
2017-03-18 04:36
USD
pedrodemendez
2017-03-18 04:37
And you can let the interest be paid out monthly
pedrodemendez
2017-03-18 04:40
Getting a business/ordinary visa when arriving in Cambodia might help getting the account. It's the E type visa. $5 extra compared to the tourist one.
maxsuur
2017-03-18 08:32
Have you heard of "monero" (be your own cryptocurrency bank) @pedrodemendez ?
netroxx
2017-03-18 14:24
@simon regarding the AMEX thing, the page reads "Please note International Currency Card products are only available to existing American Express customers with more than six months of membership*, or to individuals that have been referred by their Private Bank"
netroxx
2017-03-18 14:24
that's what they said to me on the phone a few weeks ago.. if I currently have no card, I cannot apply directly, it must be through a bank :slightly_smiling_face:
simon
2017-03-18 14:25
@netroxx Could you apply in Germany and then transfer the card to the international program after six months?
netroxx
2017-03-18 14:27
I will try to find out, but a bit reluctant for any ties to Germany as I don't want to give them anything so they could try to get taxes on my worldwide income
netroxx
2017-03-18 14:27
amex is a cool mafia though :slightly_smiling_face:
philippe
2017-03-19 15:02
Only for UK and Ireland companies
jd
2017-03-20 01:44
Will this work with American Express as well - say the Amex SPG Business card?
jd
2017-03-20 09:22
@simon Any thoughts on the above? Wondering if Amex would work on a security deposit agreement?
simon
2017-03-20 09:44
Amex does not accept security deposits, in my experience.
roman
2017-03-20 10:05
has joined #banking
pedrodemendez
2017-03-20 11:29
@maxsuur yes I have, not using it though. Most services work with btc only unfortunately..
maxsuur
2017-03-20 12:32
I applied for Bitwala's debit card, how long did the passport/proof of address review process take in your case? @pedrodemendez
pedrodemendez
2017-03-20 15:35
i only did verification on Cashila at this point, took a couple of days.
maxsuur
2017-03-20 16:12
Cashila is no longer accepting more clients. Their focus is now B2B
maxsuur
2017-03-20 16:21
They eventually accepted my application. Now ordering the actual physical card.
mi
2017-03-20 23:41
has joined #banking
jd
2017-03-20 23:53
@simon I wonder if Amex US would take someone?s credit history from another country, and apply it to the US?
jd
2017-03-21 01:35
Also - not sure if you've seen this? Could be a way to build CC history
philippe
2017-03-21 05:06
So I'm now in Hong Kong, I have a hkid but every bank does ask for a proof of local address. Of course hotels and service apt do not work. Conditions and delay for opening with a foreign address are ridiculous.
philippe
2017-03-21 05:06
If anyone has a hack...
kiessler
2017-03-21 07:10
I couldn't make it work either... HK seems to be getting tougher
philippe
2017-03-21 08:07
:( time and money not well spent
philippe
2017-03-21 09:46
it?s just a mailing list hehe
simon
2017-03-21 09:48
Can be a last resort kind of option but is definitely not as good as a real bank account. The card fees are fairly high too.
harvie
2017-03-21 10:25
I signed up to http://Neat.HK, not really ideal but if I need to pay HKIRD, I think I can so through that quite easyy.
@philippe fake lease agreement, I know people have done that in the past to get accounts in other countries.
harvie
2017-03-21 10:36
@philippe how many banks did you go to, did they all say the same?
philippe
2017-03-21 10:40
they want a stamp from the administration on it :open_mouth:
philippe
2017-03-21 10:41
SCB, Citi, OCBC, BAE ; many branches. Some variations but most ask for a local adress or employment contract
globalconsulteurope
2017-03-21 15:07
@philippe try fictive formal rental agreement, concluded for certain period of time with landlord at price under the regular market price. Practically you wont spend a single day there, the contract will be officially notarized, certified, whatever is required. It is up to your landlord whether he is going to declare his income.
I am pretty sure that most of service providers engaged in legal, tax and accounting sphere can assist you with such agreement
globalconsulteurope
2017-03-21 15:12
I came accross that kind of anonymous prepaid card - https://www.viabuy.com
Haven't checked it, cannot guarantee how safe it is
philippe
2017-03-21 15:14
should I find a landlord ?
philippe
2017-03-21 15:14
or the legal provider will offer it ?
globalconsulteurope
2017-03-21 17:38
If you manage to find landlord yourself, you will definitely optimize your expenses. Legal provider will offer it rental agreement with their profit included in the end price
rjmarsden
2017-03-21 20:05
I have an invite code for Neat if anyone is interested, I've changed my mind on it now but the invite code might work for others
globalconsulteurope
2017-03-22 08:05
Can you mark the main advantages? Whats the difference from other EMIs?
andrew.m
2017-03-22 11:36
has joined #banking
tkrunning
2017-03-23 00:45
Are you sure about that, @simon? From what I can tell on their website (I read Swedish) you need at a minimum the Swedish equivalent of a SSN, even when doing the ?offline? signup. They don?t really have bank branches, and I doubt you would get an account as a non-Swedish resident by walking into one of ICA?s supermarkets (it?s really a supermarket chain with a bank as a side business) and asking for an account.
Of course, I might be wrong, so if you have any information to contradict my observations I?m all ears :slightly_smiling_face:
From my experience, banks in Scandinavia (at least in Norway and Denmark) are sticklers for having a local SSN on file. If you bring enough money, they will assist you in getting one (at least in Norway). They might be more lenient in Sweden?I actually have an account there, even though I?ve never lived there (nor have a local SSN), but that?s a cross border account from Danske Bank. But AFAIK, ICA Banken does not have proper branches, so getting an exemption might prove tricky...
simon
2017-03-23 10:31
@tkrunning a friend of mine has an account with them and recommended it to me. I'll ask him how he opened his account.
tkrunning
2017-03-23 11:24
cool, I?d be interested in hearing how he got around the Swedish SSN requirement
tkrunning
2017-03-23 11:25
I just noticed that ICA Banken has started charging 1.25% FX fee? it used to be 0%
ahawkins
2017-03-23 12:14
luckily for me my time as a swedish resident has earned me a swedish SSN :slightly_smiling_face:
ahawkins
2017-03-23 12:14
I wonder what happens if I need to get a new card after it expires
philippe
2017-03-24 13:49
So it appears that the banks can send a mail to your address and if you bring it back and sign a declaration it?s a sufficient proof of address.
jerobo
2017-03-27 17:45
Hi everyone,
I suffer as many of you maybe a close of my offshore personal account. wellknown bank Citi close my account after a change in their internal regulations in USA.
I am now unable to travel outside my country for family reasons and I wonder if you guys known a way to open a bank account remotelly. I did read about Standard Bank and I did try before, but they are not allowed to work with EU residents anymore.
So thanks in advance for any advise
maxsuur
2017-03-27 22:16
Mmm, I guess it'd depend on your personal circumstances, but there's always options available. You're still an EU resident.
jase
2017-03-27 23:42
How about using Leupay in the short term?
jd
2017-03-28 00:26
@jerobo I recently tried to open a Standard Bank Isle of Man personal account - even though I have a South African passport, I was denied as a being a resident of Australia. I think they are cracking down on people from all over the world applying.
jerobo
2017-03-28 11:08
@maxsuur Yes I am EU resident. Which options you mean?
jerobo
2017-03-28 11:09
@jd Well in my case they just drop a mail saying not possible for EU residents
jerobo
2017-03-28 11:12
@jase citi ask a new under my name personal account to funds to be sent to. Leupay allow that?
jd
2017-03-28 11:21
@simon Any other ideas to get around residency requirement at Standard Bank Isle of Man?
simon
2017-03-28 11:41
@jd are you the resident of a country where you are not a citizen?
jd
2017-03-28 11:43
I'm a citizen of Australia, with dual nationality South Africa
jd
2017-03-28 11:43
Currently residing in Australia
jd
2017-03-28 11:43
Standard bank not taking Aussie residents
jd
2017-03-28 11:44
Wondering if there is a way to be a temporary resident of South Africa? Or similar
simon
2017-03-28 11:46
You need to be the resident of a country where you are not a citizen. You won't be able to open the account with an address in Australia or South Africa.
jd
2017-03-28 11:48
Oh I see, is that only with standard bank, or most offshore banks?
simon
2017-03-28 14:33
@jd It is not universal but fairly common. An Australian living in Australia is a high risk client because as far as the bank is concerned, you should bank in Australia. The bank simply can't see why you would need an offshore account and thus assumes that you must be up to no good.
maxsuur
2017-03-28 14:55
Hence the beauty of having multiple residencies
jerobo
2017-03-28 19:37
I read that are a chance to open an account in International Standard Bank as a crew member... May be you can try that way.
jd
2017-03-29 00:00
FYI for business owners:
jd
2017-03-29 00:00
aka
2017-03-30 16:31
has joined #banking
tkrunning
2017-03-31 10:59
On a whim I decided to open an account with SEB Estonia today, just to see how they compare to LHV.
First impression is reasonably good, but they require a bit more paperwork than LHV. An example, LHV just asked what clients I have in Estonia, while SEB wanted me to provide the contracts with my clients. Not an issue of course, but interesting to note.
I also asked about opening an account for my Estonian company in the future, and the banker I talked to said although the application would be ?99%? likely to go through, as long as there are no Estonian nationals on the board or among the owners the application would have to be approved by their head office, as opposed to the local office being able to open the account on the spot.
harvie
2017-03-31 12:22
@tkrunning did you open a personal account today or for a business if the latter where is your business located? would like to go there this year and apply for a business account for HK corp.
tkrunning
2017-03-31 12:24
This was for a personal account. I?m from the EEA (Norway), which makes things easier in Estonia than if you or your business is from outside the EU/EEA.
I have companies registered in Estonia and Denmark, and both of them easily got accounts with LHV.
jase
2017-04-01 03:50
Anyone using a secured credit card. If you secure it for say, $1000, then load $10000 cash onto it, are you able to make purchases over $1000?
roman
2017-04-01 06:41
Why not just get debit visa or debit master?
roman
2017-04-01 06:43
But to answer your question directly. I don't know how it works around the world. But in Canada, if I overpay my credit card it shows it as negative balance. Meaning that I have surplus on my account. So when I spend it, it takes from surplus first, of course. I imagine as long as you don't go below zero - you are good.
simon
2017-04-01 09:17
@jase Depends on the bank. Some allow this, some don't. You'd have to ask them directly. Same with unsecured cards, some banks temporarily increase the credit limit to match the prepayment amount allowing you to make purchases exceeding the limit while other banks don't.
simon
2017-04-01 09:24
I have just added a new section to the site, it's called "Banks". It works in a similar way to the "Countries" section but instead of covering countries, it covers banks. Right now I have only added banks I have experience with, I will add more in the coming weeks.
Only the Citibank HK page is accessible right now as I am still putting the finishing touches to the other ones. As you can see from the page, there is a section called "Collective Knowledge" that is only accessible to members. This section will contain any information shared by members about a specific bank. So if you have any experience with one or many of the banks on the list and would like to share it, let me know.
https://www.freedomsurfer.com/banks/
simon
2017-04-01 09:25
I am hoping that this new section will be a useful addition to the site and that it will help members figure out where they can open accounts and what are the best products out there.
jase
2017-04-01 09:53
Thanks @simon. I have asked at some banks that I have good relationships with and their answer is "it depends"... On the purchases made and the countries made. May be safer to secure a larger amount.
ahawkins
2017-04-01 14:45
Hello friends :slightly_smiling_face: I'm a US citizen living abroad with a US mailing address. I'm sick of dealing with horrible banks for internationals. I was using http://simple.com but now they've required SMS based 2FA to login in. I have a Bank of America account as well but I'm unhappy with Bank of America on principle. Can anyone recommend a US bank that doesn't suck for internationals?
ahawkins
2017-04-01 14:47
I'm leaning towards just keeping any bank account in the US for my loans and other US based expenses, just moving the rest off-shore ... but am uncertain how to do that
roman
2017-04-01 16:50
Why not just get a virtual number for SMS 2FA? Eg Line2 or even just a number at http://VoIP.ms that will forward SMS by email.
tkrunning
2017-04-01 17:17
@jase two data points for you: I have a secured card from Capital One, and that works like you describe. But my Bank of America unsecured Travel Rewards card does not work like that (which I learned the hard way after adding a few thousand dollars to cover the purchase of some flight tickets)
ma-x-us
2017-04-02 02:44
has joined #banking
ahawkins
2017-04-02 04:51
@roman I was not aware of such things. Not a bad idea :slightly_smiling_face:
ahawkins
2017-04-02 05:09
it some ways it feels it's too much to ask that US banks use modern security practices
ahawkins
2017-04-02 05:09
Indian banking is miles ahead of the us
ahawkins
2017-04-02 05:10
Swedish and Finnish banks may as well be in another solar system relative to the US
roman
2017-04-02 05:33
Ya same in most Eastern Europe banks too.
roman
2017-04-02 05:33
Wherever there is rampant fraud there's more intense security measures :)
simon
2017-04-02 09:43
In HK and SG most banks use 2FA for some types of transactions (wires, change of details etc) but not normal payments. That is my favorite way of doing things, there is nothing I hate more than friction when it comes to spending money. Recently I've been using Apple Pay for a lot of my online transactions and I absolutely love it. Especially as all transactions show up as notifications even if they are normal card transactions. No need to log into online banking anymore.
jase
2017-04-02 11:06
I am with you there @simon. Nothing worse than needing to wire money for something important and looking like an idiot because your bank delays it and requires some obscure thing that is in your house 5000km away.
ahawkins
2017-04-03 02:10
I have no problem with 2FA. Just don't make it SMS only. Swedish banks have a code generator you need to keep you with. I'm down with that.
ahawkins
2017-04-03 02:10
Actually I _want_ 2FA on my transactions
jase
2017-04-05 02:26
Is there an e-wallet product that works well for getting paid via credit card, but in a personal name?
jase
2017-04-05 02:27
Example: I do some consulting from time to time with businesses around the world. This is in a range of currencies, sometimes there's exchange, sometimes there isn't. I want to make payment quick/easy, but I want to operate out of my personal name rather than a company. Anyone know of a tool that allows this?
jase
2017-04-05 02:27
*ideally low fees :smile:
roman
2017-04-05 06:23
@jase You can operate Stripe from your name.
roman
2017-04-05 06:23
And Payoneer
jase
2017-04-05 06:24
No kidding @roman! I never bothered to check for some reason. Stripe may be the way to go there.
roman
2017-04-05 06:25
Yeah, and you can integrate Stripe with whatever other tool on the market for invoicing. I use it with Xero for example.
roman
2017-04-05 06:25
But I think most invoicing apps these days offering Stripe integration.
jase
2017-04-05 06:28
Yeah it's a tricky one - I'm trying to keep costs low as it's very ad-hoc work (my wife does the same).
jase
2017-04-05 06:29
Have been tempted to setup a UK LLP for us to work through but it's unnecessary complexity and in some cases it hurts us. Working with Taiwan - it's very hard for them to work with overseas companies - 20% tax on outgoing payments in a lot of cases
jase
2017-04-05 06:29
But with an individual, it's fine I'm told
harvie
2017-04-05 08:29
@jase I've been able to bill via Payoneer on a personal name with CC, I think I mentioned that before, did you have troubles? Stripe works too although it is a little hard to setup (nothing crazy). With Stripe you can only send money to the country you register with. Payoneer lets you send to any bank anywhere in the world as long as the account is held in your name.
harvie
2017-04-05 08:32
One annoying thing about Payoneer is that they sometimes ask the CC holder to send and ID copy to verify who they are, Stripe doesn't.
max
2017-04-05 14:00
Last week I opened an account at Scotiabank in Panama. Anyone has experience with them?
maxsuur
2017-04-05 14:26
I've got experience with Scotiabank in Mexico
maxsuur
2017-04-05 14:26
Lots of security to access your bank account. Probably @skat would love it
jase
2017-04-05 14:28
Thanks @harvie, good to know. I discovered Anchor App today - a free invoicing application that is self hosted that I will trial with Stripe. I only need something basic so I suspect it will work well.
pragmatic
2017-04-05 16:07
has joined #banking
max
2017-04-05 17:13
@maxsuur thx, same here they took extraordinary measures to allow me to open an account with them
jase
2017-04-06 07:26
Sorry to bring this up again everyone, to confirm, do you think I'll have any luck getting setup with Stripe>Bank account in a country where I don't have a postal address/residency?
jase
2017-04-06 07:27
Trying to avoid ending up in a paperwork nightmare :slightly_smiling_face:
roman
2017-04-06 07:32
@jase I don?t think Stripe physically mails anything. At least not in Canada. I just added a new sub-account to my login (they treat it like a whole new account). I just had to enter basic business details. They did end up wanting to verify me by SMS, but that was it. Now it says it?s ready to go.
jase
2017-04-06 07:36
Interesting. I don't have a phone number in that country either, I will see how I go and report back for everyone
harvie
2017-04-06 08:46
@jase, Stripe usually ask for more info once you have billed over $7000 from what I read online. I would guess for a personal account they would just want a recent statement. Don't think you'll need to provide the latter... I think.
jase
2017-04-06 08:47
Thanks @harvie, that will likely be a problem. It's really the whole non-resident thing that is the issue
jase
2017-04-06 08:47
I tried to setup an account with them using a company from one country and a bank account in another - they didn't like it. Didn't fit the mold for them I guess
jase
2017-04-06 08:47
Hopefully everything is more lax in personal accounts
harvie
2017-04-06 08:50
@jase I managed to make a Stripe business account for my HK business using http://Stripe.SG (my bank account was in Singapore). They said that was fine in support. However the issue came that my account is in USD and Stripe SG only sends SGD (they said they have plans to accept sending usd in 2017)
jase
2017-04-06 08:50
No kidding!
jase
2017-04-06 08:51
I was using a Canadian account at the time, I know they can be quite strict
jase
2017-04-06 08:51
Maybe it's a country thing
harvie
2017-04-06 08:53
I was surprised too, maybe the support didn't really understand my question, but I've managed to get it to work and cashed out once without any issues with that setup
jase
2017-04-06 08:56
Hmm yeah, seems to require an address in the country of my bank account
jase
2017-04-07 11:33
@jase uploaded a file: https://freedomsurfer.slack.com/files/jase/F4W03LW2F/stripe_sg_non-resident.txt
harvie
2017-04-07 13:22
Odd, I managed to create one and withdraw. Guess I must have skipped through their filters this time :S. Good to know though won't be sending any large payments through there in case it gets flagged.
pragmatic
2017-04-09 08:14
What are great banks for day-to-day transaction accounts?
I have an account with Charles Schwab in the US.
No foreign transaction fees, no ATM fees (if an ATM imposes a fee on you, including internationally, you get a refund at the end of the month), fantastic support.
pragmatic
2017-04-09 08:18
@simon I see the https://www.freedomsurfer.com/banks/ I am happy to add my experience with Charles Schwab. However, I do not see the collective knowledge link. In fact, I have some issue, when I click on an article it asks me to signup to insider's club, but I'm already logged in?
pragmatic
2017-04-09 08:19
I am able to access the zero tax nomad course however.
soebusiness
2017-04-09 15:22
@pragmatic +1 the same issue
jase
2017-04-10 01:36
Any benefit to a Leupay in USD or EUR? Is one better than the other?
jase
2017-04-10 01:37
I suppose with the additional card issuance I can just get both cards sent out
simon
2017-04-10 15:35
@pragmatic Some of the articles aren't ready yet. I've completed the HK ones and the other banks will follow in the days to come. I'll contact you about Charles Schwab :slightly_smiling_face:
jake
2017-04-11 14:43
has joined #banking
jake
2017-04-11 16:20
I had a good experience setting up my business account with LHV in Tallinn today for my newly established Estonian business with E-Residency. They had my debit card ready and gave it to me immediately- all very fast and easy. Tomorrow I plan to apply for a personal account. I was going to apply to Swedbank but I read that they are not taking non-residents anymore, so I will try at LHV and perhaps SEB. Also- I'm new here so hello all!
ahawkins
2017-04-11 16:22
jake: congrats!
tkrunning
2017-04-11 16:22
Welcome @jake ? and glad to hear the LHV opening went smoothly :slightly_smiling_face: They are really a good little bank!
tkrunning
2017-04-11 16:22
Are you resident in the EU?
jake
2017-04-11 16:24
Thanks guys :slightly_smiling_face: @tkrunning yes, I'm from the UK and currently UK resident, but planning to expatriate and getting everything in place for that.
tkrunning
2017-04-11 16:29
Cool, it shouldn?t be too hard to open personal accounts then. LHV is easiest in my experience, if needing justification you can just tell them that you want to invest in Baltic stocks or something similar. SEB in my experience want a bit more ?connection? to Estonia, e.g. having clients there. You will generally need to back that up with contracts, etc.
jake
2017-04-11 16:52
Thanks @tkrunning, that's very useful to hear. Do you have any opinion on whether LHV prefer accepting accounts with low or high planned volume, or if it makes no difference? I noticed a question on their application form about "estimated amount of funds to be received per month".
tkrunning
2017-04-11 16:53
That's just standard AML questions, so it doesn't really factor into their decision
tkrunning
2017-04-11 16:54
If anything lower amounts are less likely to cause any issues that very high amounts
jake
2017-04-11 16:59
cool, good to know!
max
2017-04-11 23:05
@jake I had no trouble opening business account at SEB, their office is a minute walk from LHV
max
2017-04-11 23:05
LHV troubled me a lot more, whereas SEB opened my account on spot in 15 minutes
jake
2017-04-12 04:20
@max I guess it must depend on who is dealing with new accounts that day! LHV set up my business account within minutes. Did you get a personal account with SEB too? That?s the one that I anticipate more red tape about for non-residents.
pragmatic
2017-04-12 07:03
@simon you mentioned on @jake's podcast that you pay 1.4% for payment processing. Which payment processor is that?
maxsuur
2017-04-12 07:10
Every Pay, as far as I can recall- estonia based
simon
2017-04-12 07:17
@pragmatic 1.2% with EveryPay. It is a service offered by LHV Bank, if you already have an account with them they can arrange the EveryPay account opening for you.
pragmatic
2017-04-12 07:38
Cool - no US based payment processors with fees under 2%?
jase
2017-04-12 10:39
Following on from the Revolut for Business discussion earlier this month, it could really be a game changer for UK LLPs - that may become the new gold standard for freelancers looking for a simple package.
jase
2017-04-12 10:40
Only catch being they need 2 partners, but easily solved.
roman
2017-04-12 13:03
Does Revolut accept USD?
ahawkins
2017-04-12 14:15
so friends, I am a US citizen. What's the easiest and more secure non-US bank for me to park my cash?
ahawkins
2017-04-12 14:16
I don't want to keep a large portion of my money in the US at this point.
ahawkins
2017-04-12 14:16
I keep a US account for a few reasons, but would like to avoid parking the majority of my funds there
maxsuur
2017-04-12 15:29
@ahawkins you can park it into my N26 bank account (german-based) I haven't touched it for a while :p Simon mentioned that standard bank in the island of man, once. May be a solution.
maxsuur
2017-04-12 15:29
*isle
ahawkins
2017-04-13 08:21
@maxsuur thanks. I'll check this out.
jase
2017-04-13 09:59
@roman yes it does
simon
2017-04-13 11:02
@jase This would indeed be a game changer, especially if their account has all the features they have advertised.
jase
2017-04-13 11:04
Fingers crossed!
arkdeeplove
2017-04-14 01:07
Does anyone know how easy is to open a bank account in Ireland for an EU citizen, I don?t have a proof of address or any utility bill, but I?m willing to spend 1 - 2 months there with Airbnb, does that work ??
aka
2017-04-14 23:27
hey @arkdeeplove
aka
2017-04-14 23:27
If you can get a library card sent to that airbnb address, change one of your own country banks to that irish adress and print it out
aka
2017-04-14 23:28
or get a letter from a tenant/friend that says you are staying with them? or renting it should be proof enough
aka
2017-04-14 23:29
sometimes, some banks do not ask for it since you are EU, but that is not widely spread? it really depends on your luck and the current branch guy
aka
2017-04-14 23:30
also if you have an irish bank in your own country, thats a start? they can open a foreign account and probably transfer you to a more local one? but that will require a proof of adress
rjmarsden
2017-04-15 07:57
this might be of use: http://digital.ulsterbank.ie/personal/current-accounts/non-roi-eu-residents.html
rjmarsden
2017-04-15 08:01
sdfk787
2017-04-16 13:59
has joined #banking
arkdeeplove
2017-04-17 11:43
Thank you very much @aka & @rjmarsden. Much appreciated.
Do you know if these banks will give me a UK IBAN number?
aka
2017-04-17 11:50
Yeah IBAN is international bank account number
aka
2017-04-17 11:50
So yeah. It will also be a valid UK IBAN
ayotech
2017-04-17 13:53
has joined #banking
brepalco
2017-04-18 06:11
has joined #banking
jase
2017-04-18 10:49
Are inbound/outbound USD transfers available for Leupay again?
max
2017-04-18 11:39
@jase I was not aware of any USD transfer limitations in Leupay?
jase
2017-04-18 11:41
max
2017-04-18 11:42
I was planning to transfer some funds to Panama and was hoping to use Leupay as intermediary. Will let you know soon
jase
2017-04-18 11:43
Cool. I'm in the process of signing up but I'll need to wait until I'm at home to verify by mail
soniasofia
2017-04-18 17:10
has joined #banking
tkrunning
2017-04-19 12:23
I am pretty sure USD transfers are still not working, as SATA Bank in Malta still does not have a new USD correspondence bank (according to a recent thread on Streber)
tkrunning
2017-04-19 12:28
By the way, I just heard from one of the E-residency guys in Estonia, and they are looking for beta testers for a new online/remote banking solution they are testing now (it?s still a secret, so please don?t share outside of this group).
The solution will be an accounting + banking combo with a fairly well known fintech company, but at least now with some additional costs since they have to do a lot of manual work to make it compliant withe Estonian regulations. I would expect the price to fall over time. The secret beta is only available to EEA residents, but the goal is to launch this solution pretty much worldwide ASAP.
If anyone are interested in the beta, or know someone that would be, please ping me and I?ll connect you with the e-residency team :slightly_smiling_face:
pedrodemendez
2017-04-19 18:05
How do you guys handle investing in stocks while on the road? I am looking for a broker (like https://www.degiro.co.uk/ for instance) that will allow me to trade even if I decide to live in Thailand or Costa Rica for instance..
tkrunning
2017-04-20 12:05
I just signed up for Degiro in a few countries, it looks pretty solid and really cheap. Not sure about their policies if you live outside Europe though. Maybe Interactive Brokers can be worth a look, too. It was one of few online brokers I found that would open an account for an Estonian OU (sadly Degiro didn?t), so they might not have too many restrictions based on residency.
jase
2017-04-21 05:06
In this example what happens if Degiro goes broke? Do they offer a custodian service or do you need to be registered in each of the local countries?
jase
2017-04-21 07:11
Still not available in Andorra >.<
tatelev
2017-04-22 06:21
hi, I?m in a way of an unusual need. I just learned the hard way that the Wells Fargo bank account that I set up remotely(through a contact) for my USA LLC(I?m not american and don?t live in USA) does not allow me to do online international wire transfers unless I have confirmed my identity on a physical branch once
tatelev
2017-04-22 06:25
and I found about this right when I went to make my first payment for one of my chinese suppliers, how convenient. Talked to the WF banker and only option he can set up for me now is to order international wires through phone. I?m having this setup as we speak, but not sure how long this will take to be approved plus I?ve been there before with HSBC UK and having to spell chinese addresses to the bank operator is kind of, let?s just say a hassle :slightly_smiling_face:
tatelev
2017-04-22 06:27
Does anybody know of a service similar to for example Transferwise, or any other option you can think of, that I can use for transfering USD locally in USA and have that service transfer USD to company in Hong Kong?
tatelev
2017-04-22 06:28
I have used World First and Transferwise and they?re great but they don?t seem to let you do USD to USD, only transactions where there is currency exchange involved
tatelev
2017-04-22 06:28
any services you can think of for moving USD locally in USA abd then having service pay in USD internationally?
roman
2017-04-22 07:47
@tatelev you can depsit USD from bank to Paypal, and then from Paypal to another USD account (in US).
roman
2017-04-22 07:48
But it does take a few days to get validated and then a few days for transfers. Not the most efficient way for sure.
tatelev
2017-04-22 07:49
Ok, many thanks. The more options the better
tatelev
2017-04-22 07:49
But aren't paypal fees high?
tatelev
2017-04-22 07:51
Btw, I need the usd to reach ultimately a usd bank account in Hong Kong.
tatelev
2017-04-22 07:52
If they would have to have a paypal account this would not be convenient, as paypal will also charge fees to them to get it
roman
2017-04-22 07:54
@tatelev oh, that won?t work then probably. I was thinking US/USD to US/USD
roman
2017-04-22 07:55
Is it a big, known bank in HK? Would it be possible to maybe do an ACH transfer via some branch in US (if they have offices)? I know it is possible, for example, with Bangkok Bank. They have routing numbers in US, so it?s like a local transfer, but your money ends up in Thailand.
tatelev
2017-04-22 08:03
good thinking
tatelev
2017-04-22 08:03
the bank is Hang Seng
tatelev
2017-04-22 08:04
no idea weather that is a possibility with them
tatelev
2017-04-22 08:04
I?ll have to check
tatelev
2017-04-22 08:05
I found one service googling that would appear to offer transfer USD to USD internationally but I need to confirm this with them: https://www.transfermate.com
tatelev
2017-04-22 08:06
if anybody has any opinion on them please let me know
rupyb
2017-04-24 04:36
Does anyone here have experience setting up bank accounts in Taiwan - either personal or business?
rupyb
2017-04-24 04:40
Im a foreigner (non US citizen)
stoplight
2017-04-24 04:51
@rupyb ?also interested to know about this..anyone?
harvie
2017-04-24 07:45
@rupyb @stoplight I was there December 2016 and was rejected for business (HK business) and personal. I believe the reasons were because I did not have a local ID (for personal) and my business wasn't located in Taiwan for the business. I tried 5 different banks, can't remember their names. I also did no research and just walked in seeing what would happen. I was only there for 7 days for a holiday so take my comments with a pinch of salt.
danz
2017-04-24 08:11
@rupyb I got a Taiwanese contact who perhaps knows and could ask for you if you really want. Let me know.
stoplight
2017-04-24 15:19
@harvie you need a local ID to open anything in Taiwan..it used to be easy to get one even for non-resident foreigners?heard they made it more difficult now?
stoplight
2017-04-24 15:21
@danz ?may you share your contact as well?
danz
2017-04-24 16:13
@stoplight, I just asked her. I?ll keep you updated if she knows more.
stoplight
2017-04-24 16:32
@danz thanks! :slightly_smiling_face:
simon
2017-04-24 17:44
They offer business bank accounts in the UK and the account opening process is done online (on their app)
stoplight
2017-04-24 18:51
Great find as always @simon ?based from what I read on the site..the requirements are minimal?but would they be open to non-UK citizens with UK companies? ?hmm?
stoplight
2017-04-24 18:53
Well..it seems somebody already answered my query?
https://www.tide.co/community/t/opening-an-account-issues-for-llp-company-or-company-with-non-uk-shareholders/766
stoplight
2017-04-24 18:57
Oh but wait?there was a different reply from a Tide employee?sounds interesting?
https://www.tide.co/community/t/opening-an-account-for-a-company-with-non-uk-shareholders/754
simon
2017-04-24 19:04
Yes from what I've been told it is possible to open an account for a UK company with no resident director / shareholder
yuli
2017-04-25 02:58
http://www.applicationprocessors.co.uk/ helps open UK bank accounts for non-UK residents without visiting in the UK as well.
rupyb
2017-04-25 10:35
@danz That would be really appreciated. I just landed in Taiwan today, went to 3 banks and got rejected, so any local advice/tips would be awesome dude!
danz
2017-04-26 06:07
@stoplight, Unfortunately she doesn?t know which banks do offer the possibility. She knows Bank of Taiwan doesn?t do it atleast. She said it?s better to have a contact person there who can go with you to speak their language, as they are not used to opening bank for foreigners that much.
jase
2017-04-26 12:33
Hey everyone, late reply. I enquired with Tide back when it was in beta and the lack of a non resident shareholder or partner was a deal breaker for them. This may have changed of course. I also didn't try very hard.
harvie
2017-04-26 15:30
@yuli have you used that website before? They are quoting me �55 (UK resident) seems really cheap for HK business, just wondering if you or anyone else has used them?
yuli
2017-04-26 18:17
> @yuli have you used that website before? They are quoting me �55 (UK resident) seems really cheap for HK business, just wondering if you or anyone else has used them? (
@harvie I did not finalize my bank with them. But I spoke to a rep and we finalized all details including pricing. My pricing was much higher.
This was for an Amazon store I am opening in the EU and I need a bank and I am currently in Mexico - And they can open it to me fully confirmed. Just waiting for the right time to open it when I need it.
My pricing was not 55 GBP. It was much higher though.
harvie
2017-04-27 03:28
Can you let me know what your pricing was? I assume mine is so low because I was born in the UK and have a fixed address. Their website seems a little meh so just want to make sure I'm not getting stiffed or anything, however for �55 it's not really a risk for me :slightly_smiling_face:
brutus
2017-04-27 11:11
has joined #banking
yuli
2017-04-28 03:16
For my case it is approximately 800 USD for the opening fees
jase
2017-04-28 07:29
@yuli do they open an account for you as part of that service? Or is it one of those "we'll help you to open an account deals" where they take your money and just book a meeting for you?
jase
2017-04-28 07:30
FYI, I've been speaking with Leupay. Inbound/outbound USD transfers are back and USD cards are working.
saskia
2017-04-28 07:40
Hey everyone! Does anyone know of a European (but not U.K) neo bank that allows transfers in USD?I read the N26 will decline any other transaction unless it's in euro? For example my salary in USD. Thanks in advance!
jase
2017-04-28 08:00
@saskia LeuPay seem pretty awesome so far
globalconsulteurope
2017-04-28 09:49
Worldcore should work
yuli
2017-04-28 16:17
@jase As far as I understand they open the account for you fully.
jase
2017-04-28 16:40
Wow - so I guess they become a resident director/partner of the company then @yuli
yuli
2017-04-28 22:58
no @jase they are not. The company is fully under it's own director & shareholders. They simply help open the bank, nothing more.
tkrunning
2017-05-02 10:48
@jase that?s good news regarding USD transfers!
jase
2017-05-02 10:49
Yep I'm trialing it now. Will let you guys know how it goes
tkrunning
2017-05-02 10:50
Great! Looking forward to hearing how it works out!
tkrunning
2017-05-02 10:50
Is the USD account number still issued by Satabank?
tkrunning
2017-05-02 10:51
I actually visited Satabank?s offices last week, don?t know why I didn?t ask them about USD correspondence accounts
jase
2017-05-02 10:55
I believe so - how can I tell?
jase
2017-05-02 10:55
Actually, yes - the SWIFT code and corresponding bank name is SATABANK PLC
jase
2017-05-02 10:55
IBAN starts with MT from memory
jase
2017-05-02 10:56
Gym time - if you have any questions feel free to leave them and I'll get back to you later. This afternoon is... too crazy. :confused:
tkrunning
2017-05-02 10:59
:slightly_smiling_face:
tatelev
2017-05-02 15:39
Just saw an ad of a mobile bank called Bunq
pragmatic
2017-05-02 15:39
I have an account :slightly_smiling_face:
tatelev
2017-05-02 15:39
Anybody knows anything about it?
tatelev
2017-05-02 15:40
Oh, ok. @pragmatic any opinion?
pragmatic
2017-05-02 15:45
You need to be an EU resident. It's super easy to use and setup. The phone app is awesome. It's certainly not a 0 fee account though, especially when it comes to things like international transactions.
pragmatic
2017-05-02 15:45
The debit card is Maestro, not visa/mastercard
ivopalazzi
2017-05-03 09:01
does anyone know a bank in a EU country that will allow to me to open a bank account with just a POA and passport? I would travel exclusively for this purpose
maxsuur
2017-05-03 10:22
You are resident in Malta right @ivopalazzi ? You can open a a bank account online with German bank N26
ivopalazzi
2017-05-03 10:30
@maxsuur Thankyou, I have just checked it out, but it says it is still not avaible for Malta
maxsuur
2017-05-03 10:46
Well, you could always have it sent to a german address of a friend of yours. Anyway, I believe there are more options FS member could provide you with
globalconsulteurope
2017-05-03 10:51
@ivopalazzi Depending on the company type and representative person's nationality, Bulgarian bank(s) may open an account for you.
globalconsulteurope
2017-05-03 10:53
Please explain a little bit about the country of incorporation and country of operation of that company. Bg banks will require to link it somehow in order to open an account.
jase
2017-05-03 12:24
@ivopalazzi could you use Leupay? I don't know if it is an issue for you given it is a Maltese bank
ivopalazzi
2017-05-03 12:33
@jase Yes it would be an issue! Malta is remittance based taxation
tkrunning
2017-05-03 13:20
Unless you need non-SEPA transactions, I?d say get N26. I doesn?t matter if they don?t officially ?support? Malta as long as you get your card shipped elsewhere. I would suggest opening a ?German? account, as it has more features than the others.
tkrunning
2017-05-03 13:21
Maybe this article can be of some help: https://nomadgate.com/open-n26-account/
ivopalazzi
2017-05-03 23:06
@tkrunning Thankyou I finally was able to open the account. Regards
harvie
2017-05-04 10:06
@tkrunning nice article, just skimmed as I'm on the phone but saved it for later reading, I read the first bit where you state you need only an address in the following countries. So as a UK resident I can show my passport as ID as long as I live in any of the EU locations?
tatelev
2017-05-04 10:11
what is the key usefulness of this N26 bank so that I understand?
tkrunning
2017-05-04 12:35
@harvie yeah you just need an address in one of the supported countries to receive the MasterCard, as long as you have one of the passports or ID cards in the list.
tkrunning
2017-05-04 12:36
@tatelev it's user friendly, low fees for international use, easy to open and everything is managed remotely (nice for the nomadic among us)
maxsuur
2017-05-04 13:22
One thing to note, they assume that the address where your card is sent out to is your real address
maxsuur
2017-05-04 13:24
if you are an italian guy who resides in Malta, and the card is sent out to a friend of yours' german address, they'd assume that your live there-> that your residency is in Germany
maxsuur
2017-05-04 13:25
I don't know if that can be easily changed later on. One thing for sure, you'll have to contact support for that (videosupport as far as I remember)
ivopalazzi
2017-05-05 07:27
@maxsuur Correspondence address is not the same as tax residence. They ask you where you want to receive the card, but then ask you for your tax residence (there I was able to select Malta) :slightly_smiling_face:
tatelev
2017-05-05 09:09
@ivopalazzi I also had understood that banks don?t let you choose where you are tax resident, but rather asume you are tax resident in the country that you prove your address is
maxsuur
2017-05-05 10:32
Probably procedures have changed @ivopalazzi
jase
2017-05-05 15:04
On the search for a European payment processor that may work with Leupay, I discovered they have one of their own: https://www.mypos.eu/
scorps
2017-05-06 06:11
With an OCBC foreign business account, does anyone know if you can make:
1) remote wire transfers?
2) if so, what would be the limit?
jase
2017-05-06 07:48
Hard to say with certainty, but I'd assume:
1) 99.9% sure yes
2) $10,000 or $50,000 may be default, but I'm confident it can be lifted so long as you sign a form saying "yes I know it's risky"
jase
2017-05-06 07:48
@scorps
danz
2017-05-06 07:49
Quite sure it?s possible with point one.
jase
2017-05-06 07:49
Canada is the only country I've experienced non-remote wire transfers
tatelev
2017-05-06 07:51
what is a remote wire transfer?
tatelev
2017-05-06 07:52
I thought all wire transfers were remote, so not sure what the term means here
scorps
2017-05-06 07:54
@jase Being a Canadian that's why I asked. Thanks for feedback.
jase
2017-05-06 07:57
@scorps if you haven't done much banking outside of Canada, you're about to have your mind blown :slightly_smiling_face:
jase
2017-05-06 07:58
@tatelev as in being able to do a wire transfer online. In some countries you are required to visit a branch to wire funds, which is clearly an inconvenience if you are in a different country. #askmehowiknow
tatelev
2017-05-06 07:59
wow. you cannot make online wire transfers from canadian banks?
jase
2017-05-06 08:00
i believe high revenue/fee company accounts allow it at certain banks, but most SME accounts at Canadian banks don't allow it
jase
2017-05-06 08:01
A good reminder that money in banks is not "your" money :wink:
tatelev
2017-05-06 08:02
that never came up when I was researching pros vs. cons of incorporating my small company as US LLC vs. Cancorp!
jase
2017-05-06 08:03
this is why experience trumps analysis
jase
2017-05-06 08:03
there's always something unwritten that you discover after the fact :slightly_smiling_face:
tatelev
2017-05-06 08:03
absolutely
tatelev
2017-05-06 08:05
btw. the other day I was researching for any service that allowed me to wire USD to USD internationally from US Bank to a Hong Kong account in USD
tatelev
2017-05-06 08:06
I researched a lot and no service such as Transferwise, World First, Xoom, etc? allow it(because they make their business on the currency exchange)
tatelev
2017-05-06 08:06
however I found one, and opened an account, their onboarding process took like a week, lots of ?compliance? questions
tatelev
2017-05-06 08:06
OFX
tatelev
2017-05-06 08:07
I transfered 3,000 usd to Hong Kong and total cost was 25 usd with them
tatelev
2017-05-06 08:07
doing it directly from my US bank woudl have costed 45 usd
tatelev
2017-05-06 08:07
good to know
scorps
2017-05-06 08:09
Big inconvenience in Canada!
tatelev
2017-05-06 08:09
@scorps can you also not do a local bank transfer online?
tatelev
2017-05-06 08:10
from your canadian bank to another canadian bank
scorps
2017-05-06 08:19
@tatelev that is usually not an issue. You can do interac e-transfers
scorps
2017-05-06 08:20
You can also setup in person a phone fax agreement for remote transfers. Basically you give instructions through a fax for a wire transfer.
jase
2017-05-06 08:21
Interac is limited to 1 or 2 thousand from memory?
jase
2017-05-06 08:21
phone/fax = major headache
tatelev
2017-05-06 08:22
if you can make online transfers from canadian to canadian bank then services like Transferwise, World First? might be a workaround
tatelev
2017-05-06 08:22
(as long as there is currency exchange involved)
jase
2017-05-06 08:22
From memory they don't accept interac e-transfers :slightly_smiling_face:
tatelev
2017-05-06 08:22
what a pain
jase
2017-05-06 08:23
I'm convinced this is why Canada has the safest banking system in the world
tatelev
2017-05-06 08:23
any explanation why it?s like this in Canada?
jase
2017-05-06 08:23
If there was a bank run worldwide no one in Canada would be able to get their cash out
jase
2017-05-06 08:23
:joy:
tatelev
2017-05-06 08:23
don?t tell me: because the queen of England didn?t approve it
jase
2017-05-06 08:24
I consider Australia and Canada very similar in a lot of ways (climate excluded)
jase
2017-05-06 08:25
Economically they have a lot of similarities
jase
2017-05-06 08:25
But banking wise, Australia is light years ahead IMO
scorps
2017-05-06 08:26
@jase correct. My max is $2000
jase
2017-05-06 08:27
You will thoroughly enjoy SG @scorps :wink:
scorps
2017-05-06 08:27
Looking forward to it!
tatelev
2017-05-06 08:28
Royal Bank of Canada says you can
danz
2017-05-06 08:32
You are about to open an account at OCBC @scorps?
danz
2017-05-06 08:33
Because I believe they have just changed their policy about foreign accounts, don?t think they allow it anymore.
jase
2017-05-06 08:33
I thought they've just bumped the fees?
danz
2017-05-06 08:35
I opened an account in december, everything fine then. My friend just went two weeks ago and said they don?t open account anymore for foreigners and got denied.
danz
2017-05-06 08:35
Hopefully your still lucky somehow
danz
2017-05-06 08:37
It says this on the website: Accounts in various currencies to suit your business needs. But that?s not completely correct. You first need to open a SGD savings account, and only after three months you can open another account for other currencies. So you need to make two trips to SG atleast.
danz
2017-05-06 08:37
Nevermind, that?s a page about business accounts. I was talking about personal.
jase
2017-05-06 08:37
Ah right. Yeah, for personal it depends on the person :wink:
jase
2017-05-06 08:38
Anything is possible for the right person
danz
2017-05-06 08:38
Well, the more money you bring, the easier mostly
jase
2017-05-06 08:38
Yep but also the right knowledge/communication I think plays a part
jase
2017-05-06 08:38
And them hearing how they'll make $$ from you
danz
2017-05-06 08:39
True, but they said straight away no foreigners anymore. Need a residency in SG.
jase
2017-05-06 08:40
Shame, it sounded as though the doors were opening worldwide for a while there
scorps
2017-05-06 08:54
I hope that's not the case
scorps
2017-05-06 08:55
But they sent me an email with requirements so may not be completely over.
jase
2017-05-06 08:56
Persist... if you run a legitimate business and give them as much documentation as they ask for and they can see how they'll make money from you, I suspect you'll be fine.
ahawkins
2017-05-07 05:21
Any recommendations for a primarily online bank in the US with non-SMS 2FA requirements?
tkrunning
2017-05-07 13:10
Meaning that they have 2FA, but not SMS based?
tkrunning
2017-05-07 13:11
Most US banks I have used offer a combination of SMS and email.
tkrunning
2017-05-07 13:11
Others might also offer hardware 2FA devices?usually on request. I think Schwab offers that, at least they used to.
tkrunning
2017-05-07 13:12
For SMS based 2FA you can usually use Google Voice though
maxsuur
2017-05-08 15:01
Suggestions on opening bank accounts in Austria for EU citizens?
pedrodemendez
2017-05-08 16:15
No, but you can open an anonymous vault :-)
maxsuur
2017-05-08 17:32
Cool! Now, I know where to stash all of million dollar jewels
pedrodemendez
2017-05-08 17:42
Or some of your private keys
maxsuur
2017-05-08 17:44
:eyes:
maxsuur
2017-05-08 17:44
Too expensive for my private keys
maxsuur
2017-05-08 17:44
I have alternate method for that
johncitizen
2017-05-09 00:05
has joined #banking
paul
2017-05-09 04:31
has joined #banking
jase
2017-05-09 18:15
Seeking opinions: At what point should one split their funds across banks? (for example: $100k per bank, etc)
pedrodemendez
2017-05-09 19:03
I would let that depend on what amount is backed by the government in case of failure of the bank..
pedrodemendez
2017-05-09 19:04
In europe mostly 100k ? I think
tkrunning
2017-05-10 14:19
Yeah. And put some money into securities, index funds etc. As long as it?s invested, it doesn?t disappear even if a broker goes bust?the securities are still in your name.
pedrodemendez
2017-05-10 15:13
Regarding securities, stocks I would recommend find a broker that doesn't register them on Streetname
pedrodemendez
2017-05-10 15:14
If anyone knows of such a broker, I am looking for one
johncitizen
2017-05-10 15:14
Investors Europe
johncitizen
2017-05-10 15:16
For the banking split, usually I keep minimums in plus a little more. I never intend on pulling a loan or card from them.
jase
2017-05-10 15:20
@tkrunning I forget what it's called - custodian? - but I believe when buying overseas shares many accounts will own them in "custody"
maxsuur
2017-05-10 15:33
@simon any bank recommendation for Austria?
simon
2017-05-11 08:42
@maxsuur I'm not familiar with the banking options in Austria. I doubt there is any significant advantage in banking there over other EU countries.
maxsuur
2017-05-11 09:40
Thanks @simon
maxsuur
2017-05-11 11:52
What I am actually looking for is a low-fee European bank account (EUR) where I can stash some money,
maxsuur
2017-05-11 11:52
So, any ideas are welcome
maxsuur
2017-05-11 11:52
I currently use N26 and Revolut Debit Card
simon
2017-05-11 12:43
@maxsuur In that case, I'd recommend looking at Swedbank and SEB in Estonia. If you look at the ECB stress tests, these two banks (and the other Swedish banks) consistently come out on top as the safest major banks in Europe. Why in Estonia and not Sweden? Simply because it's easier as a non-resident, everything is in English and you can use the e-Residency card to do some stuff remotely.
maxsuur
2017-05-11 13:30
@simon thanks. It'd be awesome if I could open the bank account remotely instead of going there physically
pedrodemendez
2017-05-11 13:35
Would you need a local address to open the account in Estonia? Or would you give them your address of residency?
pedrodemendez
2017-05-11 13:36
For instance in spain or elsewhere (outside EU?)
simon
2017-05-11 13:38
@pedrodemendez When I opened my business accounts there, I gave them my address in Hong Kong and they seemed happy with it. I'm pretty sure I could have used it to open a personal account (although there is no point opening an account in the EU if you are not an EU citizen).
pedrodemendez
2017-05-11 13:40
Thx @simon
johncitizen
2017-05-11 14:15
I made 2 x POA (one personal, one business) and gave to my agent in Estonia, he opened the account and collected stuff on my behalf then forwarded to me. Business address is $100 a year in Estonia but mailing address is our apartment in South Korea for now.
johncitizen
2017-05-11 14:16
The laws have changed for remote opening but none of the bank have really implemented it properly yet. Swedbank accepted my agent on POA but LHV wouldn't.
tkrunning
2017-05-11 20:20
@maxsuur come to Estonia and do it in person. It?s nice here this time of year (it snowed yesterday :joy:). I?ll be around until the end of next month, so let?s grab a beer :slightly_smiling_face:
tkrunning
2017-05-11 20:26
@pedrodemendez regarding address when opening personal account in Estonia, using a EU/EEA address is preferable as account opening etc will be free. Often a few hundred EUR extra if you?re not EU/EEA resident. So e.g. a Spanish address is fine.
Generally the banks require you to pick up your first card in person, so plan to stick around for a few days (maybe a week at most) or plan a second trip soon after. Or you could try contacting them in advance and see if you could prepare the card for you in advance, of course.
tkrunning
2017-05-11 20:27
Both SEB and Swedbank has adopted ?Smart-ID?, which makes it much smoother to authenticate compared to using the e-residency card. LHV will soon adopt it, too. https://www.smart-id.com/
simon
2017-05-12 06:20
@tkrunning Smart-ID doesn't work with the e-Residency card.
simon
2017-05-12 06:20
It's a known problem but not one the banks seem interested in fixing (it's been months)
tkrunning
2017-05-12 07:30
Yes it does
tkrunning
2017-05-12 07:30
I'm using it with e-residency
tkrunning
2017-05-12 07:31
I've used it to log in and sign things with SEB and on http://Eesti.ee, no problems
tkrunning
2017-05-12 07:31
Where have you tried using it, @simon ?
simon
2017-05-12 07:32
I haven't been able to use it with Swedbank. I keep getting error messages about having no account. The e-Residency card works fine so it's not an account problem.
tkrunning
2017-05-12 07:32
Hmm, so that might be a Swedbank specific issue then
tkrunning
2017-05-12 07:33
Do you have an account at SEB so you could try it there?
tkrunning
2017-05-12 07:34
Or maybe just try logging in on http://Eesti.ee to see if the problem is on Smart-ID or Swedbank's end?
bmapilot
2017-05-12 08:20
has joined #banking
wojtek
2017-05-12 09:49
Hi there
wojtek
2017-05-12 09:49
my bank of cyprus just up the charges a year from 250 to 700-800eu
wojtek
2017-05-12 09:49
any idea where I could open a new bank account for a Seychelle company, well I will probably go to Estonia in summer and setup a new company there
wojtek
2017-05-12 09:50
I have a German passport but I have not lived there for seven years
simonbcr
2017-05-12 09:53
has joined #banking
globalconsulteurope
2017-05-12 10:31
Hi, @wojtek!
The most useful option for you will be account in digital bank like LeuPay or Worldcore. LeuPay accepts Seychelles and other offshore countries. Only problem that can appear is that they want to verify Seychelles address of your company by sending confirmation letter.
wojtek
2017-05-12 11:32
Do you have any experience with LeuPay looks good. Registered in France as a bank under EU law?
maxsuur
2017-05-12 11:37
Malta-satabank
maxsuur
2017-05-12 11:37
@jase has had a good experience with it
maxsuur
2017-05-12 11:37
I am in the process of opening a leupay account
maxsuur
2017-05-12 11:37
A personal one
tkrunning
2017-05-12 11:58
I have used Leupay for about 18 months now, and it?s pretty decent. Website is good, app is good, etc. Even though your money is held with Satabank it?s not protected by any depositor compensation schemes, since it?s an e-money account, not a ?real? bank account. So I probably wouldn?t use it as a place to store massive amounts of $$$, but for transactional stuff I think it?s very good (and cheap).
tkrunning
2017-05-12 11:58
I?ve mostly used it for company accounts, but also a bit private.
tkrunning
2017-05-12 12:00
You need to verify two things:
- A phone number from the same country as your residency (needs to be able to receive SMS)
- Your address (in the same country as your personal residency for personal accounts, and the registered address in the country of incorporation for corporate accounts)
tkrunning
2017-05-12 12:03
If you don?t have a Seychelles phone number, I would recommend signing up for a personal account first (verifying a phone number where you live), then use the same login to open a business account. You still need to list a Seychelles phone number when opening the business account, but you won?t have to verify it (they verify your personal one instead).
globalconsulteurope
2017-05-12 12:05
@tkrunning made a brilliant overview! I can add only that LeuPay will not ask for valid Seychelles number. Not only you dont have to verify it, you can type random numbers with Sey prefix. I did so last time for BVI company.
tkrunning
2017-05-12 12:07
Yeah, at least if you have a verified number in your personal account. Not sure if it would work that way if you open the corporate account directly. Was that what you did @globalconsulteurope ?
tkrunning
2017-05-12 12:07
I have all of my corp accounts under my personal login
globalconsulteurope
2017-05-12 12:13
I was opening corporate account for a client with BVI company and residence in South Korea. BVI phone number was easily typed with random numbers. Company manager's phone number is the one for verification, so I did not any other chance to provide other phone - the system insists on the prefix of respective country of citizenship.
globalconsulteurope
2017-05-12 12:15
By the way, I haven't found yeat a good move to trick the system and not receive address verification card/code in the official company headquarters. In case of offshore companies sometimes it is causa perduta - it can be lost, not forward to you, etc.
wojtek
2017-05-12 14:26
Yeah will try but won't work probably if they send it to the seychelles
wojtek
2017-05-12 14:27
phone in germany is no issue
princevaliant
2017-05-13 09:27
@maxsuur Bawag psk (the post office bank) as far as I know should be rather easy to open for an EU citizen, you can find it in any city where there is a post office and fees should be under 50 euros/year
johncitizen
2017-05-15 00:25
If you don't have a number for a country pay for one via skype out, My business number for my estonian company is just a skype out number that redirects to my korean mobile. It's easy to change the redirect. I understand google has a better service for people in America.
johncitizen
2017-05-15 00:26
You can do it for almost every country with skype however.
johncitizen
2017-05-15 00:26
For SMS redirects via skype out number,... I have never tested it..
jase
2017-05-15 11:49
Say you wanted a bank account, credit/debit card and trading account, ideally contained within the same provider, who would you choose?
jase
2017-05-15 11:49
I'm thinking OCBC in Singapore would be the best bet.
maxsuur
2017-05-15 12:28
does OCBC allow remote bank account opening? @jase
danz
2017-05-15 12:53
@maxsuur, no it doesn?t.
maxsuur
2017-05-15 12:56
@danz danke
jase
2017-05-15 13:07
@maxsuur for premier they do :zipper_mouth_face:
simon
2017-05-15 16:24
Yes the Singapore banks all allow remote opening if you have enough capital to deposit. They'll even fly a banker to you if they deem it worth it. We are talking about millions though. For their normal accounts, a visit to SG is required.
jase
2017-05-15 17:09
Seen it done for less than millions, may have been a glitch in the matrix that day.
johncitizen
2017-05-16 00:04
Planning on opening an account in Panama
johncitizen
2017-05-16 00:05
anyone got any advice on banks?
jase
2017-05-16 10:50
Have heard 2 referral letters within 3 months of being written from banks are helpful.
otkeedca
2017-05-18 05:22
has joined #banking
clr
2017-05-19 10:04
I applied for residence in Malta on basis of self-sufficiency this morning and I am moving here. Could you recommend any bank in Malta with low or no fees and where it is easy to open an account?
maxsuur
2017-05-19 10:12
clr: Did you do it directly from Spain or did you have to go to Malta for that matter?
maxsuur
2017-05-19 10:12
You could open a Leupay Bank Account with Satabank
clr
2017-05-19 10:14
The residence application itself has to be done in person, so I came here. Also have rented an apartment because I am moving to live in Malta.
clr
2017-05-19 10:18
I knew about Leupay, but I didn?t know about Satabank, thanks! I?ll give it a look. But I would like to open an account at a ?traditional? bank if possible.
maxsuur
2017-05-19 10:20
You are welcome. I am also planning to move there with my gf from September on.
pedrodemendez
2017-05-19 10:51
how does Malta determine if you are "residence or domicile" type? Is there a form or checklist available?
jase
2017-05-19 13:34
In case this helps anyone.. Email from LeuPay about receiving funds in CAD into a USD account and if there will be fees involved:
jase
2017-05-19 13:34
We would like to inform you that the currencies that we currently support are:
EUR, USD, GBP, BGN, CHF, RON, HRK, PLN and JPY.
Please be aware that in case you receive an incoming transfer in another
currency, they will be settled to your LeuPay account in USD, after an
automatic currency exchange. Please be aware that you can check the daily
currency exchange rates from your personal page, section ??Currency exchange
rates??.
clr
2017-05-19 16:27
pedrodemendez: https://identitymalta.com/citizenships-expatriates/ You apply as resident, but not domiciled. In the application forms they request the permanent address abroad.
clr
2017-05-19 16:28
What are the differences between Leupay and Satabank? Which one is ?better?? It seems that Leupay belongs to Satabank.
tkrunning
2017-05-20 20:53
Leupay is "powered by" satabank in the sense that satabank provides the underlying banking infrastructure, such as iban, access to swift/sepa, etc. They are separate companies. Satabank is a regular bank, albeit a fairly young and modern one.
They have offices in St. Julian's. Set up an appointment before going there.
simon
2017-05-22 10:00
I just noticed that LHV now accepts Smart-ID! This is great!
pragmatic
2017-05-22 10:01
For account opening?
simon
2017-05-22 10:47
For login. Before you needed to use the physical ID card if you wanted unrestricted access. You could setup a password but the limits were very low. This was particularly a problem for me as I only travel with an ipad.
skat
2017-05-22 10:55
@simon did you tried it already? they give you two pin?s, but then you login they ask you for personal code
skat
2017-05-22 10:55
i?m not sure what personal code is with Smart-ID
simon
2017-05-22 11:00
I haven't tried it yet, I have to locate a computer where I can register first. At my hotel I can't install anything (the computers in the business centre are super restricted) and obviously can't use the card with my ipad. Will do it tomorrow morning and if it works, I'll ditch the physical card (finally!)
skat
2017-05-22 11:02
@simon keep me updated how that will go. i tried it and didn?t figure it out, but i was not really trying hard..
pedrodemendez
2017-05-22 11:43
Perhaps an idea for the crypto minded amongst us. At http://coinapult.com in Panama you can open an account for crypto and combine it with a bank account at Crypto Capital. I did sign up already but not used the fiat bank account part of Crypto Capital yet..
pedrodemendez
2017-05-22 11:44
I see this as a way to be able to keep my capital gains outside of the country you live in (remittance based/territorial tax countries)
swiss_gael
2017-05-22 11:46
has joined #banking
pragmatic
2017-05-23 15:13
TransferWise just launched "Borderless"
pragmatic
2017-05-23 15:14
I think I will find it useful
pragmatic
2017-05-23 15:14
Maybe some of you will too
maxsuur
2017-05-23 16:08
Think I am opening one
maxsuur
2017-05-23 16:08
:)
simon
2017-05-23 16:08
@pragmatic thanks for sharing! Looks awesome! @philippe that's the account you've been testing for a while?
philippe
2017-05-23 16:09
yes but I?m not using it actually
simon
2017-05-23 16:09
I just opened one in EUR. Strangely, the account holder name is "TW My name"
philippe
2017-05-23 16:09
nice haha
simon
2017-05-23 16:29
Anyone here outside Europe managed to open a Borderless account?
simon
2017-05-23 16:31
@simon uploaded a file: https://freedomsurfer.slack.com/files/simon/F5G743DMW/image_uploaded_from_ios.jpg
simon
2017-05-23 16:32
Never mind, it seems only available in Europe at the moment.
brian
2017-05-23 21:14
has joined #banking
johncitizen
2017-05-24 03:38
So good!
johncitizen
2017-05-24 03:40
Swedbank also accepts smart-ID, not sure if they fixed issues with eresidents registering
simon
2017-05-24 07:39
@brian Cybersource, owned by Visa, accepts Gibraltar businesses as far as I know. Their product isn't as easy to implement as Stripe but there are many plugins that can help.
simon
2017-05-24 08:25
@brian I registered Freedom Surfer in Estonia last year to test it out and also because I needed an Estonian company to act as a partner for a UK company I own. So far it's worked out pretty well and I have yet to pay any taxes. As for Every-Pay, they waived the monthly fee and offered me a pretty generous 1.20% rate for all types of cards (except AmEx) and no fixed per transaction fee. I applied via my bank (LHV) though so this may have influenced the result.
simon
2017-05-24 08:32
@brian The main advantage of Estonia is that salaries paid to non-residents are exempt, the taxes must be paid where you live instead. I'm a Hong Kong resident so I have to pay nada here on the salary I receive from Estonia. It's a neat way to run an EU company tax-free.
simon
2017-05-24 08:33
I also run a UK company tax-free, using the Estonian company as a partner to receive the profits and then pay them to me as a salary.
simon
2017-05-24 08:35
Technically yes you can pay out 100% of earnings as a salary but only within reason. Can't pay yourself half a million EUR per month for two hours of work. If the Estonian tax authority thinks you are paying yourself too much, they will deem it a distribution and will tax it at the rate of 20%.
simon
2017-05-24 08:46
Yes, as long as the money stays in the company it is exempt from taxation
simon
2017-05-24 08:50
As long as the employment is considered to be outside HK (and the services rendered), the income isn't subject to taxation.
simon
2017-05-24 08:55
I've become quite curious recently about banking in unlikely locations. I've noticed that it's possible to open accounts with reputable banks in less reputable countries. @stoplight talked about the pacific islands and ANZ. I've also found out that its very easy to open accounts in Sri Lanka (for example: https://www.sc.com/lk/save/nrfc.html). Anyone here banks in such unlikely locations?
simon
2017-05-24 08:56
@brian from the government website:
"The Hong Kong tax system is based on the territorial concept. Salaries tax is imposed on all income arising in or derived from Hong Kong from an office or employment or any pension irrespective of whether tax on that income has been paid in other jurisdictions.
In determining the source of employment, the following three factors are relevant:
the place where the contract of employment was negotiated and entered into, and is enforceable;
the employer?s place of residence; and
the place of payment of the employee?s remuneration.
In general, if all three factors take place outside Hong Kong, the employment is regarded as located outside Hong Kong. However, the Inland Revenue Department reserves the right to look beyond these factors in appropriate cases."
simon
2017-05-24 09:06
@brian The employment contract was signed in Estonia, the company is a tax resident of Estonia and the salary is received outside HK. It is certainly somewhat of a grey area I'm in and I'm not sure how it would hold up in an audit. So far HK seems happy, as for Estonia they still seem unsure how they want to deal with people like me (and other e-Residents from low tax countries).
simon
2017-05-24 09:07
This is certainly one of the big reasons why I want to move my tax residency for the next fiscal year.
pragmatic
2017-05-24 09:14
Where are you planning simon?
simon
2017-05-24 09:24
@pragmatic I'm thinking about Chile. An alternative would be NZ.
pragmatic
2017-05-24 09:24
why NZ?
simon
2017-05-24 09:25
@brian Yes I doubt that there is much oversight but I'd prefer to be on the safe side for the long-term.
simon
2017-05-24 09:26
simon
2017-05-24 09:28
Yes and NZ is a pretty nice place to live, although a bit far from everything.
pragmatic
2017-05-24 09:28
Cool. I think UAE looks interesting long term. No taxes, only need to enter once every 6 months to maintain tax residency status.
simon
2017-05-24 09:33
@brian I prefer to keep everything in different countries though. I already bank in SG so I'd rather not register a business there.
simon
2017-05-24 09:34
For the residency, I'm also considering the MM2H program as I quite like Malaysia. KL is looking more and more like a developed city.
simon
2017-05-24 09:42
Yes the local director requirement is really the deal breaker for most. It would be a great, relatively easy passport too if it wasn't for the military service and not allowing dual nationality
pedrodemendez
2017-05-24 09:56
@simon ANZ bank in Cambodia works as well. I am with ABA bank in Cambodia, this bank is 80% owned by royal bank of canada
stoplight
2017-05-24 10:51
@simon is right?I was able to open a personal bank account at the ANZ branch in Tonga and got my atm card the next day?a business account wouldn?t be too difficult according to them as long as I give the proper documents?
maxsuur
2017-05-24 11:36
@brian I believe @simon got a much better deal
pragmatic
2017-05-24 11:44
Perhaps if you bank with LHV ?
pragmatic
2017-05-24 11:44
They would give you the deal
simon
2017-05-24 13:32
LHV is great too. Not a good bank to leave lots of money in but for transactions almost everything is free including wires
maxsuur
2017-05-24 14:10
Although I can't see any immediate practical benefits, the idea of opening bank accounts in remote locations is strangely appealing to me
jase
2017-05-24 17:13
Personal or business @maxsuur ?
jase
2017-05-24 17:13
I suspect for most people it's a lot of administrative overhead with limited benefit
jase
2017-05-24 17:14
IMO if you are in asset accumulation mode, just look for products with low fees or services that suit your needs
jase
2017-05-24 17:15
I have met people with $10000 spread across 8 bank accounts
jase
2017-05-24 17:16
I don't see the point personally. Not to mention the potential hassle if they ask you to drop in for a visit and they are in a completely different region.
tkrunning
2017-05-24 18:45
Regarding TW Borderless accounts their customer support rep told me that money would arrive normally if the TW bit was omitted from the beneficiary field
tkrunning
2017-05-24 18:45
@simon I also noticed the Smart-ID feature with LHV, but I?m unable to use it. Maybe they also have similar issues as Swedbank has with e-residents?
tkrunning
2017-05-24 18:46
It works fine with SEB, though
tkrunning
2017-05-24 18:47
@brian it?s easy to open accounts with LHV, even if you don?t have connections with Estonia. Just tell them you want to invest in Estonian/Baltic stocks or something like that.
tkrunning
2017-05-24 18:48
Should work both for personal and corporate accounts
max
2017-05-24 23:50
Borderless it may be, but not in Panama :disappointed:
max
2017-05-24 23:51
@max uploaded a file: https://freedomsurfer.slack.com/files/max/F5JFA5PHD/borderless.png
maxsuur
2017-05-25 00:44
personal bank account @jase
globalconsulteurope
2017-05-25 08:30
@brian congrats on comprehensive review on that legal instrument! :) i can confirm that commercial representative office/ company branch office established in Bulgaria will be considered as far more compliant by Bulgarian banks
emondpph
2017-05-25 08:39
has joined #banking
globalconsulteurope
2017-05-25 08:51
I published an article in our blog concerning different types of business structures in Bulgaria - https://globalconsulteurope.wordpress.com/2016/01/06/types-of-business-in-bulgaria/
The difference between commercial representative/trade representative office and company branch is explained there.
A/ Company branch
Branch of a foreign trader is being created with registration in the Commercial Register. After its formation, according to Bulgarian legislation, the branch of a foreign company is not an independent legal entity but it has a certain degree of independence from the parent company. There is a requirement for the branch to have independent accounting and to draw up separate balance sheet. Assets and liabilities of the branch are considered as assets and liabilities of the parent company.
The branch is governed by a Manager. Regarding the taxes, as place of business (a permanent establishment) of the branch of foreign company shall be considered Bulgaria. For tax purposes the foreign parent company will be liable to corporate tax on profits from the activity of the branch in Bulgaria.
B/TRO
Trade representative office (commercial representation) is being registered in the Bulgarian Chamber of Commerce and Industry.
TRO is not a separate legal entity and cannot carry out business activity. Thus, commercial representation aims to carry out activities such as promotions, exhibitions, demonstrations, training or advertising of products and services. Therefore, in general TRO does not generate any income and it is not a subject to corporate tax in Bulgaria.
If TRO is involved in business activities in the country it can be classified as ?a permanent establishment? for the purposes of taxation and the foreign parent company will be liable to corporate tax on profits in Bulgaria made as a result of business activity of the TRO.
globalconsulteurope
2017-05-25 08:53
Citizenship can be applied in these terms you mentioned, @brian - 5 years for EU and 10 years for non-EU citizens
globalconsulteurope
2017-05-25 08:56
TRO structure is easier to be managed but it cannot conduct business activity itself and realize profit
globalconsulteurope
2017-05-25 08:58
Correct :slightly_smiling_face:
According to latest changes, BCCI will require document from parent foreign company proving that it is an active company
globalconsulteurope
2017-05-25 09:02
At initial registration they reguire documents proving that the company is in good legal standing, has no public dutuies and unpaid taxes, has more than 1 year company history. The documents should be officially stamped and apostilled, afterwards they will be translated and legalized in Bulgaria before submission to BCCi
2017-05-25 09:09
This message was deleted.
rjmarsden
2017-05-25 12:04
hot off the press regarding the e-residency annoucement: https://about.holvi.com/e-residents/?utm_source=e-residence&utm_medium=partner&utm_campaign=en-launch-campaign&utm_content=e-residence-newsletter
architect
2017-05-25 12:27
has joined #banking
simon
2017-05-25 13:01
That's quite disappointing, I was hoping they would announce a deal with one of the local banks. Holvi at 35EUR per month is quite a ripoff. And it's only available to European residents.
globalconsulteurope
2017-05-25 13:54
brian: Yes, last amendments say-so. That is done as some barier to the plenty of companies that have opened TRO in Bulgaria and a lot of people applied for residence using such paper companies.
globalconsulteurope
2017-05-25 13:54
It is required on initial registration level
globalconsulteurope
2017-05-25 13:57
Not at all, just at the first step - when you are registering the TRO
globalconsulteurope
2017-05-25 13:57
I agree with you about the heavy administrative burden for long-tailed translations, apostilizations and legalizations
globalconsulteurope
2017-05-25 13:59
Hehe :slightly_smiling_face:
Thank god that most of the banks here canceled the obligatory stamp requirement
globalconsulteurope
2017-05-25 14:00
You cannot hold a company stamp with you at any moment in a world where you can run 90% of everyday life with smartphone
johncitizen
2017-05-25 14:41
Not much of an announcement... I was hoping for more startup visa residency options
danz
2017-05-25 15:08
Count me in Brian
tkrunning
2017-05-25 16:20
Yeah, not a surprise that it was just the Holvi deal they were announcing. And to those of us that?s in this group it?s not even news :stuck_out_tongue:
peter
2017-05-25 18:52
has joined #banking
johncitizen
2017-05-26 06:30
Anyone else had success with Smart-ID for SEB or Swedbank in Estonia? I can associate my Eresidents card with the smart-ID phone app, but I can't actually log into my business bank account with it.
stoplight
2017-05-26 11:16
hey folks?need your opinion?.we?re in a bit of a dilemma?maybe you guys can share your inputs?we?re running a non-profit registered in the UK?with non-UK, non-EU directors?.main place of business is also outside the UK & EU?.Caribbean and Asian region to be precise?we?re already using Paypal for donations & contributions but we?re looking for alternatives?.don?t put your eggs in one basket and all that?.so which would be better (also easier) for us to use, Leupay or Transferwise Borderless?
globalconsulteurope
2017-05-26 12:37
If you want to implement it with your website, I think that myPOS virtual terminal will answer to your needs - https://www.mypos.eu/en/virtual-terminal
globalconsulteurope
2017-05-26 12:38
The same as LeuPay but merchant oriented. It is backed by SATABANK, too.
stoplight
2017-05-26 14:31
thanks for that @globalconsulteurope ?but we we?re looking for a more conventional system as some people still want to send money using wires, ibans, and swifs, etc?sad but true? :disappointed:
stoplight
2017-05-26 14:31
thus the leupay and transferwise borderless options..
maxsuur
2017-05-26 14:57
:)
jase
2017-05-26 15:53
@stoplight I believe (don't quote me) mypos still gives you an IBAN, which can be wired to.
stoplight
2017-05-26 15:56
oh nice! ?i?ll check on it then..thanks! ?just registered with Transferwise Borderless..
tkrunning
2017-05-27 09:39
johncitizen: I don?t have Swedbank, but it works for SEB for me (I only have a personal account with them).
I had some problems using it with LHV, but yesterday my account manager called me and said she would let their IT department know about the issue. And today when I tried, it worked there too (for both business and personal accounts), so I guess they fixed whatever was broken.
I think @simon mentioned something about Swedbank having issues with Smart-ID for e-residents, though.
skat
2017-05-27 11:51
@tkrunning i have swedbank, i failed to login using Smart-ID.
skat
2017-05-27 11:51
I wasn?t trying really hard though
tkrunning
2017-05-27 12:15
@skat but you?re a regular resident, right? Or at least citizen. Maybe Swedbank has issues with their Smart-ID implementation in general, and not just for e-residents?
skat
2017-05-27 12:17
@tkrunning yeah, i think that?s a general issue with Smart-ID implementation (as it seems).
max
2017-05-27 16:17
I have smart id working with SEB
pieter.j.becker
2017-05-28 14:28
has joined #banking
jase
2017-05-29 15:17
Fun little story... I tried to use my Leupay card for the first time in London. Hmm, my pin wasn't accepted 3 times in a row despite definitely having the right number. Leupay locked it for fraud (notified by SMS).
Turns out it was an "offline POS terminal", which was unable to use the Leupay card - the pin was fine. But the card has been blocked and the only solution is for a reissue - USD$15 for a new one. No way to unblock it.
Service is not confidence inspiring - it's very much a "sorry sir but" style of service.
jase
2017-05-29 15:23
Yeah, this is why I tread carefully with e-wallet type banks
simon
2017-05-29 15:32
My card just disappeared from Revolut and a new one appeared instead. When I asked their support chat to re-link the old card, they told me there was no such card (despite having it physically in my wallet). I then asked them to send me a new one and they told me they can't ship to HK anymore, only to Europe.
simon
2017-05-29 15:33
Very different from the "anything to make you happy" type of service I get from the real banks I have accounts with.
jase
2017-05-29 15:34
It just blows me away how hard banking is in 2017
jase
2017-05-29 15:34
That or I've become very used to being an Australian living in Andorra with companies elsewhere and that scares the hell out of them
simon
2017-05-29 15:36
I've had excellent service from the Commbank over the last couple of years. If it wasn't for the very high fees, I'd use my account a lot more.
pragmatic
2017-05-29 15:36
How'd you get into Andorra: @jase ?
jase
2017-05-29 15:37
Agreed @simon - I want to close everything off in Australia though. It's part of their residency tests
jase
2017-05-29 15:37
Maybe I should try NZ
jase
2017-05-29 15:56
On that note, is anyone banking in New Zealand? My assumption is that it's on par with Australia. Is it hard to open an account as a non-resident?
danz
2017-05-29 16:01
It was easy till last year I believe, they changed some of their policy to foreigners from what I have heard.
danz
2017-05-29 16:02
Had friends who could open it easily with just an Airbnb address before in NZ
jase
2017-05-29 16:03
Nice. I've been planning to swap my Aussie drivers license with an NZ license at some stage :joy:
simon
2017-05-29 17:23
@jase isn't there a requirement to get an Andorra license after a certain amount of time spent in the country? Lots of countries have such requirements
jase
2017-05-29 17:37
@simon yes I have my Andorran license, but being an obscure little country that no-one has heard of, I figure it's best to keep one in a more well known country for renting abroad
jase
2017-05-29 17:38
I don't want to keep my Australian license though, as Australia views this as a tie to residency
maxsuur
2017-05-29 18:29
I suspect there are passport collectors around here, but driving license ones? Myself being one them: Mexican and Spanish one, including international driving license associated to the first one.
maxsuur
2017-05-29 20:19
It is a good temporary thing, I used it for driving purposes for up to year when I lacked the spanish one
johncitizen
2017-05-29 22:32
@jase Any proof of this? I've been living abroad for years and my old license is still valid. I just exited Medicare and I enrolled to vote, ticked "leaving the country permanently" when I left. I work with guys that have 8 investment houses with kids living in some under dodgy structures and taking none of the precautions I have and never have issues. One gent got a private tax ruling from the ATO but he genuinely had nothing going on back there.
tkrunning
2017-05-29 23:08
@brian my Norwegian license expires when I turn 100. I'm pretty sure that will be sufficient :D
Too bad I can't? replace it if I lose it (as a non-resident).
jase
2017-05-30 05:49
Proof is probably the wrong word. Will you have trouble? Probably not... But I would prefer to take precautions rather than be slapped with a huge tax bill in future. Consider me a pessimist but as governments need more money they will crack down more and more on this. The ATO has openly stated they are hunting "non-residents".
jase
2017-05-30 05:51
Is it possible to get a Swiss license as a non resident?
simon
2017-05-30 06:28
For those under 30 (or 35 in some cases), getting a new exotic drivers license is often as easy as getting a working holiday visa. In some US states you can get one if you have a local proof of address and an ITIN (easy to get one). There are also a bunch of less developed countries in which one can easily get a license but these are of questionable value.
pedrodemendez
2017-05-30 08:00
I did get a Florida drivers license when I was there on a student exchange program
pedrodemendez
2017-05-30 08:00
Not sure if its valid anymore
pragmatic
2017-05-30 08:04
US licences last as long as your visa was valid (not including tourist visas)
mep757
2017-05-30 10:56
has joined #banking
princevaliant
2017-05-30 11:33
Is there any bank allowing remote opening account for an US LLC?
pragmatic
2017-05-30 11:36
I don't believe so. But your nominee manager can do it for you.
max
2017-05-30 11:38
How do you guys effectively top up your Revolut accounts from outside of UK? I have tried adding a LeuPay as a top up card but Revolut keeps telling me: ?oops, sorry your top up card isn?t supported. Can you try a bank transfer instead?? At the same time I can not really top up Revolut from a business account as ?For EUR/USD, you can only top-up your Revolut account from a bank account registered in your name. Transfers from third parties, including but not limited to companies, families & friends will be returned to the sender?s account after deducting processing fees.?
maxsuur
2017-05-30 11:40
max: I top it up with personal debit cards from different countries. N26 being one of them. You can also create a Transferwise Borderless account and transfer money from there.
max
2017-05-30 11:41
If the leupay card worked it would have been an almost perfect system. Receive money at my business LHV account in Estonia, send funds with a free SEPA transfer to LeuPay and top up the revolut. 0 fees
max
2017-05-30 11:41
@maxsuur thanks, I will try N26
simon
2017-05-30 11:42
@max why not top up directly using the LHV card? I have tried it and it works fine.
simon
2017-05-30 11:42
@maxsuur Borderless won't work, transfers aren't sent in your name
max
2017-05-30 11:43
@simon I only have a business account at LHV
max
2017-05-30 11:43
or did you use it with yout business card?
simon
2017-05-30 11:44
Yes using the business MasterCard
simon
2017-05-30 11:44
No fees from Revolut or LHV for topping up
maxsuur
2017-05-30 11:47
Btw, yesterday I made a transfer from Revolut to my TW borderless account, without using the "TW" prefix, let's see if it works.
maxsuur
2017-05-30 11:47
I did it on purpose, btw.
simon
2017-05-30 11:47
@maxsuur It should, it worked for me (although I didn't try from Revolut).
maxsuur
2017-05-30 11:49
Great!
max
2017-05-30 11:49
@simon will try, thank you
max
2017-05-30 11:51
@simon as I recall you mentioned that you payyourself a salary from you Estonian company. I have spoken to leapin about it. They said that If I wanted to do that I should also be paying a board member salary which is rather highly taxed. What is your experience on this?
pragmatic
2017-05-31 06:37
@brian Well okay, I meant, it lasts for as long as it lasts for a US citizen, OR the length of your visa, whichever is shorter
simon
2017-05-31 07:59
@pragmatic Except for Canadians who automatically get the maximum length license and do not require a valid US visa (only an SSN/ITIN + proof of address).
tkrunning
2017-05-31 10:42
pragmatic: Actually, also including tourist visas. At least in California. I?ve had one that was valid for a whooping 3 months (I was there on ESTA)
pragmatic
2017-05-31 10:43
Hmm, really?
pragmatic
2017-05-31 10:43
Weird
pragmatic
2017-05-31 10:43
I had (have techincally) a california license too
pragmatic
2017-05-31 10:43
but I thought you needed a non-short stay visa
tkrunning
2017-05-31 10:45
I top up from my business Leupay card to Revolut. Maybe it depends on the BIN of your Leupay card? Mine is Italian I believe.
As for using my LHV card, Revolut charges me a 1% credit card fee. I think it?s because I have one of the older combined credit + debit cards that LHV used to issue.
tkrunning
2017-05-31 10:46
@pragmatic nah, as long as you have a SSN or perhaps ITIN it?s fine. I just needed it to open an account with Charles Schwab, so three month expiry was fine by me :slightly_smiling_face:
tkrunning
2017-05-31 10:47
You just bring your I-94 print out I believe
tkrunning
2017-05-31 10:52
Btw guys I just published a small post about the exchange rates of Visa and Mastercard, in case you?re interested: https://nomadgate.com/visa-vs-mastercard-exchange-rate/
TLDR; All other things being equal, Mastercard is usually best, but not always. Would love to hear any feedback you might have :slightly_smiling_face:
pragmatic
2017-05-31 10:53
@tkrunning how long did it take you to get it though?
pragmatic
2017-05-31 10:53
I waited 3 months for mine to arrive by mail
pragmatic
2017-05-31 10:53
I was on a 2 year visa though
tkrunning
2017-05-31 10:54
Mine took less than a week to arrive
pragmatic
2017-05-31 10:54
Wow
pragmatic
2017-05-31 10:54
All of my friends on the same visa, took so long...
pragmatic
2017-05-31 10:54
Department of homeland security had to verify it or some BS
pragmatic
2017-05-31 10:54
because we're non-Americans
tkrunning
2017-05-31 10:55
The clerk at the DMV said it might take up to 3 months, but it didn?t. I guess I was lucky?
tkrunning
2017-05-31 10:56
This was also after the I-94 was digitized, so perhaps that played a role
pragmatic
2017-05-31 10:56
I'm talking about 2015, so it was digitized already
tkrunning
2017-05-31 10:56
Hmm, I did it end of 2014
simon
2017-05-31 10:57
@tkrunning must be that because with mine there was no fee. I did a test transaction a couple of days ago, here's the screenshot.
simon
2017-05-31 10:57
@simon uploaded a file: https://freedomsurfer.slack.com/files/simon/F5LENUP53/screenshot_2017-05-31-18-55-55.png
tkrunning
2017-05-31 10:58
Yeah. I think since summer of 2016 they issue normal debit cards, so if you got your card after that it shouldn?t have any fees.
Or maybe their business cards were always either debit or credit, not both
simon
2017-05-31 11:01
My Swedbank business card is labelled as a credit card. It's been both a blessing (can be used where only credit cards are accepted) and a curse (have to pay higher fees).
simon
2017-05-31 13:05
@brian When I signed up for Microsoft Azure, they refused my debit card and insisted I use a credit card instead. I think the reason they do that is that they assume that if you can get a credit card, that you are lower risk as the bank has already vetted you (as opposed to debit cards that anyone can get).
simon
2017-05-31 14:22
In the US / Canada it's very easy to get a credit card, I also got approved for obscene amounts of credit when I was a student. In a lot of other countries though getting even a basic card can be a challenge. For example, very few people in Europe have true credit cards.
simon
2017-05-31 14:27
That's what happens when you have the central banks pushing banks hard to lend as much as possible while covering their losses with tax payers money at the same time.
danz
2017-05-31 14:34
Any has experience with banks in SG? I am trying to user Transferwise to transfer from European Bank to an SG bank, but my SGD account is twelve numbers. Transferwise only allows 7 - 11 numbers. They say I should ask for an local SG account number. Anyone ever had this before?
danz
2017-05-31 14:37
Sent them already a mail, but mostly takes 1-3 days to receive a reply
danz
2017-05-31 14:51
Already found the problem, had to remove the first digits as it?s the branche code.
c-bass
2017-05-31 15:36
has joined #banking
nickc
2017-06-01 07:53
has joined #banking
ivopalazzi
2017-06-02 04:45
Recently I asked for a bank recommendation in Europe, they told me N26 was a good option, which has been so far. But now I would need a USD account, does anyone know of a bank (or online ones) that accepts remote applications? Thankyou
maxsuur
2017-06-02 06:01
You can create a Transferwise Borderless Account in USD.
simon
2017-06-02 06:29
Same here. I hate when I'm forced to use SMS-based two factor authentication. At least if they used an app like Authy or Google Authenticator...
simon
2017-06-02 06:54
What I do is use a Twilio number that is setup to forward SMS to my email. This way I avoid the whole SIM card issue. Convenient too as I do not need to have access to my phone.
maxsuur
2017-06-02 06:55
Neither did I @simon what's the cost?
simon
2017-06-02 07:24
It's 1$ per month for a US number (or UK, CA etc). The cost per SMS is negligible. A 20$ top-up of my account lasts me over a year on average.
simon
2017-06-02 07:24
@simon uploaded a file: https://freedomsurfer.slack.com/files/simon/F5M041C48/image_uploaded_from_ios.jpg
simon
2017-06-02 07:24
This is what my script looks like.
simon
2017-06-02 07:25
In the Twilio dashboard, I simply point the number to this PHP file that is hosted on my server
simon
2017-06-02 07:26
I use the Mailgun API to send PHP mail btw. It works like a charm.
maxsuur
2017-06-02 07:34
Seems a neat setup :)
harvie
2017-06-02 08:26
anyone created a personal bank account in Japan? Here for 9 days, any advice would be great.
simon
2017-06-02 09:26
@brian Closing PHP tags is entirely optional. http://php.net/basic-syntax.instruction-separation
pedrodemendez
2017-06-02 17:30
with a us number their service is 1$ per month... estonian number costs 25$ pm
maxsuur
2017-06-02 17:44
Free? @pedrodemendez ?
pedrodemendez
2017-06-02 17:48
signup is free, then you can add services as you like.
max
2017-06-02 23:43
it seems to be free
max
2017-06-02 23:43
there is also http://go-text.me/ but I managed to lock myself out of LeuPay with this one
stoplight
2017-06-04 16:57
@max i?ve been using textnow for several years..the free version is pretty effective..although in order to maintain your number..you must use it regularly?with outbound messages/calls?
stoplight
2017-06-04 16:58
Go-Text Me is new to me?.how good/bad is it? what happened with LeuPay?
max
2017-06-04 21:11
@stoplight go-text me is in fact one company with 2-3 apps under different name on the app store. My experience so far is not so good. Spent circa 50 USD to remove ads, got a uk number, and toped up. As stated before: there is a problem with message delivery, at least from some companies, LeuPay confirmed this they can not deliver, also github text messages are not always arriving. I messaged the support, it?s been over 2 weeks, and they do not care.
stoplight
2017-06-05 04:22
wow!
simon
2017-06-05 09:34
@max The problem is that not all UK numbers can receive text messages from outside the UK. If this Go-text company uses numbers that have such limitations, there is nothing they will be able to do to fix this problem (other than issue you with a new non-restricted number).
jase
2017-06-05 12:55
Anyone using Air NZ OneSmart?
jase
2017-06-05 12:56
I haven't used their points system before - is it any good? NZD is low value right now, points earn may be good if spending in a higher value currency (EUR/USD/GBP)
benjamin
2017-06-06 04:57
has joined #banking
ivopalazzi
2017-06-06 07:02
Hello, does any one know of any card payment processors that work with sole traders...
ivopalazzi
2017-06-06 07:02
And won�t require VAT or a business company to start receiving payments
ivopalazzi
2017-06-06 07:02
My e-stores sells erotic products
ivopalazzi
2017-06-06 07:02
Any info would be appreciated
ivopalazzi
2017-06-06 07:28
Besides Paypal ofcourse...
danz
2017-06-06 07:32
Not much I believe, I think nowdays every processor requires a company or vat number.
simon
2017-06-06 08:03
You can register with Stripe using your personal name. Not sure if they allow erotic products though
ivopalazzi
2017-06-06 08:49
Nop, they dont :disappointed:
ivopalazzi
2017-06-06 08:49
Stripe would have been perfect, excellent service, worked with them for a while
jase
2017-06-08 09:09
Uzbekistan Som forecast: https://tradingeconomics.com/uzbekistan/currency/forecast
Up to 22% interest for 12 month deposits: http://www.ravnaqbank.uz/holdings/36
maxsuur
2017-06-08 09:30
Amazing. Investing there @jase?
jase
2017-06-08 09:30
Just exploring options. That Frontier Investing book has got me thinking.
maxsuur
2017-06-08 09:31
Good book recommendation @josh
maxsuur
2017-06-08 09:31
:))
jase
2017-06-08 09:31
A friend has been spending a bit of time in Mongolia, says how developed it is. Their banks seem very switched on.
maxsuur
2017-06-08 09:32
I wonder about non-resident bank accounts in those countries
jase
2017-06-08 09:33
At a guess I'd say they're easy to open for large deposits. I assume they'd have no shortage of cash in the region thanks to China.
johncitizen
2017-06-08 10:11
Is the inflation in Uzbekistan 23% ;)
danz
2017-06-08 10:11
That?s crazy, 22%. Wondering if they accept foreigners, and how much risk there actually is.
jase
2017-06-08 10:43
Claimed 8.4% inflation
tatelev
2017-06-09 16:55
I have 2 questions about Transferwise Borderless account for those that have researched it:
tatelev
2017-06-09 16:57
1) Can I receive in my TW USA account payments in USD, keep the USD there and pay FROM it to suppliers in China? I know that World First only lets you to receive the USD and then when you want, repatriate them to your beneficiary account in your company?s country, but forbid you to make any transfer out to anywhere else. I think it?s because they only make money when you exchange currency when repatriating the funds to your home country
tatelev
2017-06-09 16:58
2) Do I need a pre-existing business bank account in a classic ?physical? bank to associate to the TW Accounts, or can it operate stand-alone without one?
tatelev
2017-06-09 17:17
there is not that much info on their webpage
tatelev
2017-06-09 17:20
sure
gregor
2017-06-10 15:08
has joined #banking
pragmatic
2017-06-11 09:12
What are the benefits of incorporating in Gibraltar anyway?
tatelev
2017-06-11 09:19
I was initially attracted to the idea of incorporating in Gibraltar
tatelev
2017-06-11 09:20
But I think the advantage of the 0% tax on offshore income only works if you declare to Gibraltar you are totally non-resident
tatelev
2017-06-11 09:22
Then your country of residence, depending which one it is, will consider your company tax resident there
tatelev
2017-06-11 09:24
And depending on where you have the bank account, the bank will automatically send the info to your country of residence
tatelev
2017-06-11 09:26
I'm not saying Gibraltar will tax you
tatelev
2017-06-11 09:26
I mean your country of residence
tatelev
2017-06-11 09:29
Sure
tatelev
2017-06-11 09:30
I was just mentioning why I think it might not work for me
tatelev
2017-06-11 09:30
For others it will be a great choice
tatelev
2017-06-11 09:42
So Stripe does not work in Gibraltar? There seem to be a lot of online betting companies registered there
tatelev
2017-06-11 09:42
Maybe if you look on their websites you can see what payment processors they use
tatelev
2017-06-11 09:44
LOL
pragmatic
2017-06-11 10:12
Some day I might register a company in Estonia just to use as a payment agent. If I can get the same everypay deal as @simon simo
pragmatic
2017-06-11 10:15
But you don't bank with them
pragmatic
2017-06-11 10:16
Its a service owned by LHV bank
simon
2017-06-11 10:25
@tatalev For your TransferWise question, no you cannot do that. They only allow you to send payments to natural persons in China.
simon
2017-06-11 10:27
@brian You could use a UK LLP to process payments for your Gibraltar co.
tatelev
2017-06-11 10:50
@brian what country you reside?
pragmatic
2017-06-11 10:57
Are Gibraltar companies resident or non resident ?
simon
2017-06-11 10:59
@brian The LLP would only exist for the purpose of processing payments on behalf of the two partners (the Gibraltar co and another company). It does not have a tax burden of its own (the tax liability is with the partners). The main advantage of such a setup is that it allows you to use any services available to UK companies (including Stripe), it also gives your company a more reputable look (your customers will assume that your company is highly regulated and pays taxes).
pragmatic
2017-06-11 11:02
@simon simi wish it was so easy with US disregarded LLCs too
simon
2017-06-11 11:02
Estonia works pretty well in such a setup (as you can accumulate profits there tax-free and then re-invest them into the company). Tax haven companies also work well or maybe even another Gibraltar co.
simon
2017-06-11 11:03
@pragmatic Yeah it's more complicated in the US, especially if you have US-sourced income.
pragmatic
2017-06-11 11:04
I meant more that stripe etc wont accept a disregarded llc owned by non us person or company
simon
2017-06-11 11:05
Estonia is probably the cheapest. 190 EUR to register and no need to file a tax return unless taxes are owed.
simon
2017-06-11 11:06
So once the company is registered, it costs virtually nothing to maintain. Only the cost of renting a local address (+-15 EUR per month)
simon
2017-06-11 11:07
There is no annual fee in Estonia
simon
2017-06-11 11:14
@brian You could do that but I'm not sure how wise that would be. It would largely depend on where the natural person lives.
simon
2017-06-11 11:22
I guess it would mainly depend on how much control this partner would have over the company (enough to be listed as PSC in the registry?).
simon
2017-06-11 11:24
Person of Significant Control. They use it to determine who actually manages the company.
simon
2017-06-11 11:25
It can be the Gibraltar co. Doesn't have to be a natural person.
simon
2017-06-11 11:26
But if I were to setup an LLP and a Gibraltar co, name myself a minority partner in the LLP and the Gibraltar co as the majority partner. I would still be the PSC because at the end of the day, I'm in control of the company (because I also own the Gibraltar co). I ultimately have control.
simon
2017-06-11 11:29
PSC has nothing to do with ownership though. It is who controls the company. Could even be someone who is not a partner or owner.
simon
2017-06-11 11:29
It doesn't matter in the context of an LLP however, at least not as far as the UK is concerned. The LLP is not a taxable entity.
simon
2017-06-11 11:31
It is up to you to decide who is the PSC.
simon
2017-06-11 11:32
There is no way for Companies House to determine that on their own.
simon
2017-06-11 11:32
Especially if they do not know who owns the partner companies.
simon
2017-06-11 11:35
@simon uploaded a file: https://freedomsurfer.slack.com/files/simon/F5RU1EC8J/image_uploaded_from_ios.jpg
simon
2017-06-11 11:36
This is what is publicly available on the registry about the PSC
pragmatic
2017-06-11 11:49
@simon simso its just who you tell them ?
pragmatic
2017-06-11 11:49
Stuoid phone
tatelev
2017-06-11 11:52
I don't know that brand of phones, are they good?:blush:
pragmatic
2017-06-11 11:55
So Gibraltar companies are resident? Not ibc?
simon
2017-06-11 11:56
@pragmatic Yes you can appoint anyone as a PSC. It has to be real information though, lying to Companies House is a criminal offense.
pragmatic
2017-06-11 15:46
@simon fair enough. Do you know if there are any Credit Card processors for US or UK companies that offer rates comparable to your EveryPay deal?
pragmatic
2017-06-11 15:50
Actually, it seems that Stripe for EU companies costs 1.4% for EU cards and 2.9% for US cards
pragmatic
2017-06-11 15:50
that's not too bad
pragmatic
2017-06-11 15:50
interesting that US cards are more expensive
pragmatic
2017-06-11 16:06
Does anyone know - if using Paypal merchant services for a UK LLP, can you charge in USD?
pragmatic
2017-06-11 16:16
Also, If you have no UK-Source income with a UK LLP, do you need to worry about the VAT threshold? The 85,000/year?
simon
2017-06-11 16:18
You can charge in USD with Stripe in the UK and settle to a USD bank account (also works with EUR).
pragmatic
2017-06-11 16:18
I know you can with Stripe, I wondering also about paypal
jase
2017-06-11 16:19
Didn't know this, thanks!
simon
2017-06-11 16:19
As for the VAT threshold, it has nothing to do with the type of company. Any company going over the threshold has to register. Even if it is not UK or EU registered.
pragmatic
2017-06-11 16:20
Hmm, what does "selling in Europe" mean?
pragmatic
2017-06-11 16:20
If I'm selling services online
pragmatic
2017-06-11 16:20
Selling to UK customers?
simon
2017-06-11 16:20
Selling to European customers (determined via the billing address)
pragmatic
2017-06-11 16:20
I see
pragmatic
2017-06-11 16:21
So, if I go over that limit, I need to start collecting VAT from customers?
simon
2017-06-11 16:22
Yes but you'd need to do that regardless of where you are registered. Non-EU sales have no VAT.
pragmatic
2017-06-11 16:23
VAT really sucks
simon
2017-06-11 16:24
Yes it does. At least in the UK the threshold is more reasonable. In Estonia it's 16000 EUR.
pragmatic
2017-06-11 16:26
So, wait, if I'm selling software development services via a US LLC, and I happen to sell more than 16,000 Euros worth to an Estonian customer one year, I need to start charging all future Estonia customers that year Estonian VAT?
simon
2017-06-11 16:33
@pragmatic the threshold only applies to local companies. If you sell to customers located in Estonia (or elsewhere in the EU), you need to charge VAT at the local rate where the customer lives. Starting from the first EUR.
simon
2017-06-11 16:34
@brian A lot of businesses outside the EU just ignore this law. It's very hard for the EU to enforce it.
simon
2017-06-11 16:34
Except if you are a very high profile business
simon
2017-06-11 16:38
Before this law was adopted, companies would only need to charge VAT at the rate of their country of registration. Lots of big companies including Amazon based themselves in Luxembourg because of their very low VAT rate.
simon
2017-06-11 16:39
Non-EU companies were completely exempted
simon
2017-06-11 16:41
At least they have a "one stop shop" for VAT compliance... http://europa.eu/youreurope/business/vat-customs/moss-scheme/index_en.htm
jase
2017-06-11 16:43
Out of interest: how many credit cards/bank accounts does everyone operate? Sometimes I feel like I'm drowning in cards... Does someone have a system for when to open a new bank account/card?
pragmatic
2017-06-11 16:43
Wait I'm still confused
pragmatic
2017-06-11 16:43
If a European goes to America and buys bread
pragmatic
2017-06-11 16:43
he doesn't pay EU VAT
pragmatic
2017-06-11 16:43
Why should he pay EU VAT when he buys software services online?
simon
2017-06-11 16:44
@pragmatic Someone has to pay for all the expensive wine Juncker drinks
pragmatic
2017-06-11 16:45
So, whenever I sell software to my UK customers, I should add UK VAT
simon
2017-06-11 16:45
@jase I don't know exactly how many cards I have but it's a lot. Dozens, issued in many countries.
jase
2017-06-11 16:45
Do you find it hard to keep track of them @simon ?
simon
2017-06-11 16:45
@pragmatic Yes, and then send it to the UK government
simon
2017-06-11 16:48
@jase I have two types of cards, useful cards and benefits cards. The benefits cards (for example, the Hilton card) are stored in a safe and are on auto-payment. I charge 1-2 things to each of them every year, to keep them active. I only have them for the benefits (for example, status with hotel chains and airlines). The useful cards are in my three wallets and are used on a regular basis so it's easy to keep track of them. Many are linked to Apple Pay so I get alerts when there are transactions.
jase
2017-06-11 16:48
You're an organised man @simon :slightly_smiling_face:
simon
2017-06-11 16:50
Have to be, considering the number I have! Same with bank accounts
jase
2017-06-11 16:50
Do you mind me asking, do you prefer more bank accounts for convenience/diversification against a bank run/crash or something else?
jase
2017-06-11 16:50
I like the concept of keeping everything simple, but it comes with increased risk.
simon
2017-06-11 16:56
I have a few "banking hubs" where I keep only a few accounts and take everything very seriously. My main ones being HK and Singapore. Outside of these hubs, I tend to open bank accounts pretty much for sport. I do not keep lots of money in them and sometimes completely forget them and they are closed for inactivity.
tatelev
2017-06-11 18:13
@simon "For example, a US company selling in Europe has to register for VAT when the threshold is hit". I think this is incorrect
tatelev
2017-06-11 18:14
The "distant seller threshold" applies only to EU entities
tatelev
2017-06-11 18:15
Non EU entities have to register for VAT in each and every country where inventory is stored
tatelev
2017-06-11 18:15
From the start, no minimum threshold
tatelev
2017-06-11 18:16
(Unless you are speaking of a different kind of threshold)
simon
2017-06-11 18:19
@tatelev You are right, I must have been distracted... Shouldn't Slack while in the metro :stuck_out_tongue: Later on I posted "the threshold only applies to local companies.".
tatelev
2017-06-11 18:22
:smiley:
tatelev
2017-06-11 18:23
Sorry, I missed that
tatelev
2017-06-11 18:24
The comment of Juncker's wine made me laugh wide btw
tatelev
2017-06-11 18:28
When Amazon USA pays me for my sales in USA they withhold vat, also when they charge me, they add vat, because I reside in Europe
tatelev
2017-06-11 18:28
I have no idea what they do with that money
pragmatic
2017-06-11 18:31
Wait hold on
pragmatic
2017-06-11 18:31
"inventory"
pragmatic
2017-06-11 18:32
@tatelev does a US LLC selling software services to some customers in EU need to register for VAT or not?
simon
2017-06-11 18:38
@pragmatic Yes
pragmatic
2017-06-11 18:41
Okay. Am I right in assuming that it would not be a big problem for EU customers, assuming they are businesses, as they will get that money back from their VAT anyway?
tatelev
2017-06-11 18:43
I think I made mistake
tatelev
2017-06-11 18:44
(For physical products)
tatelev
2017-06-11 18:45
The threshold applies to EU companies only if the sale to other EU countries were made from inventory stored in the seller's company country
tatelev
2017-06-11 18:47
If not(like another country's amazon fba warehouse) the threshold does not apply and eu company must register(and collect vat) in any country where there is at least one sale
tatelev
2017-06-11 18:47
(The country where the buyer resides)
tatelev
2017-06-11 18:48
For online products is different
tatelev
2017-06-11 18:48
(Not sure how different)
tatelev
2017-06-11 18:49
But non eu company will not have threshold, that's for sure
tatelev
2017-06-11 18:51
To sum it up: VAT is a mess:grinning:
maxsuur
2017-06-11 19:18
Because taxes are an aberration. There's nothing in nature than resembles that. If it wasn't for taxes, we wouldn't be probably hanging out on this group.
maxsuur
2017-06-11 19:21
It is funny when you think that all we are basically doing here are coming up with strategies to get around the system in a legitimate way.
maxsuur
2017-06-11 19:22
The very existence of taxes is criminal
maxsuur
2017-06-11 19:22
After I read "Anatomy of the State", everything became clear to me
pragmatic
2017-06-11 19:40
If a company collects $10k in VAT and has $5k worth of VAT expenses, they only pay $5k to tge government right ? So the $5k in expenses are essentially refunded ?
pragmatic
2017-06-11 21:19
Seems that to businesses registered for VAT I can "reverse-charge"
danielabagnale
2017-06-12 03:10
has joined #banking
simon
2017-06-12 08:31
@brian Yes that is correct, you only need to pay the registration fee. There is no ongoing maintenance fee, other than the address fee. No need to file a return unless there is a distribution or payment. So you could attribute 1% of the LLP's profits to the Estonian company and once every year maybe empty its bank account and file a return for that month.
http://taxsummaries.pwc.com/ID/Estonia-Corporate-Tax-administration
"The combined CIT and payroll tax return (form TSD with appendices) must be submitted to the local tax authorities by the tenth day of the month following a taxable distribution or payment"
Quite frankly, you might get away with cancelling the address after the company has been registered but why risk it? If the company offering the address service was to notify the company register you might get into some trouble. Especially as we are only talking about 10-20 EUR per month (annoying but not very expensive).
simon
2017-06-12 08:33
Yes you could also do that. In such a case you would not even need to open a bank account for the Estonian company.
simon
2017-06-12 08:33
Yes for some reason the returns are filed on a monthly basis in Estonia. Unlike in most other countries where they are annual.
simon
2017-06-12 08:36
As far as I know you need a local address but I seem to remember reading a quote from someone in charge of the e-Residency saying that they were evaluating whether they could remove this requirement. I doubt they will though, it's essentially free money for a lot of the companies involved in e-Residency (LeapIN, 1Office etc).
simon
2017-06-12 08:36
My pleasure :slightly_smiling_face:
pragmatic
2017-06-12 08:36
Hey Simon is the incorporation service on your website new?
simon
2017-06-12 08:38
Yes I launched it only around 2 weeks ago. No one was offering true location independent packages so I figured I might as well be the first.
simon
2017-06-12 08:38
I only register UK and US companies though. Nothing offshore
pragmatic
2017-06-12 08:39
Oh I thought I saw Estonia and Bulgaria in there too
simon
2017-06-12 08:39
I only use Estonia and Bulgaria as comparison as they are popular with my readers
pragmatic
2017-06-12 08:39
ah okay
simon
2017-06-12 08:42
For most location independent entrepreneurs the UK and US are the best options. They are very good places to do business, bank, have excellent payment processing, are easy to sell etc.
pragmatic
2017-06-12 08:43
@simon Yep, first you need to sort out your own residecy though. Or else use more complex structures :slightly_smiling_face:
pragmatic
2017-06-12 08:45
@simon Also, you don't actually get access to most US payment processing with a disregarded US LLC that is foreign owned.
simon
2017-06-12 08:46
@pragmatic For a lot of people though taxation isn't much of an issue. In many countries your first 10-20k are tax exempt and then the rates are low until 40-50k. Better to focus on growing the business first and when you make enough for taxes to be a problem you can make the move to a tax haven or a more efficient jurisdiction
simon
2017-06-12 08:46
@pragmatic I had no problem signing up for a PayPal Pro account and I'm not American
pragmatic
2017-06-12 08:46
@brian Stripe does not work, as far as I understand
simon
2017-06-12 08:49
You can signup for a Stripe account using your EIN or ITIN
simon
2017-06-12 08:49
Instead of a SSN
pragmatic
2017-06-12 08:50
I've been told that you need to give a W9 for a Stripe US account
simon
2017-06-12 08:54
Ah I was not aware of the W9 requirement (signing up with an EIN works fine). I guess this means you can use a non-resident LLC but you'll need to file a tax return (and get an ITIN) if you want to use Stripe
pragmatic
2017-06-12 08:55
I am asking on Stripe support now to make sure.
simon
2017-06-12 08:55
@pragmatic Do you have any experience with Braintree? If its the same thing
pragmatic
2017-06-12 08:58
I do not
pragmatic
2017-06-12 08:58
Stripe said
pragmatic
2017-06-12 08:58
"So you when signing up you will not need to provide a W9 form, however, we may ask for it over time."
simon
2017-06-12 08:59
I guess they have a threshold then? Maybe once you reach 20k as with PayPal.
pragmatic
2017-06-12 09:00
oh
pragmatic
2017-06-12 09:00
I just got this
pragmatic
2017-06-12 09:00
If we reach out to your for the W9 form, you will need to show that you are a disregarded LLC and provide a w8ben.
simon
2017-06-12 09:00
I asked them about the EIN and they said you can use 0000 to signup. If you do they will then ask you to submit some proof of ID. No need for an ITIN (that is good)
pragmatic
2017-06-12 09:00
Looks like it would work.
tatelev
2017-06-12 09:02
good news about Stripe actually working with foreign owned disregarded entity LLC :slightly_smiling_face:
pragmatic
2017-06-12 09:02
yes, fantastic news
pragmatic
2017-06-12 09:02
@brian I just confirmed with Stripe support that it works
pragmatic
2017-06-12 09:03
You will need to prove that it's a disregarded LLC, etc. But they will accept a w8ben
tatelev
2017-06-12 09:04
one not so well know characteristics of Wyoming LLCs, and I think in a few other states is possible also...
tatelev
2017-06-12 09:04
is that it is a very easy process to convert them to corporations
tatelev
2017-06-12 09:04
should in the future arise the need for whatever reason
tatelev
2017-06-12 09:05
I'm not talking about changing the tax classification
tatelev
2017-06-12 09:05
I mean to actuall convert it from LLC to Corporation
tatelev
2017-06-12 09:05
it is a very easy process for Wyoming
tatelev
2017-06-12 09:06
(not saying it's an awesome feature, just one more thing to know about how dynamic it can be)
simon
2017-06-12 09:06
Another benefit of the Wyoming LLC is that you can keep the owners name private. For some people this is important.
tatelev
2017-06-12 09:07
yes
brutus
2017-06-12 19:21
Is it possible to get a US Credit Card with an ITIN or EIN (when you don't have a SSN)?
brutus
2017-06-12 19:35
@pragmatic if you don't get access to most US payment processing with a disregarded US LLC that is foreign owned, that is a serious minus for such US LLC? Or I guess Alexander Hey's solution to have a 2nd US LLC (or was it a Corp) liable for tax and acting as payment processor can solve that issue?
pragmatic
2017-06-12 19:36
@brutus look at my following posts :slightly_smiling_face:
pragmatic
2017-06-12 19:36
I was thinking that the 2nd US LLC as a payment agent would have to be done.
pragmatic
2017-06-12 19:36
But from what Stripe support told me today, it's not necessary/
brutus
2017-06-12 19:37
oh, sorry! still catching up! I got it now :slightly_smiling_face:
pragmatic
2017-06-12 19:40
seems like it
brutus
2017-06-12 19:45
@brian you are right, that should work I guess!? I was under the impression that an offshore company could not sell on (for example) Amazon so you would need at least a US LLC (owned by your offshore company for example) + a payment processing entity. But I have 0 experience in that field, so I don't know anything about this and am trying to understand how it could work
tatelev
2017-06-12 20:04
This is the list of countries that Amazon accepts
tatelev
2017-06-12 20:07
I should check the list of available countries on the tax interview when you choose "Business" + "Us person no". That list will surely be the deal breaker
tatelev
2017-06-12 20:08
If it's not on that list(on tax interview) I doubt it will be accepted
mescos
2017-06-12 22:49
@brian - what types of ?proof of address? docs does Transferwise deem acceptable?
rtiagm
2017-06-13 02:20
has joined #banking
simon
2017-06-13 02:41
@brian @mescos They are very stringent regarding the proof of address part. In my case it took several tries until they were satisfied (I had to ask a credit card company I have a card with in HK to mail me a paper statement showing a specific date).
simon
2017-06-13 10:40
Holy crap! I just opened a Revolut for Business account!
simon
2017-06-13 10:40
It's finally live
peter
2017-06-13 10:48
@simon does it allow to open multiple business accounts with one personal login?
simon
2017-06-13 10:54
I'm now exploring the site, will update you on that in a few minutes
maxsuur
2017-06-13 10:57
Me too, opening one now
simon
2017-06-13 10:57
I just created an account for a UK company I own. They are now asking me to choose a plan. 25 GBP / month for the basic plan (less than 100k per month in incoming), standard plan is 100 GBP / month for 100k to 1m per month and 1000 GBP for over 1m (you read that right!)
tkrunning
2017-06-13 11:02
Wow
tkrunning
2017-06-13 11:05
I mean, if you?re receiving more than ~15K GBP per month in foreign currency that you don?t have a better way of converting to whatever currency you?re spending/paying suppliers/employees in?if both of those are one of TWs primary currencies.
tkrunning
2017-06-13 11:07
That?s based on the currency markup of my Danish bank, which is around 0.17%. I think Revolut has a ?hidden? markup of at least 0.5% for non-primary currencies, so for those my legacy bank will have them beat anyway.
tkrunning
2017-06-13 11:09
Yeah, they don?t care if currencies are pegged or not when it comes to weekend rates
tkrunning
2017-06-13 11:09
I rarely use the card for spending anyway. It?s still the cheapest way of converting EUR to USD which I do a lot.
tkrunning
2017-06-13 11:09
As long as you don?t do it on weekends.
simon
2017-06-13 11:16
When I signed up it seems as if I could have chosen any country I wanted for the business. If they really accept businesses registered anywhere this could be worth the 300? (and shit customer service)
harvie
2017-06-13 11:20
Anyone else get a you cannot get an account yet but you're on the waiting list? I'm in 6th place but think they send it everyone
simon
2017-06-13 11:22
Yeah I'm also in 6th place :stuck_out_tongue:
tkrunning
2017-06-13 11:29
Me too :smile:
tkrunning
2017-06-13 11:36
I wonder what currencies are included in the 25 they say you can hold
simon
2017-06-13 11:37
The real question is, who's in the first 5 places :stuck_out_tongue:
tkrunning
2017-06-13 11:38
@tkrunning uploaded a file: https://freedomsurfer.slack.com/files/tkrunning/F5SSGPB50/screenshot.png
tkrunning
2017-06-13 11:38
For those of you who can?t be bothered to go through the signup process to see the plans
simon
2017-06-13 11:40
@tkrunning I can't seem to find any information about that. I wonder if they will provide local bank accounts for those 25 currencies (unlikely)
tkrunning
2017-06-13 11:40
Yeah, probably not
simon
2017-06-13 11:41
Will probably be local USD, EUR, and GBP with a multi-currency IBAN for the others
tkrunning
2017-06-13 11:42
Not even sure they will offer local USD from the beginning, since they don?t do that for the consumer product. But probably eventually.
tkrunning
2017-06-13 11:43
Yeah unless you actually convert a lot between currencies
simon
2017-06-13 11:43
WorldFirst offers local CAD, JPY and CNY so these could also be possible
tkrunning
2017-06-13 11:43
Payoneer also offer local JPY and CNY I believe
tkrunning
2017-06-13 11:44
Other European currencies should also be easy to offer. Pretty sure CHF and PLN would be there from launch actually.
tkrunning
2017-06-13 11:45
Scandinavian currencies should also be easy to offer local accounts for (DKK, NOK and SEK)
tkrunning
2017-06-13 11:46
Or maybe not individual accounts. But at least pooled accounts relying on reference numbers.
simon
2017-06-13 11:49
I hate those. They do not look professional and can't be used with all services.
tkrunning
2017-06-13 11:50
Yeah, they are not usable for external use generally.
tkrunning
2017-06-13 11:52
Btw @simon, is Smart-ID working for Swedbank for you now? I helped my ex get set up with Smart-ID yesterday, and it worked perfectly with her Swedbank account. She?s a citizen & resident though.
simon
2017-06-13 11:54
@tkrunning I'll have to try it again. I hope it works (can't see why it wouldn't work for e-Residents if it works for normal residents).
tkrunning
2017-06-13 11:55
Btw, LHV has launched video identification now, but only for Estonian residents. The plan is to expand it to e-residents eventually, though.
tkrunning
2017-06-13 11:56
And for now it?s only for personal accounts, not business or investing. They should expand to business accounts as well eventually, but that?s a bit further down the line.
simon
2017-06-13 11:59
My Revolut for Business account now shows my status as "verified". I guess this is a good sign...
tkrunning
2017-06-13 12:04
Hmm, mine said verified right from the start
simon
2017-06-14 03:50
I'm now 250 on the waiting list. Seems like they are really trying to push me to upgrade to their 1000 GBP plan...
simon
2017-06-14 03:51
I wonder if I can upgrade to skip the waiting list and then downgrade before the end of the trial
simon
2017-06-14 03:51
Are you guys also higher on the list this morning?
simon
2017-06-14 07:34
@brian At least support replies to you. They often ignore me or reply days later, blaming their "support hours". I went from using the card quite a lot back in 2015 to only using it for "risky" stuff. Such as in-store payments in places with high fraud rates (Cambodia and the likes).
jase
2017-06-14 08:45
Take aways from this conversation: the traditional banks are still in front.
pragmatic
2017-06-14 08:46
There's a great app-based bank in NL (bunq). Their app and support is amazing. Too bad their card is only Maestro and no visa/mastercard. If they had a Visa and no foreign transaction fees, they'd be one of my favorite accounts.
simon
2017-06-14 09:46
@brain I also prefer to use my "normal" credit cards but its a pain to have them replaced if they are cloned. So I use them anywhere I trust and the Revolut when the shop looks dodgy.
simon
2017-06-14 09:48
I've just received an update from Revolut, they claim that they are overwhelmed by demand and can't process applications within a reasonable amount of time. Also, they said that there is no live support for businesses yet as their chat development isn't finished yet.
simon
2017-06-14 09:49
That feels intentional, not launching the chat at the time they are most likely to receive angry messages from people waiting
tkrunning
2017-06-14 10:23
A friend of mine tried signing up with a HK company for Revolut Business, and landed on the waiting list like the rest of us. But today their support wrote him and said they don?t support HK companies yet. So I?m guessing it?s only EU/EEA for now
jase
2017-06-14 11:14
Revolut = timewasters :slightly_smiling_face:
simon
2017-06-14 11:41
@brian they want to collect his info for future marketing I guess
maxsuur
2017-06-14 12:57
There used to be a highly convenient feature on the Revolut App where you could see the amount of money left to be withdrawn for free per month
maxsuur
2017-06-14 12:57
Now support team is telling me that they're not offering that possibility anymore
maxsuur
2017-06-14 12:58
I really don't know what kind of dumb game they're playing. They're taking their customers for fools
maxsuur
2017-06-14 13:29
I have received EUR in my borderless account seamlessly
tkrunning
2017-06-14 17:41
I tried transferring from Revolut but the app wouldn't accept the TW routing number
simon
2017-06-14 17:47
@tkrunning Which currency?
tkrunning
2017-06-14 17:47
USD
tkrunning
2017-06-14 17:48
Support was super unhelpful, they told me to try the routing number for wire transfers instead, which the app actually accepted.
tkrunning
2017-06-14 17:48
But when I tried sending a transfer there the money was returned after a couple days
maxsuur
2017-06-14 18:55
From Revolut to Transferwise Borderless, in EUR, just fine
david99
2017-06-14 19:25
I tried revolut <-> transferwise in GBP. Both ways working fine. Revolut sends it in my own name but transferwise doesn't.
brutus
2017-06-14 20:36
about transfers with Revolut & Transferwise (in general), can I ask for an idea of how much money you have tested/transfered? I am interested to understand for which amount of money they are "reliable" tools (like 1K, 5K, 10K or more?)
sdfk787
2017-06-14 20:47
I don't know why everyone touts this US LLC disregarded entity for purposes of obtaining credit cards
sdfk787
2017-06-14 20:47
especially for non resident foreigners without a tax number/ssn
sdfk787
2017-06-14 20:50
I opened two accounts today, first one said they could not open a credit card without 1yr history on the LLC, or using the credit history from your SSN, also they will not open secured cards for business
second bank, would not open an account without a US personal address where you 'reside' and required an SSN to apply for a credit card which I still have from renouncing citizenship. The bank basically told me to use a friends address for my 'home address' and write them a letter stating that 'i live in the US' which I really don't like
mescos
2017-06-14 20:51
@sdfk787 - you renounced US citizenship?
sdfk787
2017-06-14 20:51
if I did this again I would have just created a malaysian company and applied for MSC status and done all of my banking/business in one country
sdfk787
2017-06-14 20:51
yes
tatelev
2017-06-14 21:24
could I get any of this super awesome US cashback/miles credit cards that are often recommended, for my disregarded Wyoming LLC if I don't reside in USA?
tatelev
2017-06-14 21:25
Chase Sapphire and Capital One Cashback cards are often mentioned in some Amazon Sellers groups
sdfk787
2017-06-14 22:58
not unless you get a US tax number/ SSN, or have a local director with credit history
tatelev
2017-06-14 23:16
my LLC has an EIN, would that work?
sdfk787
2017-06-14 23:20
so does mine, it does not work
sdfk787
2017-06-14 23:20
you can get an account with debit card, that's all
tatelev
2017-06-14 23:50
I seem to recall some time ago that @simon mentioned a "hack" that involved opening a US LLC with the sole purpose of getting lots of different credit cards to get points and the cancelling them. From what I remember he had said that hack was possible also by non-residents
simon
2017-06-15 05:22
@tatelev It is possible but you will need to secure them if you do not have a US credit history
tatelev
2017-06-15 05:46
@simon so how does it work? I have to apply online on the card's website? Or must I talk to my bank?
sdfk787
2017-06-15 06:59
citi & chase do not secure credit cards
simon
2017-06-15 07:07
@sdfk787 Not officially but they do issue them. That's how I got my first card with them (had to secure it by putting money into a locked term deposit).
sdfk787
2017-06-15 07:09
That might require a warm introduction to someone other than your retail teller or shopping around at different branches
sdfk787
2017-06-15 07:09
Two branches in new York said today they will not do that
johncitizen
2017-06-15 10:22
:/
scorps
2017-06-15 11:10
@simon with which bank in the UK can a non UK resident remotely open a business account? Any advice on a UK bank that provides access to an online brokerage account to trade/invest?
johncitizen
2017-06-15 11:17
@scorps I was previously using investors Europe
scorps
2017-06-15 11:27
Will take a look. Thanks
tatelev
2017-06-15 14:13
@simon so what are the steps to get one of these cards in my case? Should I talk to my banker first or is it the card company that I have to directly apply? And about the locked term deposit I suppose I have to arrange that with the bank first so that I'm able to offer it as proof to the card company? and is there any minimum amount for this?
sdfk787
2017-06-15 20:24
citi does secured cards for personal accounts, which you will need a recent bill issued within 60 days showing your US address and name on it
stoneagezen
2017-06-15 21:06
has joined #banking
tatelev
2017-06-15 23:39
@sdfk787 thanks, but I am specifically interested in either the Chase Sapphire or the Capital One Cashback ones
tatelev
2017-06-15 23:55
when being aggresive on Amazon's PPC(Pay Per Click Advertising) you spend a lot of money on it. It is really interesting to be able to have Amazon charge you on one of these cards
sdfk787
2017-06-15 23:59
Tell me about it my spend is 600k/month
sdfk787
2017-06-16 00:00
2% is juicy
tatelev
2017-06-16 00:10
wow
tatelev
2017-06-16 00:11
looks like I'm but a sardine around here!! LOL
tkrunning
2017-06-16 07:03
@tatelev patience is key to getting the better cards, you'll need to show some credit history first
jase
2017-06-16 08:10
@simon I see on the Freedom Surfer business registration page you've noted that remote bank opening is possible for US and UK bank accounts. Is this through an e-wallet type service or a brick and mortar bank?
simon
2017-06-16 10:16
@jase Open an e-wallet type account is possible for all business models, opening a real bank account remotely is possible for some business models (such a tech businesses).
pragmatic
2017-06-16 10:17
@simon which banks?
jase
2017-06-16 10:17
Ah yeah, the SVB trick. Have heard not so good outcomes from that.
simon
2017-06-16 10:18
Yes, they are really selective.
simon
2017-06-16 10:18
If you can visit in person you can easily open an account with the big banks.
simon
2017-06-16 10:19
Remotely it's a lot more challenging, although not impossible.
simon
2017-06-16 10:20
The e-wallet type services are fine for most businesses though. Give it 1-2 years and they'll probably be superior to the traditional banks in terms of features and pricing.
harvie
2017-06-16 10:22
anyone have trouble getting a personal account in Estonia?
maxsuur
2017-06-16 10:31
I look forward to banks operating on top of the blockchain, in the next few years we'll see tremendous change in the banking sector
tatelev
2017-06-16 14:48
what is usually better to exchange currency as a tourist in Canada? To exchange in a bank? To extract from an ATM with my spanish personal bank Mastercard Debit card? any tips?
tatelev
2017-06-16 14:49
I was thinking on trying both methods and then checking on my bank how much I got charged in the end, but if there is any tip that anybody suggests before I do that, welcome
roman
2017-06-16 23:55
@tatelev it also depends on how your bank does the conversion and on fees. I know some banks impose a 3% foreign currency fee, which is hidden. On top of a bad rate. So yeah best is to check.
tatelev
2017-06-16 23:56
yeah, just did a couple of tests and then will see in which method I was screwed the less
roman
2017-06-16 23:57
@brian I have a feeling TW sometimes holds onto the money waiting for a better rate. Because I got bumped in estimations once. They did send an email "sorry taking a bit longer", but still. I think they are just trying to speculate and win some rates.
josh
2017-06-17 02:04
Here's a ridiculous story of how just like flying, banks are all security theatre - I recently had to verify my identity for an old account I have in Hong Kong. I was physically in the branch location with my bank card and passport, and they couldn't verify me. Well, the all-controlling phone supervisor couldn't anyway. Clearly the girl assisting me could.
So instead, I was told it is required to do using the phone number listed on the account. But I had to receive the verification code via SMS, and it wasn't arriving to my google voice number for some reason.
To solve the problem, I went to 7-eleven, purchased a 5 day tourist SIM card with cash, changed the phone number on my account, and then the phone banking system sent an SMS to that number verifying my identity. :unamused:
Really logical system of fraud prevention if you ask me. Nevermind the guy's in the branch with his ID, let's verify him using an anonymous phone number! Yeah, that's perfectly in line with fighting financial crime! :laughing:
roman
2017-06-17 02:36
In Canada, no bank has 2 factor. Terrible stuff. And they'll force you to set ridiculous password, yet phone banking pin is just 4 digits. Also most ask you to set security questions, which are so arbitrary and no way to set your own most of the time. Just bad security overall.
josh
2017-06-17 04:12
Yeah and if you ever need to reset passwords or lose your security device it's miserable to get back in. Probably the most frustrating is LHV in Estonia, their system sucks. I have to download new browser plugins and spend 30 minutes reconfiguring and troubleshooting just to see my damn balance. Contrast that with a certain US bank that has a single password they haven't asked me to change in like a decade!
brutus
2017-06-17 06:37
@roman You could set-up answer without any link to security question (and save the answer on Password software like Keepass). For example Q: "which school did you go to", A: "spaghetti bolognese". Also helps to avoid social engineering hacks!?
josh
2017-06-17 06:39
Haha yep
stolzlos
2017-06-17 08:35
has joined #banking
roman
2017-06-17 11:11
@brutus that's exactly what I do. Just find this practice annoying. Because it prevents full automation of form filling. I like to open a 1Password card and be able to login automatically. :)
roman
2017-06-17 11:11
On some banks they don't have the "remember this computer for N days". Need to enter those questions every time.
josh
2017-06-17 11:19
Not to mention very little is travel friendly, with or without a VPN - then it doesn't matter if they have a cookie on the comp they still don't recognize the location. :unamused:
I used to have to give a "travel plan" to PayPal for the following 3 months so they wouldn't flag me if I logged in from those countries.
evl4r
2017-06-17 12:07
has joined #banking
johncitizen
2017-06-17 12:19
@simon I'll be in the UK in a few months, is it easy to open an account for my LLP in person?
simon
2017-06-17 12:58
@johncitizen I wouldn't call it easy but provided that you have the necessary documents it is a fairly straightforward process (if your business is easy to understand and low risk). You need a proof of address (notarised if issued outside the UK) and proofs of business activity.
stolzlos
2017-06-17 19:29
I will travel to Singapore in a few weeks and would like to open an account personal banking. What banks are recommended besides DBS OCBC UOB? And what banks allow for non-residents to get USD (not just SGD) accounts? Any recommendations?
sdfk787
2017-06-17 21:52
all allow usd
sdfk787
2017-06-17 21:52
as of 2017 ocbc is not opening personal accounts for canadians unless you are $10m+
sdfk787
2017-06-17 21:52
try the others, min AUM will be lower
stolzlos
2017-06-17 21:53
thanks, appreciate it
danz
2017-06-18 03:47
I tried 5+ banks in SG, none allowed foreigners unless I had 100.000 - 1.000.000. Only OCBC worked with first an SGD account, after 3 months you could open a EUR/USD account, not straight away. Unless you put a big amount straight away on it, possibly 100.000+
harvie
2017-06-18 05:21
If you get an USD account do note that you won't get a debit card (unless something has changed since Dec 2016) with DBS and OCBC, not sure about the others.
harvie
2017-06-18 05:23
As for documents, you will need a letter from another bank as a reference and then all the usual stuff like ID, passport. If you visit Simon's site he has all the paperwork requirements listed.
danz
2017-06-18 06:02
And make sure you have a good explanation ready for why you want to bank there
scorps
2017-06-18 11:47
10 Million USD? Did they outright say this?
johncitizen
2017-06-18 13:09
200,000 minimum at Citibank IPB singapore now
stolzlos
2017-06-18 13:55
@danz I assume with 100.000 you mean USD, not SGD, right?
stolzlos
2017-06-18 13:55
@johncitizen would that be a balance to maintain at all times or only for opening?
danz
2017-06-18 14:04
Correct
stolzlos
2017-06-18 14:10
@danz thanks
sdfk787
2017-06-18 15:57
If you don't have 100k what are you doing opening an offshore account
sdfk787
2017-06-18 15:58
they don't open personal accounts for canadian citizens unless your going for top tier private banking at $10m AUM
sdfk787
2017-06-18 15:58
keyword canadian citizens
sdfk787
2017-06-18 15:58
if you get a referral through a malaysian branch and your a resident of malaysia I would wager things would change quickly and favorably in yoru direction
harvie
2017-06-18 15:58
what is the issue with Canadian citizens? I thought it was only the US that had the biggest problems
sdfk787
2017-06-18 15:59
i didn't dive into it that much, their competitors offer better solutions
sdfk787
2017-06-18 16:01
access to different golf clubs, bars, credit cards with amex without credit history, free limo airport transfers
sdfk787
2017-06-18 16:01
can leverage AUM up to 80%
johncitizen
2017-06-19 01:55
@stolzlos $200,000 usd to maintain the account month to month. If you go below they charge $50 a month.
johncitizen
2017-06-19 01:56
Honestly... anything more than $50,000sgd isn't insured. Go elsewhere with your money.
sdfk787
2017-06-19 02:18
where else are you going to find higher insured deposits?
pragmatic
2017-06-19 06:32
100k in USA :wink:
pragmatic
2017-06-19 06:33
You have $250k AUD in Australia
sdfk787
2017-06-19 07:27
that's great
sdfk787
2017-06-19 07:28
except one thing, some people would have to open one account at 40 different institutions if they actually cared about deposit insurance
tkrunning
2017-06-19 15:10
The US has 250K, no?
tkrunning
2017-06-19 15:11
Norway also has about the same, at 2M NOK
pragmatic
2017-06-19 15:11
Yes, sorry, 250K
tkrunning
2017-06-19 15:12
Which is 220-300K USD depending on current exchange rates
agalt
2017-06-19 16:08
has joined #banking
stolzlos
2017-06-19 19:20
for a Singapore personal bank account what kind of utility bill is best? Or is it better to bring several just to be sure? what else may they ask for except a passport and the utility bill? thanks
danz
2017-06-20 01:06
Bank reference letter, most important
danz
2017-06-20 01:06
And rather not a copy, the real one.
stolzlos
2017-06-20 03:51
@danz thanks a lot
danz
2017-06-20 03:52
And of the last 3 months, not to old
stolzlos
2017-06-20 03:53
I will bring new ones
stolzlos
2017-06-20 03:53
btw, simon mentioned that supporting documents not in english must be translated in Singapore
stolzlos
2017-06-20 03:53
any recommendation where to do that?
danz
2017-06-20 03:55
Everything in English was fine for me
danz
2017-06-20 03:55
I read it wrong, yes you need it in English
danz
2017-06-20 03:56
Haven?t got a recommendation for you, but Googling you will find a couple of translation services in SG. Even one in the Raffles area which is close to most banks.
stolzlos
2017-06-20 03:56
understood. thank you.
sdfk787
2017-06-20 04:03
lease agreements are good also
harvie
2017-06-20 04:08
As Danz said, reference letter from bank that is original. I also had invoices from a Singaporean business paying me into my UK account which helped, as I told them I wanted the account to let them pay me faster.
I know people before used to say they wanted the OCBC securities account to trade and got a bank account that way, not sure how that works as I never went through that process.
harvie
2017-06-20 04:10
When I went to the bank they had no idea if they could open accounts for non-residents, assume them that they can and your friend had one created. They were a little confused when I walked in asking for one, but told them my situation and that others have done the same. Was a little weird but I tired to ensure they didn't lose face, everything was okay in the end.
danz
2017-06-20 04:11
They asked alot of questions when I was there last year, even about health, insurance, if I had a company, what the revenue was, how much I would I bring to the bank etc. Didn?t expect that. But be sure to have a good explanation why you would like to bank there.
harvie
2017-06-20 04:55
Mine was pretty smooth for the most part expect for the initial confusing ( I think the staff was new). My skin is brown I kind of find that helps in Asia when setting up business related things, only anecdotal evidence though.
rtiagm
2017-06-20 07:48
Is anyone here using N26?
jase
2017-06-20 08:45
I don't believe it. I assume this is the story they tell when there are other reasons why they don't want you.
pedrodemendez
2017-06-20 09:48
@rtiagm yes
scorps
2017-06-20 11:02
Agree @jase
rtiagm
2017-06-20 11:16
@pedrodemendez What's your opinion of them?
pedrodemendez
2017-06-20 11:52
I deposit money, and use their mastercard to spend. So far so good, no problem. Will have to wait and see what happens when i emigrate
mescos
2017-06-20 12:00
@sdfk787 - How did they communicate this and to whom? Verbally or in writing? What was the applicants risk profile? How much was the applicant able to deposit? What was the situation? It would be good to have more data points on this subject?
rtiagm
2017-06-20 13:36
@pedrodemendez Are you living in Europe? I don't live in there anymore so unsure if I can sign up by saying I'm residing in my citizenship country. Wonder if that would cause problems with the tax authorities there.
pedrodemendez
2017-06-20 14:22
am living in holland now, but leaving end of the year. so once i signout at city hall I will have to see if they will close my account once/if they get the info...
pedrodemendez
2017-06-20 14:23
i know someone in Cambodia that signed up using the address of a friend..
stolzlos
2017-06-20 16:34
@danz was your bank reference letter addressed to the Singapore bank you went to? In Simon's posts he mentions that they should be addressing the bank you apply at.
stolzlos
2017-06-20 16:38
My bank just told that they will not address another bank in their reference letters.
harvie
2017-06-20 17:23
@stolzlos mine was not addressed to any bank, but it did have my full name and address written on it.
stolzlos
2017-06-20 17:35
@harvie glad to hear. thanks.
otkeedca
2017-06-20 18:20
Can anyone recommend a bank account for a newly opened Wyoming LLC? Easy to open with no US banking history and a low minimum deposit preferably
otkeedca
2017-06-20 18:21
non-resident owner
chaostar
2017-06-20 18:43
has joined #banking
sdfk787
2017-06-20 19:46
my business banker via whatsapp & in our phone call
sdfk787
2017-06-20 19:46
they didn't care if I could deposit $1m
sdfk787
2017-06-20 19:46
bottom line canadian citizen is not accepted for they're low tier banking which was $200k+ i think
sdfk787
2017-06-20 19:46
their*
sdfk787
2017-06-20 19:47
like I said I'm sure it would change if I had an introduction from a malaysian/thai/indonesian ocbc banker
otkeedca
2017-06-20 20:06
will do!
sdfk787
2017-06-20 20:08
but it's irrelevant because every other bank is competing for my business
sdfk787
2017-06-20 20:34
https://freedomsurfer.slack.com/archives/C1CG9U1N1/p1497982830522577
I was in NY last week and just went through this
sdfk787
2017-06-20 20:35
you need a residential address, at the very minimum a friends address and not a po box
sdfk787
2017-06-20 20:35
for any of the bigger well known banks
sdfk787
2017-06-20 20:38
Still no issue for business as CA citiz but they require tin number as of 2017
danz
2017-06-20 23:41
@stolzlos, no just a general one. As I went to more than one bank to.
stolzlos
2017-06-21 03:53
@danz understood
fish
2017-06-21 04:59
has joined #banking
pascal
2017-06-21 11:26
has joined #banking
v
2017-06-21 11:38
has joined #banking
mikeseo
2017-06-21 12:11
has joined #banking
brepalco
2017-06-22 14:36
set the channel topic: Does anyone know of services that open australian bank accounts for non-residents remotely?
pascal
2017-06-22 15:42
"Only a few jurisdictions currently offer quality day-to-day banking facilities (with no tax implications) and those are Hong Kong, Singapore, United Arab Emirates, Isle of Man, the Channel Islands and Malaysia (Labuan)."
Source : http://FreedomSurfer.com
Can you confirm this hypothesis, please ? : If i create a Hong Kong company and open a commercial bank account in Malta, the bank account will be taxed. Thank you.
pascal
2017-06-22 16:30
Brian, Do you confirm ?
pascal
2017-06-22 16:32
FreedomSurfer wrote : "no tax" in "Hong Kong, Singapore"
pascal
2017-06-22 16:32
!
mescos
2017-06-22 16:33
Is the website down? @simon
pascal
2017-06-22 16:57
FreedomSurfer talks about the taxation of bank accounts and not about the tax on profits of a company
stolzlos
2017-06-22 18:34
can somebody tell me what the fees of UOB are for incoming wires from and outgoing wires to foreign banks in the EU and US? 1/8% + cable fees? For both directions?
millnmd
2017-06-23 04:34
has joined #banking
pascal
2017-06-23 06:29
Brian, Some countries tax banking capital or interest on bank capital.
pascal
2017-06-23 06:30
stolzlos : Bank of Cyprus : low fees
danz
2017-06-23 07:51
The Netherlands, if your a citizen
pragmatic
2017-06-23 08:49
if you're a resident
pragmatic
2017-06-23 08:50
and don't get the special expat 30% ruling
pragmatic
2017-06-23 08:50
but actually, I think the Netherlands assets tax isn't bad at all
pragmatic
2017-06-23 08:50
it's around 1.5% on assets above 20k. But you don't pay taxes on capital gains
pragmatic
2017-06-23 08:50
Unless trading is your day job
pragmatic
2017-06-23 09:31
I like it much more than paying profits on capital gains
pragmatic
2017-06-23 09:32
if You double your money in the stock market one year, you still only pay the 1.5%
agalt
2017-06-23 10:02
It is part of the plan for Europe. Unfortunately this is the way things will go. Fighting it or voting won't change anything as usual. @pragmatic good thoughts
stolzlos
2017-06-24 09:33
Question to all ocbc customers
I would like to confirm the how much the bank charges for an USD wire from an OCBC USD account to a non-OCBC account.
stolzlos
2017-06-24 09:33
According to
https://www.ocbc.com/assets/pdf/23_pb_fees_charges.pdf there are two commissions to pay.
stolzlos
2017-06-24 09:34
A general 1/8% commission and additionally a 1/8% commission in lieu of exchange in case there is no currency conversion.
Do I understand correctly that in the above case 2/8% (+cable charges, etc.) apply?
sdfk787
2017-06-24 10:42
ocbc will charge you fees on every transaction
sdfk787
2017-06-24 10:43
going offshore means paying big bank fees
jd
2017-06-24 11:38
@simon On the US credit card topic, what are your thoughts on transferring using Amex's Global Card Transfer to start a credit history in the US, then moving onto other cards/banks from this platform? https://www.americanexpress.com/global-card-transfers/united-states.html
stolzlos
2017-06-24 11:49
@sdfk787 thanks. I will take that as a yes.
stolzlos
2017-06-24 11:49
Btw, UOB charges 1/8% (max.300S$) + 30S$
sdfk787
2017-06-24 11:50
I've done global transfer
stolzlos
2017-06-24 11:50
and DBS seems to be free (DBS USA Remit)
sdfk787
2017-06-24 11:50
They will ask you to confirm residential address by phoning your bank while your on the phone
sdfk787
2017-06-24 11:50
What's minimum AUM for dbs banking?
stolzlos
2017-06-24 11:52
in regard to DBS wires: http://www.dbs.com.sg/personal/support/bank-overseas-funds-transfer-fees-and-charges.html
stolzlos
2017-06-24 11:52
I will check the min AUM, give me a sec
sdfk787
2017-06-24 11:52
How many will you send per month?
sdfk787
2017-06-24 11:53
If 1 wire per month is $30 really a serious consideration? Isn't what you can get for your 200k aum more of a consideration ?
stolzlos
2017-06-24 11:54
good question. I am still researching and try to understand all costs and benefits. Right now I am still only looking at the costs.
stolzlos
2017-06-24 11:59
DBS does not seem to have a significant minimum but less than 5000 S$ incurs a monthly fee
stolzlos
2017-06-24 12:00
@sdfk787 any recommendations for banks or account types for north of 100K+ / 200K+ ?
sdfk787
2017-06-24 12:02
Is that for non resident banking?
stolzlos
2017-06-24 12:02
yes
sdfk787
2017-06-24 12:02
Skeptical, seems low
sdfk787
2017-06-24 12:02
Uob has some good perks
sdfk787
2017-06-24 12:03
Will get you an amex credit card
stolzlos
2017-06-24 12:03
ah, in regard to the AUM? sorry, not sure.
stolzlos
2017-06-24 12:04
i see, thanks
mikeseo
2017-06-24 13:49
I'm paying $40 or $45 for a OCBC biz USD account outgoing wire to another bank in the US
mikeseo
2017-06-24 13:49
plus I think $10 or $15 monthly service fee, even if I keep over the $30k min balance
mikeseo
2017-06-24 13:50
and I think it's like $15 or so for a incoming wire
mikeseo
2017-06-24 13:51
one drawback with OCBC was they told me I couldn't get a debit card for a USD account, only SGD
stolzlos
2017-06-24 13:57
@mikeseo so the min. balance is 30k USD? for non-residents? could I ask you for a link to see specifics regarding the balance and monthly fee?
mikeseo
2017-06-24 14:00
yes for non-resident
mikeseo
2017-06-24 14:01
so $30k min balance for opening, if it drops below that than $100/mo service fee
mikeseo
2017-06-24 14:02
the first year they said no monthly fee, now in my second year they are charging me a monthly fee $10-$15
mikeseo
2017-06-24 14:02
I think I paid $500 account setup fee
stolzlos
2017-06-24 14:02
i see. that is for a business account. thanks.
mikeseo
2017-06-24 14:03
ya, personal I just remember they told me $200k combined min relationship balance
mikeseo
2017-06-24 14:03
dunno fees
stolzlos
2017-06-24 14:03
which is also of interest for me next year
mikeseo
2017-06-24 14:04
my wife has a uob personal, I forget how much the wire fees are but I think it's a bit cheaper than $45
harvie
2017-06-24 16:53
It's around $43 per wire with OCBC business account over here.
jase
2017-06-25 03:01
SGD @harvie? One of the companies I work with in Canada do 6 figures each month each month and still pay $50 per outgoing wire. Madness.
sdfk787
2017-06-25 03:17
you need $200k AUM for ocbc premier
sdfk787
2017-06-25 03:17
mikeseo is right
sdfk787
2017-06-25 03:17
that's personal level, business they asked me for 100k depends on your risk profile maybe
harvie
2017-06-25 03:19
@jase no it's USD. I want to swap over to their SGD account next year though because I want the debit card and fees are a little less
harvie
2017-06-25 04:11
This $43 is a cap currently the staff told me it's an ongoing promo they have had for a long time, so if they remove that then it will vary on how much you send.
harvie
2017-06-25 04:12
Easiest place to get a EUR personal bank account in Europe? I'm a UK citizen.
stolzlos
2017-06-25 07:17
@harvie as a UK citizen it should be easy to get a EUR account anywhere in the EU, no?
stolzlos
2017-06-25 07:19
in germany for example banks (maybe not all) only ask that you identify yourself and that can be done via videochat
stolzlos
2017-06-25 07:21
they use a system provided by the Deutsche Post which is still at least in part a government run company
stolzlos
2017-06-25 07:21
they also offer that service in English language
stolzlos
2017-06-25 07:31
it is called postident
maxsuur
2017-06-25 09:07
@harvie N26 (german bank) everything is online
harvie
2017-06-25 10:58
Hey @maxsuur I tried but it does not allow UK residents sadly. Not sure if I lie about my residency if that would help or be wise. I have friends in Holland whose address I could use.
harvie
2017-06-25 10:58
@stolzlos thanks will look into that
maxsuur
2017-06-25 11:22
they are now asking their customer residencies explicitly @harvie so you better not open an account with them
tkrunning
2017-06-25 15:10
@harvie just go ahead and open the account with the Dutch address, and state that you're UK tax resident when they ask for that. You shouldn't have any issues opening the account.
tkrunning
2017-06-25 15:12
See https://nomadgate.com/open-n26-account/ if you need details or let me know via PM
gmarkey
2017-06-26 00:15
has joined #banking
harvie
2017-06-26 06:40
@tkrunning thanks! awesome article, I remember reading it a few months ago, will try and sign up shortly.
skat
2017-06-26 14:54
@tkrunning that support widget on your website has annoying sound :wink: can you turn it off?
tkrunning
2017-06-26 15:09
Not sure, it's the standard intercom widget
stoplight
2017-06-27 01:35
I don?t know what?s up with the big banks here in the Caribbean?got rejected 3 times for Scotiabank, RBC and CIBC First Caribbean?wtf! Got stuck up with the need to have a bank reference from my other banks?..take note?i?m not opening a business account?i?m opening an ordinary personal bank account..and not even in USD?it?s an account in the local currency?Eastern Caribbean dollar?looks like the OECD?s pressure is strong?damn..
stoplight
2017-06-27 11:58
I didn?t have a bank reference or a rental agreement?.apparently my local office address is NOT considered a local address?madness...hahah! :smile: ?.and i?m using a local drivers license and passport to open my account too..crazy..
mescos
2017-06-27 13:00
@stoplight - which jurisdictions did you try to open at for Scotia, RBC and First Caribbean?
stoplight
2017-06-27 13:14
Just here in Dominica?
mikeseo
2017-06-27 14:58
@stoplight I had a bit of a hard time opening a non-resident personal account in Panama at Multibank in 2015. They wanted bank references, employment information, tax returns, utilities, etc and took a couple weeks to open it but they eventually did. And the lawyer told me Multibank was the only bank on Panama who would even consider opening a non-resident account.
stoplight
2017-06-27 17:51
@mikeseo wow?looks like there?s really this big crackdown if you?re going to bank in a country that?s signed up for the CRS/AEOI?and I think it?s just going to get more difficult. In the mean time, we?re at the mercy of these quasi-bank / bank-like institutions, leupay, transferwise, etc. who at anytime may disappear with our money?? :disappointed: ?.the funny thing is?.I wanted to open an account so I don?t have to bring cash with me whenever i?m here in the region and just wire money from my other banks it if i?m going to stay for more than a couple of months in the future?opening an account in Eastern Caribbean Dollar?.it?s not even in a major currency! madness?hahah?
alexanderhay
2017-06-28 05:54
And the funny solution is to go to the USSA! They ask none of that stuff. hahahahaha.
jase
2017-06-28 18:06
@jase uploaded a file: https://freedomsurfer.slack.com/files/jase/F6143EHL4/screenshot_20170628-110555.png
kl5340dc
2017-06-28 20:03
HSBC hong kong bank cards/credit cards
kl5340dc
2017-06-28 20:03
they work everywhere in asia
kl5340dc
2017-06-28 20:04
but in europe I've had cases where the credit card would not be accepted when paying for example for parking etc. Just refused. =
kl5340dc
2017-06-28 20:04
Also had bank card hsbc being refused at atm cash disposal (visa hsbc worked but there are costs on that one for taking cash out)
kl5340dc
2017-06-28 20:05
both cards are enabled for working abroad, and they do in some cases in a country but some not
kl5340dc
2017-06-28 20:05
what is this? I suspect the local banks flagging cards as maybe suspicious/dangerous for fake payments risk?
kl5340dc
2017-06-28 20:05
I just can't believe that would be the case with so many foreigners travelling from asia to europe - like all their cards are working half the time then? Sounds insane
kl5340dc
2017-06-28 20:05
what's the trick?
rtiagm
2017-06-29 07:23
I would like to open a N26 bank account, how problematic is if I use an address in my citizenship country just to open an account. With CRS, I imagine N26 is going to send my account information to the tax authorities in my citizenship country. I'm non-resident there, and the funds will come from outside the EU.
brutus
2017-06-29 10:31
@kl5340dc I had same kind of issues with Russian debit Mastercard (especially) & Visa in Belarus gaz station, Milan subway, London Stansted Airport train shuttle, etc... asked bank but they could not tell me why. Cards worked very well in many other cases and locations otherwise
brutus
2017-06-29 10:32
This is why nowadays I always travel with cards from different countries & banks
roman
2017-06-29 11:56
@brutus sanctions maybe? :slightly_smiling_face:
trevorjames
2017-06-29 12:05
My partner and I were just successful today in opening a corporate HK bank account for our business. At the recommendation on Simon's blog post, we used Accoplus. Everything went smoothly :slightly_smiling_face:
roman
2017-06-29 12:06
Very nice! Congrats on your global expansion :smile:
trevorjames
2017-06-29 12:06
Thanks! It feels great
roman
2017-06-29 12:07
It?s like passing an exam, right? :smile:
roman
2017-06-29 12:07
So much worry and prep, and then it?s all done?.
roman
2017-06-29 12:07
Time for a beer.
trevorjames
2017-06-29 12:08
haha yeah exactly! Now we just need to wait for the welcome pack in the mail and get online banking set up and we are good to go
brutus
2017-06-29 13:12
@roman No, it was mainly several years ago (much before sanctions), mainly with Mastercards and specific purchase. After switching for Visa had rarely any issue but in any case I could pay for everything esle in many countries.
dsim
2017-06-29 14:51
has joined #banking
stoplight
2017-06-29 15:01
I find that having at least two different cards?in Mastercard and Visa..would often work?regardless of where it was issued?I use debit cards from both and they work flawlessly in Europe, North America, South Pacific and here in the Caribbean.?..so far anyway?
kl5340dc
2017-06-30 11:45
I'm getting the issue with both my visa and mastercard. Sometimes they'll work, sometimes not
jase
2017-06-30 19:52
FYI Leupay Mastercard has been working flawlessly in Canada
tkrunning
2017-07-01 04:47
Speaking of Revolut, they just added 11 more currencies that you can hold in the app and exchange/spend at no markup (weekends excluded).
tkrunning
2017-07-01 04:50
"You can now hold, exchange and send or receive instant transfers in:
Australian Dollar, Danish Krone, Romanian Leu, Swedish Krona, Hong Kong Dollar, Israeli New Sheqel, Norwegian Krone, New Zealand Dollar, Singapore Dollar, Turkish Lira and South African Rand.
This is in addition to our existing currencies - the British Pound, Euro, US Dollar, Swiss Franc and Polish Zloty."
tkrunning
2017-07-01 04:52
Sadly no CAD yet, but cool to see AUD, HKD and SGD as well as the Scandinavian currencies
danz
2017-07-01 09:44
What is really the benefit of having a Revolut account? As in some countries you can take money out of the ATM with low fees, or even almost zero fees if you do it the right way.
tkrunning
2017-07-01 14:00
All true, but people, especially in Europe, don't use much credit cards. I pretty much only use Revolut for three things:
- Moving around money between base currencies, transfer from EUR to my one of my US bank accounts, sometimes NOK or DKK.
- ATM withdrawal in one of the base currencies, especially EUR or GBP.
- Paying back friends, since many of them use Revolut.
I never do exchange on weekends as long as I can help it, though.
maxsuur
2017-07-01 21:32
And they have even removed the feature where you could see what remaining amount of those 200 eur you've got fee-free out of the ATM each month
maxsuur
2017-07-01 21:33
So you lose track and end up withdrawing way more
maxsuur
2017-07-01 21:33
They should rename the company to "Involut"
danz
2017-07-02 01:06
@brian, as example in Thailand it?s possible if you go straight to the bank and ask for withdrawal there. Not zero fees, but no exchange rate differency, only pay credit card cost which is like 2 euros in my case. And it offers the possibility to take out more than 200.
harvie
2017-07-02 04:02
@danz you don't have a Thai bank account? Going into the bank works fine, it counts as a point of sale (POS) I think which makes it better. Certain banks I've been told (SCB) don't charge you a fee, perhaps the 2e fee is from your card provider?
danz
2017-07-03 06:29
No, I been thinking about opening one as it?s quite easy what I hear from everyone. But it makes no sense to open one I believe. I could transfer from my Euro account to Thai with Transferwise, but just going to the bank and withdrawing money with my creditcard with very low fees is even cheaper than using Transferwise.
simonbcr
2017-07-03 08:33
Hey guys, what's the cheapest way to transfer money from a business account in Hong Kong (either HKD or THB) to a bank account in Thailand? Transferwise and Revolut don't seem to work. I don't have a credit card and international transfer is quite expensive.
simonbcr
2017-07-03 08:42
danz: I compared the fees Transferwise vs. withdrawing with creditcard from my account in Germany. Withdraw is 1% more expensive (not even counting the 200 THB ATM fees), because of really bad exchange rates. Exchange rate varies from bank to bank though
harvie
2017-07-03 09:11
@simonbcr buy bitcoin from a HK exchange and send it to a THB exchange and cash out that way.
simonbcr
2017-07-03 10:49
@harvie really? have you tried it yourself? What's the spread there?
harvie
2017-07-03 11:03
I have bought BTC and send it to a Thai exchange. Thai spread is higher than most EU/US exchanges so you can usually make a small profit. I have never checked HK exchanges. Takes around 24 hours< to get the money to my bank account, pm me for the exchange I use. http://Coins.co.th is popular.
harvie
2017-07-03 11:05
The second best way is to trade with friends. For example, my friends will often ask me for THB and they'd send me whatever I need plus a small vig for the favor. I used to be a poker player so these types of swaps are common place. This might not be an option for you depending on your network of friends, but that's the 2nd best way after bitcoin imo.
mattbellme
2017-07-04 13:34
has joined #banking
jemmasta
2017-07-04 13:56
has joined #banking
marc
2017-07-04 19:02
has joined #banking
janemac
2017-07-05 12:10
has joined #banking
sdfk787
2017-07-06 06:34
anyone aware of how stripe sends a 1099-K to the IRS?
harvie
2017-07-06 07:50
Has anyone opened a remote bank account with any of the following banks listed here : https://www.freedomsurfer.com/ic-hacks-00002/
I am looking for either EUR or USD mainly to park cash.
jemmasta
2017-07-06 19:11
?
jemmasta
2017-07-06 19:12
Where's that?
jemmasta
2017-07-06 19:54
Ah, new to me.
simon
2017-07-07 12:54
@jd In reply to the question you posted about Amex, I?ve used it to transfer my history from Canada and it worked fine. If you have an Amex account, you can log into the other Amex sites and apply online (that is what I did).
jd
2017-07-07 12:54
Awesome - thanks Simon :slightly_smiling_face:
stoplight
2017-07-09 00:28
@stoplight uploaded a file: https://freedomsurfer.slack.com/files/stoplight/F65R3HTKM/screen_shot_2017-07-08_at_8.27.56_pm.png
stoplight
2017-07-09 00:28
Something came up for Liberland diplomats just yesterday?.i?m going to get my diplomatic passport?and see if it actually works and don?t land myself in jail! :smile:
danz
2017-07-09 01:07
Haha, keep us updated
stoplight
2017-07-09 06:39
@brian @danz ..yes will definitely keep you guys posted?
stoplight
2017-07-09 06:39
only diplomatic passports are being issued..
stoplight
2017-07-09 06:40
Highly unlikely anytime soon because they?re still worthless pieces of paper? :smile:
stoplight
2017-07-09 06:42
I wasn?t even planning to get mine because I won?t be able to use it anyway?but some of the representatives have successfully used it?but again?its a case-to-case basis?we are all informed not to use it unless we also have our valid personal passport?
stoplight
2017-07-09 06:44
Haha..yes but right now..only Liberland representatives and those that contributed a lot of $$$ like Roger Ver get to have one?
stoplight
2017-07-09 06:45
@stoplight uploaded a file: https://freedomsurfer.slack.com/files/stoplight/F66NPN78W/liberland_diplomatic_passport_close.jpg
stoplight
2017-07-09 06:48
@stoplight uploaded a file: https://freedomsurfer.slack.com/files/stoplight/F66NPULQ6/minister_walls.jpg
stoplight
2017-07-09 06:49
The Minister of Foreign Affairs holding his passport. He was actually able to use it when he entered the U.S., they did stamp it?but he also had his U.S. passport with him?
danz
2017-07-09 06:50
I just want to have one for the sake of it, lol.
stoplight
2017-07-09 06:52
@danz ?haha?whenever we have our regular online voice conferences for representatives?i?m one of the loudest S.O.B?s who have been really against the issuance of passports?.kinda ironic because i?m also in the citizenship by investment industry though?hahaha?
stoplight
2017-07-09 06:53
it only takes one bad apple to use it in the wrong way, lands himself in jail and gives a bad rep for Liberland and everyone part of it?haha..but hey..if it will get me a bank account in Singapore?seems like it?s going to be a valuable piece of paper after all? :smile:
agalt
2017-07-09 09:55
Does liberland show country of birth on their passports?
agalt
2017-07-09 09:56
(and yes this directly applies to a banking question)
roman
2017-07-09 14:02
Has anyone successfully opened a Charles Schwab account as a Canadian? I can go in person, if necessary.
tkrunning
2017-07-09 22:41
Canadian and not US resident?
tkrunning
2017-07-09 22:42
If you're talking about their regular checking account, it requires that you're "living" in the US and have a SSN.
tkrunning
2017-07-09 22:44
But I've opened an account while in the US on an ESTA. Gave them a US address, my SSN and my Cali ID number (which I also got while visiting on ESTA), and that worked well.
tkrunning
2017-07-09 22:44
I think for non-US citizens it's better to open an account in a branch
tkrunning
2017-07-09 22:45
(I'm not Canadian though)
yuli
2017-07-10 01:57
roman: I am in Israeli and have an account there. They have options to open it without going in person, that is for sure. If I was able to open - I am 100% sure a Canadian "neighbour" can
roman
2017-07-10 02:41
Is it a checking or investment account?
globalconsulteurope
2017-07-10 13:34
Together with our partners from HelpCredit (one of the digital leader of Bulgarian credit and financial market), we have launched an international prepaid card. The cardholder is not subject to any reporting and automatic exchange of information. The card can be loaded by wire transfer online or with inquiry to us to deposit funds into card - we are lincesed to work as EasyPay agent. Afterwards you can pay with it and get paid as well - you get online account and id number to monitor your balance 24/7
tatelev
2017-07-11 17:23
is there any payment service similar to Transferwise that would allow to pay for US-originated international payments with a credit card?
tatelev
2017-07-11 17:24
(apart from PayPal)
skat
2017-07-11 18:46
@tatelev payoneer?
tatelev
2017-07-11 18:47
I think Payoneer gives you a debit card which you can use to pay for stuff
skat
2017-07-11 18:48
yeah, prepaid debut card
skat
2017-07-11 18:48
not credit :confused:
tatelev
2017-07-11 18:48
I'm looking for something where you can pay with your own credit card
jemmasta
2017-07-11 19:32
You mean payment provider for customers in us?
jemmasta
2017-07-11 19:33
Stripe?
tkrunning
2017-07-11 20:10
@tatelev if I understand you correctly, I think Revolut could do this (indirectly). Just top up with a US credit card, and send the payment from Revolut to wherever it needs to go. It will cost you 1% plus whatever FX fee your US credit card charges you.
tatelev
2017-07-11 21:00
Interesting, will research more this. Thanks
tkrunning
2017-07-11 22:03
If you do sign up for Revolut, use your Spanish address, though. They used to be available outside EEA, but that?s no longer the case (for the time being). At least not the Mastercard.
tkrunning
2017-07-11 22:03
@tatelev
tatelev
2017-07-11 22:03
it's for a friend
tatelev
2017-07-11 22:03
he's a nomad entrepreneur
tatelev
2017-07-11 22:04
so what are the country of residence limitations? He's an american, with company from Hong Kong and he's moving often inside Asia
tkrunning
2017-07-11 22:04
Ah okay.
tkrunning
2017-07-11 22:06
It used to be global, but something with their card issuer forced them to change it to EEA only now, at least for the cards. I think those who had accounts already open outside EEA could keep their accounts, but not the Mastercard. So I?m guessing they won?t open any accounts outside EEA for now.
tkrunning
2017-07-11 22:07
Should be easy enough to get ?residency? proof in the EEA though (change the address on a bank statement, for example), and I don?t think they have anything against americans as such
tkrunning
2017-07-11 22:08
I mean ?address proof?, they don?t seem to care too much about verifying your actual residency status it seems
tkrunning
2017-07-11 22:12
If he opens an account and fund it with credit cards he can even earn cash back or miles, but note that some banks (at least Bank of America, and I?m guessing Citi as well) will code Revolut top-ups as cash advances which means HIGH fees (like 5%). But many banks don?t.
If he can use a debit card, Capital One 360 is a good option since it has 0% FX fee and is a Mastercard, which tend to have better FX rates than Visa (we?re talking about ~0.2% difference on average for EUR/USD, so not a big deal).
tatelev
2017-07-11 22:58
thanks @tkrunning I think the main reason he is wanting to find such a system is to pay his China manufacturing orders(they are usually between 5,000-20,000 usd) with the credit card he already has, which gives him very good cashback/miles, but of course he's looking at something that has low transaction fees, otherwise it would defeat the purpose
tatelev
2017-07-11 23:00
so the residency limitations you mentioned with Revolut would impact only the issuing of Revolut's Mastercard? Or also topping up with other credit cards?
tkrunning
2017-07-12 00:50
TBH I don?t think they would open a non-EEA account at all now. But if you do have an account it?s possible to top up with US cards (I?ve done so myself with three different cards the last few days: Simple, Schwab and Barclaycard Arrival Plus?all worked fine)
etperth
2017-07-13 08:16
has joined #banking
jsimps28
2017-07-13 10:09
has joined #banking
millnmd
2017-07-16 05:34
I was planning on opening this but you need a SSN or ITIN (very easy to get), mailing address and if you go to branch you will need US ID and some states allow you to get Drivers License with ITIN.
millnmd
2017-07-16 05:37
Just report Ontario Drivers license lost, get new one then use the deactivated one to trade in for US Drivers License. That way you can keep both for driving in CA and opening more accounts. (I didn't get to this point yet)
roman
2017-07-16 06:59
Oh nice. Which states will let you get DL with ITIN? And do you have a good way to get ITIN? I read a few online, but wondering which one you think is a good one. Thanks for info!
millnmd
2017-07-16 18:59
I remember checking a few weeks ago there are lots that allow itins to get drivers license (mainly for undocumented people) and I remember reading some states allow Canadian ID. but for the ITIN Route check how the card looks different from a normal one because they put something on it to differentiate. Also ITIN is easy to get just use smashwords, make a book buy it for $1 voila you have us sourced Royalties and you can apply for ITIN without filing a tax return. just get a Certified Passport copy for $45, Letter from Smashwords stating why you need a ITIN and a filled out form. 6-8 weeks later you will get it back in the mail. just make sure you call them if they take too long.
roman
2017-07-16 19:28
Thank you!!
millnmd
2017-07-16 20:16
Np
wojtek
2017-07-17 10:25
tried to apply for a bank account with leupay but since I can not receive any post to my Seychelles company address I can't very it :disappointed:
wojtek
2017-07-17 10:25
anyone has any banking suggesting for a Seychelles company except Cyprus?
agalt
2017-07-17 10:30
Georgia will open up bank accounts for overseas companies if you provide the right documents. I had one for a Nevis IBC for awhile before closing the company since it was not setup correctly.
wojtek
2017-07-17 10:35
Looking for a bank in the EU
agalt
2017-07-17 13:45
Try ING in Romania possibly
agalt
2017-07-17 13:46
If you are an eu citizen I don't understand the point of banking there. Montenegro and Georgia are not crs compliant.
maxsuur
2017-07-17 13:58
@wojtek N26
maxsuur
2017-07-17 13:58
ah, sorry. Thought you meant a personal bank account.
agalt
2017-07-17 14:03
please say a trust owns your IBC and it is not in your name. (nameless dishonest offshore provider) talked me into an IBC, but when I asked about a trust to own it they said it was not necessary. After learning about this stuff more, I put my company(s) in trusts now so that i don't own them and am not the beneficiary of said trust. "own nothing, control everything" - John D. Rockefeller
agalt
2017-07-17 14:07
Alex did a good writeup here on trusts: http://www.alexander-hay.com/for-non-residents-of-the-usa/the-international-privacy-trust-and-the-protector/
wojtek
2017-07-17 14:28
I charge my EU clients and they ask for an EU account
agalt
2017-07-17 14:35
aha. now i see
agalt
2017-07-17 14:36
ING bank told me that they would open accounts for offshore corps last time I was in there a few months ago. (that or the person at the desk was flirting and she was saying what I wanted to hear)
roman
2017-07-17 14:44
@wojtek how about Transfer Wise Borderless? They provide an EU account numbers and then you can transfer to another currency.
jemmasta
2017-07-17 16:24
Or payoneer?
wojtek
2017-07-17 17:04
@roman they don't allow Seychelles companies yet
roman
2017-07-17 17:04
Sorry, no idea. :confused:
otkeedca
2017-07-17 22:47
@agalt If a privacy trust owns your companies, how do you open bank accounts for the companies without losing that privacy? Don't you need to disclose yourself as the Ultimate Beneficiary to the banks?
agalt
2017-07-18 05:00
Your attorney does all of that for you. Read the page. You are not the beneficiary. You can ask @alexanderhay as well. He has done this over 20 years.
maxsuur
2017-07-18 06:46
Revolut: personal EUR "bank account"
maxsuur
2017-07-18 06:47
@maxsuur uploaded a file: https://freedomsurfer.slack.com/files/maxsuur/F6AVDMEMC/image_uploaded_from_ios.jpg
agalt
2017-07-18 07:15
You receive employee debit cards to use by mail with your pin codes and corporate documents. Others on here use a similar setup. I'm just one of the people who will talk about it. You can get cards in other names which helps you if authorities ever take your main card. If you loose everything your attorney can also bail you out because he can pick up the phone and call the bank. It gives you a very large safety net. Since you don't own anything, who can sue you?
globalconsulteurope
2017-07-18 08:22
@wojtek those who will possibly accept SEY and other offshore companies are LeuPay, Paysera and Worldcore. That's up to my experience.
globalconsulteurope
2017-07-18 08:23
Some Bulgarian banks are still willing to review an application from offshore companies. But they need all corporate docs to be legalized and translated into Bulgarian
wojtek
2017-07-18 09:13
thanks leubay wants to send a code to the seychelles but I can't receive post there
wojtek
2017-07-18 09:24
some people lost money on Revolut
wojtek
2017-07-18 09:24
on online forums
wojtek
2017-07-18 09:24
so rather stay away from that
wojtek
2017-07-18 09:24
N26 will open an international business account maybe soon
agalt
2017-07-18 09:57
Can you buy an address in Seychelles @wojtek maybe @simon would know this?
maxsuur
2017-07-18 11:02
I believe you could. There's always ways
agalt
2017-07-18 11:13
It is most likely very common, however some things require you to hop on a plane. Some nomads are very difficult to do business with, and many people won't take you seriously unless you show up in person and shake their hand. I had to fly places in the past otherwise people would not even consider doing business with you.
roman
2017-07-18 13:45
Anyone know a mail forwarding in Germany that will accept bank cards? Tried `http://Mailboxde.com`, but they don?t accept cards and it bounced. I?m trying to setup N26 from outside EU. Thanks.
maxsuur
2017-07-18 13:57
You can forward it to a friend's home address
roman
2017-07-18 14:27
Don?t have solid friends in Germany. :slightly_smiling_face:
roman
2017-07-18 14:27
Only acquaintances, and I don?t want to burden them with this. After all, it can be perceived as risk.
jase
2017-07-18 17:09
AirBNB :grin:
otkeedca
2017-07-18 18:35
@agalt Thanks for the info, I'll get in touch with alexanderhay. So on paper, you are just an employee of your companies then right?
otkeedca
2017-07-18 18:40
in Germany for N26
otkeedca
2017-07-18 18:41
although when I originally signed up for N26 I had a real residence there, changed it to clevvermail afterwards, but they've since forwarded an atm card for me to asia
stolzlos
2017-07-18 18:46
in regard to opening a bank account in Singapore for example with DBS, Simon mentions that you have to provide a proof of origin of the funds deposited. Can anybody tell me what counts as a proof?
stolzlos
2017-07-18 18:47
And second, Simon mentions a list of easy branches. Could anybody provide a copy of that list? Would be very much appreciated.
danz
2017-07-19 00:41
@stolzlos, for a corporate or personal account? They didn?t ask me for a personal account, and never heard about it before. But they did ask what work I did. I checked out most banks, only OCBC worked. It?s on the list of Simon to. More tried it here and it worked out.
stolzlos
2017-07-19 03:14
@danz personal account. in case it was not possible, did they state any reasons?
brutus
2017-07-19 06:20
@wojtek Did you ask your registrar if you can receive post as an exception? worth a try!
brutus
2017-07-19 06:23
+ Leupay I believe I remember earlier post on this forum where it was explained to first open personal account so verification procedure for corporate account opening (after personal) is lighter: call on your personal number and no mail (or something like this)
danz
2017-07-19 11:26
@stolzlos. I checked around 7 banks, 5 of them said no foreigners, have to be living in SG. One said minimum of 1 million USD to deposit.
sdfk787
2017-07-19 11:40
I didn't have any issues
danz
2017-07-19 11:48
When did you go @sdfk787?
danz
2017-07-19 11:49
I have heard more stories of people not getting accepted that easy anymore.
danz
2017-07-19 11:49
Personally know two people who had a hard time the last 12 months.
danz
2017-07-19 11:49
Also, remind that you can not also not open a USD/EURO or your currency account straight away. But first need to open a SGD account, after a while you can only open a new account with your currency.
sdfk787
2017-07-19 12:06
i went again last month
sdfk787
2017-07-19 12:07
i opened usd/gbp right away
sdfk787
2017-07-19 12:07
maybe you should try getting a referral or apply through privilege/private banking
danz
2017-07-19 12:21
Yes perhaps that makes it easier, but they make it slowly harder and harder for foreigners.
brutus
2017-07-19 16:47
@sdfk787 What do you mean by "getting a referral"?
What is "privilege/private banking" ?
maxsuur
2017-07-19 17:03
do you remember when facebook required an invite? So, it is the same.
maxsuur
2017-07-19 17:04
Someone the bank trusts recommends you
maxsuur
2017-07-19 17:05
That is a referral
brutus
2017-07-19 17:25
Thank you maxsuur, got it
wojtek
2017-07-19 19:57
@danz once you have 200k deposit nearly every bank takes you
wojtek
2017-07-19 19:57
I can open private banks account everywhere but I can't get a business account
stolzlos
2017-07-19 19:58
@wojtek you mean in Singapore?
wojtek
2017-07-19 19:58
@sdfk787 which bank?
wojtek
2017-07-19 19:58
no I want one in Europe
archivebot
2017-07-20 07:20
has joined #banking
brutus
2017-07-20 07:21
Leupay corporate account opening: do you know if they will use the corporate tel number for something (verification, etc...)? Or I can put any tel number... ?
maxsuur
2017-07-20 08:21
@archivebot
maxsuur
2017-07-20 08:22
thought this bot would have something meaningful to say :slightly_smiling_face:
wojtek
2017-07-20 09:31
You can put in any number and change it afterwards
wojtek
2017-07-20 09:31
in Leupay
max
2017-07-20 09:37
@brutus leupay uses the number as a 2fa, i had some trouble with it, you cab change that in the settings later
mescos
2017-07-20 22:48
@stolzlos - you mentioned that you were looking to open a corporate bank in Singapore at OCBC I assume. Did anyone ever send you that list of easy OCBC branches that you were looking for?
stolzlos
2017-07-21 03:56
@mescos I am planning on opening a personal bank account. Business I plan for next year. For personal I intend to try in the following order DBS, UOB, OCBC. OCBC last because it is considered the easiest. And no, I have not seen such a list. Would be very much appreciated!
harvie
2017-07-21 06:42
@stolzlos OCBC you'll need passport and a original bank reference from your home bank. That's all it took along with a good reason to why I needed the account ( I told them I have a client in SG and this makes it easier for them to pay me).
harvie
2017-07-21 07:34
@wojtek I think we're in the same crypto Skye chat :smile:, either that or someone has the same name as you.
harvie
2017-07-21 07:37
https://www.freedomsurfer.com/ic-hacks-00002/ anyone made a remote account at any of these banks recently?
harvie
2017-07-21 08:00
https://international.standardbank.com/pbbinternational/personal/savingaccount/internationalreserveaccount @simon do you still recommend this account type to store money @simon?
harvie
2017-07-21 08:53
http://www.barclays.co.uk/Otheraccounts/Currencyaccounts/ForeignCurrencyAccount/P1242557963858 this looks like another good and easy option for me (I'm looking for USD/EUR)
harvie
2017-07-23 13:08
I just setup my Transferwise Borderless account. The EUR account has TW Harvie, the US account just has my full name. Has anyone used the service yet?
stolzlos
2017-07-23 13:15
@harvie have you created an account with standardbank or barclays yet? I am also on the lookout.
harvie
2017-07-23 13:20
@stolzlos not yet, I've gone and bought me a dutch simcard and have a friend in Netherlands, going to see if I can get N26 first, if not then I'm going to decide between the two options above.
harvie
2017-07-23 13:20
My simcard comes next week so will wait a little while. I contacted Mutlibanks in Panama too to create a remote account, not holding my breath though.
roman
2017-07-23 13:26
By the way, I was successful at receiving N26 card to ClevverMail and they've already forwarded it to me. Didn't get it yet tho.
maxsuur
2017-07-23 14:44
@harvie Transfers usually do go through despite the "TW" prefix
harvie
2017-07-23 15:20
@maxsuur thanks, shame they don't have a debit card with the account :disappointed:
maxsuur
2017-07-23 15:59
I think they will release one soon if the this borderless experiment proves successful
ivo
2017-07-24 08:46
has joined #banking
yannerbp
2017-07-25 22:46
has joined #banking
stolzlos
2017-07-26 14:53
does anybody have a list of ocbc branches in Singapore? hard to find via web.
stolzlos
2017-07-26 14:57
would be very much appreciated. thanks.
roman
2017-07-26 16:45
I was just able to open TW Borderless from Canada. When did that happen??? I thought it was Europe, but saw the link in the menu today, opened it, and they let me to enrol for an EUR account!
harvie
2017-07-26 17:33
@stolzlos check your PM
fish
2017-07-26 17:40
@roman Thank you for pointing this out - looking at it myself now
roman
2017-07-26 21:56
@fish were you able to enrol too?
roman
2017-07-26 21:57
Worked for me for both personal and business accounts (under the same email).
fish
2017-07-26 22:50
@roman I'm not sure which currency to choose, does it matter? can it be changed at later date? can I have multiple currencies?
fish
2017-07-26 22:51
Also it says:
Additional information
After these amounts, we will need to ask you how you use your borderless balance, and for what purpose you receive payments. $10,000
Is it a total or present in the account in a point of time?
roman
2017-07-27 00:22
I added EUR, USD. You can have multiple. But only eur, usd and British pounds have real bank account info associated with them.
brutus
2017-07-27 08:51
Anyone has experience of Paysera please? Seems interesting (low fees) according to website? Too good to be true?
fish
2017-07-27 08:54
@brutus Id like to know more as well
fish
2017-07-27 08:55
@roman, do you understand the meaning of
> After these amounts, we will need to ask you how you use your borderless balance, and for what purpose you receive payments. $10,000
ivo
2017-07-27 09:03
@brutus I am using Paysera. I am pretty happy with it. Only using the personal account but I know people who are using it for their business. However, they have recently increased their fees. I think its around 15$ per international wire.
alex1
2017-07-27 11:06
has joined #banking
alex1
2017-07-27 11:08
Hello guys, new here not sure where to ask
alex1
2017-07-27 11:10
Have the following situation, Im holding some money in cryptos, Im german citizen currently living in Thailand and also spend more then 180 days here. I would now like to get some of those cryptos into fiat, but Im not sure how to go about this. I already have a singapore personal banking account and a hong kong limited and wanted to set up a business account in singapore with that as well, but now found out they signed this new agreement and thus this doesnt seem like a very good idea anymore.
alex1
2017-07-27 11:11
I never paid any taxes in my life really, i never had a real job either.
danz
2017-07-27 11:13
You can sell your cryptos on localbitcoin and receive cash. Not the best rate, but perhaps an option for you?
alex1
2017-07-27 11:14
its more about that i never paid taxes on any of these funds
alex1
2017-07-27 11:14
and also would like not to do so :slightly_smiling_face: or at least not to much
ivo
2017-07-27 11:16
are you a german tax resident?
ivo
2017-07-27 11:16
that's probably where you should start
alex1
2017-07-27 11:18
im about to unregister myself now for this year dating back to jan
alex1
2017-07-27 11:18
talked to a tax consulatant that should be no problem
alex1
2017-07-27 11:18
can prove i have no place to live et etc
ivo
2017-07-27 11:19
usually yes, but it really depends on the judgement of the person you're dealing with at the 'Finanzamt'
alex1
2017-07-27 11:19
i actually know someone working there
alex1
2017-07-27 11:19
so i think i should get that sorted
alex1
2017-07-27 11:20
now my plan was to open a corporate account in singapore with the hong kong limited and put the money in there
alex1
2017-07-27 11:20
but i heard them signing this new agrement
ivo
2017-07-27 11:20
if so and you are a thai resident for tax purpose AFAIK they have a territorial taxation system so you're only taxed on the income that you remit back to thailand. However, the whole system is a bit tricky and you should cosnult a local tax advisor
alex1
2017-07-27 11:21
and now im quite scared about doing so
ivo
2017-07-27 11:22
tricky, as in there may be situation where you are taxed on foreign sourced income. But I am not an expert on it and a local tax consultant can help you better.
alex1
2017-07-27 11:22
well the money would never go into thailand at all
alex1
2017-07-27 11:22
i also put quite a bit into thai banks, never got any questions ask
ivo
2017-07-27 11:23
Otherwise I can provide you with the contact of an international tax consultant specialised on german residents. He'll can help you out with most problems regarding taxation, banking ect.
alex1
2017-07-27 11:24
that contact would be nice yes
alex1
2017-07-27 11:24
so if i just open that corporate account in singapore now
alex1
2017-07-27 11:24
deposit money into it
alex1
2017-07-27 11:24
would i ever run into problems?
alex1
2017-07-27 11:25
would mostly just put it onto brokers
brutus
2017-07-27 11:29
Thank you @ivo for feedback, I will proceed with opening Paysera then (Perso then Business).
Leupay I am waiting for the card to be fully verified then will open Business account
ivo
2017-07-27 11:31
That depends on what you mean by problems: If you made capital gains during the time you were a tax resident in germany and they find out about that, then yes, you could get into trouble. And to be fair, I think this should not be a discussion or guide about tax evasion. It's a crime with all its consequences.
Much rather, be forward looking and think about future tax prevention.
alex1
2017-07-27 11:31
Well its a tricky situation
alex1
2017-07-27 11:32
i made the money playing poker
alex1
2017-07-27 11:32
but i cant even prove that because its on some chinese app
alex1
2017-07-27 11:32
so its just bitcoins coming from somewhere :confused:
alex1
2017-07-27 11:34
and poker is technically not allowed in thailand
alex1
2017-07-27 11:34
so hardly going to the tax office here and say i want to declare it
roman
2017-07-27 13:59
@fish I think it?s just basic KYC. What I don?t understand though if it?s at $10k per transaction or $10k for account lifetime. I suggest you just email them and ask. They replied within 24h in the past to all my questions.
roman
2017-07-27 14:02
@alex1 Do you need all the money right now, or are you just trying to exit crypto? If you don?t need the money now and you want to preserve the earnings, you could convert BTC to USDT (it?s another crypto, with rate tethered to USD). Some might consider this risky, so exercise caution too. Once you have USDT then you can just convert to BTC in small amounts and withdraw that in Thailand. I?ve heard it?s pretty simple and can be directly credited even to your Thai bank account (which is also quite easy to get).
agalt
2017-07-27 14:03
@ivo Good point. This topic often gets caught up in the "But I don't want to pay my taxes" instead of, "are there legal ways that we can minimize them or eliminate them.
agalt
2017-07-27 14:04
* "
agalt
2017-07-27 14:05
the us tax code is full of all sorts of "like kind exchanges" and so on and so forth. Theres probably a solution or an exemption somewhere for this - in Germany's tax code as well-
alex1
2017-07-27 14:35
Well I could just put it all now into my Thai bank I think that's not even an issue. But getting money out of Thailand can be tricky, government might change and I get in trouble later and I could never use the money to buy property somewhere I assume
agalt
2017-07-27 14:35
you have many good options
fish
2017-07-27 14:37
@roman
1. The 10k is the total of all incoming transactions into a Bordesless account
2. TW is working on increasing this limit
pedrodemendez
2017-07-27 17:37
in germany, if you held the crypto more than 1 year, you don't have to pay taxes on them
pedrodemendez
2017-07-27 17:37
capital gains*
pedrodemendez
2017-07-27 17:38
then put those monies in an overseas bank account and start withdrawing from jan2018 in thailand
harvie
2017-07-27 22:26
For anyone wondering I managed to open my N26 account remotely a few days ago. I should get my card in 8-10 days, was a simple 5 min process and video call.
harvie
2017-07-27 22:34
Final thing is to change my OCBC business account to something cheaper with a lower starting deposit for my HK business. going boots to the ground in England next week asking banks and will be in Eastern Europe later next month. If anyone has suggestions for me that would be great.
alex1
2017-07-28 01:46
but most profits i didnt make of bitcoins, they still going to ask where the initial bitcoins came from right?
alex1
2017-07-28 01:54
Can some people give an oppinion on corporate banking in georgia? banks are safe? if i send money to europe out of georgia no issues?
fish
2017-07-28 12:08
N26 was easy enough I'm supposed to get my black card tomorrow
alex1
2017-07-28 12:11
another question for that crs
alex1
2017-07-28 12:11
if i open a corporate account with my hong kong limited in singapore
alex1
2017-07-28 12:11
that means singapore has to report back to hong kong right?
alex1
2017-07-28 12:11
it doesnt matter what nationality i am or where i am a tax resident?
agalt
2017-07-28 12:21
Montenegro is not currently CRS complaint, but they will be next year. Georgia and Tiwan are also not CRS complaint @stoplight might know a few others. This will give you some time to move it into a corperation that is owned by an offshore trust in the Bahamas or somewhere like that
agalt
2017-07-28 12:23
Georgian legal structures also allow you to use special corperations to own other legal entities in other countries that would hold your bank accounts out of your name.
alex1
2017-07-28 12:24
im reading this now
alex1
2017-07-28 12:24
if i scroll down to CAA
alex1
2017-07-28 12:25
is that the list of countries singapore exchanges information with?
stolzlos
2017-07-28 14:01
I just managed to get a DBS account. Was turned down the first time. Tried another branch and was lucky.
david99
2017-07-28 14:08
@stolzlos Congrats! May I know which branch of DBS would open the account? What reason did you give for opening the account?
stolzlos
2017-07-28 14:18
I went to Marina bay financial center
stolzlos
2017-07-28 14:19
because Vickers DBS is there
stolzlos
2017-07-28 14:19
their brokerage branch
stolzlos
2017-07-28 14:19
told them that I want a brokerage account and they told me that I need a bank account for that
stolzlos
2017-07-28 14:19
told them that I can live with that :wink:
stolzlos
2017-07-28 14:21
since the brokerage account is free anyway I thought why not try that angle and that did the trick
stolzlos
2017-07-28 14:21
the staffer would never have given me the account for savings. they wanted to hear "investing" or "investment banking".
david99
2017-07-28 14:30
@stolzlos Thank you for the info :)
stolzlos
2017-07-28 14:33
you're welcome
stolzlos
2017-07-28 14:34
it seems that this also works with other banks but I will know more next week.
david99
2017-07-28 14:38
I prefer DBS :)
harvie
2017-07-28 16:13
@stolzlos personal account right?
stolzlos
2017-07-28 16:14
yes
bitesak
2017-07-28 17:39
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pascal
2017-07-29 11:56
Freezing of EU bank accounts : https://investir.lesechos.fr/traders/forex-infos/ue-projet-d-un-gel-preventif-des-depots-pour-parer-aux-ruees-1696044.php
jase
2017-07-29 12:50
OCBC Securities staffers use the same line so yep
stoplight
2017-07-29 14:35
Here?s the most updated list for CRS / AEOI from the OECD itself?as of June 2017?101 jurisdictions will be implementing it this year and next year?.there are still many countries which are not part of it?like @agalt said?Montenegro, Georgia and Taiwan aren?t part of it?in Southeast Asia you also also have Thailand and Philippines not signing?in Latin America you have numerous options including Guatemala, Honduras, Nicaragua, Bolivia, Ecuador, Paraguay, Guyana, Suriname and Peru?.in the Caribbean you have the larger countries of Jamaica and the Dominican Republic not part of the CRS?and if you want to look towards the smaller islands for that sun, sea and sand offshore banking?you have Tonga, Maldives, Palau and Fiji in the Pacific?other bigger countries like Macedonia, Papua New Guinea and Ukraine haven?t signed either?and of course you have most of the African countries not being part of the CRS/AEOI as well?but in my opinion?doing banking there?you would have to be really bold! :smile:
stoplight
2017-07-29 14:40
International banks are present in many of these countries..some would be easier than others..my personal experience opening a savings account in Tonga was as simple as going to the bank with my passport (with a tourist visa) and getting my atm two days after?.this was ANZ bank! :slightly_smiling_face: ?would really depend where you are currently located in the world?but for sure..there would always be a country near you that would be none-CRS compliant and easy to get residency for banking purposes.. :slightly_smiling_face:
etperth
2017-07-29 17:47
Hey guys, I have a UK company but as a UK bank account I only have a Revolut Business bank account (work very well actually). However, I'd like to get a UK bank account in a bank like Citi bank or HSBC but I'm not resident. Do you know any way to go around this ?
stoplight
2017-07-30 00:05
@pedrodemendez yup! Thailand and about 40 others are part of the OECD?s Global Forum on Transparency but they haven?t signed on yet and agreed on implementing the automatic exchange of information.. :slightly_smiling_face: ?it?s one thing to say ?yes, we want to be transparent? and another thing to actually say?.?yes, we?ll share information with you? ? :smile: ..here?s the complete list of Global Forum members:
http://www.oecd.org/tax/transparency/about-the-global-forum/members/#d.en.351555
stoplight
2017-07-30 00:34
AFAIK, the countries that are part of the Global Forum are all UN member countries and of course, there was pressure from the UN to take part in the OECD?s affairs. Taking part and taking action are two different things. lols! :smile:
?IMHO?if you really don?t want most countries (except U.S.) to meddle in your financial accounts for now and until the foreseeable future?then find a way to bank in these two countries, Taiwan and Kosovo?because of their non-membership in the UN?they really can?t take strong participation in many global affairs?.which could be a negative for some but positive in many aspects also including CRS/AEOI... :slightly_smiling_face: ?and although Kosovo is recognized by more than 100 UN countries?many still don?t recognize it?..and whereas Taiwan is ?officially? only recognized by 20 countries and many others ?unofficially???ultimately for both countries it?s always going to be a gray area in many international policies?.this gray area is where we all thrive! lols! :smile:
stoplight
2017-07-30 00:40
Based on this list?like I said..taking part and taking action are two different things?the list details the action done by the countries that have committed to do CRS and will implement AEOI?.apparently?not everyone who committed are doing something about it?such as having the necessary laws to do so?much more implement it I presume?for example?Russia has committed to share information but according to this list which was updated early this month?no legislation has been made to implement CRS so anything that will commence AEOI is not going to happen in 2018 even though they committed to share information by then? :slightly_smiling_face:
stoplight
2017-07-30 00:49
On the lighter side of things?if you really want a solid bank that will last you until your demise with no one looking into it?become a priest and do banking in the Vatican Bank?.lols!!! :joy:
brutus
2017-07-30 13:52
@harvie @stolzlos Can this trick works also for corporate account? After all your company can also be interested in investing ?
stolzlos
2017-07-30 14:35
@brutus I don't know. But there are lots of banks in SG and each one has a lot of branches. I assume that trying a few times you will find out what they need to hear from you.
brutus
2017-07-30 14:36
Thanks!
harvie
2017-07-30 16:35
@brutus you can try you have nothing to lose. They did ask me several questions about my business, my income, contracts and so forth though. I also had a client from Singapore who was paying me and I think that was the deciding factor.
harvie
2017-07-30 17:25
I would say it's a lot harder for a business account.
stolzlos
2017-07-31 01:29
in regard to OTP with DBS
stolzlos
2017-07-31 01:30
if I set OTP to overseas mobile who (and how) is paying for the SMS?
ivo
2017-07-31 08:06
Hi @stolzlos I can't answer for DBS in particular but with my overseas bank I receive them for free and I assume this is the case with any other bank in the world.
harvie
2017-07-31 08:53
@stolzlos SMS has always been free for me. Some banks (UK banks) sometimes call you and ask to enter the number shown on the screen, when that happens I need credit on my phone.
danz
2017-07-31 09:05
Always free, no matter where you are I believe.
agalt
2017-07-31 09:54
This is what one guy I worked with back in the states that did time behind bars said.
agalt
2017-07-31 09:58
* for drugs. Anyway. The us likes to lock people up for freeing their mind for a green plant.
agalt
2017-07-31 09:58
*with a green plant.
stolzlos
2017-07-31 11:14
@ivo @harvie @danz thanks for the info
stolzlos
2017-07-31 11:14
I just came back from UOB
stolzlos
2017-07-31 11:14
2nd try, worked again
stolzlos
2017-07-31 11:15
this time I tried a joint account with my wife
stolzlos
2017-07-31 11:20
First we visited UOB-Kay Hian at 39 Circular Rd to open a joint brokerage account but they immediately said that without joint bank account that won't be possible. They created the brokerage account for us anyway and gave us a letter of recommendation for an UOB bank account and off we went to UOB 80 Raffles Place.
svending
2017-07-31 14:40
has joined #banking
stevesmith
2017-07-31 20:36
has joined #banking
alex1
2017-08-01 04:48
Im considering opening my singapore account for my hong kong limited. Now i mainly want to use the hong kong limited as an investment tool. Is that a fine business activity for the banks questionary?
brutus
2017-08-01 07:44
Anyone knows if the brokerage account hack works also in Hong Kong or it is only valid in SG?
harvie
2017-08-01 09:06
@alex1 you might struggle to open a business account in Singapore for that reason. When I opened up I had to show lots of doucs including invoices etc.
alex1
2017-08-01 09:09
but i just opened the company
alex1
2017-08-01 09:09
so hard to have any invoices right?
harvie
2017-08-01 09:36
@alex1 then you'll need a business plan and what your goal is. I had papers as me as a freelancer and not my business, and told them I'm in the process of moving them to my business. I also had payments receipts.
I think a few people in here have tried to setup a Singapore business account for investing, not sure on how successful they were. Think your only option is OCBC ($30k deposit), not sure if anyone here has made a DBS account in 2017 ($1k deposit).
harvie
2017-08-01 09:37
you can make one in Thailand at BKK bank, you need your docs translated in Thai first from the embassy in HK. I'll be doing that later in the year
alex1
2017-08-01 09:39
ocbc good bank?
alex1
2017-08-01 09:39
i also want to invest on a seperate broker not with the bank
harvie
2017-08-01 09:41
I've had no problems with service, just a little annoyed at the min balance levels though.
alex1
2017-08-01 09:41
so only downside is i have to keep 30k in there right?
alex1
2017-08-01 09:42
can do it in another currency then USD?
harvie
2017-08-01 09:43
USD or SGD. SGD comes with debit card, USD doesn't
bigworld
2017-08-01 16:55
has joined #banking
millnmd
2017-08-02 01:17
Just got my ITIN in the mail with needing to do a tax return. Next step Chase Sapphire Prefered and Freedom CC then I'll see if I can get the Charles Schwab Checking Account.
millnmd
2017-08-02 01:17
Without* needing tax return
gregor
2017-08-02 08:49
Wondering what payment solutions e-residents of Estonia are using and how they like them? I just need one or two payments per month from Canada and transferwise borderless seems to make the most sense but they don't allow me to pay for fees when requesting money which makes it somewhat inconvenient for my clients
roman
2017-08-02 11:26
@gregor I think Payoneer should work.
gregor
2017-08-02 19:05
@roman Payoneer I remember looking at and fees were ridiculous. I need a low cost solution for high amount transactions of around 8000$ a payment.
gregor
2017-08-02 19:12
@pedrodemendez bitwage seems interesting. Still a little high for large sums but so far along with holvi the only viable alternatives.
roman
2017-08-03 01:34
@gregor ya the fees are high because of credit card processing. But I can't think of any other easy way to accept payments from Canada. The other would be to wire, but its a hustle to the client and would cost them $20-$35.
Maybe WorldPay?
fish
2017-08-03 18:13
I recall someone got a debit card from TransferWise?
agalt
2017-08-03 22:43
good news and bad news. Il start with the good news first: Had a wonderful night out with friends in georgia. Bad news: my stupid self left my US corp card in an ATM here in tbilisi (its ok though because it will take a week and I will get it back) Even better news- Corprate Accounts can automatically block use of the card immediately online with the click of a button. Grabbed the backup card for my corprate account, and its time to go explore and go clubbing in Armenia tomorrow. No worries. Happy to have my Trust + US LLC... Makes life easy :smile:
fish
2017-08-04 08:15
@agalt, what is this TRUST you're talking about?
agalt
2017-08-04 12:00
bahamas
agalt
2017-08-04 12:02
This is what I use. Some others on here may use something similar
harvie
2017-08-04 12:07
@gregor is bitcoin an option?
gregor
2017-08-04 14:56
@harvie no. :(
otkeedca
2017-08-04 16:28
@agalt In your trust, do you have the the Settlor, Trustee, and Protector(s) as three different people/companies?
otkeedca
2017-08-04 16:32
Just wondering how you prevent collusion between the trustee and protector(s)
lifecoach
2017-08-04 20:09
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pragmatic
2017-08-05 11:29
@otkeedca I'm not agalt but they are all the same person/his lawyer
agalt
2017-08-06 07:02
it works quite well
brutus
2017-08-06 07:26
Leupay Business for IBC: which document did you provide?
agalt
2017-08-06 10:12
@pragmatic the names of the beneficiary, protector, etc can be whoever you specify. I picked an attorney since family are not reliable, and friends are spread out all over the world and often difficult to reach. Choose whoever you want.
otkeedca
2017-08-06 17:24
The purpose of the protector is to keep the trustee in check, so it seems like they would need to be two completely separate people to accomplish this. Also, settlors and beneficiaries of trusts are supposed to report the existence of the trust to tax agencies, in Canada and the US anyways. How do you get around that legally?
agalt
2017-08-06 21:36
Also: Just got back from Armenia... They have HSBC there :smile:
agalt
2017-08-06 21:36
and Lebanon banks as well...
adam1516
2017-08-07 05:39
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ciupi13
2017-08-07 08:29
has joined #banking
silviu.pojar
2017-08-07 09:02
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bmihalcea
2017-08-07 09:15
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bigworld
2017-08-07 14:30
What's the hipe with Armenia? I can't grasp it :confused:
agalt
2017-08-07 14:33
look at who banks there, then where the money goes after it flows through to other places
bigworld
2017-08-07 14:51
I bet they are not very concerned by KYC
agalt
2017-08-07 15:09
nope. It fills a demand in the market
popaionut
2017-08-07 15:15
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madalinchi
2017-08-07 17:41
has joined #banking
agalt
2017-08-07 18:29
@otkeedca this is why you should not be the beneficiary of a trust you use through a corperation as an employee on the debit card. This is explained in the document I posted... if anyone spent the time to read it.
agalt
2017-08-07 18:30
"In this Trust you are not the Trustor/Grantor/Settlor, the Trustee, or the Beneficiary, all positions that could result in problems. Instead you or your appointee(s) will be the Protector(s), which is all you need to control this Trust since the Trust will never do anything more than hold passive assets, like the shares of a company."
agalt
2017-08-07 18:32
"Own nothing. Control everything" - John D. Rockefeller
coroiumarius25
2017-08-08 07:03
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stefan
2017-08-08 07:23
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harvie
2017-08-08 10:28
Anyone have info on getting a bank account in Czech Republic? I remember reading on other forums that you could get one, will be there end of the month.
danielmoise
2017-08-08 13:41
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sego
2017-08-09 07:36
has joined #banking
alexanderhay
2017-08-09 12:41
hehehehehe! Don't hold your breat.
mikeseo
2017-08-09 21:35
@stoplight Do you think a Singapore bank would report a Philippines citizen's bank account information to the PH government/BIR? The account address is in the Philippines too.
stoplight
2017-08-09 22:24
@mikeseo nope?not at the moment nor anytime soon?. :slightly_smiling_face: ?.I have accounts at citibank SG?and so far?.no knocks on the door yet?lols! :smile: ..the Philippines hasn?t signed on for CRS/AEOI ?and with the new administration busy with so many politics and the war down south?the OECD will be the last thing on their mind. The positive thing about having a non-business educated President?is that many of the foreign business policies are off his personal radar. The previous BIR commissioner was highly educated while the current guy is still busy warming up his seat and removing people from the past administration?..that being said?it doesn?t mean they?re not going to work on it?.the government is now busy implementing many new tax reforms?.including new tax laws?implementing will take roughly 1-2 years?as for joining the CRS/AEOI bandwagon?it will take at least 3 more years to even sign-on to it?as the relationship between the US and the Philippines is at a weird place right now. The US is of course the a$$hole pushing for all this. And with Duterte and Trump being focused on themselves more than anything else in the world, this will definitely not be a priority.
stoplight
2017-08-09 22:28
My guess and not-so-professional opinion is that it will probably be discussed 2-3 years from now and then maybe, just maybe it will be implemented 2 years after that. So we?re looking at 2022 earliest?. :slightly_smiling_face: ?of course I could be wrong but laws are not being written or changed in this area which is the first step in taking part in the CRS/AEOI?.unless a congressman and senator is paid to write-up legislation to go against the millions of Filipinos working abroad and sending their money home to the Philippines?then the chances of this CRS/AEOI is slim. Not to mention, many politicians have foreign bank accounts hiding all that illegally obtained wealth? :smile: ?hahaha?
stoplight
2017-08-09 22:36
Right now, i?m personally not concerned about it but I have taken steps to prevent this future interference. I?m slowly changing the citizenship in my SG accounts. Even if CRS/AEOI is done, my other citizenship doesn?t tax foreign income so it will be pointless. Unfortunately, as a Filipino, i?m liable to taxation from my foreign sourced income. In your case, If you put your SG account in your name, as a resident foreigner, you?re not liable for taxation on your foreign based income so maybe its safer to put it in your name so you won?t be hassled later on? :slightly_smiling_face:
mikeseo
2017-08-09 23:54
If it's in my name, I only get to withdraw $100k a year tax free using the US foreign earned income exemption.. And I can only exclude active business income, not passive investment income. One other thing which might at least help to confuse the BIR, I think my wife is registered as a non-resident/ofw and she is just "visiting" the Philippines for 8-10 months a year.. Any idea how long she can stay in the Philippines as a ofw? I think she said she has to leave once every 6 months?
mikeseo
2017-08-10 00:01
Does your Caribbean passport list your birthplace?
daciandemian
2017-08-11 07:54
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stoplight
2017-08-11 22:28
@mikeseo Oh?you?re a US citizen? This complicates things?.as for your wife?if she?s registered as an OFW?she?s still a Philippine citizen holding a Philippine passport I presume. Technically, she?s still suppose to pay taxes as an OFW. It does have certain advantages though, if she can get a double-taxation exemption from the BIR then theoretically she?ll not be bugged by them as much regardless if she stays in the country full time or not. As a non-resident citizen, OFW or dual citizen in my case, we are allowed only to stay for a maximum of 12 months or thereabouts in the Philippines. After that, you?re ?suppose? to file for extension. An OFW is limited by a contract with the employer so if she no longer has a foreign contract then technically she?s back to her local resident status. A quick visit to sign a ?contract? in another country should reset all that. :wink: If your business flies low under the radar, then the BIR shouldn?t bug you as much but the inflow and outflow of money may raise flags unless you bank with an international bank such as HSBC or Citibank. If you?re entitled to the HSBC Premier or Citibank Gold in Singapore, you can open a bank account relatively easy in the Philippines through the same banks and you can even transfer funds online without any government interference. You can then open any other local bank account for everyday use. This is, in my opinion, the best solution for you if you?re expecting huge funds from SG to the Philippines to flow regularly. Again, since there is no CRS/AEOI between Singapore and the Philippines, right now, you shouldn?t worry about this for the next couple of years. And oh yes, all Caribbean passports state the birthplace. In fact, all countries are now required to have the birthplace written on their passports. I?m not worried about this in the future even if the CRS/AEOI is implemented in all three countries as numerous loopholes of tax laws have been considered and my current companies already have clauses for their contracts with me to utilize them. I would rather not go into details on that. :wink: Always consider that in the CRS/AEOI, despite signing and implementing it, all countries concerned must have applicable laws to open their citizens bank accounts. Because of U.S. pressure, the Caribbean countries have all signed with the OECD?s CRS/AEOI but they haven?t written any laws about it. Will they? Maybe. :smile: When? When we colonize mars? Lols! The island nations will not shoot their own foot. :smile: On the other side of the coin, the Philippines will not shoot down the millions of Filipinos abroad who have bank accounts ?who send money to their loved ones? back home. In my opinion, you?re safe, for at least 5 years. As long as you keep the money away from FATCA shit, you?re safe! :smile:
danielabagnale
2017-08-14 09:45
Has anyone been able to open a foreign currency account with UOB in Singapore, as a non resident? I was able to open a SGD account with them but was told I needed to invest with them in order to open an
danielabagnale
2017-08-14 09:47
USD/EUR account. Has anyone found a workaround for this? I also opened an SGD account with OCBC and could open a foreign currency account there, however I was told it would have no Internet banking, meaning I could only withdraw my money locally. Any tips are very welcome.
danz
2017-08-14 09:51
Sent you a pm with my experience last week
danz
2017-08-14 09:51
Perhaps it helps you
lucian.avadani
2017-08-14 14:47
has joined #banking
liviu
2017-08-14 22:12
has joined #banking
adrian7
2017-08-14 23:28
has joined #banking
valicotiga
2017-08-15 00:30
has joined #banking
actsellers
2017-08-15 04:32
has joined #banking
toughsegment
2017-08-15 12:52
has joined #banking
danielabagnale
2017-08-16 05:39
Has anyone been able to open a personal account in Hong Kong recently, without residency?
jd
2017-08-16 09:41
Sorry if this has been covered guys, but transferwise borderless USD wallet sending - Is this sent under the business name, or is it sent with the TW prefix?
tkrunning
2017-08-16 14:19
@jd I haven't done it yet myself, but I'm pretty sure it says TW on the transfer
jd
2017-08-16 14:20
@tkrunning Ok thanks mate!
maxsuur
2017-08-16 14:21
it sure appears @jd
dia951
2017-08-16 14:37
has joined #banking
neal
2017-08-17 16:15
has joined #banking
brutus
2017-08-18 08:05
About new CRS legislation, have your banks asked only for your TIN - Tax Identification Number or an official proof as well?
brutus
2017-08-18 08:07
And is anybody in a country without TIN? Have they accepted only the country or do you still have to provide one?
roman
2017-08-18 11:31
I use uphold. It's good.
roman
2017-08-18 11:31
@brian ^
roman
2017-08-18 11:32
Yep. I got a business acc and can draw up to 5k per day.
roman
2017-08-18 11:32
Downside slow processing
roman
2017-08-18 11:32
ACH normally takes a day. Eg with transfer wise. With them it takes 8-10 days.
roman
2017-08-18 11:33
I'm guessing they hold to avoid fraud
roman
2017-08-18 11:33
Why 5k I dunno that's the rules. To raise you probably need to talk to them. I didn't needed it as I'm not moving that much. I just did it in a few conseq days
roman
2017-08-18 11:34
It was new. I didn't ask.
roman
2017-08-18 11:35
Ya maybe they are making interest too. But they hold in usd. How much interest are they making. Unless, ofc, they trade with it.
roman
2017-08-18 11:36
Even at a generous 2%/y savings rate you gonna make so little.
roman
2017-08-18 11:36
Unless of course we are talking millions. But with 5k limit I don't know ))
roman
2017-08-18 11:37
I only use them because of ACH and low fees. It satisfies my criteria.
roman
2017-08-18 14:49
ACH (Automated Clearing House) is a way to get money out of the bank account. I just provide them an account number and routing number and they are able to draw funds from my account. This is opposed to wiring the money. a) there is a wiring fee for each wire and b) some bank are pretty anal about wiring (the case with my bank).
roman
2017-08-18 14:50
I don?t need to contact the bank in any way to initiate the txn.
roman
2017-08-18 20:10
It's US only. I have a US bank.
roman
2017-08-18 20:10
I need it because my US bank won't issue wires.
roman
2017-08-19 10:52
@brian I don't understand... how can you fund an exchange account with TransferWise? You can't compare the two. It's apples and oranges.
roman
2017-08-19 10:54
But they don't support usd to usd?
roman
2017-08-19 10:54
You have to convert currencies.
roman
2017-08-19 10:54
And borderless was introduced after I got uphold acc )
brutus
2017-08-19 13:38
Actually, Transferwise wrote me they can allow me to use them to transfer money without currency conversion (EUR to EUR), for business account (currently under verification)
brutus
2017-08-19 13:42
TransferWise Business Support:
"Regarding your question, we typically do not support same currency transfers, but it can be enabled for you if this is requested."
bigworld
2017-08-19 13:46
I have read that Transferwise borderless account support EUR to EUR, USD to USD, etc. Thing is that they will charge 0.5% anyway.
gregor
2017-08-20 11:14
I'm Canadian and struggling to find a good solution to accept payments from a Canadian client. Averaging $8K one time per month. Holvi /revolut don't accept payments from outside Europe. Transferwise seems geared towards personal transfers and says they do not accept wire transfers from my client into a transferwise borderless account.... Asking my client to set up a transferwise account is not going to go over well. And asking them to cover the fees because transferwise can't charge them to me is not professional. Hence I was hoping for a wire transfer where my client can state to have me pay the fees... Anyway. Stuck now until I get an Estonian bank account opened. Has anyone been able to overcome this challenge when dealing with non-EU clients?
roman
2017-08-20 12:50
@gregor how do you see an ideal solution?
Can you open a Canadian bank account?
goyologo
2017-08-20 16:35
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gregor
2017-08-21 03:11
Seems transferwise is not so wise....
gregor
2017-08-21 03:12
Ideal solution would be an online direct debit to my clients cad account. Receipt in a bank account of my choosing or transferwise borderless type of account
stoplight
2017-08-21 06:27
@brian ?thanks for suggesting uphold?interesting website?read through it?seems to be a paypal-like service but backed by digital currency?very interesting concept?I haven?t registered yet?are the verification requirements tedious? how?s your experience with b2b payments?
gregor
2017-08-21 08:18
Uphold is bitcoin. Too risky IMHO
maxsuur
2017-08-21 09:16
I opened an account one year ago with them
brutus
2017-08-21 10:44
Maybe a quick Google search for user comments ?
roman
2017-08-21 11:46
@gregor you can use Rotessa or Telpay, but you need a Canadian bank account.
scorps
2017-08-21 15:05
@brutus Only TIN number with no proof. I'm resident of a country that does not issue such a number. I usually just put my resident ID number instead. They don't ask questions.
stolzlos
2017-08-22 08:21
Anybody know how to wire usd within singapore using dbs? Cannot setup new recepient in singapore. only outside possible it seems.
gregor
2017-08-23 05:47
@roman Looks like Wiretransfer is the best option and I know in the past senders were able to charge the wirefee to the recipient. Currenty my client deposits a check at a local BMO branch for me so hopefully wire won't be an issue for them.
tatelev
2017-08-23 21:33
to recap: I have us LLC + Wells Fargo us bank account + I am not american nor live there. I talked today on phone to WF rep to explain my situation and see how I could apply for one of their credit cards. He said that since I don't have a us social security number, an ITIN(Individual Tax Payer Identification Number) and then show up in person at a WF branch with some proof of the ITIN
tatelev
2017-08-23 21:34
I took a quick look at the ITIN page on the IRS website and sounds like an ITIN is for individual that file taxes in USA(I don't)
tatelev
2017-08-23 21:34
So getting an ITIN might not be a good idea?
millnmd
2017-08-24 05:27
@tatelev I recently got my ITIN, you don't need to file a tax return.
tatelev
2017-08-24 05:29
@millnmd are you on similar scenario as me? and what did you get the ITIN for?
millnmd
2017-08-24 05:36
@tatelev I'm Canadian and have Bofa personal account, I wanted to get US CC rewards/hotel/travel and Charles Schwab Account.
otkeedca
2017-08-24 08:43
Can anyone suggest the best way to get a US physical address that isn't a CMRA forwarding company? It seems many companies are catching on to these and rejecting these addresses
otkeedca
2017-08-24 08:43
I'm looking for a residential address btw, not commercial
sylvain156
2017-08-24 08:56
has joined #banking
otkeedca
2017-08-24 09:01
commercial mail receiving agency
otkeedca
2017-08-24 09:02
if you buy an address from them, they ask you to fill out a form from the USPS
otkeedca
2017-08-24 09:04
yes, I have some of those, but it could still be a CMRA address
otkeedca
2017-08-24 09:05
apply for credit cards
otkeedca
2017-08-24 09:06
yup, they use software to verify the addresses now. See: https://smartystreets.com/products/single-address
otkeedca
2017-08-24 09:06
Capital One uses them on their website
otkeedca
2017-08-24 09:12
they're valid addresses, but they are CMRA addresses, which they specifically do not allow
otkeedca
2017-08-24 09:13
you can, just put a CMRA address in and it'll tell you
otkeedca
2017-08-24 09:13
physical address needs to be non-CMRA
otkeedca
2017-08-24 09:15
scroll down
otkeedca
2017-08-24 09:15
there's a big list of other variables they give you
otkeedca
2017-08-24 09:16
CMRA status is one of them
otkeedca
2017-08-24 09:16
there you go
otkeedca
2017-08-24 09:17
great! where did you buy your address from? haha
otkeedca
2017-08-24 09:17
sweet, thank you
otkeedca
2017-08-24 09:21
not residential though unfortunately
sylvain156
2017-08-24 11:14
Hi guys! I was in Singapore 3 months ago, trying to open a personal account in citi and HSBC (I visited 3 HSBC and 2 citi). I'm already a customer of HSBC Hong Kong (Profesional account). Both ask 200k usd deposit. They told I have to keep the 200k always in the account. I'm cannot keep 200k always in the account because it's almost 100% of my saving. Do you think they really kick me off if I remove the 200k one month later?
bigworld
2017-08-24 17:17
You can easily get a forwarding address in the US. Courier services will work straightforward with these addresses, but for USPS to deliver to you on that address you need to fill in USPS form 1583. Because it needs to be notarized if you send it by post, you can use an online notary like https://www.notarycam.com/application_for_delivery_of_mail_through_agent/
I am in the process of obtaining an ITIN. I asked for a letter from Amazon because it is needed some supporting documentation: https://kdp.amazon.com/en_US/help/topic/AG1CEL1G4FOGI
I want this because I want to open a brokerage account in the US.
anairda
2017-08-25 17:47
has joined #banking
stolzlos
2017-08-28 07:24
Does anybody know a good/cheap currency conversion service? Need to convert usd to cad
danz
2017-08-28 07:27
Can?t do this by Transferwise?
danz
2017-08-28 07:29
Oh didn?t know that
ivo
2017-08-28 14:33
@stolzlos I don't have personal experience with it but I've been told that Oanda has some extremely good rates when it comes to currency conversion. Check https://www.oanda.com/money-transfer/learn-more
brutus
2017-08-28 15:15
@ivo @stolzlos I used Oanda money transfer few years ago, it was great because almost interbank exchange rate and no fee! Then they closed this service but seems it it back now (available only in in the United States of America, Australia, Canada, the United Kingdom, and Germany) and they charge much more than before
brutus
2017-08-28 15:16
Anyone used https://www.hifx.com/ before? It was recommended to me long ago but I never used it
stolzlos
2017-08-28 16:02
thanks everybody. I will get quotes on the recommended and let you know.
gregor
2017-08-30 16:48
Has anyone cashed a Canadian or US$ cheque with their European Bank Account? Wondering what your experience was like, how long it took, etc?
gregor
2017-08-31 04:43
Follow up question... has anyone cashed a CAD $ cheque with their UK (LLP) Bank Account?
stolzlos
2017-08-31 17:24
I just funded my US E-trade account from DBS. I paid zero for the wire. Heaven!
johncitizen
2017-09-01 04:22
Hi, does anyone have experience opening a UK business banking account locally?
salliecookies
2017-09-01 15:13
has joined #banking
sylvain156
2017-09-02 10:49
Hi, if the amount is big, the tips is to use a broker with small fees. For example I simulated with my broker interactive brokers to convert 100.000? in USD, then convert again in euros, I would loose about 12? in the process, it's 2*(2$+small spread). 0,012% fees.
sylvain156
2017-09-03 00:58
Hi guys, a question about oecd (I have a French passport) : if I open a bank account in Singapore with a French address proof they will report to France? If I provide a Cambodian address proof they will not report to France? I don't really have address I'm moving every 2 months. Thanks
mikeseo
2017-09-03 02:59
the way I understand it, the bank might report to both countries. So to be safe you should be a non-resident in France.
sylvain156
2017-09-03 13:37
Thanks @mikeseo! Yes I'm not a French resident but I don't have any tax country
mikeseo
2017-09-03 13:51
Does the French tax agency agree that you're no longer required to pay taxes just because you don't live there? Or do they want proof of another residency?
sylvain156
2017-09-03 16:04
I asked them by mail and they answered "if you don't live in France anymore tell us while declaring your last income, then we will not ask you anything else, you will tell us when you come back. Keep in mind you need to have a taxe country."
sylvain156
2017-09-03 16:05
I did this, on my first and last annual taxe declaration I checked the box "don't live in France anymore" and they told me automatically "ok good luck tell us when you come back". That's all.
alexanderhay
2017-09-04 05:46
@sylvain156 But it sounds like they require that you "have a tax country" but do not necessarily enforce this? If so then it would be important to have a residency in a "tax country"?
mikeseo
2017-09-04 06:26
I would ask a few French tax lawyers about "you need to have a tax country", how it's enforced in real life. If the Singapore bank starts reporting your money to France, is France going to go after you? will you need to prove that you have another tax country?
alexanderhay
2017-09-04 08:17
Good advice. Getting a residency in a tax friendly jurisdiction is really easy if that's what you need, and provides a lot of benefits in addition.
sylvain156
2017-09-04 09:20
Yes @alexanderhay they don't enforce to have a tax country. If I pay my tax in Cambodia of course Cambodia will not report this to France, so I conclue France cannot know if I have a tax country or not because countries don't report this. I think France will not going after me even if Singapore reports me, France can think I'm paying my tax somewhere (actually I'm already reported by Hong Kong because I have an account there).
Currently France cannot even contact me, I don't have any address. I also closed my banks account in France.
I think nothing will happen unless I bring back money in France. Then I have to prove (with a document) that I had pay my tax somewhere. But it's very hard to pay tax somewhere when you don't really live in one specific country. You often have to stay long time in a country to be allowed to be a tax resident.
alexanderhay
2017-09-04 12:29
What if someday you want to go back to France, and they ask you, "Were you a tax resident of [blank]?"
sylvain156
2017-09-04 13:04
Yes that's the problem.. So the main idea is to have my money in a country which France cannot take it. Currently my money is in hk so it's OK. The idea is, if I plan to come back to France, I can contact France with the help of a local lawyer, and make a deal with them before coming back. "I plan to come back to France with xxxx?, what can we do? How much tax will I need to pay to be clean?". I guess we can negotiate 10 or 20% of the amount. If they ask too much I can just answer "ok I'm not going back". I mean if my money is in an other country I can negotiate. If my money is in France or in europe they will just lock my account without any arrangement possible.
sylvain156
2017-09-04 13:10
And the second thing is if I have a tax country for the last 3 years for example,it's probably ok... So if I find later a country where it's easy to being a tax payer I can do it later, and even if I wasn't a tax payer in 2016/2017/2018 no-one will ask me about this years. for example the government cannot ask to a French company for the taxes 4 years ago, the legal period is only 3 years. OK it's not an exact science lol...
rtiagm
2017-09-04 13:42
How do you guys open a bank account in other countries without a fixed address?
rtiagm
2017-09-04 13:43
I assume you no longer use your old address in France.
sylvain156
2017-09-04 14:34
For my part I use the method to make official paper more and more important. You use a hotel bill to open a bank account in Cambodia, then you use your bank statement to open a bank account in Singapore. Or in Thailand you can do h�tel bill >> r�sidence certificate (not sure about the name but it's an official paper with your name and address, I did it 2 years ago) >> driving licence. In Vietnam I did h�tel bill >> new French passport with my Vietnamese address written on it. Anyway I think the best is to create a bank account in an easy country then you have every month a bank statement
rtiagm
2017-09-04 14:58
and the banks don't send mail to the address they have on file?
rtiagm
2017-09-04 15:02
@sylvain156 Which bank did you use in Singapore?
sylvain156
2017-09-04 15:04
Don't think so @rtiagm. I don't have the account in Singapore yet I will try citibank in 1 month
patjk
2017-09-05 02:45
has joined #banking
freediddly
2017-09-05 12:11
has joined #banking
bravo17
2017-09-05 13:21
has joined #banking
harvie
2017-09-05 15:17
anyone use Revolt premium are the benefits worth it with the airport lounges and stuff?
fish
2017-09-05 17:19
Is there a better deal to get PP than this?
Standard for $99 per year: this doesn?t get you any free lounge visits, but rather you have to pay $27 per visit
Standard Plus for $249 per year: this gets you 10 free visits per year, and then each subseuqent visit is $27
Prestige for $399: this gets you unlimited free visits to Priority Pass lounges
roman
2017-09-05 20:15
I use PP it's aight. Some lounges are really a suck tho. In fact out of 5 I tried last year I only enjoyed one in IST
roman
2017-09-05 20:15
The other 4 was mostly to just refresh in the shower. Food was mediocre.
roman
2017-09-05 20:16
Review their list of lounges on your frequent routes and decide for yourself.
roman
2017-09-05 20:16
There's also Lounge Buddy. No membership but per visit is more $
sylvain156
2017-09-06 04:45
@sylvain156 uploaded a file: https://freedomsurfer.slack.com/files/sylvain156/F6Y6YED8R/20170906_134413.png
sylvain156
2017-09-06 04:45
Seems you have to pay each time you want the lounge so all depends of the price...
sylvain156
2017-09-06 04:47
(it's a screen from r�volut)
brutus
2017-09-06 05:18
I have seen other lounge pass, this one being the most common but friend of mine using it said same lounge as PP (you should check the list):
https://en.dragonpass.com.cn/
brutus
2017-09-06 05:20
And that one but I have no idea if any good:
https://www.loungepass.com/index.cfm?fuseaction=information.loungepass&c=2
brutus
2017-09-06 05:34
I got unlimited PP from bank with platinum visa & master card. I travel almost every week and visit mainly Western/Eastern European lounges like Barcelona, London, Paris, Brussels, Frankfurt, Munich, Budapest, Vienna, Amsterdam, Rome, Milan, Stockholm, Vilnius, Moscow, Kiev, Minsk... facilities and food vary from lounge to lounge but in general snacks and drinks. If traveling occasionally, I would not buy it
brutus
2017-09-06 05:55
Can't find earlier thread on this so I'll post here.
Transferwise & multiple Business Account, seems possible but:
"If you own or wish to make payments on behalf of 2 or more businesses, please contact us so we can assist with setting this up."
https://transferwise.com/help/article/1662889/business/how-do-i-use-transferwise-for-business-payments
maxsuur
2017-09-06 16:56
Anyone using SEPA direct debit payments to charge their customers? Seems that stripe has a feature for that very thing, called "source"
maxsuur
2017-09-08 09:56
Anyone Banking in Isle of Man's Standard Bank?
gregor
2017-09-09 01:31
Transferwise has been somewhat disappointing. They limit borderless transfers to 3000$ and don't always support direct debit. Customer service doesn't have a clue half the time. For personal transfers it has been great. Hopefully there will be better alternatives soon
ken
2017-09-12 23:01
has joined #banking
maxsuur
2017-09-13 12:45
Hi guys,
I've been recently thinking about opening a highly inconvenient savings account where I could only have it sent incoming transfers to. It should have no associated debit card and the outgoing transfers fees should be sufficiently outrageous so I rarely (if ever) touch that money. Ideally the bank would be located in the Eurozone, and the account in EUR. Any ideas, fellow surfers?
harvie
2017-09-13 16:23
Isle of Man bank sounds like a good shout for that @maxsuur as you only get 2 withdrawals per 6 months
harvie
2017-09-13 16:26
Personally I'd rather send that money to gold and hold it there, I believe it will appreciate more than holding fiat.
maxsuur
2017-09-13 16:49
Interesting @harvie any service to buy7store gold you'd personally use?
harvie
2017-09-13 17:18
Bullion Vault and Goldmoney. The gold is in your name and you can get it sent to you. I use the first one and have had no issues so far. If you listen to the news many state that Gold is just starting it's next bull run and we're due a recession in the next few years. I too was thinking of having an account like you for the exact same reasons but after doing some research I think gold and other assets are better if you plan to hold a lot of money in your account.
harvie
2017-09-13 18:22
@brian do you use that site? This looks intresting: https://www.silverbullion.com.sg/AboutLoans.aspx
stolzlos
2017-09-13 18:31
while I think it makes sense to hold PM physically it does only make sense to keep that in close proximity and only a little for a real emergency if it were ever to occur
stolzlos
2017-09-13 18:33
lately I think that it may be better to buy a fully backed ETF like Sprott
stolzlos
2017-09-13 18:34
less carry, less cost to get in and out and of course there is enough liquidity to do so at any time
sylvain156
2017-09-14 07:20
Hi guys. For gold I used bullionvault also, no problem. I just sold all the gold and ask a bank transfer to have back the money and it was OK I received the money 2 days later.
About gold, this is what I think :
- I advise you to read book (s) in order to understand the real advantages of gold. I don't have any recommendations because the book I readed was I French sorry.
- you will understand after reading books,you should invest in gold only the money you don't need in the next 15 years.
- the main advantage of gold is you have something physical. Something you can touch. Like property investment but more liquid. For me, buying gold ETF is loosing 80% of the golds advantages. Except if you make trading, then it makes sense to buy ETF (I did it also).
- I think for the most part of the population, invest a few % in gold make better sens than invest 100%. Are you sure you don't need the totally of your saving for the next 15 years?! For my part I had 20% of gold, but the % is a subjective choice.
- I was very surprised but books explained gold is not a way to invest. It's only for safety. Don't invest in gold to have efficiency $ each month. If you have a $ return each month it means you sell gold each month and early or later you will not have gold anymore. It's not the same for stock market.
sylvain156
2017-09-14 07:24
For the bank account, I'm currently in Singapore, trying (for the 2nd time) to open one. It's a multi currency bank account with ?, $ etc. I think it's easy in OCBC Bank but it's a very inconvenient bank. The better banks (Citibank, Dbs, maybe HSBC) are more difficult to have an account. I can tell you more about this in the next days.
harvie
2017-09-14 08:52
I really like these articles about gold:
https://plainenglishfinance.co.uk/opinion/twelve-percent-a-year-for-sixteen-years/
How to buy gold and the pros/cons of each:
https://plainenglishfinance.co.uk/opinion/buy-gold-part-ii/
https://plainenglishfinance.co.uk/opinion/buy-gold-part-ii/
Oh and of course #dyor
ma-x-us
2017-09-17 20:49
Good afternoon. Is any service to remotely open bank account in EU zone for non EU citizens?
globalconsulteurope
2017-09-18 06:14
Hello, try with LeuPay, Paysera, Imobpay
globalconsulteurope
2017-09-18 06:15
Depending on the nationality one of these should accept non eu citizen
brutus
2017-09-18 07:14
I am right now opening Advance Cash account (http://advcash.com). Belize/Gibraltar based apparently. Domain registered 10 years ago and used by a Toronto based company. Looks was bought in 2014 by Russians who have now translated their website in English. You get automatically USD/EUR/RUB accounts for what I can see. Not sure if IBAN info for them. Plastic card expensive to use. Anyone has experience with them?
admin
2017-09-18 10:36
has joined #banking
bns200
2017-09-25 00:42
has joined #banking
nort17
2017-09-25 08:28
has joined #banking
ianpaul
2017-09-25 09:12
has joined #banking
rtiagm
2017-09-25 11:03
Anyone has experience with Citibank in Singapore? Especially opening a non-resident account?
rtiagm
2017-09-25 11:04
I'm in the process of opening one now
harvie
2017-09-25 15:47
My friends did one years ago, I think you need $100k or $200k opening depoist now.
sylvain156
2017-09-25 16:26
@harvie do you know if you need to maintain the deposit on the account all the time? (I confirm deposit is 200k now)
rtiagm
2017-09-25 17:47
@sylvain156 You don't
rtiagm
2017-09-25 17:48
From my account manager "You are allowed to open an offshore account below minimum balance with initial funding below USD200,000 since your intention..."
rtiagm
2017-09-25 17:48
" The service charge will be imposed after 3 months account opened if the balance below USD200,000. The monthly service fee of USD50 per month will be debited in your account."
rtiagm
2017-09-25 17:49
It's actually quite easy to open the account. I'm a bit surprised. I thought they would ask way more documents.
rtiagm
2017-09-25 17:49
No bank reference needed.
harvie
2017-09-25 17:56
My friends did it online, back then they only had to keep 20k in the account, might be worth checking out OCBC if you just need a USD account in Singapore.
rtiagm
2017-09-25 17:59
can you open online?
harvie
2017-09-25 17:59
not sure now you'll have to check, but I think you can (This is Citi, not OCBC)
rtiagm
2017-09-25 18:00
Yep, OCBC
rtiagm
2017-09-25 18:00
This is probably it
rtiagm
2017-09-25 18:01
It doesn't work for me though.
rtiagm
2017-09-25 18:01
It says to apply at a branch
harvie
2017-09-25 18:03
yes OCBC is branch, Citi last time I checked you can do it online, this was in 2016, not sure if things have changed since then
rtiagm
2017-09-25 18:03
I'm doing online with Citi.
rtiagm
2017-09-25 18:04
The requirements are really different.
rtiagm
2017-09-25 18:04
5000 usd for OCBC
brutus
2017-09-25 18:11
How OCBC compares to Citi? Is there a big difference of quality of service?
rtiagm
2017-09-25 18:16
good question.
sylvain156
2017-09-25 18:21
It's possible to do remotely with city but you need a recommendation or something. By phone call they always told me to come to visit them. I went to visit them one week ago and the manager gave me her contact to open the bank account remotely when I will satisfied their requirements. The problem for me was the country, according to regulations they cannot open bank accounts to people living in Cambodia. Last year they already told me this and I didn't believe them but this time I really insisted (I visit 6 citibank) and they take time to really explain me, I think it's the truth.
sylvain156
2017-09-25 18:23
Thanks @rtiagm!
sdfk787
2017-09-26 15:18
citi wanted $2500 setup fee from me
sdfk787
2017-09-26 15:18
asked for $500k deposit but will take lower im sure
sdfk787
2017-09-26 15:19
also wanted me to have tax attorney sign paper stating account doesn't need to be disclosed
sdfk787
2017-09-26 15:19
i went through referral also, not website
rtiagm
2017-09-26 15:27
@sdfk787 When did that happen?
sdfk787
2017-09-26 15:27
8 wk ago
rtiagm
2017-09-26 15:28
Is this the same account type as the one I posted above?
sdfk787
2017-09-26 15:29
thats for business accnt
sdfk787
2017-09-26 15:29
personal account no issues, minimal requirements
rtiagm
2017-09-26 15:30
oh ok
mikeseo
2017-09-26 15:40
@sdfk787 did you try dbs and uob?
sdfk787
2017-09-26 15:40
i've gone everywhere and met everyone
sdfk787
2017-09-26 15:40
for personal or biz?
mikeseo
2017-09-26 15:40
biz
sdfk787
2017-09-26 15:41
i went thru personal banker and todl them to refer me to biz
sdfk787
2017-09-26 15:41
worked great
mikeseo
2017-09-26 15:41
what are the requirements?
mikeseo
2017-09-26 15:41
dbs is $50k?
sylvain156
2017-09-26 15:51
Dbs is about 5k sgd only
sylvain156
2017-09-26 15:51
But don't open account to everybody
andra_korb
2017-09-26 16:43
has joined #banking
sdfk787
2017-09-27 05:51
if your messing around offshore with $50k I really don't see the purpose
mikeseo
2017-09-27 06:32
I'm just curious what the current singapore banking status is, how difficult it is to open accounts
danz
2017-09-27 06:33
Difficult:)
sylvain156
2017-09-27 06:55
@sdfk787 you mean $50k is not enough to make offshore attractive?
sdfk787
2017-09-27 06:55
yes
sylvain156
2017-09-27 06:59
From how much it begins to be interesting according to you?
danz
2017-09-27 07:05
I agree
danz
2017-09-27 07:07
Before that amount you don?t pay that many taxes in most countries, so I would rather focus on growing your business than focusing on paying less.
sdfk787
2017-09-27 08:02
minimum 500k/yr profit to bother
sdfk787
2017-09-27 08:02
maybe at 300k you start implementing and planning
danz
2017-09-27 08:03
I would say much less than that
sylvain156
2017-09-27 08:10
Oh OK, I would say from around 80k/year net income. But depends also of your tax country. If your tax country is low tax the limit increases.
maxsuur
2017-09-27 08:26
@sdfk787 @sylvain156 But moving to a territorial taxation country and having an UK LLP or Estonian company make sense for a lot of location-independent business owners even if their annual turnover is merely 30k
maxsuur
2017-09-27 08:27
If you can consider the structures provided by those two countries "offshore"
sdfk787
2017-09-27 08:27
i don't agree
maxsuur
2017-09-27 08:31
why? @sdfk787
sdfk787
2017-09-27 09:24
the visa is 80k in malaysia, you can't get a personal credit card without FD's, you can't afford to fly home and see family with 30k income, you can't afford a good accountant in HK, the tax rate is how much in your country on $30k? your expecting to save $10k? you don't think setting up and maintaining this properly will cost more than $10k?
sdfk787
2017-09-27 09:26
FX fees are going to shock your poor ass, not getting points and sign up bonuses on credit cards will mean you never get to travel business, your going to cry yourself to sleep over $50 wire fees because you needed the money for your lunch
sdfk787
2017-09-27 09:26
i don't see the point, stay home and put the effort into growing your business
sdfk787
2017-09-27 09:27
tripping over dimes to pick up pennies
sdfk787
2017-09-27 09:37
your country of residence
sdfk787
2017-09-27 09:37
because CFC laws require it in some countries
maxsuur
2017-09-27 09:58
as long as you pay yourself a decent salary, you can reinvest all of the profits into your business which is not a bad idea from my point of view
maxsuur
2017-09-27 09:58
@brian
sdfk787
2017-09-27 10:17
fixed deposits
sdfk787
2017-09-27 10:18
yeah that is the end goal
maxsuur
2017-09-27 10:25
You can buy real estate for instance
aka
2017-09-27 11:02
can you buy real estate with a company that main goal is software dev?
aka
2017-09-27 11:03
isnt there more ?taxes? and stuff for companies buying real estate versus a person
aka
2017-09-27 11:04
of special level of scrutiny
sdfk787
2017-09-27 11:29
loan it to another company of yours that does real estate investment
sdfk787
2017-09-27 11:30
doubt many of these countries care if the company holds real estate, in malaysia its req to have the company own office space as a foreienger
aka
2017-09-27 13:05
to have a real estate company i need to have another set of licenses
bitesak
2017-09-27 15:53
Hi,
I have been helping people buy bitcoins for a few years now in various ways, but it is not at all structured correctly. I am looking for a model whereby I can receive dollars on an account from a select group of people and use that money to purchase bitcoins and other cryptos. I am not looking to be a coinbase, but notice their European bank is in Estonia. Does anyone have advice on a possible structure? Possibly through Estonia?
aka
2017-09-27 16:08
so you are investing in others behalf?
aka
2017-09-27 16:08
are you doing it personally or through a structured business?
bitesak
2017-09-27 16:12
I would like to do it through a structured business; focused on facilitating purchase of cryptos for others. So far, I have sold bitcoins personnally. But the amounts are too big for me now.
aka
2017-09-27 18:10
well? you can do it completely ?non regulated? until someone throws a complaint at you and you go to jail for selling financial assets without a proper license
aka
2017-09-27 18:13
or you can setup an exchange, and clearly state that it?s a person to person business
aka
2017-09-27 18:13
you still have to register under money laundering, financial information disclosure
aka
2017-09-27 18:13
and etc
aka
2017-09-27 18:14
if you are within europe
aka
2017-09-27 18:15
but being peer 2 peer, and not clients to a company you alleviate a lot of regulations around you being the only holder of those financial assets
aka
2017-09-27 18:18
even if you say that its peer 2 peer you can always be the guy benefiting from it
aka
2017-09-27 18:18
also it makes it less troublesome if you specify that the assets never pass through your platform, all trades are organized outside, you are just a matching service
aka
2017-09-27 18:19
those are my 2 cents on setting up a successful exchange or p2p service
aka
2017-09-27 18:20
now if you have a look at viaBtc, they open sourced their entire codebase for an exchange, so getting a dev to set it up for you and rename it to BitesakExchange could be a good move
aka
2017-09-27 18:21
cc @bitesak
alex
2017-09-27 22:10
Hi, I need to incorporate offshore and open a corporate bank account in the same country. The country should have 0% or low corporate tax rate. Opening a company is easy, however opening a bank account is challenging nowadays. Any suggestions? Do you have any recent successful experience in opening corporate bank account as a non-resident?
bitesak
2017-09-28 01:07
Thank you @aka for your helpful post
aka
2017-09-28 07:49
Hey Alex what countries do you have in mind?
haralabob2
2017-09-28 08:17
has joined #banking
haralabob2
2017-09-28 08:28
Anyone with some good insights on bitcoin friendly Banks?
haralabob2
2017-09-28 08:29
@bitesak you will need to be a licensed money transmitter in nearly every jurisdiction, its not easy.
haralabob2
2017-09-28 08:29
harvie
2017-09-28 08:42
I don't think cyrpto friendly bank exists, unless you're looking to go somewhere like the BVI or something.
sdfk787
2017-09-28 08:47
anyone buying into ICO's ?
harvie
2017-09-28 08:57
@alex I don't think such a place exists anymore, the goal is to pay as little tax as poss and leverage profits as business costs (flights, accdom etc).
alexanderhay
2017-09-28 09:58
@alex, the Republic of Georgia comes closest to your wishes, although there are a few other issues that you should consider. Where do you live now? Where do you want to live in the future? How flexible are you on this? The USA is also a very good location for this as along as you are not a US citizen, resident, or earn any effectively connected US Source Income.
aka
2017-09-28 09:58
@haralabob2 fidor, fire, revolut are fine, but if you reach a certain amount of money they will send you a few letters questioning the funds, if you pay capital gains tax on it, you should be alright?
aka
2017-09-28 09:59
hsbc in uk, and clydesdale/yorkshire bank have also been recommended to me by fellow traders
aka
2017-09-28 10:00
daytrading/cfds are not illegal in any way
aka
2017-09-28 10:00
bitcoin falls under the same jurisdiction.. for now
haralabob2
2017-09-28 10:01
@aka not located in the UK but thanks. Was looking for banks in HK or Singapore
aka
2017-09-28 10:05
have a look at localbitcoins
aka
2017-09-28 10:05
in singapore
aka
2017-09-28 10:05
what people use for transactions
aka
2017-09-28 10:06
there might be a clear winner like hsbc or barclays or citi or something
haralabob2
2017-09-28 10:42
good thinking
harvie
2017-09-28 13:01
no banks in HK or Singapore are going to be cyrpto friendly.
alex
2017-09-28 13:48
@aka Gibraltar
alex
2017-09-28 13:50
@harvie Actually, I already reduced reduced my tax rate as I moved to Andorra. At the moment, I am more looking for diversification and more convenient banking. Andorran banks can be complicated to work with.
alex
2017-09-28 13:53
@alexanderhay I live in Andorra and no plans to move in the nearest future. I may receive funds from the USA. So LLC might not be the best option for me. Do you know anything about banking in Gibraltar?
aka
2017-09-28 13:58
have you tried lloyds in gibraltar
aka
2017-09-28 13:59
you can probably call/apply online before any signing necessary
alex
2017-09-28 14:22
Thanks @aka!
aka
2017-09-28 14:26
i think most of people in gibraltar are non resident
aka
2017-09-28 14:26
the rock doesn?t have enough places to live anyway
aka
2017-09-28 14:26
so they should be familiar
alex
2017-09-28 14:54
Sounds good!
maxsuur
2017-09-28 15:45
@aka true that haha
harvie
2017-09-30 09:29
@skat I joined 2 weeks ago and waiting to get verified. From my reseach they are 100% legit. The owner did a good podcast with Joe Rogan a few weeks ago and he talked about it.
skat
2017-09-30 09:32
@harvie you mean peter schiff? I don?t think he?s the owner, he?s just a very happy customer
harvie
2017-09-30 09:33
Yeah him. In the podcast it sounded like he was invested in the company or had some affiliation, I could be wrong, I was high AF when listening :smile:.
skat
2017-09-30 09:34
@harvie nah, he?s a customer and heavy ?precious metal? believer :slightly_smiling_face:
skat
2017-09-30 09:35
you can hear him bash bitcoins/crypto all the time and proposing gold as alternative (?use same tech, but there should be gold involved? kinda approach)
harvie
2017-09-30 09:40
I follow his train of thought and share his sentiment for the most part. I hope that gold card he has doesn't cost more than $1000, coz I'll get one if so. Have a feeling I might need to ad another 0 on to it though.
skat
2017-09-30 15:55
Thanks @danz
skat
2017-09-30 15:56
Seems like i totally missed this
danz
2017-09-30 23:58
I Googled it right away after I listened to the podcast:)
alexanderhay
2017-10-02 14:50
Why not? That is the whole point of setting up US LLCs? Just because you are receiving money in the USA does not mean you are taxable, and you actually get better privacy treatment.
jase
2017-10-03 10:36
How much do you guys trust e-wallets with your deposits? LeuPay/Revolut/etc
jase
2017-10-03 10:36
Keep deposits low (4 figures) or just trust/hope it's all good with 5+ figures?
jase
2017-10-03 10:37
Probably the most sensible answer :slightly_smiling_face:
jase
2017-10-03 10:38
How about legit banks that don't have a government guarantee?
jase
2017-10-03 10:38
Not all countries have it
jase
2017-10-03 10:38
And I always question the value of the guarantee anyway - so they lock up your deposits, then print a bunch of cash
jase
2017-10-03 10:38
you lose a heap in currency devaluation anyway
jase
2017-10-03 10:40
legit meaning "established" - yes of course none can be trusted
jase
2017-10-03 10:41
Theoretically I plan to do the same
jase
2017-10-03 10:42
One account for more serious deposits, another for "transfers". Easier said than done, especially when dealing with Andorra
jase
2017-10-03 10:43
It's finding a well supported payment processor I'm looking for. Most want same currency accounts
jase
2017-10-03 10:43
Company in Andorra = EUR, so they want a EUR deposit account
jase
2017-10-03 10:44
Sheesh
jase
2017-10-03 10:44
I remember reading similar a few years back with HSBC Canada clients
jase
2017-10-03 10:44
Anyone with deposits under 200k they sent a cheque and closed their business accounts
jase
2017-10-03 10:45
I know people that keep their cash deposits in a brokerage trust account nowadays
jase
2017-10-03 10:45
I forget the system, but the theory being that the bank can't touch the cash
jase
2017-10-03 11:01
Yeah, makes me wonder a lot about custodian holdings too for brokers
jase
2017-10-03 11:01
Where they hold shares on your behalf
jase
2017-10-03 11:01
But then, I guess the same can be said for trusts - at some stage you have to have faith in the system
jase
2017-10-03 11:04
this looks like a Friday afternoon rabbit hole
jase
2017-10-03 11:11
I figure it's one of those things - not worth getting into trusts and higher levels of protection until you have something sizeable to protect
jase
2017-10-03 11:20
Business yields better than real estate from what I've seen though. If only we still had bearer shares :slightly_smiling_face:
jase
2017-10-03 11:38
Panama :slightly_smiling_face:
jase
2017-10-03 11:38
But I'm also talking about buying profitable businesses. Panama is the wild west :joy:
skat
2017-10-03 14:45
@jase never have more then 2000$ on those wallets, sometimes i do.. but then i immediately withdraw :slightly_smiling_face:
jase
2017-10-03 14:46
Apparently my risk tolerance is way higher than I thought
maxsuur
2017-10-03 15:20
Haja I recently got over 2k eur . Playing with fire :fire:
maxsuur
2017-10-03 15:23
Thinking of banking somewhere inusual: cambodia, sri lanka, etc as simon wrote about. Anyone doing so?
roman
2017-10-03 22:00
I have a personal bank account in Thailand with Bangkok Bank. But mostly just for use when I?m there. It?s a bit annoying as they don?t provide online banking and it?s only a Union card if you are on a tourist visa.
roman
2017-10-03 22:00
But Union is good if you spent lots of time in Asia.
roman
2017-10-03 22:02
Otherwise it?s pretty easy to get. Need to get some kind of permit/letter from immigration about residency. You can get that even on a tourist visa but need a rental contract. Then just go into a bigger branch in a larger city (Chiang Mai was big enough) and they?ll easily open you an account on the spot.
roman
2017-10-03 22:02
I?m able to do transfers via TransferWise.
roman
2017-10-03 22:04
Also there?s a well known life hack with Bangkok Bank. They have US routing info. Which allows you to do a domestic transfer from US point of view, but funds end up in the Bangkok Bank account in baht. Not sure what the currency conversion fee is though as I haven?t tried that route.
danz
2017-10-03 23:56
Same here in Thailand, and they provide online banking for me. Plus you can connect it to the Thai BTC exchange.
harvie
2017-10-04 08:16
Thailand banking is good. They don't keep your records for more than 6 months either online and at the bank (you'll need to confirm, but one of my Thai banks said they don't keep records past 6 months).
maxsuur
2017-10-04 10:35
Nice @roman
skat
2017-10-04 14:31
@harvie while i didn?t had access to my records older then 6 months, I managed to request those record in person in office.
skat
2017-10-04 14:35
@brian if you?ll find anything better then payoneer - please tell. A week ago they locked me out of my account ? i accepted a fund transfer and immediately after that ? my password is incorrect, i can?t reset it anymore? the only way to get password was to ?verify with my passport data? again.
skat
2017-10-04 14:35
That was really darn scary.
yura-by
2017-10-04 14:40
+1 banks do keep records older than 6 month
regarding btc exchanges, be careful guys, legally you only allowed to sell there coins which you bought on thai btc exchange earlier. also you not allowed to sell coins bought on thai exchange anywehere outside of thailand.
this is due to thai currency exchange laws. http://bx.in.th and http://coins.co.th both have these rules in their's ToS
skat
2017-10-04 14:50
@brian another strange thing about payoneer ? is their process of adding withdraw options. They have refused to deal with couple of my bank accounts in the past, without much clarifications (latvian and poland). It was a bit of a surprise, because they are totally fine with swedbank estonia, but same bank in latvian branch ? ?was not supported?.
skat
2017-10-04 14:52
In general it appears that most of payment processors employ different scamming tactics on their users. It?s just a question of which one you can bare with.
skat
2017-10-04 14:52
Never found a perfect one.
harvie
2017-10-04 16:45
I've not had any issues with Payoneer. Added banks from 3 diff countries with no issues. Fees are a little high but good way to get paid as a freelancer.
harvie
2017-10-04 16:46
@skat thanks for that, didn't know.
harvie
2017-10-04 18:06
@brian I think 3% or something because I don't have a USD account to send it to as I get paid in USD. I'll check the next time I use it
roman
2017-10-04 21:01
It also depends who pays the payment fee. Because if you are requesting a payment with Payoneer from another entity, that is not a ?funding source? per Payoneer definition (e.g. Upwork or Amazon), then Payoneer only offers one payment option - a credit card. Thus there is a 3+% ?convenience fee? slapped on top. And the payee has the option to choose at the time of payment who pays this fee. If they are nice, they can choose ?I pay the fee?, but if they are not nice, they will impose it onto you, at which point you lose 3+% of your invoice, plus withdrawal fees on top of that, which highly vary depending on currency, and destination and method of withdrawal. There is really no clear answer with Payoneer. The fee can range from 1% to 5-7%.
jase
2017-10-05 07:08
Is it possible to get a secured US rewards credit card without visiting and without an existing relationship with a bank?
jase
2017-10-05 07:08
May be a good question for @tkrunning and @simon, you guys are all over this stuff.
jase
2017-10-05 09:57
@brian is the TIN a requirement? Do you know if it can be done without one?
roman
2017-10-05 10:19
It?s def technically possible to get a US CC without TIN/SSN. I was able to get one with a Canadian SIN. It is somewhat of a special case. And there are no rewards. BMO Harris can hook that up.
roman
2017-10-05 10:31
Just call them. They mail you a package of docs to sign with a return envelope. Sign. Ship back. Boom. Done. You?ll get your card in the mail.
roman
2017-10-05 10:31
Call and say you are a Canadian customer.
roman
2017-10-05 10:32
I was able to get both personal and business accounts without any hassle.
jase
2017-10-05 10:32
@roman were you unable to get a rewards card?
jase
2017-10-05 10:32
Or just didn't try?
roman
2017-10-05 10:33
They have many Canadian customers. So they are familiar with the process. It won?t be a surprise for them.
roman
2017-10-05 10:33
@jase didn?t try. But I don?t know if they have any.
jase
2017-10-05 10:34
Thanks. Did you use a Canadian address or did they still require a US address?
roman
2017-10-05 10:35
By the way, this is specific for Canadians only. They are not friendly with others. Has been tried by @tatelev before :)
roman
2017-10-05 10:35
@jase Canadian address
roman
2017-10-05 10:35
I mean there are no tricks here. It?s straightforward. They are on this. They are full aware you are a Canadian from Canada.
jase
2017-10-05 10:35
I have a Canadian SIN but no longer have a work permit there. Have loads of options for an address. Worth trying do you think?
roman
2017-10-05 10:36
Hm they didn?t ask for a work permit. But I think they did proof of residency. Something with your name and address. Like a bank statement.
roman
2017-10-05 10:38
BMO is Bank of Montreal. They somehow own BMO Harris for historic reasons. Check Wikipedia. But it?s not directly affiliated with original BMO. That?s probably why it?s easier for Canadians.
roman
2017-10-05 10:38
But it?s truly a US bank. From my understanding there?s no cross between original BMO and BMO Harris other than the naming.
jase
2017-10-05 10:38
Similar to TD I guess
roman
2017-10-05 10:39
But TD is truly Canadian, no?
roman
2017-10-05 10:39
Toronto Dominion?
jase
2017-10-05 10:39
I believe they are 2 separate banks in Canada and US
roman
2017-10-05 10:39
If you open a USD TD you do it thru a Canadian branch. Or do they have a totally separate outfit in US too?
jase
2017-10-05 10:40
But both owned by the Canadian company
roman
2017-10-05 10:40
I see. Had no idea about TD. Good to know.
jase
2017-10-05 10:40
I had a USD account with TD in Canada. It was useless
jase
2017-10-05 10:40
Could not transfer USD in or out
roman
2017-10-05 10:41
> The bank is a subsidiary of the Canadian multinational Bank of Montreal, commonly known as "BMO", which owns BMO Harris Bank through the holding company BMO Financial Corporation.
jase
2017-10-05 10:41
Get paid in USD, they convert it to CAD, then you can convert it to USD to store in your account. If you want to send it out, convert it back to CAD then send it to whatever currency you nedd.
roman
2017-10-05 10:41
Ya that?s exactly why I have a true USD. I have contracts in USD too. And I want to convert to CAD at a favourable time when the rates are good.
roman
2017-10-05 10:42
Or not convert at all and pay for online services with USD.
jase
2017-10-05 10:43
Exactly
silviu_ruj
2017-10-06 17:27
has joined #banking
rwinorganization
2017-10-08 11:11
has joined #banking
pedrodemendez
2017-10-09 06:33
I am visiting Singapore in a month orso. Have been reading through the messages above, and was wondering if there is anyone with recent news about managing to open a personal bank account in Singapore? What bank, branch, required docs, type of account?
harvie
2017-10-09 08:47
Try the MBFC center, you'll need passport $1000SGD and a letter of reccomdation from another bank, ideally one from your native country.
pedrodemendez
2017-10-09 12:24
Is that with a specific bank? I see that Standard Chartered and DBS rent offices there
harvie
2017-10-09 13:04
OCBC, bottom floor. They will ask you why you want it, just tell them you have a client and he wants to pay you by local wire
yuli
2017-10-10 02:21
Curious to know, anyone has experience opening a UK LTD account that is owned by an offshore company? If yes, which bank was friendly with such a structure to provide their serices?
aka
2017-10-10 11:02
try with tide bank
yuli
2017-10-10 17:58
will reach out to them if they can work with that structure
jase
2017-10-10 19:24
Anyone know of a service that lets me bank a US cheque and they'll deposit it to my paypal or something? My banks are expensive/anal/useless :joy:
roman
2017-10-11 02:41
Unlikely as it?d abused right away by a Nigerian prince.
roman
2017-10-11 02:42
Most Canadian banks let you deposit checks thru an app. Just snap a pic and deposit. Most banks accept US checks too.
roman
2017-10-11 02:43
Note that deposits are converted to CAD. So might not be of interest. I?m not sure if USD accounts work the same way but do some research. Maybe it works too b
roman
2017-10-11 02:48
Check RBC USD accounts. They are known to be good. Call CS and ask if you can deposit thru the app USD checks into USD account.
jase
2017-10-11 06:23
Yeah this is just an annoying once off. I might just have to suck it up and pay the stupid fees
jase
2017-10-11 06:24
Aussie bank will charge $25 to bank the cheque, then $50 for foreign currency deposit, then give me a terrible exchange rate. I only get 4 of these a year and they're rarely much over a few hundred
jase
2017-10-11 08:10
This one is Amazon affiliate - my other option is Payoneer - I just hate their service too. I'm too hard to please
jase
2017-10-11 10:49
It may be an Andorra specific issue - they won't post them to me
jase
2017-10-11 10:50
And won't direct deposit outside of USA
jase
2017-10-11 10:51
Funny thing is, I don't even know what account it's coming from
jase
2017-10-11 10:52
:joy:
jase
2017-10-11 10:52
Actual proper passive income lol
jase
2017-10-11 11:05
Has anyone had good experience with any European banks? Specifically one that has the base currency of EUR and is a proper bank - not e-wallet
jase
2017-10-11 11:12
Yeah it's near impossible to get things done in Andorra
jase
2017-10-11 11:15
Will do, we're in the frustrating position of having paying clients but no damn bank right now
jase
2017-10-11 11:15
Might need to take payment into a personal account in the mean time, unprofessional as hell.
jase
2017-10-11 11:35
Interesting, I haven't seen this before!
jase
2017-10-11 11:41
Do you know what they use for authentication on business accounts?
jase
2017-10-11 11:42
Leupay post something out to the address on file. I'm hoping when that finally rocks up I'll have an account fairly quickly.
jase
2017-10-11 11:44
I've been using them personally, doing a lot of payments/etc. Works great to be honest.
jase
2017-10-11 11:45
Their UX isn't as flashy but their support is good and cash is credited very fast
jase
2017-10-11 11:45
Sending cash from clients in Asia>Leupay is usually within 8 hours
jase
2017-10-11 11:45
(wired)
jase
2017-10-11 11:46
Only time I've had trouble is trying to use the card to pay for Amazon seller fees - because it's still a debit card, they denied it
jase
2017-10-11 11:46
I haven't used their merchant service, I don't believe it's available on the personal account
jase
2017-10-11 11:47
Haven't used that part. Incoming wire transfer fee is $0
brutus
2017-10-11 17:29
Anone used http://advcash.com ? I read good comments online. Russians behind I think, claiming to have Gibraltar and Belize license. Am planning to open perso/business account to test. Maybe an interesting option (not cheap apparently)?
yura-by
2017-10-11 19:26
I used them for bitcoin -> virtual visa card conversion for amount around 50$. Worked fine. They did not ask for any documents with such small amounts
jase
2017-10-12 08:59
Update: Transferwise Borderless business account approved within 12 hours.
jase
2017-10-12 09:01
Thanks for the suggestion @brian.
jase
2017-10-12 09:01
Now to find a CC processor to use with it
jase
2017-10-12 09:10
LeuPay I will wait - they do their postal verification and Andorra is painfully slow
jase
2017-10-12 09:18
It may be an Andorra thing - it wasn't available for me on the business account (was for personal)
jase
2017-10-12 09:20
hah, cheers.
jase
2017-10-12 09:20
This is the "opportunity cost" of offshoring business IMO
jase
2017-10-12 09:35
Absolutely!
jase
2017-10-12 09:36
But this is also part of the journey
aka
2017-10-12 11:49
went to a tide soft launch yesterday
aka
2017-10-12 11:49
and i think they have some interesting benefits for digital nomads out there
aka
2017-10-12 11:49
as long as you have a uk company
aka
2017-10-12 11:49
they accept you? like in 5 min
aka
2017-10-12 11:50
multi currency coming in december
aka
2017-10-12 11:51
i think they will get greedier in terms of fees
aka
2017-10-12 11:51
but for now its free reign
aka
2017-10-12 13:47
yeah for now
jase
2017-10-13 07:31
UK LLPs?
jase
2017-10-13 07:31
And does the UBO need to be a UK resident?
aka
2017-10-13 19:11
not my case but i dont think so
aka
2017-10-13 19:11
the details they ask? are pretty much all about the company
aka
2017-10-13 19:12
which they automatically retrieve from the registry
stoplight
2017-10-13 21:38
For those using Transferwise Borderless for business?have you received payments from small business clients using the Euros option?that?s the only one that offers a SWIFT Code?.can you share your experience please? Thanks!
scorps
2017-10-14 11:02
Was able to open a corporate bank and brokerage account in Singapore.
scorps
2017-10-14 11:04
However, the bank refused to open a USD personal account. They would only open a personal account denominated in Singapore dollars
scorps
2017-10-14 11:09
They say they are cracking down on money laundering but with the right sum of deposit they are willing to bend the rule and accept a USD denominated account. The rep said they need to see longterm committment. I'm sure if I would have also opened a personal brokerage account with a decent size deposit they would have accepted to open the personal account.
mikeseo
2017-10-14 13:55
@scorpswhich bank?
scorps
2017-10-14 14:32
OCBC
danz
2017-10-14 23:58
Yes, they only offer SGD account nowdays. They don?t offer a USD/EUR acc anymore, unless for corporate banking. You can get an USD/EUR account, but without internet banking, so quite pointless for most.
harvie
2017-10-15 00:51
I have a USD account but it's annoying you don't get a debit card, was actually thinking about changing it to SGD as it's easier to receive payments from payment processers too like Stripe/Payoneer (corp account).
roman
2017-10-15 04:38
I?ve heard of World First. Haven?t used it yet, but have an account. I think it?s a bit more tedious that TW.
roman
2017-10-15 04:38
I think it only makes sense for large one off transfers.
usman
2017-10-15 16:22
has joined #banking
mrblonde
2017-10-16 04:59
Can anyone recommend a reasonably easy to get corporate bank card for HK account? just need something for online expenses.
gregor
2017-10-17 05:57
@roman I have bangkok bank as well, tourist visa, and at a branch in Chiang Mai I got online banking. It's hit and miss i"m guessing.
roman
2017-10-17 08:22
Prior to last year or two years ago they issued Visa debit with online banking. I spent so much time trying to get that or get online banking for union pay. But no results :)
harvie
2017-10-17 13:13
@roman visit the Emporium branch of Bangkok Bank in Bangkok and ask for it there. They should be able to do it.
alex.bosyj
2017-10-17 15:23
has joined #banking
mescos
2017-10-17 15:54
@scorps - you mentioned that you were able to open a corporate bank account OCBC. Was this for a foreign company and if so which jurisdiction? Also, which OCBC branch did you open at?
mescos
2017-10-17 15:57
@harvie - USD account for which bank? corporate or personal?
scorps
2017-10-17 17:16
@mescos Nevis LLC. Branch was 63 Chulia street
mescos
2017-10-17 17:20
@scorps - any other insight into the opening process? For example, were you able to get a USD account with online banking, etc? Did you just go in for one in-person meeting?
scorps
2017-10-17 17:50
Yes with online. I called before going and ensured all the documentation was pre-approved before showing up. The key was mentioning the purpose of opening the account was for investments i.e. supporting the brokerage account.
gregor
2017-10-18 00:51
Any recommendation for a bank in New Zealand?
harvie
2017-10-18 03:06
@mescos OCBC.
brutus
2017-10-18 20:39
Anyone can recommend a bank to open a business account for an offshore IBC company? Preferably in Europe or other developed country
ggiampieri
2017-10-19 03:06
has joined #banking
mescos
2017-10-19 14:22
@brutus - IBC in which jurisdiction? Type of business and activities? Purpose of account? Annual transaction volume? Size of deposit/balance? Citizenship and residency of UBO? Based on your answers, you?ll get different recommendations?
mescos
2017-10-19 14:24
@harvie - was this for OCBC corporate or personal?
mescos
2017-10-19 14:31
@scorps - Thanks. How did you find the opening process for a brokerage account for a foreign company?
harvie
2017-10-19 15:03
@mescos corporate.
jase
2017-10-19 15:26
Is anyone using LeuPay Merchant as a payment processor? If I understand it correctly, it's 1.0% + 0.10 processing fee. Insanely cheap
scorps
2017-10-20 03:39
As long as all documentation is there, smooth.
jase
2017-10-22 07:49
Agreed @brian. I have inquired about it multiple times but haven't heard back from their support. For what it's worth, their support is getting slower and slower. Not a great sign.
jor.acker
2017-10-22 16:13
has joined #banking
ivan
2017-10-22 18:34
has joined #banking
jase
2017-10-24 11:39
Finally got in touch with LeuPay
jase
2017-10-24 11:39
Their Merchant service isn't available yet
jase
2017-10-24 11:39
Sounds as though it's pretty half baked, they have no idea what pricing will be, etc
ivan
2017-10-24 11:52
@jase I was just checking their services for Belize IBC I just opened. what's your experience with them in general?
jase
2017-10-24 11:53
I'm fairly pessimistic on e-wallets
jase
2017-10-24 11:53
These guys are kind of "no frills" but they seem to be fairly good
ivan
2017-10-24 11:53
just realized I'll need a apostilled certificate of incumbency and virtual office services for they to enable the account. With those costs I'm considering just opening a bank account for the IBC ( which I thought I could bypass for now)
jase
2017-10-24 11:54
If you're sinking real money into the application I'd always be trying for an actual bank account
jase
2017-10-24 11:54
LeuPay are not backed by any government guarantees
ivan
2017-10-24 11:55
not really, just processing payment from my clients
ivan
2017-10-24 11:56
but the cost for opening one or the other are pretty much the same, except for the transfers fees wich seems to be less than a Cyprus Bank for example
ivan
2017-10-24 11:56
would you recommend some specific banks for Belize IBC?
ivan
2017-10-24 11:56
I'd like to be able to open an account in a broker at some point
jase
2017-10-24 11:58
I have no experience with Belize
jase
2017-10-24 11:58
from what I understand it's very challenging
jase
2017-10-24 11:58
From my vague knowledge I'd say Singapore is your best bet, or somewhere shady
jase
2017-10-24 11:59
LeuPay will probably open an account for you, but again, I don't trust ewallets enough
jase
2017-10-24 11:59
If I'm paying for apostilles, I want it to be worth it
ivan
2017-10-24 11:59
right, I thought the same thing
ivan
2017-10-24 11:59
If I need to so much documentation I rather go with a real bank
jase
2017-10-24 12:01
cleared channel topic
ivan
2017-10-24 12:03
thanks @jase
mikeseo
2017-10-24 14:58
@ivan I opened a OCBC Corp USD account in Singapore with a Belize IBC successfully
ivan
2017-10-24 15:00
@mikeseo what did they ask you for? did you do it personally? my registrant is offering me Cyprus or ABC bank so far. Around 650 for bank recommendation + around 400 for the needed apostilled documents.
ivan
2017-10-24 15:00
thanks!
mikeseo
2017-10-24 15:01
cert of incumbancy, bank recommendation, cv, invoices, etc
mikeseo
2017-10-24 15:01
personal visit, I did it myself. Emailed them to get the paperwork confirmed
mikeseo
2017-10-24 15:01
flew over there
ivan
2017-10-24 15:02
yes, it's probably better than paying these guys without guarantees.
ivan
2017-10-24 15:02
besides Singapore seems like a nice place to visit. Did you link the account to services like paypal or a broker?
mikeseo
2017-10-24 15:02
other guys here say they tell OCBC it's for a investment account with iOCBC the brokerage
mikeseo
2017-10-24 15:03
iOCBC broker ya
mikeseo
2017-10-24 15:03
apparently it's easier to get a bank account if you say it's for a brokerage account with them
ivan
2017-10-24 15:03
Looks like Simon did something similar, read about that in the blog.
mikeseo
2017-10-24 15:03
the only drawback is no debit card with a USD account, only SGD
mikeseo
2017-10-24 15:03
$30k min balance
mikeseo
2017-10-24 15:04
$14/mo fee
mikeseo
2017-10-24 15:04
$500 setup fee
mikeseo
2017-10-24 15:04
around there
ivan
2017-10-24 15:04
it's quite expensive, I see
mikeseo
2017-10-24 15:04
wire's are pricey too
mikeseo
2017-10-24 15:04
US LLC might be more practical
mikeseo
2017-10-24 15:04
US bank
ivan
2017-10-24 15:05
Cyprus seems cheaper. For now I'm sending request to all the EMI banks I was able to find: Paysera, Leupay and Worldcore.
ivan
2017-10-24 15:06
yeah, the structure that was recommended to me was a Belize IBC holding a US LLC. In the long run sounds like a better move. Or even directly owning the LLC.
ivan
2017-10-24 15:06
but I've clients in the US and that might be an issue it seems
ivan
2017-10-24 15:06
tax-wise
mikeseo
2017-10-24 15:07
he can also help you setup a us llc and bank account
mikeseo
2017-10-24 15:07
and advise on US tax issues
ivan
2017-10-24 15:08
great! thanks for the info. I'll email him to check it out.
ivan
2017-10-24 15:20
@mikeseo based on what he says in his blog, one is only taxable when having employees or an office in the us
ivan
2017-10-24 15:20
this fees are bit expensive for this stage in my business but I'll consider him soon if I'm not able to solve the accounts issues.
ivan
2017-10-24 19:46
Guys have anyone used one of those virtual address services for receiving mail as a replacement for the virtual office many registrars offer? They look way cheaper but I doubt it's the same considering the registered address for the company won't make any sense with the one offered by the service.
mescos
2017-10-24 20:43
@mikeseo - when did you open?
mikeseo
2017-10-25 01:59
couple years ago
stoplight
2017-10-26 02:05
Would probably be more difficult today.. :disappointed:
stoplight
2017-10-26 02:06
@ivan I?ve used virtual addresses for some time now?really depends what you use it for but both my UK and US addresses have been ok so far?
ivan
2017-10-26 07:20
@stoplight you use them as if your company headquarters were in some other country or you've incorporated in those countries? I've read it could cause tax issues (which makes total sense depending from where you say you're operating) to have the business incorporated in Belize and it's PO address in the US. Thanks for the answer!
bountybairn
2017-10-26 20:20
has joined #banking
stoplight
2017-10-28 01:19
@ivan yes to both?different companies in different jurisdictions?and i?m tax resident of another country and using different citizenships for different businesses .. :slightly_smiling_face: ?yes?there could be tax implications?
ivan
2017-10-28 01:22
thanks @stoplight
ivan
2017-10-28 01:23
how is Liberland going?
ivan
2017-10-28 01:24
I applied for the citizenship like a year ago
ivan
2017-10-28 01:24
@stoplight
stoplight
2017-10-28 01:25
@ivan it?s actually going well?..citizenships are there?they?re not granted unless you actually help out?and by helping out?I mean really taking time out to do many things on the ground including visiting Liberland itself?attending events..coordinating with other supporters?.etc?
ivan
2017-10-28 01:27
Yes, I understood that after applying. It was explained in the first email.
ivan
2017-10-28 01:27
It's logical
ivan
2017-10-28 01:27
I read you signed some first agreements with a country in Africa.
ivan
2017-10-28 01:27
sounds like a great step
ivan
2017-10-28 01:28
I was reading the news about Catalunya today and they reminded me a bit of Liberland.
ivan
2017-10-28 01:30
of course the comparisons are few, the catalunya situation is escalating fast
ivan
2017-10-28 01:30
in a dangerous direction
stoplight
2017-10-28 01:32
Yup! Somaliland?another de facto state and also part of the Unrepresented Nations and Peoples Organization (UNPO) where Kosovo and Taiwan are also members and Liberland is applying to be a member and currently an observer.
stoplight
2017-10-28 01:33
There has been internal talk between Liberland government/representatives to support Catalonia?we?re still weighing the pros & cons?
ivan
2017-10-28 01:34
I'm just reading some news about EU and USA supporting Spain government against the Catalu�a's independence.
ivan
2017-10-28 01:35
sounds like a complex situation
stoplight
2017-10-28 01:41
Most definitely it is.
ivan
2017-10-28 01:41
I guess they know if they let it happen in ten years the world will have 500 new states.
stoplight
2017-10-28 01:47
EU is falling?
ivan
2017-10-28 01:48
apparently, don't really know if it's a good or bad thing, what's your lecture?
stoplight
2017-10-28 01:55
Oh hmm..this is a long discussion?not fit for this channel..hahahah.. :smile:
stoplight
2017-10-28 01:55
By the way, once you?ve funded your worldcore..do let me know how was your experience..have always been curious about their service.. :slightly_smiling_face:
ivan
2017-10-28 01:58
haha, yep, sorry
ivan
2017-10-28 01:59
Yes, I'm thinking about giving it a try soon. The only bad thing is that they don't seem to offer an IBAN like Paysera or Leupay.
ivan
2017-10-28 02:01
and their fees seems to be higher than Paysera (which I tested)
ivan
2017-10-28 02:02
wasn't able to open a Paysera company account yet, tho. They're asking for apostille documents
ivan
2017-10-28 02:04
Leupay and advcash seem to be going perfectly well, tho
ivan
2017-10-28 02:04
looks like Leupay might be the ideal solution
me1
2017-10-30 07:31
has joined #banking
brutus
2017-10-30 10:53
@ivan How is your experience with Advcash please? I haven't opened an account with them yet but I realised you can't wire out funds to another account, only to a credit card (and that's a bit expensive).
ivan
2017-10-30 11:03
@brutus I got my account verified today. I went into an account opening frenzy last week based on recommendations I read in a forum and didn't take a close look into their features.
Based on what I checked this morning after I got my account verified they don't even allow you to receive payments from your clients (or it's not obvious). Looks like it's mostly a service to charge with money in different ways and have a debit card. Probably you could use it to receive money from a client who also has an Advcash account (useless for me).
So far I've only had luck with Worldcore which offers a complete service but no IBAN. Their fees are high too, lower than Paypal of course buth high compared to Paysera and Leupay. Haven't tested it, tho. Hard to say if they'll ask for more information as soon as I receive a payment (but that's common practice anyways).
Regarding Paysera and Leupay they seem to be the best: Leupay asked for more documentation including a certificate of incumbency and Paysera asked me for Apostille documents for my IBC. I'm considering sticking with Worldcore for a while or going back to my agent and asking for that documentation (after registring I found out they're quite expensive when it comes to extra services).
ivan
2017-10-30 11:41
@brian from what I understand
ivan
2017-10-30 11:41
none of them will allow you to charge credit cards directly
ivan
2017-10-30 11:41
I'm in the process of opening a 2checkout account as well
ivan
2017-10-30 11:43
they seem to be accepting the IBC in general but they just sent me an email (after a previous one where I sent more documentation) where they ask me to change my operation country to my residence country instead of Belize. I believe that could have tax implications and they might be doing it for that reason. Other than that they just ask me to include pricing in the website (which might not be the right marketing move) and they're good to go.
ivan
2017-10-30 11:44
My plan was to open an account with 2checkout or something similar and withdraw payments to Leupay or any other EMI Bank.
ivan
2017-10-30 11:44
Not sure they'll allow that.
ivan
2017-10-30 11:46
I mean withdrawing to an EMI Bank
ivan
2017-10-30 12:06
Basically what I noticed is that services offering an IBAN are asking for way more documents than those not offering it. And those seems to be only ones worth it for many transactions
ivan
2017-10-30 12:07
offering your own IBAN is way easier for clients to send money to and also can be accepted as a real bank when withdrawing money from other services.
ivan
2017-10-30 12:07
Worldcore doesn't offer an IBAN as far as I can see.
roman
2017-10-30 12:10
TransferWise Borderless has IBAN
ivan
2017-10-30 12:13
I opened a regular account with them. Have you used them @roman? They seem to operate in the US as well so they might require EIN.
ivan
2017-10-30 12:13
thanks for the info.
roman
2017-10-30 12:14
They?ll ask you for company docs. But they don?t require you to be in US or have any US affiliation. My company is only in Canada. I don?t have EIN.
ivan
2017-10-30 12:17
Thanks @roman, What company docs did they ask you for? I'm curious if they'll ask me for the same with the company being registered in Belize.
roman
2017-10-30 12:18
@roman uploaded a file: https://freedomsurfer.slack.com/files/U4LJFKJTV/F7RRSMHH9/.png
roman
2017-10-30 12:19
I don?t remember now what they asked for. But I think they ask for everything via online form when you apply for a company account. So just login and try.
ivan
2017-10-30 12:19
Nice, and that IBAN is to your company's name, right? Because other services like Worldcore make you use another company's IBAN and the client has to add your company's information in the transfer description. Very complicated and banks refuses it sometimes.
roman
2017-10-30 12:20
They prefix your company name with ?TW?
roman
2017-10-30 12:20
As you can see in the screenshot I erased my name but not TW
ivan
2017-10-30 12:21
that's totally fine, tho.
roman
2017-10-30 12:21
It?d be interesting to see if IBAN is unique or not.
ivan
2017-10-30 12:21
I guess...
roman
2017-10-30 12:21
Whoever has a borderless please check and post here. Thank you.
ivan
2017-10-30 12:21
have you received wire transfers using it?
roman
2017-10-30 12:22
Not yet
roman
2017-10-30 12:22
You can send me some :P
roman
2017-10-30 12:22
I mostly deal with US
roman
2017-10-30 12:22
They provide you with USD routing too
roman
2017-10-30 12:23
Banking details to receive USD
ivan
2017-10-30 12:23
weird, they just provided me the IBAN number and info. Haven't asked for the company's information yet.
ivan
2017-10-30 12:24
I'm opening an EUR account instead of USD. Seems easier thay way. I guess they operate in EU as many of these services.
roman
2017-10-30 12:24
IBAN between my personal and biz account differs.
roman
2017-10-30 12:25
Well TW gives you all of them, if you want, once you have an account.
roman
2017-10-30 12:25
You can just add EUR or USD at will once you have borderless
ivan
2017-10-30 12:25
if they don't give you instructions for the clients to add your info in the transfer description I guess those IBAN are unique
roman
2017-10-30 12:25
There are no such instructions
ivan
2017-10-30 12:26
otherwise transfers are all sent to one company with a specific description and they distribute. Worldcore does that in every scenario. Paysera does that if you want to receive in USD and from some countries.
roman
2017-10-30 12:27
Ya I understand. They basically receive it into their account and use notes field to determine who to actually allocate it to.
roman
2017-10-30 12:27
I think Payoneer gives IBAN too
roman
2017-10-30 12:28
But they have some restrictions
ivan
2017-10-30 12:40
I've been using Payoneer for one year for my personal business
ivan
2017-10-30 12:40
it's fine
ivan
2017-10-30 12:40
never use the ACH transfers, tho
ivan
2017-10-30 12:41
I sent a request for a business account last week but they're the only ones that haven't contacted me back yet.
2017-10-30 13:21
@jase commented on @roman?s file https://freedomsurfer.slack.com/files/U4LJFKJTV/F7RRSMHH9/.png: @roman my business account with the same bank uses a different IBAN.
ivan
2017-10-30 14:01
I just submitted the documents for verification to Transferwise. Compared to the rest of the services they asked for very few documents. Surprising.
ivan
2017-10-30 14:01
I'll guess if that's really enough in a couple of days
ivan
2017-10-30 14:01
I'll keep you posted.
2017-10-30 16:21
@roman commented on @roman?s file https://freedomsurfer.slack.com/files/U4LJFKJTV/F7RRSMHH9/.png: Good to know, thank you!
ivan
2017-10-30 17:25
guys, anyone knows a bitcoin seller who accept SEPA? I'd like to be able to buy BTC using Paysera, Worldcore or Leupay
brutus
2017-10-30 17:44
@roman my TW perso EUR IBAN ends in 70 and my business EUR IBAN in 49 so at least they have more than 1 IBAN
brutus
2017-10-30 17:51
Ivan: Leupay requires to send the final activation paper or mastercard to the registration address...
TW document requirements depend on the country of your company. For my IBC we exchanged few emails (all scan/pdf docs) but I don't think they asked for any official document with apostille or similar. I received and sent money using them and no more questions so far
brutus
2017-10-30 17:51
Also TW wrote me they would allow me to make transfer in the same currency (no conversion) for 0.5% charge but I did not check yet how would work
brutus
2017-10-30 17:53
can be good for European client because TW EUR IBAN is in Germany while Leupay is in Malta (seen as an "offshore"/"grey" country in some EU countries)
brutus
2017-10-30 18:01
@brian @ ivanduch What about MyPOS? I read something about it earlier on this forum but can't remember if was good (maybe that it is somehow linked to Leupay ?)
https://www.mypos.eu/en/online-payments/checkout
brutus
2017-10-30 18:03
otherwise in Cyprus airport I saw some advertisements for this company, as Cyprus based they might work with IBC:
http://powercash21.com/payment-services/
brutus
2017-10-30 18:23
or what about Yandex.Money, they seem to be available for other countries than Russia and it is a popular provider in Eastern Europe?
https://money.yandex.ru/eng/
jeanpaul
2017-10-31 06:24
has joined #banking
ivan
2017-11-01 17:32
@brutus sorry, totally missed your messages. Thanks for the info.
ivan
2017-11-01 17:33
Looks like Transferwise has almost accepeted my account and 2checkout has approved it just today.
ivan
2017-11-01 17:33
I need to look into it now
ivan
2017-11-01 17:33
to see if everything is in order and I'm able to link the account to an EMI bank.
brutus
2017-11-01 17:38
Hello @harvie Sorry for late answer but just today someone told me about them, was happy about the service (he used it to transfer/change currencies).
brutus
2017-11-01 17:48
@stoplight I now received 2 wires EUR on TW Business account from an EU country (IBAN & BIC/SWIFT). Went smooth. Do you have a specific question?
ivan
2017-11-01 22:14
@brutus, checked both services, none of them seem to operate with belize companies.
ivan
2017-11-01 22:14
Also found out 2checkout isn't allowing me to withdraw money to a bank in country different to me residence country
ivan
2017-11-01 22:14
completely useless
ivan
2017-11-01 22:15
I contacted them but I doubt they'll allow me to withdraw money somewhere else.
ivan
2017-11-01 22:15
any ideas on how to receive credit cards payments for a Belize company guys?
ivan
2017-11-01 22:58
I guess in the end the ideal solution will be to register an LLC or LLP, I'll contact Simon about it.
ggiampieri
2017-11-02 02:58
Stripe man, payment processing subsidiary of your IBC. Nothing else is doable.
ggiampieri
2017-11-02 02:59
Paypal does accept IBC with HK bank account as HK company
ivan
2017-11-02 08:26
yep, do you know someone who opens LLC at a good price?
ivan
2017-11-02 08:27
Thanks @ggiampieri
ggiampieri
2017-11-02 12:12
Citibank business account with HK company seems impossible, went to headquarter and their 300000 usd montly average seems more an excuse than a real number, below that is 100 usd montly cost. tomorrow second round with other banks. Keep you posted
ggiampieri
2017-11-02 12:13
Oh and they want personal shareholder not island one. BVI holding seems the only acceptable for them.
ivan
2017-11-02 12:16
where is your company registered @ggiampieri?
ggiampieri
2017-11-02 12:16
Local HK
tatelev
2017-11-03 15:11
hi, I remember readin here by some of the members that I could open a Stripe account for my US LLC disregarded entity(I?m non-us resident) to be able to accept payments from us customers. I think I recall it was @pragmatic but not sure.
tatelev
2017-11-03 15:11
Anybody has set up and uses a US Stripe account for US LLC being a non-resident?
ivan
2017-11-03 15:18
I'm trying to do the same @tatelev but haven't done so myself. I just heard it's possible.
ivan
2017-11-03 15:18
check #taxation we just spoke with Simon about that a couple of hours ago
tatelev
2017-11-03 15:21
yeah but I am in the middle of my Stripe account creation and I am confused
tatelev
2017-11-03 15:22
because there is this link ?Activate your account > Account application? where the first thing you have to choose is ?Where are you based??
tatelev
2017-11-03 15:23
if I choose my country of residence, ?Spain? then all the rest of the fields including the type of business, etc? are changed for Spain
tatelev
2017-11-03 15:24
but if I choose ?USA? then I get offered the type of business entities ?Corporation, LLC, Individual/Sole Propietorship, etc?? but there is a field no matter which type of us entitiy that I choose, that asks for my Social Security number
tatelev
2017-11-03 15:26
I think it was @pragmatic that had asked Stripe support and they had told him which options he had to put and a workaround. @simon also said was like typing 0000 somewhere
tatelev
2017-11-03 15:27
all this is from my memory, so unsure about it
simon
2017-11-03 15:28
From memory, you need to choose USA for everything except for the tax interview part. Type in 0000 for the SSN and that will trigger the manual verification of your account. In my case they asked for a proof of ID and my tax ID.
tatelev
2017-11-03 15:30
thanks @simon in your case it was also for a US LLC ?
simon
2017-11-03 15:30
Wyoming LLC
tatelev
2017-11-03 15:31
so you chose on Stripe?s ?Your business type? the option ?LLC? or ?Individual/Sole Propietorship? ?
tatelev
2017-11-03 15:32
This was a major thing when setting up my seller?s account in Amazon USA if you can recall
tatelev
2017-11-03 15:33
in Amazon, if I chose ?LLC? it automatically put everything as a US Company and ended in a tax form for taxable business created
tatelev
2017-11-03 15:34
After many talks with Amazon they finally told me that I had to choose ?Individual/Sole Propietorship? because that was the only way that their system would create the W-8BEN
tatelev
2017-11-03 15:35
Not sure if I have to proceed the same way for setting up the Stripe account for my US LLC
tatelev
2017-11-03 15:36
@simon do you have you Stripe account handy to check what you chose?
simon
2017-11-03 15:38
I just had a look and it seems I chose LLC as the entity type.
tatelev
2017-11-03 15:38
great
tatelev
2017-11-03 15:38
thanks
tatelev
2017-11-03 15:39
seems like they might be a bit more relaxed than Amazon then
tatelev
2017-11-03 15:40
and in ?EIN? you put the EIN of the LLC? Or that is where you put 0000 ?
tatelev
2017-11-03 15:41
I can?t put 0000 in the EIN field so I guess 0000 goes on the SSN field
simon
2017-11-03 15:45
You have to enter the real EIN. It's in the SSN field that you enter 0000.
tatelev
2017-11-03 15:47
yeah did that. All seems activated now
tatelev
2017-11-03 15:48
My most immediate need is to send some sort of invoice/request for payment to a first time customer(a store) that wants to make a wholesale order of my products
tatelev
2017-11-03 15:49
how do I manually send this request for payment from within Stripe? I only seem to see subscription options
tatelev
2017-11-03 15:50
maybe I misunderstood, I thought I would be able to use Stripe for accepting one time payments where I would send some link with the amount by email and the customer could easily pay
simon
2017-11-03 15:53
I think that you need to use an invoicing service for that (one that connects to your Stripe account).
tatelev
2017-11-03 15:54
I just want to send a pay me link
tatelev
2017-11-03 15:54
the invoice I can write it manually later
tatelev
2017-11-03 15:54
for now
tatelev
2017-11-03 15:54
does Stripe not allow to send a quick ?pay me this much?? link? Like Paypal does
simon
2017-11-03 16:19
I don't think so, I think you need to integrate with one of their partners
ivan
2017-11-03 16:29
@tatelev I was just talking to one my clients
ivan
2017-11-03 16:30
they use Stripe + Xero for invoicing
ivan
2017-11-03 16:30
Xero is an accountability app for small businesses
ivan
2017-11-03 16:31
i haven't looked into them yet. Just want to do what you just did. They probable offer an API as well you could integrate in your website with some custom development. I wouldn't be surprised if there's WP plugins and other stuff for it already.
ivan
2017-11-03 16:33
As soon as my LLC is registered I'm following your steps. We're creating our own app for billing our costumers so I might be able to point you in the right direction for a free solution.
tatelev
2017-11-03 16:35
Yeah, thanks. I?m taking a look now at 2
tatelev
2017-11-03 16:35
Quickbooks, small monthy subscription
tatelev
2017-11-03 16:36
And Wave Accounting, free
tatelev
2017-11-03 16:38
Both seem to integrate easily w my US bank and w Stripe to send invoices w link for direct cc payment
ivan
2017-11-03 16:39
can you withdraw to something like Leupay or Transferwise with Stripe?
tatelev
2017-11-03 18:12
with Quickbooks accounting(w nice app for mac) I can manage my expenses and send invoice with pay now online link and I don?t need Stripe or Paypal account for that, it?s integrated into the accounting software, which is what I need immediately
tatelev
2017-11-03 18:13
I guess Stripe is much more powerful for when in the future I want to sell on my own online store website and accept payments on it
ivan
2017-11-03 21:02
Possibly
ivan
2017-11-03 21:07
Guys, sorry for the huge list and the fact that's in spanish but we just found with Brutus that TW offers ACH transfer and USD accounts in some specific countries. Only these:
EEA (�rea Econ�mica Europea, sin incluir Chipre) Canad� Guyana Marruecos San Vicente y las Granadinas
Islas �land Isla de Navidad Haiti Nauru San Bartolom�
Samoa Americana Islas Cocos Ciudad del Vaticano Nepal Isla de San Mart�n
Andorra Islas Cook Indonesia Nueva Caledonia San Marino
Anguilla Costa Rica Isla de los Hombres Niue Santo Tom� y Pr�ncipe
Ant�rctica Dominica Israel Isla Norfolk Seychelles
Armenia Rep�blica Dominicana Jamaica Palau Singapur
Aruba Islas Faroe Jersey Paraguay Islas Georgias del Sur y Sandwich del Sur
Australia Fiji Malasia Per� Corea del Sur
Bahamas Guinea Francesa Islas Marshall Filipinas Surinam
Barbados Polinesia Francesa Martinica Pitcairn Suiza
Benin Tierras Australes y Ant�rticas Francesas Mayotte Puerto Rico Taiw�n
Bermudas Georgia Micronesia Reuni�n Tailandia
But�n Groenlandia M�naco Santa Elena Islas Turcas y Caicos
Territorio Brit�nico del Oc�ano �ndico Granada Mongolia San Crist�bal y Nieves Emiratos �rabes Unidos
Islas V�rgenes Brit�nicas Guadalupe Montenegro Santa Luc�a Uruguay
Brun�i Guernsey Montserrat San Pedro y Miquel�n
ivan
2017-11-03 21:08
So USA, Cyprus and Belize for instance are not included
ivan
2017-11-03 21:08
hope it's helpful if someone is planning to use TW for receiving ACH transfers
stoplight
2017-11-03 21:14
Thanks for the info..will be trying to send to my TW Business account from Asia and see if that will work?
ivan
2017-11-03 21:17
looks like there's some international policy affecting USA and EU relationships regarding USD transfers
ivan
2017-11-03 21:17
Leupay didn't restrict USD as well?
ivan
2017-11-03 21:17
maybe it's Trump related
bigworld
2017-11-03 22:09
@ivan you read it wrongly. EEA, European Economic Area is included and we can open a borderless account in USD.
ivan
2017-11-03 22:12
that's what I said
ivan
2017-11-03 22:12
all that list is included
ivan
2017-11-03 22:13
what's not included are the countries outside of the list like USA or Belize
adiviz1
2017-11-04 12:45
has joined #banking
sylvain156
2017-11-08 04:53
Hi guys! Do you know if it's possible to transfer money with transferwise from professional bank account (Hong-Kong) to personal bank account (Thailand)? Thanks!
ggiampieri
2017-11-08 05:32
No they dont offer the service. There is https://www.hkdsmart.com/en/ but you need to register as company and their rates... go with SWIFT and send Thai bath, cheapest way probably
sylvain156
2017-11-08 07:03
Oh OK thanks. Transferwise can only transfer from professional to professional account, and from personal to personal account?
ggiampieri
2017-11-08 08:00
No you can do both, but TW offers Hkd inward only, unless they changed policy lately
sylvain156
2017-11-08 19:37
Ohhh ok thanks
yuli
2017-11-08 19:54
Anyone had success recently opening a bank in the UK for a LTD company owned by a foreign entity? If yes, which bank? Thanks.
yura-by
2017-11-08 20:24
Anybody have tried opening bank account in Malaysia as non-resident? Is banking good there?
roman
2017-11-09 02:36
I?ve heard banking is terrible in Malaysia. And accounts are not easy to open. Check Labuan on the other hand.
yura-by
2017-11-09 05:36
@roman thanks
ggiampieri
2017-11-09 12:23
@yura-by just went to all big Malaysian banks few weeks ago. To open an account you need to be resident. But HSBC gives 50% mortgage to non residents for your milion ringgit house, so I guess you need a bank account with then ;)
yura-by
2017-11-09 13:03
Standard Chartered Malaysia lists TT under "branch services" in their price list. Looks like it is not possible to send transfer overseas without personal visit to the bank. Major deal-breaker for non residents, even if bank agrees to open account.
ggiampieri
2017-11-09 13:43
Why Malaysia? There are easier options with same banks in nearby countries with no crs if you need.
yura-by
2017-11-09 13:58
Just was there few days ago, become curious :slightly_smiling_face:
yura-by
2017-11-09 14:02
Also I've tried to open in Citi and SC in HK last year, but failed.
ggiampieri
2017-11-09 17:52
The secret is telling the bank you are moving here, but still no HKid. much easier with local address proof you can get through phone contract. Have business skills proof, helps! Bank account statement from other country helps as well. They still open accounts. But don't forget your passport really matters, first world countries is a must, otherwise almost impossible! :wink:
ggiampieri
2017-11-09 17:54
Cambodia is super easy and usd banks accounts, vietnam should be as well and they have big 3 with multicurrency, same as HK!
yura-by
2017-11-09 18:29
@ggiampieri Thanks for your advises, telling about moving there sounds like a good idea. And yes, my Belarusian passport probably was one of the reasons + Thai proof of residence from ADSL provider (with budhist style year numbers)
yura-by
2017-11-09 18:31
I think Cambodia is very unstable, even keeping money in Belarus is safer than there
bombine
2017-11-11 22:44
has joined #banking
jd
2017-11-14 04:52
Hi guys,
Hoping someone can chime in with some advice on a more complex (I think) set of challenges.
I currently run a St Vincent and the Grenadines IBC, it's essentially an FX fund structure that for various reasons needed to be initially setup in SVG (fastest path to market). Banking setup has been near impossible (relying on Leupay at the moment).
I'd like to have access to US Banking to start building a credit history and build access to US credit cards (company and personal), as well as global banking in a solid jurisdiction (Hong Kong, Singapore etc..).
We don't and won't take US clients.
A Wyoming LLC will not be able to open global brokerage accounts (because it is based in the US with NFA regs).
Would it be possible to somehow use the Wyoming LLC as a holding company for the SVG Pty Ltd OR vice versa to access US banking and credit building facilities - and being able to use those US credit cards and banks to fund brokerage accounts globally (funding them from US banks or credit cards that were applied for under the Wyoming LLC, however, they are essentially funding an SVG brokerage account)?
Would we then be able to use the Wyoming LLC to open global bank accounts given it's in a stable jurisdiction?
Then the complexity - to protect all this (longer term), could it all sit under an offshore trust setup, and if so, would the trust then need to be opening all these bank accounts and building all these credit histories, instead of the Wyoming LLC?
I am an Australian citizen and resident, with dual citizenship to South Africa.
Any advice/thoughts MUCH appreciated!!
stoplight
2017-11-14 09:35
@jd ?as any company involved in financial transactions?you would need a pretty complex structure?since you are considered offshore?it just gets more complicated? :disappointed:
jd
2017-11-14 09:35
@stoplight At this stage we don't take on any client funds, we are essentially non-custodial
jd
2017-11-14 09:36
The banking arrangements would be for our operating capital
jd
2017-11-14 09:36
The custodial fund will come down the track
stoplight
2017-11-14 09:37
oh ok?hmm?why don?t you try to work with an SVG bank?
jd
2017-11-14 09:37
We've tried two of them, super tough to work with
jd
2017-11-14 09:38
Don't even accept or send USD
stoplight
2017-11-14 09:38
euro pacific and loyalbank?
jd
2017-11-14 09:38
Yep
jd
2017-11-14 09:39
Do you think it's possible to have a shell company that is the "cash" side of the business, bank accounts, transfers etc..? In a stable jurisdiction
stoplight
2017-11-14 09:39
sadly..if you would like to take USD?s now and down the road?there will be some pretty tough level of difficulties?
stoplight
2017-11-14 09:40
Of course?but best to avoid USD?s altogether?IMHO?.
jd
2017-11-14 09:59
Yep ok - any thoughts on holding companies @stoplight? Do you think this would be a viable means to work in US banking to our model?
onlinesale2003
2017-11-15 07:08
has joined #banking
mikeseo
2017-11-15 09:51
@jd maybe look at one of the offshore service providers with offices around the world? https://www.streber.st/?s=service+provider
stolzlos
2017-11-15 10:03
is a US broker not sufficient for your LLC? Are there specific markets you want to tap in?
jd
2017-11-15 21:15
@mikeseo Thanks, will do
yuli
2017-11-17 00:31
Curious to know; anyone had luck with opening an Hong Kong bank account recently, without visiting Hong Kong physically? If yes, could you share more information on that? :slightly_smiling_face: Thanks!
sylvain156
2017-11-17 04:26
I heard it's forbidden now to open a bank account without visiting the bank
sylvain156
2017-11-17 04:28
Hi guys, I'm currently in Bangkok, I'm looking for a personal bank account with ? and thb. Any recommendations? I'm ok to make a big deposit.
sylvain156
2017-11-17 07:24
So I just opened a citibank account (Citi priority)
johncitizen
2017-11-17 08:23
Please do a write up
fish
2017-11-17 14:12
@sylvain156 I'm heading to BKK myself soon. I would like to hear more of the process.
sylvain156
2017-11-18 04:11
I called them several times by phone before so I knew a little information about the priority and gold account. Deposit for citigold is 5MB, and if your balance is bellow you are not citigold anymore. For Citi priority the deposit is 1MB, you have to keep it in the account during 3 months. After 3 months I'm not sure you are still Citi priority if your balance is below 1MB, I think even them didn't know. If the balance is below 200k thb they charge you 300 thb /month.
So I choose Citi priority. You can ask to deposit in foreign currency, I deposited 26k? by bank transfer.
To open the account, I had many documents, they used these one :
Local driving licence (seems to be very used for administrative things in Thailand)
Bank statement from an other bank in Thailand
Passport (my address in the passeport is the same than my bank statement, it's an address in Bangkok)
Also, they copied these documents but not sure they are required :
Tax ID in Thailand
ID card from my country (same address in Bangkok)
It was very long to open the account, about 2 hours, we fill maybe 50 documents.
They gave me my atm debit card, I show you a picture. No name on the card.
The account Citi priority is multi currency, I asked for ?, usd, hkd and thb. You can also have sgd and others that I don't remember.
The debit card is linked to the thb account.
You can withdrawal for free from all the atm citibank in the world, but you have to have thb on your account. If you have ? and 0 thb the atm will not give you money. (it's exactly the same process for my HSBC account in hk).
Internet banking seems suck, they told me I will not be able to convert currency from euros to thb by myself, I have to come to bkk lol... I think I can do it by sending money from my euro account citibank to my thb account citibank, by using transferwise.
Also I ask how much was the limit to transit money, make bank transfer etc, they told me If I want to make a bank transfer from Thailand to overseas, if >25k usd, maybe they will not do it and I have to prove by documents why I need to remove money from Thailand.
My conclusion is that it will not be my personal account for my wealth management, but it's better than nothing. For wealth management I recommend Singapore but I was not able to have an account there, yet.
Hope it's useful feel free to ask if any questions
fish
2017-11-18 07:19
When I wrote Bang Kong I actually meant *HONG KONG*.
harvie
2017-11-19 04:18
It's not that hard to setup a citibank IF you have the 1m. I've been thinking about getting one but not sure what the benefits are compared to a normal bank? @sylvain156 why did you decide to get Citi, was it for the foreign currency? If so what's the min they want in there. Thanks for the write up.
sylvain156
2017-11-19 05:23
@harvie it's for different reasons :
- multi currency
- bank in all over the world, maybe it can helps me to have citibank singapour after (because then I will be already a customer)
- free atm in all over the world
and also i really want to be done with bank problem, so I opened many bank account since 2 months, it's very cheap to open and often easy, maybe I will be very happy to have this banks accounts in 2 or 3 years, if it's not possible anymore to open as easily
You ask for the minimum balance ? I'm not sure and I think even them was not sure, they just told me if by balance is below 200k they charge 300 thb/month. I don't know more about the minimum balance.
johncitizen
2017-11-20 01:59
Citibank SINGAPORE now want $200k minimums
johncitizen
2017-11-20 01:59
I just closed my account with them
ivan
2017-11-20 09:15
Guys do you know how much do north american banks ask for to open a business bank account in general?
andrei_adam2001
2017-11-20 11:57
has joined #banking
mikeseo
2017-11-20 12:23
I think my Wells Fargo US business checking has no minimum but if there's less than 7000 USD they charge a 10-15 USD a month service fee
ivan
2017-11-20 23:19
thanks @mikeseo
sylvain156
2017-11-21 07:00
@johncitizen they ask you to close your account because you don't have a balance of usd200.000 ?
johncitizen
2017-11-21 10:20
Correct
johncitizen
2017-11-21 10:38
I don?t see much advantage in leaving 200,000 in an account with almost no interest.
sylvain156
2017-11-21 20:12
Sure
sylvain156
2017-11-21 20:16
You think it wasn't possible to keep the account and pay the monthly fees 50usd/month?
ivan
2017-11-21 22:30
guys have any of you used some service for verifying a US phone number? Stripe is asking me for a USA number which should also be able to receive SMS for the verification.
roman
2017-11-22 04:10
You can use Twilio. You can see sms in the logs :)
johncitizen
2017-11-22 05:26
@sylvain156 that?s $600 a year in fees. There are other places that pay you for the privilege of storing your money :)
ivan
2017-11-22 11:11
Thanks @roman
ivan
2017-11-22 11:12
I'm trying to open an account in Stripe with an LLC, it's asking for a north american bank which I don't have yet. Is there a chance of using a Leupay account or similar?
ivan
2017-11-22 11:13
I noticed Paypal Pro and Braintree assume in the registration process you are an US resident, no way to add a different country. Has anyone found a way to overpass that? I tried the 00000 SSN in Paypal pro but they keep asking for a proper SSN.
ivan
2017-11-22 11:26
Payoneer is asking for a north american bank account as well. Looks like they're using it to verify companies?
ivan
2017-11-22 15:31
No way to open those accounts without north american bank guys?
simon
2017-11-22 17:19
@ivan Payoneer only wants you to provide a US bank account number to facilitate the transfer of money between the two accounts. If you have no US bank account, use a random routing number (for example, Chase Nevada is 322271627) and a random bank account number (9 digits). Once your Payoneer account is approved, delete the linked US bank account.
ivan
2017-11-22 18:30
Thanks @simon what's the case with Stripe? Is it possible to do the same and then link to Leupay or Transferwise account?
ivan
2017-11-22 18:32
Stripe or Paypal, in both cases they seem to ask for a US Bank Account.
simon
2017-11-22 18:48
You can use the US bank account details you get from Payoneer for those two services.
ivan
2017-11-22 19:10
Right! Sounds like a plan. Thanks a lot @simon! I'll keep you updated.
alexanderhay
2017-11-23 09:26
What good is a stripe account without a bank account? Does Payoneer provide some transfer services without a bank account?
ivan
2017-11-23 09:27
I've used 2 services in the past that offer ACH transfers in the US
ivan
2017-11-23 09:27
one is Payoneer and the other one is BItwage (the second one converts the transfer to BTC at a 1% rate).
ivan
2017-11-23 09:28
in this bullish market I always did well with Bitwage but it's a risk, specially if one moves a considerable amount of money.
alexanderhay
2017-11-23 09:28
so you can transfer from your Payneer account to another bank account in the USA without having a bank account of your own?
ivan
2017-11-23 09:30
well, no. Payoneer to Bank is not possible as far as I know. 2checkout is offering withdrawing funds to Payoneer instead of a bank and that's definitely an alternative to Stripe or Paypal pro if they don't accept a routing number from Payoneer. I know Paypal doesn't usually accepts Payoneer unless you do some workaround.
ivan
2017-11-23 09:32
but for a more complete virtual bank account you can use Leupay, Paysera or even Transferwise (this last one is less bank-like).
ivan
2017-11-23 09:32
but those operate like european bank accounts.
ivan
2017-11-23 09:33
In europe they can send and receive using SEPA
ivan
2017-11-23 09:33
but can't use ACH of course
ivan
2017-11-23 09:33
only wire transfers to the US and rest of the world.
bwings.office
2017-11-23 10:38
has joined #banking
alexanderhay
2017-11-24 07:37
Seems like what you really need is just a bank account.
ivan
2017-11-24 11:05
In many scenarios a bank account is more expensive and slower than e-wallets or cryptocurrency. I can do without a bank account for a while.
ivan
2017-11-24 11:44
Guys, have any of you verified a Braintree account? They seem to assume I'm a US resident and asks for US based information.
yuli
2017-11-27 00:13
Hey - Anyone knows or has any experience with opening a company, and a bank, 100% remotely? I have been testing different structures and companies for a new venture for a while, and cannot seem to come up to a proper solution which would be easy logistically, without flying physically for the bank opening. Would be happy to receive any recommendations if anyone has! Thanks.
skat
2017-11-27 07:58
@yuli i think bank regulator require them to know their clients in person, so having an ability to open a bank remotely is not very common one. But i?ve heard that e-residence program from Estonia, involves couple of baks that agreed to open bank account for e-residents without them showing up in the office.
ahl
2017-11-27 08:14
has joined #banking
fish
2017-11-27 19:40
Recommendations for a personal bank account in HK?
yuli
2017-11-28 03:17
Have checked it today - The banks indeed need a face-to-face meeting in that case as well.
sylvain156
2017-11-28 04:32
@yuli I'm currently opening remotely a bank account in Singapore. Feel free to ask
fish
2017-11-28 10:11
@sylvain156 I'm interested to know how it goes too
pragmatic
2017-11-28 10:56
You can open a bank account remotely for a RAK Offshore
pragmatic
2017-11-28 10:58
We also have people here that can open a bank account in Georgia for you remotely
danz
2017-11-28 10:58
@pragmatic, corporate bank you mean?
pragmatic
2017-11-28 11:00
For Georgia? I think both, but @alexanderhay would know for sure.
danz
2017-11-28 11:03
Yes
yuli
2017-11-28 19:51
@sylvain156 would love to hear more! Which bank are you opening it more? You are referring to company account, or personal account?
yuli
2017-11-28 19:51
I heard that a personal account can be opened, with specific requirements, but for company you need a face to face visit. Did not speak to the banks directly.
yuli
2017-11-28 19:52
Georgia won't help much I believe. I am looking to use Stripe or Braintree, as I need really good payment processing options to accept payments from clients.
ivan
2017-11-28 20:29
where's your company @yuli? I'm in the middle of trying to verify Stripe and Paypal accounts. I've an LLC without a bank account in the states. Looks like they give for granted you're american if you're opening an account for an LLC.
ivan
2017-11-28 20:33
Another issue I had in case someone finds it useful: I used Payoneer trying to avoid having to open a real bank account in the US for Stripe and Paypal to withdraw money. I usually use Payoneer with a personal account for charging clients and distributing payment to vendors. I opened an account for the LLC but I found the following issues:
- You can't get a debit card because if you don't live in the US.
- You can't pay to vendors in anyway because there's no way to send money to other accounts.
- You can only withdraw to north american banks.
- You can only charge clients using their ACH and SEPA based services. No e-checks or credit cards.
yuli
2017-11-29 00:39
@ivan I am looking to incorporate a new company for Stripe/Braintree. USA LLC is not an option at the moment, since I am tying to avoid the USA taxation, since I can.
This is for a new venture. I have other existing companies.
sylvain156
2017-11-29 05:45
@fish @yuli it's a personnal account. I already opened a personal account in citibank bangkok (go up in the thread to read my review). During this process, I told to the banker that I was interested to invest in the trade market etc, and he offers me to present me to citibank singapore. I filled out a form, and one week later, a banker very motivated to open me an account contacted me by phone call. My account is not approved yet, I will have the answer in less than one week I think. But the banker spent maybe 3 hours with me (with what'sapp and phone call) to fill the opening form together. They also payed for the DHL courrier etc. So I guess they will not refused the account. It's a citigold account, I have no fees during the first year, after this, if I have less than 200.000 usd average balance, I will have 50usd monthly fees, which is OK for me.
fish
2017-11-29 07:21
@sylvain156 Thats quite expensive for my personal use. I'll let you know if I find anything in HK.
fish
2017-11-29 07:21
btw, people, I'm still looking for HK recommendations :slightly_smiling_face:
yuli
2017-11-29 16:38
@sylvain156 great to know. However, personal accounts are easier to open remotely. Company accounts are slightly more challenging :slightly_smiling_face:
I did get information that Maltese banks can be opened remotely, as I am checking options to do that remotely without flying it, with a Maltese company.
mathieu.bouvier
2017-11-30 02:25
has joined #banking
sdfk787
2017-11-30 11:41
citibank SG is a big mistake
sdfk787
2017-11-30 11:42
their online banking is fucking terrible, they ask for $1k usd opening fee ( will be waived after you bitch about how bad their setup/online banking is) , high min balances
cbf
2017-11-30 20:07
has joined #banking
johncitizen
2017-12-01 01:38
@sdfk787 agreed, I closed mine down. Looking for other options.
sylvain156
2017-12-01 06:35
@sdfk787 @johncitizen ok good to know, but which one would you recommend so ?
mark24
2017-12-02 23:58
has joined #banking
pablesque
2017-12-03 14:35
has joined #banking
pablesque
2017-12-03 15:15
I want to open a personal account in HK or SG. Any suggestions?
stoplight
2017-12-04 04:38
Personal account shouldn?t be too difficult as long as you can show up and have lots of $$$ to open?normally they would let you open?you may have to prove ties to the country though?or maybe via an investment account?
sylvain156
2017-12-04 08:02
Erf mine was refused today. Because I don't have a long term visa in Thailand.
roman
2017-12-04 09:36
I got it on a tourist visa. But I had real visa. Not on arrival one.
sylvain156
2017-12-04 12:45
Thanks @roman, was it with citibank Singapore? I have a real 2 months tourist visa also
ggiampieri
2017-12-04 13:30
After one day around, good news guys! Standard Chartered in Ho Chi Minh, opens non resident multi currency account only with passport and address proof. Account is free as long as you mantain minimum amount which is 100 for every foreign currency. They offer free visa debit card. Good to store money in good bank. Only downside is transactions are in VND and if you spend in other currency it is 4%. But then http://ocb.com.vn come to rescue with 0.25% forex fee with their mastercard debit, and they even give mortgage to foreigners. Hope it helps!
ggiampieri
2017-12-04 13:36
Citibank requires local working visa to open the account and 100000000 vnd minumum. Good news is vnd is pegged narrow range to usd and local banks give 7% on 12 months term deposits!
fish
2017-12-05 04:08
Anyone has personal bank account in HK?
max
2017-12-05 05:11
Hey guys, I am trying to access Bordeless account for my Estonian / UK businesses. For some reason when I click the nav tab all I see is progress wheel and then it immediately redirects me to ?Transfers?. Can anyone confirm similar behaviour on their end?
sdfk787
2017-12-05 10:17
vietnam is non fatca - sounds like a great move
sdfk787
2017-12-05 10:17
how did you get the work visa?
ivan
2017-12-05 10:35
@max, happened to me the other day while my account was being verified
ivan
2017-12-05 10:35
I suggest you contact their support via email, they're quite good
ivan
2017-12-05 10:35
solved all my issues so far.
max
2017-12-05 10:35
Hey, thanks, I did, I know :slightly_smiling_face:
ggiampieri
2017-12-05 14:42
@sdfk787 it is facta, but not crs. I did sign facta paper. No need working visa for SC, tourist is fine. They give visa debit card (8 years.. expire 2025!!!!)on the spot I did open today. Only downside is you cannot wire money abroad to other ppl, only to your own account. And the 4% forex. In total 2 hours! I will try in Thailand as well then Singapore and link all together!
sylvain156
2017-12-06 08:18
(I wrote before my account in sg was not approved, they finally approved it)
pristinegems4c
2017-12-11 17:05
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haralabob2
2017-12-11 19:15
@yuli which bank let you open remotely in SG?
yuli
2017-12-12 02:32
@haralabob2 I never opened a remote bank in Singapore, or tried to.
rtiagm
2017-12-12 05:16
How easy is to open a personal bank account in SG as a non resident? I know that with Citibank it's quite easy but they have high fees or high minimum balance.
rtiagm
2017-12-12 05:17
Looking for some recommendations. I can visit the bank in person.
diamantino.ferreira
2017-12-13 19:00
has joined #banking
ivopalazzi
2017-12-16 18:55
@rtiagm OCBC in Chuila Street opens a personal account for foreigners in SGD. Requirements: Passport and Proof of Address
ivopalazzi
2017-12-16 20:11
*Chulia
globalkibo
2017-12-17 10:35
has joined #banking
dfmanagement
2017-12-19 12:18
has joined #banking
mathieu.bouvier
2017-12-21 05:38
As of december 1st 2017, its no longer possible to open a bank account with bank of america without a proof of us address. In the past they allow anyone with a usa llc to open one with credit card. Now a lot harder
mathieu.bouvier
2017-12-21 05:39
I visited about 5 banks last few days in bellingham WA to open a biz account under my wyoming llc as a canadian resident and they only bank that let me open a chequing account is well fargo, all other refused
mathieu.bouvier
2017-12-21 05:40
And well fargo will allow only secured credit cards for my biz account with collateral
mathieu.bouvier
2017-12-21 05:40
Very restricted now
mathieu.bouvier
2017-12-21 05:40
Fyi
ivan
2017-12-21 09:37
Thanks @mathieu.bouvier, good to know.
ivan
2017-12-21 09:39
I've been using Stripe with Payoneer lately. For safekeeping money you can always use a bank in a different country I guess.
mathieu.bouvier
2017-12-21 10:24
How does payoneer difers from Transferwise borderless? Im currently using that with stripe myself and also my RBC canada USD account as well.
ivan
2017-12-21 10:31
Transferwise is a better service I believe. The main difference would be Payoneer offers you a debit card.
ivan
2017-12-21 10:32
Transferwise doesn't offer ACH for everyone either. I have 2 transferwise accounts and none of them are enabled to accept ACH.
ivan
2017-12-21 10:32
There's a list of countries they can offer ACH to.
ggiampieri
2017-12-21 13:23
Thailand is also very strict now, I have been to all baks today in patong shopping mall,open until 8pm. All of them require work visa. But Krungthai can open account with letter of recommendation from a Thai friend and Bangkok bank interestingly just need Thai address confirmed by immigration department. Bangkok bank (biggest bank in Thai) offers Unionpay card, which can be good to differentiate from western circuits. They should also offer a Visa be1st. Thai din't join crs yet.
ggiampieri
2017-12-21 13:27
Oh and you can buy plane tickets on ctrip with unionpay card...just in case western govts shut your cards
ggiampieri
2017-12-22 10:54
CIMB Thai does opens accounts without work visa. You must have more than 1 month visa,local friend who can recommend, id with address from home country and local address. I guess they apply CRS rules even if Thai is not yet in because the bank is from Malaysia. It is very good if you visit Asean countries as they all have local branches and you get better fees.
rtiagm
2017-12-26 08:22
Does anyone have experience with opening a brokerage account with Charles Schwab international ?
rtiagm
2017-12-26 08:23
I called the SG customer service but got mixed information. The website mentions a visa debit card but the representative said there's no card.
me1
2017-12-27 22:24
@rtiagm they have an "investor checking" account that's just a normal checking account that has awesome perks: ATM fee reimbursement, market rate currency conversion and that account has a debit visa card. The actual brokerage account is separate but you can apply for both at the same time. The brokerage account is the one used to buy investments. That account doesn't have a debit card.
me1
2017-12-27 22:24
(I have both, but I mostly have them for the ATM fees and currency conversion)
me1
2017-12-27 22:26
BTW you need a US drivers license or some sort of id to show you live there if you wanna open a Schwab account
me1
2017-12-27 22:29
Oh I see you asked about that. I don't know of anyone who has gotten it as a nonresident, but I'd love to know if there's a way.
ivan
2017-12-27 23:25
@me1 @rtiagm. I don't have any experiencie but contacted them about a month ago about opening an account.
ivan
2017-12-27 23:26
They seem to open accounts for non residents. The process is just a bit tedious and I think they ask for 20k as a minimum deposit. They didn't mention any visa cards so that might be restricted to US residents.
rtiagm
2017-12-28 05:40
@me1 thanks @ivan Did you contacted the Charles Schwab in the US?
rtiagm
2017-12-28 05:58
I just contacted Charles Schwab in the US and they told me the Schwab One International� account comes with a debit card
rtiagm
2017-12-28 06:00
Maybe the brokerage account is different from the Schwab One International account.
rtiagm
2017-12-28 06:00
The brokerage account has a minimum of 25k
me1
2017-12-28 06:04
Oh damn. I guess they are way more lax with US residents. I don't remember a minimum. Maybe it was very low.
rtiagm
2017-12-28 06:08
I'm going try to contact Singapore again soon to confirm what I've been told.
rtiagm
2017-12-28 06:09
25k is not so bad when compared to Citibank SG that asks 200k
rtiagm
2017-12-28 06:10
HSBC told me 2000 SGD for non residents, but seems too good to be true. OCBC on the other hand also told me 200k SGD
brutus
2017-12-28 14:04
Anyone opened an account in Hong Kong with Fintech http://neat.hk ?
I can see they only have personal account in HKD for the moment and business accounts in Alpha mode but could be interesting if expands to other currencies?
sylvain156
2017-12-28 18:09
Hi, 6 months ago HSBC sg told me 200k usd deposit for non resident :(
sylvain156
2017-12-28 18:09
Same citibank
ggiampieri
2017-12-29 06:40
@brutus I have a neat card, it is very cool! Beware of fees.. it's not revolut, but very useful!!
bifton1
2017-12-30 08:23
has joined #banking
rachel
2017-12-30 15:50
has joined #banking
mescos
2018-01-02 15:15
@ivopalazzi - Do you mean that OCBC on Chuila Street requires proof of address for Singapore in order to open the account? Or do you mean that any proof of address for any jurisdiction is acceptable?
danz
2018-01-02 15:19
Any proof of residency
ivopalazzi
2018-01-02 15:35
@mescos Any proof of address...yeah I know, its super easy :wink:
ciorbaadrian82
2018-01-02 23:37
has joined #banking
franc.feliu
2018-01-03 11:24
has joined #banking
it.consultant.experti
2018-01-05 13:09
has joined #banking
mattbellme
2018-01-05 14:17
Can anybody recommend a decent bank which has USD, EUR low fees? And easy to open an account?
jase
2018-01-06 15:20
If you could apply online for a secured credit card, without having to visit a bank in person, and this card accrued air miles, would you? It would involve sending funds with your application, and the amount you send would be the amount the card is secured for (your credit limit).
mattbellme
2018-01-08 11:56
has anyone signed up with N26 outside germany and just had the card forwarded?
brutus
2018-01-08 14:55
yes i did, worked very well
roman
2018-01-09 01:09
:raised_hand:
kim
2018-01-09 15:29
@mattbellme N26 is available outside germany. These are the countries listed here: https://support.n26.com/read/000001280?locale=en
Germany
Austria
Ireland
France
Spain
Italy
Netherlands
Belgium
Portugal
Finland
Lithuania
Latvia
Luxemburg
Slovenia
Estonia
Greece
Slovakia
roman
2018-01-09 17:43
We all thought it was the next logical step and it happened. TransferWise announces a debit card:
https://transferwise.com/gb/borderless/
ivan
2018-01-09 18:26
Awesome! Thanks for news @roman
ggiampieri
2018-01-09 18:52
Yeeeeessssss :))
mattbellme
2018-01-10 10:51
@kim @brutus im not in the listed countries though, in the t&c it says you have to a resident in those countries...i might try anyway and see what happens...
mattbellme
2018-01-10 10:57
but i was wondering if anyone had success without being on the list of countries
mattbellme
2018-01-10 10:57
but within the EU
tatelev
2018-01-10 15:50
hi, Anybody can tell me if it?s possible for an LLC with foreign owner to activate a Paypal USA account? I have tried a few times and it always seems to end up on a screen that asks me my personal details among which they ask for my SSN
ivan
2018-01-10 15:53
Braintree does ask for the SSN, not sure if Paypal did but I opened the account. They'll ask for a north american bank account to verify the account, tho. I tried with a Payoneer ACH and it didn't work.
tatelev
2018-01-10 15:53
my LLC has a fully working US bank account
ivan
2018-01-10 15:53
Because during the verification they also try to withdraw from the account.
tatelev
2018-01-10 15:53
but it?s Paypal that I need
tatelev
2018-01-10 15:55
bank and cc verification will be no problem, but I cannot get past the screen where I am asked my personal details because of the SSN
ivan
2018-01-10 15:55
try filling the SSN with 0s.
ivan
2018-01-10 15:55
is that Paypal pro or Braintree?
tatelev
2018-01-10 15:55
Paypal Business
ivan
2018-01-10 15:56
they accepted my account, don't remember exactly what I did. The only missing thing is the bank verification for me.
ivan
2018-01-10 15:56
Can't you use Stripe instead?
tatelev
2018-01-10 15:56
it?s for Ebay
tatelev
2018-01-10 15:56
so I need Paypal
ivan
2018-01-10 15:57
try using 0s in the SSN, I did that for Stripe for sure and then I talked with their support about it.
ivan
2018-01-10 15:57
I'm not 100% sure I did the same with Paypal
ivan
2018-01-10 15:57
I remember not being able to open a Braintree account because of the SSN, tho.
tatelev
2018-01-10 15:58
I just read a previous comment from you where you said that 0000s didn? work for your Paypal
tatelev
2018-01-10 15:58
you have a US LLC ?
ivan
2018-01-10 15:58
Yes
tatelev
2018-01-10 15:59
and you have used already your Paypal?s account for receiving/paying stuff?
ivan
2018-01-10 15:59
No, never used it, but they accepted all the verifications except for the bank, which caused it to be blocked for paying/withdrawing.
tatelev
2018-01-10 16:01
yeah well I once had it working, had it verified? my us bank account received the paypal micropayments, etc?
tatelev
2018-01-10 16:01
had it all ?working? and then one day I logged in and I was presented that screen to fill my personal details and SSN
ivan
2018-01-10 16:02
Oh, okay. Then that was probably going to be the end of my account as well.
ivan
2018-01-10 16:02
Good I didn't care about opening an account in the states then
tatelev
2018-01-10 16:03
your is ?Paypal Pro?, ?Paypal Standard? or ?Express Checkout??
ivan
2018-01-10 16:03
I'd try contacting Paypal support, tho
ivan
2018-01-10 16:04
With Stripe I had a chat with them about the SSN situation
tatelev
2018-01-10 16:04
yeah I did once
tatelev
2018-01-10 16:04
they didn?t have a clue
ivan
2018-01-10 16:04
and they explained it was hardcoded and could be overriden using 0s without any consequences.
ivan
2018-01-10 16:04
It's just they assuming you reside in the US.
ivan
2018-01-10 16:05
But Paypal might operate differently. Payoneer for example didn't send me a Debit Card because I needed to provide them with a SSN for that
ivan
2018-01-10 16:05
In my short experience with the LLC
tatelev
2018-01-10 16:06
Maybe I should try the ?Personal Account?
ivan
2018-01-10 16:06
lt seems like they have a lot of restrictions lately.
ivan
2018-01-10 16:06
Maybe an LLP is better nowadays.
tatelev
2018-01-10 16:06
Personal Account: Shop online or send and receive money. All without sharing your payment info.
tatelev
2018-01-10 16:06
Business Account: Accept PayPal and all cards online or at the register. Send secure invoices to your customers.
ivan
2018-01-10 16:07
I'm logging in to the account to confirm which one I opened. But if I understood you correctly your account was operational until they recently asked you for a SSN, it didn't happen during registration.
tatelev
2018-01-10 16:07
that was on a previous try
tatelev
2018-01-10 16:08
then I closed it
tatelev
2018-01-10 16:08
I recently created it again
ivan
2018-01-10 16:08
mine seems to be a business account
tatelev
2018-01-10 16:08
actually it was created when I paid for some software subscription for which selected the option ?Pay with Paypal?
tatelev
2018-01-10 16:09
seems really complex
ivan
2018-01-10 16:10
Well, Paypal is known to be dangerous for this reason. You're lucky you didn't have a lot of money in the account they blocked it.
ivan
2018-01-10 16:10
Withdrawing funds after they block it is a world of pain.
ivan
2018-01-10 16:11
I don't use it for that reason. But if you need to operate through Ebay you're quite restricted there.
tatelev
2018-01-10 16:13
so maybe somebody else here is in similar situation and solved it to have it working without hassles. @simon you have an LLC right? You got Paypal set up for it?
tatelev
2018-01-10 17:15
just talked to Paypal Support and they said that I should go ahead and link my account to my US bank and once I?ve done that they ?might be able to bypass the requesting of SSN?. I?m not confident that it?ll be possible but I?ll go ahead and see what happens, but doing everything with Paypal?s handholding me since I don?t want something to work now and then in the future get a nasty surprise
ivan
2018-01-10 18:05
Sounds good enough considering Paypal has a tendency to block accounts anyways.
otkeedca
2018-01-11 05:54
@tatelev get an ITIN and use that
geoffrey.theodule
2018-01-11 17:16
has joined #banking
jase
2018-01-11 18:07
Has anyone deposited CAD/SGD/AUD/NZD or some other currency to a LeuPay EUR account? Do they just convert it upon deposit?
brutus
2018-01-12 07:53
To sign-up and get the card, you need to provide an address in the supported countries -> use a mail forwarding company based in one of those as I did while I am living in Eastern Europe now (worked very well for me).
But they also need your country of fiscal residence (CRS reporting) and (optional) your TIN (Tax Identification Number). I can't remember which countries are accepted by N26 as Fiscal residence, you should check their FAQ.
Full step-by-step from TKRunning:
https://nomadgate.com/open-n26-account/
brutus
2018-01-12 07:56
For info only, if you ask TW they will enable same currency transfer as well :slightly_smiling_face:
brutus
2018-01-12 08:08
yes I had, I gave them a German address while I am living in eastern Europe (card was forwarded to me by mail forwarding company, check in their conditions they accept bank cards!!). And I gave them my EU fiscal residency which is not one of the countries in the "supported list"
tatelev
2018-01-12 10:05
@otkeedca do you mean get an ITIN and type it when Paypal clearly asks for the SSN? You know this works?
otkeedca
2018-01-12 10:14
Yes, I have a PayPal US account. ITIN and SSN share the same format
jase
2018-01-12 15:18
Anyone running a HK company, have you managed to get a secured credit card in Hong Kong without visiting? Is it in your personal name or is it a business card?
ggiampieri
2018-01-12 16:54
@jase get #neat,they ship overseas. Everything else painful!
jase
2018-01-12 16:55
Easy enough in a company name @ggiampieri?
ggiampieri
2018-01-12 16:56
No, you must join waiting list for that! Use my link if you join please :) https://business.neat.hk/?kid=KEV9Z
jase
2018-01-12 17:02
Ah ok damn. I will get on the waitlist this weekend
skat
2018-01-12 17:13
@ggiampieri do you know if I can top up neat account with pre-paid cards?
ggiampieri
2018-01-13 09:09
@skat no, it is not like revolut. You can top up with wire transfer (free sending with revolut) and CASH, which can be super useful according to your 'business'. You can also link your HK bank account since last week for instant topup.
ggiampieri
2018-01-13 10:00
@skat nevermind: You can now top up your Neat Account more easily by linking your bank account or topping up by card.
ggiampieri
2018-01-13 10:01
I missed the or, so yes now you should be able to top up by card
skat
2018-01-13 12:56
cool, thanks @ggiampieri . will look into this more.
petrus.luijpers
2018-01-13 23:29
has joined #banking
jor.acker
2018-01-14 17:52
Yo guys, i'm planning to open a Hong Kong personal bank account after getting a working holliday visa, will it be easy with the WH visa or still might be hard ?
If still hard, if i get a random job for 1 month and then have a work contract to help it, will it become nearly sure that i'm good, or still might be hard ?
aka
2018-01-15 17:31
what's your nationality, do you have any business registered in any other country?
jase
2018-01-15 17:58
I'd think it would be easy with WHV
chaostar
2018-01-15 19:06
Hi! Somebody asked about N26 some days ago, about opening accounts while not being a European citizen. I just want to confirm that it is possible. I am an Argentinian citizen and I have had a N26 account for a year with no problem. Several argentinian friends have also opened accounts with no problem. Only condition is that they only send the cards to European addresses, but if you have a friend or a mail forwarding address, it works also.
jor.acker
2018-01-15 19:45
I'm french, and no zero business, i "offically" don't have any income/work/activity also (i play poker online)
c-bass
2018-01-15 23:03
Hi everyone.. I sure would appreciate some advice. Myself (Canadian) and my business partner (German) are about to create a LLC in the UK for our new tech startup. This seems very easy and straightforward.. the problem seems to be opening the bank account. It's just us two shareholders/founders and we don't have any contact or director in the UK. Also if we both need to be present in the flesh to open the bank account that is a problem.. but it is probably possible to be present in the flesh but not at the same time.
I've also been reading a lot of horror stories concerning HSBC.
I would love to know what our best options are.. do we even need this UK bank account? We'd like to operate in USD by the way.
c-bass
2018-01-15 23:06
I'd like to add that I also am an e-resident of Estonia, but my partner isn't. And besides the companies I spoke to in Estonia such as LeapIN kept telling me that they only cater to single-founder companies.. which I thought was very lame.. maybe things have gotten better now. But it seems overall much easier in the UK
stoplight
2018-01-16 03:50
@c-bass Have you considered transferwise borderless?
c-bass
2018-01-16 04:30
@stoplight afaik Transferwise Borderless, similarly to Revolut for Business, is not a bank account and is not a substitute for having a business bank account. It makes a lot of things a lot easier and it's really convenient.. but unless I misunderstood.. I still will need to open an actual business bank account
ivan
2018-01-16 10:20
@c-bass I might be wrong but doesn't an LLC lose its pass-through status if owned by more than 1 foreign members? Why do you need to be a real bank account?
c-bass
2018-01-16 12:10
@ivan well.. I wasn't sure at all.. but actually after reading some more and since my German partner already has a Revolut account that she can upgrade to a Revolut for Business account which will apparently let us both have control of it.. then I guess maybe we don't need a UK bank account. Rapidformations' website says that we don't need a UK bank account either.
The other issue is we'll want to set up with Stripe.. but doing a little reading it seems that Stripe can be set up to work with a personal bank account even if it's a Stripe account linked to a Limited company
Does any of this sound wrong?
ivan
2018-01-16 12:31
You want to set it up with personal bank accounts? For an LLC they'll requiere a USA bank account.
geoffrey.theodule
2018-01-16 14:29
@c-bass I'm in the same process: revolut business will allow you to have a gbp account in uk, and you can also ask a specific iban in euro with their partner Saxo Bank in Denmark, you have to meet certain requirements though (ask more details to customer support through their app). For US they don't have partner yet which offer local USD bank account with your own number and details, but you can use services like OFX, Worldfirst, Currencies Direct to provide you with a local USD bank account so you can get at least payments from stripe, etc, But you won't get debit/card. typically they charge 0.85-1% of conversion fee to convert and send money to another bank account in another currency. You can also try to contact banks in Latvia, Cyprus, Czech Republic, Switzerland if you want an account in EUR they are more open I've heard.
geoffrey.theodule
2018-01-16 14:50
Hi @tatelev, choosing Individual/ Sole Proprietorship instead of your LLC in Amazon (in order to get the W-8BEN) won't create any further complications with IRS you think?
geoffrey.theodule
2018-01-16 15:17
Tide for GBP UK business accounts seems a viable solution
c-bass
2018-01-16 20:54
I feel like I must have mis-explained because we're not on the same page right now. My German partner already has a Revolut account. And we're going to form a UK Limited company but we plan to NOT open a bank account at all. Instead we'll upgrade her personal Revolut account to a Revolut for Business account so that we can both manage it. And we'll just transfer our current assets into Revolut.
Then when we want to open a Stripe account, they require a bank account where they can deposit money and we'll just have that deposited to my partner's personal bank account, which will then be transferred to Revolut.
Anything wrong with this thinking ?
petrus.luijpers
2018-01-16 21:44
@c-bass
https://revolut.com/business?ref=eurosoa0c
Join Revolut for Business to get the fastest payments and the best FX rates for your company. Use my invitation code: "eurosoa0c" to sign up.
petrus.luijpers
2018-01-17 06:11
Revolut has applied for the EU banking license.
ivan
2018-01-17 10:14
@c-bass Stripe will require a US based bank account (routing number and able to receive ACH transfers) in order to withdraw your payments. Payoneer works for that, from what you've been discussing Revolut doesn't offer ACH transfers.
ivan
2018-01-17 10:15
Normally they demand the bank account to be in the company's country. But their support told me there are some countries without that restriction.
geoffrey.theodule
2018-01-17 18:01
Yes Revolut won't provide local USD bank account, you can use services like OFX, Worldfirst, Currencies Direct, Payoneer to provide you with a local USD bank account. Theoretically you can use your EURO or GBP account to receive funds in USD from your Stripe account, but if you don't have a local USD account, Stripe will convert them first and will take another 2% or more above the mid market rate.
timpetch
2018-01-18 10:24
has joined #banking
danielabagnale
2018-01-18 13:16
Does anyone have experience with Lloyds Bank in Gibraltar?
ivopalazzi
2018-01-18 18:43
Same question, I will be in Gibraltar soon
ivopalazzi
2018-01-18 18:44
Does anyone have experience there? Do they open personal bank accounts? How about corporate accounts for a non gibraltar IBC?
stolzlos
2018-01-18 18:48
I had an account with Lloyds. Opened online, no visit. Personal account. Service was ok. Nothing really to complain.
thesimitch
2018-01-19 05:54
has joined #banking
harvie
2018-01-19 07:27
Today I got my https://business.neat.hk/ business account, connected it to PayPal, will see if I can take payments. Feel free to ask me anything. Only had the account a few hours.
harvie
2018-01-19 07:28
How did I get it? My accountant is working with them closely and got me fast-tracked.
jase
2018-01-19 11:33
Keep us posted @harvie
roman
2018-01-19 12:47
@harvie what are the restrictions for opening that account?
harvie
2018-01-19 14:01
@romanyou need a HK business only. I don't think you can use the service if your business is located in another country.
stoplight
2018-01-19 16:19
good on ya @harvie?please keep us in the loop?looks promising..
johncitizen
2018-01-19 23:55
Nice one @harvie
harvie
2018-01-20 03:37
Thanks. I have my own account number, bank and branch code.
Can only make local payments of right now but they said I can send overseas soon (it's still in Alpha whatever that means?).
Just applying my for debit card.
First impressions looks good, they are very quick to respond to emails and fees for everything right now seem very cheap apart from the 2.5% ATM withdrawal fee.
https://neat.supportbee.com/384-business/851-pricing/1681-how-much-does-neat-business-cost
harvie
2018-01-20 03:38
Account is only in HKD, no options to add other currencies. Dashboard looks very basic but clean. Hoping my PayPal micro bill comes in Monday or Tueday before I pop the champers. Seems like this could make setting up HK businesses more relevant now.
smuft84
2018-01-20 22:11
has joined #banking
geoffrey.theodule
2018-01-21 23:20
Quick question: anyone with a non European Company (ideally with a US LLC) that has names of european banks willing to open a business Euro bank account? (banks has to be in a european juridiction, not just SEPA)
roman
2018-01-22 01:10
Well, TransferWise Borderless would qualify. They use a bank in Germany. But, TW itself is not in EU.
roman
2018-01-22 01:12
The bank listed on the account is:
Deutsche Handelsbank?S�dliche M�nchner Str. 2?Gr�nwald?82031
geoffrey.theodule
2018-01-22 01:25
Thanks Roman, but I need a bank account with a debit card attached to it, so Transferwise won't work in that case.
harvie
2018-01-22 03:26
Managed to link my HK Business Neat with PayPal. Looks like I'm ready to roll. Not tried Stripe yet.
roman
2018-01-22 03:40
Didn?t they announce a card product recently? See if you qualify.
geoffrey.theodule
2018-01-22 03:49
As far as I know, this is only for personal accounts
mattbellme
2018-01-22 10:42
anyone here opened a bank acconut in georgia or panama?
mattbellme
2018-01-22 10:44
do you put in your tax details for argentina? the terms state that if you aren't resident in those countries you can't open an account, maybe I will try anyway...
johncitizen
2018-01-22 15:48
@mattbellme yes
ivo
2018-01-23 07:08
@mattbellme yes, I have several bank accounts in Georgia.
mattbellme
2018-01-23 15:47
can you keep usd's? good experience? is it easy to transfer to internationally or to europe banks?
mattbellme
2018-01-23 15:48
is there one with a revolut style any currency spend card?
mattbellme
2018-01-24 10:21
what did you put in as country of residence?
pristinegems4c
2018-01-24 10:44
Hi everyone, I have a HK registered company with legit e-commerce business for many years. What Hong Kong lawyer firm would you recommend for opening a HK bank account.
pristinegems4c
2018-01-24 10:46
If you could kindly share your experience it will be greatly appreciated. Thank you.
sdfk787
2018-01-24 11:15
go walk into the bank
sdfk787
2018-01-24 11:16
or ask your current banker of same bank to refer u there
ivo
2018-01-24 12:06
@mattbellme Yes, you can have USD,EUR and GBP accounts. Conversion is available at competitive rates (not as good as Revolut though). You can even have credit cards with foreign currency base. My experience is that Georgia offers by far the best banking experience (I'm also banking in HK, UAE, DE, PL, UK and Lebanon). The best thing is, you can get private banking for a fraction of the price of other countries. The banks are efficient and there are almost no restrictions (ie receiving and sending to crypto exchanges).
I offer a service to open bank accounts remotely for non-US citizens . You can contact me for further details.
harvie
2018-01-24 12:58
@pristinegems4c I have a very good bank accountant for HK, I and others use him here. PM me. He just helped me setup a bank account with NEAT HK.
geoffrey.theodule
2018-01-24 23:15
pmed you @ivo
danielabagnale
2018-01-25 07:49
Has anyone found a way to couple a foreign bank account to Paypal? I want to wire the funds that I receive in USD to my USD-account in Singapore. My residency is currently in The Netherlands and will change to Malta soon. Netherlands will not allow me to wire into the USD account directly without conversion and remitting funds to an account in Malta is obviously defeating the purpose of residency there. Its rather crucial, I hope someone can give me a solid solution. Thanks!
danielabagnale
2018-01-25 07:50
Transferwise apparently wont let you wire USD to any account outside of the US, does anyone have a good alternative to transfer relatively large amounts to a non-US based account in USD?
harvie
2018-01-25 10:48
@danielabagnale impossible sadly. PayPal only works if the bank is in the same country as where you setup
harvie
2018-01-25 10:52
@danielabagnale you can make a http://PayPal.sg account, but I think they'll ask for proof of residnece and your Singapore ID number
geoffrey.theodule
2018-01-25 18:05
Worldfirst, OFX, Currencies Direct are able to open USD accounts in US from where you can send to your USD account in Singapore, if you're ok with 0.7%-1% fee of the total amount. If you do large volume maybe this can go down to 0.5%, which is less than an international swift transfer from a traditional US bank.
mcdonald.ben
2018-01-25 23:47
has joined #banking
mrblonde
2018-01-27 11:04
@harvie oh wow that neat account looks good,do u know if they plan on offering multi currency option in the future? im using ocbc atm, ok but rip off merchants
harvie
2018-01-27 15:31
@mrblonde I was using OCBC too, going to close mine. No signs of multi yet, I assume they will do it later on, but I very much doubt we'll see it in 2018
smuft84
2018-01-29 12:06
looking for crypto friendly banks, any recommendations?
danz
2018-01-29 18:02
Found this online, haven?t got experience with it (yet) https://cryptocapital.co/
sdfk787
2018-01-30 08:55
@danielabagnale use a sole member llc usa
marius.pellegrini
2018-01-31 10:15
has joined #banking
manishwalia53
2018-02-01 05:24
has joined #banking
jase
2018-02-06 12:16
LeuPay IBANs moving to Bulgaria
soebusiness
2018-02-06 13:13
MyPos's goes to UK (GB)
brutus
2018-02-06 17:35
What about Leupay? They have EUR, USD, GBP, CHF accounts (currently with MT-Malta IBAN, soon with BG-Bulgaria IBAN) and pre-paid debit cards
jase
2018-02-06 19:25
Oh yeah? Maybe I read dodgy info then
jase
2018-02-06 19:25
I've sent them an email
jase
2018-02-06 19:27
Actually some follow up now says the new bank is INTERCARD FINANCE AD, SOFIA
travelosopher
2018-02-07 02:39
has joined #banking
soebusiness
2018-02-07 06:51
We?re happy to announce that myPOS Europe Ltd was licensed as e-money institution by the Financial Conduct Authority, United Kingdom and as of 1st of April 2018 will become the financial institution operating your myPOS e-money accounts.
As a result, you will receive new IBANs and BIC codes and your existing IBANs will be amended as follows: Current IBAN: BG94INTF , New IBAN: GB56MPOS
tatelev
2018-02-07 11:50
Anybody has recent experience in having to fly to USA to open bank account for their LLC? I am considering setting up a second LLC and I?ll probably have to go there myself(cheaper flight is usually to NY City)
tatelev
2018-02-07 11:50
I would appreciate to hear from anybody?s experience/tips
tatelev
2018-02-07 11:50
(i.e recommended banks)
tatelev
2018-02-07 11:59
@mathieu.bouvier you wrote that you had difficulties recently, correct?
benjamin
2018-02-08 07:30
@harvie Have you started using your neat Business card yet? It barely works at any merchants I use. It works sometimes but gets declined for a lot more of online services such as shopify, xero etc
benjamin
2018-02-08 07:31
I had the same problems with my neat personal card. Apparently it will be some time until it's widely accepted
harvie
2018-02-08 12:29
Hey @benjamin I've yet to try their card, I send a form off the other day to try and get T3. Will use it to pay for a hotel booking tomorrow will see how that goes. Where are you using it? I hope it may be better in Asia if you're not here.
ivan
2018-02-08 18:27
@tatelev I'll have to do that shortly. Did you have any luck finding info about the current situation with that?
harvie
2018-02-09 12:42
@benjamin just used it to pay for a hotel in Thailand no issues so far, will keep you posted
benjamin
2018-02-10 00:42
@harvie Ah awesome, good to see it works in hotels :slightly_smiling_face: Thailand can be a pain with debit cards sometimes so for this card to work is pretty good
harvie
2018-02-10 03:07
@benjamin I don't know the protocol for cards like this, but since NEAT is in Asia, maybe the card works better in Asia opposed to the US or EU? I'll be booking flights with it soon, I'll let you know how I get on
harvie
2018-02-10 03:07
I paid for the hotel at checkin fwiw not online using POS.
benjamin
2018-02-10 03:08
@harvie ahh you might be right. Yeah I've never really used it in person. Only for online transactions
jase
2018-02-11 09:35
@soebusiness does that mean they are covered by the bank deposits guarantee?
soebusiness
2018-02-11 11:15
Do not think so. They are not yet a bank, but e -money institution.
vinodgn0088
2018-02-11 12:14
has joined #banking
jase
2018-02-11 18:43
Thanks - shame
burrup.lambert
2018-02-12 11:21
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jor.acker
2018-02-12 13:53
Opening a HK banc account with a working holliday visa feedback
TLDR : really doable, might have to try different branch still, and will have to spend one month there
So little feedback of my experience of it, if it might be useful for some people
It cost me around 500e total, not including the rent of 1 month in HK (i spent around 500e for a small place in Yau Ma Tei), because i had to get an insurance for the working holliday visa (you have to when you are from france, but don't have to for most countries actually), and like 60e to get some documents translated
I found easily a place where i could get a 1 month contract (the company was Wing Kong Holdings limited), they gave me a duty stamp, but since the duty stamp was printed some bank told me that i couldn't use it
You have to wait 1 week for the WH visa + 2 weeks to receive your HKID (i tried going some banks with only the receipt of the HKID, all of them except one (city bank, but they needed at least a 3 month contract for your residency place in HK) told me that i would have to wait to receive the actual card)
Some banks needed address in original country, some didn't (like standard charetered in which i opened mine), some needed an adress in HK, some didn't
I ended up opening my account in standard chartered branch in the henessy road, i just needed my HKID they actually didn't ask for anything else, altough i entered my adress in HK, they didn't verify my lease
They asked me about my working company, i told them that i have none yet, because i just arrived with my WHV, then they asked me my previous company, i told them that i never worked and i was student before, the girl walked away and came back like 20/30minutes later, with all the papers ready for me to sign and get my account already, she put me in "freelance", and told me that i wil have to change it after i get a job (which i will not obviously)
She also made me cross some boxes that said that i am not a US resident/nationality/don't have a US green card, so I guess it's looking way harder there if you're from US
And it was all good i got my ATM card, deposit 8k HKD (including 200e in euro), you also don't actually have to deposit 10k HKD, but if your balance is under 10k you pay 1/4 of what is missing (every 3 month i think)
I also was able to register with my french phone number, they didn't need necesserly a HK phone number
And basically that's it, in the end i would say that it's a good idea if you can apply (you're younger than 30) and you don't need insurance for the WHV in your country, and you don't mind spending a month in HK anyways
burrup.lambert
2018-02-13 09:34
Thanks for the feedback @jor.acker. If only I wasn't 2 weeks away from turning 30! How long did it take for your WHV to be approved. I assume it was approved before you travelled to HK?
harvie
2018-02-13 10:22
@benjamin my card got rejected on Upwork, because it was a pre-paid card and not an actual debit card linked to the account.
jase
2018-02-13 18:05
Yep I have the same trouble with LeuPay's prepaid cards
rp_vpnet
2018-02-18 07:10
has joined #banking
ggiampieri
2018-02-18 15:09
Just ordered Transferwise card, very simple and straightforward. Mastercard debit with 3 years validity. I received an email with invitation!
jor.acker
2018-02-18 16:31
No i went in hong kong and applied directly there, it took 1 week, but i don't know if you it's accepted before you turn 30, or 31, maybe you can find the answer on google
ivan
2018-02-18 17:55
@ggiampieri is it only available in EU for now?
ca
2018-02-18 18:34
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rtiagm
2018-02-19 06:42
I've read here that is possible to open a personal bank in SGD at OCBC in Chuila Street. It was mentioned that the only requirements were the passport, and proof of address. Does anyone know if the proof of address needs to be in Singapore or any jurisdiction is acceptable?
ggiampieri
2018-02-19 07:50
@ivan it is not written anywhere, but if you ask then probably yes. It is by invitation I received their email and maybe they do it by country to betatest.
burrup.lambert
2018-02-19 08:00
burrup.lambert
2018-02-19 08:00
Only UK and EEA for now by invitation. No Australia :disappointed:.
ivan
2018-02-19 14:29
thanks for the data @ggiampieri
harvie
2018-02-20 03:38
@rtiagm I did not need a proof of address in Singapore, just in my home country. I did not try at Chuila Street, but the MBFC center. Letter of reference from one of my banks was required.
rtiagm
2018-02-20 04:08
@harvie Was that a premier account?
harvie
2018-02-20 11:53
@rtiagm standard.
ggiampieri
2018-02-22 18:54
Here it is. 4 working days!
dustdancer
2018-02-23 02:04
has joined #banking
burrup.lambert
2018-02-23 11:56
Looked further into this and found the answer here > http://www.whs.gov.hk/en/eligibility.php?e=hk
Ages 18 - 30 inclusive. I turn 30 in a week so it's good news for me. Looks like a trip to Hong Kong is in order.
2018-02-23 12:52
@roman commented on @ggiampieri?s file https://freedomsurfer.slack.com/files/U7LF18GRH/F9E70RDSA/img_20180222_195333.jpg: Luckyyyyyyy (_said with Napoleon Dynamite voice_)
jase
2018-02-23 12:55
Do you know what country the cards are issued from @ggiampieri?
ggiampieri
2018-02-23 14:45
@jase not sure, I will use it and let you know. It should be UK, as written on card.
jase
2018-02-23 14:45
Cool cool. FYI, I'm fairly sure the LeuPay cards are issued in Bulgaria, despite being a UK startup
jase
2018-02-23 14:46
TW use the same bank that LeuPay are moving to, so it wouldn't surprise me if they're from a similar, random country!
augustas
2018-02-23 17:49
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ivan
2018-02-23 18:14
@ggiampieri awesome. I wonder if it shares the same issues Payoneer's cards have (being considered prepaid and not being accepted in some sites)
ledrewy
2018-02-24 01:51
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madtruckers
2018-02-24 09:44
has joined #banking
ggiampieri
2018-02-24 10:53
@ivan I dont't think so. Debit written on card means it is linked to a real bank account like N26. So it should not have payoneer issue
piotrstelmach
2018-02-25 15:00
has joined #banking
freedom
2018-02-26 05:34
has joined #banking
globalconsulteurope
2018-02-27 09:19
@jase, LeuPay has been marketed as an UK start-up but they have Bulgarian background. People in charge originally started some minor projects in Bulgaria which were sucessfull.
globalconsulteurope
2018-02-27 09:20
Moving the IBAN to Bulgarian bank should not bother as the financial institution still holds a valid license.
jase
2018-02-27 09:50
Good to know @globalconsulteurope!
petrus.luijpers
2018-02-27 20:11
@jase Leupay is from Malta. They are a daughter os SATA bank which only exists for several years in Malta, but which is a good bank.
jase
2018-02-27 20:17
@petrus.luijpers not anymore
petrus.luijpers
2018-02-27 20:39
@jase I am not sure if they only changed the IBAN provider? Here is some maybe old info. https://www.fintechinmalta.com/fintech-companies-malta/leupay-satabank/
thy
2018-02-28 23:49
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anemariaconcepts
2018-03-05 14:19
has joined #banking
jor.acker
2018-03-05 22:31
Yo guys, I have a question about n26, i'm french but my official residency is in Hong Kong
- Can you open an account with HK as residency ?
- If not, if I put France as my residency and a french address, might it get me in trouble like having France comming at me for tax for example ? (i guess they have to exchange informations with your country of residences for taxes)
augustas
2018-03-06 03:21
No, HK residence would not get N26. Here is the list of all the countries: https://support.n26.com/read/000001280?locale=en
You could try to trick them by saying that you are resident of France, but the problem is that in their APP they are asking about your Tax Residency.
I doubt you can use N26 freely without adding TAX ID there. More info https://support.n26.com/read/000001291?locale=en
You could of course try to setup account with FR address and see what happens when you choose HK as your tax residency. Sounds a bit risky.
Maybe with REVOLUT you have a better chance? Up till now Revolut haven't asked for TAX ID.
Another option for you could be
https://mistertango.com/en/
They open accounts for anyone around the world. MasterCards they send only within EEA area. So maybe it would work out for you.
Mister Tango is like PAYSERA - from Lithuania.
By the way, Revolut has applied for Bank License from Lithuania as well.
(I am Lithuanian :)
jor.acker
2018-03-06 20:52
Thanks for the answer, yea doesn't sound that good for me with n26 ... i might still try to see how it goes
For revolut, I already have a free account, but the 400e montly withdrawal limit sucks a lot ..
Neat i checked it and started making an account as well, might be good actually, but can you receive monney from people who don't have a neat account with it ? You don't have your personal bank account with a non business neat account if i'm correct
Mistertango I didn't know about it I will check thanks :slightly_smiling_face:
augustas
2018-03-07 00:38
If withdrawals are most important for you, Mistertango will not be a good option, because they are like Revolut: 200? + 2% afterwards
pedrodemendez
2018-03-07 04:42
Am waiting for the NEAT creditcard, to activate the account. After that I will now how flexible they are..
jor.acker
2018-03-07 21:51
I see, yea n26 looked really awesome for withdrawals
Ok thanks for neat, looking forward to hear how it goes
ivo
2018-03-08 06:49
Hello @jor.acker if you are looking for a bank that allows free global withdrawals - I can open accounts with the Private Banking section of the largest bank here in Georgia remotely. You get a card in a true Multi-currency account in EUR USD GEL. The daily withdrawal limit is ~1800$. There's also means to arrange if you need more than that. You can PM for more infos.
tkrunning
2018-03-08 07:46
@petrus.luijpers No they are not a subsidiary of Satabank. Satabank was just their partner bank for a couple of years. They are incorporated in the UK, but in reality controlled by iPay, a Bulgarian payment company.
petrus.luijpers
2018-03-08 08:13
@tkrunning @jase When i read following article they always had the same owners.
https://manueldelia.com/2018/03/owner-behind-satabank-malta-investigated-money-laundering/
But really what is going on?
tkrunning
2018-03-08 08:35
@petrus.luijpers That?s interesting! I didn?t know that Satabank was owned by Signia. Perhaps there?s more of a connection than I initially thought! It seems Christo Georgiev is a founder or at least a board member of both Satabank and Intercard Finance (iPay)?
ec9731a
2018-03-08 08:39
has joined #banking
jase
2018-03-08 10:00
Very interesting guys. Maybe not so bad they are moving away from Satabank then. This could be why...?
julienplefebvre
2018-03-08 13:26
has joined #banking
mart.herndz
2018-03-08 15:30
has joined #banking
augustas
2018-03-09 01:33
Is there an advantage to use Georgian bank in the sense of "tax optimization"?
Or the only advantage could be to use free withdrawals?
ivo
2018-03-09 11:02
@augustas Georgia is non-CRS compliant, if that's what you mean. And some banks do not request to disclose your tax residency on account opening. I can also arrange that they don't have any address of you in their DB if you want maximum privacy.
augustas
2018-03-09 16:10
@ivo ok, thanks. But I need to get money to Georgian bank somehow.
I understand this is a perfect option for those dealing with cryptocurrencies. I don't trade them. So basically if I need to issue official invoices for my services, then it does not matter to which bank account money arrives.. I might need to learn something more about all this setup.
jor.acker
2018-03-09 22:43
@ivo Sounds interesting, can I get more details about the opening process ?
ivo
2018-03-10 19:12
@jor.acker If you're an EU national, all I need is a notarised copy of you passport and certificate of your signature. You sned me those docs, pay a fee for the account opening, I'll take them to my banker and after we get the approval of the department, send you the docs for the account opening. You sign those and send them back. The bank then opens and account for you. you send a deposit from an existing bank account in your name to your new account for verification purposes and voila - the bank sends you your cards. You can get a Visa Platinum, Mastercard Gold or AmEx Platinum - or all of them if you want. Oh, and the account comes with a priority pass with 5 free entries to priority club airport lounges per year, which I find pretty cool.
aka
2018-03-12 14:26
finally
julienplefebvre
2018-03-12 20:52
@roman is revolut is enough to manage a online business ? Receive fund, pay suppliers and payouts ?
stolzlos
2018-03-12 21:08
@roman thanks for sharing. Do you maybe have a link where they list their markup on all currencies? On their page they mention their markup only for illiquid currencies (RUB, THB) and weekend exchange.
roman
2018-03-12 21:24
I have no idea about anything. Just passing info along. Never used Revolut before. But looking forward.
julienplefebvre
2018-03-13 02:22
@roman I check their services its seem very solid for someone who travel alot, or do alot of international transaction, for a personal account its cheap, for business account it start at 25 pounds a month.
Which is pretty cheap if you do have multiple thousands of transaction per months... for this entry level they put the limit of incoming money to 100k/month.
maxsuur
2018-03-13 11:27
Anyone using revolut business plan?
petrus.luijpers
2018-03-13 21:47
I use it since a few weeks. Looks good.
Support is very fast, but i only needed it for setting up with all required documents.
I also have a personal account for about a year now. Business account is paid so has to be very good in my opinion.
julienplefebvre
2018-03-14 00:14
@petrus.luijpers I am considering using it, I see alot of people complaining today, did you encounter problems ?
julienplefebvre
2018-03-14 00:16
I want to use it to get payment from client, transfer money from USD to CAD, and manage expenses.
I would use tranferwise, but it seems to cost more as soon as you get past 5k of transfer a month.
sacrifice24-10-91
2018-03-14 01:59
has joined #banking
petrus.luijpers
2018-03-14 05:53
@julienplefebvre I am very positive about it.
julienplefebvre
2018-03-14 07:19
@petrus.luijpers I tried to create an account but they are not available yet for business in United State...
julienplefebvre
2018-03-14 07:20
and I guess Canada either
petrus.luijpers
2018-03-14 08:39
@julienplefebvre I think the business acounts get better support. When i was using personal account in the past, support was done by bots and it took a little time for a real person to take over from the bot. But they were growing very fast in that petiod. With the business accounts they generate more revenu i think, so better support.
paul.budny
2018-03-14 13:41
has joined #banking
freedomsurfer140
2018-03-14 16:29
has joined #banking
iulian.florescu91
2018-03-15 19:08
has joined #banking
ozdemir_can
2018-03-18 10:46
has joined #banking
mart.herndz
2018-03-19 15:07
@geoffrey.theodule Are you sure Currencies Direct receives payments from Stripe? 'cause I've talked to them and told me they don't..
geoffrey.theodule
2018-03-19 15:37
I use them for my Amazon payouts.
chris2224
2018-03-21 13:21
has joined #banking
mescos
2018-03-23 13:48
What payment processors do you all recommend for Estonian companies? (besides EveryPay)
maxsuur
2018-03-23 19:12
simon was using "everypay" or something similar, cheap-o fees
maxsuur
2018-03-23 19:12
Sorry did not read what was inside the parenthesis
maxsuur
2018-03-23 19:13
no idea
max
2018-03-25 09:25
LeapIN has a list of recommendations on their website (https://www.leapin.eu/faq/handling-revenues) , I submitted an application for Braintree, but they rejected it on the grounds that my company address is a virtual office, which seems to be common reason I have been told. EveryPay is for LHV customers but I hear they are very picky to the businesses they accept there. Paymentwall has terrible reviews online, so I can not really tell, supposedly they reserver the right to retain your funds for 30-60 days (not sure). Adyen seems a reasonable option, the only quirk is they charge a minimum 100 USD / EUR (?) per month. Currently I am looking at Paylane, have been in touch with them and they have no trouble as long as I have an account in Estonia, it also looks reasonable both in terms of fees and the API.
robert.mihaila01
2018-03-26 21:08
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ledrewy
2018-03-27 12:15
Can you please advise which bank you?d recommend?
stolzlos
2018-03-28 09:25
For anybody being customer of Deutsche Bank, watch out. Chances are that it will go bust. And due to its size, an out of control german government and new eu bail in rules it is very likely that customers will get hit.
chris2224
2018-03-28 15:01
@stolzlos That is quite a bold statement. Anything to back up your thoughts other than the general decline of DB?
stolzlos
2018-03-28 15:59
@chris2224 I am not saying that they certainly will but I think that there is a good chance. The main reason being that its management seems to be quite bad. Cryan is on the way out and they seem to have a hard time finding a qualified replacement that actually wants the job. Huge legal costs for all the scandals that they were, are involved. All banks are but Deutsche either seems to overdo it or does not make sure not to get caught.
stolzlos
2018-03-28 16:01
but by far the biggest reason (for me) is in fact the decline you mentioned. They have lost 125 billion in value since 2006. Down north of 90%.
stolzlos
2018-03-28 16:02
they were unable even to keep steady (let alone recover) after 2008 and are today solidly below their worst level that they were in the financial crisis.
stolzlos
2018-03-28 16:07
If (or rather when) we get another downturn, Deutsche will have a hard time staying afloat.
robert.gryphes
2018-03-28 16:25
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mescos
2018-03-28 20:23
@max - does Paylane require you to have a physical bank account in Estonia?
johncitizen
2018-03-29 20:31
Potential risk. Your bank account Swedbank might be closed. And see this post. https://goo.gl/fmd1nU
hozgur
2018-03-30 15:43
has joined #banking
philhech7
2018-03-30 18:06
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sylvain156
2018-03-31 12:04
Hi guys! Do some of you succeed opening a Dbs account (Singapore)? Is it possible if we are living in Thailand (or other) with a short term tourist visa? Thanks
pragmatic
2018-03-31 12:29
Hey guys, does anyone have any experience or knowledge of banks that are willing to take on companies that are in the virtual currencies business?
pragmatic
2018-03-31 12:29
I know most/all US banks are out
iamvaillancourt
2018-04-01 02:42
has joined #banking
sylvain156
2018-04-01 08:29
Why you :joy: @johncitizen. I opened a citibank account in sg and my touristic visa was almost a problem but they finally accepted it. I want to know for Dbs. It's a real question
stolzlos
2018-04-01 08:41
@sylvain156 I was able to open a DBS account on tourist visa at MBFC. I was turned down at another DBS branch though at first.
sylvain156
2018-04-01 08:46
Thanks @stolzlos! From which country was your tax id? Any last minute advice?
stolzlos
2018-04-01 08:51
Germany. I think it really depends on the person you talk to. In my second attempt with I was again confronted with somebody obviously unwilling to open the account. Yet, on telling the other side that my actual intent is opening a brokerage account for which I need the bank account the situation changed immediately.
stolzlos
2018-04-01 08:53
I assume because there is the prospect of making some money off the customer via commissions. After I got the bank account I actually never opened the brokerage account.
stolzlos
2018-04-01 08:55
It is quite amazing that you got that Citi account. I heard that they want to see quite a lot of cash. I think north of 200K USD.
stolzlos
2018-04-01 08:56
Please feel free to share your experience. Thanks!
tha.siva
2018-04-01 09:45
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sylvain156
2018-04-01 11:55
Thanks! Yes Citi sg ask for 200k usd deposit. This is negotiable, If they really want you as a customer they can delete the deposit requirement (they did it for me). But last week my banker asked me on WhatsApp to keep at least 50k usd balance. I want Dbs as a backup plan If I have a problem with Citi.
johncitizen
2018-04-02 00:55
@sylvain156 I had around $100k balance and they would not drop this requirement. I was turning over 25-30k a month through my Citibank SG account and they were quite pushy for me to keep $200k in there often messaging and emailing me monthly.
johncitizen
2018-04-02 00:55
When I signed up with Citibank SG the requirement was only $25k
stolzlos
2018-04-02 05:49
@sylvain156 @johncitizen thanks
johncitizen
2018-04-02 07:30
To be honest I feel like they wouldn?t drop the requirement for me because of my throughput, they probably were annoyed I was reinvesting most money instead of leaving it their bank for a 1% interest.
rtiagm
2018-04-03 03:34
@johncitizen Depending on the investment and your residence country, the account comes with investment tools, and that counts towards your balance, according to the business manager that I spoke to.
johncitizen
2018-04-03 07:09
You could not directly invest in securities or bonds, you could buy the banks listed financial instruments which were not favorable. It?s a good holding place, but Citibank SG doesn?t really offer a competitive product anymore unless you can get those fees waived. I was using Boom HK as my brokerage, you can giro pay to boom Sg to fund your account easily.
rtiagm
2018-04-03 11:38
Are you talking about the investment fees or minimum balance fees?
johncitizen
2018-04-03 21:15
Minimum balance fees.
johncitizen
2018-04-03 21:16
I think it?s $50 a month penalty for running under the $200k balance, which isn?t the worst. Multibank in Panama charge that to account holders regardless of balance
maxsuur
2018-04-04 10:23
Anyone opened that Bank Account Simon suggested in Sri Lanka?
johncitizen
2018-04-05 11:47
Got a link?
johncitizen
2018-04-05 11:47
Has anyone been impacted by the Estonian bank shutdowns?
johncitizen
2018-04-05 11:48
I noted Simon mentioning upto 75% of all accounts have been closed by banks. But my contacts haven?t been impacted yet.
johncitizen
2018-04-05 11:48
I only know one person personally who had his account shut down.
ivan
2018-04-05 13:17
Did they freeze the funds or allowed customers to withdraw the money?
prietonicolas
2018-04-05 15:51
has joined #banking
jase
2018-04-05 16:09
Madness!
maxsuur
2018-04-05 16:32
Thinking about opening a bank account in a non-CRS country to send some money to, just in case
pragmatic
2018-04-05 17:03
Georgia?
maxsuur
2018-04-05 20:01
Not a bad option though
maxsuur
2018-04-05 20:01
Cambodia, Sri Lanka, Tonga. What do you think?
pragmatic
2018-04-06 11:53
Not really an expert myself :slightly_smiling_face: There's also some countries in South/Eastern Europe: Serbia, Bosnia, Montenegro... although I wouldn't trust the local banking systems. Plus, all those countries are trying to move towards the EU, so probably will get on board eventually
alex.bosyj
2018-04-06 13:16
Is it possible to open a US bank account for an Estonian company?
jase
2018-04-06 13:28
No technical reasons for having bank account in a different country to the company
jase
2018-04-06 13:29
Only thing is if the bank feels it is worth the risk
jase
2018-04-06 13:29
SVB may be the best bet there
jase
2018-04-06 13:29
Expensive after 2 years though
sylvain156
2018-04-08 09:54
Hi, I'm going to Singapore in 2 days to try (for the 3nd time) to open a Dbs account. If you have any last minute tips feel free to tell me. I will share my experience after doing it.
johncitizen
2018-04-08 10:12
Don?t look like a criminal :)
mattbellme
2018-04-08 13:03
anyone here got a revolut account limit above 100kusd?
mattbellme
2018-04-08 13:20
and has anyone recently opened an N26 account in an unsupported country(by residence?)
mattbellme
2018-04-08 13:21
I'd really like ot open one but they ask for country of residence, ive heard of people opening accounts who weren't on their supported country list
mattbellme
2018-04-08 13:21
but just got the card forwarded
ledrewy
2018-04-08 14:46
I just did by using a Malaysian passport but with the help of the company I established in Estonia via e-Residency. I?m still waiting for the debit card - to be forwarded from Estonia.
ledrewy
2018-04-08 15:20
I am about to do the same - open a business account in Singapore. DBS requires S$18 a month without minimum balance. OCBC requires S$38 a year with S$1000 minimum balance.
amrthewrestler
2018-04-08 16:04
has joined #banking
sylvain156
2018-04-08 17:37
By requires you mean monthly fees? Ocbc is a very very bad bank and you can easily have 2 or 3k usd fees /year with ocbc that you wouldn't have with Dbs
ledrewy
2018-04-08 17:55
Yes, business accounts require maintenance fee.
ledrewy
2018-04-08 17:56
With OCBC you just pay a one time fee yearly while with DBS you need to pay monthly
ledrewy
2018-04-08 18:48
I found this. Maybe this will be helpful.
https://transferwise.com/gb/blog/business-bank-account-in-singapore
pabloaura
2018-04-09 09:27
has joined #banking
sylvain156
2018-04-09 14:43
Ok, interesting thanks! I'm going to open a personal account not professional for my part
ledrewy
2018-04-09 16:31
Personal acct is a lot easier. Once you have an acct in Singapore, you can open FastSaver acct at CIMB. They offer 1% interest rate p.a. It?s the highest for savings acct in S?pore.
sylvain156
2018-04-10 05:18
Successfully opened this morning with Dbs Singapore. They first told me they don't open anymore to non resident and I insisted a lot, they finally accepted. You should say you wanna open a Dbs vickers account, to invest in sg. You need a tax id also. They don't care about your visa neither your business. Neither your deposit.
The approval was instantly (last year I had 3 days delay approval and was refused).
harvie
2018-04-10 05:32
how do you get a TAX ID? Is it a long process? Did you try OCBC personal or are they being strict now?
sylvain156
2018-04-10 05:59
The government of the country where you live and pay personal tax have to provide you your tax id. Where do you live @harvie
sylvain156
2018-04-10 05:59
Didn't try ocbc because I think it's a very bad bank. Their fees are crazy
david99
2018-04-10 06:00
Congratulations @sylvain156 :)
david99
2018-04-10 06:01
Did you get the multicurrency account?
sylvain156
2018-04-10 06:10
Thanks @david99! I think I have and the banker confirmed but it wasn't written on the paper document so I have to confirm you later.
ledrewy
2018-04-10 06:13
@sylvain156 Which DBS branch did you go to?
sylvain156
2018-04-10 06:23
The only one who opens account to non resident is the one 12 marina boulevard. My second fails was because I tried to an other Dbs bank and this branch asked me to do half of the process in their bank (to have commission I guess) and half to the bank in marina boulevard.
sylvain156
2018-04-10 06:48
Going to ocbc to ask informations now but don't think it's an interesting bank
sylvain156
2018-04-10 07:09
They accepted me also and seem to be quite easy. They asked for buying financial products minimum 1000sgd right now with the bank employee. Minimum balance is only 1000 sgd and no monthly fees. That's a good backup plan, maybe I will do it but not sure because I already have many banks account.
stolzlos
2018-04-10 08:27
@sylvain156 congrats
sylvain156
2018-04-10 09:55
thanks @stolzlos
sylvain156
2018-04-10 10:00
I came back to OCBC, and then the guy didn't want to open me an account anymore... He told me 10 minutes before that he was OK lol... So he told me now the deposit is not 1000sgd but 5000 sgd. And we have to buy a financial product now, with him. I answered OK I can make a bank transfert. He was surprised I was still OK for the deposit 5 times bigger. So he told me "no you have to deposit 5000sgd by cash". When I asked for ATM he added "not 5000, 6000 actually". Anyway he just didn't want me anymore. I think it's because I ask to choose the financial product, he wanted to make me buy his product (then one he has commission).
So maybe tomorrow I will bring 6000sgd and do it but not sure, don't like this bank.
sylvain156
2018-04-10 10:02
For DBS, I currently see only the SGD account
sylvain156
2018-04-10 10:03
@sylvain156 uploaded a file: https://freedomsurfer.slack.com/files/U6SC4MM6U/FA43GGG74/image.png
sylvain156
2018-04-10 10:04
maybe the EUR account will appears when I will receive EUROS. For my account HSBC HK it works like this. But I will come back tomorrow and ask to deposit 50?, to be sure my account is multy currency. If it's not I think they can modify it, it doesn't make any sense to have a trading account without multi currency.
david99
2018-04-10 10:07
I also don't like ocbc
sylvain156
2018-04-10 10:15
I confirm I do have multi currency, I was able to convert sgd to EUROS and now I can see my EUROS account :
sylvain156
2018-04-10 10:15
@sylvain156 uploaded a file: https://freedomsurfer.slack.com/files/U6SC4MM6U/FA40P7KGB/image.png
sylvain156
2018-04-10 10:17
exchange rate is arround 1.24% fees, you can see the rate there : https://www.dbs.com.sg/personal/rates-online/foreign-currency-foreign-exchange.page
david99
2018-04-10 11:21
Thanks for sharing :blush:
jase
2018-04-10 14:19
Signed up. The spending limit is laughably low.
rtiagm
2018-04-10 15:33
@sylvain156 It?s a brokerage account?
ivan
2018-04-10 15:43
@maxsuur any pros compared to Leupay and similar services?
jase
2018-04-10 15:52
None I can see outside of it being denominated in HKD
sylvain156
2018-04-10 18:05
@rtiagm both, brokerage and regular personal account will debit card and multi currency
maxsuur
2018-04-10 21:53
I fully agree with @jase
maxsuur
2018-04-10 21:53
I personally like Revolut a lot, even more than N26
maxsuur
2018-04-10 21:53
its built-in simplicity is unbeatable
ledrewy
2018-04-10 21:56
@maxsuur I just got rejected by Revolut because I?m not a EU resident nor physically residing in EU now. Setting up an Estonian company doesn?t qualify me unlike with N26.
ivan
2018-04-10 21:59
Last time I checked it was only for european companies I believe. But will check when I move there.
ivan
2018-04-10 21:59
Yes, was going to say the same. But overall better than Leupay then?
stoplight
2018-04-11 03:13
wonderful! Congratulations @sylvain156
harvie
2018-04-11 03:33
@maxsuur I'm using their business, very good service so far. Personal as Jase said has super low limits.
sylvain156
2018-04-11 05:39
Thanks @stoplight
sylvain156
2018-04-11 05:43
R�volut is not a honest company. I'm a customer for 3 years now (personal). Their promises were "we will never change our prices" and they did it so many times. They also changed their prices while I was in a one year subscription, and refused me to cancel my subscription and being refunded (and that's illegal but I don't have time to complaint about this). I'm also a n26 customer for 2 years and they seem to be more honest.
maxsuur
2018-04-11 11:28
what do use it for exactly?
mattbellme
2018-04-11 14:28
so what did you put as country of residence?
mattbellme
2018-04-11 14:33
was this a personal account?
harvie
2018-04-11 14:33
I don't use their personal, business I use to connect to PayPal and take payment from clients. I signed up to their personal but didn't see any uses cases for me as of yet.
mattbellme
2018-04-11 14:57
so what did you put as your residency Germany? Because If I am honest about it they say its not available in my country yet
maxsuur
2018-04-11 16:44
Did they ask you many details about your business?
maxsuur
2018-04-11 16:44
to create the account
harvie
2018-04-12 03:11
Had to send docs in. I'm currently in their Alpha, they have not yet opened it to everyone yet
ledrewy
2018-04-12 03:38
N26 Business. Country of residence is Malaysia but business address in Estonia.
ledrewy
2018-04-12 03:46
Does anyone have any success with opening a bank account in Cambodia?
sylvain156
2018-04-12 04:15
Yes I did 8 months ago @ledrewy. Aba bank and "la bred". La bred is French and has euro currency.
sylvain156
2018-04-12 04:16
Warning for Cambodia : if you have a bank transaction in relation with crypto currency they will close your account immediately omg!
wojtek
2018-04-12 07:02
+1 for N26 works great everywhere in the world, do not Revolut too much, and bank account in unstable countries are kind of useless ...
maxsuur
2018-04-12 07:08
remotely or phisically?
sylvain156
2018-04-12 07:21
I opened physically. It's very cheap account I don't think they can open remotely.
maxsuur
2018-04-12 10:48
Nice. Thanks.
ledrewy
2018-04-12 11:13
Besides passport, what other documents do you need to provide?
ledrewy
2018-04-12 11:17
I have Hong Leong bank account in Malaysia. In Cambodia, they told me you require a working contract and visa with 6 month validity.
sylvain156
2018-04-12 11:35
Aba asked me... Nothing. I gave a hotel bill that's all. With >6 month visa they asked for 10usd deposit. Without visa they asked for 100usd deposit. La bred asked for a 6 month visa and a real prof of address. I gave the bank statement from aba bank as a proof of address.
ledrewy
2018-04-12 11:41
Nice! Did you open ABA fixed deposit too? Did you provide a local or oversea?s address?
sylvain156
2018-04-12 12:08
Aba with 10 usd deposit and local address (3 days h�tel bill and I added one zero : 30 days)
ledrewy
2018-04-14 11:13
@sylvain156 Any branch? Siem Reap or Phnom Penh?
sylvain156
2018-04-14 11:18
Phnom-Penh any branch yes
markamerling
2018-04-14 17:19
has joined #banking
pedrodemendez
2018-04-16 04:13
i gave them address of my hotel..
brutus
2018-04-16 19:26
First I gave them my address where to send the card, a German (post forwarding) address. Then during registration/verification procedure, I gave them my official fiscal residency: Cyprus and I think they asked for my tax ID number there as per new CRS rules
nikolay
2018-04-19 04:57
has joined #banking
nikolay
2018-04-19 05:00
Interested in this too
nikolay
2018-04-19 12:15
Best Bank/Bank Account to use for an UK LLP in order to receive payments from Stripe?
nikolay
2018-04-19 12:15
Revolut declined our LLP because it has only 1 UBO.
ivan
2018-04-19 16:23
@nikolay, I've used Stripe with Payoneer in the past. You just add the Payoneer's ACH or SEPA details and withdraw there.
ivan
2018-04-19 16:23
In Payoneer they are quite relaxed about documentation.
nikolay
2018-04-19 16:23
@ivan That doesn?t seem to work anymore a stripe is rejection payoneer bank account details.
ivan
2018-04-19 16:24
bad news for me then. I still have it linked
nikolay
2018-04-19 16:25
Ok I will try it thansk for the idea.
ivan
2018-04-19 16:25
What about Paysera or Leupay? Stripe demands an IBAN, right?
ivan
2018-04-19 16:25
you were trying with a SEPA account or a ACH one? I linked ACH because I own an LLC.
ivan
2018-04-19 16:26
I think Stripe demanded an ACH account for an LLC, don't know about their policy for LLPs.
erik.stromberg
2018-04-21 03:28
has joined #banking
sylvain156
2018-04-21 07:16
Hi guys! I have a Hong-Kong company, and I charge my customers in ?, by credit card or PayPal. Which way can I use to transfer the money from the customer to my bank account, without convert it in hkd?
Epayments cannot be linked with a PayPal account (or only for cash out, not cash in).
Stripe doesn't want to send ? to a hk bank account.
harvie
2018-04-21 07:56
@sylvain156 i found that nobody wants to do that and I looked far and wide, if you do find something let me know
sylvain156
2018-04-21 07:57
@harvie you mean everybody?
sylvain156
2018-04-21 07:57
Maybe I have one idea with stipe linked to Epayments linked to bank account in hk, going to check more this
ggiampieri
2018-04-21 09:05
@sylvain156 yes please, I need it as well!
tkrunning
2018-04-22 15:00
Yeah my limit is a bit above that. Apparently whenever they actually get their EU banking license they'll drop the limit altogether :)
tkrunning
2018-04-22 15:07
That's pretty easy as long as you have a supported passport or ID card.
tkrunning
2018-04-22 15:08
For forwarding I've heard people having success using ClevverMail
maxsuur
2018-04-22 20:04
You just need a friend living in one of the N26-friendly countries who forwards you the card once (if you never lose it)
nikolay
2018-04-25 06:11
Which services would you recommend for an UK LLP in order to get a business debit card.
nikolay
2018-04-25 06:12
Already tried Revolut, Payoneer, Fire, Tide & Paysera.
aka
2018-04-25 09:06
Monese ?
aka
2018-04-25 09:06
n62
aka
2018-04-25 09:06
also metro bank, but you need to come to their offices
nikolay
2018-04-25 10:05
Monese not having for business
nikolay
2018-04-25 10:05
N62 doesn?t work with UK banks
nikolay
2018-04-25 10:06
Yeah metro bank if I go to the UK
nikolay
2018-04-25 10:06
+ HSBC
nikolay
2018-04-25 10:06
But wondering for a remote opening
maxsuur
2018-04-26 23:36
N62 would be an amazing name for a pension-fund debit card, for the elderly
millnmd
2018-04-27 20:58
Does anyone know of a mail forwarding service in germany to setup N26, just tried maildboxde and ClevverMail Berlin & Frankfurt location with no luck.
roman
2018-04-28 00:27
Cleverr worked for me a year ago.
maxsuur
2018-04-28 00:28
Clevver keeps blasting me with emails ever since I signed up. I'd go with them. They seem legit.
tkrunning
2018-04-28 16:43
I've also heard some people having success with ClevverMail. @millnmd what do you mean by no success? Did N26 refuse to send the card there or some other issue?
millnmd
2018-04-28 18:48
It would not accept the Berlin and Frankfurt address for ClevverMail.
maxsuur
2018-04-28 21:40
Maybe another EU country where they operate. Austria?
sylvain156
2018-04-30 07:52
hi guys, do some of you received this message on your professionnal HSBC Hong Kong bank account ?
ggiampieri
2018-04-30 10:11
@sylvain156 yes I did, but cannot finish it, I get and error from the system. Call hotline
sylvain156
2018-04-30 10:17
Ah OK thanks
sylvain156
2018-04-30 16:28
I heard almost all the offshore companies received this message. Does someone know if HSBC wants to close our account?
wojtek
2018-04-30 17:26
I got the same from my bank of cyprus did it paid 200$ and all ways done
wojtek
2018-04-30 17:26
no idea abou9t HSBC but all banks need to do this 2-4 years intervall now
wojtek
2018-04-30 17:26
afaik
ledrewy
2018-05-03 06:41
I just opened a personal bank account at Citibank Hong Kong. They are not interested with any reference letter from my home country bank. Any bank statement from a bank in Hong Kong with address in Hong Kong would be just fine.
n321
2018-05-05 06:01
has joined #banking
sylvain156
2018-05-06 08:31
@ledrewy thanks for sharing! Do you live in hk so?
ledrewy
2018-05-06 08:35
No, I don?t. But to enjoy a low deposit requirement (HKD10,000), you need to provide a HK residential address.
stolzlos
2018-05-06 09:17
I am looking for a new credit card. Currently considering *Barclaycard Platinum Double*. Any thoughts?
jase
2018-05-06 12:58
German card @stolzlos? Doesn't seem to be any points?
stolzlos
2018-05-06 14:49
now that you mention it. Yes, that seems to be a German card. Shows how little I know about these things.
stolzlos
2018-05-06 14:51
yes, there is no points. The reason why I am considering it is the travel insurance package which includes family members.
jase
2018-05-06 15:14
@jase uploaded a file: https://freedomsurfer.slack.com/files/U1UMK6C3S/FAL0WFLHL/dcbank_mastercard.txt
stolzlos
2018-05-06 15:18
thanks @jase. Will look into it.
jase
2018-05-06 15:20
Trying to upload 2 attachments but Slack isn't playing ball
jase
2018-05-06 15:27
@jase uploaded a file: https://freedomsurfer.slack.com/files/U1UMK6C3S/FAL0YMPPG/cc_rsi_platinum_eng_web.pdf
jase
2018-05-06 15:27
stolzlos
2018-05-06 15:46
thanks a lot
ibello
2018-05-07 23:05
has joined #banking
p32kz
2018-05-08 19:02
f
ibbyazam
2018-05-10 07:51
has joined #banking
brutus
2018-05-13 16:30
@nikolay Leupay? They have debit cards (but GBP account in Bulgaria now and IBAN only)
Transferwise? They have accounts in GBP with sort code and should soon start issuing cards apparently. Or you could transfer from your TW to your Leupay card (TW allows same currency transaction if you ask for it)
brutus
2018-05-13 16:31
I used Clevvermail in Austria last year with success
brutus
2018-05-13 17:47
Does anyone has experience of Epayments? As @sylvain156 you were mentioning them above, I was going to sign-up for a business account but they have terrible comments about their level of service on their facebook page ?
smuft84
2018-05-15 16:45
going to attempt an opening at HSBC hong kong tomorrow, have:
- 1.5y lease agreement in thailand clearly showing address
- guarantee from a bank in thailand showing my address
smuft84
2018-05-15 16:47
individual account
smuft84
2018-05-15 16:48
"I do some consulting for a hong kong company so I'm here frequently and want a bank account to use while im here"
smuft84
2018-05-15 16:48
is this a reason a bank in hong kong would accept?
stolzlos
2018-05-15 16:59
make sure to tell them that you also want a brokerage account. It may help. Its free.
smuft84
2018-05-15 18:47
thank you
mikeseo
2018-05-16 00:53
https://www.streber.st/2018/04/best-offshore-banks-2017/
"OCBC Wing Hang in Hong Kong. The Hong Kong branch is still keen on taking on new clients and is currently probably the easiest bank to open a bank account with in Hong Kong"
danz
2018-05-16 00:53
@mikeseo, also EUR accounts or just HK?
mikeseo
2018-05-16 00:54
no idea
mikeseo
2018-05-16 00:54
"By now, I have practically stopped taking new clients to HSBC and Hang Seng and instead take all new ones to OCBC or DBS.
Ever since OCBC bought Wing Hang, it has been a very welcome addition to the Hong Kong banking sector.
Just like DBS, they prefer local businesses. However, OCBC are slightly less strict on this than DBS. They are for example very comfortable with Hong Kong companies that are controlled, operated, and managed overseas, as long as there?s a tangible business model behind it."
matt
2018-05-16 03:57
has joined #banking
sylvain156
2018-05-16 13:59
Good luck @smuft84 and please give us news, I'm interested also :)
asarun72
2018-05-18 00:24
has joined #banking
vs301991
2018-05-20 07:29
has joined #banking
stolzlos
2018-05-21 06:59
has anybody here tried to fund a Kay Hian brokerage account directly from UOB SG?
smuft84
2018-05-21 15:48
I went to HSBC premier @ 138 queens road (or close to there) today as a walk in with the following documents:
1. passport
2. bank guarantee from my bank in thailand showing my address and name
3. lease agreement in thailand showing my name and passport number
they asked a few questions mainly:
1. why do you want to open an account?
2. where are you a tax resident of?
for 1.) I answered: a) I'm a frequent hong kong traveler and would like to have a local bank account b) I would like to open a brokerage account and prefer Hong Kong banks over Thailand banks for tihs
for 2) I said Thailand (I'm not sure if this entirely accurate as I have only spent a couple of months there and don't have any tax history with them at all but they did not push for more information
------
they seemed satisfied with my answers to their questions and then double checked w/ bank manager on my documents. They came back and said a bank guarantee is insufficient and they would need an actual bank statement. It must be an original copy within the last 3 months. Also it should have a balance of at least 200k HKD (if I want to open an Advance account) or 1mm HKD (if i want to open a premier account).
I said no problem, I will get the statement for you. Is there any other requirements for me to open account? He said no there is not but he cannot guarantee the account will be opened until they have a chance to analyze the documents.
smuft84
2018-05-21 15:50
will update after I got back for another visit
david99
2018-05-21 17:57
@smuft84 Thanks for sharing. So they would let you open an Advanced or Premier account?
smuft84
2018-05-21 18:01
200k HKD for advance 1mm HKD for premier, the opening agent suggest I go advance
david99
2018-05-21 18:03
I see. Thanks :)
stolzlos
2018-05-21 18:07
@smuft84 thanks. Hope it works out.
michael
2018-05-22 00:08
has joined #banking
michael
2018-05-22 01:28
Love this site.. very good info :smiley:
michael
2018-05-22 01:28
Good luck. Should be pretty straightforward. Just jumping through the hoops with the right documentation. Especially if you open a higher tiered account.
nikolay404
2018-05-25 18:33
has joined #banking
musso.bros
2018-05-25 21:29
has joined #banking
yuli
2018-05-25 22:29
I am looking to set-up a bank for a Seychelles company. Anyone know a bank which would accept companies from Seychelles?
yuli
2018-05-25 22:30
It is an existing & running company for 3 years, with existing revenue, clients etc'. The company has a bank with HSBC Hong Kong as well, but they won't give any debit card. We had a debit card in another bank in Cyprus, which decided they do not want us anymore. Wondering if anyone has specific ideas/directions for banks which can accept such a company?
yuli
2018-05-25 22:30
Thanks
danz
2018-05-25 23:10
You could banks in Mauritius and some Caribbean islands perhaps.
michael
2018-05-26 01:01
second what @danz said Mauritian banks.. ABC, MBC, SBM etc
freedomsurfer.com
2018-05-27 17:06
has joined #banking
ledrewy
2018-05-29 21:53
I recently opened a personal bank acct at Wells Fargo in Los Angeles. All they requested was a permanent addr (non-US), a credit card (Visa or MasterCard; also non-US) and a US phone number@. They will mail an ATM card to my addr. With a US addr, I could get a debit card. Mobile app access could be set up instantly.
Twilio doesn?t receive any PIN SMS sent by the bank. I resort to Google Voice and it works.
ledrewy
2018-05-29 21:59
I also opened a personal bank acct at Citibank. It was on Sat and I went to the branch at Fairfax Ave near The Grove. Not all branches open acct for Non-Resident Aliens. They wanted proof of address (non-US) in a utility bill in English, US phone number, Visa/Mastercard (non-US). With a US address, I get a temporary debit card on the spot with my name.
I was switching my phone number from Twilio to Google Voice and still waiting for the bank to clear the verification process but it should be all good soon.
ledrewy
2018-05-29 22:01
Does anyone have any experience getting a ITIN without any LLC set up? I requested to get a credit card but they said I needed to have a Social Security Number.
nikolay404
2018-05-30 10:44
@ledrewy you should be able to get a secured credit card without ITIN/SSN (I was able to do that a couple years ago)
nikolay404
2018-05-30 10:45
haven?t tried myself but what if you provide them with ITIN instead of SSN when applying for a regular credit card? They have the same format
nchuprin
2018-05-30 11:28
has joined #banking
ledrewy
2018-05-30 22:29
@nikolay404 I will ask about getting a secured credit card in my next trip. I guess I will be building my funds there for now.
stolzlos
2018-06-04 05:40
new historic lows for Deutsche. Down more than 40% this year. Now on watch by the FDIC and the fed. In 2008/9 it was saved to a great extent by the US. Since Germany managed to blow up the relation with the US I wonder who is going to rescue it next time (possibly this year).
sanderkocken
2018-06-04 10:33
has joined #banking
don.white
2018-06-04 14:02
has joined #banking
ledrewy
2018-06-05 05:39
Just thought that this is worth sharing. N26 provides guarantee up to ?100,000 by German law regardless of where you live.
maxsuur
2018-06-05 10:05
@ledrewy because it is a bank. I wouldn't have much money deposited there though
jase
2018-06-05 12:55
In theory the e-wallet banks *should* be safer than traditional ones... they don't do any lending!
jase
2018-06-05 12:55
But in reality, I'm sure they're investing your deposits elsewhere.
ledrewy
2018-06-06 07:34
Does anyone have any experience with Citibank Australia in opening a Plus Account (or any) as non-resident?
michael
2018-06-06 07:56
No.
coler.liviuovidiu
2018-06-07 09:40
has joined #banking
sylvain156
2018-06-07 21:59
If you don't trust bank you can invest a part of your saving in gold via bullion vault (not paper gold but real gold really stored in a safety box)
burrup.lambert
2018-06-08 04:17
Only as a resident :D.
ledrewy
2018-06-08 13:25
Thanks, @burrup.lambert. How is your experience with Citibank?
stolzlos
2018-06-08 14:58
tried to open a Vickers Account remotely. They told me I need to come to the office in person. When I asked for confirmation on the documents I got that reply. Should have done it immediately last year. Damn.
burrup.lambert
2018-06-08 17:54
I've had an Everyday Rewards Plus account now (Debit card) for about 5 years. One of the best Australian debit cards for travelling (no ATM feees, no foreign transaction fees). It's a little blurry but I think it was cumbersome setting up an account. Their Android app used to have issues with generating One Time Pins and different time zones, you had to manually change the time zone on your phone to fix it. That issue has been resolved but still the the app is not great but does the job. Push notifications when there is a transactions, fingerprint login. There is no requirement now to notify Citibank when you travel overseas and use your card. I have had to call them overseas a few times while travelling. They have an international number and I've got through straight away to a real person and had the issue resolved promptly (usually them blocking a suspicious transaction). The Everyday rewards card used to be a Visa card but all new cards are now Mastercards. I've never been to or had the need to walk into a Citibank branch. Any particular reason for using Citibank in Australia? Personally I would recommend Commonwealth Bank of Australia just for their mobile application, miles ahead of most other banks. I have no experience with Australia banks as a non-resident however.
ledrewy
2018-06-09 00:04
Thanks, @burrup.lambert for the insightful feedback. I?m able to open an account at Westpac and Commonwealth Bank but there is a maintenance fee of AUD5 per month after 12 months; quite steep I think. Citibank seems a better choice. I just need an account to manage my travel expenses in Australia :)
burrup.lambert
2018-06-09 18:20
For a basic debit account I can't see you having any problems.
ledrewy
2018-06-10 04:00
I hope so. I?ll be in Sydney next week.
michael
2018-06-12 01:50
@stolzlos you can try BOOM in HK for a brokerage firm.
stephen
2018-06-12 11:51
has joined #banking
igoremls
2018-06-12 16:39
has joined #banking
stolzlos
2018-06-12 16:45
stolzlos
2018-06-12 16:46
two days ago I found out that my smartphone had that thing on
stolzlos
2018-06-12 16:46
I have no clue how I got it
stolzlos
2018-06-12 16:46
weekly virus scan found it
stolzlos
2018-06-12 16:46
using webroot
stolzlos
2018-06-12 16:46
now scanning daily
stolzlos
2018-06-12 16:47
scary stuff
stolzlos
2018-06-12 16:50
@michael heard about them. I will check them out. Thanks.
burrup.lambert
2018-06-12 17:53
Is your phone rooted @stolzlos?
stolzlos
2018-06-12 17:55
no, but I had debugging active and allowed installs of unknown sources (whatever it was called). In order to develop.
stolzlos
2018-06-12 17:56
the last thing that I remember installing recently was the binance app
stolzlos
2018-06-12 17:57
maybe it was that
burrup.lambert
2018-06-12 18:10
Scary stuff!
chriskeane100
2018-06-13 04:36
has joined #banking
nikolay
2018-06-14 18:40
Anybody has an idea which routing number from Transferwise I need to put into Stripe to get payouts?
Stripe notified me multiple times that a withdrawal to our USD borderless account has failed.
nikolay
2018-06-14 18:41
Been back and forth between stripe and transferwise support and can not get this resolved.
nikolay
2018-06-14 18:42
Transferwise says stripe needs to send ach transfer, stripe says they are doing that but we still do not get the money.
jpatmon
2018-06-15 06:03
has joined #banking
jpatmon
2018-06-15 06:08
Does anyone know a firm or person who consults on how to fill in w-8s and CRS forms for corporate bank openings?
vinodgn0088
2018-06-15 08:52
@jpatmon ask Simon, I believe how know how to do it.
maxsuur
2018-06-16 14:25
I just entered my Transferwise Borderless EUR IBAN. This should work just fine for USD payments too.
augustas
2018-06-16 19:28
Hi, anyone knows how long does it take to open a bank account and get cards in Tbilisi, Georgia, if I come in person?
Is 1 business day enough or better to reserve 2 business days?
Thank you
burrup.lambert
2018-06-16 19:35
Any one have experience with opening a non-resident account in UAE/Dubai? I'm looking at ADCB
chriskeane100
2018-06-17 11:42
Hi guys, im curious, has anybody experience with opening a bank account in the Philippines as a non resident recently? With the quota visa there is requirement to show $50K USD in a local bank but AFAIK you cant open a bank account as a non resident so im wondering how this works. With an SSRV visa it works differently to the quota visa and that process isn't really applicable for this visa.
mikeseo
2018-06-18 01:55
@chriskeane100 I haven't opened an account here but my experience has been that the people working in the banks are stupid. We tried to deposit a check with blue ink, one branch said no you can't deposit it. We walked a few blocks to the next branch of the same bank, they deposited it no problem. Another time we tried to deposit a check that kinda had a P instead of an F on our name and they wouldn't accept it at all, had to get a new check written. You need to find a teller/manager that is used to dealing with foreigners and not try some shitty branch where they barely speak english.
I would try a few banks in an expat area or try some international bank that you already have an account with in another country.
Or say you want to do one of their shitty investment products.
Or maybe get a ACR card on a tourist visa first.
I think doing anythign here is possible, it will just take effort and a lot of patience.
So far I like BDO and BPI the best, but they still suck.
https://www.justlanded.com/english/Philippines/Philippines-Guide/Money/Opening-a-bank-account
https://ofwmoney.org/how-to/alien-certificate-registration/
sylvain156
2018-06-20 12:42
Hi, I tried a few banks, and they didn't accept non resident. Even citigold Philippines refused me, even if I'm citigold Singapore and Thailand already. Each time I pretend I'm going to buy a condominium so I need a bank account. But I tried only 3 or 4 banks and didn't insist that much.
vinodgn0088
2018-06-21 03:36
@roman, available to Delaware llc ?
nikolay
2018-06-21 07:32
Any recommendation for a good bank that will accept a Seychelles company. Need day-to-day banking and Mastercard/VISA with no fees for online payments (our business relies on making those payments).
Online application is preferred but would fly down to meet in person if needed.
nikolay
2018-06-21 07:50
Stupid Stripe is just stupid. Reentered the bank account details again and now transfers started flowing.
nikolay
2018-06-21 07:50
:rolling_on_the_floor_laughing:
roman
2018-06-21 10:46
Their FAQ says you need an EIN.
roman
2018-06-21 10:47
Also this is what they told me by email:
Nick DePau
Nick DePaul (Brex)
Jun 20, 19:20 MST
Hi Roman,
Nick from Brex Support here, happy to help.
Companies that are typically approved by Brex have professional investors, have more than $50,000 in a US-based bank account and have a US EIN number. Note that the professional investment isn't a hard requirement, but the vast majority of our cardholder organization do have it.
The cards themselves work anywhere in the world where Visa is accepted, and we have many cardholders headquartered outside the United States.
roman
2018-06-21 10:48
Note that this is not a bank acc. It?s kinda a credit card. Uses Visa network.
roman
2018-06-21 10:48
I find it appealing because my bank only gives me debit card and charges foreign transaction fees on everything.
maxsuur
2018-06-21 17:10
Good!
jase
2018-06-21 18:15
Has anyone opened a Transferwise Borderless with a UK LLP?
jase
2018-06-21 18:16
With only non-resident shareholders?
vinodgn0088
2018-06-22 01:18
@jase, Any specific reason to use Transferwise ?
nikolay
2018-06-22 06:12
No issue whatsoever.
nikolay
2018-06-22 06:12
They ask for few verification documents but even a fresh company can get an account opened.
jase
2018-06-22 07:09
Thanks @nikolay
jase
2018-06-22 07:10
@vinodgn0088 AFAIKit is very difficult to get a UK bank account for an entity without a UBO who is a UK resident.
jase
2018-06-22 07:10
Possibly to get a Channel Islands or Guernsey account but they usually come with high fees.
jase
2018-06-22 07:11
This entity would be for a business only doing a couple of grand a month so I figure I don't need some super secure account for it.
nikolay
2018-06-22 07:26
You are welcome @jase. In general their support is very understanding and communicative. Wouldn?t say the same for their competitor Revolut for example.
Transferwise has it?s issue sometimes (like their 10h power outage that stopped their whole service + cards) but it gets the job done and no bank can compete with what they provide.
jase
2018-06-22 07:29
Agreed. I view them as Leupay but more credible. Not a perfect product but way more open in dealing "creative" business structures.
vinodgn0088
2018-06-22 08:02
@jase, May be you can give a try on Paysera. Fees, support and processing time are good.
smuft84
2018-06-23 08:57
also interested in this, just incorporated a seychelles limited company and am going through an agency in hong kong that will try and get me an HK or SG bank account (for a fee) but in the case they are unable to do this for me, they will point me to alternative jurisdictions
I will update here with those jurisdictions as I learn about them (feel free to PM me if I forget to update after a week or so)
jase
2018-06-24 20:19
Anyone know of a HK bank that will give a rewards credit card for a company, remotely?
jase
2018-06-24 20:19
Happy for it to be secured
vintilamarius89
2018-06-27 12:04
has joined #banking
henrik_fjerdingen
2018-06-28 17:01
has joined #banking
info
2018-06-28 18:35
has joined #banking
ledrewy
2018-06-29 01:47
For anyone interested, it is relatively easy to open a personal banking account with Citibank Australia as a non-resident.
I applied online, and printed out the forms. I was told to go to Post Australia office to verify my identity with my passport, but I walked into a branch instead. The bank reception verified my documents, and 8 business days later, I got a notification through email that my acct is ready.
You can get a debit card immediately with CommBank, a debit card through an Australian address with Westpac. Citibank AU mails the debit card to my home address outside Australia.
maxsuur
2018-06-29 06:14
What's the minimum deposit?
ledrewy
2018-06-29 09:50
No minimum deposit
maxsuur
2018-06-29 17:38
Nice
smuft84
2018-06-30 07:56
to what extent do you think this bank account can be used? anything beyond day to day expenses?
ledrewy
2018-06-30 16:38
If you are a Citibank account holder in other countries, you could benefit from its Global Transfer of funds for free and instantly.
igoremls
2018-07-01 21:09
Is anyone can consult in terms of company incorporation, banking and tax in other countries IT related business? Thanks in advance
hello
2018-07-03 19:32
has joined #banking
michal.opoka
2018-07-03 21:59
has joined #banking
maxsuur
2018-07-04 07:57
Seemingly you can now open a SEB bank account remotely for your Estonian Company. More information here: https://www.seb.ee/eng/remote-advisory
maxsuur
2018-07-04 08:07
Although now I am not sure if it's merely for current bank account holders
vinodgn0088
2018-07-04 09:51
" Initially we offer the service to SEB private clients; in the future the service will be expanded also to new clients."
maxsuur
2018-07-04 14:09
saw it somewhere:
maxsuur
2018-07-04 14:09
iCard started in Bulgaria.
iCard setup Leupay in Luxenbourg.
iCard setup SATA Bank in Malta.
Leupay moved to Malta, uses SATA as backend.
Leupay moved to UK (as services company).
Leupay cards now moved to iCard in Bulgaria.
Leupay will stop using SATA as backend and switch over to iCard in Bulgaria.
Really builds trust.
ivo
2018-07-04 15:41
maxsuur
2018-07-04 16:18
Love the offshore world, it is a never-ending stream of infotainment
ledrewy
2018-07-05 06:00
OCBC Singapore has imposed new rules to restrict non-residents in opening personal bank accounts. One has to deposit SGD50,000 just to open an ordinary personal savings account! SGD200k for Premier Banking! Those who had succeeded, congratulations for you have created your ?tunnel?.
maxsuur
2018-07-05 10:14
Law of supply and demand
michael
2018-07-05 11:06
Yeah, just heard that too.
michael
2018-07-05 11:08
My friend went the other day, and was informed the same.
danz
2018-07-05 12:22
Even for opening two years ago already they told me you needed to deposit 50k SGD, but within 5 years
mikeseo
2018-07-05 14:05
few years ago they told me 200k SGD for personal account.
nikolay
2018-07-05 15:26
Well it?s better that they are moving of SATA as they seem to be in a bit of trouble so?
harvie
2018-07-05 15:38
I opened one in 2016 with just $1k SGD for a personal account. That escalated quickly.
harvie
2018-07-05 15:39
NEAT business just added international payments, seems to be pretty quick so far. Only been using them for 2 months but would recommend them if anyone wants a HK bank account and is struggling to get one.
ledrewy
2018-07-05 17:38
Lucky you, @harvie
ledrewy
2018-07-05 17:38
They told me this new requirement started this month
michael
2018-07-06 03:12
@ledrewy yes it was this month.
michael
2018-07-06 03:13
@harvie same here :stuck_out_tongue: my friend did so as well last month.
vinodgn0088
2018-07-06 05:43
@harvie only HKD available ?
burrup.lambert
2018-07-07 07:30
Does anyone know how it works if you open the account as a resident, say on a Singapore Working Visa, and then become a non-resident when your visa expires and you move on. You could still keep your account?
burrup.lambert
2018-07-07 07:37
For now, yes, but it is planned for future releases.
https://business.neat.hk/wishlist
jase
2018-07-07 08:49
"Please note that income and outgoing USD transfers are now unavailable."
mikeseo
2018-07-07 10:15
@burrup.lambert my wife did that with UOB, she changed her account address to her home country and so far the account still works, been a couple years..but she hasn't asked UOB explicitly if it's allowed nor informed them that she no longer has the visa.
ledrewy
2018-07-07 10:15
I don?t think they will close as long as the account is not dormant for a year and you maintain a minimum balance required.
curtayalex
2018-07-07 11:23
has joined #banking
matt077
2018-07-07 12:46
has joined #banking
ledrewy
2018-07-08 11:20
Does anybody have any experience regarding using ATM in Laos - like any bank with zero withdrawal fee?
smuft84
2018-07-08 13:08
went to citibank in central Hong Kong a few days ago:
citigold accounts available for non-residents at 2mm HKD min deposit (can open the account and fulfill the 2mm HKD within a month)
- pretty anal on documents, they would not accept a guarantee from my bank in Thailand (includes address, account balance, signature of branch manager and bank stamp), lease agreement useless, they wanted something from the government with my address on it or a bank statement that gets sent to my address, also with my address on it
for anything less than citigold you need to have residency in hong kong (might be some loopholes to this, he seemed to be kinda interested in accepting any hong kong address proof and maybe that would have allowed me to open a lower tier account)
ledrewy
2018-07-08 13:25
@smuft84 HKD10,000 as deposit if you could provide a local address
smuft84
2018-07-08 13:38
what address proof required for a local address? and they wont ask for resident card along with local address proof?
ledrewy
2018-07-08 15:22
No HKID required. They accept bank statement from another local bank with your local address. It?s a chicken and egg story but that?s their requirement. I?m not sure if they accept a utility bill but you should ask.
ledrewy
2018-07-08 15:28
Does your bank in Thailand have a branch office in HK? It?s easier if you could get the Thai branch manager to help you pull some strings with the HK branch. Once you get that acct, you could modify your bank statement with a HK address.
burrup.lambert
2018-07-08 18:04
Thanks for the info @ledrewy. I'm heading to HK in a little over a week to do @simons Working Visa hack and apply for my HKID. I'll head back in November and spend some more time there to try and open a residents account. Hong Kong bank recommendations?
ledrewy
2018-07-08 22:12
@burrup.lambert There are many banks along Hennessy Road in Wanchai all the way to Causeway Bay. You can take your pick depending what kind of bank services you require. So far, Standard Chartered offers better promotional fixed deposit interest rates across the major currencies. Get one also with international network so that you could save on money transfer charges.
burrup.lambert
2018-07-09 12:16
Thanks. I'll check them out!
smuft84
2018-07-09 12:24
@ledrewy is there any bank that offers a credit card where there underlying currency isn't HKD?
do not like getting ding'ed 2%+ every time i make a transaction when traveling or every time i buy something in USD online
multicurrency credit card would be ideal
smuft84
2018-07-09 12:24
interested in any even if they are not from HK actually
ledrewy
2018-07-09 12:28
@smuft84 I?m afraid I haven?t come across any in HK. But thanks to @david99 who pointed out DBS Multi-Currency Account in Singapore https://www.dbs.com.sg/personal/deposits/savings-accounts/dbs-multi-currency-autosave
ledrewy
2018-07-09 14:18
@smuft84 Do you wanna consider a multi-currency prepaid card?
https://www.multicurrencycashpassport.com
will
2018-07-11 03:33
has joined #banking
julienduteurtre
2018-07-15 19:27
has joined #banking
julienduteurtre
2018-07-16 20:31
Does anyone managed to open a bank account for a US LLC remotely ?
julienduteurtre
2018-07-16 20:38
Maybe @simon can help, you wrote : There are a number of banks based in the US with whom Wyoming LLCs can open accounts remotely.
thy
2018-07-16 22:31
@julienduteurtre Maybe try one of those (I haven?t tried yet, but maybe some of them can open the account remotely):
https://www.svb.com
https://www.smallbusinessbank.com
https://us.etrade.com/bank
https://seed.co
https://www.everyfinancial.com
roman
2018-07-17 03:16
I opened a US bank for a Canadian corporation remotely.
roman
2018-07-17 03:17
BMO Harris is remote-friendly at least to Canadians.
mikeseo
2018-07-18 02:27
@julienduteurtre maybe http://www.bank-in-america.com/index.php/digital-nomad-package/ or ask Stewart at http://ustax.bz if he can open US LLC bank accounts remotely
sylvain156
2018-07-19 11:21
Hi guys, for those you received the form to complete for our professional HSBC Hong-Kong bank account, how is it going? For me my documents are still waiting for approval.
michael
2018-07-19 14:28
You can also try DBS HK. They have minimums of 200k HKD.
kuka
2018-07-19 19:57
has joined #banking
augustas
2018-07-19 23:55
@julienduteurtre check this website https://getbiztousa.com/us-bank-account/
Saw it few days ago. They claim they can open an account remotely for $1500. But have no idea how they do it
julienduteurtre
2018-07-20 13:04
Thanks for your answers :slightly_smiling_face:
colbybridges
2018-07-20 17:13
has joined #banking
thy
2018-07-20 23:24
Any experiences with Euro Pacific Bank? Are funds parked there really that safe like they are marketing themselves?
julienduteurtre
2018-07-20 23:49
I have a customer with a Hong Kong company using their business account to protect from the coming up CRS sharing of info. He told me it's pricey but it work well. I don't know about how safe it is but I wish it's true cause it's a super opportunity :
- Remote opening
- Backed on gold
- None CRS :slightly_smiling_face:
thy
2018-07-20 23:54
Doesn?t Hong Kong have public UBO registers, which reveals the UBO in any way, also when avoiding the CRS?
Also if you know maybe, which documents are required by them for opening of the business account?
julienduteurtre
2018-07-20 23:55
You can put a nominee on the HK company :wink:
thy
2018-07-20 23:55
Thanks for info. :slightly_smiling_face: I knew that, but didn?t know it can also circumvent the UBO registers. :slightly_smiling_face:
julienduteurtre
2018-07-20 23:57
I don't know for the requirements for the opening but for sure you have to put 360 to cover the yearly maintenance fee
julienduteurtre
2018-07-20 23:59
I'm not 100% sure about circumventing the UBO registers by using Nominee but this is what he does, I assume he made his homework before doing it ...
vinodgn0088
2018-07-21 02:07
Are they following "Further Credit to" system ?
sylvain156
2018-07-21 16:28
Oh thanks interesting! I'm already Dbs customer (personal) in sg it could probably help.
danz
2018-07-22 12:55
@thy, yes good experience.
vinodgn0088
2018-07-22 15:49
@danz, Are they following "Further Credit to" system ? or Do we get a dedicated account number ?
danz
2018-07-22 15:50
You get a dedicated account number
thy
2018-07-22 18:28
Thank you @danz for sharing the experience. :slightly_smiling_face:
thy
2018-07-22 21:46
I have checked the following page on the PayPal website: https://www.paypal.com/us/webapps/mpp/country-worldwide
Does it show, it?s possible to open a PayPal business account for offshore IBCs / LLCs incorporated in offshore jurisdictions listed on that page? Seems ?too good to be true?, so I doubt it is. Have someone had experience with opening PayPal account for the offshore IBC?
vinodgn0088
2018-07-23 14:22
@thy, Of course you can open Paypal account for your IBC. But you need a Local Mobile number and local Visa card for smooth usage and verification. For Home address you can just use same as IBC's registered address. At some point Paypal might ask you to provide details. You can simply give the company's incorporation documents and you Id docs. They had no issues accepting an IBC (Myself tested with Belize IBC). Please do note that only some countries have option to withdraw a locally issued credit/debit card, else you need a USA bank account to withdraw funds.
thy
2018-07-23 17:11
Thank you @vinodgn0088 for your insights! :)
james
2018-07-24 09:26
has joined #banking
simon
2018-07-28 22:08
@thy I've used a Belize + PayPal setup, with an Entropay virtual visa card to verify the account (they can be used with any address). You can link to a Borderless USD balance nowadays which makes things a lot easier. I remember having to deal with several limitations though, like having to wait longer to be able to withdraw funds and not being able to send all types of payment. Maybe it's improved since then.
thy
2018-07-29 18:00
Great! Thank you very much @simon for these useful insights. I am thinking about IBC for online business and these tips may be very useful to know how to combine payment services together.
ledrewy
2018-07-31 11:10
Yikes! Better stay away
michael
2018-07-31 13:42
This is the expected way banks will go. Especially with CRS.
arthur.capard
2018-08-01 12:40
has joined #banking
tkrunning
2018-08-02 11:15
I?m doing a refresh of an old article I wrote about the best (read: cheapest, low/no FX fee, easiest to manage remotely, etc) bank accounts for nomads & frequent travelers. Things haven?t changed too much in EU and the US. But does anyone know any good alternatives outside these areas? E.g. HK, Canada, Singapore, Australia, South America, South East Asia, etc? Or is there still very little innovation and competition elsewhere?
tkrunning
2018-08-02 11:26
Good to see this (I have a private account with them, so might come in handy).
Still, after becoming a client with LHV I later opened bank accounts for two companies (one Danish, one Estonian) all over email, just signing the required documents with my ID card. No video call required.
vinodgn0088
2018-08-02 15:23
Anyone here use Transferwise with a Belize, Seychlles, Nevis IBC? Did TW told you to upload a address proof for company ?
jd
2018-08-05 23:02
Hey guys,
Hoping to open a Silvergate (crypto friendly) bank account from San Diego.
Current structure is a Panama Corporation, with a plan to open a US LLC for US banking. The business is Blockchain advisory.
Can anyone suggest which LLC would be suitable for this setup (Wyoming, Delaware etc..)? And any service provider recommendations?
Or indeed whether this setup is ideal to have a US banking relationship for the business.
Thanks!
rj22
2018-08-06 07:26
has joined #banking
monargent
2018-08-07 19:34
has joined #banking
nikolay
2018-08-10 09:19
After being a customer of Transferwise for quite a while with a Seychelles IBC they are now asking from me *?a document that confirms your source of wealth?* and that could be the *?latest annual report or copy of latest audited accounts?*.
I do not have that of course as it is an offshore entity for a reason - I don?t want to accounting based on international standards. Any idea what to provide them as info? I already tried invoices and explaining the business we run but they still insist on this.
Or anybody that can get an annual report for an offshore company.
stoplight
2018-08-11 00:01
Oh wow?
vinodgn0088
2018-08-12 08:23
@nikolay, better move to another PSP or start a new company in onshore. TW not longer accept companies with virtual office address too.
nikolay
2018-08-12 09:13
@vinodgn0088 Any alternatives for an offshore company then? The UK bank account details are really beneficial for our business.
We have http://Neat.hk but it still doesnt have international transfers and multi currencies.
We work with a regular, onshore EU bank but it is much more expensive compared to TW.
vinodgn0088
2018-08-12 09:35
@nikolay, Options are getting limited Paysera, Leupay, TW, MyPos,Icard, Revoult etc are no more an option. You can give a try with http://epayments.com or http://paxum.com which gives you a EUR Iban. If a GBP Acc is must, then I guess you will need to go onshore and quit seychelles
nikolay
2018-08-12 10:16
Both look nice
nikolay
2018-08-12 10:17
@vinodgn0088 are they stable? Do they ask for too much info etc.
Payoneer is an option too as we have that but didn?t use it so far compared to TW.
vinodgn0088
2018-08-12 15:06
They ask normal docs like incorporation docs, personal id, address proof.
nikolay
2018-08-12 16:28
Anybody has experience with Barclays offshore banking? Min req. is �25k but they are good for day to day operations and can issue debit cards in multiple currencies.
vinodgn0088
2018-08-13 06:05
@nikolay, I don't think barclays welcome a Seychelles ibc.
millnmd
2018-08-13 17:58
Hi,
For anyone interested, last week I opened a Charles Schwab High interest checking account as a non-US citizen online with an ITIN. They only required US residential address, US number, ITIN or SSN to open and require you to upload a passport picture and Bank statement to verify US residential address (I used BofA) to lift account restrictions, you could also use US State ID if you have. After verifying ID with passport you can fund it but can?t withdraw until you verify the US address. They immediately sent an initial debit card to the address but the next day called in and said I was traveling, they sent me a new card to my hotel with free 48 hour express delivery.
millnmd
2018-08-13 20:02
https://princeoftravel.com/blog/getting-us-credit-cards-for-canadians after you get it you will need to get a secured credit card first, its easier to get an amex in your home country then after 3 months use the global transfer to get a US credit card based off your history with amex.
ledrewy
2018-08-13 22:30
Thanks for sharing!
millnmd
2018-08-13 23:21
np
kuka
2018-08-14 05:50
Hi @millnmd, thanks for sharing! So you had an account with BofA before hand, correct?
millnmd
2018-08-14 05:52
@kuka yeah I opened it two years ago, only required a passport, Us number and us address.
kuka
2018-08-14 05:53
In the branch though?
millnmd
2018-08-14 05:54
Yeah in branch in the US
kuka
2018-08-14 05:54
Got it, thanks, mate!
millnmd
2018-08-14 05:55
Np
roman
2018-08-14 12:35
@millnmd and how did you get an address? Mail forwarding?
millnmd
2018-08-14 16:36
@roman I have family in the states, I used their address.
wimva
2018-08-14 20:59
has joined #banking
smuft84
2018-08-16 12:02
Tax/banking related question for people in Thailand:
I have a Seychelles company but have been unable to open a bank account so far. If I accept consulting fees to my personal Thai account on behalf of my Seychelles company am I liable to pay taxes in thailand? (I am not a persmanent resident of thailand and only have a tourist status there)
danz
2018-08-16 12:35
I think it?s important to know how long you been there and plan to stay. If you stay there 6+ months a year, I believe your a tax resident there in Thailand.
nikolay
2018-08-16 14:49
@smuft84 try to approach a local bank. It is always easier to get a bank account for any sort of company when you are apply for a bank where you are an official resident.
They always know they have a point of contact that is there in case they need extra info.
I guess you are not trying to hide ownership etc but just want to run the business in a more tax efficient way through the Seychelles company so my advice is that.
mikeseo
2018-08-16 16:14
do SG banks open accounts for Seychelles companies?
itaiohayon
2018-08-16 20:14
has joined #banking
vinodgn0088
2018-08-17 04:41
@mikeseo, Will be difficult, more chances for a BVI company if you have high initial deposit and minimum balance commitment.
michael
2018-08-18 03:03
As @danz said, if you stay more than 6 months+ plus a year, you are considered a tax resident.
michael
2018-08-18 03:04
@michal.opoka In short yes. However you will need a very good reason to open an bank account in SG and as @vinodgn0088 said, there will be a higher initial deposit (50k up) and a minimum balance commitment.
michal.opoka
2018-08-18 08:50
@michael I think you wanted to call @mikeseo instead of me :wink:
michael
2018-08-18 09:00
hahaha! oops! Thank you @michal.opoka :sweat_smile:
mikeseo
2018-08-18 16:33
@smuft84
smuft84
2018-08-18 16:34
the agency in hong kong that i setup my seychelles company with has successfully opened corporate accounts with SG banks before but it's obviously on a case by case basis
rp_vpnet
2018-08-20 03:30
Hi, wondering if anybody using Wyoming LLC with Corporate account at Kraken. Have just gone through the verification for tier4. Funding with Crypto an EUR, only USD requires a SSN
rp_vpnet
2018-08-20 03:34
@jd, same here. Am using Wyoming LLC
johncitizen
2018-08-20 03:35
Anyone with Wyoming LLC opened a bank account?
rp_vpnet
2018-08-20 04:52
@johncitizen, payoneer so far. Am in the process setup TW
burrup.lambert
2018-08-20 05:05
Hi @rp_vpnet. Can I ask what you are using the Wyoming LLC for? Crypto asset protection / trading?
rp_vpnet
2018-08-20 05:20
@burrup.lambert, am still exploring but so far two usecases. I want to run blockchain usecases requiring utility token for some customers (block producers etc.). So I plan to buy tokens from the Fiat money I invoice those customers. The other usecase is the opposite way, to pay. So as a kind of 'gateway'.
rp_vpnet
2018-08-20 05:22
I also noticed they are moving ahead with the Wyoming Utility token bill, so think it's good to have a foot in the door...
sylvain156
2018-08-20 11:39
Hi guys, just for give you news about the HSBC HK which asked me for so many documents. I paid around 1k? to my helper (which created my company and introduce me to the bank) and he managed the document the bank asked. I send those documents by mail and by the internet banking like 3 months ago.
Last week the HSBC called me, and asked me some questions that I already answered in the form.
Today I just checked and almost all the documents (at least the difficult one) are aproved on my account.
It seems I'll be able to keep the HSBC HK account that's great.
jase
2018-08-20 14:48
Leupay or Leopay?
kuka
2018-08-20 15:51
Hey guys, I just got to know that Transferwise doesn?t work with Stripe. Support gave the link https://transferwise.com/help/article/2200390/creating-a-transfer/incompatible-accounts-and-currencies.
kuka
2018-08-20 15:52
Does anybody use Stripe/Braintree with the Borderless account?
jase
2018-08-20 15:56
I used to use Braintree + TW Borderless
maxsuur
2018-08-20 16:11
it's been working for me to receive stripe payments.
maxsuur
2018-08-20 16:11
EUR payments though
kuka
2018-08-20 17:11
@jase Yeah, I applied for it. I hope it?s going to come through.
kuka
2018-08-20 17:11
@maxsuur I see, I?ll try it out.
kuka
2018-08-20 17:11
Thanks!
nikolay
2018-08-20 18:31
@kuka It used to work for me once but haven?t used it since.
kuka
2018-08-20 18:32
Hey Nikolay, thanks! I?ve made the updates and got some transactions. I?ll see how it goes with the following payouts.
nikolay
2018-08-20 18:57
I used UK LLP with stripe for usd payments and the USD account of borderless.
jase
2018-08-21 16:37
for sure there's more to this story. these guys have been changing banks/card issuers/name since they began :joy:
kuka
2018-08-22 07:53
So, a small update on the Stripe situation. The Transferwise Borderless USD account transfer has bounced back. It appears that the behaviour isn?t consistent with all users.
kuka
2018-08-22 07:53
What are your thoughts on Monese?
kuka
2018-08-22 07:54
They have proper bank details for GBP/EUR with sort code and IBAN starting with GBxx*.
nikolay
2018-08-22 08:39
Hey Kuka, that happened to me as well at the beginning.
Are you sure you are entering the ACH routing number?
johncitizen
2018-08-22 22:43
I?ve been using them for a personal GBP card for when I go visit my family.
johncitizen
2018-08-22 22:43
No complaints now they have a free plan fee structure.
johncitizen
2018-08-22 22:43
Before it cost you monthly to have money it
johncitizen
2018-08-22 22:44
*in it
maxsuur
2018-08-23 22:22
serious red flag
nikolay
2018-08-24 15:21
Any ideas for a proper USD bank account for a Delaware LLC with a non resident owner and director?
nikolay
2018-08-24 15:22
Azlo would have been an option if we incorporated via Stripe but we didnt as Stripe rejected us.
nikolay
2018-08-24 15:22
Visiting is last resort.
michal.opoka
2018-08-25 01:06
@nikolay You got rejected because you were non resident or some other problem? Maybe ask this guy if he can get you bank account remotely https://ustax.bz/services/non-us-entrepreneur-services/
nikolay
2018-08-25 06:52
@michal.opoka they didn?t approve business
nikolay
2018-08-25 06:52
I might try him. His guide on taxing is quite good.
nikolay
2018-08-25 06:52
Alzo will probably start accepting non-us residents with LLCs by end if year given the fact they do it already with Stripe Atlas
michal.opoka
2018-08-25 10:53
@nikolay I also have another idea - contact global bank which is present in your country like Citi or HSBC and ask them if you could open account for the LLC, but verify yourself in their branch in your country instead of traveling to US
michal.opoka
2018-08-25 10:55
@nikolay it might depend on size of your business, they may reject micro businesses but it's worth trying
nikolay
2018-08-25 11:04
Not a bad one unfortunately only Citi is present but it is not a commercial one but I will check others.
michal.opoka
2018-08-25 11:17
@nikolay it might be still worthwhile contacting City, you need commercial account in the US so for example they might agree to help if you create personal CitiGold account in your country
michal.opoka
2018-08-25 11:19
@nikolay On the other hand if you need online payments not USD wire transfers maybe you could create account for the LLC in your home country in local bank?
nikolay
2018-08-25 11:20
I can do that easily
nikolay
2018-08-25 11:20
And have transferwise for ACH
michal.opoka
2018-08-25 11:21
For example in Poland many Polish banks accept US LLCs if owners are Polish residents, although this also means that tax office will surely know about your business
nikolay
2018-08-27 07:40
Is there any alternative to Payoneer for a US LLC with Non-US resident Director & Owner that just wants a prepaid card in order to pay bills online.
Payoneer have a limitation that you can not load funds from another Bank Account you use under the company name and it is more expensive for us to receive funds in Payoneer and then send them to Transferwise Borderless for example (or any other bank account) than the other way round.
Paypal has a Prepaid Business Debit Card but 1st I am not a fan of Paypal and 2nd they have a 1% fee for Non-US transactions which is not ideal.
roman
2018-08-27 07:58
What about maybe buying prepaid gift cards? If you only need small amount of transactions that may work.
Something like https://www.mastercard.us/en-us/consumers/find-card-products/prepaid-cards/gift-card.html
I?ve seen them go as high as $200 denomination. There?s an activation fee though.
nikolay
2018-08-27 08:25
Wouldn?t be ideal - e.g. if we have a subscription SaaS that we?d need to pay we?ll have to switch up cards quite often.
szekessy
2018-08-28 18:20
has joined #banking
nikolay
2018-08-30 14:07
http://Paxum.com are incredibly stupid - even if you register a business account they say they issue debit cards only as personal ones and the company name won?t be on the card. I can not believe these guys are serious for real. :exploding_head:
vinodgn0088
2018-08-30 16:42
@nikolay, The only positive thing is that at least they are giving card to non EEA based users. Most of the EMIs has cancelled or stopped issuing new cards to non-EEA users.
nikolay
2018-08-30 16:49
Well they consider me an EEA resident personally
nikolay
2018-08-30 16:49
So not really sure how they do their stuff
nikolay
2018-08-30 16:49
Total mess
nikolay
2018-08-30 16:49
They are nice, only HKD so far
nikolay
2018-08-30 16:50
But in Q1 will probably introduce USD which would be amazing
johncitizen
2018-08-30 21:33
Anyone have recent succes in opening an accoutn in HK?
johncitizen
2018-08-30 21:33
One of our members is going to be visiting in the coming weeks and she wants to line herself up for success.
kuka
2018-08-31 15:46
Hey Nick! That turned out to be correct.
kuka
2018-08-31 15:46
After updating the config, Stripe payouts come through just fine!
kuka
2018-08-31 15:47
Thanks!
kuka
2018-08-31 15:48
Yea, Neat has a potential. The support mentioned that transfers to banks outside of HK are soon to be added.
jase
2018-08-31 19:05
Those guys took MVP a little bit too literally IMO
nikolay
2018-09-01 06:24
@jase it is better than nothing. Would be good for some people doing business in Honk Kong.
nikolay
2018-09-01 06:26
Glad I could be of help! Be careful with Stripe though and WATCH OUT your chargeback rate. Even closing to 0.8% will put you on their monitoring program. Hit 1% and bye bye.
jase
2018-09-01 10:22
Not sure why they keep getting mentioned here
jase
2018-09-01 10:22
:joy:
kuka
2018-09-01 17:38
That?s helpful, thank you!
vinodgn0088
2018-09-02 16:07
Anyone using Leopay/Leupay ? Do they still offer option to receive/send USD through SWIFT wire (in their name also fine)
burrup.lambert
2018-09-02 18:24
Well my first step in a Plan B didn't go as planned. Attempted to open my first foreign bank account tonight in Dubai. Citibank said no accounts for non-residents (pretty sure this is true), HSBC said no as well and that the residency process had to be started (pretty sure I just got the wrong guy, will try another branch), and Emirates NBD I didn't get a chance because the line was so long! Over 70 minutes of waiting... By that time I had to go. I will try Emirates NBD and HSBC again as well as Standard Chartered and ADCB in the coming weeks.
danz
2018-09-02 19:08
I got a message a couple months ago from a company there that normally assists in opening accounts there, that it is almost impossible now. They changed it since early 2018, don?t know why.
danz
2018-09-02 19:09
Emirates also doesn?t offer it anymore according to them. Don?t know about HSBC.
julienduteurtre
2018-09-04 23:41
But it's a way to open US bank account remotely with a card which is cool no ?
kuka
2018-09-05 07:25
Neat has opened the international payments, 12 countries for now only though.
nikolay
2018-09-05 07:39
If you want it to be a personal one it?s ok I guess.
vinodgn0088
2018-09-05 08:20
@kuka, outward USD SWIFT? To which 12 countries?
kuka
2018-09-05 08:29
US/UK & most of Europe
kuka
2018-09-05 08:29
It?s in beta though
ivopalazzi
2018-09-05 09:29
I am currently in HK. It has been an impossible mission to open an account in any bank. I have tried all of them, they are requiring work permit. Only exception is Citibank, but it is requiring me a deposit of 200 grand USD. I am following Simon�s advice of agreeing with the amount and then changing my address once the account is opened. Although I really think it won�t work. Do any of you have any feedback or advice that can help me to open the HK Bank Account?
james
2018-09-05 13:52
I'm not sure for business accounts however you can easily open a personal account at HSBC Hong Kong, to get the card and pin the same day you must apply for the HSBC Advance account then you can downgrade it by visiting the bank later (within 6 months) and submitting a special form, if you don't do that you'll start to bear the cost of the Advance account which comes at a premium. The card and rates with either account aren't great but the app is nice. You can apply for a credit card however if you make a substantial deposit.
ledrewy
2018-09-05 14:00
Without a local HK address, it is quite challenging now. Most of the banks would require you to demonstrate some kind of long term commitment with them such as acquiring a life insurance on top of fulfilling a min HKD10,000 if you managed to furnish a local address. This has worked for StanChart.
DBS HK requires at least HKD200,000 with an insurance plan; and this is not even at their Treasures status.
ledrewy
2018-09-05 14:02
Citibank at Wan Chai had accepted HKD10,000 without an insurance plan but requires proof of local address on a bank statement.
osiris
2018-09-05 19:02
has joined #banking
ivopalazzi
2018-09-06 09:47
Do you think it is a good idea to change my statement for a Hong Kong address (mail forwarder) and go ahead with the opening?
ledrewy
2018-09-06 10:18
If you could provide proof of address with local address, you can qualify for an account for residents, thus lower minimum balance.
sylvain156
2018-09-06 16:16
Hi guys, I'm in Switzerland right now, I don't need a bank account there but I was curious, I visit one random bank and it's possible to have a bank account if you live in some countries (Thailand ok). Minimum deposit is 300.000usd. I'm pretty sure it's possible to find better offers, I don't want to visit many banks but it's just for telling it's still possible.
vinodgn0088
2018-09-07 04:03
@sylvain156 Is it more like you are a Tier 1 (US/EU/CA/AU/NZ) country citizen and living in Thailand ?
david99
2018-09-07 08:24
@sylvain156 Thanks for sharing. Do you mind to share the name of the bank that you tried?
sylvain156
2018-09-07 08:42
Yes @vinodgn0088 I'm French.
sylvain156
2018-09-07 08:43
@david99 it was ubs bank.
tcdemomento
2018-09-08 10:13
has joined #banking
ggiampieri
2018-09-09 14:15
Hi guys, any ideas on how to finance a property in Thai at a reasonable rate?
ggiampieri
2018-09-09 14:59
https://www.bangkokbank.com/en/Personal/My-Home/Bualuang-Home-Loan-Online Bangkok bank looks like the only real option
burrup.lambert
2018-09-09 17:11
Attempt to open bank account in Dubai Round #2
N.B I did not have "proof of address" on me, like a utility bill or rental agreement and 6 months "transaction" statement/history. My current living situation doesn't warrant the first. The second I have obviously.
Emirates NBD Deira City Center
- Requires utility bill as proof as address although seemed like he would take my Australian drivers license as proof which has address on it.
- Was told that my pay slips required the "letter head" of my company or something that looked "official". BS excuse. They were presented how they come from the payroll system.
- Asking reason for opening an account, which I said was brokerage.
- Asked me how much the deposit was going to be, I said 15000AED
ADCB Deira Branch
- Requires
- Passport
- Reference letter from bank
- 6 months transaction history
- Proof of salary
- Minimum 200,000AED
- Proof of residence in home country
Emirates NBD near clock tower Diera
- Said I'm renting in Australia and that utility bills are under landlords name not my own
- Wanted rental agreement as proof of address
- Said same payslips presented at other Emirates NBD were fine.
- Required 3-4 months bank statements
- Minimum 5000AED
- Able to open multicurrency account in AUD, not sure about other currencies.
HSBC Deira Branch
- Required valid reason to open an account like purchasing property, rental income etc.
- Did not mention a minimum
- May be able to open an account if you have an existing HSBC account in home country subject to bank approval
Citibank near BurJuman Metro
- Shutdown 05 Sep
Standard Chartered near BurJuman Metro
- Only priority banking available.
- Minimum 100,000AED
- Said they weren't supposed to open an account but seemed like they would do it.
- Asked what nationality I was, first time being asked this.
Mashreq Bank near BurJuman Metro
- Asked what nationality I was- Reason for opening an account was I was waiting on UAE residency and also moving to HK and they have a branch there.
- Thought this one might be a winner, I had to wait hear the longest, over an hour, because the guy was held up with some one. After all the waiting he took all my documents, was all fine, and then tried to pressure me into either a Health insurance policy or ETF saying that was the only way to open an account, despite me saying I only want a savings account. Was pushing it quite hard, asking for my email, WhatsApp, saying he would visit my residence to finalise the account tomorrow etc etc. Really pushy and didn't have anything like this at any other bank.
In short, I had no luck, mainly due to my own fault of not having transaction history and no utility bill (not sure how I'm going to get around this one, will think of something). I'm quite confident I can open an account at Emirates NBD and will probably go back to the Deira clock tower branch. The guy was friendly and low minimum, multicurrency etc.
I really want to open an account with an international bank like Standard Chartered or HSBC but don't really want to have to subscribe to minimum 100,000AED. I will try another Standard Chartered branch and try my luck, same with HSBC but there aren't too many of them around. I'm going to try and open a HSBC account in my home country while I'm here to see if that will do the trick. The requirements of ADCB is consistent with what I have read, don't think there is any way of getting around that one.
burrup.lambert
2018-09-09 17:46
Just to highlight a massive difference. I just opened a HSBC Australia Account in 5 minutes online. Application was approved and verified instantly. Card is on it's way to my Australian address.
sylvain156
2018-09-09 18:44
Thanks for sharing @burrup.lambert. It's a personal account right? Why do you need it if you live in Australia?
mikeseo
2018-09-09 20:10
maybe you can get a better loan in your home country? I refinanced my house in the US and used the cash to buy condos in PH.
hullmat1
2018-09-10 07:03
has joined #banking
burrup.lambert
2018-09-10 09:39
Yes, for a personal account. I don't 'need' an account however as a subscriber to flag theory (the theory, not the website, but also that) I want to place some funds outside of my home country, adding that extra layer of protection. I also want to start a relationship in case I want to conduct business in the Middle East in the future. Another reason is to make international fund transfers easier by using international banks like HSBC etc, this also may enable be to send funds through a series of banks if required such as when sending money from one particular country to another directly raises suspicions despite being completely legal.
michael
2018-09-10 11:03
@ggiampieri either with a Thai salary through a local bank or as @michal.opoka said, you can get a loan from overseas. Quite a few people go through Singapore for purchasing properties in Thailand.
michael
2018-09-10 11:05
@burrup.lambert I actually just closed my Dubai accounts with Emirates NDB... If you want to make it easier, as you are already aware, open a bank with HSBC locally, then open it them up in international locations. It does not guarantee they will open an account for you, however it helps having an existing relationship.
michael
2018-09-10 11:05
Or the easiest is to setup a FZE company in Dubai and with the Emirates ID open a bank locally.
burrup.lambert
2018-09-10 11:13
I don't live permanently in Dubai, just here for work for another 2 months so no Emirates ID for me. Reason for closing account with Emirates NBD? Did you have to close the account in person?
ivo
2018-09-10 17:05
I spoke to RAKBANK in 2014 because I wanted to open a personal account in the UAE. They said no problem but I need private banking. So I flew in.
Once I sat down with the Account Managers and finished the entire application process, they suddenly informed me that in order become a private banking client I would need to invest at least 15k$ into their in-house investment vehicles. Told them to gft and left.
In the end ended up opening an account with ENBD. No questions asked, no minimum investment, no utility bill.
Just keep trying and you'll eventually find a bank that does it.
Funnily, the account at RAKBANK was eventually opened and despite threats by the account manager that they would report me to the central bank for wasting their time, I still receive monthly statements of them.
david99
2018-09-11 12:38
@burrup.lambert @ivo Thanks for sharing :+1:
ledrewy
2018-09-12 04:56
I wanna share my experience in Taipei. Getting a Unified ID for ROC is a breeze. However, getting a bank acc is tough if one doesn?t have a utility bill with name and a local address.
Most banks prefer an ARC (Alien Resident Cert) but there are few willing to accept just an Unified ID. But all needed the proof of local address.
I?ve been to Citibank and ChinaTrust (2 branches each), SinoPac, Bank of Taiwan, StanChart, and HSBC - mostly in Zhongshan district in Taipei.
Would appreciate if anyone should share their successful endeavor with an acc opening in Taiwan in recent days.
michael
2018-09-12 08:21
@burrup.lambert Yes in person. I personally find other offshore locations better for banking, Singapore, Hong Kong etc...
burrup.lambert
2018-09-12 08:31
Indeed. I will be opening accounts in HK when I move there briefly early next year, I already have my HKID.
nikolay
2018-09-12 12:48
Any recommendation for a EMI that would issue a Business/Corporate Debit Card for a US LLC (Non-US resident owner & direct) that has 0% on online purchases and allow loading USD directly via Bank Transfer. What I?ve tried/considered so far:
- http://ePayments.com - they do not issue Mastercards anymore unfortunately. They can take or send USD transfers. Do not know when they will be back
- LeoPay/LeuPay - they issue cards but do not accept USD transfers currently. No idea when they will be back.
- Paxum won?t issue a corporate/business debit card. The card would be considered private/personal although you have a business account with them.
- Netspend - only for US citizen being the director of the LLC
- Still trying to get US Paypal verified in order to get a Debit card from them. Kind of last resort as payments to non US merchants have 1% fee. Not really sure I?ll manage to get it verified though.
- Payoneer is not an option. They do not allow for you to fund your payoneer account using another bank account you own. They want money to come from 3rd party for services or sales you?ve done.
Open to other ideas.
mikeseo
2018-09-12 15:18
Why not open a real bank account in the US? That seems like exactly what service they provide.
nikolay
2018-09-12 15:38
I am not in the US :smile: nor do I plan on applying for a Visa and going there just for that.
max
2018-09-12 20:23
I went to Barclays couple weeks ago and they told me that as a non uk resident I would have no business with them even for my UK LTD
mikeseo
2018-09-13 02:05
It's not too crazy, I flew to Singapore just to open a bank account.
kuka
2018-09-15 05:28
They claim to have EU IBAN and US ACH numbers.
kuka
2018-09-15 05:28
Similar to Transferwise, but much less popular it appears.
clr
2018-09-15 23:10
Looks weird. I wonder what the deal is with that ?founding member? thing.
clr
2018-09-15 23:11
Doesn?t look trustworthy to me.
dsolutions
2018-09-16 15:42
has joined #banking
ledrewy
2018-09-17 11:23
Sharing my experience on personal bank acc opening in Tbilisi, Georgia.
In sum, it is easier than opening a USD acc in the USA and Cambodia. And with highest interest rates.
1/ Bank of Georgia (near Tbilisi Concert Hall)
- GEL1.50 per month to maintain a debit card that stores three currencies (GEL/USD/EUR);
- can obtain the nameless Mastercard debit card immediately. To obtain one with personalised name would require an additional day to collect at the bank;
- requires local sim for activation of Internet/mobile banking;
- remote address accepted;
- USD term deposit for 12M at 3.25%
2/ TBC Bank (near Rustaveli Metro station)
- GEL8.00 for the debit card (also stores 3 currencies);
- can obtain the nameless Mastercard debit card on the spot too;
- min GEL100 to avoid any monthly charges;
- requires local sim for Internet/mobile app activation;
- accepts hotel as local address;
- there are some commission charges for funds transfer between own acc and ATM withdrawals;
- USD term deposit for 12M at 2.9%
Due to some charges involved when using TBC, I prefer BoG.
ledrewy
2018-09-17 11:31
And all these acc come with an IBAN
ledrewy
2018-09-17 11:35
I wanted to open an acc at Basisbank. They said I need to fill a form to get approval from the bank. I don?t have 2 extra days to get their reply as I am flying off now.
Basisbank offers USD 12M at 3.99%
mikeseo
2018-09-17 16:49
can you receive and send USD/EUR wires online from them? What are the wire fees?
ledrewy
2018-09-18 00:24
I know you can send funds to these acc using TransferWise. I haven?t them though.
ledrewy
2018-09-18 00:26
I stand corrected about GE offering the highest interest rates for term deposit. ABA in Cambodia offering USD 12M deposit at 4.75%. For non-residents, effective rate is 3.99%
danz
2018-09-18 07:55
@ledrewy I see you need an address in Cambodia to open, do they accept hotel/airbnb addresses?
ledrewy
2018-09-18 07:59
Yes, @danz. For non-residents acc you can provide a hotel/airbnb addr. No proof of addr required for ABA. You can just provide a namecard of the hotel. You need to produce at least a 6-month visa if you want to get a resident status acc.
danz
2018-09-18 08:00
Thanks. But you dont need a resident status to open an account, correct?
ledrewy
2018-09-18 08:05
Correct. But there is a 14% withholding tax for non-residents. Effectively, it is still relatively higher than banking in the states or anywhere in the region.
danz
2018-09-18 08:08
You have to pay 14% on the interest you make of the deposits?
ledrewy
2018-09-18 10:31
Yes.
grante.francois
2018-09-20 04:39
has joined #banking
henrique
2018-09-21 02:43
has joined #banking
greenard23
2018-09-21 06:11
has joined #banking
koshis
2018-09-22 03:15
has joined #banking
augustas
2018-09-22 21:58
In order to get Paypal's Debit card you need to provide SSN number. So, if you don't have SSN, then no PP card is possible.
redareda9
2018-09-23 00:00
has joined #banking
ledrewy
2018-09-24 03:54
Updating on the latest banking environment at DBS in Singapore -
DBS Raffles Place refused for personal non-resident acc;
DBS Marina Blvd requires a work permit for non-residents.
DBS Vickers requires TIN and also requires one to open the multi-currency acc at DBS Bank themselves. :zany_face:
koshis
2018-09-25 11:24
Howdy all,
On the topic of Singapore... as a non resident passing through I've been able to open a UOB account at marina bay financial centre branch EUR, AUD, SGD... the AUD account I did some time ago, and i just said I needed it for my brokerage account as I need somewhere to fund and settle my trades from my Singapore broker. The UOB rep basically then guided me to say I was considering some UOB investment and money market products, no min deposit required. Recently I opened the euro account with 1800? deposit and 1200sgd. You can only have a card with SGD. SGD Debit card given on the spot.
koshis
2018-09-25 11:27
Now for the quid pro quo - anybody know where I can open a EUR account with an IBAN remotely with a reputable European bank. Min balance requirement is ok.
Unfortunately the EUR account at UOB I opened isn't part of the SEPA network so no IBAN, and I'm currently needing an IBAN Euro account to receive some deposits
ledrewy
2018-09-25 11:33
How long ago did you manage to get this acc open?
roman
2018-09-25 12:56
@koshis N26 is remote
roman
2018-09-25 12:57
I used Clevver mail forwarding.
koshis
2018-09-25 13:09
Thanks @roman will check it out.. any idea if they have a problem with decent sized transactions in and out? (Cashing out some investment funds)
koshis
2018-09-25 13:11
@ledrewy the first AUD account was Jan 2017, the other two, EUR and SGD were just 3 weeks ago. The latter accounts were undoubtedly much easier since I was/am an existing customer.
roman
2018-09-25 13:15
Sorry, no idea. But since it?s a fintech product I imagine they have some automatic procedures that get triggered on certain thresholds.
roman
2018-09-25 13:15
I just used it on a trip to Europe and withdrew ?400 max at once.
jase
2018-09-25 13:19
@koshis Leopay's service while not branded well and generally seems shady is incredibly easy and well priced
jase
2018-09-25 13:20
IBAN and Visa debit cards, unbelievably easy to open
ledrewy
2018-09-25 13:33
When I went to UOB at Raffles Place a few months back, they were selling me priority banking which was like minimum S$100k or 200k (I don?t remember).
koshis
2018-09-25 14:27
Thanks @jase will check it out
koshis
2018-09-25 14:34
Interesting... ask for a global premium account or global current account ... the global premium I got for the AUD account didn't have a minimum to open (I left it at zero balance for months).. the Global Current EUR I just opened required ?1800 to open.... I have a feeling I was only allowed to open the global premium based on the fact I was "planning on" purchasing some money market or managed investment products ;-) (I've never invested in any or have needed to)
ledrewy
2018-09-25 14:51
Interesting indeed. I will need to check out the branch you mentioned.
smuft84
2018-09-25 17:13
Anyone know a good lawyer in Thailand? looking to speak with one about general banking/tax/accounting/business for foreigners living in Thailand
mikeseo
2018-09-25 17:33
@koshis you can also receive EUR wires using Transferwise. They give you bank details in Germany with a IBAN.
koshis
2018-09-25 20:30
Thanks @mikeseo
koshis
2018-09-25 21:12
I contacted these guys https://pugnatorius.com/bitcoin-taxation
As I wanted to know about tax on crypto trading not conducted in a personal name (offshore from Thailand).. they wanted .5btc (3500 usd at the time) up front without any sort of client agreement... so yeh, didnt use them or couldnt reccomend them..
jase
2018-09-26 15:59
Anyone have a solid banking option in Europe that will provide a EUR IBAN and ideally credit card that is either good for travel hacking (miles and more is probably the only option)/travel hacking, or gives really great foreign currency rates?
jase
2018-09-26 16:00
I haven't dug too seep, have heard SEB is an OK option but unsure about their credit card offerings
jase
2018-09-26 16:00
Call me paranoid but I can't keep large deposits in ewallets
mescos
2018-09-27 17:01
Hey everyone, question about US Paypal. They just froze my friend?s account and are saying that they need to send an SMS to a ?US phone number registered in the account owner?, in order to unfreeze it. Has anyone experienced this before? Any suggestions or workarounds for this issue for those living overseas?
simon
2018-09-27 17:12
@mescos That happens all the time with PayPal, in most countries. If you don?t have a US mobile phone number, you can get one for 1 USD per month with Twilio and have the texts forwarded to your email via Zapier.
burrup.lambert
2018-09-27 17:43
Here's a guide you can use @mescos, guide uses Plivo and Zapier but same principle.
sylvain156
2018-09-28 19:29
Hi guys. My profesional Hong Kong HSBC bank account is limited now, I cannot send money from this account to outside. Do some of you successfully remove the limitation? I filed a form a few months ago and almost all the documents are accepted. I called them by phone and they just tell me "we'll call you back" but we have 12 hours time difference so that's hard to receive the phone call. Thanks
greenard23
2018-10-04 09:48
How safe are Cambodian banks?
ledrewy
2018-10-04 11:08
It can be classified as a frontier bank. I wouldn?t put my entire savings there but good to keep a small portion to accumulate higher interest.
There are not many countries that allow you to withdraw USD from the ATMs. Cambodia is one of these.
greenard23
2018-10-06 13:16
Interesting.
greenard23
2018-10-06 13:16
Thanks for the insight
cliqueapp
2018-10-07 12:11
has joined #banking
me1892
2018-10-08 00:53
has joined #banking
mirceabujanca
2018-10-09 03:24
has joined #banking
ivan.lakatos
2018-10-09 04:15
has joined #banking
koshis
2018-10-09 13:08
Hey guys wanted some opinions on banking in Thailand. Thailand has become appealing to me as it's not part of the CRS, MCAA. Which means my home country in theory shouldn't be automatically made aware of accounts and balances etc (I am changing residency but want to avoid any reporting getting back to home government even if they cant tax me on it)
I was worried about capital controls but from what I've read it seems there are no restrictions on money movements in a foreign currency in Thailand. Anyone know if this is correct?
Has anyone had any experience with banks in Thailand, any that offer multi currency accounts that you would trust with decent size deposits?
ggiampieri
2018-10-09 14:12
In order Bangkokbank, Scb, kasikorn, krungtai, they all offer foreign currency account, beware of exchange fees though. The first is the only one that can open an account without work visa. You want to checkout Cambodia with a couple of banks and Vietnam which has SC and local banks. All have some sort of daily wire limit. As they say money in no problem money out.. Can be. Taiwan also ok but hard to open. Up to 100k is ok especially if you split. After.. Us banks in country are a safe bet with no crs. Hope it helps!
koshis
2018-10-09 14:14
Thanks Giac
fish
2018-10-09 16:22
Revult claims to support only a limited amount of EU country residents. Do they actually validate or I can come up with an address and slide through?
ggiampieri
2018-10-09 21:20
They just need it to send you the card
bryanlum888
2018-10-10 00:04
has joined #banking
fish
2018-10-10 00:16
No docs validation?
skat
2018-10-10 06:33
No docs, they validate it by sending you the card to address you provided
ivan.lakatos
2018-10-10 07:09
What's the downside of Revolut?
ivan.lakatos
2018-10-10 07:46
I'm still looking for the perfect prepaid debit card (Revolut, Transferwise). Happy to hear suggestions from you all. I'm based in China meaning I have Union Pay debit cards. Also got Amex.
fish
2018-10-10 09:39
One hard downside is that if they catch you lie you'll be added to a blacklist lots of banks and financial services share and then you're screwed
fish
2018-10-10 09:40
And they require you to be a EU resident
ivan.lakatos
2018-10-10 09:44
I see. Not an good option for me at all then.
Seems like there isn't good option at all for me till now. Curve could have been interesting (although different concept) but they don't support Union Pay (yet) or Amex.
ivan.lakatos
2018-10-10 09:46
Also, I created a Transferwise account and even though they accept Union Pay you can only link it if you're a Chinese citizen. Pretty poor. Same for Payoneer it seems like.
fish
2018-10-10 09:59
@ivan.lakatos N26
fish
2018-10-10 10:02
I'm not sure how different from Revolut it is as they require an EU address but all they do is validate your identity via a video call (if you're a citizen of a supported country) and ship you a card (to EU address)
ivan.lakatos
2018-10-10 10:04
Apologies, but who is "they" ?
ivan.lakatos
2018-10-10 10:04
@fish
fish
2018-10-10 10:06
N26
ivan.lakatos
2018-10-10 10:20
Ha, sorry. Didn't see it.
ivan.lakatos
2018-10-10 10:55
Just read a few reviews. Could be an option indeed. Interesting @all
ggiampieri
2018-10-10 10:55
@fish lie about what? Residency address?
ggiampieri
2018-10-10 10:58
@ivan.lakatos check out Monese, basic plan is free
ggiampieri
2018-10-10 10:59
You can link monese to curve and have Iban and free withdrawal
ivan.lakatos
2018-10-10 11:03
Also, with options like N26, since they're a bank abroad, it would mean that in terms of taxation they could ask you a tax ID from the country in which you are a resident?
ivan.lakatos
2018-10-10 11:03
Thanks, @ggiampieri
ivan.lakatos
2018-10-10 11:03
Will check it out-
ggiampieri
2018-10-10 11:17
Yes n26 and monzo are banks and ask for it. Monese does not as it is not a bank. 50k max deposit is more than reasonable.
fish
2018-10-10 11:25
@ggiampieri Any fraudulent activity they catch can be registered and if you're not actually a resident it could be counted towards. But of course correct me if I'm wrong
ivan.lakatos
2018-10-10 11:25
I see. Really precious details coming from you @fish
ivan.lakatos
2018-10-10 11:25
And you too @ggiampieri . Cheers
fish
2018-10-10 11:27
A few years ago I got a Revolut card when I was staying in EU but since I changed a phone device and the number was no longer available I couldn't get access again. Talking to support they told me I'm not eligible for an account since my docs are from elsewhere
ivan.lakatos
2018-10-10 11:28
Right I see. Well so far no problem for me since I have a working and resident permit here in China till next year.
ivan.lakatos
2018-10-10 11:28
But i'm thinking of moving to Thailand so...
fish
2018-10-10 11:28
Not sure if resident means having the equivalent of a SSN or just an address tho
fish
2018-10-10 11:29
The address options could mean that we're good.
ivan.lakatos
2018-10-10 11:29
In your case, always keeping a phone number activated even when moving to another country is the best option. Something I will do for sure. Easy to top up credit for your phone from Wechat and Alipay (for china that is)
ivan.lakatos
2018-10-10 11:29
Right, I see. @fish
fish
2018-10-10 11:33
Its not easy to have a prepaid card active when out of country but maybe you can have it sorted with services like Twilio that give you a number that can receive messages for just a couple of USDs a month
fish
2018-10-10 11:33
Actually not a bad idea to have a perm EU number
fish
2018-10-10 11:34
You can use Google Voice to get a perm US number :wink:
ggiampieri
2018-10-10 11:36
Just sign up for iliad it is 7? a month and charge it on revolut they give you 50gb. French company available in other eu markets
ggiampieri
2018-10-10 11:38
And now you can even roam for free in any eu country for 'reasonable' use
fish
2018-10-10 11:43
@ggiampieri How do you get Curve?
fish
2018-10-10 11:43
@ggiampieri 7EUR for a 50GB/m + roaming?
ivan.lakatos
2018-10-10 11:48
The Monese-Curve option is pretty attractive I have to say.
ivan.lakatos
2018-10-10 11:49
But then again, need to be a Eu resident haha.
ggiampieri
2018-10-10 11:54
You can link transfwise card to curve as well
ggiampieri
2018-10-10 11:57
They accept passport and eu address, not sure if they accept foreign passport. For example a foreign friend with italian drivers licence got revolut, his friend just with passport didnt..
fish
2018-10-10 11:59
@ggiampieri You EU resident?
ggiampieri
2018-10-10 12:00
I have passport, driver licence and address
ivan.lakatos
2018-10-10 12:01
None of them ship to China. So unless I go back to europe and change residence for a couple of months I pretty much can't get any of those debit cards (Revolut, Transferwise, Curve)
ivan.lakatos
2018-10-10 12:02
N26 seems to be less strict in terms of address though.
fish
2018-10-10 12:02
Ship to a friend you trust and have Fedex deliver the card to you
ggiampieri
2018-10-10 12:02
Exactly
ivan.lakatos
2018-10-10 12:03
But I thought that the address you register your account with needs to be the same as the one your card will be shipped to ?
ivan.lakatos
2018-10-10 12:03
Obviously otherwise i'll just do as you mentioned.
fish
2018-10-10 12:04
It has to be AN address. Don't have to be yours
ivan.lakatos
2018-10-10 12:04
Yeah but if you get caught...
ggiampieri
2018-10-10 12:05
They just tell you to close the account I guess, they cannot freeze the money
fish
2018-10-10 12:06
I'm not concerned about the address but rather the documents they require to activate your account.
fish
2018-10-10 12:06
@ggiampieri The problem is not the account itself but rather the fraud DB they share
fish
2018-10-10 12:07
Getting into a list like this might prevent you from opening an online bank ever again
ivan.lakatos
2018-10-10 12:07
Transferwise accepted my National Identity Card in minutes @fish
fish
2018-10-10 12:07
@ivan.lakatos Which country is it
maxsuur
2018-10-10 12:07
I am on the waiting list for a Curve Card. The queue is quite long though.
ivan.lakatos
2018-10-10 12:07
Switzerland
ivan.lakatos
2018-10-10 12:08
@fish
fish
2018-10-10 12:09
So it should't be an issue for you. You're EU
https://transferwise.com/help/article/2938735/transferwise-debit-mastercard/can-i-get-a-transferwise-debit-mastercard-in-my-country
fish
2018-10-10 12:10
If Id be you Id get N26 while at it
fish
2018-10-10 12:11
Have them both deliver cards to your friends or family in Switz and have Fedex deliver it to you to China/Thailand
ivan.lakatos
2018-10-10 12:12
Yes but then when you switch from personal account to a business one (borderless, freelancer) you need to provide an address proof (bank statement, utility bill) which has the same address as the one on your profile (I live in china). So unless I lie from the beginning when setting up the account and give the address of a friend or family I can't get a card.
fish
2018-10-10 12:13
I'm using personal accounts. I imagine getting a business account is different
fish
2018-10-10 12:13
Another thing is that you can always say you moved or your business office is elsewhere
ivan.lakatos
2018-10-10 12:14
True. Is the personal account good enough?
ivan.lakatos
2018-10-10 12:15
Why do you think N26 is a better option?
ivan.lakatos
2018-10-10 12:27
Also, TransferWise seems to let you change your address and your country in your profile at any time after being verified :+1:
burrup.lambert
2018-10-10 12:32
FYI Neat has international payments for business accounts, they are rolling it out for personal accounts soon.
ivan.lakatos
2018-10-10 12:38
@burrup.lambert Good to know, tha
fish
2018-10-10 12:39
The reason I like N26 is because of they're not asking for any proof of residency docs
ivan.lakatos
2018-10-10 12:40
Okay. Yeah, i'll sleep over it and see. Might go for N26.
fish
2018-10-10 12:43
Again, for personal accounts ^
ivan.lakatos
2018-10-10 12:43
Sure. Personal account is fine by me at this point ^^
burrup.lambert
2018-10-10 12:55
Apologies, I meant Neat from Hong Kong. I read the conversation wrong!
ivan.lakatos
2018-10-10 13:16
Great guide for N26
sergiy.shlykov
2018-10-11 08:55
has joined #banking
ivan.lakatos
2018-10-11 09:50
Interesting. Haven't got the chance to check out Monese so far. Thanks a lot.
maxsuur
2018-10-11 10:16
I am glad to have been of service
bryanlum888
2018-10-11 14:21
Has anyone here successfully opened a bank account in Singapore or Hong Kong as a none resident?
me1892
2018-10-11 19:29
@bryanlum888 someone in #hongkong wrote about their experience opening one earlier in the year - they had a working holiday visa though
fish
2018-10-11 20:43
@maxsuur sounds awfully like a honeytrap tho :stuck_out_tongue:
koshis
2018-10-12 05:32
@bryanlum888 Singapore yes, I wrote about UOB marina bay plaza branch in an earlier post, might have to scroll up to read
koshis
2018-10-12 05:34
@bryanlum888
maxsuur
2018-10-12 11:40
what isn't nowadays? :slightly_smiling_face:
tkrunning
2018-10-12 14:27
Which country did you sign up with? In most countries it should no longer be a waitlist?
tkrunning
2018-10-12 14:28
Let me know if you have any questions (I wrote that one) :slightly_smiling_face:
tkrunning
2018-10-12 14:29
They also allow you to send the cards wherever (including for business). No address proof required.
maxsuur
2018-10-12 17:46
Hi Thomas. Spain
fish
2018-10-12 22:47
Transferwise aren't allowing me to change my address
fish
2018-10-12 22:47
The address fields are disabled
clr
2018-10-13 09:36
@fish To change the address you have to open a ticket and they ask for proof of address. However, when you order the card they will ask for the shipping address and that can be different from the account address, and they don?t require proof of address.
fish
2018-10-13 10:52
In order to order the card you have to provide a proof of address that you are in the EU and thats the main problem
jase
2018-10-13 13:20
@tkrunning does that mean I can give TW a Spanish address, get a card sent, then switch back to Andorra and all is good?
clr
2018-10-13 16:54
I see what you mean. I probably wasn?t asked for proof of address when ordering the card because I am already in the EU.
fish
2018-10-13 17:28
You only have the option to get the card once youre in the EU
ivan.lakatos
2018-10-14 01:41
Oh really? @fish Is that for the borderless account?
ivan.lakatos
2018-10-14 01:42
I have a proof of address for China so that doesn't help me at all to get the card then. Seems like N26 is still the best option then.
ivan.lakatos
2018-10-14 01:42
Hey man, sure. I might have a few questions indeed in the near future. @tkrunning
sylvain156
2018-10-14 07:15
@bryanlum888 I opened 2 accounts in sg about 6/10 months ago, check the thread I told all the story
sylvain156
2018-10-14 07:16
Citibank and Dbs
michael
2018-10-14 10:03
@koshis If your concern is capital controls, don't bank in Thailand. They will welcome you to deposit money but sending money out is challenging even with the right documentation. Also note, Bank of Thailand recently issued more stringent KYC regulations.
koshis
2018-10-14 11:10
Hi @michael, yes capital controls was one of my concerns.. I read that foreign currency accounts don't have capital control and money can be moved in and out in foreign currency without issue.. however I wasnt sure if this was actually the case practically.. and if so what banks are best for this
sylvain156
2018-10-14 17:29
Hi, I had around 20k euros in Thailand and I tried to moved it out (back to Singapore) in one time. I thought it wouldn't work because its more than 10k but it works fine. I think also the foreign currency isn't concerned by this regulation.
michael
2018-10-15 09:53
@koshis I've had associates who experienced sending figures of 50k, 100k upwards USD... with great difficulty even with foreign currency accounts. Due to their banking relationship, the bank managers said the best option was Western Union... this was with Kbank & SCB.
koshis
2018-10-15 10:28
Oh dear
michael
2018-10-17 03:37
@koshis The majority of more savvy business associates I know in Thailand, keep very little money there, the money there is solely for living expenses. Everything else is kept abroad.
smuft84
2018-10-18 18:53
citigold thailand told me they do not have to report and do not report any foreign currency transactions
once it goes into THB then it gets reported to bank of thailand
other major currencies can be in "non resident" accounts and while citigold said they keep records, they said the only way they would have to give it to any authorities is if i was audited or another legal order forced them to do it
they also said no documentation is required for deposits up to ~800k USD (this is subjective and a case by case basis but that was the approximate number)
haven't inquired about or tried large international xfers tho, will ask next time i have them on the phone or meet in person
sylvain156
2018-10-19 19:41
Thanks @smuft84 very useful informations!!
sylvain156
2018-10-19 19:44
For informations guys, my HSBC professional bank account in Hong Kong has been limitated a few months ago, they just removed the limitation today. It cost me 1k? (for having documents), a few hours of my time, and 10 calls to them. It took about 2 months. Feel free to ask if you have the same case or want more informations.
fish
2018-10-19 21:26
@sylvain156 Why was it limited?
sylvain156
2018-10-19 21:28
No real reasons. They ask to thousand of their customer (with offshore company) to provide a lot of documents. I think they want to close the accounts of people who don't really need their accounts.
sylvain156
2018-10-19 21:29
About 50% of the HSBC hk customers (with offshore company) had to provide this documents.
fish
2018-10-19 21:41
HSBC only?
fish
2018-10-19 21:43
The last time I've been to HK I was thinking to open a personal bank account but with all the trouble I hear people go through I'm glad I didn't do it. Sinking 1k EUR for confirming an account sounds excessive
sylvain156
2018-10-19 23:13
Yes HSBC only. I think personal banks account weren't concerned but not sure.
umgelurgel
2018-10-21 08:16
has joined #banking
bryanlum888
2018-10-21 09:58
So I just got back from Hong Kong and tried to open an account at the following banks. Standard Charter, Bank of China, Hang Seng Bank. All failed due to not being a resident.
koshis
2018-10-21 12:26
Good info thanks @smuft84... do you know what min deposit requirements are to get citigold status in Thailand?
koshis
2018-10-21 12:29
Makes sense
smuft84
2018-10-21 15:12
5mm baht, i think you can get priority at citibank for 2mm
fish
2018-10-21 16:40
Its sad to know its becoming more difficult. Thank you for the report tho
mikeseo
2018-10-21 17:09
personal accounts?
bryanlum888
2018-10-22 11:11
@mikeseo yes was only trying to open personal accounts. My wife has an HKID so I may have to get a joint account with her.
tkrunning
2018-10-22 11:37
Anyone else has a Charles Schwab account? I?m trying to generate a referral code in my account, but there?s a bug in their system. So wondering if others see the same error.
simon
2018-10-22 13:54
Just a heads up to those who have LeuPay (LeoPay) accounts: their banking partner (Satabank) has just had its banking license suspended in Malta.
I recommend to stop using the service until more details are known. If you have money in there, it would also be prudent to withdraw it now.
bryanlum888
2018-10-22 14:35
@simon Thanks for the heads up. I'm actually in the process of signing up with them and at the phone verification stage.
maxsuur
2018-10-22 15:10
@simon I received today Leopay's business debit card... Good timing I guess. Does this affect also to "http://Mypos.eu"? Or as I recall, they're two completely different products?
david99
2018-10-22 16:36
I thought LeoPay has moved its customers' accounts to a Bulgarian bank?
kuka
2018-10-22 18:37
@ivan.lakatos, I got both Curve and Monese as a non-EU resident. I?ve used https://www.clevver.io/ to get it. Took less than a month as a cheapest option.
fish
2018-10-22 18:38
@kuka Personal account? are you verified?
kuka
2018-10-22 18:38
Yea, of course to both
kuka
2018-10-22 18:39
I?ve also applied for new business accounts with Monese, but it?s still in verification.
fish
2018-10-22 18:39
Aren't they asking for ID docs?
kuka
2018-10-22 18:40
I like the combo of Monese UK + Transferwise GBP. Super fast transfers.
kuka
2018-10-22 18:40
They do ask for the ID. No problem whatsoever.
kuka
2018-10-22 18:41
Revolut, Fire and Tide are those that didn?t work out for me.
kuka
2018-10-22 18:41
Monzo did work out but I gave up on it since I didn?t see the point in getting it.
fish
2018-10-22 18:43
Proof of address of a sort?
kuka
2018-10-22 18:46
Not really.
kuka
2018-10-22 18:48
I had trouble shipping Monzo?s card out of UK though since it?s prohibited somehow if sent by non-originator.
kuka
2018-10-22 18:48
It?s been a few months now with it. Works just fine :+1:
simon
2018-10-22 18:59
@maxsuur I'm not sure if http://Mypos.eu will be affected, hopefully not. @david99 There are a lot of posts on social media from people who had their LeoPay accounts closed today, it seems that they closed all non-EEA accounts. Perhaps only EEA customers were moved to the Bulgarian bank.
ivan.lakatos
2018-10-23 03:23
That's precious information. Will check it out @kuka
kuka
2018-10-23 11:16
Has anybody managed to get an account with high-street bank in the UK?
jase
2018-10-24 16:23
@simon Are they still affiliated? AFAIK they haven't been part of Satabank for about a year now
jase
2018-10-24 16:24
Correspondent Bank name: Unicredit Bank Austria, Vienna, Austria
vinodgn0088
2018-10-24 18:00
Banks and EMIs are no longer interested in offshore companies (Seychelles, Belize etc) as well.
danz
2018-10-25 17:44
Anyone experience with banking in Suriname?
petrus.luijpers
2018-10-27 20:27
I had no problems moving my funds around using leupay. 2 accounts in EEA.
james
2018-10-29 14:41
I'm based in the UK and Thailand, I recently tried receiving card payments via Stripe in USD, linked to my transferwise USD account for the payout, however Stripe doesn't accept internet banks (such as transferwise/revolut/payoneer), does anyone have any tips on good US checking accounts one can open from abroad as a non resident? Once can always convert the stripe USD balance to GBP or EUR etc but around 2% exchange fee. Thanks!
kuka
2018-10-30 14:35
Just got a message from Monese with the:
```
Hello,
As a part of our verification process, we occasionally require some extra information. Therefore, could you please confirm:
-What is your occupation? What is the name of the company you work for? Please, provide us with a proof, for example a payslip.
-What is the average salary you expect to receive per month?
-What is the main purpose for opening the account with Monese?
-Can you please provide us with a proof of address (utility bill). WE have noticed that you are outside European Economic Area, can you please inform us when you will be back?
Please keep in mind that we cannot accept screenshots or scanned documents, you can submit the original PDF or JPG/JPEG format (photo taken of the original document).
Kindly note that if we don?t receive this information in 3 working days, the account will need to be closed. We apologise for any inconvenience caused.
```
kuka
2018-10-30 14:36
So, no longer an option for those outside of EU.
kuka
2018-10-30 14:40
As mentioned previously, you need to link Transferwise as ACH, not the wire. Stripe works with Transferwise w/ no issues.
bigworld
2018-10-30 15:33
Why you don't keep a virtual address somewhere within the EU?
kuka
2018-10-30 16:06
A utility bill though?
james
2018-10-30 16:22
ah nice, I will look into this then thanks. My payouts were failing and Stripe told me their service isn't compatible with any online USD accounts.
kuka
2018-10-30 16:24
Yea, they told me the same. Then @nikolay let me know they do work just fine.
fish
2018-10-30 16:57
Didn't they have an ad declaring you don't have to be EU resident?
kuka
2018-10-30 20:59
Yea, exactly. I?ve written them back explaining the situation. Will report back.
fish
2018-10-30 23:31
Please do
bryanlum888
2018-10-30 23:53
Is Monese crypto friendly?
ivan.lakatos
2018-10-31 03:23
Yes, I'm curious to hear more as well @kuka
ivan.lakatos
2018-10-31 03:24
Seems like N26 would still be the best option so far then.
kuka
2018-10-31 07:33
N26 was a no-go for me either. Does it work with non-EU?
ivan.lakatos
2018-10-31 09:34
According to this guide, yes. Possibility to use a c/o. Tkrunning in this forum wrote this article, maybe he can enlighten you @tkrunning @kuka
kuka
2018-10-31 11:29
Thanks, Red
kuka
2018-10-31 11:30
Monese got back to me with the:
```
We are writing to notify you that we have completed our post sign up checks on your identity. Unfortunately, we could not gather as much information based on what has been supplied therefore we will close your account with immediate effect.
At Monese, we check various aspects and look to be able to verify your identity in line with government issued requirements. In your situation we haven?t been able to reach a satisfactory level of confidence and therefore we cannot continue our business relationship. This could have been down to a number of different reasons however we cannot say specifically what we needed to check.
We apologise for any inconvenience caused, however we are legally required to prove your identity.
Please note that under these circumstances any future requests for financial statements will not be honoured.
If you have linked your account to any standing orders, payrolls or subscriptions please advise this person/company accordingly as these payments have been stopped due to closure of your account. If funds have recently been transferred to you and have not hit your account yet they will be returned to the sender.
At present, you have XXX? in account no. GB95PRTC009985XXXXXXXX and �XXX in account no. 09XXXXXX.
Unfortunately, the source account from which these funds were paid is unable to receive returned transfers. In order to return the funds, we require you to provide us with the details of another account of which you are the account holder.
Please be advised that these checks are compulsory and in line with industry standard as set by the FCA.
```
kuka
2018-10-31 11:30
I?m calling them later today
kuka
2018-10-31 11:31
@ivan.lakatos, the article says `Anyone can open a N26 Bank account, as long as they are resident in the EU or EEA.`, so not applicable to me I?m afraid.
kuka
2018-10-31 11:37
Just called the Monese support. They didn?t share with me any information besides saying that the closure decision is final and that I should provide an account for them to transfer the remaining funds.
bigworld
2018-10-31 11:38
I presume that if any other bank approach us with similar enquiries it's better to give an open an straight response, and never question their policies.
With N 26 being questioned for their loose KYC policies, other banks may over do it for some cases.
vinodgn0088
2018-10-31 13:42
@bigworld, Well said. We are not in a position to question EMIs or Banks, if we do so they will simply close accounts.
ivan.lakatos
2018-11-01 04:27
If you have a friend or family living in EU and EEA you can use their address with a c/o and then tell them to ship the card to your address wherever you live. @kuka
kuka
2018-11-01 07:12
Hey, what do you mean by `c/o`? `Care of`?
rp_vpnet
2018-11-03 02:09
Yup, done the same. Type your name and the c/o name of the friend/family. Yes c/o stands for care of
wiksch
2018-11-03 20:10
has joined #banking
ivan.lakatos
2018-11-05 02:53
Sorry for the late reply. Yes exactly @kuka @rp_vpnet
kiwiz
2018-11-05 03:01
has joined #banking
ren
2018-11-05 12:51
has joined #banking
jase
2018-11-07 13:05
Helpful email
bryanlum888
2018-11-12 13:45
Hello all.
I'm in Singapore for work and today I tried to open a bank account with UOB. As a walk in i was rejected for a regular account even though I have a UOB Malaysia account, but they gave me the following options
1. have an investment with UOB Singapore in a term deposit. $1000SGD/month for 6 years.
2. Deposit $100,000SGD, and I have my account
I guess it's better than nothing.
jase
2018-11-12 13:55
@bryanlum888 how long is the commitment on 2? It's pretty common to make the deposit then withdraw it 6 months later and no one will notice
bryanlum888
2018-11-12 13:59
hi @jase, I didn't really focus on #2 but I'll email the advisor to ask. #2 isn't an option for me right now lol. But I'll post here once I find out
danz
2018-11-12 14:33
@bryanlum888, have you tried the trick to say you wanted to open a stock account? That worked for me at UOB. They wanted to open it for me then.
asarun72
2018-11-12 20:47
Is this for personal or business company account ?
asarun72
2018-11-12 20:47
@bryanlum888
bryanlum888
2018-11-13 00:58
@asarun72 personal
asarun72
2018-11-13 00:59
Thanks . Are you aware of similar such deposit for business checking accounts ?
bryanlum888
2018-11-13 01:00
I'm not actually. I've only been looking for personal accounts for now.
michael
2018-11-13 04:42
Depends if it's for a local SG company or a foreign entity and the jurisdiction of the foreign entity, @asarun72
asarun72
2018-11-15 09:19
Thanks @michael
mescos
2018-11-15 17:40
@danz - how long ago did you open your UOB account with the brokerage trick?
danz
2018-11-15 17:41
A bit more than a year ago
mescos
2018-11-15 17:41
@bryanlum888 - were you trying to open a personal or business account at UOB Singapore?
bryanlum888
2018-11-15 23:58
@mescos personal
aphelan1
2018-11-16 00:08
has joined #banking
harvie
2018-11-20 12:59
I created a paysera account many moons ago and never used it. Now they are asking me to send them 10 euros because of some unpaid company account fees. Anyone have this issue?
22525
2018-11-20 14:50
has joined #banking
22525
2018-11-21 11:23
Hi :wave: I'd ask here too :slightly_smiling_face: Does anyone have a definite answer whether or not the funds which are deposited from UK Stripe account into UK Transferwise LLP business account are considered UK-sourced income, even tho the trade is performed outside of the UK and partners are non-residents? In other words does remitting foreign-source funds from UK-based merchant account (Stripe) into UK-based bank account makes these funds UK-sourced income? :nerd_face:
simon
2018-11-21 13:17
Transferring funds from a Stripe account to a TransferWise account does not create a UK tax liability in and of itself.
22525
2018-11-21 14:56
Thanks again @simon :slightly_smiling_face: Better safe than sorry :slightly_smiling_face:
brutus
2018-11-21 19:53
i think it is explained in their PDF on their landing page (https://getbiztousa.com/) ->
https://drive.google.com/file/d/1Q4rcSWgpmg1bv5G_53r78cFxHl5QCCMk/view
We partner with our clients by becoming a member of their current or newly established corporation. The controlling interest is held by the client, and we are listed as a Managing Member with 0% ownership interest. Which allows us to form bank accounts, merchant accounts, and ensure the corporation remains in good standing.
SERVICES PROVIDED
? Business Operating Account with major bank (HSBC, Chase, Bank of
America, etc.)
? Merchant account with Stripe, PayPal, Shopify, PaySimple, etc.
? Paper checks processing
? Bookkeeping and financial services
? U.S. business mailing address
? Federal and State tax filings
? Corporate status upkeep.
FEES
? $800.00 setup fee
? Monthly service fee for continuing services is calculated based off of
annual revenues.
brutus
2018-11-21 22:23
I confirm, I got emails from Leupay/Leopay informing me of policy change and they will close my accounts within next 2 month as all (perso/business) non EEA: Seychelles, Russia, US
brutus
2018-11-22 09:55
Transferwise: anyone knows if possible/how to send EUR to a Non-IBAN account number (Account + SWIFT) ?
jase
2018-11-22 13:23
I don't believe it's possible @brutus
sylvain156
2018-11-24 19:18
hi, foreign currency seems to not be concerned by the problem of sending out the money. I try to sent 20k? from thailand (citibank) to outside and it works without problem.
kommodis
2018-11-25 09:31
has joined #banking
daniel
2018-11-28 16:21
has joined #banking
blackbear18
2018-11-30 02:39
has joined #banking
nnmatveev
2018-12-03 06:45
has joined #banking
daniel
2018-12-04 21:01
Anyone here had any luck opening a personal bank account in Singapore?
jase
2018-12-04 21:36
Do a search, the question is asked on a weekly basis
jase
2018-12-04 21:37
Interesting CC option for SG bank account holders: https://www.icbc.com.cn/ICBC/%E6%B5%B7%E5%A4%96%E5%88%86%E8%A1%8C/%E6%96%B0%E5%8A%A0%E5%9D%A1%E7%BD%91%E7%AB%99/en/CommercialBankBusiness/CreditCards/ICBCVISADualCurrrencyCreditCard/
assefphilippe
2018-12-05 08:45
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jase
2018-12-05 16:37
I have a direct line of contact there, seems they are open to crypto and potentially remote opening
danz
2018-12-05 17:02
Not even an ssl for their website:)
jase
2018-12-05 17:03
indeed :slightly_smiling_face:
danz
2018-12-05 17:03
Never heard of them though
jase
2018-12-05 17:03
This is not abnormal for these types of banks
jase
2018-12-05 17:04
One Andorran bank only just added one to their online banking :open_mouth:
danz
2018-12-05 17:04
Yeah, some banks..
danz
2018-12-05 17:04
Businesses with crypto activity are welcomed in our Bank, please contact our specialists for more information.
danz
2018-12-05 17:04
First bank I see saying that
jase
2018-12-05 17:05
If you're going to start or rebrand a bank nowadays, it's probably an easy way to get some money on the balance sheet
vinodgn0088
2018-12-05 17:59
No ssl, Banking License from Comoros, Dubai address and Namibia number as second contact. :face_with_rolling_eyes:
jase
2018-12-05 18:08
:joy:
maxsuur
2018-12-05 19:14
It looks like an exotic combo
daniel
2018-12-05 21:32
yo @jase, I did a search and came across a few cases, but because this slack group is on free-tier I couldn?t search back very far. From what I could find, I didn?t see any concrete sure-fire ways to get an account. I guess I?ll go in to a bank saying I need it for funding my brokerage account or something. Do you have any experience with it?
contact
2018-12-06 01:12
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greenard23
2018-12-06 03:35
fidor bank is decent for crypto.
ivo
2018-12-06 12:13
@jase This ought to be the shadiest "bank" website I've ever seen. I love when folks think they can lower their shadiness level by pretending to be swiss ( -> banque).
And just look at their regulator: http://mwaliregistrar.com/list-of-entities
There are more entities in liquidation than actually operating.
ledrewy
2018-12-06 13:22
Curve Hits 300,000 Users With U.S. Expansion Planned, But This All-In-One Card Is Still Too Clever For Its Own Good
https://www.forbes.com/sites/oliversmith/2018/12/06/curve-hits-300000-users-with-us-expansion-planned-but-this-all-in-one-card-is-still-too-clever-for-its-own-good/
ivan.lakatos
2018-12-06 13:32
Still no support for Amex or UnionPay with Curve unfortunately. Not sure it will ever be implemented. Seems like there's hope for Amex though...
jase
2018-12-06 16:17
Yep fosho @ivo. I have become increasingly connected with banks lately and it's made me realise how many small, back alley banks there are around the world
lifecoach
2018-12-07 12:52
Did somebody setup merchant for Georgia (country, not state) company? Country get TOP-10 in Doing Business but banks not good :disappointed:
22525
2018-12-07 13:49
Oh man @lifecoach god bless you with that, be careful, when u start getting white hair, you know it's time to fogetaboutit
jase
2018-12-08 00:34
TransferWise is going to crush the banking industry if they get corporate debit cards working for random countries like Andorra and Georgia and what not
maxsuur
2018-12-08 12:59
Hopefully
nikolay
2018-12-08 16:42
Shit man I just can't wait for the day they offer it. I believe they have the infrastructure and due diligence to do this cuz everybody else before them that tried to do so failed on both of these things.
contact
2018-12-13 10:31
somebody managed to connect TransferWise to Payoneer?
contact
2018-12-13 10:31
they tell me that they don?t accept e-banks but I saw a lot of people online who managed it
nnmatveev
2018-12-13 11:06
What is the reason to do that? Why can?t you accept money directly on Payoneer? I am pretty sure that there is a reason, just curious.
nnmatveev
2018-12-13 11:10
TBC is a only good one in Georgia
skat
2018-12-13 11:59
@contact not sure why you need it, but payoneer offers you bank details to transfer money into payoneer. You can send money to that account through TransferWise
contact
2018-12-13 12:22
@skat I need a Bank Account to register a business Payoneer
skat
2018-12-13 12:37
@contact not sure about business, I'm using personal.
skat
2018-12-13 12:38
But frankly, not a big fan of Payoneet anymore... Too much bugs and too expensive. I'm slowly draining my payoneer accounts
sergiy.shlykov
2018-12-13 20:30
Revolut just got their banking license. :fire:
sergiy.shlykov
2018-12-13 20:32
Once they get their bank operational, it looks like they are going to lose the EMI status and give into CRS. Not sure how much info they were already sharing though :thinking_face:
sergiy.shlykov
2018-12-13 20:33
Good news irregardless
simon
2018-12-13 20:34
Opening an account will probably become more difficult too as they have to comply with stricter KYC regulations.
sergiy.shlykov
2018-12-13 20:35
This might be a ?get in while it lasts? situation
jase
2018-12-14 00:05
Any tips on opening when I live in a country that isn't eligible?
sylvain156
2018-12-14 03:06
hi guys. For all the one who don't pay taxes, it's easy, with a friend, to make turning your money, and create the appearance like if you have a really high income (dividend).
For example you can officially have 500k/year dividend.
And then, if you find a bank who can give you a loan which is a % of your salary, you can theorically have an unlimited loan & leverage.
Had some of you already think about this ?
Had some of you know more about geting a loan, as a business owner, and Asia resident ?
sergiy.shlykov
2018-12-14 08:20
You could open a mailbox with Clevver and see if they accept that. I don?t remember whether they had utility bill confirmation for proof of residence or they just want to have an eligible address to ship to
sergiy.shlykov
2018-12-14 08:31
Going to do the same with N26. Heard that it works
info837
2018-12-17 11:05
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ryan.mera
2018-12-18 01:44
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magnus
2018-12-19 11:38
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ismaelesn
2018-12-19 12:45
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vdragoiu
2018-12-19 23:22
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tkrunning
2018-12-20 19:16
That?s only their legal requirement, in practice it?s doable for non-EEA residents as well. Just make sure you don?t give a Maltese or Cypriot address, at that point they will close your account.
tkrunning
2018-12-20 19:30
I?ve indeed heard it (using a Clevver address) working for lots of N26 users at least.
Another option, in case you don?t want to use an ?overused? Clevver address, is to ship it to a coworking space where you happen to work for a little while (for example if traveling). Most coworking spaces offer mail handling for free or for a small additional fee.
Revolut never asked me for a utility bill at least, that?s for sure. Usually what you?ll run into is that they need to verify the source of your funds once your turnover increases (e.g. payslips, bank statements, etc). It wasn?t any issue for me that these documents didn?t match the address on my account.
sergiy.shlykov
2018-12-21 06:40
This is exactly what happened to me a little over a week ago. A screenshot of my TransferWise account from mobile phone and a picture of an invoice did the trick, the cancelled account limitations within 2 hours. Also, these limitations seem to include only a limit on incoming funds. As for the rest, you can use any functionality you want: pay, convert currencies, even do outgoing wires.
romaindepotter
2018-12-22 03:00
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bywexp
2018-12-22 19:40
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daniel
2018-12-22 21:50
Hey guys. Has anyone here opened a personal bank account in Singapore recently? I'd love to know at which bank and what the process looked like. I tried the search feature on this slack, but because it's a free-tier org, it doesn't allow searching back past a certain date, and I couldn't find much info otherwise.
reinders.leon
2018-12-23 19:46
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sylvain156
2018-12-24 02:35
I opened in citibank and Dbs Singapore about 8 months ago
sylvain156
2018-12-24 02:35
But it took me one year, went there 3 times, was refused more than 30 times in many many banks...
sylvain156
2018-12-24 04:15
you need to live in an allowed country (like thailand). You need a proof of address, a tax ID (it's not going to work if you don't have a tax id).
There are only one DBS agency who can open account for foreigners. Same for citibank, only one. If you are refused you cannot try in an other agency, because they will ask you to go to the main agency.
For citibank (citigold), the deposit is 200k usd. They waved it for me, but they should think you have it. If they know you don't "even" have 200k they will not be interested by you as a customer.
For DBS the deposit is only a few thousand USD.
22525
2018-12-26 05:49
I have been denied with OCBC corporate account for my newly incorporated Singaporean company with local Singaporean director and 2 local secretaries. The company does online e-commerce retail. Does any one have similar/different experience with Singaporean corporate banking?
vinodgn0088
2018-12-26 06:44
Try UOB or Stanchart
stolzlos
2018-12-27 10:19
Opened a silver savings account with UOB. Looks solid. Rates are ok in my opinion.
stolzlos
2018-12-27 10:19
But unfortunately a branch visit is necessary
stolzlos
2018-12-27 10:28
I already have a personal account with them but this could be another way to open a personal account with them besides the brokerage trick via Kay Hian.
burrup.lambert
2018-12-27 10:33
Can you explain the Kay Hian trick @stolzlos?
stolzlos
2018-12-27 10:35
Kay Hian is a brokerage company which got bought by UOB. They offer FX, CFD, stock trading on international markets.
stolzlos
2018-12-27 10:37
Opening an account with them without an account in SG is not possible but they will recommend you at UOB for an account opening.
stolzlos
2018-12-27 10:38
So I started opening with them halfway, then went over to UOB and back to them afterwards to finish up.
stolzlos
2018-12-27 10:39
I think that somebody here also managed to replicate that.
stolzlos
2018-12-27 10:40
The brokerage account is free. No downside.
stolzlos
2018-12-27 10:41
Hope that helps
stolzlos
2018-12-27 10:42
Both offices are basically just 5 minutes on foot apart so doing that is no big hassle
burrup.lambert
2018-12-27 11:05
So if I'm following correctly, with no previously bank accounts in SG at all, non-residentm you can open one with UOB (after being pointed in their direction by Kay Hian) with the intention of using it to fund your Kay Hian account? Minimum required?
stolzlos
2018-12-27 11:10
First question, yes. Second, 1000 SGD for opening, not needed for maintaining.
stolzlos
2018-12-27 11:11
I opened in June 2017.
simon
2018-12-27 12:00
@stolzlos Did you need a lot of supporting documents? Or just a passport + proof of address?
stolzlos
2018-12-27 12:55
I also brought a letter of good standing with one of my banks in English. They (UOB) did not ask for it. I just provided it. I am not sure but anymore but I think that they kept the original.
stolzlos
2018-12-27 12:55
@simon thanks for reminding me.
stolzlos
2018-12-27 12:57
But otherwise just the passport and proof of address, as you mentioned. I came prepared as you recommended in one of your posts.
stolzlos
2018-12-27 13:10
And just to emphasize the Kay Hian recommendation point. The broker called on my behalf UOB, arranged everything and gave me a piece of paper as far as I can remember. That I passed on to a banker at UOB who then took care of opening the account.
simon
2018-12-27 13:17
Thanks for sharing @stolzlos, it?s a very interesting option for those looking to open a SG bank account.
stolzlos
2018-12-27 13:24
Thanks to you @simon. I am very grateful for all the content you create and the community around it. It made and does continue to make a big impact in my life.
ggiampieri
2018-12-27 14:45
Thanks @stolzlos for the great advice. It sounds like the best option out there.
danz
2018-12-27 15:34
I tried the same around 1.5 years ago, it worked.
vinodgn0088
2018-12-27 16:20
@stolzlos, With Kay Hian trick can we open USD account as well?
stolzlos
2018-12-27 16:56
@vinodgn0088 yes, I told them that I mainly trade in USD. Thus they opened an SGD and USD for me.
mylogun94
2018-12-29 12:27
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ledrewy
2019-01-01 15:44
Recently I tried to top-up my TransferWise account using a credit card issued from HSBC Singapore. Later I found out there is a cash advance fee. Does anyone if there is any workaround to avoid the cash advance fee (which is charged at 6%)?
simon
2019-01-01 15:46
@ledrewy have you tried via a Curve card? It also takes care of the forex fee.
ledrewy
2019-01-01 15:47
@simon I will give it a try using a Curve card. Thanks
jase
2019-01-02 09:10
@simon is there a better Curve card to get (black vs blue)? They seem to be near identical but I'm guessing there's something obvious I'm missing.
simon
2019-01-02 10:02
@jase They have different limits / fees but are otherwise identical in terms of features.
simon
2019-01-02 10:04
It's going to be an interesting year for Curve with support for mobile payments and AmEx coming in Q1.
justin
2019-01-02 20:29
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justin
2019-01-02 21:21
Hello, I am currently in process to open a business in Singapore (SG). I will be doing it remotely & I am not able now to go to SG to open a bank account there.
The main question I have is where I can open a good Bank account online for our business in Singapore?
And are there anythings else that I should have in mind before opening business there?
simon
2019-01-02 23:10
@justin Hi Justin! Are you looking to open a Singapore bank account or an account in another country?
simon
2019-01-02 23:11
To open a Singapore bank account, you?ll need to attend an interview in person and even then, there is no guarantee that you?ll leave the city with an account.
daniel
2019-01-02 23:44
@stolzlos is the UOB silver savings account one you can open without the Kay Hian method?
stolzlos
2019-01-03 04:11
@daniel I don't know but I think it is worth a shot because it generates some revenue for the bank.
justin
2019-01-03 08:12
@simon Yeah I know that I need to go to Singapore only just to open the bank account there. This is not the option for me, therefore I want to open a bank account outside SG.
mikeseo
2019-01-03 11:27
@justin why bother with a SG corp?
justin
2019-01-03 11:50
@mikeseo didn?t quite understand what do you mean. We have many recommendation and I did my research before choosing SG as good place for business.
ledrewy
2019-01-03 22:25
@simon I did a USD100 transfer using Curve. In SG credit card, it?s captured as CRV*TRANSFERWISE. There is a SGD15 Cash Advance Fee and SGD1.37 DCC Fee. Looks like there?s no getting around this. Any thoughts?
simon
2019-01-03 23:44
Ouch, that?s expensive! Have you tried with another card (from another bank)?
My last curve transfer on TransferWise was a HKD to USD transfer using a HK-issued card and it posted as a regular purchase (business services category). That card only pays 1 mile per USD spent though so not particularly interesting from a manufactured spending standpoint.
mikeseo
2019-01-04 02:34
I mean there are a lot of easier and cheaper countries to open a corp, why specifically choose SG, especially if you won't use a SG bank?
vinodgn0088
2019-01-04 03:35
@justin, What is your plan? Do note that getting a tax residency certificate for SG company is difficult if you don't have a SG bank account and local executive director (not nominee director). If you plan to live in Lithuania and operate SG company then there is high chance that your residence country tax department want to tax your SG company (unless you prove that SG company is tax resident in SG itself).
justin
2019-01-04 09:06
@vinodgn0088 thanks for your comments, but I wouldn?t be able to open an account there remotely without having Nominee director from SG. So our director will be a local guy, I will ask about taxation in SG things is I don?t have SG bank account. But the incorporation company didn?t mention this as an possible issue or anything.
Thanks! Anything else I should think of? I am already shooting them number of question for a few weeks to cover everything haha :slightly_smiling_face:
justin
2019-01-04 09:08
@mikeseo not sure of what countries you are talking about. If we look from economical stability, possibility to open remotely, good taxation rate & other things so I didn?t find a lot of places. Anyways, I believe I will eventually open bank account there but not now :slightly_smiling_face:
ledrewy
2019-01-04 09:44
Thanks for your feedback, @simon. I?ll try with another card, once I get one.
danielabagnale
2019-01-04 10:04
Does anyone have experience opening a UAE bank account for a Cypriot Holding- and/or IP Company? The company would be run from Cyprus. Any advice is highly appreciated.
vinodgn0088
2019-01-04 11:56
@justin, First of all understand that the corporate services providers are there to make money. They won't tell anything upfront which will scare away potential new clients. If you plan to setup a SG company, move to SG on a Employment visa ( entrepreneur visa) then your plan will work. Else you need to hire at least a resident director who will take majority of the business decision and he remain tax resident of Singapore. Otherwise you will end up with a SG company with tax residency in your country of residence. You may go through following URL as well. https://www.iras.gov.sg/irashome/Businesses/Companies/Learning-the-basics-of-Corporate-Income-Tax/Tax-Residence-Status-of-a-Company/
justin
2019-01-04 12:19
@vinodgn0088 thanks for your concerns, but yes we are hiring Resident director who will be running business there. :slightly_smiling_face:
mikeseo
2019-01-04 15:29
I think @vinodgn0088 is right, you're getting sold by the service provider. I'd suggest consulting with a few tax people in your country of residence and also figuring out where you will bank before likely wasting your time and money opening a SG corp.
danz
2019-01-04 15:48
@danielabagnale, opening corporate accounts in the UAE for offshore companies is almost made to impossible since 2018.
vinodgn0088
2019-01-05 00:39
@justin, I don't know whats your motivation in hiring a local resident director. If you are referring to the Director provided by the corporate service provider, it's just a Nominee director and can't be compared to a real executive director. Nominee directors don't have any real power. They act based on what you say and when you take up a nominee director service, the first thing they want from you is your signature on a director resignation form with no date. They do this to prevent liabilities if something goes bottom up. With a nominee director you won't get tax residency certificate from IRAS. Also, please note that a low profile white collar job employee earns around 2400S$. So if you plan to hire a real executive director (with unlimited decision powers) the salary will be much more than that. If you are a big earner and have money to hire someone in SG whats the big deal in flying to SG for once to open a bank account?
blake.pope
2019-01-05 16:08
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jase
2019-01-06 23:38
Has anyone sent a different currency by wire to a TW borderless account?
jase
2019-01-06 23:38
For example. GBP to a EUR account?
jase
2019-01-06 23:38
Do TW just convert it upon deposit?
mikeseo
2019-01-07 01:07
I haven't done that, I've gotten different TW bank details for different currencies.
simon
2019-01-07 01:22
redareda9
2019-01-07 03:09
@jase I was thinking of doing that with Paypal to Transferwise but Paypal fuckers are systematically converting the currency at sending time.
jase
2019-01-07 03:09
@mikeseo I have a GBP account as well, but it doesn't accept wires!
jase
2019-01-07 03:11
It's probably only a 75% commission so NDB :joy::triumph:
redareda9
2019-01-07 03:14
Don't talk me about that bro. I never saw a company ripping off its customers that hard.
jase
2019-01-07 03:19
It's basically their business model hey. I avoid PP at every opportunity
assefphilippe
2019-01-07 07:07
Hi guys, does anyone got rejected by transferwise while trying to open a new business account ?
johncitizen
2019-01-07 07:41
Hey @assefphilippe I had some troubles but they accepted in the end
assefphilippe
2019-01-07 07:41
how did you do ?
mikeseo
2019-01-07 10:27
@jase I never tried GBP. Did you ask TW support already?
jase
2019-01-07 10:29
@mikeseo about 24 hours in so far. They're still trying to wrap their heads around the question :joy: The canned responses are becoming more custom.
johncitizen
2019-01-07 11:17
@assefphilippe I just answered their questions in depth to point out how my company is compliant.
johncitizen
2019-01-07 11:18
If you run a US company don?t forget that you are an employee of that company too, you can just provide them with your EIN
carrabeanga
2019-01-08 01:33
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m.moser
2019-01-10 10:46
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cornelis
2019-01-10 20:08
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anosory0007
2019-01-12 05:08
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sebastian.leu
2019-01-12 13:57
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d.mikocionis
2019-01-16 02:15
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bhugbhug
2019-01-16 13:33
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ledrewy
2019-01-18 15:22
I?m planning to visit Panama City hence I?m also planning to open a personal bank account while I?m there. Could you please advise a good bank based on your personal experience? Thanks.
yuli
2019-01-18 20:13
@ledrewy Credicorp Bank is a good bank I am happy with in Panama
burrup.lambert
2019-01-18 21:40
No personal experience but I've read Multibank is good and well funded. English speaking, caters to foreigners etc.
ledrewy
2019-01-18 23:55
Thanks @yuli What kind of documentation or proof do they need?
ledrewy
2019-01-18 23:56
@burrup.lambert I read that their min balance requirement is rather high
mikeseo
2019-01-19 01:00
@ledrewy when I (US passport) got my Panama residency a few years ago the lawyer took me to Multibank to open an account. I think they said other banks wouldn't open an account for me. I brought a bunch of papers with me, I don't remember exactly what, maybe a resume, bank reference, utility bills, bank statements? They didn't speak a whole lot of English or didn't want to. It worked and they opened the account. The online interface was kinda lame, I didn't send/receive many wires, i forget how good that was but I think it kinda was functional. (SG banks seem much better at sending/receiving wires) I closed the bank account a couple years later and withdrew the balance with no issues. I heard from my tourist guide that all the locals only trust Banco General but they won't open an account for you until you're already a resident. I'm not sure if Multibank would of opened my account if I wasn't accompanied by the lawyer and in the middle of the residency process.
ledrewy
2019-01-19 01:04
Thanks for the advice @mikeseo I agree SG banks are generally better :)
burrup.lambert
2019-01-19 01:18
Probably, not sure what it would be for a personal account. Let us know :slightly_smiling_face:?
ledrewy
2019-01-19 06:55
@mikeseo Do you remember what is the min balance Multibank requires?
mikeseo
2019-01-19 10:29
no I forgot
yuli
2019-01-19 21:07
I do not remember to be honest, but it was quite detailed...
burrup.lambert
2019-01-21 00:14
Hi all. Yesterday I attempted to open an N26 account. I used a VPN connected to Germany and a fake GPS app set to Germany as well (you are required to share your location via GPS during account verification/security purposes). I used a UK address and my Australian passport as proof of identity, no proof of residence required. During the process I elected *not* to share my tax details (thought it might raise too many red flags) although you have to provide these details within 90 days of opening the account. I used an Australian number for registration. Account is currently being verified before the card is sent out. Will let you know how I go.
simon
2019-01-21 00:28
@burrup.lambert If it doesn?t work, try applying using a non-German address. The verification process is different outside Germany (they do a video call instead of Postident). For the tax ID, you can add your Australian one but I?d recommend doing so after your account has been approved.
jase
2019-01-21 01:53
Is Paypal + TW Borderless account linking a no-go?
jase
2019-01-21 01:54
Or is it just some regions where the 2 don't link up?
simon
2019-01-21 02:08
@jase In my experience, the EUR and USD balances can be linked to PayPal but not the GBP (at least I didn?t get it to work).
jase
2019-01-21 02:08
I just tried to link USD and it just tells me "we can't do that right now"
jase
2019-01-21 02:08
I'll try again tomorrow
simon
2019-01-21 02:14
Did you use the ACH number? (TW provides ACH and Wire Numbers but only the ACH work with PayPal, Stripe etc).
roman
2019-01-21 02:40
@jase I once had a similar issue linking a US bank account to a Canadian PayPal. It is totally legit to do, and there?s a UI for it. But when adding I?d get the same error. I emailed support and they unlocked it for me.
jase
2019-01-21 02:40
I used the ACH, yes
jase
2019-01-21 02:40
Good to know @roman. Was the US bank account with Transferwise?
roman
2019-01-21 02:40
It sounds like some features are allowed case by case and they just lock them up but error messages are vague.
roman
2019-01-21 02:41
US bank account wasn?t TW.
jase
2019-01-21 02:41
Yeah I figured those messages are intentionally vague
roman
2019-01-21 02:41
Yup
roman
2019-01-21 02:41
Security by obscurity :)
mescos
2019-01-21 14:06
@yuli - When did you open the account? Personal or corporate account? Also which branch did you go to?
yuli
2019-01-21 15:46
Personal account. Opened it in July.
jase
2019-01-22 08:36
@roman I just had the exact same experience as you with PP. They asked me to call Ireland, I did, they walked me through a few verification steps, logged out, back in then was able to add the account.
vinodgn0088
2019-01-22 08:48
@jase, Added TW USD account?
jase
2019-01-22 09:21
@vinodgn0088 yes. Didn't tell them that, just said it was a US bank account. Which it is.
vinodgn0088
2019-01-22 10:25
@jase, attached to personal or business paypal?
jase
2019-01-22 10:27
Both biz @vinodgn0088
vinodgn0088
2019-01-22 10:58
@jase, great. Pls post an update once you make a withdrawal from business paypal to TW.
bogdan.pahomi
2019-01-22 14:38
has joined #banking
jase
2019-01-24 03:42
@vinodgn0088 withdrawl worked. Took about 8 hours.
vinodgn0088
2019-01-24 07:43
@jase, :+1:
ggiampieri
2019-01-25 14:38
Do you guys know if TW supports HK companies?
simon
2019-01-25 14:56
@ggiampieri HK companies can send and receive HKD transfers but cannot sign up for a Borderless account.
https://transferwise.com/help/article/2833110/borderless-account/why-cant-i-get-a-borderless-account
ggiampieri
2019-01-25 21:57
@simon thanks for the detailed answer. Still a good option paired with neat!
tiendamodel
2019-01-27 15:07
has joined #banking
johncitizen
2019-01-28 02:32
Maybe it?s been asked a few times before, does anyone have an easy in for non-EEA residents to get a curve card?
ledrewy
2019-01-28 06:58
I managed to get my Curve using my Estonia e-Resident card.
vinodgn0088
2019-01-28 08:08
@ledrewy, can you explain the procedure?
burrup.lambert
2019-01-28 10:23
@johncitizen @vinodgn0088 see my post from 21 Jan in #travel-hacking. Just got mine approved. Confirmed card has arrived at my friends address. No proof of residence required.
simon
2019-01-28 12:58
Indeed, you can get one easily as long as you have access to an eligible address. To verify the account, you need to link a bank-issued debit or credit card (EU bank).
simon
2019-01-28 12:58
Just be careful when increasing your annual limit (from 10k to 50k) as they often ask for additional documents.
ledrewy
2019-01-29 01:01
While we are on the subject on Curve.
https://support.imaginecurve.com/hc/en-gb/articles/360000580418-Which-American-Express-cards-can-I-add-to-Curve-?mobile_site=true
simon
2019-01-29 02:56
I wonder how hard it would be to get a UK AmEx as a non-resident... The BA Premium Plus looks pretty good especially if it can be used with Curve.
simon
2019-01-29 03:02
As a side-note, it's very easy to get a US AmEx card as a non-resident. You need a US bank account, a US mailing address and an AmEx card issued in another country. There is no need for an SSN, ITIN or EIN. Simply log into the US AmEx website using your normal username and password, select a card and click on the apply button. A pop up will open asking you if you want to use your existing AmEx history instead of your US history. Select yes and fill in the application with your US mailing address. In most cases, you will automatically be approved within 1-2 days. In some cases, they will ask for a proof of address (a digital bank statement is fine). If you have no proof of address, they will set up a three way call with your bank and confirm it that way.
simon
2019-01-29 03:06
The Hilton and Marriott cards are especially good. They have no forex fees, very high sign up bonuses and lots of useful travel benefits (free annual night, resort credits, airline fee credits etc). The platinum is also pretty good although many of the benefits will be difficult to use outside of the US (especially the uber credits).
ledrewy
2019-01-29 04:30
I tried. To fulfil the application, I needed to provide 2 documents. For proof of address, I provided the remote access to a US bank account and that worked fine once I selected a checking acct. For the second document, I?m required to fill and submit a US IRS Form 4506-T to verify my income. I have provided my passport no. to substitute the requirement for SSN at the initial stage of the application but I?m not sure why they still require the 4506-T form.
simon
2019-01-29 04:33
Have you tried calling the global transfer team?
simon
2019-01-29 04:33
They may have processed your application as a normal application by mistake
ledrewy
2019-01-29 04:38
Thanks, I will find out
ledrewy
2019-01-29 04:41
I managed to get an Amex International Currency Card in USD. I could register the card with Curve but pending verification. However it doesnt allow me to change the currency from GBP to other currencies
simon
2019-01-29 04:44
Is there a forex fee for the international card?
ledrewy
2019-01-29 05:59
I?m not sure. I haven?t been using to pay in other currency. It?s not stated on their Website - or I couldn?t find
angelowysz
2019-01-29 07:24
has joined #banking
angelowysz
2019-01-29 07:26
Is there any way to buy Uber vouchers or something?
simon
2019-01-29 07:40
Not that I know of. The credits show up in the app as Uber cash and they must be used by the end of the month otherwise they automatically expire.
sscobe
2019-01-29 08:38
has joined #banking
angelowysz
2019-01-29 11:18
@simon Did you see this page: https://www.americanexpress.com/uk/moving-abroad/moving-abroad.html looks like it should be possible if you have a uk phone number and address.
Sidenote: In the bunq forums someone mentioned that they got a NL Amex by providing a NL IBAN from bunq and a german address.
simon
2019-01-29 11:23
@angelowysz I?ll have a look and will give it a try if the comments on the Curve forum are positive (they just launched the AmEx feature so there isn?t much info yet about how well it works).
vinodgn0088
2019-01-29 15:30
Anyone using Transferwise with UK LLP. What documents are required to open an account? For estonian OU they asked me to provide an operational office address proof ( i.e, the registered office /virtual office address in Estonia is not accepted).
danz
2019-01-29 15:56
@vinodgn0088 Me, just your company certificate I believe
simon
2019-01-29 16:07
@vinodgn0088 They only need your company number (either via the certificate or the online registry). There is no address issue in the UK (virtual is fine).
vinodgn0088
2019-01-29 16:20
@simon, thanks for the confirmation.
bigworld
2019-01-29 18:30
In my case they asked for proof of address (I sent the online statement) and told me it would take up to 10 days to complete the process.
That was last week, so hopefully I will have the card in my mailbox soon.
I happen to have an ITIN.
mescos
2019-01-29 21:58
What?s the best bank for a USD account for someone who is a UK resident/UK citizen?
simon
2019-01-30 01:10
@mescos If you can travel to the US, opening an account with any of the big banks will be fairly easy. Bank of America is especially friendly to non-residents.
simon
2019-01-30 01:15
I just woke up to an email from Curve saying that AmEx has blocked them (again). It will be interesting to see what they will do next.
bigworld
2019-01-30 13:56
I would recommend getting an ITIN first. It's easy and you can do it by post. I had to send my original passport though.
mescos
2019-01-30 17:57
What are the best banking options for UK resident/UK citizen (based in UK), who need a USD-denominated account in Europe? Opening needs to be either in the UK or remote. Traveling the US is not an option. Any recommendations or suggestions?
danz
2019-01-30 17:57
@mescos Probably the big banks (HSBC, Barclays, Loyds etc.) would offer a USD account to I expect?
mescos
2019-01-30 18:01
Have some contractors working out of the UK that need USD accounts to receive payments. They have Lloyds and Halifax, but their multicurrency account options apparently have high minimum requirements and high fees. Any affordable USD banking options that are accessible from the UK, for ppl who can?t travel outside of the UK?
danz
2019-01-30 18:03
You could use Transferwise?
danz
2019-01-30 18:03
Barely fees there to receive USD payments
mescos
2019-01-30 18:04
Ideally, I would prefer a normal bank and not a fintech company (Revolut, Transferwise) because my sending bank is not a huge fan of these because there is no name on the account.
ledrewy
2019-01-31 05:45
Alternatively, there?s HSBC Expat (Jersey-based) account which allows to open acct in USD, GBP or EUR.
simon
2019-01-31 07:43
Standard Bank (IOM) is also an option, with a low minimum deposit (4000 GBP or 6000 USD, EUR, AUD) and a Visa debit.
benny
2019-02-01 02:41
has joined #banking
sebastian.leu
2019-02-01 04:45
@vinodgn0088 In my case, they asked me for the registration document of the partner company as well.
vinodgn0088
2019-02-01 04:59
@seb, Your partner company is an IBC (Belize, Seychlles etc) ?, Did TW asked your to provide operational address proof for UK LLP? Also, How many months before you opened this particular TW account?
creativespot
2019-02-04 06:57
has joined #banking
burrup.lambert
2019-02-04 09:28
Success with this one friends! Account has been verified and my card is again being sent to my friends address in London. I successfully paired the app to my smart phone using my Australian number. As I used a UK address I have been given an N26 UK account, that is, I have a *UK account number and sort code*. If you want to do the same feel free to use my referral code *burrupl8823*
In this post > https://freedomsurfer.slack.com/archives/C3NM9ULTU/p1548029965002300 > I mentioned I also applied for a Curve card. I added an Australian card and my Curve card was sent out, however in the app it says my "curve card is currently pending approval". In this post > https://freedomsurfer.slack.com/archives/C1CG9U1N1/p1548680298189200?thread_ts=1548642720.185500&cid=C1CG9U1N1 > @simon mentions an EU bank card is required for verification. If this is indeed the case I will attempt to use my N26 card to verify the Curve account. I'm not sure if it's just saying my curve card is pending approval because I have to activate it or something when the card arrives. Will keep everyone updated.
imatfaal
2019-02-06 04:05
has joined #banking
imatfaal
2019-02-06 04:33
So I am thinking of setting up a Transferwise Borderless account for my UK LLP too. Need GBP, USD and EUR accounts (in fact, the more the better!) I have a question though:
The country I am currently resident in is not listed under the places they provide USD account details for: https://transferwise.com/help/article/2811629/borderless-account/why-cant-i-get-usd-account-details.
I can easily provide evidence that I am based in another location they do cover, but just wondering about the potential tax implications of saying I am in EU and getting Transferwise Borderless setup as if I am in EU when I am not....
simon
2019-02-06 12:42
@imatfaal You won't have any problems. I'm a resident of Hong Kong (a country that is not supported at all for Borderless) and have accounts (including USD) for many of my companies (UK and US).
johncitizen
2019-02-06 15:22
Hello all, if I have a US based LLC partnership where one person is a non-resident and the other partner is US born, US citizen. Is it possible to open a US business bank account online/remote using the US citizen as an authorised person?
johncitizen
2019-02-06 15:24
My hope is that we can get something legitimate opened without having to travel to the US together.
simon
2019-02-06 16:38
If your partner has a US credit file, it should be possible with Bank of America. The process isn?t 100% online but can still be completed remotely (you need to scan and mail some documents and sign a form too and mail it back to them).
jemmasta
2019-02-08 06:02
Does anyone have a solution on the following scenario: EU (Finland) citizen receives cash checks from US that he cannot cash after 1.4. since banks here won't accept them anymore. The payer won't do bank transfers even to an US bank account. Only option is check by mail. There is no option to travel to US. How could the checks be cashed out? The person is an actor/artist that does regular work in Europe to US companies.
simon
2019-02-08 06:15
@jemmasta Do you have any friends in the US or with US bank accounts?
jemmasta
2019-02-08 06:16
Unfortunately no and also that won't help because to my knowledge they cannot cash the checks still, because they are addressed to the person here.
simon
2019-02-08 06:17
If you sign the back of the cheque, anyone can then cash it.
jemmasta
2019-02-08 06:17
So they would need to be shipped here, get signed and then be sent back..?
jemmasta
2019-02-08 06:20
He has worked like this for years and been able to cash them here, but banks will change their policy and not accept checks at all after 1.4. which causes quite the hassle. Especially since they won't do bank transfers at all.. I guess US studios/production companies etc. live in the 70's in 2019, lol.
simon
2019-02-08 06:22
You can take photos of the cheque and send those photos to your friend (who can then use mobile deposit to cash the cheque).
jemmasta
2019-02-08 06:25
Ah, ok. That is an option... no remote service that receives mail and automatically cash checks to certain bank account with IBAN or US transfer?
simon
2019-02-08 06:25
I also hate cheques but they are still widely used in the US. Having a US bank account is a must if you often need to cash them.
jemmasta
2019-02-08 06:26
Yeah, I was surprised that they won't do even US bank transfer, not even a payment option for them.
simon
2019-02-08 06:27
I'd inquire with a service like Anytime Mailbox. Many of their locations show a cheque cashing feature but I've never tried it.
jemmasta
2019-02-08 06:27
Ok, I'll let him know these options.
jemmasta
2019-02-08 06:28
Thanks a lot, Simon.
jemmasta
2019-02-08 06:46
Does that Mailbox service require US bank account as well or do they do IBAN?
simon
2019-02-08 06:49
I don't know, I haven't used their cheque cashing service (I have US bank accounts). If they do, you can get one via TransferWise free of charge, online (it's not a real bank account but it should work to receive an ACH transfer).
jemmasta
2019-02-08 06:53
Yeah, I have used Payoneer as US account that has worked well.
jemmasta
2019-02-08 06:54
The person in question is just not that handy with this stuff and there is language barrier. :)
yuli
2019-02-08 23:03
Anyone had any experience opening a USA bank account without physically being in the USA to do that? I am looking to incorporate a new company and would need a bank but I am physically far from the USA now.
Thanks a lot!
simon
2019-02-09 00:48
@yuli Do you have a SSN?
simon
2019-02-09 00:53
If not, your options will be limited to:
1. Hire a US lawyer to open the account for you via power of attorney
2. Hire a US person (as an employee) and have them open the account
3. Open an account with a bank that allows remote applications (SVB, for example, is used by Atlas for this reason). Don?t expect great products, however, as none of the good banks allow remote applications
4. Open an account with TransferWise, Payoneer or similar service
simon
2019-02-09 00:54
In my experience, the best solution is usually TransferWise as a temporary solution and an account with Bank of America, Chase, Citi etc as soon as you can travel to the US
simon
2019-02-10 07:49
For those who are interested in getting US credit cards, I've written a little guide explaining how.
simon
2019-02-10 07:50
If you already have a US bank account, you can do everything remotely.
simon
2019-02-10 07:52
Also, if any Canadian here is interested in getting US bank accounts and credit cards remotely (pretty good cards too), let me know.
bigworld
2019-02-10 10:02
I would add to use the passport as form of ID. If you use your ITIN it won't work. I think it is not for not being an actual SSN, but for not having credit history at all.
simon
2019-02-10 10:08
If you use your SSN or ITIN but have no history, you will need to call the Global Transfer line to ensure that they process it as a global transfer.
yuli
2019-02-10 12:58
Negative. I do not have an SSN. I am not a USA citizen/resident. Appreciate the answer!
mescos
2019-02-10 18:53
Interested in learning about your credit card options for Canadians. Do you have anything beyond the Amex global transfer?
mescos
2019-02-10 18:58
Also regarding your comment about ?Hire a US person (as an employee) and have them open the account? (for opening a US bank account without an SSN) - if you have a foreign owned single member LLC and don?t want to trigger anything can can be misconstrued as ECI/US income in the future, do you think this ?employee? route is really an option? Or will only the POA option the only solution?
p_jeuch
2019-02-10 23:25
has joined #banking
simon
2019-02-11 08:38
@mescos The only tax-free option, short of travelling to the US and opening the account yourself.
simon
2019-02-11 08:41
@mescos I assume that you have a SIN and credit profile in Canada? If so, you can apply for cards with quite a few US banks (they will pull your Canadian history). My favourite card is the TD Cash, there are no annual fees, no forex fees and it pays 3% on dining, 2% on groceries and 1% on everything else.
simon
2019-02-11 08:46
The World Rewards Mastercard from Banner Bank is pretty good too.
simon
2019-02-11 08:47
Oh and if you do not have an AmEx in Canada, you can still apply for a US-issued AmEx by calling them and having your application processed via Nova Credit (they will pull your Canadian credit history).
mescos
2019-02-11 12:08
@simon Thanks. What are your US credit card recommendations for those without Canadian credit history and without a SIN?
simon
2019-02-11 12:14
@mescos Any of the AmEx cards without a forex fee (Platinum, Gold, Hilton, Marriott, Delta). If you can travel to the US and apply in person, the Bank of America cards are decent too, and the Citi Prestige.
mescos
2019-02-11 13:47
Thanks @simon. Any suggestions or hacks for the best ways for foreign owned single member LLCs to acquire US credit cards and start building credit?
simon
2019-02-11 13:51
The easiest way is to get a personal AmEx card via Global Transfer and use it for six months. You can then apply for a business AmEx (online). The business AmEx will build credit history under the EIN. After another six months you should be able to apply for business cards with the likes of Bank of America, Wells Fargo etc.
simon
2019-02-11 13:53
The business platinum currently comes with a free year at WeWork. That?s awesome value if you are based near one of their locations.
asarun72
2019-02-11 18:13
@mescos the bank needs someone on file to fill out the owners details of an LLC. It has nothing to do with IRS. Not all llcs have same owners until it gets dissolved . Old Members leave and new folks join. What you file on calendar year with irs is what matters I know a cpa who can recommend. He has one Russian client whom he set up Corp for and that clients friend from la was able to open bank account
asarun72
2019-02-11 18:14
If you don?t want such hassle get an ITIN with irs and you can open a bank account easily . You may even be able to get a secured credit card for a deposit payment and that way you Can start building Your credit
mescos
2019-02-11 18:18
Thanks guys. @simon - when applying for the business amex for the LLC online, it asks for a SSN. Any hacks to get around this? Do you just call them and if so, do find certain terminology works best?
asarun72
2019-02-11 18:19
No such way . Amex always verifies your personal credit .
simon
2019-02-12 00:48
@mescos You need to apply over the phone. Only the first application can be completed online (via Global Transfer).
simon
2019-02-12 00:51
@asarun72 It?s quite easy to open a business bank account for a single member LLC (provided that your business activities are low-risk and do not involve sanction countries). No need for an SSN or ITIN. Simply show up at a bank with your passport and company documents.
asarun72
2019-02-12 00:52
@simon Not all banks does with out a tax number . ITIN is definitely easier and also helps if want to build credit history
simon
2019-02-12 01:08
@asarun72 For sure having an ITIN will help. Depending on the type of business you run and the passport you hold, it may also be possible to apply for treaty trader status and get an SSN. Having treaty trader status does not automatically make you a US tax resident (unlike a green card) so it can be useful if done properly.
roman
2019-02-12 07:29
Wanna know about the Canadian angle. Thank you.
simon
2019-02-12 07:40
@roman If you have a Canadian credit file, you can apply for cards with quite a few US banks (they will pull your Canadian history).
My favourite card is the TD Cash, there are no annual fees, no forex fees and it pays 3% on dining, 2% on groceries and 1% on everything else.
https://www.td.com/us/en/personal-banking/credit-cards/cash-card/
The World Rewards Mastercard from Banner Bank is pretty good too.
Oh and if you do not have an AmEx in Canada, you can still apply for a US-issued AmEx by calling them and having your application processed via Nova Credit (they will pull your Canadian credit history).
roman
2019-02-12 07:48
But will any of these methods build a credit history in US?
roman
2019-02-12 07:48
My goal is to eventually apply for more lucrative CCs for mile earning / churning.
simon
2019-02-12 07:52
Yes, as long as a US mailing address is used.
simon
2019-02-12 07:53
If you have an AmEx card in Canada, using Global Transfer is the easiest way to get started. If not, the TD card will be the best alternative.
simon
2019-02-12 07:53
After 6-12 months, you should have a FICO high enough to get better cards.
roman
2019-02-12 11:47
But which number will FICO be tied to? In Canada it?s SIN. I know in US they have many different numbers. E.g. SSN, ITIN and there was something else ..,
roman
2019-02-12 11:47
Also will forwarding address be ok?
simon
2019-02-12 11:49
It?ll be tied to your name + address + date of birth.
simon
2019-02-12 11:50
Yes a forwarding address is fine, although I recommend using one that isn?t too popular (avoid the main services).
mescos
2019-02-12 22:14
@simon - can you tell us more about treaty trader status and the benefits?
simon
2019-02-13 03:11
The treaty trader status allows entrepreneurs to temporarily relocate to the US to work for their own business if said business has significant ties with the US (or has a solid plan to grow those ties). For example, most of your customers are US-based. https://www.uscis.gov/working-united-states/temporary-workers/e-1-treaty-traders
simon
2019-02-13 03:13
The great thing about the treaty trader status is that it is a non-immigrant visa. As such, the substantial presence test is used to determine tax residency.
simon
2019-02-13 03:13
burrup.lambert
2019-02-13 10:33
Ok so next Friday I'm finally heading to HK with my HKID to open some accounts. My current plan is looking like this:
1. Once in HK buy local sim (7/11 or Circle K), wherever.
2. Choose a branch on Hennessy Rd
3. Bring some cash with me.
4. Bring supporting documentation
5. Activate online banking while in HK
6. Link bank accounts to home country banks while in HK
Documents I?ll be bringing with me:
1. HKID
2. Passport
3. Transaction statements/history/proof of address/proof of funds from my Australian banks
I will attempt to open accounts at (in preference order) with minimum accounts for residents (not sure if accurate):
1. Citibank (10,000HKD)
2. Standard Chartered (100,000HKD?)
3. BEA (5,000HKD)
4. HSBC (5,000HKD)
Other options include DBS, OCBC, Hang Seng, UOB etc.
As I don?t have proof of address yet (in HK) I?m going to attempt to see if I can get a bank employee to come visit me at my AirBnB. Once an account is open (whatever bank is first), I?ll generate a bank statement ASAP and get that sent to the AirBnB then use that as proof of address for other accounts. I?ll be in HK around 2.5 ? 3 weeks so I figure that will be enough time for that to occur. If that's not an option I'm thinking maybe I can generate a statement from the mobile phone provider and get that sent to the AirBnB.
Purpose for the account will be something along the lines of:
- I live here (in HK)
- I have a brokerage account with Monex BOOM (I?m wondering if they would be able to help open an account)?
- Maybe some stuff about buying gold through the bank (if applicable etc)
@simon , what are your thoughts? Would you recommend applying for credit cards straight away if I am able to get them with a security deposit? Just 1 to start with or multiple? Would any do or would AEON still be the best bet (no proof of residence required)? Or does it not matter as I will be a "local" anyway?
Once all accounts are set up I?ll get a mail forwarding address and redirect all addresses to there.
johncitizen
2019-02-13 11:18
@simon @burrup.lambert good chance to collaborate on an article.
simon
2019-02-13 13:08
@burrup.lambert That's a good plan. For the proof of address, can you get a statement from Boom? Having a local proof of address will make your life a lot easier and will allow you to apply for a bunch of credit cards immediately (AEON and AmEx should be fairly easy).
simon
2019-02-13 13:09
I have accounts with all the banks you have listed. Citi and SC need 10000 HKD, BEA and HSBC need 5000 HKD.
simon
2019-02-13 13:09
Hang Seng do not have a minimum balance requirement, DBS is 30000 HKD and OCBC is 10000 HKD.
simon
2019-02-13 13:11
If you do not yet have a Citibank account in Australia, it would make sense to open one. You will be able to link the two and transfer funds instantly and free of charge (between Citibank Australia and Citibank Hong Kong).
simon
2019-02-13 13:14
No need for security deposits for AEON and AmEx. You will start with a tiny limit but it will rise very quickly if you pay your bills on time. To give you an example, I was approved for 5000 HKD with AEON back in the days. A little over a year later the limit had been increased to 95000 HKD.
simon
2019-02-13 13:21
Also, I recommend getting a Tap & Go prepaid card from a CSL shop (both the MasterCard and Unionpay). It's free and super useful as the Unionpay is issued in CNY and works everywhere in China. You can tie the Tap & Go account to your bank account for instant top ups. You can also link it to Apple Pay and Google Pay.
simon
2019-02-13 13:24
If you have time, it can also make sense to sign up with Alipay HK and Wechat HK. They are becoming widely accepted around the world and offer very useful features. You can fully verify both accounts with your HKID.
ledrewy
2019-02-13 17:24
Is anyone (non-HK resident) able to get an ANA-co branded credit card with Dah Sing Bank from HK?
burrup.lambert
2019-02-14 00:59
Curve card has arrived in Australia. Only instruction is to use the app to activate the card which still says "your curve card is pending approval". My guess is when I added my Australian card to Curve it was either automatically accepted or the person verifying it made a mistake. This enabled my account to get approved and the Curve card generated and sent out. Then through general review or KYC they picked up it was an Australian card and not an EU bank and have put it back into verification status. *Plan B* time, wait for my N26 card to arrive either this week or next and use that to get the account approved so I can activate Curve!
burrup.lambert
2019-02-14 01:12
@simon. Thanks for the info! I've updated my cheat sheet. I have accounts with HSBC and Citibank in Australia, hence why opening accounts with them, though I've read HSBC HK has become a pain to deal with? As for Monex Boom I can generate daily/monthly statements easily enough. I'm testing updating my address now and going to see if it updates on the online generated statement promptly (takes 1 business day for the update to occur). In my personal information on Monex Boom I have 3 addresses, a residential address, a company address and a correspondence address (currently a mail forwarding service in Australia). Luckily for me the address that is shown on the online statements is the *correspondence address*. If this works it may be a great way for non-residents to get local proof of address. Step1. Open a Monex BOOM account as a non-resident, Step 2. Set correspondence address to local HK address, Step 3. Use statement as proof of address. If this does work I'll register for a HK mail forwarding service now before my departure next week, update my Monex Boom address and generate a statement.
Do I need to apply for the AMEX and AEON cards while in HK or can I do that online once proof of address and accounts are open?
simon
2019-02-14 02:59
@ledrewy If you have a Dah Sing account, you should be able to apply for a secured version of the card.
simon
2019-02-14 03:01
@burrup.lambert You can apply for the AmEx remotely but you must apply for the AEON while you are in HK as the first card needs to be picked up in person at their Causeway Bay branch.
simon
2019-02-14 03:02
I recommend the JAL card. It's a pretty good card with no annual fee if you spend 30000 HKD per year.
simon
2019-02-14 03:03
An added bonus is that AEON does not charge a forex fee.
simon
2019-02-14 03:07
If you ever travel to the US, I recommend opening a Citibank account there as well. You will then be able to use Global Transfer with AmEx to get a US AmEx using your HK history (they are a lot better than the international AmEx). To pay the bills, Citibank HK or AUS to Citibank US.
ledrewy
2019-02-14 04:36
OK, I will try
burrup.lambert
2019-02-14 12:09
@simon The AEON JAL definitely looks like a winner. When I get round to heading to the US I'll definitely be opening some accounts. For Hong Kong personal bank accounts, walk-ins are acceptable? No need for an appointment? Also for personal accounts does any of the supporting documentation need to be certified or just copies are fine?
I'm trying to find a mail forwarding service that does residential street addresses, i.e it actually looks like an apartment address. The best I can find is https://hk.maildrop.asia/product/personal-maildrop/ though trying to find cheaper, do you know any? Most seem to do business addresses. I've emailed the following to see if they offer personal/residential:
https://www.clevver.io/location/hong-kong/
https://www.jumpstartoffices.com/en/virtual-office-hong-kong/yen-sheng-centre-kwun-tong/
https://www.globalfromasia.com/hong-kong-company-address/
https://startupregistry.hk/services/business-address-mail-forwarding/
Might just end up using my friends address in HK to initially open the accounts (via a Monex Boom statement) as its easier (will be an actual apartment address) and then change them to some business like JumpStartOffices above. Or perhaps I'm over complicating the whole thing and will just use my AirBnB address on the Monex Boom statement. If all goes well, does anything actually get sent to the address (initially) or are all cards and paperwork handed over on the day?
simon
2019-02-14 12:15
Yes, walk in is fine. No need for certified copies either.
I?ve been using a Jumpstart address for years and have never experienced any issues. I opened the accounts with a normal residential address then changed everything to Jumpstart (no need for a proof of address when you do the change).
simon
2019-02-14 12:18
It?s super useful as they scan every piece of mail I receive. You can have mail forwarded to any address (worldwide) using HK post (very cheap but slow) or DHL/FedEX (fast but rather pricey).
simon
2019-02-14 12:19
Ah and you?ll get all your debit cards on the spot when opening the accounts.
nikolay
2019-02-15 13:03
Any recommendation for a bank that will accept a Seychelles IBC that does a legitimate online business (online marketing, advertising & affiliate) - willing to visit personally but need good day-to-day so low fees, corporate debit card etc.
I see that Honk Kong, Cyprus and possibly Serbia/Macedonia are options but if anyone knows a specific bank that is known to take such clients please let me know. Ease of opening is great bonus too (again if the bank does work with such clients before they'd know the procedure and won't fool me around for days/weeks).
contact007
2019-02-15 18:06
has joined #banking
burrup.lambert
2019-02-16 02:14
@simon awesome thanks. In regards to Monex Boom address change for anyone interested, it worked. Changing your correspondence address will change your address on your daily/monthly statement for *all future statements* not old ones. If you are not too active or you don't have time simply do what I did, do a currency conversion and it will generate a new daily statement with your updated address. I converted AUD$1 to USD$1 :slightly_smiling_face:. *N.B. currency conversion occurs only once per day*
simon
2019-02-16 05:52
@nikolay OCBC in Singapore accepts Seychelles IBC with a minimum deposit of 30000 USD (and loads of supporting documentation). It helps if you have history with them and a solid reason for why you need the account. There are banks in HK that will accept an IBC but it will be super hard to convince them. It's already a challenge with a HK company nowadays...
simon
2019-02-16 05:54
nikolay
2019-02-16 07:31
Sounds like a last resort.
You have any experience with Paxum Bank or ABC Bank Mauritius?
simon
2019-02-16 08:01
I?ve heard good things about ABC and they have been in business for a number of years. I wouldn?t recommend holding large amounts with them but for day to day stuff I guess the risk is low.
Paxum sounds good on paper but they are licensed in Dominica... To me that?s a big red flag.
vinodgn0088
2019-02-16 12:59
Paxum sucks. Don't choose it.
nikolay
2019-02-16 16:16
Yeah Paxum the EMI has quite negative reviews so I guess the bank aint great either.
ABC bank I do like but I need an introducer so I am on the look for that.
wearethepacktory
2019-02-17 07:18
has joined #banking
mescos
2019-02-18 22:34
Does anyone know of any good introducers for Mauritius banks?
michael
2019-02-19 02:09
@nikolay ABC is "decent" for an island bank... as @simon mentioned, I wouldn't leave large sums of $ there.
burrup.lambert
2019-02-19 04:30
N26 card arrived today. Activated no problem and topped up with funds. Added card to Curve and verified instantly (transaction came through straight away). My Curve card still says pending approval so I have removed my Australian card and left the N26 card there. Will contact support now to give them a kick in the bum. As Simon mentioned here are what cards you can add to curve:
https://support.imaginecurve.com/hc/en-gb/articles/115003215849-Which-cards-can-I-add-to-Curve-
https://support.imaginecurve.com/hc/en-gb/articles/214612485-I-can-t-activate-my-Curve-Mastercard-
mescos
2019-02-20 13:49
Does any know of any trustworthy ?introducers? for Mauritius banks? Many banks there seem to require them?
danz
2019-02-20 13:51
I think there are a couple of websites that could help with this, you will pay around $500.
simon
2019-02-20 14:42
@mescos Have you asked the company that formed your IBC if they offer this service?
mescos
2019-02-20 14:48
@simon - not looking to bank here personally, more so asking because @nikolay mentioned that he was looking for an introducer for ABC and it?s something that isn?t discussed that often. Know of any introducers that have successfully opened corporate account here?
simon
2019-02-20 15:17
I do not know of any. I have this PDF from the bank though, maybe it can be of use to Nick.
nikolay
2019-02-20 15:44
You need an introducer pretty sure about that
nikolay
2019-02-20 15:45
So I'm reaching out to the company that incorporated my IBC for help on the matter.
nikolay
2019-02-20 15:45
I think that's the best way to go about it anyway.
pierre.berthalon
2019-02-21 19:07
has joined #banking
redareda9
2019-02-22 10:32
Sent by Payoneer
simon
2019-02-22 10:33
Were their old cards issued by Wirecard UK?
redareda9
2019-02-22 11:20
How can I check that?
redareda9
2019-02-22 11:20
My IBAN is with Wirecard AG in Germany
simon
2019-02-22 14:28
That would be at the back of your card.
simon
2019-02-22 14:31
For example, at the back of my Curve card it says that the issuer is Wirecard Solutions Ltd (in the UK)
redareda9
2019-02-22 15:14
My card is issued by Payoneer (EU)
redareda9
2019-02-22 15:14
The address is in Gibraltar
ledrewy
2019-02-22 23:25
Unfortunately a HKID is required.
sebastian.leu
2019-02-23 07:09
Does anybody here use the curve card without actually having a residency/citizenship of one of curve's eligible countries?
burrup.lambert
2019-02-23 07:28
Scroll up and see my recent update @sebastian.leu. Just waiting on customer support to get back to me.
simon
2019-02-23 07:57
@sebastian.leu I do. It?s easy to get the card if you have access to a UK address and a European debit or credit card.
I use mine in combination with a number of cards issued in Asia, US and Canada. Haven?t had any issues so far.
sebastian.leu
2019-02-23 08:13
thanks @simon @burrup.lambert
ledrewy
2019-02-23 23:36
Does anyone have had any successfully strategy to obtain a utility bill as proof of address in Taiwan?Citibank TW and StanChart TW are requesting for that.
simon
2019-02-24 11:19
@ledrewy Do you have access to a Taiwanese address?
ledrewy
2019-02-24 12:02
Yes, @simon I have. A friend?s home address
simon
2019-02-24 13:08
Any chance your friend could add your name to their address on a utility bill?
(Without changing the account holder so as to not cause any issues. For example, 123 Main St, Taichung -> Ledrewy, 123 Main St, Taichung. This should not impact postal delivery).
ledrewy
2019-02-24 15:04
Thanks @simon but the name of the existing holder is already on the address. May work on other statements without any current holder?s name
burrup.lambert
2019-02-25 12:25
For those who are interested:Success today with opening a Standard Chartered Personal account at the Shop 33-37, G/F, Hung Hom Commercial Centre, 37-39 Ma Tau Wai Road, Hunghom, Kowloon branch. It was 2 minutes down the road from where I'm staying so I thought I'd give it ago. *Points to note:*
- HKD10,000 minimum balance required for Personal banking.
- You can not apply for a credit card until the HKD10,000 initial deposit has been made.
- Debit card is not received on the day. It is mailed out to your address, takes 1 week.
- Account comes in multicurrency, HKD, CNY and USD from what I can tell (maybe more have to check when I get access to online banking)
- To access online banking you require your debit card and a PIN. The PIN will be given to you on account opening.
- Monex BOOM statement was accepted as Proof Of Address
I think she may of opened the account with details that I was working in HK and I pay tax in Hong Kong even though I stated I was *not* currently working, I was "looking for a new contract" and that I pay tax in Australia. I saw on the application that she listed my tax residency as HK and used my HKID as the TIN. Going to have to correct and double check the info once I get access to online banking. I stated my OLD salary but I could see that she put I was currently earning XXX$HKD monthly :face_palm::woman-shrugging:, oh well, I tried. Should be easy to get the Asia Miles Credit Card at least :grin:.
I also tried to open an account at the HSBC Hung Hom Branch & Premier Centre. They require an appointment but they weren't that busy, had free slots for later in the afternoon but I elected for tomorrow. Appointment takes 16 minutes apparently. Of note for this branch is however they asked me if my HKID was 'permanent or temporary', and asked for a work contract. Standard Chartered did not ask this, they just accepted the HKID as a HKID. Only real question was reason for opening an account.
burrup.lambert
2019-02-25 12:30
Tomorrow I'll try that HSBC again, there's also an OCBC down the road. Wasn't on my original list but if I decide to use them as a Forex broker later on might be a good idea to open an account now. Will also try Citibank if there is time and maybe BEA. More to come.
simon
2019-02-25 12:37
Congrats! I'm surprised about the debit card, however, as I received mine on the spot. It could be that not all branches can issue them. As for the account currencies, if it is like mine it will support all major currencies (including AUD, SGD, EUR etc).
burrup.lambert
2019-02-25 12:43
Thanks! Yeah I'm pretty hyped. Was actually my first "real" offshore bank account opened, not counting N26 even though they have a banking licence. Yeah a bit unsure of the currencies, the account number for HKD, USD and CNY is the same then there is a separate account number for HKD (again) and "multiple currencies". We shall see. Made the initial deposit today, should be in there tomorrow, if it is I'll pop back and try get the same girl who served me and get that Asia Miles credit card.
burrup.lambert
2019-02-25 12:44
Also, with the success, going to open up a HK Jumpstart Offices virtual address ready to switch everything over.
simon
2019-02-25 12:48
Mine also has one number for all currencies. It's super convenient as incoming transfers are kept in the currency they are received. If someone sends you AUD, it will create a AUD balance within the account for example.
ledrewy
2019-02-25 13:21
Congrats @burrup.lambert! The separate HKD acct number is for your checking/current acct
lucasb2611
2019-02-25 13:31
has joined #banking
burrup.lambert
2019-02-25 13:38
@simon, excellent. Are you able to give me an example of what a HK Jumpstart Office address looks like? I just signed up for ClevverMail (http://Clevver.io) and the address looks like this:
John Smith
Level 15 & 16 Nexxus Building
41 Connaught Road, Central
999077
Hong Kong
Hong Kong
Hong Kong
Reckon that is going to fly?
*Edit:* Just read reviews of ClevverMail, I think I f'd up, they are terrible. People complaining about charges, not receiving mail, scans, bills, list goes on zzz.
nikolay
2019-02-25 13:45
Does it matter who introduces you to a bank?
I am asking because the company that incorporated my Seychelles IBC is asking "$2000-$3000" for introduction to one of the Mauritius Banks and I see prices online from other incorporation agents/introducers for around $600-$900.
simon
2019-02-25 13:57
ClevverMail is rubbish, I used one of their addresses years ago in Germany and only had issues. Jumpstart on the other hand works really well, never had an issue (I?ve been using them for years).
My address looks like yours.
12 Road Name
Unit 123, 6F, Postal Building
Wan Chai, Hong Kong
burrup.lambert
2019-02-25 14:02
That address looks more like a residential address which is good. I'm going to swap to JumpStart and contact my bank and get them to cancel the charge, I doubt ClevverMail will do it but I'll give it a go. Should of ~Googled~ Startpaged them first. That's what you get for trying to save a couple bucks!
simon
2019-02-25 14:08
It?s worth paying a bit more for a solid address and service, in my opinion. It will make things easier when you need to receive a replacement card, statement etc. It will also protect your accounts (as they won?t be associated with dodgy addresses).
clem.boulanger2611
2019-02-25 14:21
has joined #banking
ledrewy
2019-02-25 15:34
@burrup.lambert I had really bad experience with ClevverMail service in Sydney, Australia
nikolay
2019-02-25 15:42
Yeah they do require one which basically means I'm fcked pricewise and will have to use the company that incorporated my IBC.
smuft84
2019-02-25 16:20
anyone aware of a solid address service in malta?
bountybairn
2019-02-25 21:25
Not related to current chat but pleasing to see Monese now link with Avios. Which happens to be my air miles of choice currently (fly a lot to Heathrow with BA).
Creates a nice manufactured spend mechanism potentially but not done the sums.
Never had to use customer services for Monese, but getting a little bored of Revolut who I have personal and business accounts with. Monese seem to have slightly faster processing of top ups and transfers, I?ve not used them that much.
Some of the revolut business perks are nice, but the personal account ones are rubbish, save 2/3 GBP on things I don?t use. Monese + Avios seems more appealing as haven?t used last 6/7 perks on revolut.
Anyone offer thoughts on whether Monese is a better option for business or personal?
burrup.lambert
2019-02-26 01:22
So I buttered them up in an email and they actually reversed the charge and cancelled my account. I'll give them that. Signed up for JumpStartOffices instead.
riccardo.longobardi
2019-02-26 02:41
has joined #banking
sergiy.shlykov
2019-02-26 08:29
any advice for a ClevverMail alternative? I?ve been using their FL address and never received a single letter, which was supposed to come to me. now searching for another option. suggestions?
burrup.lambert
2019-02-26 10:14
FL as in Florida?
burrup.lambert
2019-02-26 10:28
I should clarify. Yesterday I used a Monex Boom e-statement (printed off) as Proof Of Address, not a paper one received in the mail. This has relevance for today.
Today's adventures:
*Citibank Causeway Bay*
Bank policy not to accept securities as proof of address so Monex Boom is out. Need mobile bill, bank statement etc.
*Citibank Yee Wo Street*
Closed down
*HSBC Parkway Lane*
Monex Boom e-statement no good, need original paper copy.
*OCBC Hung Hom*
Monex Boom e-statement no good, need original paper copy.
*HSBC Hung Hom*
Monex Boom e-statement no good, need original paper copy.
*Standard Chartered Hung Hom*
Opened account here yesterday. Unable to get credit card without statements showing salary deposits so out for now.
*HSBC Causeway Bay*
Accepted Monex Boom e-statement as Proof Of Address.
No problem with me being on a Working Holiday Visa and not employed. Still did the old 'looking for new contract' line.
Required Australian Proof Of Address for whatever reason (did not need this at Standard Chartered) so I used my Australian drivers licence, they have your address printed on them.
Account fully opened on the spot, debit card given, takes around 30 minutes. *Debit card does not have my name and its Union Pay, I didn't realise*
Card is also valid for 9 YEARS.
Asked some basic questions about how much my rent was to which I made up some figure. Was used to calculate how much would be going in and out of account each month.
Small initial deposit required to be made.
Follow online instructions for online banking. No username \ pass given on account opening.
2FA is done via mobile app.
Girl actually opened a HSBC Advance account for me, didn't realise until the end. HKD200,000 minimum however waived for first 12 months. Someone else on here said it's a good idea so open an Advance account then downgrade it within 6 months, will try find the post.
She also said account minimum is HKD5000 however you are not required to maintain that balance for the first 12 months. Anyways I'll top it up with HKD5000 and downgrade the account soonish.
*OCBC 443-445 Hennessy Road*
Monex Boom e-statement no good, need original paper copy.
*BEA 399 Hennessy Road*
Monex Boom e-statement no good, need original paper copy.
Required work contract.
Because I got a lot of not accepting the e-statement I actually went to the Monex Boom Office to see if I could get a paper statement... Don't bother, it looks exactly like the e-statement.
With my HSBC account open (and online banking accessable immediately unlike Standard Chartered). I may go to a HSBC branch tomorrow and get them to generate a statement for me, costs HKD$50 then use that Proof Of Address. Hopefully have more luck.
I also went to AEON branch to check the status of my JAL card application to which the guy replied it will take A MONTH. This is going to be an issue as a) I won't be here, b) the address I listed is the AirBnb, not a virtual address). I'm going to have to call customer service tomorrow and see if I can amend the address on my application to my new JumpStartOffices address and see if they can post it there. I previously elected to pick it up at the Whampoa branch as I thought it would only take 1 week.
More to come.
david99
2019-02-26 10:45
@burrup.lambert Thanks for the update!
sergiy.shlykov
2019-02-26 10:48
Yeah
sergiy.shlykov
2019-02-26 10:49
so i?m looking for anything that works well in the US and not a PO box
simon
2019-02-26 11:21
I use Anytime Mailbox for US / Canada. Their app works very well and they have addresses everywhere. https://www.anytimemailbox.com/
simon
2019-02-26 11:28
@burrup.lambert Unionpay is actually pretty useful as it is now widely accepted in most countries and has no forex fees.
ledrewy
2019-02-26 15:57
@simon All Unionpay cards have no forex fees?
simon
2019-02-26 16:17
HK-issued Unionpay cards have no forex fees
simon
2019-02-26 16:17
They can be loaded into Apple Pay as well and are accepted everywhere you see the Unionpay, JCB, Discover, RuPay logos.
burrup.lambert
2019-02-27 02:51
I should of asked when I got the card, but can Hong Kong issued UnionPay ATM cards be used for online purchases?
https://www.hsbc.com.hk/help/travel/atm-withdrawal/
Seems like I can also apply for a HSBC PLUS ATM chip card which uses funds out of your Current account, where as the UnionPay card uses funds out of your Savings account. Double the fee for ATMs outside the network though.
simon
2019-02-27 02:56
Citibank issues debit MasterCards instead of Unionpay and they can be used online like normal credit cards. Unionpay cards can be used online too but few western websites take them.
me1
2019-02-27 04:08
Hey guys, what's a cheap virtual office provider in the US that I can use as a proof of address for a bank account application? (For transferwise)
me1
2019-02-27 04:14
Did any of you guys succeed at opening a transferred account? What did you use as a proof of operational address?
vinodgn0088
2019-02-27 04:23
@me1, Most likely TW won't accept a virtual office address. Also, you need to provide a real bank account statement or utility bill if TW asked you to provide a proof of address.
simon
2019-02-27 04:24
Transferwise accepts virtual addresses in the US, Canada and UK as long as your personal address is verified.
me1
2019-02-27 04:26
Ok. I did get a verified personal address in the US so I'll try a virtual office address and report back. I don't have another bank account the point of using transferwise was do simplify the creation of a bank account (so I don't have to travel places, pay fees, etc)
burrup.lambert
2019-02-27 06:12
Turns out JumpStart can do a custom package with on-demand letter scanning for HK$20/letter/every 4 pages. I went with this option. Better value then the HKD$100 a month add-on if you don't expect to receive much mail.
simon
2019-02-27 06:14
Sounds like a great deal! No monthly fees?
burrup.lambert
2019-02-27 06:18
As I understand it, it will be the normal monthly fee for your Plan A, D or E address, plus the ad-hoc cost for scanning letters as above.
me1
2019-02-27 11:27
If I set up a virtual office or some mail forwarding thing, how do I get a proof of address from that?
simon
2019-02-27 12:12
@me1 You need to add the address to one of your bank accounts and then request a paper statement.
me1
2019-02-27 12:14
Ok. Thanks.
kevin.ogier
2019-03-01 09:23
has joined #banking
burrup.lambert
2019-03-01 09:30
*HSBC Hung Hom*
Ordered HSBC Plus ATM card. Takes approx 5 working days. Must be picked up in branch.
AEON called me (on HK mobile) to confirm my details for the credit card application. Slight language barrier but I think the process will take 1-2 weeks, should receive an SMS. I think the JAL card must to be picked up in person from the branch you specify during the application. May be an issue for me as it might not be ready by the time I leave. Will see if I can get an authorised representative (friend) to pick it up for me.
Standard Chartered card arrived today (Friday), only opened the account on Monday. There's no PIN in the card letter and no other letter so going to pop into bank tomorrow and see what's up.
The HSBC Advance account I opened comes pre-approved for a credit card apparently. I completed the application, see if it gets approved.
simon
2019-03-01 10:08
I wonder what happens to the HSBC credit card if you downgrade the bank account?
burrup.lambert
2019-03-01 11:11
Yes, me too. The ATM card I assume would have to get reissued, it has "HSBC Advance" on it. I know it's a long shot but I'm going to contact HSBC in Australia where I have a "regular" account and go "hey, I've got an advance account in HK, can you upgrade my Australian account". It will be unlikely though as the next level up in Australia is Premier, where HK is the intermediary "Advanced".
ledrewy
2019-03-01 13:17
@simon I tried to add my HK HSBC ATM card with UnionPay into ApplePay but it is not supported.
simon
2019-03-01 13:35
Not all banks support it. I have both my SC and HKT cards linked and they both work fine. My BEA card doesn't work with Apple Pay.
simon
2019-03-01 13:37
I got the new Citi card back in January but it isn't supported either. I guess they will add support in a few months, like they did with the other cards (Samsung Pay first then Apple Pay a few months later).
simon
2019-03-01 13:42
A word of warning: if you have a HK AmEx card linked to Apple Pay, you may or may not be able to use it in the US. The reason is that many terminals there still use MSD mode while HK AmEx cards use EMV mode.
ledrewy
2019-03-01 13:47
I tried to add HK SC with UnionPay too. An user agreement appeared but card not accepted afterwards.
simon
2019-03-01 13:50
Have you asked support to look into it? It?s a really useful feature to have considering how many QuickPass terminals there are out there (and the often lucrative Unionpay discounts aimed at Chinese tourists).
ledrewy
2019-03-01 13:52
I certainly will. Thanks!
shaharhillel4
2019-03-01 14:57
has joined #banking
ledrewy
2019-03-01 23:58
Support says I need to have a HK mobile phone number in their system in order to add the UP card to ApplePay.
burrup.lambert
2019-03-02 02:17
Nearly 2 weeks later and Curve finally got back to me with the advice "try uninstalling and reinstalling the app" :expressionless:, albeit it worked. Was quite confusing though, upon re-installation I had to add my "first card" again so I added N26, it then said to input the code charged to the card, check N26 and its blank, "C-*", back to Curve app then it says the card is already added, but not verified? So I try again but this time use the OLD code from February when I initially added it and it worked. It then said my Curve card was getting sent out AGAIN but then it came up with the button to finally activate it and now it seems it's all working! Hopefully if I have to re-install the app again to a new device etc it will pick up the correct account details. I'm wondering whether some details are tied locally to the app on your phone and not your actual account.
*tl;dr* Anyone can get Curve by using N26 card for verification if you have a UK address you can get both cards sent to.
*Edit:*
https://support.imaginecurve.com/hc/en-gb/articles/214612485-I-can-t-activate-my-Curve-Mastercard-
Second last sentence of support site says to sign out and sign back in, doh!
simon
2019-03-02 02:23
I?m glad you got it to work. It?s already a useful product but it will become even more useful when they release new features such as Apple Pay / Google Pay, peer-to-peer transfers, PayPal support etc. https://trello.com/b/oAeFnXDK/curve-roadmap
burrup.lambert
2019-03-02 04:41
Yep, looks great. Just added all my existing cards with no hassle and made my first purchase (with chip + PIN), shame I can't add my new UnionPay cards. Have you had any luck changing your Curve Card PIN at ATMs on Hong Kong?
shaharhillel4
2019-03-02 04:42
im going to HongKong in 4 days, interested in opening a bank account(non-resident) which bank is the easiest one to open a bank account in? with minimum deposit requirements
simon
2019-03-02 04:50
I haven?t tried, the PIN they gave me is easy to remember so I kept it.
If you link your AEON card to Curve and withdraw cash from an ATM, it will be treated as a normal purchase and you will earn miles. Same for using Curve + AEON to fund TransferWise transfers, prepaid accounts etc. My guess is that as long as you do not activate the ATM feature with AEON (and request a PIN), all your transactions will be treated as normal purchases.
simon
2019-03-02 04:53
@shaharhillel4 Do you have accounts with Citi, Standard Chartered, HSBC, DBS, OCBC or any of the major Chinese banks? I mean, accounts with those banks in countries other than HK.
shaharhillel4
2019-03-02 04:53
nope.
simon
2019-03-02 04:57
Standard Chartered is probably your best bet then, although it won?t be easy. In most cases, the minimum deposit is 10000 HKD (Hang Seng has no minimum, BEA is 5000, DBS is 30000). You will need your passport, a proof of address and a good reason for why you need a HK account. Opening a brokerage account with the bank will improve your chances.
shaharhillel4
2019-03-02 04:59
proof of address in HK? or any any other country?
simon
2019-03-02 04:59
Any country
simon
2019-03-02 05:00
Although if you have a HK proof of address it will help
shaharhillel4
2019-03-02 05:01
ok thanks. what would be good reasons to open an account in hong kong for a software consultant?
simon
2019-03-02 05:02
Investing with a local broker would be a good reason (HK and Chinese stocks).
shaharhillel4
2019-03-02 05:14
ok cool, thanks!
shaharhillel4
2019-03-02 05:27
@simon am i required to initially invest some money in the brokerage account? if yes how much?
simon
2019-03-02 05:29
There?s no need to invest anything, you just need to make the bank clerk think you will. A brokerage account will make the bank a lot more money than a chequing account hence why it will increase your chances.
shaharhillel4
2019-03-02 08:14
Ok cool thanks!
ledrewy
2019-03-02 12:00
@simon I?ve been using my HK SC UnionPay ATM card at the UnionPay supported ATMs and merchants in Taiwan; all without foreign transaction fees.
Taiwan SC ATM doesn?t allow me to withdraw cash using my HK SC UnionPay ATM card.
Withdrawing cash using HK HSBC UnionPay ATM at HSBC ATM in Taiwan carries a HKD20 fee.
simon
2019-03-02 12:10
If you upgrade to the Premium plan with SC HK, they will refund ATM fees. The minimum balance to waive the quarterly fee is 200k.
me1
2019-03-03 13:36
Ok, I don't know what ended up happening. I think there was some misunderstanding when transferwise asked me where my company "operates" and i didn't know what that meant. I think they didn't need a proof of address other than just the incorporation docs as long as my company "operates" in BVI. They ended up approving my account and I don't think they used the virtual office thing I was trying to set up at all.
vinodgn0088
2019-03-04 01:15
@me1, Wow, every EMI is rushing to close accounts for IBCs and you got one opened by TW. :+1:
me1
2019-03-04 04:35
Well, I have a very simple 1 person consulting business with 2 clients. I imagine that makes them feel safer with approving me
burrup.lambert
2019-03-04 09:01
Went back to the Licence Office today and picked up my HK licence. They gave me a piece of paper that had my address on it, Transport Department letter head etc, and I thought, I could use this as Proof Of Address, so...
*Citibank Wan Chai*
Accepted Licence piece of paper from above as Proof Of Address
Process took around 30 mintes
Citibank Debit Mastercard not issued on the spot, gets mailed to address, takes 3 working days.
Minimum account balance is KHD10,000
No need for work contract, prove employment etc.
Internet banking setup at the bank. You'll need to input a username, come up with a password etc. During the process a OTP also gets sent to your HK mobile number.
*OCBC Hung Hom Round 2*
Same guy served me as last time.
This time accepted Licence piece of paper from above as Proof Of Address
Thought it was all going well until they asked for employment details.
Wouldn't open an account without local employment contract.
All in all a success so far. Accounts with HSBC, SC and Citibank. Think I might give BEA a miss for now and maybe if I can be bothered try a different OCBC but my time is nearing the end and if I don't get the bank card issued on the spot it'll arrive at my proof of address (AirBnB) after I leave, not ideal.
Was also putting in the minimum account balance for each account but thinking that's probably poor allocation of capital. OCBC for example is HKD10,000 minimum and the account fee below that amount is HKD60 per month. I'd be better off investing that HKD10,000 somewhere else and getting a 20-30% return on it and paying the HKD60 fee then letter it sit there earning nothing.
cnilson46
2019-03-04 13:04
has joined #banking
ledrewy
2019-03-04 14:18
Well done!
tjelinek
2019-03-04 15:34
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suren.pinto
2019-03-04 16:02
has joined #banking
scarduzio
2019-03-04 16:50
has joined #banking
sebastian.leu
2019-03-05 04:25
Do I need to add a card in the curve app before they actually send the curve card to my post address? Or can I wait on with adding a card until i hold my curve in my hands? Seems a bit risky to add a card before actually having the curve card.
burrup.lambert
2019-03-05 04:41
Pretty sure you need to add a card to Curve before they send it out. Even if your debit/credit card is added to Curve your Curve card can't be used because it isn't activate yet. I would definitely say it's low risk. I added a card while my Curve card was on the other side of the planet. No issues.
kuka
2019-03-05 06:35
Hey guys, has anyone managed to get access to the credit as a UK LLP / US LLC while being a non-resident in either US nor UK?
simon
2019-03-05 08:19
@kuka Unsecured credit is hard to get if you have no credit file in the US / UK. A workaround is to get a business AmEx card and use it for 6-12 months, then start applying for other cards. You can apply for the AmEx using Global Transfer.
johncitizen
2019-03-05 08:45
@simon what about credit lines and building up slowly with trade accounts, fuel cards, etc.
kuka
2019-03-05 10:02
@simon Thanks! Gold nuggets as always :slightly_smiling_face:
simon
2019-03-05 13:02
@johncitizen Banks typically require at least one year of activity before they will grant a credit line (same for businesses owned by residents). I guess you could get one faster if you maintain a significant balance with the bank or can post a security deposit / guarantee.
I don?t know about fuel cards but I imagine that the application process would be similar to business credit cards?
myspace70000
2019-03-06 07:00
has joined #banking
myspace70000
2019-03-06 07:07
@myspace70000 has left the channel
sebastian.leu
2019-03-06 11:23
alright
sebastian.leu
2019-03-06 11:23
cheers @burrup.lambert
johncitizen
2019-03-06 11:29
@simon correct, but the requirements are lower. I?ll send you some stuff in private.
burrup.lambert
2019-03-07 06:13
AEON card was denied. Just called them to find out what has happening. Again, language barrier but apparently an issue with the document I provided and/or my TransUnion report which would make sense as I have zero issue. Will put it on pause for now and perhaps try at a later time.
danz
2019-03-07 15:42
Anyone know if it?s easy to open a American bank with an US LLC as non-resident? And if it requires a physical visit or can be opened remotely.
johncitizen
2019-03-07 23:31
@danz with a POA and all the right documents in theory yes. But in reality the banks usually want you to show up in person.
pedrodemendez
2019-03-08 00:17
Am planning on opening a revolut account on a UK address. But don't have a +44 mobile number yet. You recommend waiting till i get the number? try with another mobile number? or is there a way to get a +44 mobile number in another way?
burrup.lambert
2019-03-08 03:24
You'll need to have ID from one of the following countries. You https://www.revolut.com/help/getting-started/verifying-identity/what-countries-are-supported. Funnily enough Australia wasn't on the list but it seems they added them last month! Going to try and re-verify my account again now.
simon
2019-03-08 08:23
@danz It?s easy to open a US bank account for an LLC (personal accounts too) but a visit to the US is almost always required.
simon
2019-03-08 08:25
I don?t think the phone number matters but as @burrup.lambert said you?ll need to pass ID verification and if you use a document issued in an unsupported country there is a risk they will ask for a residency permit in EEA / Australia.
redareda9
2019-03-08 09:41
@simon just received the new Payoneer card. Now it?s issued by Wirecard UK LTD
ravi
2019-03-11 01:48
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burrup.lambert
2019-03-11 07:38
Never adding any US information to my bank accounts again! I added a US virtual number to my Citibank Australia account last year... and then the CRS forms starting rolling in. I immediately removed the number, filled out the paperwork and mailed it back but I just got the paperwork again for the THIRD TIME... Never ending.
simon
2019-03-11 07:41
Next time, tell the bank it?s a Canadian number. Both countries use the same calling code (+1) so getting calls / sms won?t be an issue.
burrup.lambert
2019-03-11 07:51
Good to know Simon! Will do that next time for sure.
shaharhillel4
2019-03-11 14:05
Opening bank account in US today, which one is recommended for LLC In Wyoming, and possibly personal as well? Also which documents do they require?
simon
2019-03-11 14:11
@shaharhillel4 Bank of America and Wells Fargo are both good options. They usually require a proof of ID (two is better) and your company documents.
shaharhillel4
2019-03-11 14:11
A proof of ID such as?
simon
2019-03-11 14:12
A passport if you are not a US resident. A drivers license from a US state is fine if you are a resident.
shaharhillel4
2019-03-11 14:13
So I don?t need a us passport do I?
shaharhillel4
2019-03-11 14:13
Or US address?
simon
2019-03-11 14:13
No, any passport is fine. For the address, you can use your company address.
shaharhillel4
2019-03-11 14:15
Ok cool! Thx!
sergiy.shlykov
2019-03-12 17:34
@shaharhillel4 i visited BofA NY Manhattan Chelsea branch a couple of weeks ago and they told me that they no longer open biz accounts for those without US residency
sergiy.shlykov
2019-03-12 17:36
Maybe its just me/my manager. After talking to Chase, Citi and BofA. I managed to open one in Chase. However they now are asking me to provide them with a rental agreement for a real address in the US( for llc)
sergiy.shlykov
2019-03-12 17:38
The manager at Citi told me that they are less stringent on KYC than Chase. But i did not have enough time left to open an account(had to schedule for next week, when i was already gone)
danz
2019-03-12 17:39
I found several companies also offerring services to open it remotely in the US. Have you tried that?
sergiy.shlykov
2019-03-12 17:39
Me? No, but looking at my current situation with Chase, i might have to
danz
2019-03-12 17:40
Yes
danz
2019-03-12 17:40
Haven?t tried it myself, but I was looking at forming an US LLC and saw that several offer a service to open a bank to.
sergiy.shlykov
2019-03-12 17:41
R u planning on using them?
danz
2019-03-12 17:41
I am still figuring out if I need an US LLC for our situation
danz
2019-03-12 17:41
Small chance we need it, so probably not
sergiy.shlykov
2019-03-12 17:41
If you end up doing it, would love to hear about your experience with it.
danz
2019-03-12 17:42
Sure, will let you know then
shaharhillel4
2019-03-12 18:47
Just got refusal to open a bank account for my LLC in Wyoming from Wells Fargo, and chase, both required utility bill which I didn?t have.
asarun72
2019-03-12 19:10
Get a ITIN it may help. Get a state id in states like CA which is easier . You may have to rent a place to show your residency
asarun72
2019-03-12 19:11
Or get a personal bank account and work your way up. It all depends on the banker who you met
simon
2019-03-13 00:32
It also helps to try multiple branch, until one says yes. I?ve had so many accounts opened at the fourth or fifth branch I visited after being told no at the previous ones.
immanuel.debeer
2019-03-13 05:06
has joined #banking
joelmattison
2019-03-13 12:10
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imatfaal
2019-03-13 15:10
OK so I am less and less impressed with the TransferWise Borderless account. Anyone else had these issues:
1) It took over 2 weeks to get the account verified. In the end, it was only social media shaming that sped the process up.
2) The USD account is not in the name of my business! Account name is: "TransferWise FBO [my business name]"
3) The GBP account cannot accept international wire transfers - only transfers in from other UK accounts. On a "borderless" product!!!!!
Point 3 is a particularly serious issue for my business, as I often invoice international clients in GBP, and they wish to pay from their banks outside the UK. Anyone got a suggested fix for this? Easy, online, GBP international bank account I can setup that doesn't cost loads to maintain?
immanuel.debeer
2019-03-13 15:13
@imatfaal where's your business based?
simon
2019-03-13 15:15
In their FAQ they state that foreign payments received in GBP should go through
imatfaal
2019-03-13 15:23
@immanuel.debeer It's a UK-registered LLP. But I am not UK based. I am currently resident in Madagascar, but will be moving to becoming a digital nomad in August!
imatfaal
2019-03-13 15:23
@simon I have not tried Tide, but will have a look now!
immanuel.debeer
2019-03-13 15:27
Ok, I can only talk about Hong Kong in which case I use both Currenxie and Neat (both are fintech, online only providers)
simon
2019-03-13 15:31
@immanuel.debeer has your experience with Neat been good so far? I have an account but have barely used it.
immanuel.debeer
2019-03-13 15:34
@simon yes it's been great. Keep in mind there's Neat and Neat Business, I have a business account which doesn't have the limitations the personal one has. There's a monthly cost but it's small. However the one that has impressed me most is Currenxie, they are relatively new and although they don't offer debit cards, they are flexible enough to pay of my American Express cards
simon
2019-03-13 15:38
Thanks for the info @immanuel.debeer, I?ll check them out. I?m based in HK so opening an account should be fairly easy.
immanuel.debeer
2019-03-13 15:40
Yes if you're residing there it's easier. For these 2 you can do it online and there's no need to visit in person. They are run through DBS and Standard Chartered + Currenxie is a multy currencie solution and the can open holding accounts in most countries
skat
2019-03-13 16:02
Oh, man, everyone told me to use Neat for business and I was wondering... Why I can't find anything related to business in the app.
Thanks for a heads up @immanuel.debeer
immanuel.debeer
2019-03-13 16:05
@skat they were in Beta when I signed up, my accountant recommended it since it was easy. https://www.neat.hk/business/features
immanuel.debeer
2019-03-13 16:06
speaking of accountants, do you have any recommendations @simon I'm currently with Hawskford group but they're on the expensive side for what I need
phelipeslinhares
2019-03-13 17:17
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vinodgn0088
2019-03-13 18:22
@immanuel.debeer try contacting Antony for HK accounting. Decent prices and very open to help. His email id is
nikolay
2019-03-13 19:25
@immanuel.debeer Does currenxie accept offshore companies?
myspace70000
2019-03-13 20:20
has joined #banking
myspace70000
2019-03-13 20:34
4 years with Amex Delta Skymiles in the US, linked to a citibank account with my SSN in the US : I would like my personal Amex in the US to become a business Amex in the UK : is it something that is possible using GlobalAmex with an LLP and a UK bank account)
shaharhillel4
2019-03-13 22:05
Seems like they all need proof of address. What happens if u fake a letter?
shaharhillel4
2019-03-13 22:06
It beginning to sound like bullshit to me, any piece of stupid letter with your name on it and address in English would satisfy most banks around here
mrmarcroca
2019-03-13 22:25
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immanuel.debeer
2019-03-14 01:37
might do. Worth sending them an email
immanuel.debeer
2019-03-14 05:08
thanks for the recommendation, does he have a website i can check out?
vinodgn0088
2019-03-14 06:37
He doesn't have a website. I used his services personally till last year and his fees are reasonable.
vinodgn0088
2019-03-14 06:37
Anthony Pang
Pang Lap Man & Co.
Certified Public Accountants
simon
2019-03-14 10:20
They do not always ask for a proof of address (they didn't for me). It's worth giving it a try and if they ask for a proof of address, you can switch your correspondence address with a bank (outside the UK if you have no UK account) to a mail forwarding service in the UK and have them send you a paper statement.
immanuel.debeer
2019-03-14 16:50
awesome thanks
immanuel.debeer
2019-03-14 17:20
@simon any tips on opening US personal bank accounts (to get frequent flyer credit cards) without actually going to the US?
bigworld
2019-03-14 18:57
I have applied a few times for an AMEX card in the US using the Global Transfer. After a few retries where nobody could see why it wasn't working, finally someone told me that it was because their system identified my address as a forwarding address. Beware
simon
2019-03-15 01:20
@bigworld I also used a forwarding address for my AmEx application in the US. I guess you have to be careful to choose an address that is not too popular and likely to get flagged.
immanuel.debeer
2019-03-15 02:19
Ok so looks like i'll have to head over there to open an account. Does Amex expect you to close your account that you already hold in a different country?
simon
2019-03-15 02:56
@immanuel.debeer You can keep your existing account(s) open.
stolzlos
2019-03-15 06:23
does anybody have a recommendation for a personal multicurrency account in the USA?
sebastian.leu
2019-03-15 08:49
I can confirm now that you definitely have to add a card before they send it out, found the info also on the website. However, I did that and sent it to a friends address which is in one of the eligible countries. Card arrived as expected. Will post again once i got it and activated.
osiris
2019-03-15 12:42
Can anyone recommend a service for accepting payments from Korea?Transferwise, Revolut, Starling and N26 are a no go, so I?m still using Paypal and then withdrawing into a standard UK account. Any help on this would be great!
smuft84
2019-03-16 14:20
cant comment on a solution but I know korea has quite strict capital controls that make it very hard to get money out of the country
smuft84
2019-03-16 14:22
comment is on the back of living in korea for many years and attempting to move money out of the country (especially during crypto bull market when there was 10-50% to be made arbitraging)
johncitizen
2019-03-17 12:46
Can confirm what Steven says, I was capped at 50million won a year on a D9 Visa. I think it?s harder for English teachers and ?entertainers?.
johncitizen
2019-03-17 12:47
Maybe try Kakaopay?
nnmatveev
2019-03-19 08:42
Why I never see Swiss banks in reviews of banks for nomads? It seems that opening an account in some of them is quite easy (and even remotely).
danz
2019-03-19 13:27
Because for most you will need some requirements, which probably a lot of nomads don?t have I believe.
llc
2019-03-19 14:15
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nnmatveev
2019-03-19 16:26
Do you mean the minimum amount?
danz
2019-03-19 16:30
Yes
jorgosgravalas
2019-03-19 16:47
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simon
2019-03-20 04:43
@nnmatveev The Swiss banks have great wealth management units but their other products do not compare favourably with what?s on offer in HK, SG, US etc.
jase
2019-03-20 07:01
Anyone know where I can get an ewallet/debit card service for an Andorran company?
leursivan
2019-03-20 08:26
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vinodgn0088
2019-03-20 09:20
@jase, Paysera might work for you. They are willing to issue a Visa debit card even though you live outside EU/EEA. You just need an EU address to receive the card. This address can be a clevver mail address or your name + your friend's residential address in EU. The debit card is attached to ewallet of your company but they won't print your company/business name on the card.
jase
2019-03-20 12:32
Thanks @vinodgn0088 I'll check them out
jase
2019-03-20 12:33
Leopay has been useful but their terrible service/product/value proposition is finally reaching breaking point
nikolay
2019-03-20 13:26
Guys, I got a business account on ePayments for my Seychelles company and got an USD and EUR mastercards from them delivered.
However because I am obviously not in the Seychelles the delivery took place to my personal address (which I provided verification on as well) which is in the EU.
I was now told that as a result of that the billing address of the cards will be my address in the EU and not the company address in the Seychelles which kind of defeats the purposes of having corporate debit card with the company billing address.
Has anybody experienced this with them before and are there any solutions? Is spend on them considered business spend even though the billing address is not the company one (at least they are connected to the balance of a business ePayments account but still).
vinodgn0088
2019-03-20 15:14
@nikolay, First of all you are a very lucky guy to have account opened for Seychelles company. Now days opening an account for IBC is very difficult. Even though the billing address is different in epayments records, most of the card gateway's won't bother about it. All they care is the payment verification through SMS. If changing the billing address is a must for you, then you can try asking your registered agent in Seychelles if they can forward debit cards to your EU address if epayments sent those to them. If they are willing to do so, you can try reissuing epayments card to Seychelles address. I hope epayments won't ask you to provide a utility bill to verify the Seychelles address and your account is already in a verified state.
imatfaal
2019-03-21 14:26
@simon I tried Tide. They rejected my application due to my business structure (a UK LLP run by 2 x US LLCs). To quote their onboarding team: "businesses with complex ownership structures including those owned by foreign businesses in certain countries can't currently be on-boarded."
imatfaal
2019-03-21 14:26
This is a significant problem, as I have a bunch of outstanding GBP invoices I need paid into a GBP account. My Transfer Wise account is no good for this, as their GBP Borderless accounts can only accept GBP inward payments originating from UK banks (which my client does not have).
imatfaal
2019-03-21 14:27
Anyone have any suggestions on how to solve this problem?
simon
2019-03-21 14:30
Can your client send you a EUR or USD wire instead? Not a solution per say but it could be a temporary fix.
simon
2019-03-21 14:33
It might also be worth getting in touch with Currenxie (a service a member here uses) to see if their GBP account accepts international wires.
imatfaal
2019-03-21 14:45
I do not want to only invoice in EUR and USD. Need some GBP for my expenses in UK.
imatfaal
2019-03-21 14:45
I will try Currenxie!
juarnaud
2019-03-22 12:57
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rp_vpnet
2019-03-23 20:58
US bank
mescos
2019-03-25 04:25
@imatfaal - Is there a any particular reason why you chose Tide over a traditional bank account?
Have you looked at opening a traditional bank account for the UK LLP outside of the UK that offers multi-currency (GBP)? This should be relatively straightforward assuming your business isn?t high-risk. The only real question is how much you can deposit.
contact008
2019-03-27 14:29
has joined #banking
philcoub
2019-03-28 08:04
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ivan
2019-03-30 13:04
@jase doesn't Payoneer work for you? They offer ACH and SEPA account numbers nowadays and also a debit card. I tried Paysera in the past, they were quite strick with company accounts. I only got a personal account with them.
jase
2019-03-30 13:54
Never tried them @ivan, I'll check them out.
ivan
2019-03-30 15:48
I've been using Payoneer for the past 3 years, their service is quite good. You can also send money for free within Payoneer.
vinodgn0088
2019-03-31 04:36
@ivan, Do they offer dedicated SEPA IBAN number? Also, how good are the exchange rates between USD/EUR and GBP/EUR
ivan
2019-03-31 11:23
Payoneer normally makes their money on exchange rates. They don't charge much of a commission for receiving payments. Fees for withdrawing/converting are usually in the 1% - 2% range. As for a dedicated SEPA, looks like it but I'm not 100% sure. I normally receive SEPA transfer with transferwise and use Payoneer for credit card and ACH.
ivan
2019-03-31 11:24
You're stated as the beneficiary of the IBAN they give, unlike other services I've used.
ivan
2019-03-31 11:31
Payoneer support is also quite good in my experience. They have a chat and phone. It's very used in Latin America were there are also many cases of card robbery were you login to your account to find out someone has been using your card. In most of those cases Payoneer gives you back your money.
The biggest drawback of Payoneer is payment aren't instantaneous unlike Paypal.
ivan
2019-03-31 12:20
Have anyone heard of US banks that open personal accounts remotely?
simon
2019-03-31 12:26
HSBC can remotely open an account if you have a Premier account in another country. The US branches of foreign banks can also open accounts remotely for their existing clients.
simon
2019-03-31 12:27
For example, Bank of China HK may be willing to remotely open an account for you with Bank of China US.
ivan
2019-03-31 12:34
Maybe the ICBC would be willing then. I'll give them a call this week.
ivan
2019-03-31 12:35
Thanks Simon!
simon
2019-03-31 12:41
They do for their clients in China so maybe they can also do it for their clients in other countries.
ivan
2019-03-31 12:46
That's awesome! Thanks a lot Simon.
ivan
2019-03-31 12:48
If they don't offer that, which bank would you recommend in the US?
ivan
2019-03-31 12:49
It will be for saving, so if they have low fees and offer some interest rate it would be awesome.
simon
2019-03-31 12:52
Bank of America is very easy to work with as a non-resident, their products are pretty good too.
Also, if you have an AmEx card you can use your existing history to apply for a US AmEx and this will allow you to build US credit history. You can then apply for cards with other banks (Bank of America doesn?t require a SSN / ITIN for credit card applications).
With a US bank account + US credit cards you will have a very solid and functional personal banking setup.
ivan
2019-03-31 13:00
That sounds really great. They'll probably ask what I'm going to use it for. Should I say I'll use it to receive dividends from an IBC? The dividends will be distributed within Payoneer most likely, so the withdrawal will arrive from personal accounts not directly from the IBC.
mikeseo
2019-03-31 15:09
I wouldn't mention a IBC to a US bank, citibank canceled me in the middle of my account opening process when I did.
ivan
2019-03-31 16:18
I guess then i should be able to get away with stating I'll use it to withdraw money from e-wallets used to charge my clients. The transaction between IBC and personal accounts can happen inside the e-wallets.
simon
2019-03-31 16:26
You could say that you need it to store your savings. If they ask what you do for a living, you can explain to them without mentioning how it?s structured (the IBC).
ivan
2019-03-31 16:58
I was reviewing the list of banks you added to the member's area. You mention Cim Banque, with which the company I used to register the IBC has an agreement. Switzerland is part of the CRS but I wonder if I should care that much if the account is to the company name and I don't distribute the dividends since I'd be managing the company outside Argentina and they shouldn't be able to push too much on declaring it argentinian.
ledrewy
2019-04-01 03:43
@simon I?m trying to follow the suggestion you recommended on getting a personal bank account in New Zealand as a tourist. To get my identity verified at the Postshop, they sent a list of documents required. Besides a foreign passport, they requested for any one the following:
- NZ passport
- NZ driver licence
- NZ firearms licence
- HNZ 18+ card
- Kiwi Access card
- Student ID card
- NZ citizenship certificate
- Community Services card
- Veteran SuperGold card
- SuperGold card
- An official document from IRD or your bank showing your IRD number. This could be a letter or email from IRD or your bank, or from your IRD online account
- An official document from an education institution showing your National Student Number (NSN). This could be a letter or email from a school, polytechnic or university
- An official letter from the Electoral Commission showing confirmation of your enrolment
I don?t have any one of these. How did you work around this as a tourist?
simon
2019-04-01 15:11
You can apply for a Kiwi Access card as a tourist. You'll need to apply at a post office (ironic I know) with your passport and a proof of address. They are not too strict with the proof of address, I've even heard of letters written by Airbnb owners being accepted.
simon
2019-04-01 15:11
Worst case scenario, do the address verification in RealMe first then use the letter they send you as your proof of address for the Kiwi Access card.
ledrewy
2019-04-01 21:30
@simon RealMe address verification is now disabled until the ID verification has been accomplished.
simon
2019-04-02 05:44
Can you cancel the ID verification to gain back access to the address verification? Or get a proof of address from your hotel / airbnb?
ledrewy
2019-04-02 07:09
@simon I couldn?t get any access to Address Verification even before this. Maybe they changed the procedure. Anyway, my ID Verifaction request would expire in 2 weeks? time. I hope to apply for a my Kiwi Access card if that helps.
Support from RealMe wrote to me when I inquired about proof of address. She didn?t include Kiwi Access card as pre-requisite. I?m inquiring again if a Kiwi Access card is acceptable.
simon
2019-04-02 07:12
When I did mine, I was able to complete the address verification before travelling to NZ and then use the letter they had sent me as proof of address. I wasn?t aware that if you start with the ID verification, it will block the address verification until the ID verification process is complete.
martin
2019-04-02 07:22
has joined #banking
ledrewy
2019-04-02 07:39
I couldn?t click on the Address verification link from the start. The only option is the ID verification
ledrewy
2019-04-02 11:25
@simon I managed to activate the Address Verification now. :crossed_fingers:till I receive the codes
wowkroskar
2019-04-03 13:47
has joined #banking
yuli
2019-04-03 17:54
Anyone had here a positive experience with opening a bank in the US remotely? If yea, had 2 questions:
1) Which bank? :slightly_smiling_face: https://flagtheory.com/ is asking for $2,000 referral fee for a bank that can help with that.
2) Which address did you use as the company address? I have a Wyoming LLC and my address is one from an agent, so ideally somehow I would have another official address. Wondering if anyone had to deal with it?
Thanks!
danz
2019-04-03 18:00
@yuli I haven?t but researched a bit some time ago and found a few companies that offer it. One of them is: https://fileyourfile.com
yuli
2019-04-03 18:01
Thanks @danz I'll check it out!
yuli
2019-04-03 18:08
@danz This site looks perfect for the services I was after going through it the last 6 minutes. :slightly_smiling_face:
Appreciate it once again!
danz
2019-04-03 18:09
Yeah, I contacted their customer service. They work with this bank I believe: https://www.td.com
mescos
2019-04-04 17:49
Hey guys, quick Amex global transfer question for UK citizens living abroad. I have a UK citizen friend who wants to get a US Amex, but doesn?t yet have an Amex card. They have both US and UK bank accounts.
What is the easiest/best way for them to get a US Amex? Should get a UK Amex first and then do a ?global transfer? to the US later? Any other suggestions short-cuts?
simon
2019-04-05 01:31
@mescos If your friend does not already have a US credit file, their only option will be to get a UK card and build history for 6-12 months then do a global transfer.
mescos
2019-04-05 15:55
Thanks @simon - appreciated!
doujak
2019-04-06 07:38
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stuart
2019-04-07 06:30
has joined #banking
ledrewy
2019-04-08 19:35
Sharing my experience when I was trying to get a NIF in Lisbon, Portugal.
I went to a Finan�as and I was told to do get the following, for a non EU resident:
1/ If I entered the borders through another EU country, I need to do a Declaration of Entry into Portugal within 3 days of my arrival at a CNAI (National Immigration Support Centre) or SEF (Foreigners & Borders Service). Both require an appointment to be made via the telephone.
2/ A copy of bank statement or utility bill of the home country address.
3/ A local resident of Portugal or PR with at least 6 months of residency to be present in the Finan�as with the applicant (non EU resident).
xavier
2019-04-09 07:29
has joined #banking
soti_androulakis
2019-04-09 09:12
has joined #banking
otkeedca
2019-04-09 10:17
Does anyone know what US regulations and treaties cover US bank account UBO� information sharing with Canada? Just wondering under what circumstances UBO information for a US LLC would be shared with Canada.
ledrewy
2019-04-09 13:09
@simon Is this a debit or credit card? According to SC HK support, I can only add a credit card to Apple Pay
ledrewy
2019-04-09 13:09
I?m referring to the SC UnionPay image you sent above
simon
2019-04-09 15:58
It?s a debit card (the one linked to my multi currency account).
simon
2019-04-09 15:59
Bank of China, HKT and Standard Chartered Bank debit cards are clearly listed as supported on Apple?s website.
ledrewy
2019-04-09 20:46
Thanks, @simon. Looks like SC support isn?t very clear
kaimana
2019-04-10 03:52
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sebastian.leu
2019-04-10 06:43
I hear from some people that Revolut is sending out mails regarding the Brexit and possible consequences. Does this also apply to Transferwise?
simon
2019-04-10 07:33
@otkeedca There?s an agreement for the automatic sharing of financial information between the two countries so you can assume that any personal account you have south of the border will be reported to the CRA. For companies the exchange is not automatic (hence why you have to file 5472).
otkeedca
2019-04-10 07:42
But I'm assuming they share 5472 data then?
otkeedca
2019-04-10 07:43
I wasn't sure if that was covered under the same agreement
simon
2019-04-10 08:38
Yes they share the 5472 data.
ledrewy
2019-04-10 13:57
@simon SC phone support is no help at all. I managed to add the single currency and the dual currency ATM cards to ApplePay on my iPhone 6s but not on a XS Max. Swapping the HK mobile SIM doesn?t work too. Very strange.
ledrewy
2019-04-10 21:43
I updated my iOS and problem fixed. All good now. :grin:
osiris
2019-04-10 22:54
Hi everyone!
Quick question....
I?m a UK citizen that would like to get a US Amex Platinum card. I already have a history with Amex in the UK but I don?t have any history, accounts or assets in the US.
What would be the best way to get a US AMEX card in my position?
Is this the only way? https://freedomsurfer.slack.com/archives/C1CG9U1N1/p1554427873017700
Any help on this @simon would be greatly appreciated.
Thanks
mrmarcroca
2019-04-11 03:22
You need an ITIN
ledrewy
2019-04-11 05:54
@osiris You can follow the steps presented in https://www.freedomsurfer.com/amex-global-transfer/
I just got mine without having any ITIN
osiris
2019-04-11 05:55
Ahh ok, perfect, thank you @ledrewy
redareda9
2019-04-11 06:29
@soti_androulakis give it a look, you wanted the US amex
soti_androulakis
2019-04-11 07:01
@redareda9 thanks bro
osiris
2019-04-11 07:10
@ledrewy Do you already have an address in the US? Is there a good solution for this if i don?t have any friends or family that i can use their address? Virtual addresses?
ledrewy
2019-04-11 08:42
Yes, @osiris. You?d need a US address, and a US bank account. As long as the postal address could receive the card, it should work. Not a PO box though.
osiris
2019-04-11 08:45
Ok, thanks.
petrus.luijpers
2019-04-11 10:12
julianmb
2019-04-13 01:31
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odailton.macedo
2019-04-16 00:37
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immanuel.debeer
2019-04-16 09:17
just saw this: https://www.airwallex.com/ anyone used them and has feedback?
michael
2019-04-16 10:58
@immanuel.debeer seems pretty legit. Am interested to see if anyone else has tried them out too.
immanuel.debeer
2019-04-16 11:00
yes, 100% legit but as you said I'm interested in first hand experiences as well :slightly_smiling_face:
ivan
2019-04-16 13:39
@immanuel.debeer, it's similar to Transferwise, right?
immanuel.debeer
2019-04-16 16:54
yes but bigger focus on wallets/accounts it seems
stbrownlow
2019-04-18 22:11
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robert.geurtsen213
2019-04-19 09:22
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andycostesfr
2019-04-19 14:21
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ludovicguerin122
2019-04-20 07:30
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julianmb
2019-04-20 11:55
Hi guys, any experience getting the EIN as foreigner?
simon
2019-04-20 12:01
@julianmb Getting an EIN is easy, even as a non-resident.
The application process will change in May, however, requiring a natural person as the responsible party for all new applications. An ITIN will also be required, adding a few weeks to the process.
julianmb
2019-04-20 13:02
@simon so it's better to apply now than the next month?
simon
2019-04-20 13:17
Definitely, unless you already have a SSN / ITIN
coachsergioborges
2019-04-21 15:31
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julianmb
2019-04-23 06:06
If I get my LLC under a holding company I need a different filling / taxes for WY?
yuli
2019-04-23 15:44
Does anyone has any experience with banks which support Seychelles companies? I am looking for a new bank for a Seychelles company I own.
I had an active account with HSBC Hong Kong which they have decided today to close it for weird reasons.
This is for an active business with employees & operations.
Thanks!
ivan
2019-04-23 16:33
It's not very easy Yuli. Most banks don't accept IBCs. Simon posted a list of potential offshore banks, you could try contacting some of those. Do you strictly need a real bank account or something like Transferwise can work for you?
ivan
2019-04-23 16:34
If it's just for saving money you could diversity those saving into gold, bitcoins, real estate o whatever.
ivan
2019-04-23 16:34
instead of having them in a bank account.
simon
2019-04-24 03:04
@julianmb No, there is no difference.
doujak
2019-04-24 07:28
@simon I registered a Wyoming LLC with FreedomSurfer. After I've signed in for Transferwise (successfully) and a Paypal business account. Paypal is asking for business document with TIN/EIN and business address verification (cc/utility bill or similar). I have no idea how to provide these documents with the actual setup. Any suggestions? Thanks
yuli
2019-04-24 09:23
@ivan I prefer a real bank. We already have one bank at the moment, in Belize with http://www.cayebank.bz/ but I am not really happy with them. They are not a "real bank account". Main uses of it is to receive the payments we receive from customers from credit card & bitcoin.
ivan
2019-04-24 12:34
If the main use is just day to day operations I'd recommend you use Payoneer and Transferwise. I've an IBC and have been using that for the last 2 years. It gets complicated (or impossible) when you need a good credit card processor like Stripe, Paypal or Braintree. One potential solution could be to register an LLC as the pretty face and use your IBC as a holding company. But as you can see it's been getting more difficult. I did that for a short time and was able to open a Stripe account.
ivan
2019-04-24 12:35
You'll be able to open a bank account for the LLC. Of course they'll want to know who the beneficiaries are.
ivan
2019-04-24 12:45
I wouldn't leave high amounts of money in Transferwise or Payoneer but those services might be more secure than a Belize bank anyways.
ivan
2019-04-24 12:47
Not to mention more flexible, and it's not the same to ask a customer to send you a payment to a bank in Belize than to send it to a bank in Germany, Australia or the US (which those services offer)
simon
2019-04-24 20:49
@doujak You can use the Operating Agreement for the TIN/EIN. For the proof of address, you can provide a document showing your real operating address.
simon749
2019-04-25 01:25
has joined #banking
julianmb
2019-04-25 04:17
They open bank accounts for WY LLC
nikolay
2019-04-25 08:07
You guys know any alternative to Transferwise that provides US bank account to receive funds and would take offshore.
nikolay
2019-04-25 08:08
I am looking for an EMI sort-of not a real bank just for cost cutting.
nikolay
2019-04-25 08:08
Transferwise is fine so far but they have a limit of $3M per year incoming which we might actually reach (1st world problems).
doujak
2019-04-25 08:57
Hi @simon,
I've uploaded it and hope they accept the operating agreement. But for the proof of adress, I can't see how to make this work!?
"The document must show the full legal business name and address for COMPANY NAME LLC as registered on the PayPal account."
A) I don't have any documents yet, beside the formation certificate and maybe a Transferwise account statement. Both under the registered office address.
B) Paypal only accepts US addresses, and I'm operating outside US.
A step by step guide for your LLC/LTD clients would be very helpful. The actual Paypal guide doesn't really provide applicable infromation.
Thx!
yuli
2019-04-25 09:38
I 100% agree with you. First of all, I just opened the TW borderless account :slightly_smiling_face: so I will use it regardless as I think it is very convenient.
There are a lot of legal benefits for having a normal bank, even something as basic as a good bank statement which many 3rd parties may ask upon various verification. It is just healthy - and it is an active running company, with customers, employees, for a SaaS recurring business.
As well as I need to connect a bank to my PayPal in Hong Kong, which is another challenge, as PayPal may demand it.
sergiy.shlykov
2019-04-25 10:48
@nikolay whats about opening an additional LLC under an umbrella, applying for transferwise and splitting the operations between the two?
sergiy.shlykov
2019-04-25 10:49
This is ?scaleable to the moon?
nikolay
2019-04-25 11:46
@sergiy.shlykov - US LLC you mean? Sounds solid but how do you handle the operations and relationships between the two.
sergiy.shlykov
2019-04-25 11:55
Well i mean any kind of separate legal entity, so that you can circumvent the limitations. And how exactly you want to structure it really depends on the business you run: your working capital requirements, how much cash you are paying out to the shareholder(s), if you can split this by line of business/product line. There are so many ways to play it. Just one from the top of my mind is setting up as ?payment processing? companies, which have contracts with the main operational company. One great accountant or a decent corp. lawyer should be able to help you with that.
ivan
2019-04-25 13:54
Yes, Nick, lots of people in the US do that trick to keep their corps in low income tax brackets. They have a corp to handle employees, another one for selling, etc. They just pay each other. It's more complicated but you could at least handle payments with two different companies in your case.
ivan
2019-04-25 13:55
The other company I can think of offering the US bank account service are Bitwage and Payoneer.
ivan
2019-04-25 13:55
Bitwage is mostly used for converting your payment into cryptos. Payoneer can only receive incoming transfers from business accounts.
ivan
2019-04-25 13:55
Transferwise is the most robust service for sure, though.
otkeedca
2019-04-25 14:01
ivan
2019-04-25 16:59
Yes, I completely agree with you on that. I just haven't been able to find a good one and I was able to get by without one. One that is usually mentioned is Cim Bank from Switzerland. But they're probably not much better than your Belize bank. What was wrong with that one by the way?
julianmb
2019-04-26 05:43
Opening a WY company on TW. They ask me about this
doujak
2019-04-26 05:48
I received the same question, and gave them my personal address (which was already verified in the connected personal account). That's it!
doujak
2019-04-26 05:51
UPDATE:
Seems Paypal excepted the formation certificate as a proof of address. But is asking for a proof of business identity including EIN issued from IRS or a bank.
julianmb
2019-04-26 06:02
May I know where are you located ?
doujak
2019-04-26 06:06
EU
julianmb
2019-04-26 06:29
Any plan dealing with Tax reporting ?
doujak
2019-04-26 07:15
There will be no profit to report. And I will soon move my residency to Georgia.
doujak
2019-04-26 07:16
Transferwise doesn't report your financial data (yet)
julianmb
2019-04-26 07:44
Good, more and more people are moving to Georgia. I moved to HK
simon
2019-04-26 11:59
Have you tried sending them a TransferWise statement?
doujak
2019-04-26 12:18
No! But Transferwise doesn't state the EIN on the documents. And this is what they are asking for:
Acceptable Proof of Business Identity documents include :
- Copy of IRS Letter assigning EIN/TIN
- Screen print of EIN/TIN assigned real-time during online application
-Previous year?s business tax return, prepared and signed by 3rd party preparer
-Current bank statement displaying truncated EIN/TIN (Dated within last 12 months)
-Current credit card statement displaying truncated EIN/TIN (Dated within last 12 months)
-Other government-issued documents displaying full business name and 9-digit EIN/TIN (Dated within last 12 months)
doujak
2019-04-26 12:29
:thinking_face: One more problem:
Paypal removed the Transferwise bank account (which I had already verified), because they were nat able to charge back the verification transactions.
simon
2019-04-26 12:36
Did you use the ACH details from TW using the two micro deposits verification method?
It?s a well known limitation of TW, they do not support direct debits. You have to fund PayPal payments using a debit / credit card or they will fail.
doujak
2019-04-26 12:45
Exactly, that's what i did. Funding is actually not the big issue. But how will I be able to withdraw money in the future? As well as the account won't get verified without a connected bank account. Which I will need for merchant transactions.
simon
2019-04-26 12:55
Adding the account as a savings account sometimes works better.
If not, TW recommends calling PayPal and having them manually add the account over the phone. Not all CS are willing to do this so you may have to call a few times.
saartje.vandenhende
2019-04-29 18:24
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heydevesh13
2019-04-30 01:04
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ledrewy
2019-05-01 10:34
@simon I managed to get the address verified.
To get the ID verified, I was told to at least get a NZ driving license or a Kiwi Access Card. So, I submitted my application for the Kiwi card. Now I have to arrange for another trip to NZ
ravinalle
2019-05-02 06:57
has joined #banking
tuan.luu1992
2019-05-02 14:17
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julianmb
2019-05-02 17:11
Any prepaid debit card recommendation for a WY LLC? Specially good FX rate
simon
2019-05-02 17:27
@julianmb The TransferWise debit card will be the best option when it launches (it?s been in beta for a few months).
In the meantime a good hack is any US card + Curve.
julianmb
2019-05-02 17:28
Thanks @simon. You know how I can join the beta?
simon
2019-05-02 17:30
There used to be a link to join the beta on this page but now it just says that it?s coming soon to the US. I guess they must be close to launch. https://transferwise.com/help/article/2935419/transferwise-debit-mastercard/how-do-i-get-a-transferwise-debit-mastercard
impeccablebiz
2019-05-02 18:55
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ivan
2019-05-02 23:12
Hi JulianB, you got that account with an LLC? COuld you open it remotely? Looks like an interesting option.
ivan
2019-05-02 23:15
@simon, I just read about the Transferwise card and they seem to be already operating in the UK. Sounds really good. I was just going to ask you about pontential debit card providers for an LLP. Does Transferwise provide debit cards for LLPs owned by foreigners outside the EU? I know many other providers like Revolut don't work with people outside EU.
If so, can they mail it to some PO forwarding address linked to the company?
ivan
2019-05-02 23:37
I was playing around with Stripe Atlas LLC registration process to check what they required for LLCs compliance. The process doesn't allow for LLCs owned by foreigners, only C-corporations. That probably explains why they've been rejecting LLCs lately.
simon
2019-05-02 23:44
@ivan Yes TransferWise accepts non-resident owners. I myself have the business debit card despite my residential address being in a non-supported country (Hong Kong).
simon
2019-05-02 23:46
I also have the Revolut card (the metal one). I was one of the firsts to sign up back when they launched a few years ago and have never been asked for an EU proof of residency.
simon
2019-05-02 23:47
Same for N26 actually, they have never asked me for a proof of EU residency.
ivan
2019-05-02 23:47
They just ask for an EU address to send it then?
ivan
2019-05-02 23:47
So one could hire a PO address in EU and forward it?
llc
2019-05-03 03:41
Yes. They accept only US companies. I opened mine remotely.
ivan
2019-05-03 21:58
Transferwise doesn't forward the debit card to Argentina but it will to UK or some other European countries, any recommendation for a PO forwarding service in the UK?
simon
2019-05-03 22:01
UKpostbox is a great option, with PAYG pricing. https://www.ukpostbox.com/address/free-po-box-rental
ivan
2019-05-03 22:31
Thanks Simon!
ivan
2019-05-04 03:14
Guys have you experienced any big benefits from Revolut compared to Transferwise? One interesting thing they seem to have is the capability to create several prepaid cards instead of just one per profile.
That said, they also ask for documentation proving the business address. I guess a bank statement is the easier way to go with that, right?
rtiagm
2019-05-05 10:59
I see that CRS discloses account activity, does anyone if that activity is just for the year the reporting is done or since the account was opened?
ledrewy
2019-05-06 01:58
TransferWise doesn?t allow me to add funds using HKD including not accepting credit cards with HKD. Can someone please verify?
simon
2019-05-06 02:13
I often send HKD transfers using FPS (they are instant and cheaper than credit card transfers).
ledrewy
2019-05-06 05:11
But there isn?t any HKD option anymore
simon
2019-05-06 05:52
It?s still there for me. Have you tried reinstalling the app?
ledrewy
2019-05-06 10:01
@simon I?m sorry I wasn?t being clear. I meant I?m unable to Pay with HKD; for example from HKD to Euro or other currencies.
sebastian.leu
2019-05-06 12:03
Can anybody here tell me how I can send from a transferwise account to another transferwise account? So far the only option I see is to add the "transferwise bank account" in the sending account. Or is there a better option?
simon
2019-05-06 12:55
@sebastian.leu You need to use the recipient?s local currency account number.
For example, if sending EUR that will be the IBAN associated to the EUR currency balance (in the Account page, Balances section).
sebastian.leu
2019-05-06 12:55
Many thanks @simon
simon
2019-05-06 12:57
That?s strange, have you tried contacting support?
sebastian.leu
2019-05-06 12:58
It's awesome. 0 fees and instant transfer
ledrewy
2019-05-06 13:18
I will do that now
koshis
2019-05-06 23:05
Hi guys, I need an account in a SEPA country, that is not in the UK, or Netherlands.
I am not a EU resident. Any reccomendations ?
koshis
2019-05-06 23:05
Also has anyone used these guys...
They have quite a long list of banks
https://lawstrust.com/en/otkryit-schet
franklin.tradinglife
2019-05-07 00:22
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koshis
2019-05-07 00:31
Just re-read the remote banking guide, @simon Is it possible for you to elaborate on why not to bank in Latvia or Cyprus.
vinodgn0088
2019-05-07 02:35
@koshis, Latvian banks are not that safe. Cyprus banks require lots of paper works and substance requirement now. If you don't have a local company with physical office space or if you don't have any ties to Cyprus, its very difficult to get bank account.
koshis
2019-05-07 07:51
Thanks @vinodgn0088
bussyscorp
2019-05-07 13:37
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marioaffonso
2019-05-07 18:42
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cezaro.ohriniuc
2019-05-07 19:17
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jannechm
2019-05-07 20:30
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ledrewy
2019-05-08 07:38
@simon On adding funds in HKD on TransferWise, I got a feedback from support-
We currently do not support adding funds directly to HKD due to some regulations.
As such, you can simply trying topping up with one of the currencies which we do support adding money for, and then convert from that currency into HKD.
redareda9
2019-05-08 12:49
Anyone managed to open a Revolut Business account with a UK LLP?
They are asking me for proof of business address as according to them "This address is shared by multiple businesses".
simon
2019-05-08 12:57
@redareda9 You need to provide them with your operating address in addition to the registered address.
redareda9
2019-05-08 13:10
My operating address is in Thailand so outside of EEA and they don?t accept so I used the registered address as the operating address.
simon
2019-05-08 13:14
Revolut is usually pretty hard to work with if based outside of the EU. I will upload the HMRC registration letter when it comes in (usually a few days after registration). You can give it a try and see if they will accept it. Otherwise TransferWise is a lot easier to work with and they also offer a multi currency debit card.
ivan
2019-05-08 13:58
@redareda9, I registered an LLP last week as well. Revolut cancelled my registration process because I reside outside EU. Transferwise got back to me today asking about where do I operate the business from.
ivan
2019-05-08 13:59
I registered 2 other companies in the past with Transferwise and they never asked me that. I guess it has to do with some UK policies.
danz
2019-05-08 14:00
That?s weird, they accepted mine outside of the EU
ivan
2019-05-08 14:00
Transferwise or Revolut? With transferwise I'm optimistic.
danz
2019-05-08 14:00
Transferwise
ivan
2019-05-08 14:00
Yes, I think they will. They just made the question.
danz
2019-05-08 14:01
Trying to open one with HSBC now
ivan
2019-05-08 14:04
When did you register the LLP? Looks like we're all on the same boat.
ivan
2019-05-08 14:05
This is what I got from Revolut
Hello, Hannah here from Business on-boarding team looking at your application with Revolut for Business. Unfortunately physical presence in EEA is a prerequisite from our banking partner. Unfortunately we are unable to open a Business account for you at this time.
Having carefully considered your application, we regret that we are unable to offer you an account at the present time, and your application has been declined.
Thank you for your interest in Revolut for Business but we regret that on this occasion we are unable to assist. Kind regard, Hannah.
ivan
2019-05-08 14:06
What documentation is HSBC asking for?
danz
2019-05-08 14:12
June last year
danz
2019-05-08 14:13
Proof of address, passport, etc. the usual. And gotta answers a list of questions. Doing that now, sending it up later today and I?ll be at the branche next week to open it. Hopefully it will go well as a non-resident of the UK.
ivan
2019-05-08 14:22
So you need to go in-person, right? Any bank you heard without that requirement? I tried Monese and Monzo this week but they only opened accounts for residents of specific countries, mine wasn't included.
simon
2019-05-08 14:29
HSBC requires an in-person visit unless you already have a premier account somewhere else (and a banker willing to do the remote opening).
Remotely, TransferWise is the best option.
simon
2019-05-08 14:30
EU residency isn?t a requirement and you can open an account even if you live in a country that doesn?t have Borderless support (such as me in Hong Kong).
ivan
2019-05-08 14:33
Yes, Transferwise even opened an account for an IBC of mine without asking anything. So I'm optimistic about this scenario. I also had an LLC account which I just found last week I haven't really closed and was granted the USD account in the end ( they didn't allow me to open it when I first registered the account )
ivan
2019-05-08 14:34
It's weird how companies in the same country behave so differently about compliance.
danz
2019-05-08 15:08
I am going in-person yes, flying to London this week.
danz
2019-05-08 15:08
There are some options I believe, but the banking cost is very high. I got offered a options a while back, but wasn?t interesting for us.
ivan
2019-05-08 15:09
Any reason why you want an real bank besides Transferwise?
ivan
2019-05-08 15:09
Is it just for saving?
danz
2019-05-08 15:09
Because I wouldn?t want everything on my Transferwise account.
ivan
2019-05-08 15:09
Or an operative issue?
danz
2019-05-08 15:10
Good for small amounts, but not high amounts..
danz
2019-05-08 15:10
Plus there?s a benefit of connection a physical bank to the bookkeeping program, small bonus
ivan
2019-05-08 15:10
Xero has a transferwise integration I believe. I was planning on using that.
danz
2019-05-08 15:11
I am using Quickbooks atm
danz
2019-05-08 15:11
And there?s the benefit of getting a Paypal account to then
danz
2019-05-08 15:11
for business.
ivan
2019-05-08 15:12
You mean quickbook or connected to the bank? Because I'm under the impression you can link Paypal to Transferwise, right? That's what I'm planning to do with Stripe.
danz
2019-05-08 15:12
Connection Quickbooks to HSBC yes.
danz
2019-05-08 15:12
I don?t think you can connect Paypal with with Transferwise account, but not sure about that
danz
2019-05-08 15:13
And I need a physical bank for trust, my payment provider doesn?t like to work with Transferwise
ivan
2019-05-08 15:17
Yes, I can imagine that being a big deal. I'll try to get a real bank account as I move forward with this structure as well.
danz
2019-05-08 15:18
I?ll hopefully get it done next tuesday, so if you want to know anything after, just sent me a pm.
ivan
2019-05-08 15:23
For sure, Thanks Danz!
simon
2019-05-08 15:24
You can connect PayPal and TransferWise but not the GBP balance (only the USD balance). It only works for withdrawal, however, so you must also link a bank card if you want to make payments.
ivan
2019-05-08 15:32
I have a personal Paypal account linked to my Payoneer card and I can use that for payments (not the ones that require credit cards). So I image the Borderless card might work as well.
rafajluz
2019-05-09 01:21
has joined #banking
vallancepm
2019-05-09 02:58
has joined #banking
smuft84
2019-05-09 08:55
have an IT company in Seychelles, cannot get a corporate bank account in any jurisdiction I'm interested in, not making any profit on the company right now and banking turnover is minimal, I just need to pay minor company expenses + my staff
is there any issue with paying these through my personal accounts in Thailand? (currently living in bangkok on tourist visa, Thai Elite pending)
Any issues with paying business expenses through personal accounts in general? What kind of documents do I need to have to make sure these payments being made through my personal account can be tracked as business expenses?
dm_rosin
2019-05-09 10:23
has joined #banking
ivan
2019-05-09 13:14
@smuft84, try using Transferwise + Payoneer.
ivan
2019-05-09 13:14
I've done that with an IBC since 2017.
ivan
2019-05-09 13:15
For Seychelles TW will even give you an USD account according to their site.
bussyscorp
2019-05-09 13:55
How to open a Revolut and TW account for non-EU eastern european citizen?
simon
2019-05-09 14:31
@bussyscorp Revolut is hard for non-EU residents but TransferWise accept most countries (including some IBC countries).
smuft84
2019-05-09 14:33
@ivan does transferwise offer any kind of credit card payment system? i have a bunch of AWS type reoccurring costs that i need to have a CC for
ivan
2019-05-09 14:36
They're offering it for UK only for now. I doubt they'll give debit cards to Seychelles, ever. Payoneer does give you a debit card, though. That's what I use for most expenses. The only issue is that some services reject prepaid cards (like Payoneer's)
ivan
2019-05-09 14:37
That said, I opened my IBC Payoneer account in 2017, not sure how much things have changed.
fortunaecaerus
2019-05-09 15:45
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simon
2019-05-09 15:54
@ivan Have you tried ordering a Curve card? It?s a great way to ?mask? a card type as Curve issues regular debit cards.
ivan
2019-05-09 15:55
I'll read your post and try it out. That said, looks like the services that reject prepaid cards are the one that require credit cards instead of debit, maybe I'm wrong.
bussyscorp
2019-05-09 20:16
@simon thank you
fish
2019-05-10 01:57
Anybody has experience with banks in Peru?
danz
2019-05-10 17:25
Is Transferwise not working properly for more people the last 2-3 days? It doesn?t show activity at all here.
simon
2019-05-10 17:27
@danz I can see my activity but strangely when creating a new transfer I cannot see all my recipient accounts. I have to manually go to the Recipients page and initiate the transfer there.
danz
2019-05-10 17:28
I think they have some bugs going on, hopefully they fix it out. I can?t extract the history either at the moment as example.
danz
2019-05-10 21:33
@simon, just got a reply from TW about this issue. If your on your business profile, switch to your personal profile and vice versa. And then back. Then log out and in again to resolve it.
redareda9
2019-05-11 05:12
Yes there are some bugs, I'm trying to create a new business profile in my account and I'm redirected to a "verification completed" page of my old business profile.
redareda9
2019-05-11 05:13
@simon Do you think a mail forwarding service in the UK would do the job for a Revolut Business Account?
redareda9
2019-05-11 05:15
TW is good but they are unfortunately incompatible with some services I want to use (as the wire transfers are not showing the owner's name)
ivan
2019-05-11 13:59
Reda, I thought the same thing. But it would require lying to Revolut and saying you're an UK resident, which could end up with your accounts blocked along the road. Not to mention that if Revolut fills any type of reports about you being a resident you might have to explain the HMRC that you really aren't one in order to be taxed as a resident. I guess the risks of any of those 2 things happening are really low, though.
That said, with UKpostbox you'd need to hire the address service, the PO one wouldn't work.
redareda9
2019-05-12 03:30
Yeah I get that. But there is no real solution as they are asking for a fixed operating address which is ridiculous in my case cause I travel a lot so there is no fixed operating address.
Revolut ask for an operating address in EEA so actually we could get an address somewhere else and use it as an operating address.
redareda9
2019-05-12 03:30
To not qualify as a UK resident
ledrewy
2019-05-12 07:44
@ivan @redareda9 How about UK resident but non-Domicile?
ledrewy
2019-05-12 07:45
Surely that should allow the exemption in taxation
ivan
2019-05-12 15:34
@ledrewy what would an UK resident without domicile be exactly? I guess the issue is with being a tax resident.
ivan
2019-05-12 15:44
But I imagine what Revolut ultimately wants to know is if you pay your taxes in some EEA country and are regulated there. My only concern would be Revolut reporting to UK you live there (I assume Revolut has these constraints because of government regulations).
I don't know if that could get you into any trouble at all. It's just that I rather be transparent with the people handling my money, I don't like getting my accounts blocked.
ivan
2019-05-12 15:47
Speaking of Revolut, have anyone recently opened a Transferwise account for an LLP? I'm still waiting on their verification. They only wrote me back to ask me where did I manage my business from and didn't get back to me afterwards.
fish
2019-05-12 22:05
Have in mind that there are databases financial institutions are using cross check their users for risk control and at the same time they help maintain the DB by submitting names of people who end up being not what they claim they are.
ledrewy
2019-05-12 22:59
giorgio.zamparelli
2019-05-15 10:09
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sebastian.leu
2019-05-16 04:08
My experience with Curve as a citizen of a country that's actually not eligible for Curve:
1. Managed to get the card posted to a friend, the family of who has a residence in one of the eligible countries
2. Friend gave me the card
3. Activated it and it's working fine
4. Managed to add some Asian Master and Via cards, UK cards, but NOT cards of a Swiss bank
kuka
2019-05-17 08:08
Same thing as you @sebastian.leu. It even works in Kazakhstan with Kazakhstan?s banks cards.
sebastian.leu
2019-05-17 08:09
I wonder why they wouldn't want to expand the service worldwide
kuka
2019-05-17 08:10
KYC and Compliance I guess
kuka
2019-05-17 08:10
I have not used it that much so maybe there?s a limit of some sort after all
ivan
2019-05-17 13:57
Have anyone had problems with Transferwise lately?
They've been verifying an LLP account for the past 2 weeks. The weird thing is they haven't even asked me for documentation yet. They are just slow to reply.
And then I found this: https://www.consumeraffairs.com/finance/transferwise.html?page=2
Looks like they started screwing up earlier this year. Probably some policy change..
simon
2019-05-17 14:00
They are probably stretched at the moment with their global expansion and the roll out of the debit card in the US. I?ve experienced multiple glitches with the app in the last few months that didn?t exist before.
weslleysoares
2019-05-17 14:06
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danz
2019-05-17 14:07
Yes, had a glitch to. I mentioned it a few days ago, had to switch from account and log out and in. All worked after that again.
ivan
2019-05-17 14:08
Yes, probably some growth pains. Any potential alternatives? I just need to link an account to Stripe for later distribution. I guess Payoneer could work as a short-term solution.
ivan
2019-05-17 14:08
Danz, how did it go with HSBC?
danz
2019-05-17 14:11
@ivan Delivered the documents now and did the application, but someone there is going to check the proof of address as it were copies. So account is under review now, will know within 1-2 weeks if the account is ready to go or that I need to deliver more documents.
ivan
2019-05-17 14:12
And you went in person, right? No wonder Transferwise is having compliance issues.
danz
2019-05-17 14:13
Yes, went in person to a branche
danz
2019-05-17 14:13
They didn?t make it to difficult or anything, just the proof of address they wanted to double check. So let?s see.
rob
2019-05-18 12:36
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bussyscorp
2019-05-18 19:17
Guys Transwerwise is scamming selectively. I'll prepare post about it on Reddit or somewhere similar. I have lost 40 euros on 500 euro transwer and they are not transparent and all their replies are: we can't provide you with the details of the transfer. WTF? I have all the docs and screenshots. Thanks to my local bank I was able to get the details of that transfer.
bussyscorp
2019-05-18 19:20
So basically when I sent smaller tests amounts like 10 euro or 5 their stated fees were 0.63 euro, But then after I sent 500 euro (AND THEY STATED THAT THE FEE WILL BE 0.63 cents) the counterpart received ONLY 460 Euros. On all my requests their reply: we can't disclose the details. But now I have all the details from my bank's investigation. Waiting for the last document and will prepare the post. Bee carefull with them
perin.pascal
2019-05-18 21:16
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redareda9
2019-05-19 07:46
@ivan I applied few days ago and they are asking me for more informations about "where" the business is physically present and the ultimate beneficial owner of my partner ( a US LLC ) + documents of incorporation of my partner. I submitted everything yesterday and am waiting for their answer.
simon
2019-05-19 09:13
@bussyscorp Did you fund the transfer locally? Or via SWIFT?
ivan
2019-05-19 14:42
I was going to ask the same, sounds like a SWIFT bank fee rather than Transferwise. That happened many times to me with different platforms. In this scenario if your bank says they're not involved sounds like the counterpart bank might be involved but it's weird since it should be a local bank transfer. Which country did you send it to?
ivan
2019-05-19 14:44
@redareda9. On my end it's been 15 days already. Their normal support answers but their verification team is definitely slower than normal. So far they have only requested information on the business real operation country and that was 5 days after creating the account.
ivan
2019-05-19 16:37
@redareda9, any luck with Revolut?
ivan
2019-05-19 17:00
I was thining of trying to use UK Postbox PO address as a real address, as explained here: https://www.reddit.com/r/vandwellers/comments/34eqo5/usps_po_boxes_can_be_used_for_a_physical_address/. SImon suggested it might work. But I don't where to find the post office address for this: PO Box 6945, London, W1A 6US
mescos
2019-05-19 18:47
@redareda9 - what did you apply for a few days ago? Transferwise or an HSBC account? In which country?
bussyscorp
2019-05-20 00:13
that was a transfer between two IBAN accounts in Ukraine. They used swift, but what they actually did they put a special instruction SHA instead of OUR. SHA instruction says that basically the receiver pays for the transfer instead of Transfrewise. My point is that: their advertisement of fees is deception. I would NOT send 500 Euro using their service had they not advertise the cost as just 63 cents instead of 40.63! So I call it scam because they basically randomly put their expenses on the shoulders of their clients. Why randomly? Because for the smaller amount transfers the fee were paid by them
redareda9
2019-05-20 04:17
@ivan Revolut I'm still trying to think about how I can fit with their requirements without triggering any flags. It will probably involve the usage of some kind of VPN or Virtual Machine in UK. And trying to find a good solution for the physical address without becoming resident of the country and losing the advantages of LLP taxation system.
redareda9
2019-05-20 04:17
@mescos Transferwise. I applied from Thailand for a UK LLP.
bigworld
2019-05-20 06:39
@redareda9 I am dealing with banks too. My impression for the UK, is that banks need from you only to be resident. I.e. having an address and a phone number.
This is not the same as being resident for tax purposes which normally needs spending 183 days in the country.
redareda9
2019-05-20 07:16
@bigworld yeah it makes sense
redareda9
2019-05-20 07:17
@ivan My Transferwise account just got verified
kuka
2019-05-20 12:58
It?s your local bank most likely. Kazakhstan banks have the fee of $30-40 for the wire transfer out the country depending on the sum.
ivan
2019-05-20 13:06
@redareda9, they still haven't verified mine (almost 20 days now which makes no sense).
ivan
2019-05-20 13:07
did they ask you for any additional documents?
marceloroika
2019-05-20 13:41
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rokazawa
2019-05-20 13:52
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marcia.macena
2019-05-20 17:18
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franciscosalido
2019-05-21 00:40
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redareda9
2019-05-21 04:02
@ivan No nothing, I was surprised. Just the above informations.
calendartradingoption
2019-05-21 19:42
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mescos
2019-05-22 14:02
Question: I?m considering applying for US Amex Business Platinum. Already have a personal platinum via Global Transfer. For the Business Platinum, they are asking for a SSN and I don?t have one. What do you guys do to get around this?
simon
2019-05-22 14:34
@mescos Have you applied over the phone?
mescos
2019-05-22 14:50
@simon Did previously for the personal card. Is that the only option for the biz card too?
claudemir.andrade2
2019-05-22 19:17
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simon
2019-05-22 21:04
@mescos As far as I know, yes it's the only option. Over the phone they do not need an SSN.
ivan
2019-05-23 17:00
Guys, Transferwise finally verified my LLP account which I already connected to Stripe. I still need to start processing payments but so far the process was way easier than with an LLC.
For future reference: What went wrong with my registration is that we're 2 partners in the business. I registered the account with a general company email but to my partner's name (because I already had accounts to my name and couldn't create a new one). That said, in the account registration process I included myself as partner but Transferwise grants ownership of the account to the person who creates it.
The issue started when they first contacted us, I answered personally (instead of as my partner). That got them confused and it took 20 days for them to figure out how to solve the situation. They asked me to send them emails from my partner's personal account to verify the whole thing and then added me as a business contact.
At some point they also mentioned that I could have opened another account to my name if I explained the situation to support. It's a system restriction, not a policy.
ivan
2019-05-23 17:01
I can't complain though, unlike some other services they took the time to make it work.
ivan
2019-05-23 17:03
Next steps is trying to receive the Debit Card to an ukpostbox PO address. I'll keep you updated about that.
redareda9
2019-05-24 05:42
Glad you finally made it!
redareda9
2019-05-24 05:43
Paypal UK don't accept transferwise tho
redareda9
2019-05-24 05:43
Anyone here who had to provide a Shareholder structure or Articles of association to Revolut?
redareda9
2019-05-24 05:43
Everything is done, that's the only element missing for my application to be accepted
redareda9
2019-05-24 05:44
They need a document showing the exact share numbers of every ultimate beneficial owner of the company
romaindepotter
2019-05-24 07:17
@redareda9 I went to this website : https://www.lawdepot.co.uk/contracts/partnership-agreement/#.XOeYcNMza_s
I entered all the informations, at the end you just need to subscribe to their plan (14 days free trial). Download the file, make it signed by all the partners. Send it to Revolut, cancel your subcription.
This is exactly what I did.
redareda9
2019-05-24 07:47
Thanks :heart:
assefphilippe
2019-05-24 08:48
RIP REVO
redareda9
2019-05-24 08:54
:joy:
sandrohira
2019-05-24 12:50
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ledrewy
2019-05-26 12:21
I?m not a big fan of AirAsia but I know there are a few Malaysians here. Anyway, I want to share with you about *BigPay prepaid debit card*.
BigPay card comes with a phone app that allows you to track all your expenses. Every swipe is recorded immediately.
For every RM50 you top up, you get +1 Big point which you can redeem for your AirAsia flights.
For every RM20 you spent using the debit card, you get another +1 Big point.
Now, the most exciting part. The card is a Malaysian Ringgit card but if you use the debit card overseas, every transaction is converted according to Mastercard spot rate without any foreign conversion fees. Most other Malaysian credit cards carry a 1-3% fees on top of the expenses you charged. This, to me is one of the best card around in Malaysia; similar to Revolut from the UK and Neat from HK.
If you want to know more just PM me directly.
ledrewy
2019-05-26 12:22
I?m not affiliated with Tony, AirAsia or BigPay ;)
redareda9
2019-05-26 13:13
Revolut personal just limited my account after a 1k top up and they are asking for a proof and documentation from where the money used to top up is coming
michael
2019-05-26 15:14
Thank you for that @ledrewy... I looked into the card as well... however not being based in M'sia... and with the MYR being weak... I did not find it worth while. I would see the benefits if you are based and spend in MYR.
roman
2019-05-26 19:58
What?s the deal with Swiss banking! I?m in Geneva for a few days. Thought I could try opening one, if possible.
ledrewy
2019-05-27 03:13
Indeed. You are correct
michael
2019-05-27 03:24
@ledrewy As you said, defo good for those based in Malaysia :slightly_smiling_face:
ledrewy
2019-05-27 04:59
Where are you based? @michael
assefphilippe
2019-05-27 06:03
Good job revo
michael
2019-05-27 16:12
Well... i travel mainly around SE Asia.. and loosely base in Thailand & Singapore. @ledrewy
michael
2019-05-27 16:12
I'm guessing you're in MY?
ledrewy
2019-05-27 22:07
@michael Yes, in MY
giovannilaperna
2019-05-28 13:15
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williamc_
2019-05-28 21:22
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ledrewy
2019-05-29 05:46
Just wanna give my account on getting a RealMe authentication in New Zealand. I followed all steps as proposed by @simon but I had to include getting a Kiwi Access Card - they just wouldn?t accept the Address Verification letter from RealMe as proof of address anymore.
Unable to open an account at ANZ remotely without a visit at a branch. So, I got a bank account at Westpac instead. Zero maintenance fee nevertheless. Thanks, Simon!
burrup.lambert
2019-05-29 05:59
Hi @ledrewy. Do you get a New Zealand IRD number? Had you already left NZ and that is why you needed to open an account remotely?
ledrewy
2019-05-29 09:43
No, I did not get an IRD num. I?ve left NZ. The primary purpose of getting the RealMe authentication is facilitate account opening remotely; among other applications.
simon
2019-05-29 09:55
RealMe is the NZ equivalent to Estonia?s e-Residency. It?s an ID verification scheme that can be used to access government services, vote, open bank and brokerage accounts, sign up for websites etc. In my opinion, it?s a no brainer to sign up if you were going to NZ anyway.
burrup.lambert
2019-05-29 10:05
Thanks for the simple explanation. Sounds pretty handy if you can open brokerage accounts for the New Zealand Stock Exchange (NZX). It seems to be a little harder to get access to that market in general. Neither Monex Boom or Interactive Brokers have access to it (or most ASX brokers, maybe a full service broker might).
I asked because just before asking that question I went to see what was required to open a brokerage account with FNZC and they requested an IRD so I thought you might need one for all brokers.
https://www.fnzc.co.nz/
simon
2019-05-29 10:10
You can apply for an IRD number as a non-resident if you need one (for example, if your broker requires one).
https://www.classic.ird.govt.nz/resources/a/5/a5e82634-d40f-4870-a574-c193194dd538/ir742-june.pdf
burrup.lambert
2019-05-29 10:15
Simon on the ball as always! Thanks!
k8269031
2019-05-29 12:50
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johncitizen
2019-05-30 23:43
Spot on Krapen, I did trade via Commsec Pershing for NZ, phone orders only, pain in the ass. I?ll go you halves in a trip over some time to lay the groundwork.
mikeseo
2019-05-31 01:18
iocbc does NZ but you gotta email your orders in
johncitizen
2019-05-31 01:52
No good really, want something a little more seamless for fast trading.
danz
2019-05-31 06:42
@ivan Bank got approved today
root
2019-06-01 10:52
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coconutsteak
2019-06-02 14:30
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ivan
2019-06-02 15:24
Great news danz! EUR and USD accounts?
danz
2019-06-02 15:32
GBP first, will be asking for the EUR when I receive all the docs. Will get it then.
coconutsteak
2019-06-02 22:34
Hi, Has anyone opened a personal bank account in Switzerland remotely?
mescos
2019-06-03 00:36
@coconutsteak - What are your requirements for the bank? Do you want a good bank or subpar bank with low minimums? How much do you plan on depositing?
burrup.lambert
2019-06-03 04:21
Ground hog day. Just received another 14 page letter from Citibank about CRS/FACTA information -______-. I tell them the same thing over and over again, the US mobile number I had is not even linked to my account anymore and hasn't been for months and months. Never ending story...
I have been 'promised' from 'Michelle' at Citibank it will be the last time......
ledrewy
2019-06-03 04:50
Thanks for the info. One thing I?ve learned, in all my HSBC accounts, once I modify the address, they will start sending CRS self verification forms. Never do that!
burrup.lambert
2019-06-03 05:22
Modify to a US address you mean?
johncitizen
2019-06-03 10:57
Citibank Singapore still send me rubbish, I shut my account down 2 years ago. Citibank Australia still send me emails about statements even though I shut down my account 6 years ago
burrup.lambert
2019-06-03 11:26
Thanks for the reassurance guys :sweat_smile:!
leo.kipfelsberger
2019-06-04 17:28
has joined #banking
chrisredhead
2019-06-05 07:09
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rmsouza.sp
2019-06-05 12:38
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ivan
2019-06-06 01:58
I was able to link Paypal to Transferwise successfully using a GBP account for my LLP:
https://transferwise.com/help/11/getting-started/2932118/incompatible-accounts-currencies
ivan
2019-06-06 02:01
Now it seems like they'll require the direct debit from Transferwise wich of couse will fail but looks like they at least removed the limitations to the Paypal account as it works a verification of sorts.
ledrewy
2019-06-07 00:57
Anyone interested to get the US Amex Rose Gold limited edition card?
Apply for an American Express Card with this link. We can both get rewarded if you're approved! http://refer.amex.us/KOkHOOPuzX?xl=cpu4
ledrewy
2019-06-07 00:58
I wish someone had sent me this link
jgumes
2019-06-07 14:55
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dmg.ecom
2019-06-07 16:48
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luciedavioud_registro
2019-06-08 02:52
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troy
2019-06-08 10:26
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troy
2019-06-08 10:41
Looks okay. Keen to hear user experiences.
leo.kipfelsberger
2019-06-10 17:11
Hey !
It?s great to meet you all!
Quick question for those that have experience with setting up a Wyoming LLC as a non US resident:
I searched the cannel before already but have not found an answer just yet:
2 weeks ago I registered a US LLC as a non US resident and I am now researching what the best way is to setup a US business bank account and credit card.
I currently already have a Transferwise account setup but ideally I?d like to get a busiess credit card setup as well.
As I dont have a SSC or a credit history, I assume this will be rather difficult to obtain.
Anyone has links to share to good resources or any recommendations on the best business banking option for a US LLC?
Any insights would be greatly appreciated!
julienplefebvre
2019-06-10 17:12
I did it as a Canadian, I can probably help you but I dont have time to answer right now.
leo.kipfelsberger
2019-06-10 17:16
@julienplefebvre awesome! Whenever you have a minute, I?d love to hear how you did it :slightly_smiling_face:
ivan
2019-06-10 17:17
Someone shared an online bank which accepts remote account opening for LLCs a while ago in this same banking channel.
justin
2019-06-10 17:34
@simon Maybe you have any recommendations regarding this problem? Would really appreciate any info.
Opened Business and Bank account in Singapore, but our nominee director never normally told that we won?t be able to have Paypal or Stripe account there. The issue is that while registering on Merchant they require Singapore citizenship number, which I don?t have, so I can?t open merchant accounts.
A lot of clients wants to pay by Paypal, but on my personal account with each transaction Paypal takes huge amount of money. Later we want to have Paypal in checkout.
Any alternative or ways how to overcome these problems?
simon
2019-06-10 17:46
@justin Have you contacted PayPal about it? They may be able to manually override their system and open an account for your company. Same with Stripe (for example, in the US Stripe requires a SSN but you can get around this requirement by requesting manual verification).
yuli
2019-06-10 17:59
I used https://fileyourfile.com/ to help me open the bank account. It was relatively a pain in the ass, and the bank is open but I still do not have access to it due to a SIM card issues, but they can get the "job done".
juarnaud
2019-06-10 18:02
I got my Wyoming company account opened just last week with http://www.mercury.co - haven?t had any transactions on it yet, but so far the account opening process has been very smooth
leo.kipfelsberger
2019-06-10 18:54
@juarnaud Thanks for your reply! I was just looking into Mercury - it looks solid but so far I havent found any info whether they provide business CC?s as well?
Are you planing on getting a business credit card as well?
leo.kipfelsberger
2019-06-10 19:30
@juarnaud! This is awesome info! Thank you so much :disappointed: I just checked out Brex and its exactly what I was looking for !
Again, you just made my day!
Thank you!
juarnaud
2019-06-10 19:31
@leo.kipfelsberger no promise it would work though - I?d be amazed if it did actually
leo.kipfelsberger
2019-06-10 19:32
I am applying now and will give you an update once I hear back
leo.kipfelsberger
2019-06-10 19:32
I tried AMEX and Bank of America in the past with no lick
leo.kipfelsberger
2019-06-10 19:32
so I followed Simons advice in and applied for a AMEX in my home country to then make use of the global transfer program
leo.kipfelsberger
2019-06-10 19:33
but would love a solution in the meantime
vinodgn0088
2019-06-11 09:45
@justin, If your name is also listed on the Bizfile, you can open a paypal account for your company. At the time of verification, you need to give Paypal a copy of Bizfile and a board resolution stating you are authorized to open and operate the Paypal account. Just make sure that the nominee director act as the chairman of the board meeting and he signs the resolution. There is a possibility that Paypal might ask your to provide a FIN or NRIC number. Just give them your passport number and passport copy and tell them you are not resident in Singapore.
vinodgn0088
2019-06-11 09:47
@justin, Also the first thing you need to do after opening Paypal account is to attach a SG bank account ( UOB is not supported) to verify the account. Only after the verification you should do any transaction. The secondary level verification happens when your turnover pass like 5000 SGD
gharios.charbel
2019-06-11 18:58
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shaharhillel4
2019-06-11 23:37
Anyone has solved Revolut card outside of Europe? What?s the process in verification residency? How to bypass it?
skat
2019-06-12 03:13
@shaharhillel4 my employee from Thailand just ordered revolut cart. He asked his friend from Europe to help him out - they verified him with mobile phone number + send him a card to address in Europe.
Years ago I did the same, I asked my mom to help out (I'm living in Asia for a lot of years, she's still in Estonia).
gabriel.courtemanche
2019-06-12 11:49
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justin
2019-06-12 12:20
@vinodgn0088 Ok, I have the bank account, bizfile and all the things that you have mentioned, just the issues is the communication with them, as I didn?t get any response to me previous emails.
vinodgn0088
2019-06-12 12:47
Give Paypal (Singapore number) a call after opening a support case.
kgouvea2
2019-06-14 16:14
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a.adriano.bueno
2019-06-14 16:57
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julienplefebvre
2019-06-15 06:06
@leo.kipfelsberger I did try different bank in Canada and they all refused because they dont have USA company in the canadian registrary of companies. Basically the only way to do it was to open a franchise here. Which at the time I was not open to do.
The only bank that help me was the San Francisco Bank, I had to explain what I wanted to do and it had to be related to tech business. They were very helpful.
However they dont open credit line or credit card unless you can put the funds as guaranty. But for the San Francisco Bank I never had to go to USA or be present in person nowhere. To me that seems a sketchy regarding the ?Know your customer? principle in banking but it worked.
iariutk
2019-06-15 10:46
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kairos
2019-06-15 19:20
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d.mikocionis
2019-06-16 18:06
@juarnaud how did you connect brex with transferwise?
perin.pascal
2019-06-17 15:34
TransferWise GBP Business account + Stripe + UK Company = not compatible
I have a UK company and a TransferWise account (in GBP + USD + Euro). TransferWise does not work with Stripe for the GBP account. I can add the TransferWise USD and Euro account on Stripe but not the GBP account. I tried to configure Shopify Payments (which is powered by Stripe) but as I have a UK based company, I cannot change the country and I have to enter the UK bank account details (Sort Code which is not compatible and I don't know why).
Here the information I just found out from TransferWise :
https://transferwise.com/help/11/getting-started/2932118/incompatible-accounts-currencies
So I only have two solutions :
1) open another UK bank account fully compatible with Stripe (but not sure it has USD and Euro currencies)
2) Use another payment gateway
If someone faced the same issue and has a solution, it will be very helpful
Thanks
simon
2019-06-17 15:56
@perin.pascal Indeed I wrote about it on my Stripe guide. In my experience, only the EUR and USD balances can be linked.
Have you looked at http://Tide.co? They offer a no fee GBP account and accept non-residents.
fish
2019-06-17 16:55
@skat What kind of documents did Revolut require? Did your friend already hit the 1k limit verification?
ivan
2019-06-17 22:21
@mikeseo I recently contacted Transferwise regarding Stripe.
Stripe seems to value the direct debit value (just like Paypal), because of the potential chargeback you might get. Transferwise doesn't offer direct debit right now so in the scenario one of your customers claims a chargeback you might end up with a blocked Stripe account because they'll try to debit your Transferwise account without success.
The good news is Transferwise is working on enabling direct debit. I'd check with their support if they'll add it to GBP accounts as well. The temporary fix is to always leave money in Stripe as well in case you get a chargeback.
perin.pascal
2019-06-18 01:34
@simon Tide does not have a multi-currency account as TW has. The thing is that if you enter the country from where your company is, the field where you enter your bank account details is greyed on Shopify Payments, so you cannot choose another currency (USD in our case).
We tried to use Dropicheckout app on Shopify and we are able to receive USD on our Stripe account without any issue.
So the problem is from Shopify Payments that does not allow to change the currency. The only way to do it is to change the country of the company (Germany), but I'm afraid they will block our account because it doesn't match the reality.
perin.pascal
2019-06-18 01:39
@ivan I also contacted their support. I'm waiting their reply. Thank you for your feedback :wink:
jerrycjchang
2019-06-18 13:08
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simon
2019-06-18 19:48
@perin.pascal That sounds like a pretty bad deal... They convert all payments to the currency of the country where the company is registered?
imatfaal
2019-06-20 10:29
I am having serious issues with my TransferWise Borderless USD account: some clients are now unable to pay my invoices "Because Two Credit Parties provided ? payment has been treated as null and void". Anyone have any suggested alternatives for my UK LLP's banking?
imatfaal
2019-06-20 10:31
The issue appears to be that the Account Name / Account holder starts with "TransferWise FBO" then has my company name
imatfaal
2019-06-20 10:31
This is the not the case with the EUR and GBP account...
imatfaal
2019-06-20 10:32
I am currently in the UK so could physically walk into banks and ask for USD accounts to be opened. Anyone know any good providers here?
simon
2019-06-20 10:35
@imatfaal The problem you will face with a UK-based USD account is that it will not be able to receive domestic US payments (ACH). It will have a normal GB000... IBAN.
Have you looked at WorldFirst?
https://www.worldfirst.com/uk/online-sellers/
simon
2019-06-20 10:36
By the way, you should not add TransferWise FBO to domestic ACH transfers, only to wire transfers.
justin
2019-06-21 10:15
Hello, do you have any recommendations on Payment gateaways for B2B transactions? I am using Xero and I am things how to make life easier for our clients when they need to make a payment for an invoice. It would be amazing that clients could pay by card or paypal. Sums are usually from $2K and above.
ivan
2019-06-21 12:15
@justin I think Xero has Stripe integrations which would allow for invoices to be paid with credit cards. That said, I personally prefer bank transfers for larger sums and one-time payments and Transferwise is a good option for that since receiving is usually free.
ivan
2019-06-21 12:16
And if you withdraw in euros fees are negligible.
justin
2019-06-21 13:39
Yes Stripe and similar providers take 1%+ from the transfer which doesn?t excite met that much. I was thinking if there something which takes Fixed cost instead of %?
ivan
2019-06-21 16:11
You mean a credit card processor with a fixed fee? I haven't heard of it. But receiving in Transferwise through ACH or SEPA is free.
ivan
2019-06-21 16:11
In that case instead of using credit cards, your client will transfer you money to your virtual bank account.
vilhena33
2019-06-22 18:35
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jase
2019-06-25 10:33
Anyone using the Curve card know if it's possible to fund a family member's Curve card a different person's name?
jase
2019-06-25 10:33
For example:
Jane Doe funds her Curve card using John Doe's Mastercard
simon
2019-06-25 11:15
@jase Officially no but you might be able to get it to work anyway if your bank doesn't care about the mismatched name.
simon
2019-06-25 11:16
If it's a credit card, you can add Jane Doe as an authorized user. She'll get a card in her name but linked to your account.
michelbrondani
2019-06-25 11:31
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alencar.azevedo05
2019-06-25 11:31
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jase
2019-06-25 11:42
Thanks @simon I think it would be a debit card but I think it can also be issued with a different name on it :slightly_smiling_face:
leo.kipfelsberger
2019-06-25 22:18
@juarnaud @d.mikocionis
Did any of you guys have any luck getting your BRex credit card setup?
juarnaud
2019-06-26 05:13
Hi @leo.kipfelsberger no luck I?m afraid, but that seems to be only because I haven?t got any history with mercury yet (I just opened the account recently). They told me to reapply in about a year
terraformingmedia
2019-06-26 19:11
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gf
2019-06-26 19:11
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petrus.luijpers
2019-06-26 21:23
I want to open a bankacount for my holding company, they asked for the website and i answered that i dont need one. Now they ask me WHY i dont need a website. Do you have some valid reasons for me?
mikeseo
2019-06-27 01:55
because it's just holding assets/investments and not an active business?
petrus.luijpers
2019-06-27 05:21
@mikeseo,Yes, it's holding assets and providing management /administrative services to its only daughter.
mikeseo
2019-06-27 11:26
i mean use that as your reason why
truefacecare.office
2019-06-27 20:29
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petrus.luijpers
2019-06-27 20:57
Ok, @mikeseo i used that as an answer. Now they mailed back with lots of other questions. Most i can answer or provide. But and are also asking for a businessplan. What could be the businessplan for a holding?
mikeseo
2019-06-28 00:46
describing what assets its holding?
ramiro21
2019-06-29 19:14
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jd
2019-06-30 08:29
Hey guys,
Hoping someone can give some advice - much appreciated if so.
Heading to the US in November and looking to open personal Bank of America, chase and Citibank accounts in New York.
- Should I be applying with a local US address (virtual/mail forwarding address), or can I use my home address in Australia on the application?
- Do you know if it?s possible to do an Amex Global Transfer in person at an Amex branch? I move tried online twice and never hear back from them.
- any other advice / tips not in Simon?s USA guide also much appareciated
ledrewy
2019-06-30 11:32
@jd I can share my experience with Citibank. You?d need a US address to receive your debit card, a utility bill of your Aussie (permanent) address and a credit card from Australia for reference. You?d need a minimum balance of USD1,500 to avoid any fees.
For the Amex Global Transfer, I followed the steps Simon provided and it worked for me.
ivan.lakatos
2019-06-30 11:35
Hey guys,
Did anyone ever try a bitcoin debit card? I have eyes on Uquid... Any feedbacks? Any card to suggest by any chance?
jd
2019-06-30 13:59
@ledrewy - Thanks for the advice! Could the application at Citibank be done in a day in the US? Reasonably simple?
jd
2019-06-30 14:00
?> I guess you used a virtual address/mailing address in the US?
ledrewy
2019-06-30 14:37
@jd Fairly straightforward if you have all the documents. It could be done within an hour.
ledrewy
2019-06-30 14:38
I used a relative?s address but had to trouble them to forward me the debit card. A virtual mailing address would do just fine.
jd
2019-06-30 14:40
Thanks :pray:
jd
2019-06-30 14:40
Great, thanks!
ledrewy
2019-06-30 15:07
There are Wirex, CoinsBank and there is http://Crypto.com too. The latter offers several cards and some with airport lounge access. Please use this referral link on http://Crypto.com - UK3V7D1N83
ledrewy
2019-06-30 15:28
You?re welcome @jd
burrup.lambert
2019-07-01 03:28
I have a TenX card. App/card work fine. It even integrates with Curve. I have actually stopped using it though. Lots of cards will advertise "no fx exchange fee", "no ATM fee" etc and you think "that's great, I can get out at the market price" however you are getting ripped off using their exchange rate. It'll probably say something like we use the average of several exchanges to work it out blah blah so they can put whatever price. Last time I withdrew the difference between the TenX rate the 'normal' exchange rate was a few hundred dollars. I just looked at the exchange rate difference now as I am writing this and it's $350! That's a 2-3% mark up...
ivan.lakatos
2019-07-01 05:14
I see... Thanks for these previous details. I'll make more research about it. Do you have any of the three you mentioned? @ledrewy
ledrewy
2019-07-01 06:20
Yes, @ivan.lakatos I have all three. Of the three http://Crypto.com has more interesting features
ivan.lakatos
2019-07-01 07:03
Great. I'll check it out.
grecoroman1
2019-07-01 12:05
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philip.archer
2019-07-01 14:28
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pynnonen
2019-07-01 19:14
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frankking789
2019-07-02 20:41
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mario.gastaldi
2019-07-03 09:26
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eov
2019-07-05 11:17
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imatfaal
2019-07-06 18:56
@simon Yes I looked at WorldFirst. They said: "I?m afraid to say however that we will be unable to assist you with your transfer needs on this occasion."
simon
2019-07-06 20:53
@imatfaal Not ideal fee-wise but Payoneer may be an option. Alternatively, you could also open an account with a payment processor that supports pull ACH. This would allow you to debit funds from your customers US bank accounts and then get paid into TransferWise via ACH (no need to add TransferWise's name for ACH transfers).
ivan
2019-07-06 21:21
@imatfaal, I haven't tried opening a Payoneer account for my LLP, but I was able to do it without any issues for an LLC and an IBC.
ivan
2019-07-06 21:21
They provide you an ACH account, but it can only receive payment from corporate bank accounts.
ivan
2019-07-06 21:22
You can also receive e-checks
ivan
2019-07-06 21:23
But as Simon mentioned you don't need to add Transferwise in the account name if you receive ACH transfers, it's just for wire transfers.
rrlucenarj
2019-07-07 21:36
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ivan
2019-07-08 14:01
Guys, in case anyone is interested. I was able to get a Transferwise debit card for my LLP using Ukpostbox PO address. I then forwarded it to Argentina.
ivan
2019-07-08 14:07
First thing I noticed is that it is accepted by platforms that normally don't accept Payoneer Cards, like Digital Ocean.
salim
2019-07-08 20:08
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ptuvang
2019-07-08 20:08
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maktubebasta
2019-07-09 17:47
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skat
2019-07-10 14:55
There are rumours that EU has dropped guarantees for deposits into EU banks. I think I heard about it on Simon Black podcast first and later on from my friend that deals a lot with banks and moving money around.
yeat, I fail to find any reading material on a matter. have anyone else heard about this?
bigworld
2019-07-10 15:55
The EU is not an empoverished third world country who relies on Twitter or rumours for propaganda.
If there is going to be a change in the guaranties on deposits offered by the different EU nations you will likely know it first from reputable media
stolzlos
2019-07-10 16:07
there were some articles around the end of 2017. But I do not know what came out of it. As far as I know it was a proposal.
skat
2019-07-10 16:34
not sure where exactly I mentioned twitter?
redareda9
2019-07-11 14:37
Paypal UK launched a business debit card!
simon
2019-07-12 18:56
N26 has launched in the US. At the moment only the basic personal account is available but they have announced that the black, metal and business plans will come soon. It will be interesting to see how they handle registration for business accounts (possibly making it a great option for LLC owners).
ivan
2019-07-12 21:17
@simon thanks for the news. Do you see any pros with N26 compared to Transferwise + debit card?
simon
2019-07-12 21:28
@ivan N26 uses Axos?s private label banking service so the account you get is a real US bank account with support for direct debits.
ivan
2019-07-12 21:38
Interesting. Maybe Transferwise is looking into something similar. Last time I wrote them they mentioned they were working on accepting direct debits.
burrup.lambert
2019-07-13 03:24
Anyway to sign up without an SSN?
suren.pinto
2019-07-13 09:57
- does anyone have any experience opening a business banking account for a WY incorporated LLC as a non-resident of the US? I have visited HSBC in Miami and TD and HSBC requires a local resident in the US to open a Business account while TD asked me to register with the Florida department of state as a overseas entity doing business in Florida.
I am not sure of the tax implications of registering in Florida so if anyone has any insight into this I would appreciate it.
My requirement is to simply open a business bank account for the WY company, I am not fussed that its Florida, its just that I spend time in Florida when I am in the US which is quite frequently. If there are other jurisdictions within the US where I can look to setup an account without local registrations etc please let me know.
I already have a transferwise account setup for the business and in the process of applying for a Mercury account - but I would like to setup a main bank account as well.
ivan
2019-07-13 15:31
@suren.pinto, the LLC is owned directly by you or an entity?
suren.pinto
2019-07-13 20:02
@ivan - it?s owned by me directly
simon
2019-07-14 08:59
Have you checked with Bank of America / Wells Fargo? They do not usually require a same-state address.
suren.pinto
2019-07-14 13:59
@simon - heading over to BoA and Wells Fargo tomorrow - I will update you on what they say. Thanks
contato
2019-07-15 08:06
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sartstomass
2019-07-15 08:39
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vinodgn0088
2019-07-15 16:09
Can someone recommend me any e wallet company (like transferwise) who can provide a GBP account (with direct debit support)for UK LLP. Important thing is that UK LLP's partners are not resident in EU and are not EU citizens.
mescos
2019-07-15 16:10
@vinodgn0088 - which ones have you tried so far and determined to be unacceptable?
vinodgn0088
2019-07-15 16:15
@mescos, Tried transferwise (not direct debit support), Monzo (no SEPA support to load or withdraw).
aka
2019-07-15 16:23
Revolut?
aka
2019-07-15 16:23
N26
aka
2019-07-15 16:31
fire and maybe fidor
ivan
2019-07-15 18:28
I tried Revolut and N26 myself and they rejected my account because of not being an EU resident. You could try lying.
ivan
2019-07-15 18:29
Transferwise claims they're working on the direct debit capability.
eov
2019-07-15 21:51
I am quite confused regarding banks, taxation, and Canadians. Officially, on paper, Canada has all kinds of reporting deals with offshore banks. But then you go on the OECD website and most caribbean banks have no deal with Canada, nor are reporting bank account information to Canada. What's really going on?
vinodgn0088
2019-07-16 01:37
@aka, Couldn't pass Revolt check as they need an EU/EEA operating address proof. I think N26 will be same.
vinodgn0088
2019-07-16 01:38
@ivan, You are right about REvoult and N26. Unfortunately Transferwise don't have direct debit support on GBP balance.
imatfaal
2019-07-16 13:38
@ivan @simon So can I receive an ACH transfer from a client whose USD banking is not in the US? TransferWise implies yes, but also that it's down to the sending institution (i.e. the client's bank) whether they offer this service or not: https://transferwise.com/us/blog/international-ach-transfer
ivan
2019-07-16 14:04
I didn't know ACH could be used internationally so I'm not really sure @imatfaal. I guess I'd ask the bank involved beforehand to make sure the money isn't delayed.
bountybairn
2019-07-16 16:58
cant do DD on Revolut anymore anyway I dont think, they changed their banking providers
bountybairn
2019-07-16 17:01
Monese has DD support but not sure how easy it will be for you to get an account with them. I am UK based with UK addresses etc so account opening with these guys is never an issue
petrus.luijpers
2019-07-16 17:31
I read trustcomfinacial is a scam.:triangular_flag_on_post:
suren.pinto
2019-07-16 20:36
@simon - went to BoA today. They opened the account for me. Very easy. No issues with the WY incorporated company.
ivan
2019-07-16 22:59
Great to hear that. Any obvious differences between their service and the other banks you visited?
elsamadrolle
2019-07-17 06:22
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suren.pinto
2019-07-17 09:57
Yes, TD wanted a registration in Florida and a registered agent to be appointed as well as have a local Florida address. Suntrust was the same. HSBC required a local employee or someone resident in the US to be on the account. Florida registration and local address were not necessary.
BoA had none of those requirements. Opening the account was pretty straight forward.
asarun72
2019-07-18 18:56
has anyone able to open business bank account in any traditional banks for their UK LLP by going there in person ?
ivan
2019-07-18 18:57
@asarun72 I remember at least one member who mentioned he did open a bank account in UK using an LLP.
asarun72
2019-07-18 18:58
@ivan good to know . Is he non citizen/resident ?
ivan
2019-07-18 18:58
I think he wasn't. But not 100% sure.
simon
2019-07-18 19:02
@asarun72 I?m aware of a number of members who have opened accounts with HSBC. A visit to the bank was required in every case and in some cases it took up to a couple of weeks for the account to be approved (after the visit).
Unless you need a traditional bank account, you will save yourself a lot of hassles by using TransferWise or a similar online-only service.
asarun72
2019-07-18 19:03
@simon thanks !! if I need a payment gateway , just a TransferWise account will not help right ?
aka
2019-07-18 19:12
I used transferwise
aka
2019-07-18 19:12
Not traditional but still under fscs
aka
2019-07-18 19:12
And such
ivan
2019-07-18 19:28
To add credit card processing I created a Stripe account @asarun72
ivan
2019-07-18 19:28
Which is able to withdraw funds to my Transferwise USD account via ACH (no fees)
ivan
2019-07-18 19:30
The only thing you need to be careful about, specially with products, is that if you receive a charge back Stripe will try to debit the amount directly from Transferwise using direct debit which won't work.
ivan
2019-07-18 19:30
The alternative is to keep some balance in your Stripe account to cover for chargebacks
asarun72
2019-07-18 19:50
@ivan thanks !
danz
2019-07-19 04:08
@asarun72 I just did recently. At HSBC in London. Takes a physical visit and you can only open with the GBP currency in the start. After that you need to make another appointment to add other currencies.
asarun72
2019-07-19 04:17
@danz thanks man!
fortunespeculator
2019-07-19 07:15
has joined #banking
benjamin
2019-07-19 12:37
Does anyone have a recommendation for a Georgian bank (personal account) multi-currency that is easy to open on a short 3-5 days in Georgia?
Also, is Tbilisi the best option? Or could an account easily be opened in Kutaisi as well?
ivo
2019-07-19 12:42
@benjamin You can finish account opening in one business day. I?d either opt for SOLO, the private banking of Bank of Georgia, or TBC Status. The former if you care more about service and convenience, the latter if you?d like the most price efficient option.
ivo
2019-07-19 12:44
You can easily open the account in Kutaisi as well. Both SOLO and TBC have branches there.
benjamin
2019-07-19 13:19
@ivo Thank you :+1:
Can you get a debit card on the same day?
ivo
2019-07-19 13:26
Normally, it?s available next day 3pm. But in SOLO on Chachavadze Ave in TBS you should be able to pick it up by 7pm on the same day if you go in teh morning.
As for TBC - the offer non-personalised cards that you can take with you the moment you apply for the account. Personalized Status cards are available on the next day at 3pm.
benjamin
2019-07-19 13:28
@ivo Sounds great! Thanks
ivo
2019-07-19 13:29
Sure thing
vinodgn0088
2019-07-19 15:14
@ivo, @benjamin I heard that some anti-Russia protests were going in Georgia and BOG shares have tumbled too. Do you guys believe it's a wise idea to park your funds there?
danz
2019-07-19 23:18
I was there when that happened
rp_vpnet
2019-07-20 01:45
@imatfaal am in same situation and my customers have to use SWIFT to send USD to my US transferwise account. It?s detailed also on transferwise what the exact procedure
burrup.lambert
2019-07-20 03:35
There's always going to be some risk. The best option is to diversify. I wouldn't be putting my life savings into any single bank or country.
If I had to choose between whether Georgia was on the way up or on the way down, I would say it's on the way up.
ivo
2019-07-20 08:14
@vinodgn0088 Re Georgia: it?s always been a geopolitical hotbed here and I don?t see any difference to the years before. It?s just western media noticing it now as any anti-russian news is welcome and more tourists flock into the country. Personally, I don?t see any knock-on effects that are potentially threatening, at least not in the medium term. Let?s see what Russia does, once they finish the deep sea port in Anaklia.
Re BoG: I don?t see BoG underperforming the rest of the Financial sector (esp when looking at other EM Fins). Banks in Georgia are still old school banks that primarily make money running a loan book. The yield curve is pretty steep and while NPLs have been rising over the last year or so, they are in a pretty safe territory. And if I look at tail risks, I?d rather have my money in a traditional bank than in anything with the derivative exposure of what many western banks have nowadays.
ledrewy
2019-07-21 07:08
Any advice on choosing a good bank for opening a personal bank account in Vietnam particularly HCMC?
bierlingm
2019-07-21 10:41
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nikolay
2019-07-23 16:09
So back to how it was before.
redareda9
2019-07-23 16:12
Revolut for Business pricing is changing - for the better (or not)
https://blog.revolut.com/newplans/
redareda9
2019-07-23 16:13
With the new plans, for the 25� per month plan, we can exchange up to 10k per month (instead of 100k before)...
assefphilippe
2019-07-23 23:31
i always asked myself they could make money with a plan like before
assefphilippe
2019-07-23 23:31
this new one make more sense
assefphilippe
2019-07-23 23:32
trust me, you don't want to see your bank loosing money
redareda9
2019-07-24 13:54
Anyone managed to open a personal bank account in Singapore over the last few weeks/months?
I?m going there next week and would like to try my luck if you have some strategies to recommend.
theo.abresol
2019-07-24 14:09
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mikeseo
2019-07-24 17:13
@redareda9 it was recommended awhile ago to also sign up for one of their investment products, to give a reason/excuse for the bank account and so they make some more money off you
burrup.lambert
2019-07-25 03:26
@redareda9 there was something about opening a brokerage account at UOB I think but I can't remember the exact details.
maktubebasta
2019-07-25 04:25
[NEAT] I would like to know your experience with NEAT. This is a post I copied from a Facebook group:"For those of you who use the euro UK Neat account, how do you manage to get your money back after you receive it on this account ?
It cannot send outside EU, sending to my Revolut is not working, sending to a business partner in France did not work either, and Neat does not answer their support anymore
Any tips to actually get this money somewhere ?"
redareda9
2019-07-25 04:39
@mikeseo @burrup.lambert thanks. I will try that.
jerrycjchang
2019-07-25 04:46
@redareda9 I got one with HSBC Singapore just over a year ago. I said I was looking to set up a business in Asia and will be spending more time in the region (not even Singapore but I said I consider their banking system to be better than most). I had to go into the branch and answered some standard questions. It was fairly smooth
redareda9
2019-07-25 05:44
@jerrycjchang Thanks for the feedback, seems promising. Hope they don't make it harder now.
redareda9
2019-07-25 05:44
@jerrycjchang Did you have to provide some documents?
jerrycjchang
2019-07-25 05:58
Yes but pretty standard documents, ID, proof of address, proof of funds etc. I don?t know if you?re a US citizen but that would make it considerably harder I think
michael
2019-07-25 06:26
Not sure if this has been answered here or if there is an article on it (I couldn't find one). Is there a way to get a SSN to obtain a USA credit card? As a non US resident?
michael
2019-07-25 06:26
I would like the Marriott Credit card... they don't have one in Asia!
simon
2019-07-25 06:38
@michael To get an SSN, you must have a work permit (or be a citizen). There?s no need for an SSN/ITIN, however, as you can get a Marriott card via AmEx?s global transfer if you already have an AmEx card in another country (you will also need a US address and bank account).
andreruete
2019-07-25 06:46
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internationalbits
2019-07-25 06:52
has joined #banking
nnmatveev
2019-07-25 10:12
I have read in different sources that TransferWise can block a business account without any explanations and don?t give money from balance back. How real is the situation (considering that I am not doing any suspicious transactions)? I know that it might happen with any payment processor, but I see such feedback quite often.
michael
2019-07-26 02:34
@simon Thank you. I'll try the AmEx Global Transfer route. :smiley:
justin187
2019-07-26 05:20
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redareda9
2019-07-26 08:46
I don?t know how often it?s happening but that?s why it?s important to spread the risk by opening multiple accounts TW/Revolut business and Payoneer. At least you have other means while you?re trying to solve the problem if it?s occurring
reach
2019-07-27 01:31
has joined #banking
intern
2019-07-27 01:35
has joined #banking
paschoalimnetto
2019-07-28 01:23
has joined #banking
johncitizen
2019-07-28 02:07
@suren.pinto Got a branch address?
nnmatveev
2019-07-28 15:52
Thank you
suren.pinto
2019-07-29 00:47
Yeah, it was the branch in Coral gables
ismaelesn
2019-07-29 00:48
Hey guys - Revolut ask to confirm the identity of my us llc ( partner of my uk company ) to open the bank account
That?s me but I created the company In Wyoming with @simon, I don?t have any document to prove it
What I should do ?
simon
2019-07-29 04:33
@ismaelesn You can use the Operating Agreement + Certificate of Formation.
alexjohnfarris
2019-07-30 08:03
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luciedavioud_registro
2019-07-30 12:35
Hi Mak, Be careful with Neat. I've been using both the personal card and the business account for a few months and I have so many issues. A few transfers took a month to arrive and now, some money has disappeared from my account and they're not answering my emails?
alexjohnfarris
2019-07-30 13:07
does anyone know a UK/EU bank that can hold US dollars and send US dollar wires online? Revolut can do this but they have blocked all transfer to Ukraine which is where my team is. Also due to Ukraine financial rules, it must be a real UK/EU bank not a e-money wallet.
jase
2019-07-31 07:56
I have personally found Neat to be about 2% better than completely useless.
simon
2019-08-01 01:58
@alexjohnfarris You can open a USD account with most large UK/EU banks but it will be a UK/EU domiciled account so you won?t be able to receive/send ACH and domestic wires.
contato
2019-08-01 05:44
Does anyone opened an non-resident US bank account without SSN (Social Security Number)?? I just found a startup who offers that (http://mercury.co) but I?m looking to invest my money in a US broker and the bank refuse to open a business account for investment purpose :confused: I?ll probably need to travel to US and open it in person, anyone with experience?
burrup.lambert
2019-08-01 07:47
Do you need to use a US account bank account? You should be able to open a business account with a US broker like IB, Fidelity or TD Ameritrade as a foreigner or foreign business entity.
redareda9
2019-08-01 12:30
We can buy stocks with Revolut
yuli
2019-08-01 13:42
Schwab and AmeriTrade can open international accounts without you travelling to the US for investing purposes.
ivan
2019-08-01 15:33
Stripe takes 1 week to release all my payments (UK LPP), is that normal? I thought it would be faster.
mrchristiaanpieterse
2019-08-02 03:12
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simon
2019-08-02 03:22
In most countries Stripe applies a 7 day rolling schedule.
simon
2019-08-02 03:23
In the US, Australia and NZ it's a bit shorter, unless your business is deemed to be risky.
ivan
2019-08-02 11:17
Thanks @simon!
contato
2019-08-02 11:52
LLC bank account is needed as come brokers don?t allow ACH or International transfer from personal bank account. I?m contacting IB apparently they accept transferwise.
terraformingmedia
2019-08-03 06:52
My experience. I registered a LLC in WY and applied for a border less account on TransferWise. They opened one in Euros and another one in USD but with the restriction that 3rd parties can?t send money to my USD account (only me or using for pay others). Don?t have bank account in HKD yet, only for balance. No debit card
omatic.hk
2019-08-05 03:35
has joined #banking
contato
2019-08-05 05:01
@terraformingmedia that?s not good. May I ask you where?s your personal address (not the LLC). Just to figure out if this information is relevant when you open the account.
terraformingmedia
2019-08-05 13:14
HK
alexjohnfarris
2019-08-05 15:19
Anyone know which bank Stripe Atlas refers non-US founders to? they claim to open a US account all online.
kuka
2019-08-05 16:00
Silicon Valley Bank
kuka
2019-08-05 16:00
and Azlo for US residents from what I know
alexjohnfarris
2019-08-05 18:28
Thanks!
alexjohnfarris
2019-08-05 19:51
```There are a number of banks based in the US with whom Wyoming LLCs can open accounts remotely. Most offer debit cards, low fees and in-App banking.```
Source: https://www.freedomsurfer.com/estonia-vs-us/
Can anyone list these banks? I only know:
http://Mercury.co
simon
2019-08-05 22:36
Do note that Stripe Atlas doesn?t accept non-residents for LLC formations anymore, only for C-Corp formations.
fish
2019-08-05 23:16
I see a lot of chatter regarding Transferwise, Curve and Revolut.
- I have a TW account that is verified as a non-EU country. Anybody got experience with "relocating" to EU and receiving the debit card? Is it possible for new accounts?
- Curve and Revolut: Activating and verifying a personal account as a non-EU resident but I do have access to a physical address, can it be done?
ouafouaf
2019-08-06 02:42
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benjamin
2019-08-06 07:54
When you become a non resident of your citizenship high tax country and cut ties, I heard its important to also stop using their banks for day to day transactional use as this is a significant tie.
As Revolut is only available to legal residents of certain countries. Would you go as far as to close this account or stop using if your new residence and tax residence is a non Revolut country? Or do you think the risk isn't as high as traditional banks?
alexjohnfarris
2019-08-06 09:13
hmm that may mean SVB doesn't accept non-residents with LLCs
kuka
2019-08-07 01:08
What is the actual bank to go to for UK LLP in the UK itself?
elsamadrolle
2019-08-07 01:36
I use Revolut in the U.K. and very happy with them. Use them for both personal and business accounts. Looks like they are ok with LLPs too
simon473
2019-08-07 04:20
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simon
2019-08-07 04:25
@kuka In the UK, HSBC is the easiest bank to work with if you are non-resident. In the US, if you are patient there are a few banks you can open accounts with but the process takes months and require applying for an ITIN first. Otherwise http://Mercury.co is your best bet, along with TransferWise (and Revolut when they finally launch).
prideaux
2019-08-07 12:51
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mescos
2019-08-07 14:37
@elsamadrolle - You mentioned that you have personal acct and business acct for a UK LLP with Revolut in the UK. Just wanted to confirm: Are you non-EU for your citizenship and residency? Where are the members of your UK LLP located or registered?
kuka
2019-08-07 14:40
Yea, @mescos, a good question. Revolut did not create an account for me since I?m outside of EU.
mescos
2019-08-07 14:41
@kuka - did you apply for a personal or business acct?
kuka
2019-08-07 14:42
Both actually. It was a while ago, like 5-6 months.
kuka
2019-08-07 14:42
I?m a passport holder of Kazakhstan, maybe that?s why, who knows
mescos
2019-08-07 14:43
What country are you a resident of?
kuka
2019-08-07 14:44
^ Kazakhstan
mescos
2019-08-07 14:44
Okay, so both a citizen and a resident of Kazakhstan?
kuka
2019-08-07 14:44
Yep
mescos
2019-08-07 14:44
For the business acct, what country was the company registered in?
kuka
2019-08-07 14:45
UK LLP as well
alexjohnfarris
2019-08-07 14:49
Can you list these banks other than Mercury?
Do you have an article about getting ITIN as US non-res?
hello888
2019-08-12 22:31
has joined #banking
prideaux
2019-08-13 08:17
Hi everyone,
I am trying to create a TransferWise account for mu UK LLP and TransferWise asked the following:
_1. Please clarify where you are physically located when you conduct your business activities (e.g. in which country)._
Does anyone have any recommended answer for this?
ivan
2019-08-13 13:01
I answered I was in Argentina
ivan
2019-08-13 13:01
and it caused no issue whatsoever
prideaux
2019-08-13 13:28
I simply said I was working from a home office and was approved 15 minutes later :+1::+1::+1:
pierre.berthalon
2019-08-13 13:54
Is your country of residence the same as your country of citizenship ?
prideaux
2019-08-13 16:53
I work internationally however my registered personal account is the same as my country of citizenship.
I have some more info that might be useful which I will summarise shortly for the benefit of all.
prideaux
2019-08-13 17:44
*TransferWise: My very recent experience.*
1. I already had a personal TransferWise account in my country of citizenship, TransferWise also offers business accounts in this country.
2. I created my company using Freedom Surfer (_Thanks Simon_! :pray:)
3. After confirmation that my company was incorporated etc I logged into my TransferWise account and applied for a business account, the process was very simple and it looked like my account was setup however it was pending verification (they say to allow 4-5 business days for the verification process).
4. Being impatient after a few business days I contacted TransferWise via support chat and asked if they required anything to assist in the verification process (I could switch between personal/business accounts however the details were asterisked/my account was inactive).
5. They replied basically asking:
? Please clarify where you are physically located when you conduct your business activities (e.g. in which country
? Website/URL if any.
? Brief description of what my business does.
I replied saying I work from a home office, I am in the process of setting up the website and a very brief/simple business description.
6. My account was verified and operational within 30 minutes of sending the above information.
_To benefit all/myself in the future I decided to ask TransferWise some further questions as follows:_
Q: I wanted to know if I could have more than one company on my account, example US LLC & UK LLP, I felt this would be useful especially to keep things simple regarding physical location as you'd not want to confuse issues there (And I notice others are also asking this very question regarding location).
A: They confirmed you can have more than one company on your single TransferWise account, I specially asked about a US LLC/UK LLP and that I could be working international/not in the US nor the UK for a few years. I was informed that this is common and a lot of people work remotely/internationally like this.
Q: I specifically asked if I was to be working in a continent that was not the US/UK would that be an issue at all when asked where I would be 'physically located when you conduct your business activities'.
A: I was told to simply say I was working internationally (and online) and to mention where I was working, they have local/different verification units that are very familiar with such setups etc.
_Conclusion:_
Overall I am very impressed with TransferWise, I was applying for Revolut at the same time however I will probably continue that application (and with others) as a backup once I have my new company website online. I will detail more about Revolut and others once I have progressed.
_Recommendations:_
1. Keep things simple and clear.
2. It would definitely help to have a website in place that looks professional before applying for your bank account.
3. Try and be patient :wink:
_Good luck and feel free to msg if you need any pointers or specific questions._
ivan
2019-08-13 18:46
Had a similar experience with them and my LLP. I also requested the debit card which I forwarded using UK postbox
ivan
2019-08-13 18:46
I didn't have the same luck with Revolut which didn't open the account because I don't reside in EU .
prideaux
2019-08-13 21:33
@ivan To date my experience with Revolut has been personal banking only and positive - however trying to progress with a business account was not as smooth as I had hoped for. To summarise it felt like I needed an operational business to open a business account with them. Additionally I know a very established/reliable company that had an account with them and incurred issues... maybe this was a rare case so I am still keen to try if only for a backup solution/account to have first hand experience, that said I am currently more confident with TransferWise.
rdpires
2019-08-14 03:01
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paulorobertomj5
2019-08-14 03:01
has joined #banking
danz
2019-08-14 06:58
Starling bank opened business accounts since yesterday for UK limited companies. Anyone tried using them yet?
internationalbits
2019-08-14 07:36
have used them for personal only, it's the best banking experience i've had in the UK, including nonfintech banks. basically hassle free.
ivan
2019-08-14 12:29
@vinodgn0088, i just did but it requires a UK based mobile.
alexjohnfarris
2019-08-14 12:31
tide website says they can only do UK to UK transfers :neutral_face:
ggiampieri
2019-08-15 10:13
Guys can you link Paypal and Stripe to Transferwise bank account with the UK LLP?
simon
2019-08-15 10:26
@ggiampieri Stripe yes but PayPal has been hit and miss recently. It can take multiple calls before they agree to manually add the USD balance to the account.
ggiampieri
2019-08-15 10:32
@simon thanks for your detailed answer, I will definitely consider it!
leo.kipfelsberger
2019-08-15 19:40
Hey Team!
Seems like this question has come up a couple of times already and I was wondering whether any one has up to date experience:
I just spent an hour on the phone with Paypal to get a paypal business account setup for my US LLC but they said it?s impossible without a SSN or ITIN.
I offered my passport and EIN etc as an alternative without any luck.
Did anyone successfully register a paypal business account for their US LLC?
If so how did you verify it without SSN?
asarun72
2019-08-15 22:55
Apply for ITIN. It?s a must
alexjohnfarris
2019-08-15 23:11
any guide on how to apply for ITIN as non-resident?
asarun72
2019-08-15 23:21
I think Simon can help you. You may have to mail your application to IRS.
tiagomdreganha
2019-08-16 03:07
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luisdaniel.mateos
2019-08-16 03:07
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leo.kipfelsberger
2019-08-16 09:08
Hey @simon! I had checked your guide on how to apply for an ITIN and saw that the process can take up to 8 weeks.
Do you know whether it?s possible by any means to open a paypal account without an ITIN number or is this a required step?
simon
2019-08-16 11:59
@leo.kipfelsberger Is this for a new account?
leo.kipfelsberger
2019-08-16 11:59
Yes a new paypal business account
simon
2019-08-16 12:09
Have you tried entering the EIN in the SSN field? It used to work and they would manually verify you instead.
leo.kipfelsberger
2019-08-16 12:11
I tried that because it worked for me with Stripe but unfortunately I wasn?t so luck with Paypal
leo.kipfelsberger
2019-08-16 12:11
I called them as well and they mentioned I would have to have a SSN or ITIN
leo.kipfelsberger
2019-08-16 12:12
I was wondering whether any other members got lucky any other way?
leo.kipfelsberger
2019-08-16 12:19
It?s also asking for an address document - not sure how to overcome that even if I had an ITIN
simon
2019-08-16 13:15
You can use the ITIN letter as your personal proof of address and the EIN letter as your business proof of address.
alexjohnfarris
2019-08-16 13:17
where's this guide, can you link me?
2019-08-16 20:47
This message was deleted.
fish
2019-08-16 20:53
I'm looking into opening personal accounts with DKB and Fidor
banks, both banks are German and provide online management. Did anyone have previous experience with them in regards of documents required for verification and general usage?
luisdaniel.mateos
2019-08-17 15:07
My [educated] guess is that UK will require the legal rep of the OU to sign the new comapny's formation document. With that in mind, probably banking boils down to what you state in the bylaws, e.g. sometimes you only determine a single manager for financial aspects and he/she wouldn't require any other form of authorization from shareholders apart from the incorporation documents designating his authority.
rmbergamo
2019-08-18 09:53
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rafmolho
2019-08-19 02:30
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era.gelencser
2019-08-19 09:50
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era.gelencser
2019-08-19 12:40
@era.gelencser has left the channel
redareda9
2019-08-20 01:57
I just tried opening with them few days ago. They want a UK proof of address and only UK. So only for Uk residents.
rp_vpnet
2019-08-20 02:48
@fish, I have both fidor and DKB. Nothing special with the setup as far as I remember. I used a german c/o address to get the cards. If you use crypto then Fidor is good since some exchanges (like kraken) also use the same bank and you can do instant transfer (few seconds) to your exchange and back.
fish
2019-08-20 04:01
@rp_vpnet are you a citizen/resident of German or the EU? Of not, what did they ask in terms of verification?
rp_vpnet
2019-08-20 04:05
@fish, I am german citizen but not resident in germany nor EU. Fidor if I remember correctly was doing the online verification (IDnow I think), so I use my German National ID).
fish
2019-08-20 04:07
@rp_vpnet is it similar to what N26 has? N26 didn't ask for much else other than a valid passport, a video call and a local address without verification
fish
2019-08-20 04:07
I wasn't able to find a list of countries they accept
rp_vpnet
2019-08-20 04:19
@fish, yes similar to N26. With a valid eu passport. Local address was without verification, just to receive the card.
stolzlos
2019-08-20 05:23
@fish I found the following document
stolzlos
2019-08-20 05:25
Upper list is accepted nationalities, the lower is Germans with residence in the following countries.
fish
2019-08-20 13:31
@stolzlos Thanks, seems like KDB is out of the question for me
fish
2019-08-20 13:43
Here's a short review about Georgian banking:
- Enter TBC (quite young and most popular) bank
- Take number
- Sit in front of the clerk
- Declare that you're interested in a new personal bank account
- Say name
- Show passport
- Ask questions about fees
- Before she addressed your questions shes handing you a document to
sign, saying: Congratulations for having a new bank account!!!
- wait what?!
? 3 currencies: GEL, USD, EUR
? Internet banking
? App
? 3 cards (visa, mastercard and an RFID visa sticker card ) , all for about 10usd/year
One
thing to note is to make sure the default currency is the one you're
intending to use. I'm going to use GEL while in Georgia and swap to USD
once I'm out.
internationalbits
2019-08-20 13:50
thanks @fish how recent is this? planning my trip to georgia for the next couple of months
fish
2019-08-20 13:50
This week recent
internationalbits
2019-08-20 13:51
were you given the cards right there at your first visit?
fish
2019-08-20 13:52
I came pretty close to the time they close and I had to come back the next day
fish
2019-08-20 13:52
Its possible if it would be earlier I would get the cards same day but can't tell for sure.
burrup.lambert
2019-08-20 14:01
Required to open a Certificate Of Deposit / Term Deposit? Interest rates on the account? Account minimum? Do the cards have an FX fee?
danz
2019-08-21 00:58
You get the card the same day if you don't want your name on the card, if you want your name on the card you can pick it up a day later.
tiagomdreganha
2019-08-21 03:36
Best EU/EUR bank for EU citizens non-residents? I like N26 for day to day stuff but don't trust it for holding larger amounts / savings
benjamin
2019-08-21 03:48
Just came across a solution for people in Thailand who don't have a local bank account and want to avoid the 180-220baht ATM fee and horrible conversion rates.
https://everex.io/MoneyTraveling/
The conversion rates at this moment are better than transferwise as well.
I'll test it out later. It definitely fills a need, those ATM fees are horrible.
danz
2019-08-21 04:02
@benjamin, why not just open a bank there and sent by Transferwise? It works pretty easy. You won't have to pay any atm fees, just the low transferwise fees once.
benjamin
2019-08-21 04:21
@danz I do have a bank account in Thailand, but I know this is a common problem for people who can't get a bank account. You generally need an address in Thailand (or get lucky on the day) to open a bank account on a tourist visa. So this should solve the issue for people just visiting :)
This service also shows a better conversion rate than using transferwise to a local bank, but I'm yet to test it.
simon
2019-08-21 04:31
You can use one of the fee-free ATMs too. Citibank, AEON and Standard Chartered in Bangkok (if you have a card issued in another country with them). Bank of China for all Unionpay and MasterCards.
simon
2019-08-21 04:32
If in Bangkok, you can also save yourself the hassle and use your card everywhere (+Line Pay for the BTS, Family Mart and the food courts).
mark
2019-08-21 10:12
has joined #banking
marziovit
2019-08-21 10:12
has joined #banking
hello888
2019-08-21 12:16
*What's the best Transferwise Business alternative for UK LLP for non-EU residents?*
I tried opening a new *Transferwise* business account over a week ago, they sent me the typical question about my "physical location" after a few days, but they never seem to approve my business account or ask for additional docs. I have the TW personal card though and use it everywhere.
I tried *Holvi*, the same thing, personal verification is done, but again, company verification still pending over 7 days.
*Paypal* for business, I feel like I will get a frozen account in 2 days if I accept any big payment, they don't seem to have different fields for personal residency vs company location. and I already got 8K frozen for 6 months last year :face_with_rolling_eyes: in my personal PP account.
Got rejected by *Revolut* after their lengthy signup process, no reason given, but probably cause my residence it's outside of the EU.
*N21* isn't really for business, cause your name still shows up on your business account as if you were a freelance.
I've got several clients who already have their payment due with services delivered, but I can't invoice them until I have this business bank sorted out, and it really has begun to stress me out. :eyes:
So, if anyone has a good alternative, let me know, I will go sign up, send my docs, and wait. Thanks.
marziovit
2019-08-21 13:08
Have you applied for the universal package?
danz
2019-08-21 13:19
Weird that TW didn't accept it, I had no problems with signing up with TF Business with being a resident outside of the EU.
fish
2019-08-21 13:25
The list of fees can be found here:
https://www.tbcbank.ge/web/en/fees-for-individuals
@burrup.lambert: Fees above ^. Bank rates are little worse than exchanges around the city
@marziovit: I'm not sure what is the universal package
marziovit
2019-08-21 13:36
@fish take a look at the benefits of the universal package https://www.tbcbank.ge/web/en/web/guest/tariff-packages
pierre.berthalon
2019-08-21 15:18
@hello888 http://Mercury.co seems to be more and more recommended here. Can you tell us what's your residency ?
hello888
2019-08-21 15:29
@pierre.berthalon Thanks, I'll test that one. My current residency is in Uruguay :flag-uy:, but I spend a lot of time in Italy :it: because I've family and Passport, but I don't want residency because of taxes and the Italian Banking / business environment has too many rules and it's slow/backwards IMO.
hello888
2019-08-21 15:39
@pierre.berthalon Mercury only works with US companies, not UK LLP
pierre.berthalon
2019-08-21 15:43
sorry, misread your first post.. Simon was recommending HSBC if you're a non-resident, but you'll need a trip there :confused:
https://freedomsurfer.slack.com/archives/C1CG9U1N1/p1565151914089300
giovannilaperna
2019-08-22 17:34
My situation is very similar to yours: Italian passport, Paraguay residency. I had no problem to open the TW business account with card for the UK LLP (When they asked the physical location I just said I don have a physical office location). But I don't have the personal card, being not EU resident. Which proof of address did you provide to get the personal card?
mescos
2019-08-22 20:00
- Hey all, just got off a call with Mark from http://GlobalBanks.com - they just launched and after joining and spending some time inside it?s a pretty interesting platform.
Given all the banking/account opening issues discussed here, I thought I would share.
This is the first real banking solution I?ve seen and their analysts are super responsive. They?re running a discount until the end of the month since they just launched, around 70% off, so it could be a good time to get in.
Just sharing since I figured a lot of people here would find some value in it: https://globalbanks.com/product/global-banks-insider/
ionutadrian.m
2019-08-23 00:14
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julienduteurtre
2019-08-23 00:50
@mescos how is that different from Sovreignman reports ?
mescos
2019-08-23 02:17
@julienduteurtre good question - that was one of the reasons I hesitated signing up. Now I?m a member of both. Global banks gives you strategies for opening, how to do it, tells you which banks and branches to approach, etc. Plus they are only focused on banking so I like that they actually specialize in this stuff. Sovereignman is more focused on general offshore strategy and sometimes covers banking, so a lot of their stuff can be out of date and more theoretical.
nardimed
2019-08-23 04:18
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shaharhillel4
2019-08-24 06:04
Is there Online banking service (tranferwire/n26 etc) that doesn?t require address proof, but you just give them an address in Europe and they?ll send the debit card etc?
philippe
2019-08-24 07:06
Monese
internationalbits
2019-08-24 15:38
Monese will ask after a while, ala Paypal. N26 usually doesn't.
roman
2019-08-24 16:24
N26 didn't require address proof when I got it a few years back, but it does require a video call and identity verification. I showed them my passport.
sebastian.leu
2019-08-26 02:00
Did anybody here manage to open an account at N26 without having an actual residential address in one of the eligible countries? If yes I'd be grateful if you could share some details.
sebastian.leu
2019-08-26 02:02
@roman how did that work for you? because when I select canada in the `country of residence` field at https://get.n26.com/?ch=homepage3 it'd only show me the waiting list screen in the next step.
simon
2019-08-26 02:04
@sebastian.leu You need a mailing address in a supported country but it can be a virtual address (it doesn?t have to be a residential address). Once you have passed the verification and received the card, you can add your SIN as primary tax ID in the app.
roman
2019-08-26 02:50
I used Cleverr Mail to get it reshipped
contact339
2019-08-26 10:59
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pierre.berthalon
2019-08-26 12:06
Interesting :slightly_smiling_face:, how were you able to prove your paraguayan residency without physical location proof pls ?
mikeseo
2019-08-26 21:00
does Transferwise still require "Transferwise FBO ...." for USD account names?
simon
2019-08-26 21:59
@mikeseo I?m not sure if that is true for all accounts but my accounts do not require it anymore (for both ACH and wires).
mikeseo
2019-08-26 22:03
they just replied to my email, "no longer required as long as "Transferwise" is listed with the recipient address"
stihlman
2019-08-27 11:52
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imatfaal
2019-08-27 14:06
This is great news! When did they make this change?
mikeseo
2019-08-27 17:04
must of been July or August
yura-by
2019-08-28 08:11
Another option is to ask cash advance in yellow bank exchange booth and give them card + passport, there is no 200 baht fee in this case. I don't understand logic here, they charge you 200baht to use self service machine, but if you waste 10 minutes of yours and clerk's time - withdrawal is free.
marziovit
2019-08-28 08:43
@yura-by yes i had the same experience at one of the bangkok branches with my N26 card. They say it can only be done with credit cards but this worked with N26 because the card is embossed. This would not work if your card is unembossed.
ouafouaf
2019-08-29 10:39
Hi, has anyone used a Revolut FREE business account ? Their add mentions Intl IBAN account, just wondering IBAN from "which countries" does come from this particular 28 currencies Free Biz account ?
:thinking_face:
marziovit
2019-08-29 10:47
I haven't used Revolut free business account but i guess they will use a GB IBAN
ouafouaf
2019-08-29 16:34
@marziovit, yes the Private one is a GB, thats what made me wonder why they would mention " international"S" BAN "...which makes it sounds like, hey we�ve got various IBAN in dif. countries ! :yum:
higiacomo
2019-08-31 11:52
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paul.giannotti
2019-09-01 02:23
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tdibaja
2019-09-03 10:16
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stihlman
2019-09-03 11:49
set the channel topic: Stripe Phone Number for LLP?
stihlman
2019-09-03 11:53
I have just set up my Transferwise account to take payments from my LLP, used as a payment gateway as suggested by Simon. Stripe is asking for a UK phone number.. Has anyone experienced this and do you know a way around...?
vinodgn0088
2019-09-03 14:16
@stihlman, get a Virtual mobile number from http://zadarma.com. Supports both calls and sms if you are willing to verify the account by providing a selfie with you holding your passport
stihlman
2019-09-03 14:30
Thanks @vinodgn0088 I'll try that out.
julienduteurtre
2019-09-03 21:41
Quick question : What is the best way to convert large sum of money ?
From my experience :
- Revolut *free* with premium
- Interactive Broker *2$* by exchange
- Transferwise *between 0.35% and 2%*
Am I right ? do I miss any other way to convert currencies ?
fish
2019-09-04 18:57
I've been experimenting with TBC (Georgian bank), mostly by sending small amounts of money and using it on daily stuff:
- Using Transferwise: Sending 200 USD worth of GELs. The exchange rate is great, equal to some of the best rates I've seen in town, easily diminishing the fees. GOOD!
- Using Transferwise: Sending 50 USD from the US as a SWIFT transfer as there are no other options, 45.40 USD made it. This was an experiment and I do believe it'll make sense with larger amounts.
Using: Straight forward, no issues and no complaints.
PRO TIP: I moved my Steam account to Georgia and set a TBC card as the payment method. Now prices are ~30% of what they used to be. Its a blessing and a curse at the same time lol.
benjamin
2019-09-04 22:05
@redareda9 Did you have success getting the Singapore personal account?
ledrewy
2019-09-05 00:51
BoG supports ApplePay now
jd
2019-09-05 04:52
Has anyone opened a Bank of China personal account in Singapore? Any tips?
koshis
2019-09-05 05:40
You can apply for a Foreign Currency Deposit account as a foreigner at Krungsri Bank. The account opening deposit I think is 500USD. You can get a debit card with the account. The card can only be used at Krungsri arm's apparently.
https://www.krungsri.com/bank/en/PersonalBanking/CardProducts/KrungsriDebitcard/KrungsriFCD.html
benjamin
2019-09-05 05:49
Interesting, have you got one? I wonder if the exchange rates are good
koshis
2019-09-05 07:19
Yes I do. But its just a back up for me, I don't use it. As I have other accounts here.
burrup.lambert
2019-09-05 07:58
Yes it would seem Neat (though works great), is a bit of a 1 way money black hole.
michael
2019-09-05 08:35
@jd No. Tried the local banks DBS etc... all good... need to go in person.
jd
2019-09-05 08:54
Thanks Takumi - I?m there in November, so will make a plan.
adrian7
2019-09-05 10:03
Hi guys, do you know if I can have the bank account (Payoneer) linked to PayPal account. I added the USD account from Payoneer but I didn?t receive the transaction on Payoneer statement. I have an US LLC, but I am not resident in the US. Do you know another mothod to confirm the PayPal account?
alexjohnfarris
2019-09-05 10:07
fyi I had meetings with DBS and OCBC.
Both meetings went well but DBS ignored my emails after the meeting. OCBC opened the account.
jd
2019-09-05 12:52
Thanks Alex, appreciate it
jd
2019-09-05 12:53
Did you set the meetings before you arrived in HKG @alexjohnfarris? Or just turn up?
alexjohnfarris
2019-09-05 15:53
this was singapore, I think HK banks are even less friendly.
I set appointments and did a ton of the paperwork beforehand (I had a dumb complex arrangement trust owning company). They wanted to see a bunch of stuff, invoices to my company, my products, my website etc.
arcaballero
2019-09-06 05:24
Don't be American :smile:
simon
2019-09-08 10:52
@adrian7 You can open an account with Mercury Bank remotely and connect it to your PayPal account.
adrian7
2019-09-08 11:46
@simon thanks :grin:
fish
2019-09-08 14:06
Is there an invite?
simon
2019-09-08 14:11
For Mercury Bank? No, everyone with a US company can open an account (subject to their due diligence and risk requirements)
paschoalimnetto
2019-09-09 14:17
Hi all, just incorporated in USA but Mercury refused to open my account as I wont do business with US customers. Any suggestions of banks that would allow me to open online an account?
vinodgn0088
2019-09-09 17:07
Bad news from Paysera :-
vinodgn0088
2019-09-09 17:07
Please be informed that from 11-09-2019 clients who are not residents of the EU will be temporarily unable to perform transfer in USD currency (except to recipients in the US). All other transfers will be performed as usually, thus we recommend performing transfers in another currency, when possible.
We cannot tell exactly how long this restriction will apply. We will inform you as soon as the possibility to perform USD transfers is restored.
We apologize for this temporary inconvenience.
simon
2019-09-09 19:20
For those here who have bank accounts in Georgia (:flag-ge:), Apple Pay is now live as of today. Bank of Georgia, TBC, VTB and Liberty Bank are supported.
fish
2019-09-09 19:21
Good news, what are the benefits of Apple Pay?
simon
2019-09-09 20:15
@fish Convenience (especially if you have an Apple Watch) and security (your real card number is never used when paying).
consciouscapital
2019-09-10 02:42
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igor
2019-09-10 10:22
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imatfaal
2019-09-10 16:47
OK I have just realised there's a problem with my plans to use a TransferWise borderless account for my new UK LLP: it appears I cannot issue three different cards in the names of the three different partners all linked to the one account....
https://transferwise.com/help/18/transferwise-debit-mastercard/2935775/can-i-get-a-transferwise-debit-mastercard-for-my-business
Can anyone think of a workaround for this?
ivo
2019-09-10 17:00
Transferwise now supports multi-user access in beta. So far in read-only. Can be enabled upon request.
imatfaal
2019-09-10 19:29
Thanks, sounds like a good start. But I need the other partners to have MasterCard debit cards with their names on to spend with.
ivan
2019-09-11 02:51
Can't you use N26 or Revolut? Also, depending on where you reside, you might be able to issue personal transferwise debit cards for personal accounts, so you just distribute to their personal accounts in case they need to use it. For business expenses they could have the card details and just use it.
ivan
2019-09-11 02:51
You could also distribute to something like Payoneer using ACH, but that's going to be expensive.
ivan
2019-09-11 02:52
Supposedly transferring to other transferwise accounts is free.
squalldawa
2019-09-11 08:13
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merle.alexis
2019-09-12 05:57
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jer2005
2019-09-12 09:05
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services
2019-09-12 22:49
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julinhio
2019-09-13 00:51
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tilaukset
2019-09-16 03:22
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simon
2019-09-17 04:07
Stripe now supports transfers to debit cards, even in unsupported countries it seems (from their list of supported banks). Has anyone here tried the feature? https://stripe.com/docs/payouts#instant-payouts
netroxx
2019-09-17 07:42
I'm doing quite well collecting points with my AMEX, but for where it's not accepted, can someone recommend a good Rewards card for EU Residents
netroxx
2019-09-17 07:42
I'm in Malta
netroxx
2019-09-17 07:44
for what I checked, Hilton Honors can be good, and Miles and More, but they require you to be a resident of one of the 1st world EU countries, like Germany :smile:
paschoalimnetto
2019-09-17 20:09
Hi @simon! Mercury refused to open my account for my Wyoming offshore simply because I told them that initially I wont do business within the US. Do you see any other alternatives? I have a comission to receive and no bank account :disappointed_relieved:
simon
2019-09-17 21:52
@paschoalimnetto Have you tried TransferWise?
pvpamstelveen
2019-09-17 22:42
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ivan
2019-09-17 23:00
I wasn't able to find the option in my balance section. Do you see it there?
simon
2019-09-17 23:21
No, I do not see it either. I?m not sure what are the requirements to be eligible..
d.mikocionis
2019-09-20 13:27
Has anyone had any problems with Transferwise holding their money?
prideaux
2019-09-20 15:39
Holding how? I once had a delay where more info was required. Since then I have made transfers below the threshold.
ledrewy
2019-09-21 06:07
Does anyone have any experience using Vietnam for personal offshore banking?
danz
2019-09-22 01:25
Nope, but I do know from people it's hard to get your money out of Vietnam. Even sending with Transferwise to there doesn't always work somehow.
ledrewy
2019-09-22 07:02
Thanks @danz
nnmatveev
2019-09-22 09:54
Does anyone have any experience with Armenian banks? Are they are on the same level as Georgian banks (service, protection)? I have heard positive reviews about their largest bank - Ameriabank.
danz
2019-09-22 12:28
Tried the same nog so long ago, had the same issue unfortunately.
gcam991
2019-09-22 17:53
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michael
2019-09-23 04:56
heard the same @danz @ledrewy
michael
2019-09-23 04:56
had friends who had issues...
ledrewy
2019-09-23 13:00
:pray:
imatfaal
2019-09-24 13:04
Any update on this? I am still having issues receiving payments from clients in USD due to this account name problem...
p.rawson100
2019-09-25 03:44
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rom1.mistretta
2019-09-25 03:44
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contact847
2019-09-25 03:44
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oli_rod
2019-09-25 03:44
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simon
2019-09-25 04:24
Are you using ACH or wires?
chenry1288
2019-09-25 17:26
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mikeseo
2019-09-25 20:09
I'm receiving USD wires fine using just the account name without Transferwise FBO.
mikeseo
2019-09-25 21:29
they did tell me that Transferwise is required in the recipient address though..
timothyhimself
2019-09-26 03:29
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oli_rod
2019-09-26 03:49
Hey guys. I'm looking to open a Singapore bank account with the caveat that my source of funds is from online poker. Any tips that could help? Is there a way I can show that the money is just savings or stock investments or something of that nature? I'm guessing they're probably not too thrilled about money from gambling.
hans.hoppe
2019-09-28 18:00
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jaimeeis
2019-10-01 04:42
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994kaloyan
2019-10-01 04:42
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gun
2019-10-01 04:42
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martynas.vaskovicius
2019-10-01 04:53
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julien
2019-10-01 04:53
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kristina.bikare
2019-10-01 04:53
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fcgauthier
2019-10-02 02:46
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burrup.lambert
2019-10-03 08:20
Anyone have info for opening accounts in the US? I'll be heading to LA in a few weeks and looking to open some. Are accounts opened on the spot? Easy to open an account as a non-resident? I do not have an ITIN or SSN so will be using my Australia Passport. Minimum deposit requirements? What banks are favorable? I would like a US Amex. I have one but not in the Global Transfer country list. I'm hoping 1 week will be enough.
My main purpose is to build credit using secured credit cards as @simon suggests for building global credit, idea being to manufacture spending for airline points.
burrup.lambert
2019-10-03 09:04
Would it be worth using Stripe Atlas as Simon recommendations to spin up a company just so I can get an SSN?
Keep in mind I will be leaving for the US in 2 weeks so that might not be enough time to organise everything.
bigworld
2019-10-03 20:56
https://brex.com/product/business-cash-account/
Another option for banking in the US
simon
2019-10-04 03:58
@burrup.lambert To get an SSN, you need to be a US citizen or to have a work permit. You can get an ITIN as a non-resident, there are multiple ways to qualify (but it takes months to go through the application process).
Regarding banks, most open accounts on the spot. Bank of America is a good choice, Citi also (they both allow credit card applications without a SSN / ITIN).
jaimeeis
2019-10-04 06:10
Help. I have been having a hard time funding my interactive brokers account from the philippines, as I can only do wire transfer and the bank puts me through so many loops before I can fund it (have to get a document from IB specifying the amount I want to fund, the shares I want to invest, etc). Currently exploring offshore bank accounts that I can open remotely or at least a day's visit. Can anyone recommend anything? The only option I have right now is an HK bank account tied with a 10K pa annuity with AXA HK. Not sure that is the best approach
simon
2019-10-04 09:14
@jaimeeis You can remotely open a current account with Standard Bank on the Isle of Man (UK). https://international.standardbank.com/international/personal/products-and-services/bank/international-bank-accounts/optimum-bank-account
simon
2019-10-04 09:16
They offer USD, EUR, GBP and AUD accounts.
jaimeeis
2019-10-06 02:26
Thanks Simon. I can't open an account from the Philippines though.
simon
2019-10-06 02:41
@jaimeeis have you inquired with them? Standard Bank usually accepts remote applications from most countries.
burrup.lambert
2019-10-06 05:01
Hi @simon. If I open secured credit cards with my Passport with the banks stated above that allow it, in the future will I be able to open accounts at other banks using my FICO score? Or will I still require an ITIN or an SSN? Or would I be able to open other credit cards at the same banks? For example get this card with Citibank > https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-secured-credit-card > and then later on apply for this card > https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-prestige-card&category=travel-reward-credit-cards&afc=1C1&intc=7~7~67~1~MCT~1~CMSDefaultOffer > as an example.
If for now and into the future I am restricted to the banks (and cards) that only allow Passports, there doesn't seem much point as the credit cards are basic and none of them include airlines points/rewards.
simon
2019-10-06 05:07
You?ll be limited to the banks that accept passport numbers in lieu of an SSN / ITIN. You can add an ITIN to your credit profile at some point in the future if you want more options (it?s easy to get one).
simon
2019-10-06 05:08
You can see what your FICO score is using the AmEx app (no SSN / ITIN required).
lljorganxhi
2019-10-06 06:05
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me1892
2019-10-06 06:31
Anyone have any experience with Malaysian banks? Specifically which allow foreigners to get credit cards
me1892
2019-10-06 06:36
Standard Chartered will accept me as an MM2H participant but don't seem to allow credit (even with a FD to cover the limit)
simon
2019-10-06 07:00
@me1892 Have you tried opening an account with BigPay? They do not offer credit cards but their debit card is pretty good. https://www.bigpayme.com
simon
2019-10-06 07:03
You can fund the account using a foreign debit card, possibly a decent manufactured spending opportunity.
me1892
2019-10-06 07:05
@simon hmm no hadn't seen before. Similar features to a Transferwise debit card?
simon
2019-10-06 07:05
Yes, it?s essentially the Malaysian Revolut
ledrewy
2019-10-06 11:21
Current remittance fees from MYR via BigPay
simon
2019-10-06 11:22
@ledrewy Not bad, are their rates good?
ledrewy
2019-10-06 14:42
@simon BigPay rate is better than InstaRem and TransferWise but there is a limit to RM10,000 only
ledrewy
2019-10-06 16:24
I stand corrected - For local bank transfers, you can transfer up to RM1,000 daily and not more than RM2,000 monthly. The limits are different when you transfer money overseas - the FAQ read ?we'll let you know in the app if you reach the limit.?
gun
2019-10-06 21:07
Good little hack - anyone can get this card online using a friend?s Malaysian address, and then use it to lower their online services such as Spotify / Netflix etc to Malaysian prices using a VPN. :nerd_face:
ledrewy
2019-10-06 23:28
https://static.imoney.my/articles/wp-content/uploads/2017/10/03180534/digital-tax-pic.jpg
There will be a 6% digital tax imposed starting Jan 2020. @gun
gun
2019-10-07 06:35
thanks for the image - I hadn?t thought of moving adobe cloud to Malaysia too!
ahwell, Spotify will now cost $3.70 instead of $3.50 :smile:
sebastian.leu
2019-10-07 06:51
Does anybody know if Transferwise will at some point cover the money you hold in their accounts using a ` FSCS Deposit Guarantee Scheme`? Because for now accounts seem not to be covered in the quite unlikely case that Barclays goes down.
https://transferwise.com/help/11/getting-started/2949821/is-my-money-covered-by-a-financial-protection-scheme
Curious about this also for similar fintech companies like Revolut for example.
Revolut claims to cover 100K, https://blog.revolut.com/why-a-european-banking-licence-will-be-a-huge-deal-for-your-revolut-account/, although looking at posts in their forums things seem rather unclear.
sebastian.leu
2019-10-07 06:51
lljorganxhi
2019-10-07 09:46
Hello. I wonder if anyone could help me with the following: Im an Albanian resident. I need a visa debit card in GBP. Unfortunately in my country i can only get it in usd or eur, but no gbp. Does anybody know of an online possibility? Thanks
tdibaja
2019-10-07 10:02
Not sure if they accept Albanians. All others I know require EU address proof.
lljorganxhi
2019-10-07 10:05
I have an account with transferwise, but unfortunately they havent introduced cards for my country
simon
2019-10-07 10:08
@lljorganxhi If Albania isn?t your passport country (they only accept people living outside of their home country), standard bank on the Isle of Man could be an option. They have GBP accounts, visa debit cards and it?s a real bank (unlike TransferWise).
lljorganxhi
2019-10-07 10:15
@simon unfortunately its also my passp country. I just need the card to withdraw gbp from paypal. (Ebay sales) it sucks to loose 150-200pounds monthly to paypals? ridiculous exchange rate.
simon
2019-10-07 10:34
Have you tried N26 UK? They usually do not require a proof of address and are very lax with their residency requirements.
lljorganxhi
2019-10-07 10:35
I will give it a shot and let you know. Thanks
alpha.tauri.brazil
2019-10-07 11:32
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vinodgn0088
2019-10-07 13:23
Try N26. They don't ask for address proof.
me1892
2019-10-08 02:18
Update on MY banks; Maybank seem to think it's okay for MM2H holders to get credit cards. Will believe it when I have one but they seem to have some decent Airmiles cards
ledrewy
2019-10-08 05:51
Get the Premier 2 Amex Reserve and Visa Infinite cards.
me1892
2019-10-08 05:56
Yeah, those are defo what I'm looking at. Best conversion rate by far
ledrewy
2019-10-08 06:50
@simon Free for first time transfer. I transferred MYR10k to SG and the forex rate is between 0 to 1%. They didn?t specify the limit but probably the limit imposed by the central bank.
omocha_10
2019-10-09 04:43
has joined #banking
juan.devillafane
2019-10-09 04:52
has joined #banking
nitu.sebi
2019-10-09 04:52
has joined #banking
michael
2019-10-09 10:00
To those who are interested in SG banks... opened one of these recently... a DBS Multi-currency account, (it can hold 12 currencies with in 1 account). Very convenient. https://www.dbs.com.sg/personal/deposits/savings-accounts/dbs-multi-currency-autosave.
vinodgn0088
2019-10-09 10:22
@michael, depending on account type you need to keep an average daily balance of 3000 SGD or 5000 SGD (equivalent in FCY also ok) to avoid monthly fees.
rtiagm
2019-10-09 12:09
@michael are you a resident of SG or living there?
michispc
2019-10-10 01:13
has joined #banking
perrylok
2019-10-10 01:13
has joined #banking
burrup.lambert
2019-10-10 02:17
Following for next time I'm in SG.
chris
2019-10-10 09:53
has joined #banking
zubrickasmantas
2019-10-10 10:20
has joined #banking
kristina.bikare
2019-10-11 09:59
Hey everyone! Is anyone currently using Square for their payment processing? I wonder if you're able to create payment links with them (and recurring payments too)? Couldn't also find info if you're able to connect your Transferwise business account with them..
burrup.lambert
2019-10-11 15:13
@simon. Can I apply for HK credit cards online if I already have personal bank accounts setup? Is a branch visit requited to verify documents or pick up the CC? I don't plan on heading back to HK anytime soon and want to start applying. IIRC AEON required me to physically pick the card up.
simon
2019-10-12 04:54
You can apply online with Citic (inmotion) and AmEx. They are both easy cards to get, with few requirements.
simon
2019-10-12 04:54
It might be possible with other banks both in most cases they will require a proof of income and not having a local one can make things a bit more complicated when applying remotely.
ledrewy
2019-10-13 06:15
@simon Must HKID be required to apply for Citic (Inmotion)?
simon
2019-10-13 06:22
I?m not sure if it?s required but I used mine when I applied (the HKID number is used to pull your credit report, similarly to the SSN in the US).
ledrewy
2019-10-13 06:49
That means I?d need to get a work visa and then apply for a HKID then. Thanks
2019-10-13 18:52
This message was deleted.
paschoalimnetto
2019-10-13 19:56
Thanks @simon! I did open the account and tranfer the funds successfully.....so for my business that is up and running... however to trade stocks with Tastyworks that is a no go since they do not accept Transferwise. I guess i will look for a standard bank once i am in the US physically... any recomendations:
kuka
2019-10-13 20:00
Did you get the money out?
simon
2019-10-14 02:51
@paschoalimnetto Bank of America is usually friendly to non-residents. You could also open a brokerage account and fund it directly or via TransferWise (many brokers in the US will give you a dedicated account number that works just like a normal bank account number, the only difference being that it can only accept transfers in your name).
luisdaniel.mateos
2019-10-14 03:14
Yes, I can attest to that. I had a BoA account a couple of years back which I opened with my Mexican passport and address.
omocha_10
2019-10-14 09:43
Hi, Been reading the banking and cards post. Do you know any bank that can have a debit/credit card with no transaction fees, no ATM fees, no international exchange fee, and compatible with mobile wallets? In the USA or Europe.
prideaux
2019-10-14 09:47
What do you mean by LLP member
simon
2019-10-14 09:55
@omocha_10 TD bank in the US has a no-fee debit card that works with Apple Pay. Lots of other banks do too. In Europe, your best bet will be the fintech (N26, Bunq etc).
omocha_10
2019-10-14 17:10
Can use it worldwide with no transaction fees, no foreign exchange fees, no atm withdrawls?
How can I achive that? With TD + N26 + Curve?
paschoalimnetto
2019-10-14 19:04
sorry, maybe a stupid question... so Tastyworks is not actually a brokerage account? then what would be an example of BoA? Interative brokers? Merryl Lynch? any advice is welcome
kristina.bikare
2019-10-15 08:13
Hey guys! I've recently registered UK LLP and I'm in the process of verifying my Transferwise business account.
They've asked me the questions below and I'm not sure if I say that I'm in Latvia, does it goes against any rules with having a UK company? (I'm Latvian myself and currently I am in Latvia. My business is coaching, so I told them before that my coaching is done online). So technically I can (and will be) moving around the world. Would you say it's ok to tell them that or it could cause any problems and I just should stick with my country of residence?
Also, there's a 2nd member of the LLP who has 0% of ownership, but I'm not sure what's the difference between limited, general or mixed member?
Would love to hear any advice or if anyone had a similar situation before?
danz
2019-10-15 09:54
It's not against the rules to have a UK LLP, but if your still 'living/having residency in Latvia', you will have to put Latvia there. It also doesn't anything in lowering taxes if you have tax residency in Latvia still. You might want to move (tax) residency first.
kristina.bikare
2019-10-15 10:25
Thanks @danz!
What do you mean by "It also doesn't anything in lowering taxes if you have tax residency in Latvia still. You might want to move (tax) residency first."?
Are you referring to my personal tax? Yeap, I do have to pay it in Latvia - unless you meant smth different?
danz
2019-10-15 10:26
Yes, I meant that
simon
2019-10-15 12:35
It is a brokerage account but as far as I know, they use a pooled account to receive deposits. Some brokers, on the other hand, use dedicated ACH numbers for each accounts (in effect, they work like normal US bank accounts meaning that you can transfer funds to them via ACH).
paschoalimnetto
2019-10-15 15:40
Clear, thanks for the help Simon
tdibaja
2019-10-16 08:10
@kristina.bikare I'm in a similar situation. There are no limitations of Latvians or people resident in Latvia owning a UK company. That part is fine. The language they use appears generic and not specific to LLPs as I believe the correct terminology for LLPs is "designated members" and "non-designated members" (see for example https://simply-docs.co.uk/Limited-Liability-Partnerships/What-is-a-designated-member-and-how-many-must-a-LLP-have). I am curious however what you put for where you are managing the business from. I understand that these questions are part of the bank's KYC requirements but not sure how this information filters back to the tax office.
simon
2019-10-16 08:54
@tdibaja You usually have to enter your country of residency as the place where you manage the business from. That?s why it?s a good idea to move your residency to a tax efficient country.
tdibaja
2019-10-16 09:19
@simon Yes, absolutely. Most people just have bank accounts and proof of address in a prior (non-tax-efficient) country, prior to or during the process of relocating, so I'm wondering if using those details would filter back to the tax office somehow. I'm talking about details used in registering banks accounts or a virtual office in the UK, for example.
lucas0911
2019-10-17 15:57
has joined #banking
ivan.lakatos
2019-10-18 05:14
For those based in Thailand, TrueMoney wallet is now available in English and finally usable by foreigners. I've just linked my Kungrsi debit card and everything is working flawlessly. Not on the level of Wechat pay or Alipay in China (few places so far to be able to pay with your phone in Chiang Mai, not sure about Bangkok) but quite convenient for going cashless in shops like 7/11 etc. You can apparently also link it to Google Play and other services. @simon @all
simon
2019-10-18 05:28
@ivan.lakatos Line Pay is also very useful in Thailand, especially when linked to a physical Rabbit card.
For those who have a HKID, it?s possible to create a fully verified Alipay account that can then be used globally (including in Thailand). I have one and it?s great, it directly debits my linked credit card.
simon
2019-10-18 05:31
In fact, the whole Alipay situation is a bit strange in HK. You register with your HKID but because there is no such thing as HK citizenship, they automatically register you as a Chinese citizen.
ivan.lakatos
2019-10-18 05:34
Indeed, Line Pay is quite useful as well but I actually never seen anyone send money directly to their contacts on Line ? But that's just me maybe... How to get a Rabbit Card by the way ?
By HK ID you mean a Hong-Kong identity card ? How do you get one ? I have a fully verified Alipay and Wechat Pay account but only for mainland china. The catch with Alipay and Wechat Pay mainland version is that you can't use it outside of Mainland china (if you are in Mainland china, then no problem) when paying foreign vendors (Edit: as a foreigner that is, if you have a chinese ??? [ID card], then no problem] That being said, you can still transfer money to your contacts or directly to your bank account if you have one in China mainland. Credit Cards for example (Amex in my case) can also be linked with Wechat Pay (didn't manage to do so on Alipay) and can be used to pay vendors like Didi, Taobao, JD etc. @simon
ivan.lakatos
2019-10-18 05:36
What you're saying about the HKID being registered as a Chinese citizen is interesting, this is probably the reason why you can use Alipay outside of Hong-Kong . Can you use Alipay in Mailand China too ? @simon
simon
2019-10-18 05:39
Yes, I can use it globally (I used it in Japan a few days ago). I have none of the restrictions foreigners usually have because they registered me as a Chinese citizen. It?s very convenient as there are tons of places offering discounts for Alipay.
simon
2019-10-18 05:40
You can get a rabbit card at any BTS station in Bangkok (although not all stations can do the pairing with Line Pay). Not sure about Chiang Mai.
ivan.lakatos
2019-10-18 05:40
Right I see. How did you get a HKID card ?
simon
2019-10-18 05:42
You have to get a resident visa in HK, valid for at least six months. The entrepreneur visa is the easiest way in, there is no minimum investment. https://www.immd.gov.hk/eng/services/visas/investment.html
ivan.lakatos
2019-10-18 05:43
Is there a Wechat Pay Hong-Kong version as well ? Can you use Wechat Pay around the world with a Hong-Kong ID like you do with Alipay ? Would be interesting to know.
ivan.lakatos
2019-10-18 05:44
Thanks for the link.
simon
2019-10-18 05:45
There is a HK version and I know it works in the mainland but I haven?t tried it elsewhere. Alipay usually has better coverage.
ivan.lakatos
2019-10-18 05:46
Right. So I guess that even with the HK version of Wechat you would have to have a HKID to use it on the mainland to pay or abroad. I guess the balance in the wallet is only in HK Dollars ?
simon
2019-10-18 05:50
Yes, they convert everything to HKD (no forex fee). There?s no transaction limit, only a top up limit.
ivan.lakatos
2019-10-18 05:51
The screenshot is from Alipay HK right ? Interesting stuff !
simon
2019-10-18 05:52
Alipay
ivan.lakatos
2019-10-18 05:52
Yes apologies, it's what I meant. Already edited my message.
simon
2019-10-18 05:52
A nice thing about the HK version is that everything, including support, is in English
jerrycjchang
2019-10-18 05:53
BTW, I was able to activate wechat pay with the bog standard english version of wechat which didn't even have wechat pay in the menu, by asking my friend to send me RMB in wechat
jerrycjchang
2019-10-18 05:53
at least that worked for me when I was in China. Very handy if you're just visiting and have no easy way to get it otherwise
ivan.lakatos
2019-10-18 05:59
Yes Jez, indeed. If you register your Wechat account with a Chinese phone number you usually get the Wallet features automatically integrated to your Wechat App. If you register with a foreign number (probably your case) you usually need to receive RMB from a friend to "activate" the wallet unless you managed to link a foreign credit card beforehand (which you won't be able to use most of the case though for paying vendors, but still good enough to store RMB in your wallet if a friend sends you some, top up isn't possible from the credit card though neither is withdrawall). Interesting little hack, if you have a second phone number (chinese of foreign) and a Chinese Bank Card or Foreign Credit card that you didn't previously linked with your prior Wechat Account, you can use that phone number to create another Wechat account and link your remaining bank card as long as you provide the phone number you used when opening that bank and debit card.
ivan.lakatos
2019-10-18 06:02
Really useful to have 2 or more wechat accounts to bypass the annual transaction limit when using RMB directly from your balance. 200k RMB from what I seem to remember. No limits per year (or depending of your bank) if money is transferred directly from your card. Also, if you're above the annual balance limit for transferring money, you can always still withdraw to your bank chinese card and keep using WeChat Pay.
simon
2019-10-18 06:05
I?m not sure about WeChat HK but with AlipayHK you can pay at merchants in the mainland using your linked credit card. There?s no annual limit for purchases.
ivan.lakatos
2019-10-18 06:06
Seems like registering a AlipayHK Account with a HKID is the holy grail ha. Would it also work with a Hong-Kong debit card @simon?
simon
2019-10-18 06:09
I?ve linked my Standard Chartered HK account to my Alipay for instant top ups so I guess you don?t even need a debit card. On a side note, you can use HK debit cards in the mainland to pay at most merchants, even via Apple Pay (Unionpay Quickpass).
simon
2019-10-18 06:10
So with a HKID, you are pretty much bulletproof for all types of payments in China.
ivan.lakatos
2019-10-18 06:11
In China, and abroad where they accept Alipay. Really interesting stuff.
kristina.bikare
2019-10-18 10:49
@tdibaja I've told them Latvia as my country as Simon advised and my business account got verified yesterday :slightly_smiling_face: Indeed, I do need to move my tax residency in more efficient country, but right now the priority is to get accounts open to start generate income haha
p.rawson100
2019-10-18 15:59
has joined #banking
jerrycjchang
2019-10-18 17:08
I wish wechat or Alipay were more widespread, or at least have an equivalent alternative. The fact that I still have to use cash so much in some countries drives me nuts
ivan.lakatos
2019-10-19 00:48
Yes. I don't know any country except China that made the transition so quickly.
skat
2019-10-19 09:17
You know why they transitioned so quicky? Because it?s easy to exercise control over population if all transactions are recorded.
I wish that cashless society will never happen. I?m not ready to give up my privacy for this little inconvenience.
I?m not even talking about consequences for poor people.. a lot of them will just die without means to survival? just because privileged have a minor inconvenience.
I avoid all stores that don?t take cash.
jerrycjchang
2019-10-19 09:25
While privacy is a legitimate concern, that is not why or how it happened in China. The government did not mandate people to use mobile payments. It was made available and people adopted it themselves in a very short space of time due to its convenience.
jerrycjchang
2019-10-19 09:26
You might say that they chose convenience over privacy, but at the end of the day, it was their choice. Cash still exists.
jerrycjchang
2019-10-19 09:26
I'm not sure where you are going with this minor inconvenience for the privileged thing. Using mobile payments cause poor people to die?
ivan.lakatos
2019-10-19 09:28
Jez answered faster than me. The transition happened so quicly because the chinese people tend to embrace new technology really fast without hesitating. China is THE tech country of the world now, and people there absolutely love it. People in china tend to not take care about privacy as much as people in europe for example.
ivan.lakatos
2019-10-19 09:28
Also, like Jez stated, cash is still an option but barely used nowadays. You can even pay with your phone for street food, you see QR codes hanging everywhere.
skat
2019-10-19 09:29
I come from a country with e-government, everyone uses bank cards for payment..
and while cash still exist, if you have more 50 eur on you ? you?ll be considered a criminal.
basically not a single transaction above 50 euro could be done in cash only. Government will conduct so much check on source of those funds ? you?ll regret you took these money.
ivan.lakatos
2019-10-19 09:30
I hear you Skat. But that's another story, if people in China want to buy a computer for 10k RMB in cash, there won't be any suspicions being raised nor you will be refused to puchase your computer in a shop.
ivan.lakatos
2019-10-19 09:31
Also, delivery services in China, which is excellent, heavily relies on Alipay and Wechat. Yet, cash on delivery is an option too. Paying with your card with Union Pay is possible almost everywhere too.
skat
2019-10-19 09:31
And results? waiters have less income (government taxes all their tips), 1/3 of population is below poverty line.
jerrycjchang
2019-10-19 09:31
In Australia where I mostly live, people also tend to use cards for everything, it's almost cashless, but still, there's no penalty for carrying cash. That is some crazy repressive law, is that an EU country?
skat
2019-10-19 09:32
@jerrycjchang yeap, Estonia.
ivan.lakatos
2019-10-19 09:33
@skat Not sure about the waiters in china as tips don't exist but I see where you're coming from. I was more like explaining the current situation in China, not really trying to convince you that is it better to use mobile payment over cash.
jerrycjchang
2019-10-19 09:34
Some politicians wanted to pass a no cash transaction under $10k AUD law, that would be on the way to tighter financial surveillance. Insane
skat
2019-10-19 09:36
@ivan.lakatos I hear you.
I?m also aware that cash by itself is a biggest factor to contribute to infection/diseases spreading.
Yeat, I don?t believe we?re ready to deal with consequences of cashless society.
ivan.lakatos
2019-10-19 09:39
@skat Fair enough
jerrycjchang
2019-10-19 09:42
I don't think we're in that world yet from the places I've been too. At least for now, bank/credit cards, mobile payments and cash all exist in parallel. I agree that if they go as far as banning cash completely, we'd probably be living in a pretty dark world though
edgr
2019-10-20 11:03
has joined #banking
bigworld
2019-10-21 16:34
https://zenus.com/
This may be of interest for anyone trying to open a bank account remotely
burrup.lambert
2019-10-23 06:10
Thanks for the tip. I used my HKID to get a fully verified (Advanced) AlipayHK account today :sunglasses:.
klaus
2019-10-23 08:30
has joined #banking
klaus
2019-10-23 08:33
Hello gentlemen and -women. I am planning to set up a company in Estonia, but would really like some RECENT hands on experience with the banking situation. I am not going to be living in Estonia, but I would not mind going there to open an account.
klaus
2019-10-23 08:34
Has anybody successfullly set up with LHV or a similar bank recently?
klaus
2019-10-23 08:34
My business is software development, and I am a resident of Malta
klaus
2019-10-23 08:34
The company would be selling software development and consulting services.
skat
2019-10-23 08:49
@klaus If your willing to travel to Estonia, then there shouldn?t be any issues with opening bank accounts. Opening those remotely has been a never ending battle for e-residency program.
klaus
2019-10-23 10:02
And the one to go for would be LHV?
klaus
2019-10-23 10:03
@skat And thanks :slightly_smiling_face:
klaus
2019-10-23 10:59
Has anybody actually successfully opened an account in Estonia recently?
klaus
2019-10-23 10:59
Would just feel better hearing that, before I put the wheels in motion. :slightly_smiling_face:
simon
2019-10-23 11:17
@klaus I was on the phone with Xolo a few days ago and they told me that nearly all the companies they have introduced to LHV have had their account application approved. They also told me that the other banks are pretty much a no-go at this point (very low approval rate).
klaus
2019-10-23 11:20
Thanks, that sounds great. :slightly_smiling_face:
vinodgn0088
2019-10-23 11:22
@klaus, if you are dealing with currencies other than EUR it is better to open a transferwise account too. LHV offers only a EUR account and there is a 20EUR non-resident fee per month.
klaus
2019-10-23 11:23
Revolut for Business and Transferwise seem very fickle, I would not want to rely on them as my only banking
klaus
2019-10-23 11:23
My revolut for business was shut down with 7 days notice, no explanation
klaus
2019-10-23 11:23
And they just sent my remaining balance back to the last payment made to my account (which happened to be a client)
klaus
2019-10-23 11:24
@vinodgn0088 But good point, thanks. I don't mind paying 20 per month for a bank account, if it is stable and covered by a depositor scheme.
simon
2019-10-23 11:28
@klaus Your best option might be to open an account in another EU country.
vinodgn0088
2019-10-23 11:28
@klaus, if you are focused on safety of funds, then better open a bank account in Switzerland. Many Latvian banks failed in last few years and many didn't even get funds back even though there is a deposit protection scheme. Similarly Estonian banks lost USD access due to money laundering. So, its good if you treat LHV just as a second basket for holding money.
klaus
2019-10-23 11:32
Good advice, thanks.
alexwice
2019-10-23 16:19
has joined #banking
burrup.lambert
2019-10-23 21:05
This one missed my radar. Standard Chartered HK, HSBC HK and BOC HK (and a bunch of others) all abolished (most) minimum balance fees starting from 01 August 2019.
https://www.scmp.com/business/banking-finance/article/3016016/running-scared-standard-chartered-becomes-third-big-lender
Looks like Citibank HK didn't follow suite. Makes it a little easier for someone to start their plan B with minimal funds required.
simon
2019-10-24 04:17
Bank of East Asia has also abolished the minimum balance requirement. They probably all will as the virtual banks launch over the coming weeks / months (the virtual banks are required by law not to impose minimum balance requirements).
burrup.lambert
2019-10-24 05:01
Ah, didn't know that was the reason. Any virtual banks in HK to keep an eye on?
simon
2019-10-24 06:17
@burrup.lambert All of them. The companies / teams behind them are all outstanding. I?m especially looking forward to Livi and SC Digital.
danz
2019-10-24 11:05
Do you know if most of them are mostly only for HK citizens and residents or for most countries?
simon
2019-10-24 11:33
I imagine that all will require a HKID
assefphilippe
2019-10-25 04:15
Hey @ledrewy! how did you manage to have all the requirement (address, bank account etc...) I have an amex from HK and try to do a global transfer to US
steve
2019-10-25 07:25
has joined #banking
burrup.lambert
2019-10-25 07:27
Anyone know if it's possible to get a Charles Scwab High Yield Investor Checking account in the US as a non-resident? With my move to Argentina it turns out there are massive fee's for ATM withdrawals (approx. USD$10) and very small limits on maximum ATM withdrawals (around USD$70?). Charles Schwab seems to be the only US bank I can find that reimburses international ATM fees. Citibank does it but you need to be Citigold AFAIK.
Australia has an ING Orange Everyday Rewards card that reimburses international ATM fee's so I might just get one of them and get it shipped over.
Open to any other suggestions that reimburse international ATM fee's...
Edit: Also no foreign exchange fee too.
simon
2019-10-25 09:19
@burrup.lambert Isn?t there a law in Argentina that pretty much forces every merchant to accept cards? I would imagine that it?s fairly easy to live cashless there (and never have to bother about ATMs).
danz
2019-10-25 10:41
@burrup.lambert I believe it's possible, the only thing was then a much higher balance requirement (I believe around 20 - 25k). But that's been around 1.5 years ago when I did research, maybe things have changed by now.
ledrewy
2019-10-25 11:48
Hey @assefphilippe, there are a few pre-requisites you?d need to fulfil prior to performing the global transfer.
1/ Get a US virtual address (Simon suggested in his site)
2/ Get a US SIM (Google Fi is one option - you?d need a US address to receive the SIM card).
3/ Fly to the US to open a bank account. You could buy a SIM card this way too. (I had described the docs needed above)
4/ Apply the global transfer. Read Simon?s article on the steps. When you?re stuck, call the customer service number provided.
burrup.lambert
2019-10-25 18:57
@simon. There may be a law but from what I've read in reality it is not practiced. It is very much a cash society. Most places don't accept card and if they do it will cost you 5-10% more usually. You also can't tip with card (AFAIK) so you need cash. For Airbnbs you can usually negotiate a better cash deal in person as well.
omocha_10
2019-10-26 11:01
Right now you are going straight into the hurricane?s eye in Argentina. And monday will be really crazy.
If your issue is how to spend your dollars in Argentina which are abroad......
They are and will be laws coming every day....
omocha_10
2019-10-26 11:14
You will have the ?official dollar rate? , people can only buy 10k usd per month, but much tighter restrictions will arrive since monday.
The ?blue/paralel dollar? will begin to rise higher and higher compared to the oficial one.
Avoid holding pesos as a huge devaluation/inflation is coming.
I am
not endorsing or recommending the following, but. you will see in newspapers and the internet the following happening.
You can go to a ?cueva?(cave, an office), they will give you an account to wire your dollars in USA, as soon as they receive it, they will give you pesos, at a way much better rate than anyone.
You will get 13% or even more pesos than an atm/exchange/bank will give you.
Plus you will not have to pay for this service, and you may even get a comisi�n, as to move dollars abroad in this times could cost up to 10% assome years ago.
omocha_10
2019-10-26 11:16
In Argentina you can move mainly with cash, and try to do it as much as possible, as the cards will give you very lower rate than the one you can get in the caves.
omocha_10
2019-10-26 11:19
Now, be SUPER aware when moving cash in Argentina, and if you go to a cave even more, they mark people getting out from banks/cuevas, business with cash.
You will be an easy target for ?motochorros?. Be very aware of this. There are some techniques than help. If you are interested i can share.
burrup.lambert
2019-10-26 17:25
Thanks for the tips @omocha_10. I didn't realise I actually land ON election day until a few days ago :sweat_smile:. What a way to start my journey... and yes I have been reading that there is a good chance the peso will dump. I will hold off exchanging a massive amount of USD until it settles. When I arrive at the airport I will exchange a small amount into pesos to get by for the next few days.
burrup.lambert
2019-10-26 17:29
Thanks for the 'cueva' trick. I have read about the blue dollar exchange rate but I only read you can exchange USD cash for pesos. I have not seen anyone mentioning depositing USD in an account somewhere and receiving pesos at the 'cueva'. This would certainly be easier as you don't need USD cash which I've read requires taking a whole day trip to Uruguay, or other methods, flying to the States etc. and bringing it back. As you said it obviously brings it's own risks...
burrup.lambert
2019-10-26 17:35
Might have to start an #Argentina channel!
simon
2019-10-27 05:59
Some of you might be interested to know that Revolut has recently launched in the US, Canada, Australia, Singapore, HK and New Zealand. If you are in the waitlist for one of those countries, you should get an invite in the coming days (they started sending them out last week).
assefphilippe
2019-10-27 09:24
Thanks you @ledrewy
rtiagm
2019-10-27 10:59
@simon Do you know when Revolut will be available in Japan? My friend is still on the waiting for over a year now
johngortner
2019-10-27 11:16
has joined #banking
ledrewy
2019-10-27 11:49
Most welcome.
simon
2019-10-27 14:09
@rtiagm I don?t know but I imagine that it will be soon. Japan was announced around the same time as the countries that have launched this week.
mikeseo
2019-10-27 15:37
is Revolut like Transferwise? made for converting currencies?
simon
2019-10-27 15:42
Yes, but it also acts like a multi-currency bank account with debit cards, stock trading, insurance benefits etc.
kuka
2019-10-27 16:19
Can confirm, got to see their agents in WeWork in Toronto a few weeks ago.
kuka
2019-10-27 16:19
Wait list is 40k I think.
internationalbits
2019-10-27 17:24
Open for both personal and business in Canada?
simon
2019-10-27 17:41
Currently only personal but they have announced that business will follow (it should launch in the US soon).
internationalbits
2019-10-27 17:42
very nice, looking forward to that
prykhodko.av
2019-10-28 09:29
has joined #banking
immanuel.debeer
2019-11-02 15:19
@burrup.lambert FWIW, if you have a Australian Business Amex (or can get one) and you have a US LLC, you can transfer your AU Business Amex to US. There?s currently a 100k sign up bonus and the card comes with no FX fees. No credit score required :wink:
michael
2019-11-04 06:22
@rtiagm I live in TH. However, I do have a previous banking relationship with DBS from our corporate banking.
michael
2019-11-04 06:24
So far I am very happy with this account. Fast transfers.... and so far smooth operating.
jase
2019-11-05 07:55
Tim99, did you use your name on the card/account?
jase
2019-11-05 07:56
@kuka did you use your name on the Curve card/account? I am guessing they don't ask for proof of address?
kuka
2019-11-05 17:28
Yes I did, they didn?t ask no. It was a while ago though.
jase
2019-11-06 10:57
Thanks for letting me know, I'm going to give this a shot
kuka
2019-11-06 11:13
good luck mate
simon
2019-11-06 13:35
If possible, use a UK mailing address. Many features are only available in the UK.
bartol.k
2019-11-06 14:02
has joined #banking
nemanja.mirkovicru87
2019-11-06 15:38
has joined #banking
gun
2019-11-06 18:13
For those that are running a US LLC from overseas & having issues with Stripe - what alternative payment providers are a good alternative?
- http://Authorize.net ?
Anyone have experience with opening an online company in the last 6months with a US LLC and using an alternative to Stripe (or just getting Stripe to work!)
jase
2019-11-06 20:13
Will do, thanks
benjamin
2019-11-07 07:28
@gun Couldn't you use PayPal Payments Pro for credit cards? Or Braintree?
gun
2019-11-07 07:29
Do you have any experience with these using a non-US owned US LLC?
benjamin
2019-11-07 07:35
Not personally. Actually, now come to think about it, all non-US people that I know have had PayPal force them to open a new PayPal account in their country of residence regardless if their business is a US LLC. So that might not be an option long term. That being said, they still trade through their US LLC but the PayPal account had to be non US.
gun
2019-11-07 07:35
Yep. This is the problem I?m trying to solve.
simon
2019-11-07 08:27
http://2checkout.com is a workaround for PayPal (payments are processed using 2checkout's PayPal account so you do not need to deal with PayPal at all).
guilherme.sa
2019-11-07 14:53
has joined #banking
dwilliambf
2019-11-07 15:03
has joined #banking
asarun72
2019-11-08 00:54
@gun check Bluesnap
simon
2019-11-08 02:42
https://www.nfcw.com/2019/11/06/364959/tencent-to-let-visitors-to-china-add-their-payment-cards-to-wechat-pay/
Great news for those of us who frequently visit China
mpcbruhn_freedomsurfe
2019-11-08 04:37
has joined #banking
ivan.lakatos
2019-11-08 09:01
Same for Alipay @simon
ggiampieri
2019-11-08 09:19
@simon great news
prashantpawar
2019-11-08 14:33
has joined #banking
burrup.lambert
2019-11-09 03:49
Forgot to post this write up. A couple weeks ago I opened some accounts and secured credit cards in Los Angeles.
*Bank Of America Rendondo Beach Blvd (bank account + credit card) (Success)*
Bank Account
- Required US phone number (I have been using Google Voice)
- Only required Passport plus credit/debit card (Mastercard/Visa) with my name of it, could be from any bank any country. I used Australian Citibank card.
- Said US address needed to be physical address not mailing but system accepted it anyway.
- Required occupation
- Required my Australian address (no need for proof of Australian address, I just wrote it down on a piece of paper).
- Asked reason for opening account. Just mentioned interactive brokers settles some funds in USD blah blah. Did the trick. I'm sure mentioning I wanted a secure credit card helped.
- No proof of income/bank statements required
- USD$1500 minimum deposit to avoid monthly fees (Advantage Plus Banking account)
- No debit card on the spot, mailed out. Takes 1 week.
Credit Card
- I do not have an SSN/ITIN and I was able to use my Australian passport. Credit history is only in BofA
- No annual fee
- No credit card on the spot, mailed out. Takes 1 week.
- The only card you can get secured is the Red Cash Rewards card
- Advised to wait 1 month before increasing credit limit (I chose the minimum at USD$300)
- Advised to wait 6 months before moving to unsecured credit card
- After 6 months you can get same card (Cash Rewards) unsecured AND/OR the Blue Travel Rewards (has no fx fee). Only requires passport.
- You can not get the Black Premium Rewards unsecured as it requires an SSN.
*Chase Rendondo Beach Blvd (Fail)*
Required passport plus proof of address with US address on it, like utility/mobile bill or bank statement which I did not have at the time.
*Citibank Rendondo Beach Blvd (Fail)*
Required passport plus proof of address with US address on it, like utility/mobile bill or bank statement which I did not have at the time.
*Not quite sure why I need proof of address with US address when I'm opening a non resident account. I assumed the proof of address would be my resident address. This set me back, had to go home and reprint statements with US address instead of Australian.*
*Citibank Little Tokyo? (Bank Account) (Success) (was told they don't do credit cards)*
Bank Account
- Required occupation
- Asked employeer phone number, address, how long I have worked there. (In Australia)
- How long I have lived at/owned US address (I just said 6 months)
- Required bank statements with US address on it (I used Citibank statement from Australia)
- Required US phone number (I have been using Google Voice)
- USD$1500 minimum deposit to avoid monthly fees
- No debit card on the spot, mailed out. Takes 1-2 weeks. (Longer than BofA)
- Was told they do not do secured CC for passport apparently. Didnt get time to visit another branch
burrup.lambert
2019-11-09 03:51
As usual, depends on the branch/bank/teller as to what is required :face_with_rolling_eyes:. Little bummed I didn't get a Citi CC but I plan to get an SSN in the future so I can apply for any card so shouldn't be an issue,
gun
2019-11-09 07:16
I?m working on AMEX without SSN. It has the best points scheme for online businesses with 4X points on digital marketing spend. Will update in 2 months
gun
2019-11-09 07:17
Also confirmed Citibank Las Vegas I was able to open similar accounts, and got rejected in LA. Actually they initially opened the account, then closed it upon review
burrup.lambert
2019-11-09 14:36
Citi give you CC? Also working on Amex without SSN, just got my HK Amex to later perform Global Transfer with.
assefphilippe
2019-11-10 09:32
Hey Krapen! Do you think it's possible for an Citi bank client (HK) to transfer to united states without going there ?
assefphilippe
2019-11-10 09:36
Same got my Amex from HK couple month ago and working on AMEX without SSN. Please update
burrup.lambert
2019-11-10 16:03
You mean open an account? I doubt it. AFAIK all personal accounts require an in person visit.
ggiampieri
2019-11-11 02:26
Some info for those traveling to China: Revolut app doesn't work anymore, card does but you cannot topup or check your transactions. Curve and Monese still work.
burrup.lambert
2019-11-11 02:30
VPN?
simon
2019-11-11 02:32
@burrup.lambert @ggiampieri A VPN or better yet, a foreign SIM will do the trick (not only in China but in every country that censored the internet).
jerrycjchang
2019-11-11 03:03
Does google fi work in China and around the firewall?
timothyhimself
2019-11-11 03:04
anyone know a workaround for FI iphone tethering/hotspot internationally? only thing that?s stopping me from going FI
simon
2019-11-11 03:04
@jerrycjchang Yes
simon
2019-11-11 03:06
@timothyhimself You can order additional data SIMs. If your laptop doesn?t have a SIM card slot, you can use a USB dongle or a mifi. Not as seamless as tethering but it works.
ggiampieri
2019-11-11 03:08
Expressvpn does not work anymore. Tor browser does sometimes. I need to get a simcard for next time. Hotel has Vpn but still Revolut does not work!
ggiampieri
2019-11-11 03:15
I will try to activate 3 worldpass (simcard from eu) and see if it works. It's 5?/7days/500mb
mikael.sandvill
2019-11-11 11:13
has joined #banking
gun
2019-11-11 11:22
Ok this is good. :blue_heart:
+1 beer in the Bali credit for @simon mate :beer:
ledrewy
2019-11-11 11:54
@timothyhimself It just works. In fact I?m typing this using tethering/hotspot
timothyhimself
2019-11-11 12:32
On an iPhone? In which country?
ledrewy
2019-11-11 12:49
On iphone, in Malaysia
tiagomdreganha
2019-11-12 00:54
A proper VPN for China long-term use: https://www.babydriver.me/?locale=en-US
assefphilippe
2019-11-12 02:42
thanks
ivan.lakatos
2019-11-12 06:29
Another good option is shadowsocks https://shadowsocks.org/en/download/clients.html.
According to a few friends, they never lost access to the service unlike many VPNs when in China.
silvafelipe37
2019-11-12 14:40
has joined #banking
rogerio.cadan
2019-11-12 14:58
has joined #banking
burrup.lambert
2019-11-13 14:09
Curve has introduced Google Pay for UK customers
burrup.lambert
2019-11-13 14:09
Need a card starting in 5375 9000
fish
2019-11-14 01:41
Any trouble receiving over 10k USD to a Transferwise business USD account?
yuli
2019-11-14 04:10
I haven't had any troubles receiving more than 10K USD to my TW business account...
mikael.sandvill
2019-11-14 07:47
me neither
gun
2019-11-14 08:29
Nope. limit for personal accounts seems to be $100k in a month and then you get questions.
Business hasn?t run anything yet
kristinj
2019-11-14 11:47
has joined #banking
fish
2019-11-14 16:13
Good to know. Thanks for the replies!
danz
2019-11-15 01:25
For personal yes, business never had problems. They just want proof of invoice, contract or something to show why you received it.
ledrewy
2019-11-15 04:21
@timothyhimself It?s working in HK too
simon
2019-11-15 04:22
timothyhimself
2019-11-15 04:23
thanks man. weird. @gun was here just now and said it didn?t work in Bali
gun
2019-11-15 04:29
Confirmed I just tried again and didn?t work. Any secret trick I?m missing?
ledrewy
2019-11-15 04:30
You need to allow Data Roaming
ledrewy
2019-11-15 04:33
I dunno, it just works
gun
2019-11-15 04:34
Well good to know.... maybe I?m just unlucky
ledrewy
2019-11-15 04:35
Restart the phone?
timothyhimself
2019-11-15 04:37
@gun try replace h2g2 with internet on all of those APN things (that?s what we had to do with telkomsel sim)
gun
2019-11-15 04:44
Still no deal. Might be an indo thing
gun
2019-11-15 04:45
No deal. That broke the whole data. Yeah might be an indo thing
ledrewy
2019-11-15 04:45
I?ll be in Jakarta next month. I?ll find out
bigworld
2019-11-15 07:37
Similar approach to N26 in the US which piggyback on another actual bamk
gun
2019-11-17 04:13
@timothyhimself yep GoogleFi hotspot is working here in KL, so it must be something specific to Bali that breaks it
ivopalazzi
2019-11-17 19:57
Hello
ivopalazzi
2019-11-17 19:57
Does anybody know any similar option like Revolut
ivopalazzi
2019-11-17 19:57
where I can create VCC cards
ivopalazzi
2019-11-17 19:58
I can create a number per month (5-7) these cards are great as I can link them to Paypal and withdraw funds to that card
ivopalazzi
2019-11-17 19:58
So I would be interested in a similar service that offers me unlimited VCC cards which then I can link to Paypal to withdraw funds
ivopalazzi
2019-11-17 19:58
any ideas?
mikael.sandvill
2019-11-18 08:20
@ivopalazzi are you from USA?
mikael.sandvill
2019-11-18 08:21
or you just want to withdraw funds from Paypal to a local bank account?
mikael.sandvill
2019-11-18 08:22
im asking because you cant connect an overseas Paypal account to a Revolut USD account.. as the Revolut accounts are actually based in Europe..
mikael.sandvill
2019-11-18 08:22
also.. im pretty sure you cant withdraw funds to a ?card?.. only to accounts.. so what is that you are trying to achieve?
simon
2019-11-18 11:14
@mikael.sandvill In some countries you can withdraw from PayPal to a debit / credit card. @ivopalazzi Why not get one card and use it long-term? Or better yet, link a bank account to your PayPal account for unrestricted withdrawals.
imatfaal
2019-11-19 10:45
I just had another ACH payment bounce from a client. It's really hit and miss with TransferWise at the moment...
ivopalazzi
2019-11-19 15:42
@simon Hey simon I can withdraw funds from my pp accounts to VCC in revolut. But I want more VCC cards available, as I am creating PP accounts in bulk (long story)
ivopalazzi
2019-11-19 15:44
@mikael.sandvill Hey Robert, I am from EU...I have been able to connect VCC cards to PP and withdraw instantly, I need a similar service that allows me to create unlimited VCC cards (Revolut has a maximum number per month) as I am creating around 100-200 Paypal accounts
ivopalazzi
2019-11-19 15:45
@ouafouaf That url doesn�t work
ouafouaf
2019-11-19 16:37
@ivopalazzi try with www. ..still works from my Smarphone
ivopalazzi
2019-11-19 17:42
@ouafouaf nah, not working
ouafouaf
2019-11-19 18:08
Whats your msg error ?
simon
2019-11-20 05:08
There?s a number of banks that offer virtual cards but they are usually meant for online purchases, I?m not sure if they can be used to receive payments that aren?t refunds. For example: https://www.seb.ee/eng/everyday-banking/credit-cards/virtual-card
mikael.sandvill
2019-11-20 10:48
anyone else have Amex ICC (International Currency Card)? it?s such a pain in the ass for me to pay my bill to them, I?m wondering if anyone has a better solution.. currently my business puts money into a Transferwise borderless account (can?t take it out to Revolut as it HAS to be a USA based USD account). I then have to wire money to Revolut, in order to then Wire money to AMEX.. Anyone got a better fix? super annoying
simon
2019-11-20 10:57
@mikael.sandvill How about getting a normal AmEx? It?s easy to get a US-based card and they are far superior to the international versions.
mikael.sandvill
2019-11-20 10:59
down for that! any guides on how to get one for an EU resident?
mikael.sandvill
2019-11-20 11:00
my man!
mikael.sandvill
2019-11-20 11:04
?Do note that the US bank account must be in your name and must be ?real?. -> any tips on this @simon?
simon
2019-11-20 11:08
Do you have a personal bank account in the US? If not, there may be workarounds but none that will be frictionless.
mikael.sandvill
2019-11-20 11:08
interesting question
mikael.sandvill
2019-11-20 11:09
i used to live in the states like 8 years ago and had accounts then.. havent touched since.. would they still be active lol?
mikael.sandvill
2019-11-20 11:09
also have a friend that works for a bank in USA.. if thatd help?
simon
2019-11-20 11:11
They might be, some banks will leave accounts open forever if there?s any balance on them (even one cent).
mikael.sandvill
2019-11-20 11:11
ok.. prob a good place to start
mikael.sandvill
2019-11-20 11:11
could be tricky to get into though haha
burrup.lambert
2019-11-20 11:46
They definitely could still be open, give them a call.
mikael.sandvill
2019-11-20 12:44
my friend who works in the bank will look into it! fingers crossed
ray5turtle
2019-11-20 22:47
has joined #banking
moran
2019-11-22 01:03
has joined #banking
norman.pend
2019-11-22 08:42
has joined #banking
justin187
2019-11-24 21:18
Hi all, I'm a new(ish) member. I used the Freedomsurfer's service to create a company in the UK. I've done this for my site that generates revenue mainly through Adsense. However, I've just found that Adsense won't pay into Transferwise and requires a proper bank account. Has anyone else been in this situation before? Is it possible to open up a bank account in the UK remotely?
simon
2019-11-25 01:14
@justin187 Have you tried a service like Revolut, Tide or Monese?
ledrewy
2019-11-25 11:25
I got Google Fi hotspot working on an iPad with cellular too.
bartol.k
2019-11-25 19:00
Has anyone had success opening a Revolut account with an Estonian company in the past 12 months?
bartol.k
2019-11-25 19:02
starting a UK company just to be able to open a bank account seems like such a pain.
mikael.sandvill
2019-11-25 20:10
@justin187 I would recommend testing it out and not taking their word for it.. i think i had both paypal and stripe claiming they wont pay out to transferwise, yet i got both to work in the end
danz
2019-11-26 04:53
Bartol, why not choose Transferwise?
danz
2019-11-26 04:55
@justinbrown2005 Basically impossible for the big banks. The other ones really depend on where you live (Revolut only for EU/US residents I believe and Monese was not open yet for non-residents of the UK when I asked them.) Tide might be possible, haven't checked yet.
simon
2019-11-26 05:15
Some of the big banks accept non-residents but you have to go in person to apply.
simonyepu
2019-11-26 09:14
has joined #banking
simonyepu
2019-11-26 11:12
Hey everyone. I'm new here :slightly_smiling_face: Nice to meet y'all
simonyepu
2019-11-26 11:12
Headed to Singapore this week to attempt to open a DBS multicurrency account. Any specific branches there that work better than others? Any advice much appreciated
burrup.lambert
2019-11-26 12:51
Personal or business? Not sure of any specifics but as usual my advice would be in you get turned down, try another, and another, and another. I think you can get OCBC Premier for USD$50,000 minimum if that's your thing. I think there is some trick to get a UBS account to by opening up a brokerage account IIRC.
ledrewy
2019-11-26 14:03
@simonyepu I have not been successful with DBS. Please share your experience if you do.
@burrup.lambert I think OCBC was asking for SGD50,000; at least they did at the branch in Raffles Place
burrup.lambert
2019-11-26 14:06
@ledrewy, you are probably correct. I think I'm getting my currencies mixed up!
simonyepu
2019-11-26 14:24
@burrup.lambert can it sometimes work to try different branches of the same branch if you get rejected the first time around?
simonyepu
2019-11-26 14:25
Sure, I'll keep you posted.
burrup.lambert
2019-11-26 14:33
Do you mean different branches of the same *bank*? 100%. I often have to try 2 to 3 branches for success. Depends on teller, manager etc.
juan.devillafane
2019-11-26 22:48
Hi! any advice on opening an UK Business account for a non resident director?
bartol.k
2019-11-27 09:01
Thank you, I stumbled on it before. Considering it covers most of my needs I think I?ll just go for that. Revolut has the benefit of the crypto wallets built in, but that?s something I can work around as well using Transferwise.
danz
2019-11-27 09:41
OCBC is probably the best bet in SG. But they are also not really willing to open any more for non-residents so fast, unless you bring a lot of money or have a very good reason. They also don't like multiple currency accounts for non-residents, they might open USD after you opened it, but they don't like EUR accounts unless you have a very specific reason that you will need it. And fees will be like 1% for EUR/USD deposits/withdrawals. They prefer people that just open an SGD account and a minimum of 50k.
danz
2019-11-27 09:42
@juan.devillafane Transferwise works
benjamin
2019-11-27 10:39
I'd say Citibank in SG seems to be the best option on the surface for non residents, shame about the 200k minimum though. I'll be attempting a few Singapore banks in a few months. Interested to follow along with anyones progress.
burrup.lambert
2019-11-27 10:55
https://community.curve.app/t/debit-fronted-credit-using-curve-where-credit-cards-arent-accepted-or-has-a-fee/14997
Let's see if this eventually spreads to all merchants...
ggiampieri
2019-11-27 16:42
Might be a better option than money losing fintechs to stack some cash
bartol.k
2019-11-28 18:42
So I didn?t even realise Transferwise is actually from Estonia! This makes sense now
odock
2019-11-30 19:20
has joined #banking
justin187
2019-12-01 10:33
Looking into these now, thanks for the suggestions.
justin187
2019-12-01 10:33
Thanks Robert.
julianmb
2019-12-02 06:03
Does Transferwise offers Business Debt Card for Wyoming LLC if I'm not US resident?
nikolay
2019-12-02 13:06
They do not offer Business Cards for US companies yet.
julianmb
2019-12-02 13:08
Does Curve works for US?
simon
2019-12-02 13:21
You can link cards from the US to Curve but to sign up you need an EEA address.
julianmb
2019-12-02 13:42
Business cards included?
simon
2019-12-02 13:44
Yes, any Visa / Mastercard
fish
2019-12-04 15:22
Will Curve work with non-EU citizens/residents who can deliver to physical EU address?
simon
2019-12-04 15:24
Yes, myself and several other members here got cards despite being non-EU residents / citizens.
I recommend using a UK delivery address, otherwise you will not be able to use some of the features.
fish
2019-12-04 15:38
Thanks for the fast reply
fish
2019-12-04 15:41
Can you recommend a bank for a business account that is easy to open, that can hold USD?
Background story: It seems TBC Georgia is having a breakdown on software/VZ business and closing accounts on short notice.
simon
2019-12-04 15:56
Remotely? Not many options, other than the usual TransferWise etc.
If you can travel, there?s plenty of options although the good ones aren?t easy (Singapore, HK etc) or require some sort of local registration (US, Canada, UK etc).
d.lasallesutherland
2019-12-04 16:04
has joined #banking
fish
2019-12-04 16:15
I was thinking Transferwise too, how much can I hold there? I'm seeing only rev limits
simon
2019-12-04 16:30
There?s no maximum balance expect for USD transactions. https://transferwise.com/help/17/borderless-account/2893492/how-much-can-i-receive-and-keep-in-my-borderless-account
clr
2019-12-04 19:17
Hi all, I made a transfer from my Revolut account to a US account of mine. Previously, Revolut would use ACH but this time they made the transfer via SWIFT, so it seems the receiving bank has charged me a fee. I also noticed that Revolut would let you choose between free transfer and ?Turbo? transfer, but that screen didn?t show up this time. Anyone else having the same issue?
alexjohnfarris
2019-12-04 21:15
TransferWise is always ACH fyi.
alexjohnfarris
2019-12-04 21:15
I had the same issue, places like payoneer only accept ACH transfers.
clr
2019-12-05 04:17
Thanks for your replies. I think I found the issue. The bank changed recently the routing number (but they said that the old one was still functional for ACH) and Revolut might consider that the old one is valid only for wire.
burrup.lambert
2019-12-05 19:49
Any one have suggestions for banks for a St Vincent & Grenadines company? Trying not to use some sub standard. bank in the Caribbean if I can avoid it. Require a merchant account...
pedrofelipesales
2019-12-06 02:19
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pk
2019-12-07 00:42
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julianmb
2019-12-07 17:39
Any way to get a business debit card for a Wyoming LLC?
julianmb
2019-12-07 17:39
Like Revolut
simon
2019-12-07 17:48
@julianmb Mercury Bank issues business debit cards and they accept remote applications.
julianmb
2019-12-07 17:49
I no longer see the option for the debit card on Mercury
kuka
2019-12-07 18:02
write them an email, that?s how I got mine
julianmb
2019-12-08 06:54
Have any of you tried the PayPal Business Mastercard?
https://www.paypal.com/us/webapps/mpp/business-debit-card
bebetto
2019-12-09 02:19
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endeavorseven9
2019-12-11 13:42
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antoine.rousseaux02
2019-12-11 13:53
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s.lemos1
2019-12-12 13:56
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p2fsolutions
2019-12-12 20:09
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julianmb
2019-12-13 10:01
Hello guys, a friend is selling a BVI company with Bank account in HSBC Singapore. Anybody interested?
lartur.eng
2019-12-13 13:40
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julianmb
2019-12-14 13:26
Hello, anybody here had tried to connect Bitpay to Revolut / Transferwise?
alexandrum72
2019-12-15 07:43
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alexandrum72
2019-12-15 12:35
Hello! Just registered, nice to be here! I have an Amazon FBA business and at the moment the company behind is incorporated in Estonia. I use TransferWise for banking, but I am interested, in the near future to apply for a business loan/line of credit and so on. I made some research and I understood that at the moment it?s nearly impossible, for a business, with a non-resident as owner to apply for a bank account or a loan in Estonia. Taking this in consideration, I plan to move the company behind in another country more friendly with non-residents/new residents to have chances for a loan in the future. Which countries do you recommend with friendly banking and low taxes for incorporation :) ?
julianmb
2019-12-15 14:11
UK/London. You pay more taxes, but once you pay it's a good proof that you are making money to the bank and can be eligible for loans
alexandrum72
2019-12-15 14:15
Hello @julianmb Thank you for the reply. It doesn?t matter if I, the owner of the company, don?t have UK residency? Also can the Brexit affect any future plans? I?m an eu citizen
julianmb
2019-12-15 15:32
It would be harder than being a resident, but still possible. Just make money, the more, the easier to get the loan
danz
2019-12-15 17:59
As a non-resident of the UK you can be tax-free, depending on where you live ofcourse. And it should be possible to apply for a business loan to, not sure what they exact rates are. But it seems easy to apply if you have a bankaccount there with one of the bigger banks.
alexandrum72
2019-12-15 18:17
I know that as an europe citizen I can open an account in the UK but I am not sure what will happen after the Brexit if it would affect me having a company there...
bigeyegordon
2019-12-16 13:48
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ouafouaf
2019-12-16 22:38
Dubai new non-resident 0% tax fo'eva Business Account.. requires presence for Bank account opening though.
nikolay
2019-12-17 11:09
Brex Cash - An interesting alternative to http://Mercury.co for sure. Rewards cards with rates similar to Amex + banking that gives you points on transfers too.
julianmb
2019-12-17 11:29
Looks really promising, the cards are credit so you need to be funded or prove you have 50k USD in assets. It would be great if you have virtual debit cards
nikolay
2019-12-17 12:46
Well $50k in assets ain't that hard if you want to run a legitimate business anyway.
nikolay
2019-12-17 12:47
They have virtual cards but I think their business bank account/cash account offering is quite unique
nikolay
2019-12-17 12:47
No fees, no minimums and quite nice interest rate.
julianmb
2019-12-17 15:21
Looks great, thanks for sharing
pierre.berthalon
2019-12-18 14:05
Just opened a Wyoming LLC, now looking for a bank account allowing EUR payments. What are my best options, still transferwise ?
Also my personal residence is Panama (i've heard that could be a problem)
mescos
2019-12-18 14:09
@pierre.berthalon I opened a Wyoming LLC last year and opened an account with Chase in the US. Very easy but doesn?t solve your EUR issue. If you already have Panama residence, you might want to check with some Panama banks, I believe a few of them have EUR as an option.
pierre.berthalon
2019-12-18 14:25
I don't have the permanent residence yet, but it's in process. It was really easy with Chase bank you say, what's your residency if I may ask ? I might negotiate with us a EUR account later :thinking_face:
I didn't look into panamean banks I'll admit, I'm afraid the country reputation will frighten many of my clients :sweat_smile:
simon
2019-12-19 06:02
Have you opened a TransferWise Borderless account? It's ideal to receive payments in EUR, GBP and AUD.
pierre.berthalon
2019-12-19 15:20
@simon I've read my residency in Panama could be a problem to obtain a EUR business account with transferwise. Even if my company is Wyoming based.
simon
2019-12-19 15:24
Maybe they?ll require additional documents but I doubt they?ll deny you an account based on that alone. I?m personally a resident of HK, an ?unsupported? country for Borderless yet I have several accounts for companies I own.
danz
2019-12-19 16:11
From what I heard from people in Dubai, it's basically impossible to open business accounts there anymore if you don't do business there.
julianmb
2019-12-19 16:16
Same in HK
pierre.berthalon
2019-12-19 22:33
@simon Thanks your answer ! Unrelated, should I charge VAT to a EU company even if I'm US based ?
julianmb
2019-12-20 00:07
You don't need to charge VAT if you are not a EU company
simon
2019-12-20 00:59
@julianmb @pierre.berthalon That is generally true but there are situations where you might still need to charge VAT. I?ve written a guide that covers those situations: https://www.freedomsurfer.com/eu-vat/
donatobianchi
2019-12-20 06:44
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alexmaiatricolor
2019-12-20 15:08
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simon
2019-12-20 15:52
Good news, TransferWise has launched their upgraded EUR accounts. They now support direct debit and inbound SWIFT.
rsm9qqnhleaa
2019-12-20 19:42
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bergfuerst
2019-12-21 21:08
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r.bormann
2019-12-23 10:50
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kolyakin
2019-12-23 15:55
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princevaliant
2019-12-23 17:36
Any info about fees yet?
bigworld
2019-12-23 18:00
No actually. Also it is set-up in Puerto Rico. With all my love for the island, I suspect that banks there are not under the same regulation than its peers in mainland.
digimkt
2019-12-23 23:24
who opens bank account for wyoming LLC without EIN?
digimkt
2019-12-23 23:30
also what are the fiscal implications of asking for EIN?
michal.opoka
2019-12-24 00:01
I think you can't get bank account for LLC in US without EIN and you must get EIN in order to comply with IRS regulations, if you don't comply they can fine you $25000 like every year.
johncitizen
2019-12-24 00:04
Yes, that was very much my experience
simon
2019-12-24 00:46
Indeed, I don?t think it?s possible to open a US bank account without an EIN.
digimkt
2019-12-24 02:24
https://globalisationguide.org/us-llc-non-resident/#Filing_Reporting_Requirements_For_Foreign-Owned_LLCs found this great guide for the LLCs really helped me
digimkt
2019-12-24 02:25
anyone successful opening bank for uk llp owned by 2 wyoming llc?
victorfragaceotto
2019-12-26 23:51
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diegoreymendez
2019-12-28 15:22
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michelle
2019-12-30 08:29
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brendan.keena
2019-12-30 10:18
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ndg1ndg
2019-12-30 21:36
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burrup.lambert
2019-12-31 11:36
Warning, Don't use a http://www.usa2me.com address for Citibank in the US :confused:. Only opened the account just over 2 months ago. It's a street address but they must know it's a mail handling service. I haven't heard anything from the other bank I opened an account with.
ledrewy
2019-12-31 12:45
Thanks for updating. Hope you cpuld resolve this soon
nikolay
2019-12-31 17:24
Could you check your usa2me address on this site and see if it shows CMRA "Y" under analysis?
? https://smartystreets.com/products/single-address
burrup.lambert
2019-12-31 18:03
It does
ledrewy
2020-01-01 02:52
:rolling_on_the_floor_laughing::sparkles::ear:!
Has anyone successfully opened a personal bank account in Indonesia as non-resident?
nikolay
2020-01-01 10:13
Well in the future use an address that doesn't show up as CMRA "Y" in that check. It is a safe way to assume they won't mark it as a mailing address only as well.
lauren
2020-01-01 13:47
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burrup.lambert
2020-01-01 17:43
Thanks for the tip!
si006
2020-01-02 20:37
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jd
2020-01-03 05:48
Hi everyone - has anyone had any experience with The Bank of East Asia Hong Kong?
We have the choice of opening a Corporate Account with Bank of East Asia OR Bank of China in Hong Kong.
Primary use case - accepting and remitting multiple G7 currencies as per our approved AML program.
Any advice here much appreciated
julianmb
2020-01-03 05:49
BEA, is a good bank with lots of branches in HK
julianmb
2020-01-03 05:49
It's good if you want to do business in China
jd
2020-01-03 05:50
Thanks JB! Would you choose BEA over BOC?
julianmb
2020-01-03 05:50
Depends
julianmb
2020-01-03 05:51
BoC is easier to open a personal account
julianmb
2020-01-03 05:51
But business account I didn't try BEA
jd
2020-01-03 05:51
Ok, thanks for the feedback!
julianmb
2020-01-03 05:51
I'm quite sure BEA online banking is better than BoC
julianmb
2020-01-03 05:52
I would prefer BEA
julianmb
2020-01-03 05:52
No scandals, real bank, good network
jd
2020-01-03 05:53
Awesome, really appreciate the feedback!
julianmb
2020-01-03 22:20
Just received the UP Banking card, it's like Revolut but for Australia. You only need a passport and and delivery address in country.
They give you a local Australian bank account and a savings account with a nice interest. As EMI don't share tax information
burrup.lambert
2020-01-03 23:19
Be wary with that one. Pretty sure you can't transfer funds off the card to a bank account. I got it and then realised and cancelled the card.
burrup.lambert
2020-01-03 23:20
Also I think the high interest you are referring to is only for 3 months or so.
julianmb
2020-01-04 00:01
Up pays interest on balances up to $50,000. 2.25% pa
julianmb
2020-01-04 00:01
I'll check, transferring some funds now
julianmb
2020-01-04 00:02
And you need to make 6 transactions per month or so with the card to be eligible
simon
2020-01-04 07:34
@jd I have a personal account with BEA. As is common in HK, the online banking is crap but the product itself is great. What I like most about BEA is that as long as you maintain 500k in relationship balance, you can apply for any of their credit cards without having to provide supporting documents.
immanuel.debeer
2020-01-04 07:49
yes you can transfer funds. I live in Aus and use Up Bank
jd
2020-01-04 07:59
Thanks @simon, great feedback
994kaloyan
2020-01-04 10:24
Hey fam! Can someone recommend a good banking option in Panama ?
burrup.lambert
2020-01-04 16:06
Multibank
mescos
2020-01-04 17:12
@994kaloyan - do you have PR in Panama?
julienduteurtre
2020-01-04 20:38
Banco General is the best for Credit Card & service
Banistmo / Banesco / Global Bank are better to invest your money in CD
BAC is in Btw
Avoid Credicorp.
994kaloyan
2020-01-05 10:24
@burrup.lambert @julienduteurtre thank you guys!!
994kaloyan
2020-01-05 10:24
@mescos not sure what is PR ? :smile:
simon
2020-01-05 10:35
@994kaloyan Permanent Residency
994kaloyan
2020-01-05 11:35
Oh lol. No, I don't have that.
mescos
2020-01-05 15:06
@994kaloyan be careful where you spend your time opening. @julienduteurtre is right about Banco General being the best. But you won?t get an account open, they?re way too particular and as a non-resident it?s almost 100% impossible. I tried with them and a few other banks. Wasn?t until I started using http://globalbanks.com that I was able to get several accounts open via direct contact info etc.
994kaloyan
2020-01-05 18:08
Thanks for this. Highly appreciated
marcin
2020-01-06 06:39
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giovannilaperna
2020-01-07 10:47
Any experience with opening multiple Transferwise business accounts under the same profile? It seams this is not possible from the UI, I'm wondering if that is possible contacting a support representative.
simon
2020-01-07 10:53
@giovannilaperna It?s not possible to do so under the same profile but you can open multiple accounts (email them after creating the new accounts so that they automatically verify your personal information).
openaccessconsultingl
2020-01-07 13:28
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omocha_10
2020-01-07 15:04
Hi, I will spend a couple of days in USA. Is it any useful for a non US resident having many US bank accounts to get benefits? And this thing ?card churning??
If yes, which banks?
Thanks
si006
2020-01-07 16:04
Hi all,
I am new to this platform. Quick question, anyone have experience with Iban Wallet (https://www.ibanwallet.com/) ? Are your experiences positve, negative?
bigworld
2020-01-07 17:05
Interest is totally out-of-market. Also, it is a wallet, not a bank. What are they supposed to do with a money they should keep untouch and segregated?
alan.c.park
2020-01-09 06:23
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karim
2020-01-09 10:05
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manuelgreece1
2020-01-09 16:18
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b34rdays_fsurf
2020-01-10 06:31
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b34rdays_fsurf
2020-01-10 06:45
Hi all :slightly_smiling_face: Heading to HK next week to open a personal account - have a meeting with DBS. Anyone have any experience opening an account with them? :face_with_monocle:
julianmb
2020-01-10 06:45
Yes, I have a bank account with them
b34rdays_fsurf
2020-01-10 06:46
Was pretty straightfoward to set up? They advised it could take up to two months.
julianmb
2020-01-10 06:55
Yes, could take 2 months easily
julianmb
2020-01-10 06:56
Depends on your relationship with them, the nature of the business and how fast you reply to their questions
b34rdays_fsurf
2020-01-10 06:58
Cool thnx. Have OCBC in Singapore already which was fairly fast and no problems but have heard HK is a lot harder
simon
2020-01-10 06:59
OCBC also operates in HK, have you considered opening an account with them too?
b34rdays_fsurf
2020-01-10 07:00
Didn?t want to keep all the eggs in one basket and heard good things about DBS
benjamin
2020-01-10 09:45
Do you have the OCBC premier account with $200k minimum or were you able to get a different account with lower minimum?
ouafouaf
2020-01-10 10:56
Hi there, has someone ever experienced this..?. - Paypal refusing to register a Transferwise IBAN account as a beneficiary, the TW account is in Belgium.
PP Error msg : account is incorrect,
(TW reply msg : account is valid an is activated) :thinking_face:
ryanacater
2020-01-10 14:30
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alexbadaoui1
2020-01-10 17:09
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b34rdays_fsurf
2020-01-11 23:42
premier with 200k minimum (this is back in 2014 also)
benjamin
2020-01-12 05:18
Nice, I'm planning on opening this account soon. Hopefully it's still easy.
marziovit
2020-01-12 23:55
For e-residency fellows who have an estonian PayPal account, for the love of god how do you withdraw money from PayPal? I'm trying linking my transferwise borderless debit card (since you can't withdraw to a EU bank) but it doesn't work. Anybody knows if it's possible to add a non estonian debit card?
vinodgn0088
2020-01-13 01:45
@marziovit, Why you can't withdraw to EU bank? Paysera's IBAN worked fine with Paypal
marziovit
2020-01-13 09:59
@vinodgn0088 because i can only link a US bank account, i can't add a EU bank account. This was also confirmed by PayPal showing me this page where you can only withdraw to a credit/debit/prepaid card or a US bank account. https://i.snipboard.io/GfkOVi.jpg
marziovit
2020-01-13 10:01
Have you successfully linked a EU bank account to a estonian PayPal business account?
vinodgn0088
2020-01-13 10:22
@marziovit, I do have Estonian business Paypal account and Paysera IBAN is working just fine.
marziovit
2020-01-13 10:29
@vinodgn0088 can i ask you how long ago have you linked the Paysera bank account and if you successfully withdraw funds from PayPal to your Paysera EU account? Also, just out of curiosity, why did you choose Paysera instead of Transferwise? thanks!
ggustavo.augusto
2020-01-13 13:18
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emilianod76
2020-01-13 21:46
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marcelcribeiro
2020-01-14 16:25
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jairo.bittencourt
2020-01-14 18:50
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seb.malek
2020-01-15 12:48
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danz
2020-01-15 14:33
Got an account at OCBC and was there OCBC 2 months ago for some questions, they told me deposits into the bank cost 1% if we are talking about other currencies than SGD. So make sure you note of that.
benjamin
2020-01-16 02:05
@danz Ah damn that sucks, thanks for letting me know. Outside of that 1% fee have you been happy? Or do you have a better Singapore based preferred bank for non residents?
johnnytang7
2020-01-16 14:11
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donatobianchi
2020-01-17 09:12
Hi all, ave you heard about https://sablecard.com/ ? it's a bank account fot internationals in US. Fully online process, no SSN or US passport required.
No need to walk into a bank. Open your account online in five minutes. I just wanted to share with you, hope it is useful
nikolay
2020-01-17 09:48
Just personal and still needs a personal US mail forwarding address correct?
donatobianchi
2020-01-17 09:51
atually I dont' know all the details, but you can find out in their website
bigworld
2020-01-17 11:40
Looks good if you just need to start building credit history easily. Beyond that, they don't even mention where the company is registered or how they are regulated.
jase
2020-01-18 18:23
Those who got a Curve card forwarded by the UK, did you just use a forwarding address to get it sent to you, then close that address?
jase
2020-01-18 18:24
I'm looking at @simon's recommendation of https://www.expost.uk/ but I don't need a mailbox for anything else, so �240 a year seems a bit steep for a new card every year or two.
jase
2020-01-18 18:25
Is there a cheaper alternative that I can leave set up? Or do I just use their service for 3 months every time I need to get a new card?
burrup.lambert
2020-01-18 20:45
I used a friends address. The address is only used for sending the card.
omocha_10
2020-01-18 20:47
Hi all, got my first fintech card. N26 basic. It says that for 9 usd per month I will be able to withdraw cash for free worldwide and that it is a travel insurance(even for winter sports)
It sounds way too good to be true, right?
alessio.pieroni89
2020-01-19 07:03
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joaopom
2020-01-19 08:45
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michelle
2020-01-19 09:09
Probably the insurance isn't great, in terms of withdrawing cash maybe it is correct. N26 is targeted mostly to EU residents and I think they tell you you can continue using the card for up to 18 months after relocating outside of their countries of operation so there might be some gotchas in terms of free withdrawing.
michelle
2020-01-19 09:10
Anyone can recommend a card with good cashback in Spain? Most banks seem to have lots of limits on cashback.
omocha_10
2020-01-19 11:07
Thanks Michelle
tiagomdreganha
2020-01-19 11:08
cashback options in Europe suck in general.
Best I can find in Portugal is 1% and they banned me after 1 year because I was "using it too much"
michelle
2020-01-19 14:36
Was it fair use? I had 1% in Bulgaria and never had an issue... The problem though is that the card was in BGN which isn't great if you're converting back and forth between EUR
tiagomdreganha
2020-01-19 17:55
I was using it to pay for Facebook ads
bartol.k
2020-01-20 05:40
So I was able to get through the Revolut application easier than Transferwise (waiting for a response there after several weeks). Revolut covers it for me for now
lifecoach
2020-01-20 16:41
Hi! Does LHV had USD accounts? Now it's just EUR as I understand.
pbk64
2020-01-21 06:20
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simon
2020-01-21 12:53
@lifecoach Correct, only EUR.
yakirstarosta
2020-01-22 10:18
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benjamin
2020-01-22 13:00
How is the exchange rate for this card? Is it the true exchange rate when withdrawing from foreign ATMs?
I'm currently using Transferwise Borderless but that doesn't come with unlimited free ATM transactions.
connaghanp
2020-01-23 08:00
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kevintimmerhk
2020-01-24 08:36
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nelsonq90
2020-01-24 15:13
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ovch.george
2020-01-24 19:54
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julienduteurtre
2020-01-25 23:50
https://www.ukpostbox.com/pricing
It's "free" you just pay for forwarding, I used it to get revolut
jase
2020-01-26 16:52
Can this service be used for things like a Curve card, Claude?
vinodgn0088
2020-01-26 20:14
@jase, It depends on the company. N26 and Paysera had no issues with accepting a mailbox address (UK and Estonia).
jase
2020-01-27 09:16
Thanks @vinodgn0088
omocha_10
2020-01-27 13:20
Not sure yet, got it but need to re read the N26 guide, and start using it.
fenix5
2020-01-27 14:37
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jonrodd
2020-01-27 16:15
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office
2020-01-28 08:28
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ouafouaf
2020-01-28 17:29
Hi. Looking for a debit or credit card that i can link to one or several bank account directly (not to a card - as Curve does)... i know American express can do that but are there other credit card company offering this feature ? If so, what company ?
ignacio.rod.h
2020-01-29 03:00
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bigworld
2020-01-29 10:04
In which country?
ouafouaf
2020-01-29 10:27
Bank would be in Brazil..card could be from most anywhere.. :man-shrugging::skin-tone-4:
simon
2020-01-29 11:43
Can you get a PayPal card? I used to have a PayPal debit card and could use my linked bank account as funding source.
gerry_olson
2020-01-30 13:28
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ramiro21
2020-01-30 18:39
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hello888
2020-01-30 23:31
Sort of a random question.
*Back story:*
Around 8 months ago I opened a *bank account in Italy* without been an Italian resident.
I had to go to literally 7 different banks before one finally allowed me to open an account. Yes, it's legal! but the staff at these banks are clueless about the regulations & procedures, so out of laziness they were all telling me to "come back later", or that "I'll call you back', or directly "no" because of random reasons.
One foreigner told me for a fact he opened an account in one branch and he wasn't a resident. So, I went there relentlessly, even the doorman told me I couldn't open an account! But I kept trying, they told me to come back later, so I came back 5 more times, finally found the right person, and they give me a formal appointment.
The day I finally opened the account, (after 1 hour of signing 25 documents), the woman (my new rep) at the branch, while doing the paperwork on the computer, in the *final step* she had a problem with the tax number of my country of residence. Basically, she was telling me the system wouldn't allow her to continue to the next step, and she couldn't finish by the process.
So, I'm there, ready to fold up, stand up and leave the office, when some random guy (a coworker) showed up to say hi, and he saw the issue we were having, and he laughed but got into her computer and somehow "tricked" the system into 'no needing' my tax number (which I have BTW), so she could finish the process.
She did finish, and I got my card a few weeks later.
Now I'm nomadding outside of Italy, I thought that was it, happy with the account, but *a month ago* I got a message via this Bank's app internal docs:
"*submit your tax ID of your country of residency 'urgently'* (signed by some higher manager at this bank).
I'm not in Italy, and I've tried every possible way to contact this woman (my rep), via direct app messages, emailing the branch, I don't have her email but I'm sure she gets those messages.
I tried the contact form of the bank, the FB messenger of the bank, calling the branch. She's is the only person who apparently can fix this, but it just so happens that she (my rep) isn't available -ever-, no responses. All the responses from the bank are "contact your rep".
I'm seriously considering flying to Italy to go personally solve this, but it's really a pain the ass right now, and the only thing she has to do is to add my tax number to the system. Being outside the country, she actually needs to send me the special PDF form so I can fill that data, sign it, scan it, and send it back to her, but as easy as it could be, it ain't happening.
My question here is: Any idea on how long would it take for the bank to close my account or freeze the funds if I don't fix this? It's Italy, so I'm expecting this issue to be managed super slow as well.
burrup.lambert
2020-01-30 23:51
Moral of story, don't use Italian banks :sweat_smile:.
seb.malek
2020-01-31 16:30
move your funds and see what happens =P
toby
2020-01-31 18:11
has joined #banking
simon
2020-02-01 07:30
@hello888 Do you have another bank account you can SEPA your funds to?
omocha_10
2020-02-01 12:26
Maybe you can triangulate with a fintech account like N26 etc. Just an idea, I am not a pro.
sebastian.leu
2020-02-01 16:12
@jase yes
ouafouaf
2020-02-01 16:54
Ok, I will try to set up this option ! Thanks
ouafouaf
2020-02-01 17:23
@jase, I use a re-send mail company for same purpose - based in france; "only" cost me 8e/month...beside you can contract with them per month - though dont know if they could reserve the same Mail box number the whole year long, but propably will store your mail once you are in their system
ouafouaf
2020-02-01 17:27
not sure they can attend in English though
ouafouaf
2020-02-01 17:52
Gen info for Apple Fans : Curve Card now supports ApplePay in Europe (or the other way arround) :yum:
ouafouaf
2020-02-01 17:55
hello888
2020-02-02 14:00
Yes, I guess I will have to transfer that money this week,
I still need some funds there since I'm paying for services ni Italy linked to that account.
Thanks.
burrup.lambert
2020-02-02 18:46
Any non-US people here who have a US bank account and have NOT filed a W-8BEN form?
It would seem the repercussions are:
*lf we do not have a current certification of your tax status, U.S. tax law requires us to backup or FATCA withhold on all interest and dividend income earned on your account(s).*
I don't plan on receiving interest or dividends and the rate is 30% with holding. Any harm in just ignoring it?
It's funny, in all countries I have accounts I only seem to receive annoying correspondence like this from my Citibank accounts, never any other banks (including other accounts I have in the US).
bigworld
2020-02-04 14:55
It seems that opening a personal bank account in the US has mutated from "show stopper" to super-easy these days. See a new contender, FDIC insured:
https://www.passbook.app/ by Remitly
omocha_10
2020-02-04 15:54
This is for non USA citizens who reside abroad or of inmigrants that live in the USA only?
rafmolho
2020-02-04 22:20
Hello , can anyone inform me which business bank account should i open as I need to have a credit card and also a business account from a real bank. The bank should be in Europe. It would be great if the bank has a good online banking system. I will have an e-commerce site. Thank you in advance
donatobianchi
2020-02-05 11:09
Transferwise, Revolut, Paysera, but they do not offer credit card, only debit card unfortuntely
donatobianchi
2020-02-05 11:14
Monese, too
adrianozuardi
2020-02-05 13:49
has joined #banking
albert
2020-02-05 16:55
has joined #banking
toby
2020-02-06 15:22
Anyone familiar with applying for a US ITIN after registering a foreign owned LLC? The only member of my LLC is my estonian holding so I'm not exactly sure how I can use the LLC's ETIN to apply for the ITIN
mark1111kram
2020-02-09 15:55
has joined #banking
prykhodko.av
2020-02-09 16:01
Could you please advise E-residence friendly bank for Estonian OU except TransferWise (never finishes verification) and Holvi (they stopped all e-residence applications in 2020)? Thank you
buynps.org
2020-02-10 01:43
has joined #banking
donatobianchi
2020-02-10 02:06
Paysera
buynps.org
2020-02-10 21:36
Hi guys! What?s your experience with singapore? i heard some people were able to open without minimum deposit!?
albert
2020-02-11 00:04
$200,000 with citi for remote opening
buynps.org
2020-02-11 04:45
I found a firm that will open a bank at citi for example and wave this $200k min deposit - anything to be sketched out by?
buynps.org
2020-02-11 04:45
remote opening
benjamin
2020-02-11 06:37
@buynps.org How are they able to get citi to wave the 200k? What are their rates?
robaondrej
2020-02-11 07:12
has joined #banking
burrup.lambert
2020-02-11 11:00
Following. I'm dubious.
buynps.org
2020-02-11 15:08
@benjamin they claim to have some connection with the banker / management
buynps.org
2020-02-11 15:08
They want $5k per bank
simon
2020-02-11 15:33
@buynps.org You can buy a J ticket to Singapore for that price and open accounts with OCBC and DBS in person (not easy but not that hard either, especially if you also open brokerage accounts and deposit some funds).
buynps.org
2020-02-12 00:37
yeah i see. i was more concerned they would run off with my money if they had the power to open accounts
benjamin
2020-02-12 03:41
@simon Do you have a personal favourite out of Citi, DBS and OCBC?
buynps.org
2020-02-12 03:42
Yeh, what?s the best one for remote / online banking?
burrup.lambert
2020-02-12 13:06
Kevin, if you want an account in Singapore you will have to fly to Singapore.
simon
2020-02-12 14:48
I prefer OCBC, although none of the SG banks have good online banking (compared with the fintech).
sylvain156
2020-02-12 18:19
@benjamin @buynps.org I opened a citi sg account last year and I was able to wave the 200k deposit. There is a trick. It took me 1 year to find it.
1) open a bank account at citi bkk. Only 1 millions thb deposit (32k usd).
2) tell them you wanna invest in auction. They'll propose you to open at citi sg.
3) citi sg will call you, and then they will be so much easy going with you.
For the story, citi sg rejects me even if I was ok to deposit 200k :joy:. But after opening at citi bkk, citi sg wanted me so hard, so they proposed to waive me the 200k deposit. I didn't even ask for it!
ledrewy
2020-02-12 19:21
Do you get a regular, Priority or Citigold account in Thailand with 1 million thb?
buynps.org
2020-02-12 19:23
wow! interesting
buynps.org
2020-02-12 19:23
what means ?invest in auction??
buynps.org
2020-02-12 19:23
how did citi bkk know that you had a bank at citi sg?
buynps.org
2020-02-12 19:23
and you mean citi bangkok (bkk) right?
simon
2020-02-13 03:42
Citi in one country can refer you to Citi in another country. There was a hack a few years ago, if you opened a business account with unlimited transactions with Citi in the US (had to keep only around 15k to waive the monthly fee if I remember correctly), you got a free personal US Citigold account. That automatically upgraded all your Citi accounts worldwide to Citigold and allowed you to use the referral system to open accounts in other countries with no minimum deposit requirements.
sylvain156
2020-02-13 04:59
@ledrewy city priority, deposit 1MB, you should keep it for 3 months. Then you can keep only 200 or 300k thb. If you don't, you'll be charge 300thb/month and maybe you'll lost the priority statut.
sylvain156
2020-02-13 05:01
at this time I didn't even have a visa for thailand... i was in exemption. It was very easy to open for me. I was just rejected by 30 banks in SG when i've been to citi bkk. So I had all the documents with me (about 200 pages) and a good speech to tell to the bankers.
sylvain156
2020-02-13 05:02
@buynps.org i mean, you should say you want to invest your money on the trading market.
I think it's because they have a lot of comission when you do trading, especially if you buy the bank products. So they really want you to do trading with them.
sylvain156
2020-02-13 05:02
@buynps.org correct, I meant citi bangkok.
sylvain156
2020-02-13 05:04
@buynps.org I didn't have the bank account in sg at this time. I had nothing. I was just rejected from all the banks in SG. So i've been to bangkok and open there. Then they told me "because you wanna invest your money, i'll give your phone number to citibank sg, maybe they can help you".
sylvain156
2020-02-13 05:04
and then I opened my sg account.
ledrewy
2020-02-13 05:32
THB is pretty strong now against all other Asian currencies. Not sure how long this will last
g.sfirlogea
2020-02-13 07:27
has joined #banking
toby
2020-02-13 13:15
I recently signed up a business account with transferwise (for my Estonian business) and had no issues. Is this a common problem? Why is it being held back?
ricardoads7
2020-02-13 21:30
has joined #banking
gun
2020-02-15 00:09
Yes. Both Permata & ?KUTA Central? (Private Bank that pays 10% on IDR balances)
It?s easier for both of you are referred by an existing account holder
ledrewy
2020-02-15 06:59
Thank @gun. Do you require to provide any visa?
gun
2020-02-15 09:59
Not if you come referred
ledrewy
2020-02-15 23:02
:+1:
toby
2020-02-19 12:57
Hey everyone, I just signed up for a Stripe account for my foreign-owned Wyoming LLC without ITIN. Not sure if I made a mistake when filling out the form that might bite me in the arse but for now it seems to work.
The stripe sales team walked me through it and told me to enter 9999 as SSN and everything would be fine, the account was approved in less than 20mins. Anyone had a similar experience and know if this is going to be fine long term? (I'm mainly using transferwise so this is more of an experiment than anything but curious to know nonetheless)
alex720
2020-02-19 14:06
has joined #banking
alex720
2020-02-19 14:13
Anyone have experience with CIM Banque for business banking?
alex720
2020-02-19 14:14
Anyone know how to apply for DBS Treasures personal banking?
jase
2020-02-19 17:29
Good to know. Is the account approved? Did you use a US address for your personal address?
jase
2020-02-19 17:32
Did you keep screenshots of being told to use 9999? Might help you down the track if they do call you out on it.
buynps.org
2020-02-20 04:56
What industry are you working in with stripe @toby ?
simon
2020-02-20 07:33
@alex720 You'll need to setup an appointment with them and then show up in person with your documents (I assume you are referring to DBS Singapore). Once your account is approved, you'll need to wire in at least 350000 SGD (or foreign currencies equivalent).
simon
2020-02-20 07:34
Regarding CIM Banque, is it for a Swiss company?
toby
2020-02-20 09:15
@jase I didn't use a US address as personal address which is interesting because they actually said I need an employee in the US (which I dont have). I did provide a (virtual) US phone number and my USD transferwise bank account. I have the email conversation saved where they mentioned the SSN thing. they also followed up again today confirming that everything is fine
toby
2020-02-20 09:17
@buynps.org IT outsourcing. Most of my clients pay via bank transfer but I might start giving stripes invoicing capabilities a try soon.
vartman
2020-02-20 09:35
has joined #banking
jase
2020-02-20 12:17
Good info, thanks Toby
redareda9
2020-02-20 12:17
I don?t know yet if it?s valid for any domain but for e-commerce they validated my account and when we processed 4-5 figures they asked for an employee proof in the Us and proof of real office and real bank account they they shut the account after being unable to provide that
alex720
2020-02-20 13:50
No it is for a UK company and for a Hong Kong company
buynps.org
2020-02-20 15:34
@toby
> they actually said I need an employee in the US (which I dont have)
really? they didn?t mention this to me. when did they tell you?
burrup.lambert
2020-02-21 16:52
For anyone who gets in this situation this is how I fixed it. I emailed basically every mail forwarding company asking if they offer a pay as you go service. This was the result:
https://www.postscanmail.com - YES
- NO
- NO
- NO
https://dakotapost.net/contact - NO
https://travelingmailbox.com/support - NO
https://www.mailboxforwarding.com - - NO
https://www.sbimailservice.com - NO
https://www.nymail.com - - NO
https://www.usglobalmail.com - NO
https://help.virtualpostmail.com/ - NO
https://scanmailboxes.com/ - NO
/ - NO
https://www.clevver.io / - NO
https://www.anytimemailbox.com - NO
As you can see, Post Scan Mail *DO* offer this service, but it is hidden on their website. They only accept it at *one* address.
https://www.postscanmail.com/free-us-mailing-address.html
Anaheim, CA
Note, you are required to get notarised USPS Form 1583. Post Scan Mail offers this service via http://notarize.com. http://Notarize.com DO accept foreign clients who do not have an SSN. I used my Passport as ID and even foreign proof of address (Argentinian visa paperwork). USD$20 and 20 minutes later Post Scan Mail was set up.
You can also receive mail to the address WITHOUT your PMB# for FREE, e.g:
John Smith
1950 W Corporate Way
Anaheim, CA 92801
This is great as it works as a street address with no 'ID' marks that would indicate it is a mail forwarder. Furthermore, the address does not appear as a CMRA under https://smartystreets.com/products/single-address so it is perfect for anal banks (like Citibank).
To get my account unblocked with Citibank I called customer support. At first they told me I had to go to a branch to submit the paperwork but after complaining they said I was able to mail it in. To update the address and get the account unblocked required the following documents to be sent to a Citibank address in Missouri :
Copy of ID with Signature
Proof of address (bank statement)
A signed letter saying that you would like your address updated.
If you have done the process with Citibank in another country (like I have) you will notice it is the same.
In summary, if you want a *Pay As You Go* US address for a bank account in the US, use the Post Scan Mail address above. Do not bother with http://usa2me.com, their customer service is crap, the postage and storage fees are high and they do not offer a free mail discard service.
lopez.shereen
2020-02-22 13:51
has joined #banking
alex720
2020-02-22 15:07
Anyone here use standard bank Isle of man?
simon
2020-02-22 16:29
Thanks for sharing @burrup.lambert
buynps.org
2020-02-22 18:16
What would you guys consider the top options for personal banking?
buynps.org
2020-02-22 18:17
Main points for me is the online banking and wires. Not so sweaty with traveling
simon
2020-02-23 02:30
@buynps.org For day to day banking, definitely the US. They have the best personal credit cards (most do not have forex fees) and several banks offer fee-free checking accounts. Customer service is usually excellent.
For savings / investing, I personally like HK and Singapore. The major banks there are very solid and offer excellent private / wealth management products.
buynps.org
2020-02-23 03:47
@simon maybe i?m paranoid, but you?re not scared of the IRS?s hands reaching in and freezing your money or something?
buynps.org
2020-02-23 03:48
ie. moving funds from US LLC to the US personal and keeping everything there
simon
2020-02-23 07:38
@buynps.org I'm not worried as I do not keep significant amounts in my US accounts. I certainly wouldn't keep more than I need for the next 3-4 months.
simon
2020-02-23 07:46
I'm in the process of launching a new feature, a banking database. It will list the best options around the world for non-residents, including payment processing and similar services. Most importantly, members will be able to share first hand experience anonymously (for other members to read).
simon
2020-02-23 07:46
Those that want to preview the new database can do so at: https://www.freedomsurfer.com/ic-bankingdb/
gbroome
2020-02-23 08:26
has joined #banking
burrup.lambert
2020-02-23 13:20
Great idea @simon! There are definitely a bunch of tips and tricks that several members, including myself, have used and shared!
buynps.org
2020-02-23 19:46
This would be really cool
buynps.org
2020-02-23 19:47
Experience shares of opening process and online banking is big for me
mescos
2020-02-24 21:20
Sounds similar to http://globalbanks.com - is it basically going to be the same thing?
yuli
2020-02-24 23:47
Would love to know what cards are you using which are giving you 0% withdrawal and currency fees if you are nomadic and you are constantly changing countries to prevent unncessary regular fees to be taken from you?
I personally have been using TDBank for the last 3 years. They had 0% withdrawl fees, and 0% currency conversion fees all this time. They have decided to raise it to 3% moving forward from March 2020, so I am looking for a new bank/card currently to use for personal expenses. Thank you ahead of time :slightly_smiling_face:
alex720
2020-02-25 00:56
How to open an account at standard bank Isle of man?
alex720
2020-02-25 01:35
What are best banking options for a UK company?
alex720
2020-02-25 01:35
Owned by non-resident
ledrewy
2020-02-25 03:05
@yuli Not sure if you are only looking for a one card for all purposes but there are some options you could combine like:
Citibank AU or HK debit card with Global Wallets (major foreign currencies)
Standard Chartered HK dual currency Union Pay debit card.
In Malaysia, there is Merchantrade Asia multicurrency debit card (21 currencies including most Asian currencies like TWD, THB, IDR) http://mtradeasia.com/
yuli
2020-02-25 04:27
Thanks for the options, however, I am very far physically from Australia, so opening a bank there is not an option for me currently. I have a bank in HK and they are not willing to give me a card. I am not aware that they will have 0% currency fees, though.
ledrewy
2020-02-25 04:53
I mentioned Citibank in Australia too. They offer Global Wallets for major currencies
simon
2020-02-25 06:12
@mescos I do not plan to offer a bank account opening service. The database will just be a better way for members to access banking related information. You can select a specific bank, see information about it and read first hand experiences shared by other members.
simon
2020-02-25 06:14
@yuli In Canada there is Stack, KOHO and Brim. In the US most banks offer at least one fee-free account / card. In Europe there is the fintech (Revolut, TransferWise, Bunq etc).
simon
2020-02-25 06:16
Do you have a HKID? There are now a number of banks that accept remote account opening.
omocha_10
2020-02-25 08:04
@simon , what would be the problem with US bank, and which and why would be better options? I thought US was ok, not like Greece, Argentina, Cyprus etc
simon
2020-02-25 09:00
@omocha_10 it?s fairly easy to open bank accounts in the US as a non-resident. As long as you have a US address and phone number, you should have no problems.
burrup.lambert
2020-02-25 17:28
What are those banks @simon?
yuli
2020-02-25 17:56
I do not have any HK ID, negative.
yuli
2020-02-25 17:57
Thanks @simon for the recommendations.
1. Are you aware of any bank able to open it remotely? I am currently in the USA for the next month. Logistically that would be the easiest.
2. However I am not aware of any other banks that can offer such accounts. I had previous account with Chase, I have an existing account with Bank Of America as well and they don't offer fee-free cards/accounts to me. What bank I should try?
simon
2020-02-26 04:05
@yuli Bank of America has a number of no-forex fee credit cards and they accept applications from non-residents for a number of them. https://www.bankofamerica.com/credit-cards/no-foreign-transaction-fee-credit-cards/
simon
2020-02-26 04:05
Chase has a checking account that does not have atm / forex fees but it requires a 75000$ balance. https://accounts.chase.com/sapphire/brand
simon
2020-02-26 04:07
First Republic has a no ATM/forex fee checking account that requires a more reasonable 3500$ balance. https://www.firstrepublic.com/personal/checking/atm-rebate-checking
simon
2020-02-26 04:10
There's also a number of online banks ala N26 (including N26) that do not have ATM / forex fees but you'll probably need an SSN/ITIN for those. Aspiration, Chimes etc
simon
2020-02-26 04:13
@burrup.lambert I've signed up remotely with CITIC, it was fairly easy and I got my credit card provisioned into Apple Pay immediatly (all done on a phone app). https://www.cncbinternational.com/personal/e-banking/inmotion/en/index.html
candelamont
2020-02-26 19:15
has joined #banking
albert
2020-02-27 04:37
contributed :slightly_smiling_face:
albert
2020-02-27 04:39
except BOA Las Vegas, bank said it was recently required to have a SSN
albert
2020-02-27 04:43
Can someone recommend the best USA VISA/MC with the highest reward rates for non-resident (only have ITIN, still working on proof of address/credit history)? Like an alternative to AMEX SB Gold but VISA/MC? I believe that would be the Chase Sapphire Reserve but I also read Chase needs 18 month credit history.
buynps.org
2020-02-27 05:46
@albert I just got my ITIN, tried to apply for Amex with the global transfer program and got declined. have you had anything that works?
albert
2020-02-27 06:44
currently using the crappy AMEX IDC but you need 100K+ in a US bank account, and the CSR is SO BAD, unbelievably bad
simon
2020-02-27 08:32
@kevintimmerhk It's easier to apply for an AmEx without an ITIN / SSN if you have no US credit history (as they will then only use your existing AmEx history). Make sure you have a US bank account with the same address you enter in your AmEx application + US phone number.
simon
2020-02-27 08:38
@albert The TD cash card is decent with a 3% cashback on dining and 2% on groceries. There is no annual fee / forex fee.
simon
2020-02-27 08:38
Unsecured version: https://www.td.com/us/en/personal-banking/credit-cards/cash-card/
simon
2020-02-27 08:38
simon
2020-02-27 08:48
Thanks @albert!
buynps.org
2020-02-27 13:23
@simon nice, interesting. i guess this would have to be over the phone? as the web version forces a SSN/ITIN?
simon
2020-02-27 13:26
@buynps.org If you have credit history in Canada, you can apply using this form: https://www.tdbank.com/exc/pdf/Foreign-National-Application.pdf
buynps.org
2020-02-27 13:27
@simon I have credit history personally and I think for my canadian company
brendan
2020-03-01 01:18
has joined #banking
lu.taglialatela
2020-03-02 03:07
has joined #banking
jase
2020-03-02 13:00
Has anyone used Brex?
jase
2020-03-02 13:01
I thought it could be an option for disregarded entity LLC but am reading (on other websites) that you need $50k in the bank
nikolay
2020-03-02 13:05
@jase I tried applying for the card but they said "you don't seem to have any US employees or operations there" so I got rejected.
nikolay
2020-03-02 13:05
Brex Cash is still in beta so haven't got the chance to apply yet for that.
nikolay
2020-03-02 13:06
They could be non that strict for the Brex Cash and via that once you do some transaction history get the Card part.
nikolay
2020-03-02 13:06
But I had more than $50k in the bank account and they still didn't accept me.
jase
2020-03-02 13:06
Damn, ok thanks @nikolay
jase
2020-03-02 13:06
I have a Mercury account, that was fairly simple
jase
2020-03-02 13:07
But - no rewards card
nikolay
2020-03-02 13:07
I wanted the rewards as well but they refused.
nikolay
2020-03-02 13:07
As far as I know in April Brex Cash will be out of beta so it will be easy to sign.
nikolay
2020-03-02 13:08
They have less risk there as they don't underwrite anything - it is just as a bank account so they will probably approve easily.
nikolay
2020-03-02 13:08
That's my logic though.
jase
2020-03-02 13:08
ah yes, you're right
jase
2020-03-02 13:08
basically Mercury, but with rewards
jase
2020-03-02 13:08
though I'm not sure the value of their points. it's all very opaque
nikolay
2020-03-02 13:08
That what I hope it turns into.
nikolay
2020-03-02 13:08
Alternatives are very good to be had.
nikolay
2020-03-02 13:09
It is opaque but the travel and booking platform they have or work with is good.
nikolay
2020-03-02 13:09
It is better than nothing.
jase
2020-03-02 13:09
for sure
jase
2020-03-02 13:09
plus no ITIN required
nikolay
2020-03-02 13:09
Exactly
jase
2020-03-02 13:09
it's always nice to have fewer records with fewer governments :slightly_smiling_face:
nikolay
2020-03-02 13:09
Stripe is coming up with a cashback card
nikolay
2020-03-02 13:10
But also in beta
nikolay
2020-03-02 13:10
I expect them to start offering banking soon too.
jase
2020-03-02 13:10
whether they keep me on remains to be seen :slightly_smiling_face:
buynps.org
2020-03-02 14:57
Experience share: tried to use the global transfer program from Amex. Was denied the first time with an ITIN (no credit history). Called back a week later, told them without an ITIN, they switched the application to a sole proprietorship instead, and same thing, denied.
Seems you must have credit history in both countries
ledrewy
2020-03-03 10:19
@buynps.org Do you have any credit history in the country of origin? Maybe you should establish that first before requesting for a global transfer. I obtained an Amex card in HK (I?m not a resident) and then did a global transfer to the US. No ITIN or SSN required. After using the US card for more than 6 months, I applied for a Amex Business card (as sole proprietor) and it got approved.
tiagomdreganha
2020-03-03 12:09
I'm a second card holder on a US Chase Saphire friends card/account. I don't have the physical card but he has excelent credit score. Did it to get access to airport lounges.
Would that open up doors to get decent card that nets me points on Facebook ad spend? EU cards suck...
simon
2020-03-03 13:01
@tiagomdreganha Do you have an SSN / ITIN?
tiagomdreganha
2020-03-03 13:01
nope
simon
2020-03-03 13:03
You'll need one in order to use your history as an authorized user to apply for other cards.
buynps.org
2020-03-03 13:08
@ledrewy I had great score in the origin country. Had like a $70k limit with Amex. But can?t get approved with gl oak transfer
simon
2020-03-03 13:14
@buynps.org Have you tried applying online? When you do without logging into your AmEx account, you'll be given the choice to apply using foreign history (in UK, India, Mexico, Canada or Australia). This is not the same process as for Global Transfer.
simon
2020-03-03 13:15
Looks like this
buynps.org
2020-03-03 14:32
@simon are you talking about this link here?
I got stuck at the SSN, they ask for this or they don?t let me through.. where did you get to that page in your picture?
https://www.americanexpress.com/us/credit-cards/card-application/apply/business-platinum-charge-card/45094-9-0?intlink=US-Acq-GCP-BusinessCards-ViewAllCards-Apply-Platinum#/
buynps.org
2020-03-03 14:33
I tried applying as a corporation + sole proprietorship, they both ask for SSN
simon
2020-03-03 16:10
The screenshot I uploaded was taken during the Gold card application. It?s possible that the requirements vary depending on the card you apply for, or that in some cases they require you to apply over the phone.
buynps.org
2020-03-03 16:16
@simon ah ok, i see. so it?s a personal gold card
buynps.org
2020-03-03 16:17
not business
buynps.org
2020-03-03 16:17
let me try
buynps.org
2020-03-03 16:18
```We're sorry, Kevin. We can't approve your application.
You'll receive a letter within the next 10 business days explaining the specific reason. Thanks for your interest in an American Express card.```
buynps.org
2020-03-03 16:18
:confused:
simon
2020-03-03 16:23
That?s strange... I guess you?ll find the reason why the application was declined when you get their letter.
burrup.lambert
2020-03-03 17:18
From my experience in Australia, you will never find out the reason. The letter will explain nothing and customer service won't help either! I have tried multiple times to get an Amex in Australia, denied everytime, still no idea what the issue is. I now have Amex's in 2 other countries. Good luck.
buynps.org
2020-03-03 17:27
yep. no reason given
buynps.org
2020-03-03 17:27
just some generic BS
mt
2020-03-04 10:25
has joined #banking
yakirstarosta
2020-03-05 07:38
Hey guys, I have a UK LLP and was in the process of opening a business bank account with Revolut but got rejected for now. They don?t explain the reason.
What is the best alternative you guys will recommend?
I need a multicurrency account. I run e-commerce businesses using Shopify and need a business bank account to link to payment processors
dsf0010
2020-03-06 08:52
has joined #banking
endless.skai
2020-03-06 09:51
has joined #banking
rtiagm
2020-03-06 10:24
Any bank recommendations to open an account for a business located in Japan? Need to be able to get one or more business debit cards and the bank needs to support JPY. If multi-currencies are supported that?s even better. I?m only aware of TransferWise.
ggiampieri
2020-03-06 12:57
@rtiagm have a look at currenxie
rtiagm
2020-03-06 15:29
@ggiampieri thanks, have you used them?
ggiampieri
2020-03-06 15:42
They should be ok for your need
tkrunning
2020-03-08 13:00
I checked it out yesterday, really cool initiative. I've actually been collecting data on fintechs for Nomad Gate in a similar Airtable for the past year, but haven't shared it yet.
I'll try to contribute some experiences over time. Is it possible to suggest new banks as well, or just add experiences for the ones currently listed?
I'm also close to publishing an article on Nomad Gate with a lot of the same banks (more heavily tilted towards fintechs than brick and mortar though, and only ones that allow remote account opening.
simon
2020-03-08 13:50
@tkrunning Thanks! Yes, you can suggest new banks, although for now it has to be done via email / slack. I?ll add the functionality in Airtable in the near future.
Have you tried using the Airtable API to display data on your site?
tkrunning
2020-03-08 15:44
@simon Yeah, I've considered using it for that (my site runs Jekyll now, so could pull in the data during build). I am doing that for some other mini-sites I have made with Gatsby (it's super easy to get Airtable data into your Gatsby sites with GraphQL). I've been considering porting Nomad Gate to Gatsby at some point, which is why I've delayed building the required integration for Jekyll.
Are you planning on using the API rather than the widget to display the data on FreedomSurfer in the future?
kalin.stoyanov
2020-03-08 19:22
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simon
2020-03-09 07:29
@tkrunning Yes, I plan to output the data in the relevant guides (for logged in members). If this works well, I'll do the same with residencies / citizenship.
tatelev
2020-03-09 08:24
Hi all, been away from here for some time. What is the latest intelligence on any way for a foreigner with a US LLC (not living in USA and no SSN) to get a US Credit Card? Or is it still Mission Impossible?
tatelev
2020-03-09 08:25
(I mean one with good cash back, points, etc?)
simon
2020-03-09 10:07
@tatelev Without AmEx, a visit to the US will likely be necessary (in person it?s fairly easy, most banks will accept your application if you post a security deposit).
tatelev
2020-03-09 10:11
@simon thanks, I don?t have AmEx. And my LLC?s us bank used to be Wells Fargo but I switched recently to Mercury. Mercury does not have physical offices nor credit cards. So that might make it even tougher as your suggestion is not an option
simon
2020-03-09 10:14
Do you still have the Wells Fargo account? You could try to apply for this card: https://www.wellsfargo.com/biz/business-credit/credit-cards/secured-card/
tatelev
2020-03-09 11:01
@simon I nolonger have the WF account. But I remember having enquired about that card on the phone and I was told that for any of their cards I needed both an ITIN as well as showing up in person in a physical branch. I think my case was somehow special because I had been able to open the WF account through a loophole without ever visiting USA. In any case I?m done with WF
tkrunning
2020-03-09 16:52
Regarding the banking database, what do people think about https://europacbank.com/? I've never used them, but I've seen them mentioned a few times. Seems to work with a lot of offshore jurisdictions that other banks don't want to touch.
It's based in Puerto Rico though, which isn't even part of the SWIFT network, so I guess that might make transfers etc more cumbersome than with most other banks...
Anyone with first or second hand experience?
EDIT: The big selling point seems to be that you can open and manage the account remotely + the fact that they work with more second class jurisdictions than other banks + being "full reserve". Not very cheap.
burrup.lambert
2020-03-09 17:42
Following. I believe it is Peter Schiffs bank. I've also seen it mentioned several times but haven't known any directly who has used them. I might need something like them in the near future.
buynps.org
2020-03-10 05:08
@tatelev i?m in the exact same boat. can?t get any cards. just got a capitalone card with a $200 prepaid limit, but it?s way too low
buynps.org
2020-03-10 05:08
amex won?t give me anything
roman
2020-03-10 05:41
FYI was randomly asked by TransferWise for proof of bank statement and a utility bill or government issued document for proof of residence. My guess it was triggered by me being absent from home country for too long and logging in from different IPs.
tiagomdreganha
2020-03-10 09:37
@simon can I get an ITIN without having an US LLC?
I spend around 100k/year on FB Ads alone (sole proprietorship in Portugal) , the amount of points/rewards I'm missing out on is probably worth the effort of trying to build credit history
simon
2020-03-10 09:56
You can but you?ll need to provide the IRS with a valid reason for your application (a letter from a financial institution saying you need to apply for an ITIN, for example).
hennadii
2020-03-10 12:28
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michael
2020-03-10 13:27
Yes it's Schiff's. I didn't like their fees. https://europacbank.com/products/bank-accounts/fees-and-charges/
michael
2020-03-10 13:28
Guess it depends what you are looking for.
alexjohnfarris
2020-03-10 16:04
they are fucking terrible, avoid
tkrunning
2020-03-10 22:39
@alexjohnfarris Terrible due to fees? Poor services? Customer support?
I'm not looking to open an account myself, but interested if there are other banks you'd recommend in this niche (banks serving offshore jurisdictions where you can open account remotely)?
danz
2020-03-10 22:56
@tkrunning They are literally the worst bank, have a lot of experience with them. Terrible customer service.
danz
2020-03-10 22:57
They switched from St. Vincent to Puerto Rico 2 years ago or so. But they have so many problems.
danz
2020-03-10 22:58
Opened with them because of the ease, but high cost and terrible customer service, sometimes waiting a few months to solve an issue. Would only recommend to use them if you have no other options.
roman
2020-03-11 06:24
FYI this is what triggered it:
https://transferwise.com/help/20/verification/2968884/getting-verified-in-canada
alexjohnfarris
2020-03-11 10:28
if they don't think you've generated them enough fees they'll force you to make an investment and screw you on the spread. Basically theft.]
michael
2020-03-11 12:27
HAHA @alexjohnfarris sounds like a fun bank :stuck_out_tongue_winking_eye:
icefreebiz
2020-03-11 12:30
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burrup.lambert
2020-03-11 16:00
Nothing nefarious then!
mykolas.ramanauskas
2020-03-11 22:49
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roman
2020-03-13 04:49
Nope. Weird part that they don't explain it, unless you ask. And I only asked, because they got back to me and told me one of the docs was too old (I sent a December phone bill). So I followed up and asked why so serious all of a sudden. Otherwise, there is no explanation or warning anywhere on the screens.
sterk
2020-03-13 13:53
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omocha_10
2020-03-16 14:29
Hi, I am trying to send money from my US bank account to my Revolut account, but from the bank they are telling me that they need ?the correspondant account number? and in Revolut they tell me that they have several ones, so they don?t give any.
Have anyone faced this situation?
Thanks
alex720
2020-03-17 03:41
Send it to revolut via TransferWise
tkrunning
2020-03-17 09:01
@omocha_10 Yes, what @alex720 said. Depending on the amount you can even do it completely free of charge (assuming you have a TW Borderless debit card issued in Europe). Do an ACH transfer (typically free) from your US bank to your TW Borderless account, then top up Revolut with your TW debit card (in USD currency). Since the debit card is issued in the EU/UK, there's no fee to top up.
ACH transfer: about 1 day
Revolut topup: instant
Much faster (and cheaper) than sending a SWIFT transfer.
omocha_10
2020-03-17 09:10
Thanks a lot.
simon
2020-03-17 10:02
You can also use Curve to top up Revolut free of charge with any credit / debit cards. I do it all the time with one of my credit cards (I get the airline miles from my bank + 1% cashback from Revolut). The top ups must be in the same currency to avoid fees on the Curve side (for example, top up your HKD balance in Revolut with a HKD credit card linked to Curve and then convert to whatever currency you actually want to spend using Revolut?s internal rates during business hours). Obviously, you must have a personal debit Curve card (you have to ask them in the app chat for that as the default card is a commercial one).
simon
2020-03-17 10:03
Ah and this also works with TransferWise (you can use Curve as the funding source and will only pay the debit card fees even if actually using a linked credit card).
matthias.wernig
2020-03-17 21:12
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imatfaal
2020-03-18 15:56
This sounds like a churning / miles opportunity, or am I misreading it?
simon
2020-03-18 17:42
It is although only for small amounts as Curve would likely shut you down otherwise (using a non-EU credit card is very expensive for them as they eat 100% of the fees for same currency transactions).
simon
2020-03-18 17:43
In my experience, 1000-2000� equivalent per week is fine.
fenix5
2020-03-18 20:18
Guys be aware of using TransferWise. I sent few thousand GBP on Monday and money is still held by TW for revision. They told me it?ll take up to 6 days!!! Money transferred from one company account to another. And I?ve been using it for almost 2 years, it?s not new account. Ridiculous, I lost already on exchange quite a lot.
buynps.org
2020-03-19 13:53
@fenix5 it was crypto related ?
fenix5
2020-03-19 16:44
@buynps.org not at all, this is an accounting company. Still didn't get that money.
danz
2020-03-19 18:42
Had zero problems with TW this week so far here
buynps.org
2020-03-19 19:44
@fenix5 it took them to clear the first payment sent to me of $1.25k
buynps.org
2020-03-19 19:44
but it went through
buynps.org
2020-03-19 19:44
took them like 5 days
fenix5
2020-03-20 19:48
Finally I got my money today after 5 days. I was told that this is just routine check on random basis. No questions asked.
himself
2020-03-20 21:35
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gun
2020-03-20 21:52
UK LLP with Business Transferwise - is it possible to link Transferwise as the bank account for a UK Paypal account or no?
gun
2020-03-20 22:00
If no what's the favourite option?
? Does it link to a personal or business Starling?
? Get a Tide Business acount to link it to?
simon
2020-03-21 04:12
It?s possible now that TransferWise supports direct debit but you may have to call support and have them do it if the online system rejects it.
gun
2020-03-21 15:36
Amazing tip - thankyou
tobievandyk
2020-03-22 03:16
has joined #banking
redareda9
2020-03-25 16:24
Beautiful news
nikolay
2020-03-25 16:57
For individuals only or for companies as well?
ggiampieri
2020-03-25 17:55
@redareda9 do you need ssn to sign up?
bierlingm
2020-03-25 19:13
Revolut going big, they are doing very well. Considering opening up a Revolut Business account at the moment
jase
2020-03-25 20:23
Anyone concerned about the solvency of their banks in the coming month?
stolzlos
2020-03-25 21:16
coming month, no. Until the end of the year, yes
michal.opoka
2020-03-26 00:42
with mass money printing I don't think solvency gonna be a problem, but inflation will go up sooner or later
jase
2020-03-26 07:53
I thought it would be the other way around @stolzlos... why do you think it's more an issue later?
stolzlos
2020-03-26 08:10
@jase factually the economy has already taken a hit and even though lots of people are affected it is not that confidence has broken down
stolzlos
2020-03-26 08:12
many people believe in a fast recover after the effects of the virus have diminished
stolzlos
2020-03-26 08:15
I would say that 99% of people misinterpret of what is going on and that is why the situation will seem to get better with all the emergency measures thrown around like confetti
jase
2020-03-26 08:15
So your greater concern is that we're actually going to end up in a bubble here?
stolzlos
2020-03-26 08:15
that will keep the game on going for a few months ... at most
jase
2020-03-26 08:15
The money printing will have everything "business as usual" quickly
stolzlos
2020-03-26 08:16
what governments try to convey is that they have it under control and money printing does help. Not denying that. And it will help again but this time only for a while.
stolzlos
2020-03-26 08:18
Corporations are globally too leveraged and politicians for whatever reason (good or bad) caused the bubble to rupture. And it is going to rip apart and there is no stopping it anymore. At least that is what I am convinced of.
stolzlos
2020-03-26 08:21
If people would have an inkling of the extent of the situation they would not walk but run to their local bank. There is some increased withdrawal here but nothing that would endanger the banks, yet. So that won't change for a time, hence, not next month.
stolzlos
2020-03-26 08:24
The moment people start wake up and question the narrative is when they realize two things after a few months:
1. The economy is not restarting
2. Lots of new government rules are here to stay (even though the virus is gone)
jase
2020-03-26 08:28
So how does one preserve wealth during this time?
stolzlos
2020-03-26 08:28
I think this is the toughest question one could ask in these times :wink:
michael
2020-03-26 08:29
https://youtu.be/jdjzIaEDTnw
Your money is 'obviously' safe in the US banks :joy:
jase
2020-03-26 08:29
Are you familiar with the Mutiny fund?
stolzlos
2020-03-26 08:29
@michael omg ...
stolzlos
2020-03-26 08:30
no. got a link?
jase
2020-03-26 08:31
Similar strategies to Artemis Capital I believe
stolzlos
2020-03-26 08:33
would be nice to see a yearly performance since inception. I assume that they would have done quite well in the last 2 months.
jase
2020-03-26 08:35
I am not even sure they are fully set up yet
stolzlos
2020-03-26 08:35
I see
jase
2020-03-26 08:36
A friend runs a similar allocation and was up 10% by mid March
stolzlos
2020-03-26 08:36
nice
jase
2020-03-26 08:36
I'm dumb to this stuff, trying to learn.
stolzlos
2020-03-26 08:38
we all are. And the problem is that this situation, like every other, is unique.
stolzlos
2020-03-26 08:40
Sometimes it is not necessary to make a profit or not even to keep what you have.
stolzlos
2020-03-26 08:41
There are times when all that matters is to keep your losses as small as possible. I think that is such a time.
jase
2020-03-26 08:41
Interesting view @stolzlos, I like that. Takes the pressure off.
jase
2020-03-26 08:42
I've been working on my own personal asset allocations lately. Including my businesses as I feel this is the real opportunity.
jase
2020-03-26 08:42
Now is the time to invest in what I know.
stolzlos
2020-03-26 08:43
True, but just to give you an example. Lets say the Euro craters 20% and you are all in cash but you did not have stocks that are chopped in half additionally. Compared to asset holders you doubled your wealth.
stolzlos
2020-03-26 08:45
I think that is totally misunderstood by so many people. Of course keeping another 20% would have been nice but I think that is counterproductive because it drives you to do risky stuff and in the end you lose as much as everybody else.
jase
2020-03-26 08:46
Yeah, like chasing yield
stolzlos
2020-03-26 08:46
exactly
jase
2020-03-26 08:46
I have to assume emerging market debt is going to take a further beating here
jase
2020-03-26 08:47
countries that struggle to handle this situation well (or even put their heads in the sane) + drops in local currency + money printing
stolzlos
2020-03-26 08:48
want to see a chart? It is easy to read.
jase
2020-03-26 08:48
sure
stolzlos
2020-03-26 08:49
*EMB:* JPMorgan USD Emerging Markets Bonds ETF
stolzlos
2020-03-26 08:49
10 years horizontal support smashed in a single week!
jase
2020-03-26 08:50
ouch
jase
2020-03-26 08:50
potential to go further though
stolzlos
2020-03-26 08:50
tells me that emerging markets are only getting started here, unfortunately
jase
2020-03-26 08:50
yeah
stolzlos
2020-03-26 08:50
yes
stolzlos
2020-03-26 08:51
and a note on gold as wealth preservation
stolzlos
2020-03-26 08:52
the german government recently changed a law that all purchases above 2000? must be reported
stolzlos
2020-03-26 08:52
physical ownership in Germany for example out of the question
jase
2020-03-26 08:52
Australia is trending in that direction as well
jase
2020-03-26 08:53
Maybe I should start a Bullionvault in Andorra? :thinking_face:
stolzlos
2020-03-26 08:53
when they need it they will come and knock on your door and *kindly* asking you to hand it over in return for a nice receipt
jase
2020-03-26 08:53
No doubt
stolzlos
2020-03-26 08:54
commission wise I think bullion dealerships have a bright future
jerrycjchang
2020-03-26 09:01
Very hard to predict what will happen but I also think the effects will be long lasting, well beyond the quarantine (and we don?t even know when that will end)
jerrycjchang
2020-03-26 09:01
Literally we are seeing a new world order forming these days
omocha_10
2020-03-26 11:53
@ Not a pro, but I think best to do is to diversify into top US and int stocks ?baskets?, real state, bonds(tips?),some commodities, some cash in different currencies.
That?s for the short term, for the md/long i think too stocks will return to pre corona levels en a few years.
And I suppose with stocks you are covered against inflation.
Short term I believe it?s going to be very choppy, which I assume is good for traders.
But again, not a pro at all.
jerrycjchang
2020-03-26 12:10
Too hard to say right now, but I'd steer well clear of bonds as it is. The market has frozen up and would have collapsed by now if it isn't for the Fed backstop
fattail
2020-03-26 13:05
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bruce_edwards
2020-03-28 08:28
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bierlingm
2020-03-29 11:27
I fully agree with you on this point. Im seeing so many people here in the Netherlands just walking around acting like nothing is happening and that after this virus things will get back to normal. They have a clue on whats going on and the virus is just a smokescreen to be honest
redareda9
2020-03-30 04:37
Seems like Revolut Business is not usable with Google Ads.
When i use a virtual card, Google tells me they don?t accept ?prepaid cards?..
roman
2020-03-30 12:19
I am a Canadian and I have a US business bank account with ACH and want to move some money to a broker. E.g. Questrade, but I am open to other brokers too. Any solutions that you know of that support ACH?
himself
2020-03-30 12:24
I have found this also with Google Developer services. A right pain, same with virtual and the physical cards.
ledrewy
2020-03-30 12:31
Interactive Brokers
redareda9
2020-03-30 12:46
Oh, I just ordered a physical one thinking it was going to solve the problem.. Thanks.
simon
2020-03-30 13:36
Google, Azure and a number of other use now pay later services only accept credit and debit cards (not prepaid, virtual or gift cards). Using Curve usually solves this.
ggiampieri
2020-03-30 14:48
Revolut now supports IDR, INR, MYR and PHP, good news for SEA travelers with local account
redareda9
2020-03-30 15:22
Yeah seems like Curve worked, just not easy to deal with for accounting.
Transferwise worked as well
roman
2020-03-30 15:22
But it's US based. Can I open an account under a Canadian corporation you think?
simon
2020-03-30 17:26
Yes, they support most countries. https://www1.interactivebrokers.com/en/index.php?f=7021
simon
2020-03-30 17:27
You can add your Revolut Business card as your funding source in Curve :wink:
c.yanar
2020-04-01 02:00
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ignacio.rod.h
2020-04-01 12:59
Has anyone tried or uses Brex (https://brex.com/startups/) They recently gave an offer to Startup School founders and they waived the $50.000 monthly sales and was wondering what kink of benefits there are with using Brex...
antonio.fonduca
2020-04-01 14:36
has joined #banking
vinodgn0088
2020-04-02 14:05
Anyone here using a Curve card with Advcash card (Adv World Visa - No name-USD) attached ?
martin
2020-04-02 14:10
Anyone opened a bank account with SatchelPay for a Hong Kong company and if so what documents did you supply.
bartek
2020-04-02 22:08
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hobietimmer
2020-04-03 13:03
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ceres.sti
2020-04-04 11:54
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buynps.org
2020-04-04 16:01
first bank to tank
marcdomancie
2020-04-04 20:43
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just4cassie
2020-04-05 16:55
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lucaboero25
2020-04-05 17:22
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antonio.fonduca
2020-04-05 22:37
Hi guys. I have a question regarding using an N26 Business account together with an Estonian O� company, which I registered as an Estonian e-resident over a year ago. Apparently the combination is formally not correct I have just learned, since the so called N26 Business account, in spite of its name, ultimately is for freelancers running their businesses in their own (personal) name, and not that of the business. At the time, I figured being the sole owner and Director of the business, that it would be OK, but it looks like it is not. Has anyone experienced this very same issue and if so would you mind sharing how you resolved it? If you switched banks, which one did you switch to, and how did you formalize the change? Anyone else with ideas on how to best clean up this situation is of course also welcome to share your insights. Cheers.
alex720
2020-04-06 00:10
Anyone know more about the requirements of chase private client ?
alex720
2020-04-06 00:11
Can the $250k be invested through direct investment platform etc
albert
2020-04-06 15:55
Hi Fam, looking for a way to send RMB to suppliers in China. The funds are in USD at a US bank account, what would be the best way to get to Asia and then Mainland?
himself
2020-04-06 17:24
This is smart.
mgonlinephone
2020-04-06 18:10
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tredezdonovan
2020-04-06 18:11
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simon
2020-04-06 19:00
@albert Have you tried using Xoom? They do not support all mainland banks but they support a few of the majors (BOC, ICBC and CCB)
atsingelidis
2020-04-06 19:53
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didzis.vasiluns
2020-04-06 20:29
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trungsseng01
2020-04-07 02:37
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tiagomdreganha
2020-04-07 10:28
I've been using Revolut in EU, free transfers to banks China.
They just opened up in the US.
roman
2020-04-07 14:44
I opened an account. But it doesn't look like they support ACH in Canada. Also their support is completely unresponsive. Have been waiting a week for a response now.
albert
2020-04-07 18:34
Thanks but all of the suppliers? banks are not on Zoom?s supported list. Any other idea how to get from USD (US) to RMB (China)? Would a HK/SG bank (assuming they will accept a UK LLP/US LLC) in between be helpful?
albert
2020-04-07 18:34
Currently using Mercury to wire USD to China. Very bad service, takes about 4-9 business days for a wire, usually near the long end of the range. Whereas Wells Fargo is same day.
paul_inkpen
2020-04-07 18:40
has joined #banking
simon
2020-04-07 19:25
You can setup an account with Citi in the US and also with Citi in HK. Moving funds between Citi accounts is usually free and instant. Once the funds are in the Citi HK account, you can convert them from USD to offshore RMB. They can then be wired to your suppliers.
With such a setup, transfers would be close to instant and relatively cheap.
paul_inkpen
2020-04-08 13:24
Does anyone have any experience with Neat?
ggiampieri
2020-04-08 13:49
Personal card ok business account terribile
coapsi.george
2020-04-10 07:41
has joined #banking
ledrewy
2020-04-11 03:25
What is the cheaper way to send money from the Philippines to Malaysia?
paul_inkpen
2020-04-11 08:22
TransferWise Account?
mikeseo
2020-04-11 08:59
last I looked you can't send money from PH bank to TW (you can send from TW to PH bank)
paul_inkpen
2020-04-11 13:43
And no option to use a debit/credit card to add money to a TW account from the PH? Or Apple Pay?
mikeseo
2020-04-11 14:12
i just checked and it says you can't add PHP directly
mikeseo
2020-04-11 14:12
maybe you could add USD/EUR and use your ph bank credit card, I dunno
mikeseo
2020-04-11 14:14
there's a bunch of local money senders the foreign workers use for sending money home, cebuana lhuillier, palawan express, etc
simon
2020-04-11 14:15
If your PH bank charges a forex fee, you can use Curve to top up your account instead (top up in MYR).
simon
2020-04-11 14:17
Although it?s probably cheaper to top up in GBP and then transfer to MYR. The debit card fee for GBP is 0.69% and Curve is UK based.
mikeseo
2020-04-11 14:17
PH banks are lame as fuck
mikeseo
2020-04-11 14:18
cheapest way might be to convert PHP to MYR at a money changer and than fly to malaysia with cash
mikeseo
2020-04-11 14:19
http://coins.ph is shit, 2000 PHP deposit limit, need to deposit at shitty kiosk in 7/11 that never works
mikeseo
2020-04-11 14:20
maybe maybank in ph has some good option
mikeseo
2020-04-11 14:22
most people send money from malaysia to philippines. Easier to send money to PH, filipinos love receiving money. Much harder to send money from PH, filipinos hate giving money.
ledrewy
2020-04-11 15:07
Thank you!
eronorbi
2020-04-11 15:46
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eronorbi
2020-04-11 15:53
Hello! I recently opened an LLC in the US. Is it okey not to open an US bank account and to use Revolut?
paul_inkpen
2020-04-11 18:54
@eronorbi I didn?t think Revolut services US Business Accounts yet?
paul_inkpen
2020-04-11 19:01
I think they have a waiting list for it but I think it?s only Personal Accounts at the mo in the US.
eronorbi
2020-04-11 19:26
if I want to use stripe, as a payments processor, and set it up for my LLC, can I still use personal Revolut Bank account?
simon
2020-04-11 20:07
@eronorbi No, the name on the bank account must match the business name on file with Stripe
simon
2020-04-11 20:08
You can use TransferWise, it?s similar to Revolut and they accept US businesses
noahlibbyhaines
2020-04-12 01:15
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benjamin
2020-04-12 05:33
Anyone open a Standard Bank (Isle of Man) account remotely?
How was the experience?
nitindania11
2020-04-12 16:37
has joined #banking
brent
2020-04-12 22:07
has joined #banking
francoiskocik
2020-04-13 02:05
has joined #banking
saba.bosuener
2020-04-13 15:40
has joined #banking
imatfaal
2020-04-14 11:32
I did a few years ago. Account opening was a total pain and it's been downhill from there. Charges are high and customer service non-existent.
benjamin
2020-04-14 13:55
Ah really? What was so had about the process? And what charges? Isn't it free for the account if you maintain the minimum balance?
alex720
2020-04-14 14:48
Anyone here use TD USA?
stolzlos
2020-04-14 16:38
yes, using
b.maite
2020-04-14 16:44
has joined #banking
imatfaal
2020-04-14 17:13
Yes it's free if you keep a minimum balance (at 0% interest). Fees for wire transfers and having a debit card and currency conversion are all high. Process for opening was just a lot of paperwork and notarized stuff.
alex720
2020-04-14 23:36
How does international money transfer work from the account @stolzlos I plan to link it to PayPal of my Cyprus company
eddieringleb
2020-04-15 06:18
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michael
2020-04-16 03:28
no. first time i've heard of them.
michael
2020-04-16 03:28
looks interesting.
timorshait
2020-04-17 19:06
has joined #banking
frederic.scheffer
2020-04-20 02:40
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paul_inkpen
2020-04-20 06:22
Does anyone have any Banking recommendations for a non resident US LLC? I am very happy to travel in person if need be. Considering TD Bank and Mercury at the moment.
brent
2020-04-20 06:36
I found Mercury pretty good
brent
2020-04-20 06:36
setup without needing to go there..
paul_inkpen
2020-04-20 09:26
Thanks @brent :+1::grinning:
house.leelah
2020-04-22 06:41
has joined #banking
kipianiucha
2020-04-22 16:04
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simon
2020-04-22 17:41
I wrote a few months ago about the new virtual banking licenses that have been issued by Hong Kong?s monetary authority. 8 licenses have been issued, to very interesting companies.
The first virtual bank to launch under one of the new licenses is ZA. They started accepting applications a few weeks ago, from anyone with a HKID and a HK address. I?ve opened an account and so far everything looks very nice, the app is a lot nicer than that of the traditional banks. It?s a real bank account so it?s fully compatible with FPS, PayPal, TransferWise etc. There are no fees and no minimum balance requirements.
simon
2020-04-22 17:41
Obviously, accounts can be opened remotely
paul_inkpen
2020-04-22 17:42
Non residents a possibility?
simon
2020-04-22 17:42
Oh and they told me that they are working on a virtual credit card, with instant approval and direct provisioning to Apple Pay.
simon
2020-04-22 17:42
@paul_inkpen If you have a HKID, yes
simon
2020-04-22 17:44
Forgot to mention, the account can hold HKD, CNY and USD
antonio.fonduca
2020-04-22 17:59
Hi guys. I recently submitted an application for a Revolut Business account (I already have a private account with them that I registered a year ago). They came back with 2 follow up questions:
1. Proof of Operating address: I understood that this is not the officially registered legal address but rather the place you operate your business from (I tried to use the legal address of the entity but apparently it did not work). So my question is: what if you work from the road and from different locations/co-working spaces throughout the year? They require a document dated within the past 3 months with the full business name and operating address. On the invoices I put the legal address (Estonian O�). So I am not sure what to do here. Any suggestions @simon?
2. Proof of nature of business: they require evidence from public sources or third parties, whatever that is. A website? I am a pure B2B service provider, hence no products and no consumer sales. Are they looking for an invoice or a sales contract? Anyone having dealt with registering a Revolut Business account who could shed some light on this? Cheers.
simon
2020-04-22 18:08
1. A proof of personal address usually works.
2. That will depend on what you sell but usually invoices, contracts etc
g.malagaris
2020-04-23 07:43
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daoway
2020-04-23 08:32
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jpagp3
2020-04-24 03:26
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markusrahr
2020-04-24 07:08
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house.leelah
2020-04-25 04:05
Hi @simon its great to be part of this awesome community.
I have a question regarding Paypal US account. Im not from the US, we?re using a Thai Paypal account. I have an LLC setup in delaware. I want to get a US account and just realized that one of my sibling was studying there since couple years ago and I still have an ssn and a boston id card. Can he open a paypal us account from here, without being in the US and use those two items to verify for the US LLC. We no longer have a residential address there tho, they used to have receipt shipped to their apartment dated since last year.
daoway
2020-04-25 04:14
I just had Transferwise deactivate my account and they did not give any specific reason other than I am a high risk profile. They have over $45,000 of mine in there. I checked and found many people had their accounts deactivated and they did not get their funds back even after 90 days and some 6 months. I have a legitimate online business selling online courses, events, etc. It is quite scary how they can withhold your funds indefinitely. What virtual banks are the safest?
daoway
2020-04-25 04:47
I tried to apply for Tide banking but when I input that I have been at that address for less than 3 months they ask for a second address in the UK which I do not have. I also cannot download their app as my app store is for Hong Kong.
ggiampieri
2020-04-25 08:56
@daoway it's the services business, easy to launder money. Move to products. For the app issue download the apk from a legit site and you are set.
buynps.org
2020-04-25 17:17
@daoway any warnings? how did that happen?
buynps.org
2020-04-25 17:56
Anyone have any experience shares with Stripe using a foreign owned SMLLC?
simon
2020-04-25 18:07
@house.leelah Yes, you should be able to. SSN do not expire, they are valid for life. In fact, you should also be able to remotely open US bank accounts and apply for credit cards.
house.leelah
2020-04-25 18:11
@simon thanks for the reply. thats great. So does he has to be a shareholder in the llc as well or can also do as an employee.
house.leelah
2020-04-25 18:11
Or it doesnt matter
daoway
2020-04-26 05:45
No warning, just all of a sudden the email that the account was deactivated and I have had no way to access my account since. No replies to my emails either. Quite frightening actually. I could understand if I was running a shady business, but I have a legit, above board, positive business.
odufey
2020-04-26 06:36
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jonrodd
2020-04-26 13:56
So, what do they ask for you to unfreeze your money?! I cannot believe they just froze your account without explaining how to recover it: this would be called robbery, or extortion. They just comply with origin of funds checks and they will unfreeze after you provide the docs they ask you.
daoway
2020-04-27 03:16
The day after Transferwise deactivated my account Revolut also did the same until I can prove where the funds came from. The issue with Revolut is that my funds came from my Transferwise account and since it is deactivated I cannot get the statements to prove it. Is it possible these banks communicate with each other as how could this be a coincidence?
simon
2020-04-27 03:44
@daoway I don?t think they talk to each other. I think with Revolut it?s more a case of them not being able to see where the funds came from (as TransferWise doesn?t pass much details along). Do you still have the email receipts for those transfers?
kevintimmerhk
2020-04-27 04:42
Did you got your *transferwise* decativated? Or Paypal. Your story sounds like a Paypal story.
kevintimmerhk
2020-04-27 04:45
Maybe stuppid question, but are you sure you talking about Transferwise. Because what i understand from the situation (90 day holds and 6 months holds), this sounds like Paypal. Not Transferwise.
Also i can not find any stories online about this situation on Transferwise ever happen to anyone
alejandro
2020-04-27 13:08
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nechita.beniamin
2020-04-27 22:18
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daoway
2020-04-28 02:53
Transferwise emailed me my statements, but now Revolut asks for a lot of information: 1. last tax return statement-I do not file taxes since I am not a tax resident anywhere 2. any 3 invoices within the last year that includes my name, address and VAT-I do not have any of this since my company does not invoice with my name, what company does? I also do not have a VAT since my company is a Seychelles, besides this is a personal Revolut account not a corporate. 3. Bank statements that confirm invoice receipts. Seems like an almost impossible set of hoops to jump through. Any ideas?
simon
2020-04-28 02:59
That is very strange, why would they ask for this information for a personal account.. Have you tried escalating the issue to a manager?
daoway
2020-04-28 03:50
There is no way to escalate as they do not even reply to my chats now. I went on their Twitter and messaged them and they respond immediately by telling me they will have it made a high priority, but then no response inside the app.
daoway
2020-04-28 03:52
I tried this and after a few uses, the app gives a message that I cannot use it for security reasons
daoway
2020-04-28 05:31
They ask for a personal tax return, but how can I get that to them when I do not live in my home country and do not have tax residency anywhere since I am a nomad living on tourist visas?
tkrunning
2020-04-28 08:04
Anyone got any experience with https://www.statrys.com/? It's a new HK banking provider focusing on Hong Kong, Singapore, and BVI companies (they may support other jurisdictions if you ask them). You get a multi-currency account with 11 currencies. Pricing starts at HK$88/month and their FX fees are quite reasonable (0.8% markup over mid-market on their cheapest plan/lowest volume). Owners can be non-residents.
No cards yet, though. ETA ~August they tell me.
They are regulated in the UK + HK.
skat
2020-04-29 13:06
@daoway I got my account blocked by transferwise before with them asking about my tax return papers. I told them I didn't pay any taxes on that, without much explanation and that these money come from my freelance related work.
They asked to see the contract and I was done with that.
skat
2020-04-29 13:08
I had way less money on my transferwise account though (only around $6000)
antonio.fonduca
2020-04-29 13:10
Thanks @simon. Interesting how straightforward these Business Account registrations are (Transferwise & Revolut). Thinking of using Revolut primarily as an investment platform/brokerage account to reinvest parts of the undistributed profits and Transferwise to manage cash flow. Which of the two would you use as your main Business account?
antonio.fonduca
2020-04-29 13:24
@daoway That is quite disturbing to hear. I recently registered a Revolut and a Transferwise business accounts (with an Estonian company). I was previously quite happy with N26, however they offer only personal/freelancer types of accounts (i.e. not a legal entity Business account per se). The issues you have with Transferwise - are those with private accounts or Business accounts?
antonio.fonduca
2020-04-29 13:31
@ggiampieri I am selling B2B services and when I registered for a Transferwise account they had a predefined choice named ?Management Consulting/IT/business services?. So I wonder why they would they let you register such an account to then use it against you? As long as you have paid invoices from legit clients that should not be an issue or do you see it differently?
paul_inkpen
2020-04-29 13:46
Does anyone have any banking recommendations for a US LLC that does not yet have an EIN? IRS aren?t processing any new fax requests (non resident/non US citizen owner) for the foreseeable future and this is of course a problem for a US based bank account...
Registered Agents say they don?t know when it will be possible to receive a new EIN..
Any ideas?
paul_inkpen
2020-04-29 13:47
Limited IRS man power for such activities was is the reason given.
simon
2020-04-29 20:03
I'd use TransferWise, as their local payment networks are far superior (for example, transfers to HK are instant while they take days with Revolut).
ouafouaf
2020-04-29 21:57
next is probably the dumbest question of the month :
...With clients that do NOT want to use an online payment page....(plenty of)
Is there a way I could purchase somewhere a "payment terminal" (credit card terminal) and link it to a NeoBank account such as Revolut / Monese, etc...so that when I do travel to other countries, I could still charge a person Credit/Debit Cards by just having an internet Access for this Terminal ? :thinking_face:
If not - what other face to face - charging process exist for CC/DC ?
(I warned you it would be very a dumb one... :smile: )
ggiampieri
2020-04-29 22:13
@ouafouaf SumUp - SumUp Payments Limited is authorised by the Financial Conduct Authority in the UK
ouafouaf
2020-04-29 22:33
@glac Thanks, i ll read more about it
simon
2020-04-29 22:57
@ouafouaf Square is the most popular option in the US / Canada. In the UK and some European countries, it?s iZettle.
I?m not sure how they enforce geo-restrictions but I guess with an android phone you could ?spoof? your location (these terminals usually only work when physically in the account country).
daoway
2020-04-30 02:23
Finally got with a manager at Revolut who was extremely rude and asked me for just about every business document that I had despite the fact that it is a personal account. This was after days of messages back and forth. Then finally I get a message they will review and get back to me but cannot give me a timeline as to when. Also Transferwise has not responded and is impossible to get in touch with. Their regular customer service number says they do not have access to information on deactivated accounts and cannot help me. I wholeheartedly advise anyone who uses these services to use them with extreme caution and do not keep more than what you are willing to let go of for a while. I put way too much trust into these virtual banks. Never had any issues like this with traditional banks ever. A price to pay for convenience.
daoway
2020-04-30 02:25
You can also read literally hundreds of reviews online of stories similar to mine for both Transferwise and Revolut.
daoway
2020-04-30 02:27
Transferwise was a business account and Revolut was a personal one. I urge extreme caution with these companies and read all the reviews online of similar stories to mine. There appear to be hundreds.
simon
2020-04-30 03:14
TransferWise, Revolut etc are great for day to day transactions but I would never recommend keeping funds in them long-term. They are not operating using banking license and as such you do not benefit from the same protection.
daoway
2020-04-30 03:48
@simon I bought the Twilio number to register bank accounts in the UK, but this is something for developers and coders which I have no experience. Do you know of an easier option?
brent
2020-04-30 03:54
I can't speak of the UK, but in the past I've used http://GlobalCallForwarding.com for US numbers to be forwarded to whatever my actual number was/is at the time.... not sure if that's suitable for your situation @daoway, but something like that might do what you need...
brent
2020-04-30 03:55
I had a Wells Fargo account and the mobile number I used on the account was one I got via the site above and SMS messages/calls were forwarded accordingly..
brent
2020-04-30 03:56
Interesting. I remember chatting with one of the founders while I was working in Shenzhen, in late 2018... might be worth a look..
tiagomdreganha
2020-04-30 06:41
MTC connect has Luxemburg and UK numbers and they recently added SMS support
ouafouaf
2020-04-30 07:13
In France , I know that the ORANGE phone company can receive and transfer all SMS to the user email if he gets a basic Mobile phone number year plan. (probably other Telecom can do the same depending your country)
ouafouaf
2020-04-30 07:16
easyringer might be of help too, although the SMS transfer is not always succesfully performed depending your Geozone requestd and local Telecom sys - One can not figure it out until you contract their service but it once worked for me.:grimacing:
ggiampieri
2020-04-30 07:41
@daoway dingtone app, works ok
tiagomdreganha
2020-04-30 08:01
MTX*
gun
2020-04-30 15:09
Malaysia no longer supported by Transferwise :sob:
vinodgn0088
2020-04-30 15:37
@gun, Got an email from TW or found this while trying to access account?
danz
2020-04-30 15:49
A friend of mine received the same mail
danz
2020-04-30 15:49
Any solutions for other 'online' banks for Malaysian residents?
simon
2020-04-30 16:06
Have you guys tried BigPay?
vinodgn0088
2020-04-30 16:35
@danz, Paysera
vinodgn0088
2020-04-30 16:37
@simon, Bigpay is for sending outward transfers from MY. No option to receive or hold
gun
2020-04-30 18:39
@vinodgn0088 I got an email from Transferwise
danz
2020-04-30 19:04
@vinodgn0088 Isn't Paysera only business? Looking for personal. And be able to to receive EUR/USD.
brent
2020-05-01 00:39
Interesting - what was the reason for TW ditching Malaysia?
simon
2020-05-01 01:19
@vinodgn0088 I?m not sure about receiving funds but it?s now possible to hold / spend using their new card product. https://www.bigpayme.com
simon
2020-05-01 01:20
You can top up using any Visa / MasterCard. That?s potentially a great manufactured spend opportunity.
vinodgn0088
2020-05-01 01:47
@danz, Paysera is available for Individuals. Unfortunately USD is no longer support for inward payments.
ledrewy
2020-05-01 04:29
Yes, but up to MYR10,000 limit only. That?s the central bank ruling
ledrewy
2020-05-01 04:30
https://mtradeasia.com/main/ is a better option if you prefer to keep in multicurrency. Also a MYR10k limit.
ledrewy
2020-05-01 09:47
CIMB Thai had ceased its CIMB Clicks for foreign users and migrated them to CIMB Thai Digital Banking.
Their website cited digital e-savings account with interest up to 2% p.a. but currently unavailable yet.
https://www.cimbthai.com/en/personal/products/digital-banking/CIMBTH.html
ledrewy
2020-05-01 10:34
For BigPay, monthly maximum top up from credit card is just MYR5000. That?s just like 1000?
timorshait
2020-05-01 13:25
Hey, I?ve been reading through some of your experiences with TransferWise and Revolut where they?ve suspended accounts with prior notice. And so in order to try and avoid anything like that happening in the future, I thought of opening a personal USD Deposit Account with Barclays in the UK, which is an option that is available to me.
At the moment I?ve things set up so that my earnings are processed automatically into PayPal, and I then withdraw them into a TransferWise Borderless Account. I could then send this money from the borderless to the Barclays USD account, and have my money in a safer bank. Barclays is covered by FSCS up to the equivalent USD amount of 85k GBP.
Would you recommend on such a move, or do you?ve anything to mention I should consider for not doing that? I think that this would be the safest way to store USD and have them accessible.
vinodgn0088
2020-05-01 16:02
@timorshait, Are you sure that USD balance is protected by FSCS? Isn't it just GBP ?
timorshait
2020-05-01 16:51
@vinodgn0088 https://www.barclays.co.uk/content/dam/documents/personal/current-accounts/9911230LP_UK%2010.18.pdf
According to this document and to my understanding yes. However I will have to clarify this with Barclays, which at the moment they don't offer opening new accounts for any purpose until the lockdown is lifted. Once the situation allows I will confirm this and come back with an update.
vinodgn0088
2020-05-01 17:06
@timorshait, Please copy paste the line which states that foreign currency balance is protected, I couldn't find such thing on above mentioned PDF file. Once I asked the same questions to banks in two different countries and they said only local currency is protected.
danz
2020-05-01 18:50
@timorshait Do you know if it is possible to open a Barclays personal account remotely now?
timorshait
2020-05-01 19:25
@vinodgn0088 Here are the terms and conditions of the 'Foreign Currency Account' which Barclays offer:
https://www.barclays.co.uk/content/dam/documents/personal/current-accounts/9911230LP_UK_1219.pdf
In page 7 onwards there's the information regarding the FSCS. I've also contacted the bank via the Video Online Banking just now and spoke to a representative. They confirmed that these accounts are covered by the FSCS. However you'll be compensated in GBP with the equivalent amount of what you had in USD or whichever currency you had.
As to the fees, there's a �6 fee when receiving funds that are equivalent to �100 and above, which is fair In my opion. You can find all the information through their website https://www.barclays.co.uk/current-accounts/foreign-currency-account/
timorshait
2020-05-01 19:28
@danz I don't know if it's possible to open a personal account remotely at all if you're not a resident in the UK, that needs to be checked. In any case, at this time due to the coronavirus they're not opening any accounts even for existing customers until the majority of their staff is back to the offices to handle that. Hopefully in 2-3 weeks time.
redareda9
2020-05-02 05:33
I Use OnOFF to have a permanent phone number with SMS abilities
redareda9
2020-05-02 05:33
I even transferred the French phone number I?m using for 10 years to them
ktos.zajal.moj.login
2020-05-02 21:10
has joined #banking
edgr
2020-05-05 14:19
Does anybody know this French institution? https://www.credit-agricole.fr/
Apparently you can open a French bank account without having a French residency.
bigworld
2020-05-05 17:33
It's a major French and European bank. Your money is safe with them
frederic.scheffer
2020-05-06 03:08
Hi,
I opened a LLP (myself French citizen + my HK company).
Then signed up for Transferwise, using my French address.
Received this email today:
___
Please reply to this email with the following information:
1. Where are you physically located when you conduct your business activities?
2. Could you let us know the full name, date of birth, country of residence of each director of XYZ LIMITED(note: my hk company)?
If we don't hear from you in the next 2 business days, we'll need to refund any money you've paid in.
___
What would you reply to the first question? France? Hong Kong? All around the world(the truth)?
daoway
2020-05-06 05:17
Good question I have the same issue since I do not reside anywhere long enough to have a residence.
daoway
2020-05-06 05:19
I just put the UK for now since I have that mailing address there.
daoway
2020-05-06 05:21
Transferwise finally released my funds, but it took a while and they kept the account deactivated. Revolut still does not even reply or give a time frame as to when they will release my funds.
frederic.scheffer
2020-05-06 05:24
Ok, did they approve?
jase
2020-05-06 05:54
HK address would raise the least flags, surely?
frederic.scheffer
2020-05-06 06:05
The least? I would think the most? They might not like working from Asia. Ive seen that with Stripe and Paypal
frederic.scheffer
2020-05-06 06:21
By this, I am referring to Simon's blog post on freedomsurfer explaining he is using a VPS to login to stripe/paypal with a UK ip
demmbox
2020-05-06 06:38
has joined #banking
jase
2020-05-06 06:59
Oh right just read again. UK address I meant to say.
frederic.scheffer
2020-05-06 07:09
Ok thanks. Well I registered with giving a residence address in France, I think I will put France to be coherent
ivo
2020-05-06 07:31
Was asked the same question, answered the truth, was approved. Would recommend you to do the same. Its not a crime to have your kind of setup. But lying during the onboarding process sure is raising flags.
bigworld
2020-05-06 10:12
The are just complying with banking regulation. They want to know who are the people who have a participation of control of the company they are serving
jase
2020-05-06 13:22
Yeah, I echo what Ivo says. Try and be as straightforward as possible. UK company, UK address seems most straightforward to me.
frederic.scheffer
2020-05-06 13:26
Ok thx
frederic.scheffer
2020-05-06 14:46
Has anyone got this refusal from Revolut while trying to open a business acc for a LLP (partners = me + my hk company):
Unfortunately, we are unable to open your Revolut business account as your business activity or legal structure does not fall within our terms and conditions. We will let you know if and when this changes.
?
Thanks
burrup.lambert
2020-05-06 17:25
Reading @simon's guide it looks like you (and other partners) need to have personal residency in a Revolut supported country for it to work?
simon
2020-05-06 17:42
Correct, the business must have at least one EU resident partner for Revolut.
frederic.scheffer
2020-05-07 03:12
Yes i specified France.
frederic.scheffer
2020-05-07 03:12
The problem might be that Revolut asked for 2 partners as it is an LLP. And the only choice that was given was individuals, I couldnt add myself + the holding company.
frederic.scheffer
2020-05-07 03:13
Needed to be myself + someone else (First name / last name)
madalina.gheorghica
2020-05-07 05:59
has joined #banking
demmbox
2020-05-07 10:19
guys be careful with TransferWise when applying for BUSINESS account (verification).
If for some reason they can not approve your business they will block your PERSONAL account without stating any reason
such a good way of losing clients
ryan
2020-05-08 03:46
has joined #banking
omocha_10
2020-05-08 17:14
Hi, have anyone opened a fintech account in Argentina while not being resident? Any fintech bank to recommend?
redareda9
2020-05-09 01:15
They probably thought you were doing dropshipping. Did you give them your brand?s website?
I setuped an entire Wordpress for Revolut, stripe and Transferwise. Kind of Marketing agency website where I exposed what I do. But I never gave them a link to my ecom websites.
simon
2020-05-09 02:12
cleared channel topic
michael878
2020-05-09 02:45
has joined #banking
frederic.scheffer
2020-05-09 02:51
Not sure if they asked the website or not. If they did, I gave my website.
frederic.scheffer
2020-05-09 02:52
And the thing with them asking 2 individual partners was part of the signup flow, I couldnt get around it.
redouan.benechehab
2020-05-09 07:50
has joined #banking
burrup.lambert
2020-05-09 11:16
There are two I know of: https://brubank.com/ and https://www.wilobank.com/, both require a DNI though.
In general, unless you have a specific reason to get a bank account here, don't get one. Keep your money far away.
One reason could be however you *are* a resident (DNI), you Western Union yourself money every month (no traditional bank account), but instead of having $100's or $1000's of cash laying around you deposit it into a fintech solution (Bru/Wilo bank) for "safe keeping" until you need them. Petty theft is common.
omocha_10
2020-05-09 12:26
Thanks. Unfortunately I need an Argentine account, but I am not resident.
burrup.lambert
2020-05-09 13:10
Why do you need one?
burrup.lambert
2020-05-09 13:33
Are you in the country? You *may* be able to get one if you purchase a product from the bank, life insurance etc.
omocha_10
2020-05-09 13:57
Thanks, will try that. I?m
not in Argentina. :pray:
martichoualex
2020-05-10 08:50
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ryan
2020-05-11 07:21
Hi all, I'm wondering whether anyone could provide some insight into opening an account for a Bitcoin OTC business that needs to take payments in GCC currencies. The business is existing in Australia but I presume we'll need another entity.
- Are there any crypto-friendly banks in the GCC/MENA region (or elsewhere that accept these currencies)?
- Does it require a physical presence, or can offshore companies open?
- Does it require licensing/regulation?
Thank you.
info697
2020-05-11 14:41
has joined #banking
ryan.messmer14
2020-05-11 19:26
has joined #banking
eddieringleb
2020-05-12 10:42
Hi JB is the offer still going? Please give me some more info.
Thanks
tamg1982
2020-05-12 12:17
has joined #banking
daoway
2020-05-13 04:06
If you do not have residency can you get a Transferwise account with a UK LLP? They ask: What is your country of residence? Where are you physically located when you conduct your business activities? If you are a nomad, do you just put your registered address as your place of residency or can that put you into tax problems?
buynps.org
2020-05-13 05:07
@daoway I had no issues with a US LLC
jase
2020-05-13 07:22
@daoway if you are a PT you likely still have residence somewhere (probably your home country). Maybe you have a family address there you can use?
demmbox
2020-05-13 07:23
I am no expert but I guess you can put your registered address just to get verified with TW.
TAX residency can change after verification... TW isn?t interested in where you pay taxes, they just need to save / report your address =)
si006
2020-05-13 07:58
Hi all,
Hope you are doing well.
I am an Estonian e-resident and a non-EU citizen/resident (non-Stripe supported country). I'm working on starting my online business and some of the services that I consider using only work with Stripe. Since I'm living in a non-Stripe supported country, I cannot even use an Estonian company to set up a Stripe account (Source: response from Stripe customer support).
What are some options of opening a Stripe account if as an individual I'm a non-Stripe country resident?
If I open a foreign LLC (US) and I have a US bank account, can I get a Stripe account?
@simon , I would appreciate if you chimed in.
daoway
2020-05-13 09:46
I do not have a PT. If I claim a residency in my home country then I will be liable for taxes there and also I would have to send TW a proof of address?
daoway
2020-05-13 09:48
@simon what is your experience with this?
jase
2020-05-13 09:53
Where are you resident @daoway?
daoway
2020-05-13 10:25
Nowhere. I am a nomad living on tourist visas
jase
2020-05-13 13:15
Where are you a citizen of and where was the last place you were a tax resident?
michal.opoka
2020-05-13 16:04
anyone used https://www.firstrade.com/content/en-us/accounts/cma/ ? Looks like they let you have US personal bank account if you have brokerage account with them
brent
2020-05-13 22:21
Am curious as to whom is solely using something like TransferWise for the bulk of their transactions (for business) ? DBS in Singapore is being a pain (irrespective of how many years I've been doing business with them) and I'm having to complete their KYC/AML forms on a semi-regular basis. I have used TransferWise for a bit of consulting work (~50K) and it was a fairly pain free experience.
mikeseo
2020-05-13 23:45
I'm using transferwise for transactions and uob/interactivebrokers/bullionstar for savings. I'm not confident to hold a lot in transferwise, just 10-20k to cover transactions.
brent
2020-05-13 23:46
Yeah, fair enough. For the consulting work I did, I transferred it out as soon as it arrived.
brent
2020-05-13 23:47
A great conduit, but not something I'd use to hold significant cash in either. Thanks @mikeseo
simon
2020-05-14 01:05
If you have no tax residency outside of your country of citizenship, you must use your country of citizenship (and will need to provide TW a proof of address).
simon
2020-05-14 01:06
A UK company will work best for Stripe (in the US they sometimes ask for a SSN / ITIN and besides, you could only settle to a USD bank account).
simon
2020-05-14 01:09
@brent Same as @mikeseo, TransferWise to send and receive payments but not to hold funds. Have you tried OCBC? They are usually easier to work with (although by no means easy when compared with the fintech).
frederic.scheffer
2020-05-14 02:24
My revolut UK account has been denied. Now my funds are accumulating in Transferwise quick. What UK bank could I realistically open to send the funds to? HSBC UK still a possibility? Other? (French citizen, residence in Thailand)
simon
2020-05-14 02:30
HSBC UK accept non-residents but you must travel to open an account (not convenient at the moment obviously). If you want maximum safety a brokerage account via which you can buy safe instruments could be a good option that can be setup remotely.
frederic.scheffer
2020-05-14 03:00
Thanks Simon.
Will try both, starting with the brokerage account, which ones do you recommend? Cheers
simon
2020-05-14 03:13
I personally use Interactive Brokers and am very happy with the product
frederic.scheffer
2020-05-14 03:22
Sweet, thanks. Will try to sign up.
frederic.scheffer
2020-05-14 03:51
@simon could the funds in my LLP UK Transferwise account be transferred to one of my HK LTD (the owner, 100%, of the UK LLP) bank accounts? Or do I need to wait for the fiscal year to be over to send these funds (as dividends)?
simon
2020-05-14 03:52
You can transfer funds to the partners at any time, there?s no need to wait for the end of the fiscal year.
frederic.scheffer
2020-05-14 03:58
Ok that will be useful as well. Thanks a lot for this knowledge Simon.
daoway
2020-05-14 04:13
Thanks for the reply Simon. What do you recommend in my case since I cannot get a proof of address in my country of citizenship? I am getting lots of payments in daily for my business, but I have no stable banking solution which is quite nerve racking.
simon
2020-05-14 04:25
Can you open a personal bank account with a fintech and enter an address in your country of citizenship? You could then use a monthly statement from that account as your proof of address. Not ideal obviously but it?s a workaround.
ledrewy
2020-05-14 04:55
If you have HSBC Premier, you can use their International Banking Centre to open offshore accounts including HSBC UK, Expat (Jersey), Singapore, HK, US, Australia. Just an hour phone interview to fill up the application form for each application.
frederic.scheffer
2020-05-14 06:39
@ledrewy HSBC premier is only for individuals right? Not companies?
gun
2020-05-14 08:38
Malaysia Transferwise closing accounts was a 'mistake' and they're letting us keep accounts there: :tada:
brent
2020-05-14 09:14
@frederic.scheffer Yes, for individuals.
ledrewy
2020-05-14 09:55
Yes, individual
buynps.org
2020-05-14 14:25
How did you get it back?
si006
2020-05-14 16:27
Thanks for the response. I have an SSN (from the days I was a student). Somehow US is easier. How easy is it to operate a UK company remotely.
si006
2020-05-14 17:15
@simon I am considering setting up a US LLC, but that you mention UK (I am looking into it).
Is it better to set up a US LLC as an individual (my country has no tax treaty with the US) or as a legal entity (Estonian company)?
If my Estonian company worked as a holding (owner of a US LLC) can my LLC pay me a salary or this would be taxable by the Esonian company?
albert
2020-05-15 03:47
@ledrewy what kind of documents do they require for foreign bank accounts?
looking for UK and China account, have HSBC US
ledrewy
2020-05-15 04:10
They usually need your tax number, photocopy of passport. Sometimes they need three months bank statements (depending on the branch country).
daoway
2020-05-15 04:16
Thank you, which Fintech? I have struggled with Bunq, Revolut, TW and more?
albert
2020-05-15 05:26
:pray:
demmbox
2020-05-15 06:37
Got a question regarding Stripe. If I apply with my UK LLP, do they require partners to be in their supported country list?
simon
2020-05-16 02:35
@si006 If you have an SSN, the US will be a better option. You'll be able to easily use pretty much any payment processor, bank etc and will even be able to apply for lucrative business credit cards. You can have an Estonian company own the LLC, that's what I personally do and it works well. Ah and you can pay yourself a salary from the LLC and also from the Estonian company. There is no tax to pay in either case (assuming you are not a US / Estonian tax resident).
gun
2020-05-16 14:32
They just emailed me saying it's all good :man-shrugging::skin-tone-3:
burrup.lambert
2020-05-16 17:24
Anyone have experience with Dukascopy Bank? Seems you can open an account remotely, based in Switzerland, CHF100,000 deposit insurance. Swiss IBAN (in SEPA area). Probably not good for day to day stuff but ok for parking some $?
burrup.lambert
2020-05-16 17:25
Multi currency account supports 23 currencies,
burrup.lambert
2020-05-16 17:35
Account minimum looks like to be USD$1000
simon
2020-05-16 21:25
@demmbox No, only the business has to be.
si006
2020-05-17 08:14
@simon, thanks for the feedback. After some digging around this setup has crossed my mind. I still have some specific questions, regarding particularties around the US LLC setup (branch, subsidiary, etc.), filing US taxes and paying myself from the LLC. Do you have a CPA or an US/international tax consultant to recommend? Running a company without Stripe can be a real handicap and I would like to open up my company to payment options. Looking forward to some recommendations.
madtruckers
2020-05-18 01:58
Dukascopy offers a decent value proposition by being based in Switzerland and they offer multi currency accounts across major FX including NOK, SEK and JPY for funding and deposits and are extremely competitive with their internal money transfers by charging a competitive commission (from memory, it was a flat 0.5% spread at spot pricing). They are primarily a FX broker so not designed for a traditional online business rather traders.
The main downsides are:
- You are limited to using their proprietary trading platform and the Customer Service remains extremely inconsistent being based out of Eastern Europe and for most staff, English is their second language so communication may not be the best. This is managed by having most of your Q&As going through your account manager (see below). When he/ she is on annual leave, they will have another staff member help you.
- When you apply for a business account, it states that you'll be allocated an account manager so when opened accounts, I chose Gabriel Stefanak before given one and made it contingent that I don't want an account with Dukascopy unless I specifically dealt with him because he had been working there for a while vs. other staff members. His profile is here: https://www.linkedin.com/in/gabrielstefanak.
- You will be required to complete and physically submit your annual compliance documents via post every year for FATCA and CRS reporting as they want the physical copy of almost every document you complete so it can be inconvenient outside of Europe and with the added complication of international postage costs.
burrup.lambert
2020-05-18 12:23
Thanks @madtruckers! I've already experienced your paper document issue. My passport was issued before a certain hologram date so for it to be verified I have to snail mail it to Europe...
I'm not sure if all their customer support is based in Eastern Europe. I selected Argentina as my country and was given what appears to be a Latino Spanish/English speaking account manager.
RE: Proprietary platform, They support MetaTrader 4 no?
RE: Business account, it's only for a Standard account no? You can't get a multi-currency?
madtruckers
2020-05-18 20:08
Hi @burrup.lambert,
Apologies, with relation to the multi currency account, it's not one account rather you can apply for multiple currency accounts and you're able to transfer funds between them and there's no dashboard or universal login for them. It's best to query your account manager and they'll be able check for you.
Looks like MT4 has only been a recently addition to Dukascopy, they didn't have it available in late 2018 and probably had to up their game to retain a lot of their clients because it has become standard across the industry. I just ended up using JForex that works ok and offers their own version of Expert Advisors as seen in MT4.
ryan059
2020-05-18 20:18
has joined #banking
fenix5
2020-05-20 10:55
Guys it looks that soon we may have another banking option in Europe http://www.goldensandbank.com It's Gibraltar based bank set up by Polish enterproneurs with support from London City investors. Guys that run this project opened as early as in 2000 first internet bank in Europe - mBank Poland. Still one of the best bank systems I know.
nikolay
2020-05-20 12:58
Have you tested it or applied yet?
fenix5
2020-05-20 16:04
You can just apply to get early access. They don't say when it starts.
eduard543
2020-05-20 22:23
has joined #banking
demmbox
2020-05-21 14:43
does anyone has experience with https://www.cimbanque.com/ ? Swiss bank. seems to be possible to open remotely.
Any other recommendation of a corporate bank account for EU company. That can be opened remotely and with USD currency
alex720
2020-05-21 14:44
Victor where is your company registered
demmbox
2020-05-21 14:52
Estonia or UK LLP
demmbox
2020-05-21 14:53
TransferWise is not an option
tkrunning
2020-05-21 18:12
LHV just announced that they once again support USD transfers. But unless you already have a relationship with them (e.g. a personal account) you can't set it up remotely.
burrup.lambert
2020-05-22 01:53
Did their website get hacked or does it always look that hideous?
burrup.lambert
2020-05-22 01:53
It looks like a rainbow through up all over it.
demmbox
2020-05-22 08:02
indeed looks shady :smiley:
burrup.lambert
2020-05-22 11:24
Why is TransferWise not an option?
demmbox
2020-05-22 11:51
Refused in business account, no reason given. appeal requests do not work, even for just settlements?
And it looks I am not the only one with such issues? Very unconstitutional in my opinion to not outline the reasons.
burrup.lambert
2020-05-22 14:34
Hi @frederic.scheffer, do you have more information about connecting to Stripe/Papyal from a UK IP and what the issue is? Where is the blog post?
frederic.scheffer
2020-05-22 14:44
On stripe blog post I think in the UK LLP section at the bottom
burrup.lambert
2020-05-22 23:23
Nothing their for Stripe, it does say that for Paypal though.
terraformingmedia
2020-05-23 02:49
Transferwise finally allowed to receive payments in USD, at first was only with euro
burrup.lambert
2020-05-25 23:51
For people who use UK Stripe, what number did you enter for your "support" phone number when activating your account? The country and country code is unable to be changed for me and I'm stuck with +44/UK number.
simon
2020-05-26 01:06
I think most people get Twilio numbers or similar (and have all calls and texts forwarded to their real numbers via Zapier).
mgonlinephone
2020-05-26 03:18
I am using Zadarma but not very happy with their tools, the SMS worked for verification
mgonlinephone
2020-05-26 03:23
Hi everyone, I am looking for payment processor for UK LLP, need to manage clients subscriptions and better if they have front end subscription management for clients, I have been already stripe verified, but looking for a better no coding service, I am looking for Mollie and also http://Rapyd.net, some experience? or recommendation? Thank you
simon
2020-05-26 04:08
Mollie doesn?t natively support subscriptions, you have to use it in combination with another service (like ecurring).
demmbox
2020-05-26 05:56
@burrup.lambert I think you can contact Stripe and ask to skip this field? I asked them for my Estonian company stating that I don?t have an Estonian number
7070140
2020-05-26 10:06
has joined #banking
albert
2020-05-27 04:56
@burrup.lambert Best you keep a +44 (to look like a legitimate UK company) and just use CallHippo @ $10/month or http://Voip.ms for much cheaper monthly but they take forever to activate INTL #s
gbroome
2020-05-27 05:36
@burrup.lambert You could order a free sim from giffgaff. I think they ship the sim out internationally. https://www.giffgaff.com/freesim-international
albert
2020-05-27 05:37
They shipped to Canada no problem, 2 weeks ago
ouafouaf
2020-05-27 18:48
What other Online Bank could offer us a biz account ?
kris
2020-05-27 19:26
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letstalk
2020-05-27 20:55
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yuli
2020-05-28 01:23
Hello everyone. I am looking for a USA bank for a new USA LLC for an eCommerce project I am involved with. looking to open it remotely as the owner of the USA LLC is in Israel.
If anyone has any recommendations for a bank with positive experience that can also provide a debit card, with minimal fees, please let me know! Thanks so much :slightly_smiling_face:
simon
2020-05-28 01:40
@yuli Have you looked into Mercury?
yuli
2020-05-28 02:31
@simon I did. Got an application going on with them, but it's on hold for a few weeks with no response on their end, even though they promise to get back to me within 5 business days.
I am considering using FlagTheory, they are offering an intro to Tennessee Bank with very minimal fees up to $0, and no minimum deposit, figured to ask here with the existing experience if there are anything else I have missed out there
simon
2020-05-28 02:54
@yuli TransferWise could be an option. If the owner has a SSN / ITIN it?s possible to open accounts remotely with some of the major banks (Bank of America, for example).
yuli
2020-05-28 02:55
@simon I do have TransferWise, that's my current set-up, it is very easy to open an acct. with them for any USA LLC I had, never had any issues with them - but it doesn't offer a debit card, so it's making the accounting a total mess, as I am using a card from another company of mine to pay for a lot of on-going expenses, and looking to centralize the whole operations of that activity in one bank/card
simon
2020-05-28 02:58
@yuli Payoneer offers a debit card and local bank details (similar to TW but with a shitty user interface). Brex could also be an option if you qualify.
simon
2020-05-28 03:00
I?m not sure if Airwallex accept US businesses but it might be worth reaching out to them (they are a TransferWise alternative, with debit cards).
yuli
2020-05-28 03:02
I'll check Brex and Airwallex, haven't checked them out
yuli
2020-05-28 03:02
Payoneer - you are right. Forgot about them. I hate using them though :slightly_smiling_face: Always had a bad experience. Such a horrible customer support, but it is an option I guess.
nikolay
2020-05-28 08:00
Brex will not accept you unless there is some US employees and real business in the USA. Although they do accept non-resident owners and directors they want some US substance.
jase
2020-05-28 12:53
@yuli Mercury will open for you. Give them another week or email
jase
2020-05-28 12:54
I think they are under massive demand right now
yuli
2020-05-28 20:26
thanks @jase - I sent an email to Jason about the application
burrup.lambert
2020-05-28 22:22
Can't remember if I posted this but I got my card from Passbook> https://www.passbook.app/
No SSN required, only personal accounts, only USD, but FDIC "insured" and no fx fees, they use Visa rate of the day. It's a visa debit card (haven't used it yet).
burrup.lambert
2020-05-28 22:27
Better read the details though: https://legal.passbook.app/account-agreement/
```10. Account Dormancy and Escheatment
An account that is inactive for a period of time, as determined by us or Remitly, may be considered dormant and may be subject to escheatment. Each state may have varying laws as to when an account is subject to escheatment and we may be required to send the balance in your Account to the state of your last known address. We will make all reasonable efforts to contact you before transferring the remaining balance of your Account to the applicable state. For an Account with an international address, the funds will be transferred to the State of Minnesota.
Frequency and/or Dollar Limits
ATM withdrawal/Cash Back at POS*:
Up to 4 times per calendar day
Up to $1,000 per calendar day
Up to $30,000 per month
Card Purchases:
Up to 40 times per calendar day
Up to $5,000 per calendar day
Up to $30,000 per month
1. Initiating Money Transfer to Non-Passbook Member
You may initiate sending money to a non-Passbook member by inputting the intended recipient's email address or mobile phone number and the Money Transfer dollar amount you would like to send. Once a payment is initiated to a non-Passbook member, the Money Transfer dollar amount will immediately be deducted from your Account balance. The non-Passbook member will receive a notification via text or email, depending on the information you provided. In order to complete the payment, the non-Passbook member will need to sign-up and be approved for a Passbook Account within fourteen (14) days to complete the transfer and access the transferred funds.
If the non-Passbook member does not sign-up, or is not approved, for a Passbook Account within fourteen (14) days of you initiating the payment, then the payment will be cancelled, and the Money Transfer dollar amount will be returned to your Account.```
burrup.lambert
2020-05-28 22:28
Can only send $ to other Passbook users.
simon
2020-05-28 22:36
@burrup.lambert Do you get an account number with Passbook? (that you can ACH money to)
burrup.lambert
2020-05-29 02:58
Sure do, Routing Number + Account Number.
burrup.lambert
2020-05-29 02:59
I used Google Voice number + PostScanMail address.
markus
2020-05-29 07:23
has joined #banking
ggiampieri
2020-05-29 20:24
@burrup.lambert @simon you can link it to curve and top up revolut with no fees to wire money everywhere, it works so far. You can also transfer to other countries in local currency linking it to their Remitly app. Not sure how reliable it can be in the long term, we'll see!
simon
2020-05-30 00:01
@ggiampieri @burrup.lambert As a side note, you can also top up Revolut using Apple Pay free of charge with most cards (I?ve tried with multiple cards and all top ups have been free, even when using cards that would normally have a top up fee).
burrup.lambert
2020-05-30 16:55
Can someone confirm the address I'm supposed to put in for "Beneficial Owner" for a UK Stripe?
burrup.lambert
2020-05-30 16:56
We were just about to use our home country details (not in the UK) but Stripe support said this in an email...
burrup.lambert
2020-05-30 16:58
I have assumed the "company representative " she is referring to is the Beneficial Owner above.
demmbox
2020-05-30 17:24
did you use UK LLP or LTD?
demmbox
2020-05-30 17:30
I have this information icon next to the country btw. But its for Estonian verification... is your home country not in the list of supported countries?
burrup.lambert
2020-05-30 18:04
UK LLP. There is no icon next to the country for more information. This is on the "activate your account" screen as the account isn't activated yet. LLP has 2 partners, one in Argentina, one in Macau.
Neither Argentina or Macau is on the "stripe supported countries list" > https://stripe.com/global > which I thought was the whole point of why everyone uses Stripe because the owners/directors/partners *don't* have to be in a supported country, only the business, which in this case is the UK LLP.
For the "home address" country selector above Macau isn't even IN the list, so we had to use Argentina.
I'm just confused now as I was 99% accurate this was a legitimate use case and everyone does it but the support email has be second guessing myself.
burrup.lambert
2020-05-30 18:05
I also thing is is some terminology mis-matching going on between "supported country" and the ability to SELECT that country.
burrup.lambert
2020-05-30 18:06
Argentina not in the official "supported country list"
burrup.lambert
2020-05-30 18:07
Argentina IS able to be selected from the "home country" drop down
burrup.lambert
2020-05-30 18:09
If the beneficial owner (or "company representative" as support calls it, I think) *has* to be in the UK why even have the ability to select the country? Why not just leave it like the "business phone number" field which can only be a UK number like I posted about above a few days ago?
burrup.lambert
2020-05-30 18:10
I just don't want to submit the wrong information only to get denied.
simon
2020-05-30 19:04
The company owner doesn?t have to be in the UK, I?m not sure why support is claiming that. Most of us here use Stripe accounts in foreign countries, with no ties to those countries other than having companies there.
isaac.cu
2020-05-31 06:21
has joined #banking
jase
2020-05-31 07:00
Interestingly enough now I see that Stripe is supported for Estonian companies when the director of that company is resident in one of their accepted countries. So maybe they are shifting to a UBO residence type of model.
redareda9
2020-06-01 04:49
Anyone know how to get EUR from PayPal Uk without getting raped by their currency exchange fees?
redareda9
2020-06-01 04:50
Or at least how to order a business debit card for PayPal
redareda9
2020-06-01 04:50
To order the business debit card, they ask for Beneficial owner residential address and it must be in the Uk which is ridiculous
redareda9
2020-06-01 04:51
Not shipping address but actual residential address. I didn?t know every beneficial owner had to live in their company?s country
marziovit
2020-06-01 06:19
@redareda9 try this: https://jeangalea.com/changing-paypal-withdrawal-currency/
redareda9
2020-06-01 06:21
@marziovit thanks will try it
redareda9
2020-06-02 04:59
@marziovit Paypal customer support answered me with a tutorial on how to convert my Euros to GBPs. As useless as they can be.
marziovit
2020-06-02 07:26
@redareda9 in the article i've linked the most interesting part for you is asking PayPal to change the credit card withdrawal currency. You only need to connect a EUR debit card to your UK PayPal account and funds will not be converted. How easy this is for you it depends on where you actually reside.
redareda9
2020-06-02 07:29
@marziovitThat?s exactly what I asked for.
redareda9
2020-06-02 07:29
I actually have an EUR debit card
redareda9
2020-06-02 07:30
But they replied with a completely different answer. So I?m trying again
marziovit
2020-06-02 07:35
@redareda9 They are a bunch of idiots! Continue to contact PayPal until somebody will get the answer you are looking for. Do NOT accept BS as an answer
redareda9
2020-06-02 07:37
@marziovit I literally have an Integromat script running everyday to send them a tweet about an unjustified account ban. They always answer the exact same shit => We cannot provide you with a reason.
marziovit
2020-06-02 07:37
They are using the same integromat script to reply to you. LOL
redareda9
2020-06-02 07:38
If they were a small company, they would have died due to the business practices they have. But they are monopoly unfortunately
marziovit
2020-06-02 07:40
@redareda9 which card are you trying to connect? I'm asking because Transferwise debit card would not work.
redareda9
2020-06-02 07:40
I have Transferwise, Revolut Biz and Payoneer
marziovit
2020-06-02 07:41
Let me know how it goes! :slightly_smiling_face:
redareda9
2020-06-02 07:48
Sure
marziovit
2020-06-02 07:57
simon
2020-06-02 08:02
@marziovit You can get around the prepaid card issue by using Curve
simon
2020-06-02 08:03
It?s also a good way to avoid forex fees on cards that have them
marziovit
2020-06-02 08:09
@simon Can curve be connected to PayPal? I've read your post about Curve just the other day!
simon
2020-06-02 08:17
Curve is a regular debit card so it?ll work everywhere (even with the likes of Azure).
marziovit
2020-06-02 08:30
@simon thanks! Looks like there's also hope with Revolut. @redareda9 your first try should be with your revolut card. https://www.reddit.com/r/Revolut/comments/crc4c1/tutorial_how_to_connect_your_revolut_card_to/
redareda9
2020-06-02 08:33
Thanks, it?s really helpful. i will try that as well
benjamin
2020-06-02 10:24
I had my account banned about 5 years ago with the classic 180 day money hold. I wrote a rant style post on Facebook tagging them.
Then I bought 10,000likes to the post.
They called me within 48 hours, unbanned me and I still have the account to this day :joy:
redareda9
2020-06-02 11:49
@marziovit
?Hi Reda, I understand your concern regarding the conversion.
We cannot switch off or remove it because it is PayPal Policy and we cannot remove it.
Feel free to reply whenever you?re ready. When you reply, one of our available agents or myself will continue to help you.?
redareda9
2020-06-02 11:49
I suppose the only way is to contact them by Phone when it will be available
redareda9
2020-06-02 11:50
Usually Chat Support (for any big company) is some low-paid Virtual assistant in remote country applying rigidly the process rules ..
marziovit
2020-06-02 11:55
@redareda9 in the reddit tutorial you'll find the phone number to contact them.
sterk
2020-06-02 14:25
Thought I had posted this before, but must have forgotten to click send :smile:
sterk
2020-06-02 14:26
@simon When will the article on banking automation become available? For a few months it has been saying that the article would become available in a few days?
simon
2020-06-02 17:00
@sterk The bookkeeping automation? It should be out this month, it?s almost done
frederic.scheffer
2020-06-03 05:29
Nice. Really looking forward to this one.
matt134
2020-06-03 08:43
has joined #banking
sterk
2020-06-03 09:20
@simon Yes, I meant the bookkeeping automation one.
sterk
2020-06-03 09:23
Hopefully there is someone who can help me with this one:
I recently setup a US LLC and I have just tried to open my Transferwise account for banking.
Uploaded my passport, that went ok.
But then I wanted to open the different currency accounts so I made bank transfers to get the bank details of my GBP, EUR and USD accounts.
All three transactions were canceled and I got the following email from Transferwise:
sterk
2020-06-03 09:23
_*Your transfer of EUR to 20 USD has been cancelled.*_
_*Sorry, but we couldn?t complete this transfer for you. It's because the name on your bank account and your TransferWise business account don't match.*_
_*We?ve refunded 17.97 EUR back to the account that it was sent from. Refunds take 1?2 working days ? it depends on how quickly the bank processes payments.*_
_*Send the money from an account in the name of your business on your TransferWise account*_
_*Create a new TransferWise account if you need to send the money from another business. You can read more about having multiple TransferWise accounts here.*_
_*Refund details*_
sterk
2020-06-03 09:24
So..How am I supposed to fund my Transferwise balances? This is a new company and it has now other bank accounts or means to transfer money to Transferwise.
sterk
2020-06-03 09:24
Anyone else ran into this issue?
bigworld
2020-06-03 11:28
Explain to them that you are using the account as the main account. Transfer money from the company owner account, you or someone else, and explain to them that this is the initial equity of the newly created company. Apart of that, you can't transfer money to your business account without invoicing
burrup.lambert
2020-06-03 14:15
I just did this for an UK LLP and no issue. We went the EUR20 from our personal TransferWise account.
sterk
2020-06-03 14:19
Thanks for the suggestions.
buynps.org
2020-06-03 20:37
@burrup.lambert they recently updated this UI. so you can select any home country that?s not related to the company country
redareda9
2020-06-04 04:32
@benjamin Wow, that?s actually pretty smart. How much did you pay for the 10000 likes?
benjamin
2020-06-04 05:22
I can't remember exactly, but wasn't more than $100-$200
jaimeeis
2020-06-04 06:59
Can an OCBC account be opened fairly easily for non residents?
jaimeeis
2020-06-04 07:00
Also, can a US bank account be opened from online if you have a US LLC employer?
marziovit
2020-06-04 08:52
@burrup.lambert i sent an email to Stripe for a similar situation and this is the reply i got
augustas
2020-06-04 09:39
You can also check Rho Bank http://rho.co
Process is similar to Mercury. And they are also using the same bank-partner as Mercury to create bank accounts.
augustas
2020-06-04 09:48
I have US Paypal account for US C-Corp, I have no SSN, no ITIN in US. Once I wanted to activate my Business US Paypal, I called them and said that I cannot enter anything in the requested SSN field. If I remember right, on the phone they instructed me to simply enter EIN of the company, and I am using this Paypal account since then. Already 2.5 years.
It is fully functional, except I am not able to apply for Paypal Loan, because there they require SSN or ITIN
mescos
2020-06-04 16:51
Thanks for sharing this. Does anyone know which ?virtual banks? are rejected by Stripe and which are accepted? @simon
burrup.lambert
2020-06-04 18:15
Definitely TransferWise.
house.leelah
2020-06-05 01:17
Thats great, thanks a lot for this. And you live outside of the us and they never ask you for address verification ?
simon
2020-06-05 04:32
TransferWise, Revolut, http://Tide.co and any other fintech that support direct debit
simon
2020-06-05 05:11
Has anyone here ever tried applying for a UK-based EUR / USD business AmEx card?
jase
2020-06-05 07:09
No but it sounds interesting @simon. I'd love to learn if it's possible.
redareda9
2020-06-05 07:20
I?m looking to get an Amex with UK LLP, would be ideal for rewards system as I spend quite a lot in advertising and inventory..
redareda9
2020-06-05 07:20
Anyone managed to get it?
marziovit
2020-06-05 08:20
@redareda9 let us know if there are any updates about the withdraw to card currency conversion with PayPal
ledrewy
2020-06-05 10:06
I have a USD ICC and a EUR ICC Amex cards. Paying the US card is a hassle unless if you have a US bank acct with ACH or pay a fee using SWIFT. The perks aren?t as good as the US counterpart cards and there is a foreign transaction fee if you spend in other foreign currencies.
redareda9
2020-06-06 03:59
@marziovitSure
karim
2020-06-06 16:13
Hello everyone. I will move to Iceland for family reasons. I know it's high tax and non Stripe country. Where do you advise to set up a company to do e-commerce business (selling in Europe, US and Asia) : a pass through UK LP or US LLC or Estonian or Latvian company? From taxation view, it's better to be in Latvia or Estonia and have substance there and use non Double Taxation Treaties and be paid only through dividends (It will still remain). But I am asking if it's easy to set up Stripe, Banking and Paypal in Estonia or Latvia being resident in Iceland. Any one being resident in non stripe and high tax jurisdiction ? Thank you
simon
2020-06-07 06:01
@karim If the company is run from Iceland, that is where it will be taxed (no matter if it is registered in Estonia, Latvia etc). You should thus choose the structure that is easiest to setup and run / offers access to the services you need (UK LLP and Estonian OU will likely be your best options).
karim
2020-06-07 07:13
Thank you @simon . If there is an office with at least an employee and general meetings held in Estonia, is that a sufficient economic substance to not be taxed in Iceland ?
simon
2020-06-07 07:22
@karim In practice, yes that?d probably be enough (you?ll need to document that substance in case Iceland requires proof). You do not have to worry about CFC rules either as they do not apply to EEA companies.
karim
2020-06-07 07:24
Thank you @simon
daoway
2020-06-07 11:10
@simon do you have any other options for getting a UK number? I have struggled with Twilio trying and failing to get it set up for 3 weeks now working with their CS.
redareda9
2020-06-07 12:06
Try OnOff App
demmbox
2020-06-07 12:33
@daoway Twilio worked fine for me. you have to buy premium plan and a number 1$ per month to be able to RECEIVE sms
demmbox
2020-06-07 12:33
they offer free demo credits but only for sending
burrup.lambert
2020-06-07 15:01
I used Plivo. Cheaper, easy to set up using @tkrunning?s guide > https://nomadgate.com/phone/
daoway
2020-06-08 02:37
I tried to work with their CS for weeks, but I am not good at coding so it has been a very tedious process and I just about gave up.
simon
2020-06-08 05:10
You don?t need to code anything, just plug it into Zapier.
demmbox
2020-06-08 05:12
or Twiml. you can setup and read all incoming SMS with the given interface. no coding required
augustas
2020-06-08 11:53
I don't live in US. Address verification - if you mean an utility bill - then, no I haven't been asked for it (it would be difficult to organize).
I don't remember maybe they sent me a physical letter to my address, but maybe not.
I think for Paypal adding and verifying a bank account can be sufficient verification.
By the way, I never managed to add to Paypal my Mercury account. Paypal only says "We're sorry. We'ra not able to process request right now. Please try again later." And I tried it several times in the last 12 months.
ahsmithers
2020-06-09 09:32
has joined #banking
joshuacolombi
2020-06-09 11:32
has joined #banking
sterk
2020-06-11 07:19
What are the options for a creditcard for a US LLC? I am not an US resident.
p_patruni
2020-06-11 17:28
has joined #banking
nsh
2020-06-11 22:39
has joined #banking
sterk
2020-06-15 14:27
Anyone? What are the options for a creditcard for a US LLC? I am not an US resident.
sterk
2020-06-15 14:27
Thanks.
jase
2020-06-15 16:51
I am interested as well @sterk but haven't done it yet (still waiting on ITIN).
jase
2020-06-15 16:52
Do you have an ITIN? I have heard of cases of people wetting one wihh out but it appears to make things easier/ability yo build credit history.
sterk
2020-06-15 17:43
A what?
bountybairn
2020-06-15 19:25
I think i am behind @jase by a step here as I never managed to get to a certifying agent in the UK to submit my request.
What is it
yuli
2020-06-15 19:27
I just opened a bank account with Mercury or a USA LLC. They are offering a debit card with it. But it is a debit card. Not a credit card.
simon
2020-06-15 19:41
Regarding the ITIN, you don?t need to use an acceptance agent. @bountybairn You can get your passport copy certified by the Home Office and mail it along with your ITIN application form and supporting documents directly to the IRS.
bountybairn
2020-06-15 19:53
Thanks @simonis that a free service from the home office? I am guessing they'd still be closed during this lockdown but things are easing so as soon as I can get to an agent or indeed the HO to get passport certified
simon
2020-06-15 20:10
@bountybairn I?m sure they charge a fee for the certification (I would guess 30-50 �). You can get in touch with them to get more details via this form: https://eforms.homeoffice.gov.uk/outreach/Passport_Enquiries.ofml
fujimoto.fjc
2020-06-16 03:12
has joined #banking
jase
2020-06-16 10:22
@bountybairn I used an online agent. Sucked it up and paid the fee. 90% sure it's a "don't ask don't tell" situation where they accept a scanned copy vs in person. Could be wrong but it's them taking the risk, not me.
bountybairn
2020-06-16 11:20
@jase which one did you use?
jase
2020-06-16 11:20
shady AF
bountybairn
2020-06-16 11:20
all for paying fee's for things that same me time tbh - you can get more money but not more time !
bountybairn
2020-06-16 11:25
the shadyness is shining through on there tbf :joy:
toby
2020-06-16 13:02
Hi everyone! I've been trying to sign up for a bank account with Bank of America, and separately for an Amex using Global Transfer and have been rejected for both. BoA told me that without SSN I'll have to visit their branch in person. I think I'm in the same boat as @sterk. I got a Debit card from Mercury but don't want to miss out on collecting points considering the money I spend on ads. Does anyone else have experience with getting a real credit card without SSN?
bigworld
2020-06-16 14:00
I have real credit cards with ITIN. For AMEX Global Transfer, you need to have had a local AMEX for some months, and when you request the transfer you need to have had a US bank account for 90 days if I recall well.
Once you have credit history in the US you can apply for other credit cards using your ITIN instead of the SSN where ITIN is accepted.
jase
2020-06-16 15:14
specifically for building credit history in USA
ivo
2020-06-16 15:18
nice finds, @jase
jase
2020-06-16 15:23
Haven't used them yet, but planning to shortly.
sterk
2020-06-16 15:27
@yuli Does Mercury send that card to countries outside of the US?
jase
2020-06-16 15:27
don't think so @sterk
albert
2020-06-16 15:28
nope
jase
2020-06-16 15:28
but they're virtual cards too so you can use use that
albert
2020-06-16 15:28
use a postbox
albert
2020-06-16 15:28
also mercury is quite strict on diligence
albert
2020-06-16 15:28
just a fyi to my fam
sterk
2020-06-16 15:28
I am looking for a physical card
jase
2020-06-16 15:28
really? for opening @albert?
jase
2020-06-16 15:28
or for actual use?
albert
2020-06-16 15:28
actual use
albert
2020-06-16 15:29
but it was easy to unlock because we have the right paperwork
jase
2020-06-16 15:29
invoices and what not?
albert
2020-06-16 15:29
but an example, they want to know every new shopify store we operate (payments are deposited from stripe)
albert
2020-06-16 15:30
all my vendor wires need invoices even if paid them dozens of times with no change but the amount
jase
2020-06-16 15:30
annoying
albert
2020-06-16 15:30
they piggy back off a bank in TN, i think
albert
2020-06-16 15:31
yes annoying, the ceo asked for feedback and i gave him my 2 cents and he agreed but said his hands are tied
albert
2020-06-16 15:33
they also blocked a large deposit from stripe during their initial DD stage (about 3 months using it), so that triggered stripe to also do their DD, again
but overall, for an online bank, its the best option
ivo
2020-06-16 15:33
For a US LLC, that is, @albert?
jase
2020-06-16 15:34
we've used them for multiple companies, they have some hiccups but in general they are good IMO
albert
2020-06-16 15:34
yes, US LLC with canadian founders
jase
2020-06-16 15:34
ability to email the founders and they reply quick is great
albert
2020-06-16 15:34
they use to only have 3 reps, and it would take 2 days for a response. i think they fixed it now after emailing the ceo (imran), the support team is way more responsive now
ivo
2020-06-16 15:35
Any particular reason you are using Mercury or larger transfers and not a real US bank?
albert
2020-06-16 15:36
not in the US at the moment, we have another LLC with Wells Fargo, they?ve been great, they let us be and push out wires foreign same day (with no need for any supplier invoices) vs several days with mercury
ivo
2020-06-16 15:42
Okay, if its only about not being there, I might be able to help you. I have some contacts with CITI and may be able to intro you. Depends a bit on your turnover. You can DM me if you like
simon
2020-06-16 18:07
You can also do a global transfer if you have credit history in the UK, Canada, Australia, Mexico or India (even if you have no AmEx card).
yuli
2020-06-16 20:19
I do not think so. I put my Wyoming company address and asked the company I used to forward me the card.
ledrewy
2020-06-17 05:47
@jase Self.inc requires a SSN during registration. I?ve been using Sablecard and no SSN required.
jase
2020-06-17 06:28
Damn. Did you try to use ITIN for self.inc @ledrewy? As far as I know they look the same to banks but to the IRS they know the difference.
simon
2020-06-17 07:09
@jase All ITIN start with 9 (SSN do not) so the banks can tell the difference.
simon
2020-06-17 07:10
Most banks do not care, however, as long as they get a match from the credit bureaus
jase
2020-06-17 07:14
Interesting
jase
2020-06-17 07:15
I know for a fact my friend has an ITIN and uses Self.inc
jase
2020-06-17 07:15
maybe they changed their policy, or it's just based on having a US residential address
simon
2020-06-17 07:17
Yeah it's likely the address. There are several situations in which you might be a US resident but aren't eligible for a SSN (students without work authorization, for example) in which case you'll usually get an ITIN instead.
ledrewy
2020-06-17 10:28
@jase I have bank accts and cards in the US but I?ve been fortunate not needing any ITIN. Maybe I should because I?ve been wanting to get a Chase card
nikolay
2020-06-17 11:45
Are there any tax implications of actually getting an ITIN?
Like additional reporting/forms to fill out towards IRS?
toby
2020-06-17 14:01
Thanks! I do have history with Amex but only in Germany but my US bank account isn't 90 days old yet so that seems to have been the issue. Thanks for clarifying this :slightly_smiling_face:
simon
2020-06-17 16:41
There?s no implication, but if you have not filed a US tax return in the previous three years your ITIN will expire. That should not be an issue for banking purposes.
simon
2020-06-17 16:48
Those of you with a HKID will be happy to know that a new virtual bank has launched! WeLab Bank is now accepting applications, you can download their app and sign up in minutes. You?ll get a full HK bank account and a debit MasterCard (it?s a virtual card, you can order a physical card in the app). There are no fees and so far I haven?t encountered any issues.
buynps.org
2020-06-17 18:09
They denied me on the global transfer
nikolay
2020-06-17 20:08
A credit score on that ITIN would still be gathering and can be used for new openings of accounts/cards even after that 3 year period?
simon
2020-06-17 21:07
Yes
ledrewy
2020-06-17 22:23
@simon To apply for ITIN, does it have to go through a LLC with EIN? Could I apply an EIN with a foreign co like an Estonian O�?
For a resident from a country without any US tax treaty, does filling the form W-7 with option ?H? and ?Exception 1(a)? still applicable?
burrup.lambert
2020-06-18 01:35
Thanks. Keep us updated for more! Signing up now :sunglasses:.
sterk
2020-06-18 04:05
I am even having issues getting just a Transferwise account approved. This whole setting up a US LLC has been a complete nightmare... First I had to wait nearly 3 months to get the business setup, now I am unable to get TW working, let alone getting a credit card. Nightmare!
simon
2020-06-18 04:07
You can get an EIN for a non-US entity but I?m not sure you could use that entity as your justification for the ITIN application. It would be easier to get an Amazon letter or similar and use that.
simon
2020-06-18 04:08
@sterk Has TW provided you with a reason why they declined your application? They usually accept pretty much every company.
jase
2020-06-18 06:32
So even after the ITIN expires, the credit score lives on?
simon
2020-06-18 06:40
@jase Yes. The ITIN is just a convenient number attached to a credit file that makes it easy for banks to run checks. It isn?t the credit file in and of itself and in fact, you don?t need an ITIN / SSN to have a US credit file / FICO score and banks can run checks using your name and address in such cases (although not all will want to do it).
jase
2020-06-18 06:41
So basically, get the ITIN to begin building the credit score but once you have one the ITIN isn't as necessary?
simon
2020-06-18 06:42
It?s not necessary to build credit history but it?s often necessary to apply for credit cards.
jase
2020-06-18 06:42
Got it.
simon
2020-06-18 06:42
So in effect you need one, unless you just want one card and the bank doesn?t require one (or an SSN).
jase
2020-06-18 06:43
Yeah, sounds this way. But does explain how a friend of mine managed to get cards/credit score without an ITIN/SSN/EIN.
simon
2020-06-18 06:45
Bank of America, AmEx and Citi do not require an ITIN / SSN. Plenty of smaller banks also do not.
simon
2020-06-18 06:45
If you have an AmEx, you can see your FICO score in the app even if you have no SSN / ITIN.
wice90
2020-06-18 08:19
has joined #banking
toby
2020-06-18 11:47
@sterk TW was no problem for me. Have you tried Mercury yet?
stolzlos
2020-06-18 19:25
the big hope of bringing banking back to Germany is not looking that great anymore. The entire sector is one big fraud.
stolzlos
2020-06-18 19:27
Funny thing is that Wirecard displaced Commerzbank, the second biggest after Deutsche and even more bankrupt, in the DAX.
stolzlos
2020-06-18 19:29
With a -70% drop in a single day I assume that there will be another spot available, very soon.
simon
2020-06-18 21:21
I wonder if this will have implications for the many fintech that use Wirecard as their issuer..
arkdeeplove
2020-06-18 21:57
Is there a way to find a list of fintech services with cards issued by Wirecard?
arkdeeplove
2020-06-18 22:01
Nevermind, from a quick research: Revolut, Curve, Monzo, Starling, Tide, Monese and more...
simon
2020-06-18 22:36
@arkdeeplove Yeah pretty much all European fintech use Wirecard?s issuing services. Even though some of them have moved to other providers / become their own issuers, most cards currently in circulation are issued by Wirecard.
bountybairn
2020-06-18 23:03
Hope there isn't an issue imminently, currently moving to Revolut to HSBC for one of my main concerns business 'banking'. Revolut is ok but got worse over last 2 years, I have TW now anyway so it's differentiators are all now edging negative.
ledrewy
2020-06-19 04:45
@bountybairn Recently I made a transfer from HSBC US personal acct to another personal acct outside of US via TransferWise. They froze my acct in HSBC citing fraud protection. Just FYI.
arkdeeplove
2020-06-19 12:57
EU is hunting the fintech companies. That says everything about their new AI implementations.
bigworld
2020-06-19 13:34
Xolo Leap (Estonia) uses Wirecard as well. I can't see how Wirecard can restore confidence after messing up with accounting. That's the basics for a bank!
bigworld
2020-06-19 13:36
How can this happen? When you use Transferwise your local bank visibility ends in another local bank account (of Transferwise)
arkdeeplove
2020-06-19 13:38
The Baltic States are involved in global money laundering schemes. With Svenska Handelsbanken AB, Sweden?s biggest lender of assets being no exception; the bank recently had its business in Latvia, Estonia and Lithuania investigated.
ledrewy
2020-06-19 14:35
@bigworld I was moving US10k but also due to random check. But the fact they could freeze my acct and I got locked out until I could clarify with them, I?m not keeping a big sum in the States
simon
2020-06-19 23:01
HSBC US is famous for that, and closing accounts they deem risky / unprofitable
ledrewy
2020-06-19 23:16
I got a good limit for my HSBC credit card and I hope to keep it :grimacing:
internationalbits
2020-06-19 23:25
bunq just had the most absurd app update in their history. pretty shocking, terrible UI.
mikeseo
2020-06-20 07:02
is it possible to open a normal alipay account without a chinese bank account? I tried their tour pass account meant for tourists but it charges a 5% fee and has a limit of 10,000CNY
simon
2020-06-20 07:12
@mikeseo Without a Chinese bank account, you won?t be able to do much in Alipay.
Do you need the account to pay for purchases or to receive transfers? If it?s to pay for purchases, you might have better luck with AlipayHK (no need for a HK bank account).
simon
2020-06-20 07:15
With AlipayHK you can pay using a Visa / MasterCard as your funding source and it works fine in the mainland.
mikeseo
2020-06-20 07:37
I need it to pay for purchases in china, cool thanks I'll check out alipayhk - do you know what their card processing fee is?
mikeseo
2020-06-20 07:37
I was just looking at localbitcoins, seems to cost 2% to exchange BTC to alipay but I haven't tried yet
simon
2020-06-20 07:45
There?s no fee when making payments with AlipayHK. If they aren?t in HKD, you?ll get their exchange rate but it?s usually similar to what you?d pay with Visa / MasterCard. https://www.alipayhk.com/en/faq-shoppers/credit-card-management/credit-card
mikeseo
2020-06-20 07:54
hmm alipayhk app wants a hk phone number to activate my existing alipay account or to create a new alipayhk account
simon
2020-06-20 08:03
That?s a bummer, I don?t think Twilio HK numbers can accept SMS. Does it offer you the option to verify the number via a phone call?
mikeseo
2020-06-20 08:09
after logging in and out a couple times it stopped asking for a phone number, now it's giving me network connection errors :persevere:
ibbyazam
2020-06-20 23:00
After exchanging with a friend these last few years I'm struggling with the same issue. Trying to pay small sample payments to individuals is starting to become a headache.
Transfer wise is an option to their Chinese non-business account - I tried this to a western friend but doesn't work on foreigner bank accounts.
Please update if you guys find any other avenues.
mikeseo
2020-06-20 23:38
I tried to activate it with a bunch of free online hk sms numbers but they were all already used...I guess we gotta pay $5 or whatever for a hk number to try alipayhk. Other option maybe localbitcoins BTC > alipay around 2% fee.
mikeseo
2020-06-21 02:15
http://mobilesms.io and http://autofications.com�both didn't receive sms from alipayhk... ugh
enimos
2020-06-21 13:04
has joined #banking
connaghanp
2020-06-21 23:29
As I?m in the process of reviewing / moving away from Revolut. Wondering if Wirecard also issues TW cards? Seems like a good bit of timing to just ditch Revolut who have got progressively worse in service, especially on business account side.
I only really need to occasionally receive USD and EUR, with over 90% GBP I?m thinking best to get a decent UK based ?proper? bank and use a personal multi currency account for spending whilst travelling and settle it as business expenses.
simon
2020-06-22 00:03
@connaghanp TransferWise cards are issued by Wirecard, as far as I know. You could instead use Curve + UK high street account. Starting from the 28th of June, Curve cards will be issued directly by Curve (they used to be issued by Wirecard).
bountybairn
2020-06-22 07:52
@simon thanks, great insight here! Not used Curve as yet but seen your write up from a while back, seems ok. Will get signed up to them
bountybairn
2020-06-22 07:53
Send me a ref link if that helps you in anyway
bountybairn
2020-06-22 07:53
any way **
wice90
2020-06-22 15:49
Hey guys, so I've opened a stripe account with my UK LLP, but they are now asking me to fill and sign W8 form, however i don't understand some of their terminology. Is my UK LLP disregarded entity? I don't know what to fill under 1 and 2 -- my LLP name or my own name?
Also I need to fill `classification type` according to US tax standards.. so UK LLP is partnership or corporation according to USA taxation system?
sterk
2020-06-22 16:37
Sorry for the late reply. Weirdly enough my TW account got approved the same day as when I posted this message!
sterk
2020-06-22 16:37
So all sorted.
simon
2020-06-23 06:15
@wice90 It's a partnership. You should enter the LLP name in box 1 and the United Kingdom in box 2.
alexis.alfroy
2020-06-23 09:35
has joined #banking
providedsolutions.ad
2020-06-24 07:55
has joined #banking
sarah
2020-06-25 01:57
has joined #banking
stolzlos
2020-06-25 10:32
aaaaaaand its gone
stolzlos
2020-06-25 10:32
7 days is all it took
stolzlos
2020-06-25 10:44
Is it any wonder that the last two "big" banks in Germany are just a matter of time before they fail?
elbriella
2020-06-25 12:04
has joined #banking
bountybairn
2020-06-25 13:30
Worrying stuff
kuka
2020-06-25 14:26
Any idea on how Wirecard is going to affect TW, Revolut, Curve, Monzo, etc. in the short-term?
axel.gay1997
2020-06-26 01:40
has joined #banking
bountybairn
2020-06-26 10:45
Some of my Revolut transactions havent been processed properly, unsure if this was the merchant or something are Wirecard end
ibbyazam
2020-06-26 11:14
I ended up using Transferwise which sent directly to the persons account in 6 seconds with little fees! I think for small transfers (Max 5000 RMB) it's fine.
I have a customer in UK who does business transfers to Chinese company accounts ($1000-$3000) which work instantly.
bartek
2020-06-26 11:47
Just received email from Curve that money transfer services will be�temporarily suspended. Not sure for how long, but that's it probably, in terms of all mentioned fintechs
bigworld
2020-06-26 13:00
Curve: first Wirecard impact
bountybairn
2020-06-26 17:43
anyone know if Tide are a Wirecard user?
simon
2020-06-26 17:49
@bigworld Wirecard?s license has been revoked so most cards (all?) issued by them are now invalid. I?ve received an email from Holvi about this and I expect other fintech will soon send emails as well.
simon
2020-06-26 17:49
What a mess..
bigworld
2020-06-26 18:02
@simon Wirecard is the card issuer for all these cards. Under its situation, MasterCard (the network) will probably have to re-evaluate their partnership. In the same vein, fintech will now be finding that under national regulation they can no longer work with Wirecard.
Under normal circumstances, I would expect an international German bank to acquire Wirecard for peanuts and reputation. But maybe that German bank doesn't exists nowadays.
simon
2020-06-26 18:10
Wirecard also issues gift cards, store cards (including Asda) etc. In most cases it will take weeks / months to transition to new issuers / become their own issuers.
bigworld
2020-06-26 18:43
My prediction is that the German government will rescue Wirecard. They already maintain two massive zombies as Deutsche Bank and Commerzbank. So seems OK zombifying the economy a little bit more.
frederic.scheffer
2020-06-27 02:40
Is Transferwise card issued by Wirecard as well?
simon
2020-06-27 02:44
@frederic.scheffer They used to be but not anymore: https://twitter.com/transferwise/status/1276106491666276352?s=21
redareda9
2020-06-27 03:48
Same for Revolut, stopped working with Wirecard in 2016
stolzlos
2020-06-27 05:06
@bigworld I would not count on a rescue for it is blatantly obvious to international regulators (and now everybody else as well) that they have been in bed with them all the way.
stolzlos
2020-06-27 05:08
Politically speaking they must let them fail to restore some kind (if any) of integrity.
matt134
2020-06-27 10:11
Does anyone know if it?s possible to open a regular US business bank account (like Chase) for an LLC in Wyoming without going to the US? Would something like http://globalbanks.com help?
redareda9
2020-06-27 10:26
Same question for UK. I?m spending a ton on ads and would love to get some miles with an Amex.
simon
2020-06-27 15:44
@redareda9 Have you tried applying for the: https://www.americanexpress.com/icc/cards/the-gold-business-international-currency-card.html
simon
2020-06-27 15:52
@matt134 Chase require the presence of the company owner. I?d be weary of any service offering remote opening with them.
A workaround is to apply for an ITIN, once you have it + some credit history you can apply remotely with a number of banks.
matt134
2020-06-27 15:54
Thanks Simon, do I need to be in Wyoming to open it or can it be done from NYC for example? I already have have ITIN and a First Republic business/personal account in CA for a C-Corp but I don?t think I have some credit history.
simon
2020-06-27 16:07
You can open the account anywhere in the US (some banks may have state restrictions but not Chase, BoA, Wells Fargo etc).
matt134
2020-06-27 16:08
Thanks Simon!
stolzlos
2020-06-27 19:01
mescos
2020-06-27 19:47
@matt134 I used Globalbanks to open at Chase for a Wyoming LLC but in person. They do outline strategies for remote opening in their US report, but I chose to open in person instead. And just to be clear, they don?t ?open? for you, they tell you how to do it yourself and their team is available to answer questions, pretty helpful.
mescos
2020-06-27 19:47
Also I saw that NomadGate recommended them in their last business banking article.
simon
2020-06-27 20:14
@mescos It?s fairly easy if you show up in person. You can even get a credit card, at some banks, without any credit history (and no ITIN / SSN).
mescos
2020-06-27 21:16
@simon - Totally agreed. I originally signed up to open accounts for a BVI, which worked out well. Then was planning to use them to open remotely for US LLC but ended up traveling there at the same time so just had them help me choose the best option, got the account +�payment processing�so was pleased. Couldn?t get a Chase cc for the LLC though, not without an ITIN.
burrup.lambert
2020-06-27 22:31
Sounds like Curve is expected to be up and running *next week* by their latest email. They said they had already been in the process of transitioning away from Wirecard for several months.
redareda9
2020-06-28 04:54
Not but will surely do today and report back about results. Thanks
tkrunning
2020-06-28 13:41
@mescos Did they tell you what kind of credit cards they could offer you in case you already had an ITIN (but no credit history yet)?
mescos
2020-06-28 13:44
@tkrunning - no, I never explored since I didn?t have an ITIN at the time. But chase seems to be very difficult and if I remember correctly, they also require credit history.
tkrunning
2020-06-28 13:53
Gotcha. Do you (or anyone else, cc @simon) know if being able to show revenues of six figures monthly for an LLC would make them be more flexible when it comes to handing out more lucrative credit cards, such as the Ink Preferred?even without a credit history of the owner (who has an ITIN)?
I also couldn't find any information about Chase offering any dedicated secured cards, but perhaps they offer secured versions of their regular credit cards?
I personally only have their Chase Sapphire Reserve (didn't bother getting their Ink cards as I don't have any ad spend), but I do have an SSN + credit history, so wasn't a problem for me to get.
redareda9
2020-06-29 02:37
Curve supposed to be working again from tomorrow
simon
2020-06-29 05:08
@tkrunning I don?t think it?s possible to secure the Ink. It may be possible to get it without credit history / ITIN but they?ll likely want to see 2+ years and tax returns as well.
It?s far easier to get an ITIN, apply for an AmEx via global transfer, wait until you have a decent FICO score then apply for the Ink the regular way. If you don?t qualify for the AmEx global transfer, you can use a starter card / secured card instead to build history.
wice90
2020-06-29 18:27
Hey guys so my business model is dropshipping -- I am a non-uk resident with an UK LLP that receives money from US customers (in USD) and pays invoices to suppliers bank account in Singapore (in USD). Which bank has the lowest fees for sending wire transfers to Singapore? I've started with transferwise , but I am just checking my other options. I can see that I can apply for hsbc uk bank account (electronic banking tariff) but I don't fully understand their fees for receiving and sending money. Any advice? If I pay my supplier via card, i'll have to pay +3% extra, so I am trying to find the cheapest way for paying my invoices.
danz
2020-06-29 20:17
I would expect Transferwise is going to be the cheapest option for you, I have looked at other options in the past but couldn't find much easier & cheaper than that. I got HSBC to, but there is a monthly maintenance fee + a fee for each transfer I believe.
burrup.lambert
2020-06-29 21:47
Used it today. :+1:
trusthomeou
2020-06-30 12:53
Hi I am resident in Estonia, my LHV bank not receive USD or UAE dhirams, unbelievable!!! so I have to receive dividends from UAE stock exchange and need an IBAN account in UAE , do uou have an idea how to do it? here in Emirates no residents cannot open anymore a saving account or online account, only talking ( I am in dubai from november 2019 and in 5 konths no bank accept, only lose time for documents etc...): thank you.
marziovit
2020-06-30 13:05
Can't you use Transferwise? It should be easily integrated with LHV
trusthomeou
2020-06-30 13:11
yes transferwise is ok with LHV, the probem is: how can the DFM and ADX stocks markets send to me my money? they need a IBAN account, has Transferwise an IBAN valid for UAE?
simon
2020-07-02 21:09
TransferWise has announced that it will launch an investment platform in the near future. This is great news for those who maintain high balances as they will now be able to shelter it in investment products (there are no details yet as to what those products will be but I imagine ETFs and stocks)
alexbadaoui1
2020-07-02 21:10
dream come true
jase
2020-07-03 07:24
Epic. Even a trust account to hold cash would be nice
jase
2020-07-03 07:24
My money is on a limited range of ETFs though.
bobriakov.igor
2020-07-03 08:32
I have got Latvian bank account, which recently started to charge ridiculous 4 EUR per day for maintenance, hence the question - can anyone recommend international bank, where personal account could be opened remotely with reasonable terms of service?
brent
2020-07-03 08:56
4 EUR per day! WTF - that's almost 1500 a year!
bigworld
2020-07-03 11:18
Deutsche and watchdog weigh bailout of Wirecard Bank unit... who could have imagined that :slightly_smiling_face:
bobriakov.igor
2020-07-05 10:48
yeah, it seems it is just their indirect way of getting rid of non-resident accounts
redareda9
2020-07-05 13:32
Revolut asking for a proof of directors structure for my US LLC
redareda9
2020-07-05 13:32
How would you guys prove that?
redareda9
2020-07-05 13:33
They don?t accept Certificate of Incorporation as it doesn?t show directors or partners
simon
2020-07-05 20:59
@redareda9 Have you tried the Operating Agreement?
redareda9
2020-07-06 03:55
After trying with the Certificate of Incorporation, they answered me this
redareda9
2020-07-06 03:56
So seems like they really want something showing my name as a director
redareda9
2020-07-06 03:56
I will try the Operating Agreement by signing it with my name + signature
me1892
2020-07-06 06:25
Anyone have a bank account at Public Bank in Malaysia by chance? Need an introducer
markus
2020-07-07 09:28
Hi guys and @simon. Other than TransferWise and Revolut, which EMI do you prefer for a UK business? I'm looking for a third option as a "backup" to TransferWise and Revolut. It's for receiving payouts from Stripe and paying salaries overseas.
redareda9
2020-07-07 09:30
I?m trying to have a backup as well. Seems like http://Tide.co is a good alternative
redareda9
2020-07-07 09:30
@markus
markus
2020-07-07 09:32
@redareda9 Yes, I read of Tide, Fire, Monese, Starling, Monzo, Curve. Hopefully, @simon or others can share what they think.
redareda9
2020-07-07 09:32
I think simon have an article about Tide on the blog
redareda9
2020-07-07 09:33
Curve isn?t a bank though
redareda9
2020-07-07 09:33
Just an ?interface? card to use other cards
markus
2020-07-07 09:33
Yeah, true.
demmbox
2020-07-07 09:42
I?ve tried to apply to Tide. they told me to wait for 2 weeks.
Monzo, Startling, Atom, Mettle, they all require you to be UK resident
markus
2020-07-07 09:46
@demmbox So are you currently waiting for Tide to accept the application? Are you an EU citizen and have you tried Fire? Apparently, they should accept UK businesses with EU citizens at least, whereas the country of residence shouldn't be important.
demmbox
2020-07-07 09:47
I am a EU permanent resident, well I got answered after 2-3 weeks but already got into Revolut, took me less than 24h to get approved.
Fire never heard about it. will check
nechita.beniamin
2020-07-07 10:53
you may take a look into http://mercury.com, I am currently using it for my Wyoming LLC, as the main bank and I am really satisfied.
nechita.beniamin
2020-07-07 10:54
and btw, I?ve never traveled to US. They are pretty fast with the opening, and they will provide you with a virtual card which you can use from day one
toby
2020-07-07 12:34
I just received approval for my US Amex without ITIN and credit history and wanted to share a few insights.
1. I first signed up an account Mercury
2. I used this PO box (shared by @burrup.lambert): https://www.postscanmail.com/free-us-mailing-address.html as it doesn't give away that it's a PO box
3. I then spend some time with Amex support on the phone and my first application was rejected. I called back and was given the direct contact to the Global Transfer team )
4. They noticed the Global Transfer wasn't requested so they updated my request with my German card history.
5. I then used a bank statement from Mercury to confirm my PO box address.
6. At first that got rejected again. I called back and everything was approved on the phone.
simon
2020-07-07 16:22
Congrats @toby, any reason why you preferred applying over the phone? (versus the website)
toby
2020-07-07 20:54
I tried the website first but didn't see the option so I called and they said Global Tranfer needs to be done via phone. Not sure that was true but being able to speak to someone helped, especially on step 6
burrup.lambert
2020-07-07 22:13
I'm still using http://postscanmail.com and I am very happy with the service. 100% recommend for a US address, especially as it's PAYG.
julienduteurtre
2020-07-08 16:49
@simon if I'm not Amex customer yet, can I apply for US Amex directly ? I have no SSN no ITIN but I have bank statement at my name in Bank of America & Chase with US address and my FICO score is on very good :slightly_smiling_face:
asarun72
2020-07-08 18:13
Get a ITIN. Someone shared here about a website that can get you one quicker.
simon
2020-07-08 21:02
@julienduteurtre Getting an ITIN and having it tied to your US credit file would indeed work. You can also apply using your credit history in Australia, Canada, UK, India or Mexico.
buynps.org
2020-07-09 00:11
Would you guys be worried to keep larger amounts in a USA Chase business account?
asarun72
2020-07-09 00:45
It?s a legit bank. What?s your reason ?
buynps.org
2020-07-09 00:58
@asarun72 my concern is for foreign owned LLC?s - if they freeze the account or something?
asarun72
2020-07-09 01:06
Did you give them
You passport when you Opened an account ? You will be fine. Tons of non resident and non citizens account in USA.
asarun72
2020-07-09 01:07
Get an ITIN and link it with account . It?s not hard
buynps.org
2020-07-09 01:09
yep, they have passport and my ITIN
buynps.org
2020-07-09 01:10
so you?d be comfortable eventually keeping millions and millions in a single account?
asarun72
2020-07-09 03:07
Yes. You should be fine.
ledrewy
2020-07-09 04:39
Why would you keep millions in a US acct? Interest rate is almost zero. Banks are not even financially sound unlike their HK or Singapore counterparts
buynps.org
2020-07-09 05:35
what would you do instead?
ledrewy
2020-07-09 07:38
I save in my USD accounts in HK and Singapore.
julienduteurtre
2020-07-09 18:51
Does any one know how easy it is to open a bank account in London ?
I'm EU passport holder, resident of Panama, and I'm looking for premium banking (willing to deposit +100K if need is)
julienduteurtre
2020-07-09 18:51
Anyone tried Barclays or HSBC ?
bountybairn
2020-07-10 11:23
Incidentally i am not sure HK is as financially strong over the long term considering the NSL legislation changes, only a matter of time before other countries revoke its special status and it becomes more like the 'mainland'
ledrewy
2020-07-10 15:15
Better yet, place in a term deposit or moneybox account in Bank of Georgia (the country) and earn higher interest rate.
danz
2020-07-10 16:33
For business or private?
danz
2020-07-10 16:34
For Business both will work, I went with HSBC as it was pretty easy. Just requires a physical visit and showing some documents.
danz
2020-07-10 16:35
They currently don't accept Premier clients at HSBC Premier because of the circumstances, so you will have to wait for that, but it also requires a physical visit. But there might be an option to get around that if there's HSBC in Panama.
simon
2020-07-10 20:07
I would not recommend leaving millions in any bank accounts, unless you need immediate access to the money. Open a brokerage account and buy treasuries or similar if you want safety.
simon
2020-07-11 22:19
+1 for HSBC, it?s fairly easy to open an account but as @danz said you?ll need to go in person.
simon
2020-07-11 22:19
If you don?t mind banking in another jurisdiction, you can open an account remotely with Citibank in Singapore.
simon
2020-07-11 22:21
The minimum deposit is 200k, it?s a multi-currencies account and you?ll get a multi-currencies MasterCard debit card.
jerrycjchang
2020-07-12 02:04
Why are they accepting premier clients?
frederic.scheffer
2020-07-12 04:44
@simon this Singapore Citibank account works for a UK LLP?
simon
2020-07-12 04:51
Ah I thought you were looking to open a personal account. For an LLP, HSBC UK will be your best option.
danz
2020-07-12 15:44
They are not accepting, did you mean that? Their to busy with other things now because of covid according to their customer service. It also says that on the Premier page on the website.
jerrycjchang
2020-07-12 16:27
yeah sorry, typo, i meant "aren't"
jerrycjchang
2020-07-12 16:27
ok that seems kinda strange.. maybe just struggling with the workload
julienduteurtre
2020-07-15 16:59
@simon Citi bank Singapour doesn't accept resident of Panama :pensive:
julienduteurtre
2020-07-15 16:59
I'm looking to open personal account in solid bank with premium service to diversify.
Currently most of my wealth is in USA and Panama, so if anyone as recommendations I would be more than happy to hear them :slightly_smiling_face:
buynps.org
2020-07-15 17:53
Is that the defining factor??
simon
2020-07-15 19:31
Without travel there aren?t many options (and most options aren?t what I would call ?solid banks?). Have you looked at opening brokerage accounts instead? Many countries protect deposits/bonds etc held in them (for example, SIPC in the US) and they are usually easy to open.
simon
2020-07-15 19:32
Some brokers even issue debit cards.
julienduteurtre
2020-07-15 19:37
I can travel, I will be in EU next week and I think I can go to London easily but as someone mentioned HSBC premier is not opetating at the moment, also there is no flight for Singapour :confused:
bifton1
2020-07-16 03:13
Hi all! I?m currently ?stuck? in HK, and figure I?d use the opportunity to open a personal account and get a credit card to establish some credit history here. Looking for a good mix of good service/nice perks/relatively easy to open. I don?t have HKID but do have local proof of address. Any suggestions on where to turn to?
brent
2020-07-16 03:23
I think HSBC will require not only a HKID, but also your passport (to check your visa)....so that might not be an option. I have heard that Hang Seng (owned by HSBC) were a little more lax, but that was a while ago. You could also try DBS or OCBC, but I don't have any experience with those in Hong Kong. Citibank might be an option too..... honestly, without being a resident there it might be difficult..
brent
2020-07-16 03:23
I'm sure @simon has more recent/up to date experience and can advise accordingly..
brent
2020-07-16 03:26
If you're still struggling, then maybe you need to look at one of the fintech companies in HK...
levithorntonxc
2020-07-16 20:44
Will US banks allow Nevis IBC or LLC open an account at a US bank?
simon
2020-07-16 21:47
@bifton1 Without a HKID, it?ll be very difficult to open an account. You also won?t be able to build credit history as that is tied to the HKID number (you can build history with a specific bank but that won?t be of much use).
Citibank have non-resident accounts. Hang Seng and SCB might also be options.
simon
2020-07-16 21:51
@levithorntonxc It?s possible, if your Nevis company has an EIN, but it won?t be easy and your options will be very limited. A far easier option is TransferWise, you can get US banking details for your Nevis company with them (and everything is done remotely): https://transferwise.com/help/17/borderless-account/2810318/why-cant-i-get-usd-account-details
yuli
2020-07-21 23:17
I am looking for a service which can provide a phone number which can receive SMS codes from PayPal - I need a number from either Panama or Cyprus. Anyone may have any experience with such a service by any chance? Thanks
redareda9
2020-07-22 05:22
@yuli Onoff
redareda9
2020-07-22 05:37
My industry is advertising/marketing so it doesn?t make sense
yuli
2020-07-22 21:03
Thanks will check it out
yuli
2020-07-22 21:10
Cool app - but they do not have Panama and the Cyprus number won't get SMS :disappointed:
felix
2020-07-23 11:01
Thanks for sharing Mikeseo
simon
2020-07-23 16:43
Good news! TransferWise USD banking details now support direct debit, meaning they are now fully compatible with PayPal and Stripe.
simon
2020-07-23 16:44
You can also use it for bill pay with AmEx.
wice90
2020-07-23 16:47
I am trying to run a campaign on pinterest, but my transferwise card keeps getting declined. Any solution?
simon
2020-07-23 17:23
@wice90 I guess they do not accept prepaid cards? Have you tried using Curve + TransferWise?
burrup.lambert
2020-07-25 19:03
Got this one from Paypal support the other day? True or?
burrup.lambert
2020-07-25 19:03
Paypal Ireland?
simon
2020-07-25 19:24
I imagine you?d need an Irish company?
burrup.lambert
2020-07-25 19:27
Support didn't say and we haven't tried yet. I thought with Paypal UK for a UK LLP we could have GBP/EUR/USD details?
simon
2020-07-25 20:00
The easiest way to do this is to add a debit card and then ask support to set the currency of the card to EUR. PayPal UK allows withdrawals to debit cards: https://www.paypal.com/uk/smarthelp/article/can-i-withdraw-money-from-my-paypal-balance-to-my-card-faq859
buynps.org
2020-07-26 03:36
@julienduteurtre did you ever find out anything further about this?
buynps.org
2020-07-26 03:37
Do you see any big exposure in keeping funds in USA / US LLC owned brokerage? Incase the government does something?
buynps.org
2020-07-26 05:21
Georgia commits to implement international standard on automatic exchange of financial information by 2023
https://www.oecd.org/tax/transparency/documents/georgia-commits-to-implement-international-standard-on-automatic-exchange-of-financial-information-by-2023.htm
burrup.lambert
2020-07-26 15:56
Time to move :sweat_smile:.
simon
2020-07-26 16:20
@burrup.lambert The list of getting short, soon there will be no ?decent? non-CRS banking jurisdictions.
michal.opoka
2020-07-27 01:01
it looks like the US will be the only stable jurisdiction left :smile:
buynps.org
2020-07-27 01:45
@simon is there any benefit of non-CRS banking if you are a tax resident of somewhere with low or no taxation already?
buynps.org
2020-07-30 05:31
Any experience shares with transferring funds from a US LLC to countries like panama? Is that going to trigger something or get the bank closed if large/frequent transfers happen?
tatelev
2020-07-30 06:16
@LNRT sorry for late reply. Mercury specifically needs a U.S address to send the debit card to(if you choose to have a physical card). I gave an american friend?s address, no problem
tatelev
2020-07-30 06:43
@toby, @burrup.lambert My LLC has the address of my registrar agent, which I think it is shared by thousands of Wyoming LLC?s lol, the ?30 N Gould St. Suite R. Sheridan? . Is there a way to check if this address is considered a P.O. Box? Or the fact that thousands of LLC share this same address is already enough to know? I never considered that the address could be an obstacle when applying for credit card
simon
2020-07-30 07:54
@buynps.org For such transfers, it?s a good idea to use TransferWise. https://transferwise.com/help/a/2974947/what-countries-can-i-send-usd-to
buynps.org
2020-07-30 13:02
@simon hmm so US LLC -> Transferwise -> Panama?
simon
2020-07-30 13:22
US LLC?s bank account -> TransferWise -> Panama bank account
simon
2020-07-30 13:23
This way, as far as the US bank is concerned, no international transfer ever occurs
julienduteurtre
2020-07-30 13:24
I do US LLC BOFA -> US Personal Bofa / TW Perso -> Panama Personal
julienduteurtre
2020-07-30 13:25
I don't recommend LLC -> perso Panama you'll risk to have your money on hold or a lots of question in the best scenario (I experienced it)
buynps.org
2020-07-30 15:43
Oh yeah, wow, this is golden, thanks @simon @julienduteurtre
buynps.org
2020-07-30 15:43
@julienduteurtre any reason to go double layer on LLC to US personal first?
buynps.org
2020-07-30 15:52
I did a transfer of like $15k USD from US LLC to Panama some time ago, nothing happened
buynps.org
2020-07-30 15:52
the banker said it was also fine, but I am weary
burrup.lambert
2020-07-30 22:45
Sure is! Someone linked this tool and I have been using it > https://smartystreets.com/products/single-address
burrup.lambert
2020-07-30 22:46
You want CMRA to appear as N for No. I looked up your address though and that is what it came back as...
burrup.lambert
2020-07-30 22:47
HongKong WeLab Fintech just opened to the public > https://www.finanzen.net/nachricht/aktien/hong-kong-s-homegrown-welab-bank-is-now-open-to-public-9133185
simon
2020-07-31 21:15
I?ve had an account with them since they launched the open beta and so far so good. The debit card has worked flawlessly, it was easy to join their group term deposit feature and moving money around also is easy and instant.
So far it?s the best of the new virtual banks (ZA and MOX have also launched).
burrup.lambert
2020-08-01 00:29
Do you receive a physical debit card or just a virtual?
simon
2020-08-01 20:56
I haven?t ordered it, I?m fine with the virtual card + Curve
tatelev
2020-08-03 13:36
thanks @burrup.lambert great tool. So it looks like the address I registered my LLC at (shared by thousands of other LLC) is good to go then, because CMRA appears as ?N?, am I right?
tatelev
2020-08-03 13:38
Hi, I would like to be able to connect my US Bank Debit Card(Mercury) with Wechat Pay, so I can pay chinese suppliers for relatively small payments with ease, from within Wechat
tatelev
2020-08-03 13:38
It used to be impossible unless you had chinese bank card, but I have been seeing in the news this year that now Wechat allows foreign cards
tatelev
2020-08-03 13:39
however I haven?t been able to link my debit card with Wechat. Anybody has experience with it?
simon
2020-08-03 14:26
@tatelev I was under the impression that only local Unionpay cards can be used. Foreign cards can now be used to pay in stores etc but I don?t think they work for P2P transfers.
tatelev
2020-08-03 14:28
it appeared several times in news articles this year, that both Wechat Pay and Alipay had started(this year) to work for mobile payments with foreign cards
tatelev
2020-08-03 14:28
but maybe the news were not accurate
simon
2020-08-03 14:30
I think they were referring to the ability to pay in stores using a Visa / MasterCard as funding source.
simon
2020-08-03 14:31
I don?t think they will allow top ups using foreign cards, that would break the currency control system.
tatelev
2020-08-03 14:32
that might explain why I have been unsuccesful in the verification step lol
tatelev
2020-08-03 14:32
I see a test charge by Wechat on my card statement as ?Pending?, then after about a week or so, it is canceled
simon
2020-08-03 14:44
If your suppliers accept USD, you can use TransferWise. They support sending USD to Chinese USD business accounts.
simon
2020-08-03 14:45
And CNY to personal accounts
tatelev
2020-08-03 16:05
yes, thanks Simon, I know. It?s just that Wechat Pay would be awesomely convenient, since payments are small and I would not have to leave the platform in which I am on often
pragmatic
2020-08-03 17:08
Reading some places on the internet that a US LLC that is a foreign-owned disregarded entity cannot sign up for receiving money from Paypal, Stripe, Amazon etc, because these services require you to sign a W9 for a US company. Is this still the case or?
tiagomdreganha
2020-08-03 17:54
What would be a good banking country/bank for an EU-national/resident. I want somewhere where they can't touch it (at least as easily as in an EU country) with a simple procedure, these days anything slides if they claim they suspect of terrorism/money laundering they can get access/freeze everything
I don't mind the reporting/lack of secrecy.
burrup.lambert
2020-08-03 20:48
That is the way I understand it, yes. I thought you were having issues with the address but I just reread your message.
Good luck!
burrup.lambert
2020-08-03 20:49
Repost for relevancy.
simon
2020-08-03 21:07
@pragmatic These services all allow you to file a W8, I personally have accounts with PayPal / Stripe and so do several members here (with non-resident LLCs).
bigworld
2020-08-03 21:57
I think that the pay as you go link does not work anymore.
ivan.lakatos
2020-08-04 06:32
I'd be interested to know as well.
burrup.lambert
2020-08-04 20:27
You are correct. Might have to email them and see if they still do it.
mikeseo
2020-08-06 02:24
which banks/ewallets are good for making lot's of virtual cards?
I've tried yandex money and it works but you only get 1 card and have to delete it and make another to get a new one.
I also tried qiwi, it works good, you can have up to 50 cards at one time, but I'm looking for a back up.
brab
2020-08-08 09:38
If I'm a resident of a CRS country and want to maintain some privacy, is the no brainer choice to stash some savings in USA since its non CRS? Already have accounts open there but don't use them very often but started to think of this
daoway
2020-08-09 10:28
It seems you cannot use Twilio for receiving SMS from Paypal and Stripe. Anyone else have anu ideas?Twilio gave me this response:
David (Twilio)
To give you some background information on what could be going on here, as the receiver of SMS messages, Twilio cannot guarantee that every international SMS message sent to us will be received in your SMS Log. Twilio accepts these messages, however it is the responsibility of the sending phone number?s carrier to deliver the SMS message to our network.
In relation to your SMS messages in particular, if you are intending to receive from a short code number I would like to point out that unfortunately Twilio cannot receive SMS from Shortcodes. You can read a little more about shortcodes here. In general financial services like Stripe or Paypal will use short code numbers. Sorry about that.
I also included our troubleshooting guide in relation to inbound SMS here for your convenience.
Kind Regards
David
julienduteurtre
2020-08-10 13:24
for 15K it's Ok but on bigger amount they will be more likely to bother with compliance if it's coming from an LLC than if it's coming from another of your personal account.
buynps.org
2020-08-10 13:50
thanks @julienduteurtre!
michal.opoka
2020-08-10 18:57
@brab you need to check if your country has signed FATCA and which version, there might be some information flawing from US to your country either automatically or on demand, although Puerto Rico is excluded
brab
2020-08-11 04:06
Thanks Mikeo. I'm in HK right now so I guess yea they are in FACTA so I assume that's not an option
brab
2020-08-11 04:07
I feel like a lot of these problems are going to be solved with crypto and I am very deep in that as well, but there are also fiat needs that need to be tended to
redareda9
2020-08-11 10:46
Quick feedback about Curve
redareda9
2020-08-11 10:46
I?m using it in Asia for more than 1 year, really convenient
redareda9
2020-08-11 10:47
I had a problem that the support took time to resolve so I used Twitter to make it faster (By mentioning the CEO, the head of product + one investor) and they fixed the problem few minutes after my tweet
redareda9
2020-08-11 10:49
Now they decided to block my account because according to Them I?m using it outside of EEA and it?s made for EEA customers so they?re asking me for:
1. Proof of EEA address: accepted documents are utility bills (electricity, water and gas only), tenancy agreement or government letters dated within the last 6 months
2. Photo of funding cards
3. Bank statements
michal.opoka
2020-08-12 00:24
there are different versions of FATCA, some of them are one way and reporting is only to US
gastan
2020-08-12 01:32
Maybe it was not the best idea to speed it up with Twitter ?:)
Do they want all 3 or just any?
Assuming u dont have all u need, and came for ideas?
redareda9
2020-08-12 02:14
Yeah, they solved the problems in few minutes (some database problem) but it triggered a KYC control haha
They ask for all of 3, I can get them, the proof of EEA address is a bit tricky but there is always a solution
vallancepm
2020-08-12 04:57
@simon Hi Simon hope you are well...I am close to setting up a Stripe acc and Transferwise. I don't want to make a mistake when setting them up, so question is should it be in the LLC name or my name? I am hoping for the LLC as taking payments will look better using a Company name?
Thanks in advance
Paul
redareda9
2020-08-12 05:53
@vallancepm if it?s a business account, in your company name, if it?s a personal account, in your personal name. For stripe, be prepared to have your application declined, they?re asking for substance (employees, office) for some clients when opening with a us LLC.
buynps.org
2020-08-12 05:59
@redareda9 where did you hear that they are declinig?
vallancepm
2020-08-12 06:04
@redareda9 Business acc...but don't like to hear they are declining people...I have a UK LLC
redareda9
2020-08-12 07:00
@buynps.org because they did to me and many other people
redareda9
2020-08-12 07:01
@vallancepm you mean a UK LLP then. If yes you should be safe. Just take some precautions like using a UK VPS to apply and access your account
vallancepm
2020-08-12 07:02
@redareda9 Yes LLP
buynps.org
2020-08-12 07:02
@redareda9 wow, were you doing dropshipping by any chance?
buynps.org
2020-08-12 07:03
or what kind of business were you in?
vallancepm
2020-08-12 07:06
@redareda9 According to their site we will need to setup a Transferwise acc first as that will be the main UK bank acc...?
redareda9
2020-08-12 07:55
@buynps.org Yeah but I used an ?interface? website displaying mostly marketing & consulting services. Happened to some friends who don?t do dropshipping & mostly own brands with inventory, they still required them proof of substance.
buynps.org
2020-08-12 17:51
@redareda9 i see, so you were cloaking? showing them you did marketing but charging them on the backend for dropshipipng?
alex720
2020-08-12 18:30
What?s the best bank in USA for non resident individuals ?
alex720
2020-08-12 18:30
Will be using it to receive wires from my company (dividends) and send money to interactive brokers
buynps.org
2020-08-12 18:35
@alex720 sending your dividends to your personal account then to IB?
alex720
2020-08-12 20:01
Yes
alex720
2020-08-12 20:01
@buynps.org
alex720
2020-08-12 20:02
My account I use rn is way too expensive for wires
alex720
2020-08-12 20:02
$70+ each time
buynps.org
2020-08-12 20:17
@alex720 transferwise? chase?
alex720
2020-08-12 20:32
I will try depositing with TransferWise
alex720
2020-08-12 20:33
Good idea, I assumed it didn?t work but never checked
alex720
2020-08-12 20:33
Will I need a itin to open a chase account?
buynps.org
2020-08-12 20:38
i don?t think so
buynps.org
2020-08-12 20:38
i opened without
alex720
2020-08-12 20:43
Ok
simon
2020-08-12 22:46
@alex720 TransferWise now supports USD direct debits so you should be able to link your account to IB.
simon
2020-08-12 22:47
Remotely, it?s pretty hard to open a personal account with the major banks without an ITIN / SSN.
simon
2020-08-12 22:48
In person, however, it?s very easy and in most cases can be done on the spot.
alex720
2020-08-12 22:54
Thanks
redareda9
2020-08-13 03:07
@buynps.org Kind of. Just for the application. But they asked for proof of substance before I even start to charge anyone so there was no way for them to know I was dropshipping.
buynps.org
2020-08-13 03:09
@redareda9 must have been based on your name or EIN ?
redareda9
2020-08-13 03:09
@buynps.org Can you elaborate?
buynps.org
2020-08-13 03:11
@redareda9 yeah. from what i understand stripe uses your name and EIN/ITIN as a credit check. if you have shitty/no credit they see you as a risk and flag you
redareda9
2020-08-13 03:12
I opened with Stripe UK few months later, there was not problem at all
redareda9
2020-08-13 03:12
@buynps.org only for Stripe US
redareda9
2020-08-13 03:12
I got the EIN from simon when opening the US llc
redareda9
2020-08-13 03:13
So no history for me in the US
redareda9
2020-08-13 03:14
Only difference, for Stripe US, I applied through a THAI IP Address so probably a bit high risk
redareda9
2020-08-13 03:15
For Stripe UK, I took precautions and I applied with a UK VPS with UK IP
buynps.org
2020-08-13 03:23
i see, how did the UK LLP look so far? @redareda9
redareda9
2020-08-13 03:27
@buynps.org If you?re talking about Stripe, I processed 6 figures with it and no problems so far (I knock on wood)
buynps.org
2020-08-13 03:33
@redareda9 yep
buynps.org
2020-08-13 03:33
nice
jase
2020-08-13 07:41
For stripe us, amazon associates, anyone known to close accounts easily I use an amazon workspace
jase
2020-08-13 07:41
Consistent us based ip address
jase
2020-08-13 07:42
Mercury
ledrewy
2020-08-13 08:06
Sablecard. You could open the digital bank account remotely and receive physical debit and secured credit cards. Virtual cards available too.
redareda9
2020-08-13 08:14
@jase Any difference between Amazon workspace & AWS EC2?
jase
2020-08-13 08:21
Workspace is a remote desktop/vdi
jase
2020-08-13 08:21
Ec2 you do lots more of the work
jase
2020-08-13 08:22
Workspace you spin up a windows desktop in 15 mins
redareda9
2020-08-13 08:45
@jase Hmm I had an EC2 ready in 10-15 minutes with Windows Server when I built mine everything ready. Was more curious about the technical differences.
redareda9
2020-08-13 08:46
I can?t see any big difference between them. Amazon sell it as EC2 => for server and wbe hosting etc.. Workspace => For employees to access the same desktop. But no really big difference from what I see
jase
2020-08-13 09:03
Yeah I'm sure you can do these things with EC2
jase
2020-08-13 09:03
I take the "low friction" approach to things now unless it's my core business
skat
2020-08-13 17:15
Any advice on personal banking in netherlands for EU citizen? Would be awesome if I can open it remotely.
skat
2020-08-13 18:31
Can register without BPN (Netherlands Tax ID)
burrup.lambert
2020-08-13 21:05
Scroll down a bit, it says "Get your bank account without having your BSN (Tax Information Number). Sign up using just your phone and ID, and *supply your BSN up to 90 days later."*
burrup.lambert
2020-08-13 23:55
Looks like the Bunq Travel Card might be a winner though
burrup.lambert
2020-08-13 23:56
It's now their only free offering. No fee's except 0.5% top up fee via credi/debit card (must be EEA issued)
yuli
2020-08-14 00:55
For business - I opened one with Mercury recently for a USA LLC, pretty happy with the online software and their support so far
yuli
2020-08-14 00:57
Any recommended banks anyone here is using with minimal to no fees for international costs for personal use?
I am banking with TD Bank (Canadian bank - my bank is in the USA) and for the last 2+ years I had no fees for ATM withdrawls, and no fees for international transactions.
I left the USA and arrived to Mexico 10 days ago - only to realize they started charging me 3% for any transaction and withdrawl I am doing here.
Looking for an alternative bank/card I can use just for monthly on-going expenses without any international/ATM fees etc'
I am an Israeli citizen - so solutions which are relevant just for EU aren't relevant + I am looking for a USD banking, as I earn everything in USD.
Thanks!
alex720
2020-08-14 00:57
Revolut
alex720
2020-08-14 00:58
Enjoy Mexico !
yuli
2020-08-14 00:59
I am enjoying Mexico :slightly_smiling_face: Pretty relaxed and calm, I am in Sayulita currently. I am an Israeli citizen - Revolut aren't accepting Israelis last time I checked with them.
alex720
2020-08-14 01:19
I think Revolut was based on residency
alex720
2020-08-14 01:20
Maybe dbs bank Singapore, haven?t used them but I saw they let you have multiple currencies for the same debit card
alex720
2020-08-14 01:21
Maybe someone who has used them can chime in
mikeseo
2020-08-14 02:06
@ledrewy does sablecard just give you 1 virtual card or will they give you a bunch and if so, is there a limit to the number of virtual cards?
ledrewy
2020-08-14 05:37
@mikeseo AFA I?m concerned, they provide only a debit card with different card numbers for physical and virtual and a secured credit card with different card numbers for the physical and virtual card. I don?t see any option to add additional cards
brab
2020-08-14 06:02
Thanks Mike. For HK, do you (or anyone else) know if it's only one way to the US? I don't mind keeping my money in the US and them knowing about it. It's more about privacy from HK/China
simon
2020-08-14 08:16
@brab Most FATCA agreements are one-way only. They allow for the other jurisdiction to request information from the IRS but there is no automatic exchange of information. For example, see Article 6: https://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Hong%20Kong-11-13-2014.pdf
simon
2020-08-14 08:19
@yuli Do you have an SSN or ITIN?
brab
2020-08-14 08:28
Thanks Simon, wheras CRS is an automatic share of information correct? In that case, the use case of having somewhat some privacy from China would be to park some money in the USA? Or what other options would be good?
simon
2020-08-14 08:38
Yes, in most cases CRS is automatic. The US is the best option if you want both solid banking and privacy. There?s a few other options (countries that have not yet implemented CRS) but most aren?t countries you?d want to park any money in and the few that are ok will likely implement CRS in the next five years anyway.
brab
2020-08-14 08:40
Awesome. Thanks you, appreciate the help. I have an ITIN, are there any banks you can recommend that I can open an account remotely?
simon
2020-08-14 09:12
Capital One is usually fine with ITINs, if there?s some credit history tied to it.
brab
2020-08-14 09:50
Great, thanks. Might want to ask you some more in depth things about other things later on. Best to PM or email?
simon
2020-08-14 10:34
Both are fine
kareem.elharony
2020-08-14 11:52
Hey folks ,
I read the thread about UK LLP and LTD and i thought both could work for me , as i'm currently resident in tax haven but interested to open business transferwise so i can do my transactions smoother...I reached out to companies and they cleary said both LLP & LTD will be taxed on foreign income even i'm not resident and not doing any business in UK ?
Is that true ?
simon
2020-08-14 11:54
@kareem.elharony You will only pay UK tax if you live in the UK or perform work there (while physically in the country or through a UK permanent establishment). If you live abroad and do not perform any work in the UK, you will pay no UK tax and do not have to report your LLP income to HMRC. https://www.gov.uk/government/publications/partnerships-foreign-aspects-hs380-self-assessment-helpsheet/hs380-partnerships-that-operate-partly-overseas-2020
simon
2020-08-14 11:54
See point 4 in the link above
kareem.elharony
2020-08-14 11:57
Thanks @simon
Appreciate your quick support.
ggiampieri
2020-08-14 13:19
@yuli you can try Passbook by Remitly. No forex fees
ggiampieri
2020-08-14 13:21
@burrup.lambert I ordered Bunq travel card. They ask for TaxID but it's the only card with no limits on foreign currency withdrawal, you only pay 1?. Being it 'credit' labeled makes it easy to rent a car with no credit card, a big plus.
burrup.lambert
2020-08-14 13:21
They ask for a Dutch Tax ID?
ggiampieri
2020-08-14 13:22
Any taxid should be good. Europe probably better
ggiampieri
2020-08-14 13:24
https://www.generatorecodicefiscale.it/ you can make an Italian one there, they use the samr algorithm. Plenty of websites like that
burrup.lambert
2020-08-14 13:24
I might get one. I'm ran into an issue where I need to make $ xfers with Azimo but the only debit/credit cards that seem to be accepted are EEA cards which as it turns out, I don't have any of except for Revolut. I have an Australian Revolut account but the card appears to be UK issued (despite detected as AUD currency by Curve). My Georgia cards are out because they are not part of the EEA.
Looks like I've found a hole in my setup!
ggiampieri
2020-08-14 13:25
Great!
ggiampieri
2020-08-14 13:26
You need to top up by wire to avoid fees, easy with revolut
burrup.lambert
2020-08-14 13:27
You can top up by wire transfer and avoid the 0.5% fee? I read the FAQ on the website but it wasn't clear. Sounded like the only way you can top up the Travel Card is via credit/debit card.
ggiampieri
2020-08-14 13:31
Yes you can, I have a NL IBAN
ggiampieri
2020-08-14 13:34
You can increase spending up to 50k a day. But cash withdrawal is limited to 500 a day. But with no forex fees, you pay 1? only. Compared to Revolut it 2? every 1000, compared to 20?..
marziovit
2020-08-14 13:35
@ggiampieri 1? a month?
ggiampieri
2020-08-14 13:37
Free monthly, 1? each cash withdrawal
simon
2020-08-14 13:37
I tried to get a Bunq travel card but they asked me for proof of residency in Estonia (I used my Estonian e-Residency number as my tax ID). Let me know if you are successful @burrup.lambert
ggiampieri
2020-08-14 13:38
(I haven't tried it yet with other currency withdrawal though, that's what they say)
yuli
2020-08-14 18:05
Nope, no SSN or ITIN. I do have another bank in the USA, Bank Of America, but they do charge 3% international fee on my cards there (debit + credit cards)
simon
2020-08-14 18:17
Have you tried using Curve? It?s a pretty good way to eliminate forex fees.
yuli
2020-08-14 18:37
Nope, looks like an interesting service, though! I'll try signing up right away and check them out, thanks
simon
2020-08-14 18:43
I?ve been using them with cards that have forex fees for a few years now. It works pretty well and can even be used to top up Revolut fee-free (if you have an EU-based Revolut).
krmatvei
2020-08-14 20:03
Hi guys!
I opened IBAN account in TransferWise for my UK LTD company.
My account is verified.
But right now I've got a message from transferwise:
We are currently in the process of verification of your company and we need to clarify the physical/actual location of your business.
Please respond to this email with the following information:
Where are you geographically located when you make major business decisions and/or carry out your business activities?
If we do not receive a response from you within 2 business days, we will be forced to refund your money.
My question is:
I din't a physical office in UK, and I don't live in UK.
Can I give the location at my home address in my country where I have a utility bill?
Or does it have to be an office?
Can transferwise request confirmation of office lease?
simon
2020-08-14 20:05
You can use any address, it doesn?t have to be an office or in the UK. A personal proof of address will be accepted if you tell them you work from home.
julienduteurtre
2020-08-15 14:11
Does any one has a recommendation for a bank in Turkey ?
alex720
2020-08-15 14:54
Does anyone know if it?s possible to withdraw from an EU PayPal to a debit card issued by another EU country?
simon
2020-08-15 19:41
If your PayPal country supports debit card withdrawals, yes you should be able to withdraw to any compatible card.
alex720
2020-08-15 19:46
Ok cool
alex720
2020-08-15 19:46
So a cyprus company PayPal could withdraw to an Andorr� bank ?
alex720
2020-08-15 19:46
Through this method
mikeseo
2020-08-16 00:02
can you create virtual cards in Bunq? If so, how many, is there a fee?
gastan
2020-08-16 01:14
Welcome to MX. Greetings from Oaxaca coast.
We are from EU, so we have two Revolut cards, and MasterCard from SK bank (which is not charging any fees on top of MC's rates), so we are quite fine. But They are going to replace those MasterCards with Visa (worse FX rates) and I suppose they add fees. Anyway, I wont be even able to get ahold of the card, as I am still in MX and I dont suppose they will ship it abroad.
gastan
2020-08-16 01:16
how about Mercury you wrote about?
Then al so read here about Sablecard, Bunq and http://Passbok.app
yuli
2020-08-16 03:03
Hey @gastan hope you are enjoying Oxaca.
? Regarding shipments, there is a store here I use in Puerto Vallarta which delivers all packages from the USA - I have been here in the past and they worked just fine, I am guessing there may be some forwarder in your area if you need to ship it. I actually did open an Passbook account, and I am trying to ship it now here - that may be a good option but didn't try it.
? Mercury is not a personal bank, it is a business one. I have a USA LLC where I bank with Mercury (opened it recently)
? https://www.sablecard.com/ - looks intereting, will apply to them right away :slightly_smiling_face: same for Bunq.
jase
2020-08-16 11:49
Dreaming
jase
2020-08-16 11:50
Andorran banks may withdraw from PayPal in 2050
simon
2020-08-16 12:01
@jase Have you tried withdrawing to an Andorran debit card?
alex720
2020-08-16 12:05
I wonder if it?s possible to use a cyprus company (which is allowed to withdraw using debit card) and withdraw to an Andorr� debit card
simon
2020-08-16 12:43
@alex720 It might be, I?ve withdrawn to cards from third countries a number of times without issues. If you give it a try with an Andorran card, do let us know if it worked.
ggiampieri
2020-08-16 12:46
@mikeseo No you can't
alex720
2020-08-16 12:50
Will do thanks
benjamin
2020-08-16 13:56
Anyone using Citibank Singapore?
Does the Personal non resident Citibank Singapore $200,000USD account require you to keep the balance above this at all times or is this just initial funding?
I'm interested in using them, but would prefer to keep $75,000SGD max balance as that's all they insure for.
jase
2020-08-16 14:14
My experience of Paypay is that it is only possible to withdraw to a USD account
jase
2020-08-16 14:14
Nobody I know has been able to withdraw to a EUR account/card let alone an Andorran account/card
jase
2020-08-16 14:14
The only possibility us a USD bank account, which needs to be done via phone
jase
2020-08-16 14:14
(Transferwise)
jase
2020-08-16 14:15
@simon
simon
2020-08-16 14:31
@jase PayPal UK lets you withdraw to debit cards, in EUR (and other currencies) as well as directly to GBP and USD bank accounts.
simon
2020-08-16 14:32
I?m sure other PayPal countries also allow for this.
simon
2020-08-16 14:33
@benjamin In HK they count investments towards the relationship balance, I?m sure they do the same in SG. You could buy stocks, bonds etc if you do not feel comfortable leaving 200k in a current account.
jase
2020-08-16 14:37
I understand that situation @simon, my personal experience is that it's not possible with a resident company or personal account. From what friends tell me, this is the same for everyone in AD.
alex720
2020-08-16 14:37
Simon do you know if dbs and OCBC do the same ? So you can buy stocks or etfs through their brokerages to get the priority banking ?
frederic.scheffer
2020-08-16 15:17
@benjamin sorry I didnt follow, you can open a personal account in Citibang Singapore if it has minimum 200 000 usd in it at all time? What are the advantages of that account ?
burrup.lambert
2020-08-16 15:44
It's for Citibank Gold I think.
burrup.lambert
2020-08-16 15:47
burrup.lambert
2020-08-16 15:47
But not for the Travel card.
benjamin
2020-08-16 16:32
Yeah it's Citibank Gold. And also able to open remotely. Which is needed at the current time with Asia travel almost impossible.
buynps.org
2020-08-16 20:17
@benjamin i tried to contact them - how did you get in contact to open remotely?
benjamin
2020-08-16 21:02
@buynps.org I'm currently in Thailand, I've been told it can be done at a Bangkok branch. I'm not sure if that's true of other country branches though.
buynps.org
2020-08-16 21:07
@benjamin i see. so you went to citi in bangkok?
benjamin
2020-08-16 21:22
@buynps.org I plan to soon. I've been told by someone that if you open a Citigold account in Bangkok (1million Baht) then it's no problem to get a Singapore account as well.
I remember someone in this slack group also doing this and managing to waive the $200k minimum balance, but I'm not sure if that's common or easy to replicate.
frederic.scheffer
2020-08-17 05:01
@benjamin please keep us updated on this. I am in Thailand as well and interested to do these 2 accounts (Thai + SG)
benjamin
2020-08-17 05:19
@frederic.scheffer will do :+1:
jase
2020-08-17 15:08
Anyone know how to pull a Transferwise Borderless account balance to Google Sheets?
alex720
2020-08-17 15:26
For net worth tracking I guess ? @jase
jase
2020-08-17 15:27
a few use cases but yes that is one of them Alex
alex720
2020-08-17 15:27
Maybe you can integrate with Xero and pull that way
alex720
2020-08-17 15:27
I imagine Xero has a way to pull to spreadsheet
jase
2020-08-17 15:28
yeah I thought about that - don't use Xero for all scenarios though
simon
2020-08-17 15:32
You can download CSV statements from TransferWise, then import them into Google Sheets. It?s not ideal but you could also use Xero as a bridge (TransferWise -> Xero -> Zapier -> Google Sheets).
jase
2020-08-17 15:35
yeah I'm trying to avoid needing Xero in all cases
jase
2020-08-17 15:35
Seems someone has built an integration: https://www.luhhu.com/blog/transferwise-zapier-integration
jase
2020-08-17 15:35
Will give it a go
alex720
2020-08-17 15:41
Simon do you know if money in dbs vickers or iOCBC that is used to buy etfs counts towards priority banking requirements ? Like dbs treasures
simon
2020-08-17 16:02
@alex720 I don?t know, but I?d guess not usually. There?s always room for negotiation in private banking, however, so you might be able to have it included if it?s a large enough amount.
alex720
2020-08-17 23:53
Thanks
redareda9
2020-08-18 03:15
@jase I use transferwise API to pull balance every day to my database, it?s not really hard (Revolut is way more technical to implement).
You can use Zapier webhooks and plug it to Transferwise API and forward to Sheets.
frederic.scheffer
2020-08-18 03:21
@simon do you know of any possibility for a non-resident to open a personal bank account in HK now? (Have a HK company, want to distribute dividends to myself to a HK account)
benjamin
2020-08-18 03:57
I've been using this beta integration for a while. Works well
jase
2020-08-18 04:36
Awesome thanks @redareda9!
redareda9
2020-08-18 04:43
@jase I don?t know much about your technical background but basically, just call this URL from Zapier: https://api.transferwise.com/v1/borderless-accounts?profileId=MYPROFILE
Replace MYPROFILE by your profileID on transferwise
redareda9
2020-08-18 04:44
You?ll need to include Transferwise Token in the headers of your request. You can get the token in your account in the developer settings
redareda9
2020-08-18 04:44
And it will answer you with your balances and their value
jase
2020-08-18 05:07
Awesome thank you @redareda9.
simon
2020-08-18 08:25
@frederic.scheffer Without a HKID, you?ll have to travel to HK to open an account. As the borders are currently shut, you?ll have to wait until they reopen, hopefully in early 2021.
If you have a HKID, it?s now fairly easy to remotely open accounts with the virtual banks (Welab, Livi, ZA etc).
burrup.lambert
2020-08-18 12:45
I had no luck with WeLab. It looks like their app is only available to Google Play HK store owners? I emailed them and their answer was to change Google Play stores. I declined. You can only change Google Store locations once per year.
Is your Google Play store set to HK @simon?
simon
2020-08-18 12:50
With the Apple App store you can have multiple countries at once, that?s very useful if like me you have apps from multiple countries
simon
2020-08-18 12:52
I used to have a Samsung phone and used multiple Google addresses to access country-specific apps (for example, I?d log into my Google HK account to download an app then log back into my main Google account).
burrup.lambert
2020-08-18 13:18
No luck with with this. I used:
Argentina Mobile
Australian Passport (on support ID verification list)
UK Address
They have some type of geolocation tracking enabled. I wasn't able to enter the UK address until I used a UK VPN. If I tried otherwise I received some message about "it looks like you are outside your current location, wait until you are back home and try again".
When I used a UK address it asked for a Personal UTR or NINO. I selected "I don't have one" then said "not a UK tax resident" for my explanation.
I then tried to open a Travel card account and it said my documents were under review.
Today I received a push notification and when I open the app and this is what I see.
skat
2020-08-18 13:20
Tried to get an account with them today.
It sounds great that they don't require BSN, but they do require a Dutch address... Couldn't register without it.
skat
2020-08-18 13:23
Tried to register an account 3 days ago and failed. I'm staying in Tbilisi now and triggered their monitoring system -- they asked me for some proof of residency in EEA countries.
If anyone else wants to give http://bunq.com a try -- be sure to run vpn with EEA countries as a getaway (same as your address). Urban VPN is a good enough solution to do that FREE and with a good coverage of EEA countries.
burrup.lambert
2020-08-18 13:27
I might try again but this time leave my UK VPN for days until until the documents are verified
burrup.lambert
2020-08-18 22:27
So it looks like back in Janurary Revolut change their MCC code or something and when you top up via credit card they charge a cash advance fee. Any one else seen this behaviour?
burrup.lambert
2020-08-18 23:17
Also, anyone had success with TWO Revolut accounts? How did you manage it/with the app on your phone?
joshuacolombi
2020-08-19 00:21
I'm looking to set up a UAE freezone company in RAK freezone. I am aware that the UAE banks make it very difficult for freezone companies to have a business account. Would I be able to just get a TransferWise business account and then link it up to PayPal to receive any necessary payments from the UAE. Or is the situation different for a UAE company. Any help would be appreciated, almost impossible to get a straight answer out of PayPal, and keen to know before I spend a lot of money. Thank you!
redareda9
2020-08-19 02:25
@burrup.lambert yeah realized the same yesterday. I?m using transfers now as they are supporting instant transfers. Transferwise to revolut in 5 seconds
emilianod76
2020-08-20 15:17
@frederic.scheffer @simon Regarding remote opening of a HK account. I had a meeting today and this company was mentioned https://asiabc.co/. They say they can open a HK Limited company and a HK account remotely for $ 1,150. I didn't do that myself but I thought it would be good to share it.
alex720
2020-08-20 15:20
It?s not a bank
alex720
2020-08-20 15:20
It?s a fin tech account
emilianod76
2020-08-20 15:23
@alex720 I don't really know Alex. Just shared it in case it can help someone here. I hope it does.
alex720
2020-08-20 15:23
Yeah it?s for sure useful for some people
alex720
2020-08-20 15:24
Thanks for sharing
himself
2020-08-20 18:22
Hi all, can I have some advice re: Revolut Business. I have been approved to use Revolut for my business in the UK (growth focused marketing agency) [limited company]. I also have a biz account with HSBC UK, which is currently my main biz account. I'm really keen to start using Revolut for more and more because of options it gives me re: better rates on FX, disposable cards, better expense management etc. But I've read some horror stories online about people being locked out no customer service.
himself
2020-08-20 18:23
I can't think of anything which would cause issues, all my clients are UK/US all fees bank transfer or through stripe, and fairly low amounts. Just worried about using it as the main account, anyone have any experience, am I right to be so cautious?
marziovit
2020-08-20 18:30
@himself yes, i would not keep more than a couple thousand bucks in Revolut.
mb
2020-08-21 07:32
I understand, based on @simon?s guide, that remote opening of a HSBC isn't possible. I currently see this eligibility information:
? Your application is for a limited liability partnership
? You can use this online application if you are a partner in the limited liability partnership and all of the partners and signatories on the account are:
? 18 years of age or above
? contactable on a UK mobile phone starting with the number (+44) 07
? happy to receive information by post, text and email as part of this account opening process
? The limited liability partnership:
? is not regulated by the Financial Conduct Authority, an appointed representative of an FCA regulated company or work under another firm's FCA number
? is registered in the UK, but not the Channel Islands or Isle of Man
? does not trade, operate or make payments in any of the countries listed here
? has an annual turnover below �2 million
? does not wish to apply for more than �10,000 borrowing facility as part of this application
? is not part of an affinity group
? is not a holding company or part of a group of companies with a parent (holding) company
? does not have more than four partners
? is not involved in gambling or gaming activities, and neither are your customers or your suppliers
? is not directly or indirectly connected to a politically exposed person, ie a person considered to be influential politically or politically exposed or holding any position in the executive, legislative, military or judicial sectors of a government
? has not issued bearer shares
? is owned exclusively by individuals and not by any company, group or institution
? will be using the account opened as the primary current account for the partnership
mb
2020-08-21 07:33
I wonder if you simply have a postal address and UK mobile phone number, if that would be enough? I will call them up today to ask.
mb
2020-08-21 07:34
Researching this because I'm a bit eyeing the Revolut/Transferwise 'frozen funds' reviews...
benjamin
2020-08-21 07:54
@mb Following. Let us know how the call goes.
bigworld
2020-08-21 09:53
So the two (or more) owners are going to be physical (not legal) persons?
mb
2020-08-21 11:26
Correct.
mb
2020-08-21 11:26
2 physical owners.
burrup.lambert
2020-08-21 12:53
Let us know! Next time I'm in the UK I plan to open an account at HSBC.
daoway
2020-08-21 13:46
I had my funds frozen in Revolut for almost 5 months with no reason
daoway
2020-08-21 13:58
On Sablecard's website it says you need a US visa
yuli
2020-08-21 15:33
I am trying to open Sablecard, running into some issues and talking to their support - but it is just a regular B2 tourist visa as far as I understand
danz
2020-08-21 23:40
I went to the UK last year to open an account at HSBC. Remote opening isn't possible. You can fill in the application/form online, but then have to go to one of their locations (not all offer business banking, so check out before hand to which one you go)
danz
2020-08-21 23:41
To add other currencies to your account, you will have to make another appointment to ask for that.
burrup.lambert
2020-08-23 21:26
Can someone who uses PayPal UK please confirm this?
We have a PayPal UK account and customer support says that you can only withdraw *GBP to local UK bank accounts* or *USD to US bank accounts*. If you try and do anything else PayPal automatically converts the transaction.
For example, we want to withdraw EUR (as we charge our customers in EUR) but we can only withdraw GBP or USD which will be automatically converted by PayPal...
They said to withdraw in EUR's we need a PayPal Ireland account.
Anyone have any comment?
Thanks.
simon
2020-08-23 21:59
@burrup.lambert To withdraw in currencies other than GBP and USD, you must use the debit card hack (add a compatible card then ask support to change its default currency to EUR). https://www.paypal.com/uk/smarthelp/article/can-i-withdraw-money-from-my-paypal-balance-to-my-card-faq859
burrup.lambert
2020-08-23 23:05
Thanks. After reading ALL PayPal customer support messages I think I found the issue. We asked to change the *debit card withdrawal currency* to withdraw Euro's but the customer support agent changed the conversation to withdrawing to *a bank account,* the conversation continued only referring to bank accounts and I think it got lost in translation.
Thanks.
Is there a known list of "compatible cards"? TransferWise debit card works?
alex720
2020-08-23 23:06
Revolut works
burrup.lambert
2020-08-23 23:06
Thanks.
toby
2020-08-23 23:27
Does anyone have experience with opening a real bank account like LHV in Estonia without being able to prove ties to the country? Or alternatively sign up an off shore account for an OU? I'll have larger transactions (100k+) from by LLC to my OU and am not sure how much I want to trust Transferwise/Revolut with it
redareda9
2020-08-24 03:35
I just tried Revolut and it doesn?t work
ivan.lakatos
2020-08-24 05:34
Hey all. Looking at some advice concerning Paypal. I have taken up residency in Thailand and Laos and I was wondering if I should open a Business Account or a Personal Account with Paypal ? What are the major differences. I work as a freelance translator. Thanks in advance.
jase
2020-08-24 06:56
Leopay changing to iCard and it's time to tell them where to go
jase
2020-08-24 06:56
What debit card providers are people working with nowadays? Catch is, the entity isn't in a known country or the EEA
2020-08-25 02:25
This message was deleted.
redareda9
2020-08-25 02:45
Revolut now issuing Debit Cards instead of Prepaid Cards
jase
2020-08-25 05:26
They do but I am unwilling to jump through their seemingly endless compliance hoops
redareda9
2020-08-26 10:39
Anyone having experience with Amex?
redareda9
2020-08-26 10:39
I just got approved for their ICC Program, thanks @simon
redareda9
2020-08-26 10:40
But how does it work? From what I understand, it?s just a card, not a bank account
redareda9
2020-08-26 10:40
Can I ?plug it? to my bank or something like that?
simon
2020-08-26 10:55
@redareda9 It?s an American-style charge card. You charge your expenses to it and at the beginning of the following month, you pay for the previous month. There?s no credit limit but obviously there?s a certain limit to what you can charge, based on your history with them and what AmEx think you can afford.
redareda9
2020-08-26 10:56
Alright, I get it thanks.
Can I use to build a credit score?
redareda9
2020-08-26 10:57
I don?t know if it?s possible to build a credit for a company
simon
2020-08-26 10:57
Sure, using it will build history for your company with AmEx
redareda9
2020-08-26 10:57
Nice! I heard that UK points are not as good as US points but it?s still better than nothing
redareda9
2020-08-26 10:58
For membership rewards I mean
simon
2020-08-26 10:58
And they will post your history to the business credit bureaus, so that other banks / lenders can see it.
redareda9
2020-08-26 10:59
Thanks @simon Really good to know
simon
2020-08-26 11:01
You can transfer your MR points to those programs, at the rate shown
redareda9
2020-08-26 11:16
Pretty cool!
redareda9
2020-08-26 11:16
Is there a 3 points for 1 EUR spend in favourite category?
redareda9
2020-08-26 11:17
I heard about that. If I choose ?Advertising? for example, every EURO spent on Advertising would bring me a multiple of Amex points.
redareda9
2020-08-26 11:17
But I?m not sure it?s available for UK
simon
2020-08-26 11:35
simon
2020-08-26 11:35
If so, it seems to be a flat 1 MR point per EUR spent
redareda9
2020-08-26 11:40
Yeah that one
simon
2020-08-26 11:43
That?s the card that pays 4 points for 2 categories: https://www.americanexpress.com/us/credit-cards/business/business-credit-cards/american-express-business-gold-card-amex/
It?s a great card for those who have US LLCs, and easy to apply for it if you already have an AmEx account in a supported country.
redareda9
2020-08-26 15:24
I wonder if it?s possible to setup a US LLC, ask for the card and pay the bill with the Uk company
redareda9
2020-08-26 15:24
The 4x would definitely makes the process worth it
alex720
2020-08-26 18:43
For anyone interested, I was able to register a TD USA account as a Canadian without ever visiting the USA. Just need to call for them to set up online banking since we don?t have social security numbers
simon
2020-08-26 19:35
@alex720 You can also apply remotely for a credit card with TD US. They?ll pull your Canadian credit history.
alex720
2020-08-26 19:35
Thanks
alex720
2020-08-26 19:35
Are transfers to other banks enabled on your td us account?
alex720
2020-08-26 19:35
For me it said onlinethey are not available for my profile
simon
2020-08-26 19:39
I?ve moved funds between my US accounts but haven?t tried sending wires to third parties. I use Venmo etc for this.
alex720
2020-08-26 21:03
Ok
alex720
2020-08-26 21:04
I was able to top up my TransferWise with the TD account
letstalk
2020-08-28 20:17
Hi all. Does anyone have experience opening a Bank Account/Card in Canada as a National (passport), but without a residential address _in_ Canada?
simon
2020-08-28 20:21
@letstalk Do you have Canadian credit history?
letstalk
2020-08-28 23:26
Yes @simon
alex720
2020-08-29 01:42
Maybe you can give them a mail forwarding address
alex720
2020-08-29 01:42
And get a utility bill for a phone or something from it
alex720
2020-08-29 01:42
I think they will want an address to correspond with you
simon
2020-08-29 09:17
@letstalk Using your old address (the one listed on your credit report), you can open an account online with TD (they will use the information on your credit report to verify your ID). Make sure to update your address after your application is approved, to an address where you can receive mail (they will send you a debit card).
You can open an account with TD US, also using your Canadian credit report to pass their ID verification (if you need a US bank account).
I also recommend opening an account with Stack. It?s a fee-free account that comes with a MasterCard debit card. There?s no forex fees and no ATM fees, making it a very convenient option for use outside Canada.
johncitizen
2020-08-30 04:39
I used NovaCredit to port my australian one (They do Canadian as well) then applied for a US Amex with them to build credit in the US
felix
2020-08-30 06:32
Hi guys! Currently comparing payment processing services and curious about your experience. We have a member site with WooCommerce in the US and currently using Stripe. 60% US customers, the rest all over the world in SG, HK, UK, EU, etc. I read about http://Authorized.net and their 0.1% transaction fee in comparison to Stripes 2.9%. Does anyone has experience with http://Authorized.net?
felix
2020-08-30 06:33
Obviously open to your suggestions and curious what is your work around. Was already thinking about shifting the LLC to an UK LLP to make use of the lower Stripe processing fee in the UK
redareda9
2020-08-30 07:24
http://Authorized.net. You need to have a merchant account with your bank first.
felix
2020-08-30 08:14
Hi Reda! Thank you for the addition. I read in the last hours about that as well and it seems there is no way to get below 2.9% of Stripe in the US.
felix
2020-08-30 08:14
So another way is obviously to incorporate in the UK and use Stripe there
felix
2020-08-30 08:15
Anyone experienced with that?
redareda9
2020-08-30 08:30
Yeah I have uk + stripe
marziovit
2020-08-30 08:33
Be careful with Stripe Uk if your goal is to reduce Stripe fees because, i don't know if you noticed, all EU countries has 1.4% fee and all non-EU countries 2.9% or more. IMHO UK will continue to have 1.4% fee until 31 december 2020 and then the fee will probably change because of the Brexit. Keep that in mind.
felix
2020-08-30 08:57
Marzio, thanks for your input. You make a very good point. The only reason to consider a ?relocation? of the company is to save the processing fee. I heard that some UK LLPs got rejected from Stripe in the UK and we have a good relationship with them in the US.
simon
2020-08-30 10:23
@felix Another advantage of Stripe UK is that it allows you to link bank accounts for multiple currencies, saving you Stripe?s conversion fee (2%). That?s very useful if you charge your customers in their local currencies (all EUR payments go to a EUR bank account, all GBP payments to a GBP bank account etc).
felix
2020-08-30 10:24
Thank you Simon for this point. We charge all customers in USD so we don?t have a conversion with Stripe, but it would definitely something to consider.
jase
2020-08-30 11:41
Does this work with an ITIN or do you need to be a legit US resident?
simon
2020-08-30 13:34
You do not need an ITIN / SSN if you use NovaCredit (that?s the whole point, to instead use your AU, CA, MX etc credit history instead of your US history).
simon
2020-08-30 13:34
It?s equivalent to AmEx Global Transfer, but without the need for an existing AmEx account.
jase
2020-08-30 19:46
Oh right, does it somehow port your score over to an ITIN though? Or does it need to be used each time you apply for a new card?
simon
2020-08-30 19:53
If you add your ITIN to your AmEx account, it will tie it to your credit history. Do note that you do not need an ITIN / SSN to build US credit history, if you have any credit product you?ll have a file at the credit bureaus (they only need a name, date of birth and address).
jase
2020-08-31 06:24
Awesome this service sounds great then!
letstalk
2020-08-31 16:47
Thanks much Simon. I just want to clarify, can the address I switch to (to where they?ll send the card) be overseas?
simon
2020-08-31 17:18
I wouldn?t recommend switching to an overseas address, your account would likely be flagged for fraud / ID theft. I?d recommend using the address of a family member or friend in Canada, or a virtual address (in any province except QC as bank accounts / credit cards have different rules there).
letstalk
2020-08-31 18:54
OK, Thanks Simon!
buynps.org
2020-08-31 20:05
Any experience with Mercury virtual bank? Any red flags you think if you move large amounts to countries like panama?
simon
2020-08-31 20:19
@buynps.org Mercury is a solid bank but obviously large transfers to Panama are likely to raise red flags (not necessarily an issue, if you have a good explanation for the transfers and supporting documentation).
jase
2020-08-31 20:33
Can't comment on Panama but we have put many hundreds of thousands through Mercury from a lot of countries around the world this year and they are fine about it. I think once we were asked for more details but it was all sorted quickly.
buynps.org
2020-08-31 20:43
@simon @jase ok thanks. so sounds like mercury is more flexible than something like chase? mercury is more like transferwise?
jase
2020-08-31 20:44
Their team is awesome. Way better communication than Transferwise IMO
jase
2020-08-31 20:45
Its like a small business culture. You can contact the boss if needed and he sorts it out.
jase
2020-08-31 20:45
TW of its not in the customer support SOP you're screwed.
simon
2020-08-31 20:51
@buynps.org They aren?t like TW as they are a licensed bank and have to follow different set of rules but as @jase said, if you run into issues you should be able to get them resolved, provided you have supporting documentation for your transfers and an explanation.
buynps.org
2020-08-31 20:54
cool, thanks!
buynps.org
2020-08-31 20:54
reason i asked was because it seemed like Chase was a bit sweaty
buynps.org
2020-08-31 20:54
with international transfers and stuff
frederic.scheffer
2020-09-01 02:00
Mercury can be used for a UK LLP?
buynps.org
2020-09-01 03:16
@frederic.scheffer i think just US?
felix
2020-09-01 13:04
Hi Simon! Needed to come back to your comment. Just had someone join from the UK and Stripe charged us a whooping 3.9% processing fee because we are registered in the US and the customer pays with a UK card. This is crazy high.
felix
2020-09-01 13:05
We can?t add different bank accounts to the US account? Is that only possible with the UK account?
simon
2020-09-01 13:10
Correct, with a US account you can only add a US-based USD bank account.
You can see what is supported for each countries here: https://stripe.com/docs/payouts
felix
2020-09-01 13:12
Thank you a lot for this tip! This is huge!
benjamin
2020-09-01 16:39
When notifying banks that you've changed your personal residency, are you also supposed to notify payment processors such as PayPal, Stripe, Shopify etc?
I really don't want to mess up my payment processors if I don't have to.
Everything is still through the original company, however my personal residency has changed. And I am currently the only physical person shareholder.
simon
2020-09-01 17:00
@benjamin Technically yes, you should update your address and if applicable, your TIN. In practice, however, it doesn?t really matter if you don?t (as long as your company?s TIN and address are up to date).
buynps.org
2020-09-01 17:11
@benjamin which country is your stripe registered in?
benjamin
2020-09-01 17:12
@simon Okay, great. I might just leave them alone then. The company is still trading as normal with the same registered address and details so I see it as low risk for a personal address check at this stage in the business.
benjamin
2020-09-01 17:13
@buynps.org all of my processors are Australian registered for an Australian Company and Trust. However, my personal residency is now Thailand.
buynps.org
2020-09-01 19:59
@benjamin yeah, i agree with simon, maybe just leave it alone
buynps.org
2020-09-01 20:00
@simon stripe would report to the original country about your personal details or not?
simon
2020-09-01 20:24
@buynps.org They?ll report to the country where the business is registered (unless you opened the account using your personal name and tax ID)
simon
2020-09-01 20:24
You can see the information they have on file here: https://dashboard.stripe.com/settings/taxation
redareda9
2020-09-02 08:29
It seems like Curve is getting stricter. Even with EEA proof of address, they rely on ATM withdrawals to decide you?re not living in EEA anymore.
burrup.lambert
2020-09-02 12:55
:zipper_mouth_face:
simon
2020-09-02 13:14
They asked me for a proof of UK residency over a year ago and I just ignored their message (the ticket was automatically closed after a little while). My account is still going strong.
redareda9
2020-09-02 13:59
@simon Yeah, unfortunately they blocked my card during the process of verification. Even a proof of residency isn?t enough.
frederic.scheffer
2020-09-02 14:04
This feeling.... when all service providers can block you at anytime. Such a permanent stress. I feel like I will get my access to food or water blocked at any time
simon
2020-09-02 14:18
As a side note, I?d recommend not using EMI / fintech cards for ATM withdrawals. They hate it, as they lose money on those transactions, and many have been know to shut down accounts if there are more than the very occasional withdrawals.
redareda9
2020-09-03 00:02
I complained about the process, said that I was stranded in Vietnam due to Covid and I don?t know when I?ll be back to EU and they just re-enabled my account
redareda9
2020-09-03 00:03
@simon What do you usually use to get cash then?
simon
2020-09-03 00:35
I rarely use cash nowadays (my last withdrawal was in February). When I need to, I use my Unionpay debit card from SC HK as it has no forex fees / ATM fees and it refunds third party fees (useful in countries where all ATMs have fees).
redareda9
2020-09-03 01:52
Alright, I guess you?re not much in developing asian countries anymore. Cash is a requirement over here unfortunately (or not)
daoway
2020-09-03 02:46
I need to move money from my business account to Interactive Brokers but it must go to an account with my personal name first. Since I would be sending a decent amount of money and have been shut down by Revolut and Transferwise in the past for that, does anyone know of a good way to do that? I have Bunq but I am worried that sending a large amount of money would get my account flagged and shut down.
simon
2020-09-03 10:54
@redareda9 There?s not a lot of countries left where cash is the only option. Even in places like Japan, Malaysia and Thailand it?s become somewhat doable to go cashless, at least in the major cities. That?s a fantastic development as it was a pain in some countries to use the ATMs (especially in places like Thailand and the Philippines, where you get charged 4-8 USD / EUR in fees every time).
ledrewy
2020-09-03 11:46
Ever since the lockdown started in Malaysia, I hardly use any cash - there?s BigPay, Boost, Grab, QuinPay, Touch N Go ewallet. Too many.
burrup.lambert
2020-09-03 13:27
Is that only for Priority banking?
simon
2020-09-03 13:31
Yeah but the minimum relationship balance is only 200k (around 25k USD) and most of their products count towards the balance.
redareda9
2020-09-03 14:27
In Vietnam it?s a bit harder. To pay by wallet you need Momo, Grab or ZaloPay which all require a local bank accounts and it?s getting hard to open one with a tourist visa
ivan.lakatos
2020-09-03 16:55
In Laos it's still difficult as well, even with a local bank account.
redareda9
2020-09-04 01:59
@simon just got my application declined for Amex international currency card.
On their website they mention that they accept uk business and uk residents. I mistakenly assumed uk business was enough so I provided French proof of address and got declined.
The card is for uk companies and applicant need to have uk proof of address
simon
2020-09-04 08:30
@redareda9 Will you try to reapply with a UK proof of address?
redareda9
2020-09-04 08:32
@simon I?m still thinking about it. I don?t want to be blacklisted by them if I reapply too soon with a different address + different proof
sterk
2020-09-04 12:19
Any suggestions for a Credit or Debit card for a Wyoming LLC with a non-resident owner?
simon
2020-09-04 12:20
@sterk Mercury is by far the best remote option.
sterk
2020-09-04 12:20
Thanks, applied to them Yesterday. Hoping to hear back soon
burrup.lambert
2020-09-04 23:29
Any personal banking options in EUR currency (or other with no FX fee) in EEA SEPA that DON'T use a prepaid card? Revolut? Bunq?
burrup.lambert
2020-09-04 23:30
I need to use Azimo to send money and they seem to be very picky about what cards they accept.
vinodgn0088
2020-09-05 02:18
@burrup.lambert Try Paysera
buynps.org
2020-09-05 05:12
@sterk @simon mercury has been OK so far, no issues. just started using them
sterk
2020-09-05 07:55
Great! Hope I wont face any issues during the application.
ivan.lakatos
2020-09-05 08:21
Does anyone know a good crypto debit card that actually works without too many limitations ? Seems like they're all a scam.
ledrewy
2020-09-05 10:32
I?m using http://Crypto.com MCO Visa Platinum card. If you stake CRO you get Netflix and Spotify rebates
danz
2020-09-05 18:50
There should be several, but most are only available for EU & US citizens, so I am not able to get one yet and try them out. But I know there are several like Coinbase card, Binance card (launching now slowly in several countries), http://Crypto.com the most famous, Swipe is just launching with the same idea as http://Crypto.com and backed by Binance..and more coming.
ivan.lakatos
2020-09-06 04:49
Thanks, I'll check it out.
ivan.lakatos
2020-09-06 07:01
Has anyone here ever tried Aximetria ?
bobriakov.igor
2020-09-06 15:24
has anyone have experience opening Strip account for Wyoming LLC with non-resident owners?
ivan.lakatos
2020-09-06 15:26
Not sure what the palm tree emoticon means ha. @ledrewy
ledrewy
2020-09-06 22:28
It means cool, haha
ivan.lakatos
2020-09-07 06:46
Haha nice.
ledrewy
2020-09-07 11:59
I?ve signed up with Aximetria. Seems like a good option for global citizens. I tried to top up USDT using USD but I don?t think the rates are good. I received only around 88USDT from USD100.
ivan.lakatos
2020-09-08 02:20
Thanks a lot for those additional precision, I will sign up myself and see.
sterk
2020-09-08 14:09
Have you used them?
mikeseo
2020-09-09 03:40
no
felix
2020-09-09 13:35
Hi! Any banking recommendations for a foreigner owned LLP in the UK? Was considering Transferwise, but since it?s a fintech I don?t trust it with too much cash.
simon
2020-09-09 13:54
@felix HSBC is the easiest to work with, for non-residents. If the safety of your funds is your primary concern with TransferWise, you can use it for day to day transactions and use a brokerage account to hold most of your funds (even safer than a bank). As an added bonus, it?s possible to remotely open brokerage accounts.
felix
2020-09-09 13:55
Thank you @simon for the quick reply, Simon. To be honest with you I hate HSBC
felix
2020-09-09 13:55
Banking with them in HK and they are painful all the way (on the corporate and private side)
felix
2020-09-09 13:56
The remote option of the brokerage account is a good tip
felix
2020-09-09 13:56
Any tips also on banking in Panama?
felix
2020-09-09 13:57
Probably open a Panama S.A. and think right now about where to bank. Could open in SG, but was thiking to choose a bank in Panama to not overcomplicate thinks
simon
2020-09-09 14:11
The banks in Panama aren?t very good, you?ll be better off with an account in HK or SG. You could also use TransferWise + brokerage account (Interactive Brokers for example).
sterk
2020-09-09 14:22
Any other brokers you recommend apart from Interactive Brokers?
sterk
2020-09-09 14:23
For storing money
buynps.org
2020-09-09 14:23
@felix Banistmo with Panama is quite good. Online wires, all modern
buynps.org
2020-09-09 14:24
initially they seem all sweaty but after KYC they seem OK
felix
2020-09-09 15:12
@buynps.org Great! Thank you for the recommendation. @simon Thanks you for your suggestion
felix
2020-09-09 15:27
Do you know if it?s possible to open the bank account remotly @buynps.org?
buynps.org
2020-09-09 15:35
@felix not that i know of
felix
2020-09-09 15:36
ok, thank you
simon
2020-09-09 16:02
@sterk IB is my favourite but any broker will do, as long as they allow you to buy treasuries or similar (you don?t want to keep the funds in the brokerage account, you want to invest in short term safer than cash instruments).
jase
2020-09-09 16:08
Why don't you want to keep cash in the brokerage account @simon?
jase
2020-09-09 16:08
Returns or having your cash swindled?
jase
2020-09-09 16:08
I was always under the impression that dash in a trust account was safer than a bank.
simon
2020-09-09 16:24
For small amounts it doesn?t matter but for large amounts you want something that is as close to 100% safe as possible (assuming this isn?t money you are investing, just money you are holding short / medium term). Treasuries (or other government debt) provides this safety, with no maximum limit.
simon
2020-09-09 16:25
You also get some interests, although at the moment the rates are not interesting.
jase
2020-09-09 17:44
good info
jase
2020-09-09 17:45
this is essentially just dry powder, waiting for opportunities
letstalk
2020-09-09 21:13
Hello!
Has anybody ever applied for a business credit card as a UK LLP? If so, which one(s) do you recommend?
At the moment my only ?bank? account is with Transferwise.
Thanks.
994kaloyan
2020-09-10 11:24
Get a personal Google Voice
994kaloyan
2020-09-10 11:24
@daoway
daoway
2020-09-10 13:16
You must have an existing US-based mobile or landline phone number to qualify.
daoway
2020-09-11 10:14
Does anyone know of any good interesting bearing accounts that are safe and can be opened remotely?
burrup.lambert
2020-09-11 15:11
Anyone using PayPal Ireland?
danz
2020-09-11 15:13
@felix HSBC + Barclays are probably your best options in the UK tbh. You might find other options in other countries, but will only be much more expensive.
sterk
2020-09-15 08:25
Any other suggestions? I really need a (prepaid) card to pay for my advertising asap. Virtual will do as well, as long as I have some sort of card to make payments with.
sterk
2020-09-15 08:30
Anyone knows how to get a Paypal account for a Wyoming LLC as a non-resident? Tried to apply but I get stuck with the verification section. I seem to be unable to register an account as a non US resident.
bobriakov.igor
2020-09-15 08:31
Would be curious to know about this too. And the same question for Stripe, if anyone has some intel on it for non-residents/Wyoming LLC
sterk
2020-09-15 08:36
Next to this.. Anyone knows a solution for a (prepaid) credit card? Desperately need something to pay my advertisements with.
simon
2020-09-15 08:37
If they ask for your SSN, simply enter 0000. This will trigger manual verification.
sterk
2020-09-15 09:19
Its not letting me enter 0000
simon
2020-09-15 09:38
Have you tried entering the last four digits of your EIN?
sterk
2020-09-15 09:48
Thats what I have done now and I have contacted their support service to see how we can get this setup
bobriakov.igor
2020-09-15 10:03
have you looked at Payoneer?
sterk
2020-09-15 10:06
I dont think they offer a card. I know they used to but they seem to have stopped offering it
bobriakov.igor
2020-09-15 10:08
hmm, probably this is recent development after scandal with Wirecard. Btw, I have direct access to their manager and can ask them question, if you need to confirm this.
sterk
2020-09-15 10:12
That would be great, thanks!
bobriakov.igor
2020-09-15 10:13
so to confirm - the question is - whether they can issue card for Wyoming LLC entity?
sterk
2020-09-15 10:15
Just found that I still have an old account with Payoneer and it seems that they offer cards
sterk
2020-09-15 10:15
So going to change my company details to the LLC and see how I get on with that
bobriakov.igor
2020-09-15 10:15
OK, so I'm not asking them yet. Just ping me if and when this question would be still actual
sterk
2020-09-15 10:16
Thanks!
bobriakov.igor
2020-09-15 10:16
Sure, no worries
seb.malek
2020-09-15 12:06
@sterk let us know how it goes
sterk
2020-09-15 14:58
This is their reply
simon
2020-09-15 14:59
Did you use a VPN / VPS when you signed up for the account?
simon
2020-09-15 14:59
PayPal can be difficult otherwise, if you have a foreign IP address
sterk
2020-09-15 15:11
I used a US VPN
sterk
2020-09-15 15:11
But the issue is that they need a US government issued ID card
simon
2020-09-15 15:15
What I?m trying to figure out is what triggered this requirement. Many of us, myself included, have US PayPal accounts and were never asked for a US ID card. A workaround would be to use an ITIN, and the ITIN letter as proof of address. 2CO may also be an option, with their PayPal integration.
sterk
2020-09-15 15:18
When you sign up for a Paypal business account you need to provide proof. Proof of your business and your own ID
sterk
2020-09-15 15:19
So you did you and the other manage to signup for a US Paypal account without having a US ID?
seb.malek
2020-09-15 15:23
Simon, are there any alternatives to 2CO which can process Paypal as well?
simon
2020-09-15 15:26
@sterk I was never asked for an ID, just my personal details (I used my personal US address and skipped the SSN) and business details (I was never asked for any business documentation). PayPal has always been inconsistent when it comes to verifications, often asking for various documents, but a proof of US ID is a new one for me.
simon
2020-09-15 15:26
@seb.malek There may be but 2CO is the only one I?ve personally used.
simon
2020-09-15 15:26
It?s a great way to accept PayPal payments without ever having to deal with PayPal
sterk
2020-09-15 15:27
Ok, will try again. Feel really stuck here, I have a Wyoming LLC but no way to use it as I don�t have a Paypal account or (prepaid) credit card to pay for my advertising.
sterk
2020-09-15 15:28
None of the advertisers I work with accept wires, only PP and CC
seb.malek
2020-09-15 15:43
Good luck :confused:
seb.malek
2020-09-15 15:48
Not sure if TW will issue a card for a Wyoming LLC
sterk
2020-09-15 15:49
No, for some reason it is not available in my TW account
sterk
2020-09-15 15:50
It is available in a TW account I have for a Dutch company, just not for the one with the WY LLC
buynps.org
2020-09-15 16:06
@sterk @simon I was never asked for any IDs or anything like that either.. I mainly use it to SEND out money.. maybe this is the trick? by now my account is warmed up and 1+ year old
buynps.org
2020-09-15 16:06
@simon
> 2CO may also be an option, with their PayPal integration
BTW 2CO?s due diligence seems very very strict, they want physical presence in the USA. are you sure about htis?
simon
2020-09-15 16:10
@buynps.org I had no problems signing up with them a few years ago, with a Belize IBC. It?s likely that they are stricter now, but with an ITIN and US proof of address (a bank statement, for example) you should be able to get approved.
sterk
2020-09-15 16:11
I unfortunately dont have a US proof of address as I am not a resident. The same goes for an ITIN
alex720
2020-09-15 16:11
I think you can get an itin even if you don?t live in USA
simon
2020-09-15 16:13
Yeah, in fact the ITIN is primarily for non-residents (most residents qualify for a SSN). With an ITIN it?s easy to apply for credit cards, bank accounts etc (and thus get a proof of address).
simon
2020-09-15 16:13
It?s free to apply for an ITIN so it?s a no-brainer, in my opinion.
sterk
2020-09-15 16:14
Privacy needs a US address
seb.malek
2020-09-15 16:15
can only individuals (natural persons) get an ITIN or can legal entities too?
seb.malek
2020-09-15 16:15
i.e. if a US LLC is owned by a foreign company, or say, a foundation
buynps.org
2020-09-15 16:16
@seb.malek i think for legal entities, they get a EIN
buynps.org
2020-09-15 16:16
ITIN / SSN is for natural persons
seb.malek
2020-09-15 16:17
I would imagine it's impossible to get a US bank account and/or payment processing for a US LLC owned by a Panama foundation for example
alex720
2020-09-15 16:17
Maybe possible at bac Florida or Banesco
alex720
2020-09-15 16:17
They?re probably familiar with that structure
simon
2020-09-15 16:17
Correct, only natural persons can get a SSN / ITIN. Foreign legal entities can get an EIN.
seb.malek
2020-09-15 16:19
I'll send them an email
seb.malek
2020-09-15 16:20
ty
simon
2020-09-15 16:20
@seb.malek For payment processing you should be fine, especially if you have an ITIN.
simon
2020-09-15 16:21
Banking will be more difficult but not impossible, especially if you can go in person
simon
2020-09-15 16:24
You can use a virtual address, or even the LLC address.
sterk
2020-09-15 16:25
Signed up with the LLC address. All I now need is for Mercury to approve my bank account so that I can link the two
sterk
2020-09-15 16:25
Fingers crossed :slightly_smiling_face:
buynps.org
2020-09-15 16:46
yep
buynps.org
2020-09-15 16:46
should work
sterk
2020-09-15 18:46
Update from Paypal
sterk
2020-09-15 18:47
So what I get from it is that I can use it but it can be taken away pretty much every time so dont keep large sums of money in it.
sterk
2020-09-15 18:47
Will try to pay a few of the advertisers i work with and see how that goes
buynps.org
2020-09-15 18:49
@sterk how did you resolve it?
sterk
2020-09-15 18:50
I just explained my situation and a rep replied to me
sterk
2020-09-15 18:50
Its a bit of strange one because from what I get from the message is that they say.. Your not supposed to use the account, but we will allow you to use it
sterk
2020-09-15 18:50
For now
felix
2020-09-16 07:11
Thank you danz!
felix
2020-09-16 07:14
Hi! We have for our foreigner owned LLC both Stripe and PayPAl
felix
2020-09-16 07:15
PayPal was a bit of a headache because we use TW and they didn?t like the bank account details
felix
2020-09-16 07:16
Regarding your problem with the debit cards, we issued our own cards right out of Stripe. They offer now to issue cards and we use these for ads, etc.
felix
2020-09-16 07:16
Hope that helps
sterk
2020-09-16 07:20
Thanks @felix!
felix
2020-09-16 07:20
I think we used the EIN back then to register for PayPal and send them a ?statement? from our TW account
felix
2020-09-16 07:21
If I am not mistaken TW has by now direct debits enabled so that the linking of your PayPal account and the TW account work without a problem
sterk
2020-09-16 07:21
Yes, they started offering direct debit a short while ago
sterk
2020-09-16 07:22
What was the Strip application like?
felix
2020-09-16 07:22
Ok, then this should work by now
felix
2020-09-16 07:22
Stripe was easy. Registered, got approved within 2 days
sterk
2020-09-16 07:23
Great!
felix
2020-09-16 07:25
Tbh, we didn?t face any issues with our foreigner owned WY LLC like many people here do. I never had the impression that anyone would tell us that we can?t resgister because the LLC is owned by foreigners. The only headache was Amazon Pay which we in the end stoped using because they didn?t want to accept our tax form (for whatsoever reasons)
sterk
2020-09-16 09:50
Any idea when it will be finished?
simon
2020-09-16 10:05
@sterk I?ve delayed releasing it as I will instead release an entirely new version of the site, with all articles / guides updated. It?s nearly ready, and should be available in beta in the next 2-3 weeks.
sterk
2020-09-16 10:23
Great!
toby
2020-09-17 19:52
Just want to add my two cents to the PP discussion. I process over $100k in sales every month through PP and today they suspended my account for the second time. Explicitly saying there is no way to appeal. I've verified every aspect of the account and verified the delivery of all goods without luck. 40% of my customers use PP especially for their first purchase on my page so this is a huge issue. I've filed a complaint with the Better Business Bureau and will be sending emails to other departments. Not sure what my chances are but just a heads up that PP can be ticking time bomb if you're a fast growing business. I could imagine that having an ITIN would help as they include your credit score into the risk assessment. Not sure what other options there are to hedge against this.
seb.malek
2020-09-17 21:19
tl;dr avoid US LLCs if you need Paypal...
mb
2020-09-18 06:40
Yeah it's kind of the chicken/egg problem. PayPal has quite a brand recognition on consumer side and arguably it's quite easy to use. On the other hand, looking at a scenario above, that seems to be quite a common liability. Frozen funds, suspended accounts.
Regardless of what consumers prefer, what would you guys consider better payment platforms? I know it will depend on jurisdiction (and ultimately what your end customer prefers/is familiar with), but just curious.
jase
2020-09-18 07:31
Only CC or direct deposit here
jase
2020-09-18 07:31
DD is a pain but at least the savings make up for it
mb
2020-09-18 07:31
DD?
jase
2020-09-18 07:36
Direct deposit
jase
2020-09-18 07:37
My biz is B2B and nowadays with Transferwise most businesses I know don't even want to use CC unless they have some points scheme going
jase
2020-09-18 07:37
If they demand PayPal sorry but I can't help you
mb
2020-09-18 07:40
Got it, makes sense. Are your business customers mostly non-US?
burrup.lambert
2020-09-18 12:50
We have just started using Paypal UK and are | | close to ditching them completely already. Nothing but issues, repeated account locks, gets resolved, locked again, absolutely trash support etc.
seb.malek
2020-09-18 13:02
Are you a UK citizen/resident?
seb.malek
2020-09-18 13:02
I mean, is the company managed/owned by a UK non-resident?
simon
2020-09-18 14:33
PayPal is a pain to deal with, no matter where your business is registered / run from. If you can get away with not accepting it, you?ll save yourself a lot of grief (and fees).
simon
2020-09-18 14:36
The internet is full of stories of businesses having their accounts locked after a sudden spike in sales, a new product release, a log in from a new location, linking a new bank account, sending a refund etc.
jase
2020-09-18 15:47
I want to say this has been happening for like 15 years
jase
2020-09-18 15:48
I remember guys who would import automotive parts and sell them in Australia, they were doing $100k+ revenue per month, out of Paypal
jase
2020-09-18 15:48
These guys would regularly have $250k+ locked up
seb.malek
2020-09-18 15:48
at that point you give a 10% discount for credit/debit card payments
seb.malek
2020-09-18 21:40
FYI Stripe just added Gibraltar (invite only)
toby
2020-09-19 03:12
Does anyone have experience registering and integrating with Braintree (PayPal Service)? They seem have a more business focussed set up than PayPal itself. Wondering if going through them would be a way to offer Venmo, PayPal and so on with access to an Account Manager or something instead of dealing with the brick wall of template responses that is PayPal business.
paschoalimnetto
2020-09-20 17:34
Hi all, Hi @simon, I have my company setup in WY-US for a while now and i've been working with Transferwise. Unfortunately, since i do buy/sell from major multinational companies, Transferwise is often not accepted. I do need a regular bank account where i am able to wire funds, work with letter of credit, etc... would you recommend any bank? since i am currently in Europe, are you aware of any bank that would allow me to open an account from here for a company in the US? tks
yuli
2020-09-21 03:10
I was able to sign-up to Mercury as well, so seconding that option, with a Wyoming LLC.
sterk
2020-09-21 07:29
What are your experiences with you Mercury application? I have been waiting for nearly 3 weeks now. Received 3 mails with additonal questions, all stating that the application would be done within 7 business days.
paschoalimnetto
2020-09-21 18:54
thanks @tmclayson and @yuli, I will try Mercury again... last year they declined opening an account for my business... they justified saying they were focused on startups and IT business... i will try again
paschoalimnetto
2020-09-21 18:54
tks\
sterk
2020-09-23 07:15
Great news! Mercury approved, card is on its way
tmclayson
2020-09-24 12:09
An acquaintance of mind is having trouble opening a mercury account - he said
"We engaged their services, paid them and the bank rejected us. We wanted to open the us bank account to pay our us employees. But they traced that our main holding company sells supplements and they rejected our application."
Anything that can be done about this?
I also planned on using mercury and also sell supplements so bit of an issue if that is a no go.
simon
2020-09-24 12:32
@tmclayson Few banks / EMIs will open an account for a high risk business (supplements fit in that category). You?ll also face issues with Stripe and other payment processing services. Do you have other lines of business you can use as the primary business activity when opening the account?
tmclayson
2020-09-24 12:35
Only other thing I do currently is freelance direct response copywriting for supplements, trading systems etc.
marziovit
2020-09-24 12:35
Whoa, selling supplements is a high risk business?
tmclayson
2020-09-24 12:37
^^ Yeah. Health supps, beauty products and hardcore pornography all fall into the same category unfortunately.
buynps.org
2020-09-24 19:27
It seems my online Chase got blocked after trying to make a wire.. tried to call them but my number wasn?t working so they couldn?t verify me. Now now they?re saying I have to come into the branch :disappointed: I am in another country now, any one have any ideas?
simon
2020-09-24 19:32
@buynps.org Have you tried calling again? Maybe the next agent will be more sympathetic. You can also explain you as abroad and would struggle to get back to the US due to travel restrictions (especially if you are in Europe or one of the countries with an entry ban).
buynps.org
2020-09-24 19:40
@simon hmm so the first phone call they couldn?t verify me, they said to call back when I get my phone fixed. I fixed my phone and called back and the agent said there?s a note on my account saying I have to come in the branch with 2 pieces of IDs.. you think it?s agent dependent?
simon
2020-09-24 19:45
The manual ID verification may have been triggered by the phone verification failure, if that is the case there may be ways to deal with it remotely.
If the manual ID verification was triggered by something else, your options may be more limited.
Can you call the branch where you opened your account?
buynps.org
2020-09-24 19:45
trying to get in contact with the banker who opened my account now
buynps.org
2020-09-24 19:46
do you think calling the branch is better?
simon
2020-09-24 20:11
It?s worth a try, and if the banker that opened your account is there they?ll be able to transfer you or setup a callback.
buynps.org
2020-09-24 21:01
thanks simon!
994kaloyan
2020-09-25 13:06
There?s ways around that :wink: @daoway
buynps.org
2020-09-27 01:11
Looks like Mercury bank limits to $10k for wires - need to email them or something to raise
jase
2020-09-27 07:35
This is pretty typical tbh.
jase
2020-09-27 07:36
Any time you try to wire from an Aussie bank they seem to have reduced limits on the account and it takes 24h to change them.
buynps.org
2020-09-28 20:30
@simon the banker who opened my bank unblocked it..
buynps.org
2020-09-28 20:30
an update
simon
2020-09-28 21:13
That?s great to hear!
daoway
2020-09-29 09:31
My Transferwise account was shut down and I have money sitting in a Paypal account in HK and cannot withdraw. Any ideas how to get my money out of Paypal? I do not have a Hong Kong company and cannot fly to Hong Kong
me1892
2020-09-29 09:35
@daoway for what reason was your TW account shut down?
daoway
2020-09-29 09:36
They gave no reason. I run a legit company that makes good money so I had a decent amount of money flowing through there, but my business is not shady at all. It is online courses.
me1892
2020-09-29 09:38
Worrying
daoway
2020-09-29 09:39
they sent me my money back but took time
me1892
2020-09-29 09:40
Can you transfer to someone else inside the Paypal network?
daoway
2020-09-29 09:41
I could but that is super expensive as I have a good amount of money in it too
me1892
2020-09-29 09:43
Looked into any of the HK fintech options?
daoway
2020-09-29 09:43
Neat denied me. Any others?
daoway
2020-09-29 09:43
No TW alternatives?
me1892
2020-09-29 09:44
I am very much a non-expert when it comes to HK. @simon may know more
simon
2020-09-29 11:37
Is it a personal PayPal account? Or a HK business account?
daoway
2020-09-29 12:03
It is a Seychelles company with a PayPal in HK that was grandfathered in from an HK company originally
simon
2020-09-29 12:15
If they are in the same name (HK company and Seychelles company), have you tried opening a new US bank account with another EMI and using that instead of TransferWise? Airwallex for example.
simon
2020-09-29 12:16
Or even Payoneer as a last resort
felix
2020-09-29 12:20
@daoway would you mind sharing a range of how much you transferred with TW when they shut it down. We are using TW for all of our transfers and I would like to know which amounts trigger certain reactions on TW.
ggiampieri
2020-09-29 12:29
@daoway have you looked into Xoom by PayPal? Maybe you can send a wire
daoway
2020-09-29 13:57
I don't think it was a single wire as the one that they shut me down after was not nearly as large as the other ones I did. Maybe that one was for only $20k+
daoway
2020-09-29 14:00
I have done Payoneer but then had the same issue with Payoneer and that is withdrawing money so now I have a bunch of cash sitting in Payoneer as well. I have tried Airwallex but can't seem to get approved.
daoway
2020-09-29 14:00
I haven't found another EMI was hoping someone here had some ideas for one.
buynps.org
2020-09-29 14:52
can you add a bank account from US or something to it?
buynps.org
2020-09-29 14:52
and just withdraw
daoway
2020-09-29 14:53
@kevin that is the whole issue. I am looking for how to get a us bank account number if I am not an American.
toby
2020-09-29 15:53
I'm going through this myself right now. I'm working with my compliance lawyer and crafted a letter to PayPal to appeal. Can't update yet on whether it worked or nut. We tried to follow these steps more or less: https://www.aspkin.com/forums/paypal-limited/124154-guide-account-restored-permanent-limitation-180-day-hold.html
toby
2020-09-29 15:56
Does anyone have experience setting up a bank account for an Estonian company? Can be offshore or within Estonia. I have it set up as holding for my US LLC. I don't feel comfortable storing the funds on transferwise as it'll be high 6 fig and upwards. I'm in touch with LHV but not sure I'll be able to meet their requirements.
Anyone knows what to either say to LHV to get an account or where else I can set up a real bank account owned by the Estonian OU?
bigworld
2020-09-29 15:59
You can give http://swissquote.ch a try. It's a real bank account.
Switzerland is in the SEPA area (good for EUR transfers), but bear in mind that Switzerland is not part of the European Union
toby
2020-09-29 16:03
Thanks!! Gonna look into that right away
marziovit
2020-09-29 16:15
According to NomadGate this is the magic phrase with LHV: "?I wish to invest in the Estonian and Baltic stock market.? https://nomadgate.com/estonian-e-residency-guide/
marziovit
2020-09-29 16:15
Try and report back if this worked.
toby
2020-09-29 16:45
Perfect! Will definitely report back. Thanks heaps for sharing
yuli
2020-09-29 22:46
@daoway you can open a personal PaYPal account and more easily connect a USA bank to this - and then you can withdraw the money by sending it from company paypal -> personal paypal -> to your banks from there.
buynps.org
2020-09-30 00:34
Mercury bank - any wires > $10k they want an invoice / APA. Their max hardcap is $1mil/day for wire. Seems pretty relaxed and good for remote people
alex720
2020-09-30 00:39
What is APA?
daoway
2020-09-30 02:10
@yuli thanks for this advice. Isn?t it extremely expensive to send it to my personal Paypal account?
daoway
2020-09-30 02:12
@kevin.ogier thanks for the advice but it says: You?ll need a U.S. company with a federal EIN, your company?s official formation documents, and a picture of your government ID (e.g. a passport or US driver?s license).
buynps.org
2020-09-30 02:56
asset purchase agreement
nikolay
2020-09-30 10:09
@buynps.org I?d be worried if they didn?t ask for documents given the lack of personal visits etc.
yuli
2020-09-30 16:14
Why would it be expensive to send it to your personal account?
buynps.org
2020-09-30 16:30
@nikolay yeah. the guy at chase was saying just to let him know beforehand
buynps.org
2020-09-30 16:30
and they can push it through
buynps.org
2020-09-30 16:30
idk
daoway
2020-10-01 04:19
@yuli aren?t Paypal fees crazy?
sterk
2020-10-01 04:41
@bigworld How easy was it to open an account with them?
bigworld
2020-10-01 06:54
@sterk I have a personal account with them and there wasn't unnecessary complications
yuli
2020-10-01 17:24
send through a personal payments - not a payment for service.
piotrstelmach
2020-10-01 21:37
@daoway you can apply for a US bank account @ http://worldfirst.com they provided me with a US bank account for withdrawing usd from PayPal
ivan
2020-10-02 00:58
Does anyone have experience with Cashaa?
benjamin
2020-10-04 01:55
Is there a limit with Transferwise accounts before risk of running into any trouble? I have 5 business accounts plus 1 main personal one, also the 4 empty personal accounts that seem to get made every time I get another business account . All in different regions. I already feel weird about having this many.
koshis
2020-10-04 10:19
Hi @tmclayson, any inntel on what payment processors works with supplement companies ?
simon
2020-10-04 12:19
There?s no limit as far as business accounts are concerned, that?s what I was told when I inquired a few years back (I also have lots of accounts). I don?t know why they do not allow multiple business accounts to be tied to the same login, the way Stripe does.
benjamin
2020-10-04 13:25
@simon yeah, I wondered that too. Would be much better if they were all through the one login
redareda9
2020-10-05 01:27
It there is no limit to the the creation of accounts. It?s interesting as we can rotate accounts to receive payments (from Stripe for example) to spread the risk of having everything in a single account.
redareda9
2020-10-05 01:28
The question is would TW freeze all accounts linked to the same company if they detect a suspect behavior or whatever happen as they?re known to freeze accounts easily
buynps.org
2020-10-05 01:52
They can just block everything quite easily, right?
jd
2020-10-05 06:42
Hi everyone,
We are an OTC crypto trading desk, and hoping to open with a Eurpoean bank that can take instant deposits from the UAE. I've head that Ajman Bank in Montenegro can do this, given it's got an offices in Dubai and and Europe, and can bridge the capital after the transfer.
I'm wondering if Citibank can do the same - Citi to Citi.
Any advice here much appreciated. Our goal is to clear trades instantly from that region, which would require an instant transfer to Europe, and then SEPA to our liquidity.
jd
2020-10-05 06:47
@ivan Tried to open an account there with a BVI entity - you first have to buy their shitty token to apply. Then the process is insane. We had a bad experience, and still got rejected.
simon
2020-10-05 08:06
@redareda9 You can open multiple TW accounts if you have multiple businesses, however, I don?t think you can open multiple accounts for the same business.
simon
2020-10-05 08:07
@jd With Citi, you can transfer funds instantly between the following countries:
daoway
2020-10-05 09:45
@piotrstelmach they cannot accept Seychelles companies
daoway
2020-10-05 09:47
@yuli corporate HK Paypal accounts do not have personal payment options.
simon
2020-10-05 10:06
I?ve just received an email from ZA Bank in Hong Kong, they are finally launching their debit Visa card. This makes them a great option, alongside Welab and Mox, for anyone who has a HKID and wants to open an account remotely (the other virtual banks do not issue debit cards).
felix
2020-10-05 11:06
Hi! IS anyone accepting cryptos as a payment and if so, which payment gateway are you using? Also (please correct me if I am in the wrong channel) are there any special regulations if we accept cryptos for a UK LLP?
simon
2020-10-05 11:16
@felix I?ve been using Bitpay for a few years and haven?t had any issues with them. As for regulations in the UK regarding the acceptance of crypto payments, there are none that I?m aware of. HMRC usually treats such transactions the same way they treat foreign currencies transactions.
felix
2020-10-05 11:18
ah perfect! Thank you a ton!!
felix
2020-10-05 11:26
On the same note if someone is interested, I just saw that coinbase has also a payment processing solution for cryptos and *they don?t charge a fee!* https://commerce.coinbase.com
felix
2020-10-05 11:26
Integrating with Woocommerce and Shopify
mb
2020-10-05 11:41
There's also https://request.network/en/ which gives you full custody of funds. Haven't used them personally but know them since some years. I think it's suitable for creating a crypto invoice and get paid into a company wallet or multi sig (Gnosis Safe).
mb
2020-10-05 11:43
Although it seems to be exclusively Ethereum (ERC20 tokens) based.
ivo
2020-10-05 11:48
@simon @felix There has been a big update regarding tax treatment of crypto in the UK last year. See: https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-tax-for-businesses
ivan
2020-10-05 11:48
Oh, I see. Not very promising. Did they explain why they rejected your company?
felix
2020-10-05 11:53
Thank you for your input. We are diversifying the payments we will accept on our page and saw that Stripe is offering recurring payments with Alipay after a manual review. Did anyone went through the process before?
simon
2020-10-05 11:54
@ivo I?m aware of the update but as the link you provided explains, HMRC treats crypto the same way they treat foreign currencies when it comes to accepting payments.
ivo
2020-10-05 12:09
fair enough - I?ve read your statement as if there was no regulatory guidelines related to crypto payments.
Actually, iirc HMRC states that crypto is *not* money and hence foreign currency regulations do not apply. They are considered intangible fixed assets. However, you may pay for goods and services in somewhat of a barter transaction and in that case VAT does not apply for the supply of crypto.
ivo
2020-10-05 12:18
In the end, the use is similar to fx, though I guess you wouldn?t have to mark them to market until you sell them, whereas FX would constantly carry gains and losses in your books.
simon
2020-10-05 12:27
I was referring to accepting payments from customers in crypto, which works essentially the same way as accepting foreign currencies payments. It?s obviously a bit different if what you sell is crypto.
mb
2020-10-05 12:28
A question related to that, in terms of a UK LLP: The way I've used to deal with crypto payments thus far, is to invoice the customer in a cryptocurrency. Then when the invoice gets paid (customer sends tokens to a wallet) I record the FIAT value of the total crypto sum in GBP to mark that as a payment. Is this an OK way to do it?
mb
2020-10-05 12:29
By 'record' I mean for bookkeeping purposes.
simon
2020-10-05 12:29
@mb Yes, that is fine.
yuli
2020-10-05 17:57
use mass payments or mass pay... you'll pay a $50 fee max on any amount, so you can also send a million dollars and your fee is $50.
tmclayson
2020-10-05 18:45
I know of a couple people who set up merchant accounts for a lot of the offer owners in the supplement space. Generally speaking though, I'd (and so will they) advise using an intermediary like Clickbank until you're doing around $25k a month. You won't have have enough revenue to send via each account before then.
seb.malek
2020-10-05 18:52
so what exchange rate do you use?
koshis
2020-10-05 22:36
Thanks Tom, makes sense.
bobriakov.igor
2020-10-06 18:37
are there any ways to accept payments from US anonymously beside crypto?
simon
2020-10-06 18:55
@seb.malek The exchange rate with your accounting currency (for example, BTCGBP). The Bank of England does not publish an official rate so any reasonable rate should be fine (for example, Coinbase).
simon
2020-10-06 18:55
@bobriakov.igor Anonymous for you or for your customers?
mgonlinephone
2020-10-07 02:58
Hi, when you say you have multiple TransferWise accounts you mean personal accounts? is it possible to open multiple personal accounts? with different email and same passport?? Thank you
tmclayson
2020-10-07 03:26
Yes it is. I was forced to since they don't have a way to have multiple business accounts linked to one email address.
daoway
2020-10-07 05:19
@redareda9 @simon how do you get a UK proof of address for Curve? I tried sending them my Bunq proof of address and they replied this : > A utility bill (gas, water or electricity only)
> A tenancy agreement
> A government letter from within the past 6 months
redareda9
2020-10-07 05:32
Well if you don?t actually live there, you don?t have any legal ways to do it :zipper_mouth_face:
bobriakov.igor
2020-10-07 06:50
for me, so customers can send money, but can't get full contact details of entity they are sending to
klaus
2020-10-07 07:36
I have the same setup, blessed by transferwise. Second transferwise business account => create a new person account and then add a business account. I believe this is not allowed by default, you have to talk to support first (as I understand it)
simon
2020-10-07 07:41
They could send physical cash to a PO Box, or they could buy gift cards (visa/mc) and send you the numbers (that you?d then use to make purchases).
simon
2020-10-07 07:42
I?ve just ignored their request, after a while the ticket was closed and they never reopened it (they asked me for documents via a support ticket).
bartek
2020-10-07 08:49
yes, normally you can't create multiple account freely, as you may abuse limits, e.g. free withdrawals from ATMs etc.
It is allowed in special cases, like for example if you need more than one company account for different companies :wink:
nemanja.mirkovicru87
2020-10-07 13:06
@simon Other than treasuries, what are your preferred "safer than cash instruments"
Also, which treasuries do you prefer these days?
Thanks!
simon
2020-10-07 18:20
Indeed, I strongly recommend only using one personal profile (for your other accounts, use only the business profiles).
simon
2020-10-07 18:25
There?s a few ETFs I consider safer than cash (as their holdings are all govt bonds). As for US treasuries, I buy 3 months coupons. The yields are lousy but at least they haven?t gone negative (yet).
mgonlinephone
2020-10-07 18:27
Ok, thank you for all answers
ivan.lakatos
2020-10-08 03:17
Anyone has a Plutus account? Thoughts?
jd
2020-10-08 06:36
It was a fairly new entity, I presume this is why. They gave no reason.
nemanja.mirkovicru87
2020-10-08 08:09
Would you mind sharing which ETFs do you consider safe?
I've read a bit about 3 month US treasuries - so every 3 months they mature and you just buy another round?
simon
2020-10-08 09:44
SHY if your base currency is the USD, if it is another currency, look for an ETF similar to SHY in its holdings but hedged to your base currency (to minimise forex risks).
As for treasuries, yes I just rebuy as they mature (this ensures reasonably short term access to the funds).
yaron.been
2020-10-08 16:19
Does anybody know if the Bulgarian Paypal allows withdrawal of GBP to physical bank account without converting it?
marziovit
2020-10-08 18:07
surely not to a GBP bank account but you could probably withdraw to a GBP debit/prepaid card
simon
2020-10-08 19:30
If you go the debit card route, make sure to contact PayPal first so that they set the default card currency to GBP. Otherwise they might convert to your base currency and obviously the rates will be atrocious.
yaron.been
2020-10-09 05:42
I'm asking since Paypal in some countries limits the currency of payout even if you go the debit card route.
Was anybody able to withdraw GBP by any chance to a debit card using Bulgarian Paypal?
marziovit
2020-10-09 05:53
In which countries PayPal does that?
yaron.been
2020-10-09 05:55
In Israel for example, you can only withdraw USD and NIS
alex720
2020-10-09 14:10
@simon can you recommend a USD debit card for withdrawing from paypal for an EU company?
alex720
2020-10-09 14:15
do you think an EU paypal can withdraw to a panama bank USD visa or mastercard debit card?
simon
2020-10-09 14:30
I?m not sure if a Panama debit card will work, I haven?t personally tried it. If it?s a true debit card (not a prepaid card) and can accept the address linked to your PayPal account it might work.
alex720
2020-10-09 14:35
What do you mean by ?address linked to your PayPal account??
alex720
2020-10-09 14:37
Would a credit card also work for withdrawing from PayPal?
simon
2020-10-09 19:17
You don?t want to use a Panama billing address with that card, if the PayPal account isn?t domiciled in Panama (that will almost certainly be a red flag).
I don?t think it?s possible to use a credit card for this.
alex720
2020-10-09 19:37
Got it
alex720
2020-10-09 19:37
can you recommend a USD debit card for withdrawing from paypal for an EU company? not sure of the options
simon
2020-10-09 19:41
Revolut, if you have a debit card (not a prepaid).
bobriakov.igor
2020-10-11 09:12
can anyone share their experience obtaining/using AmEx business card linked to WY LLC
Particularly:
1. what purchases can you do with this card (and what you can't)?
2. what steps do you need to do in terms of accounting to be properly compliant against IRS and other US authorities, if any?
simon
2020-10-11 09:41
1. Any business purchases will be fine (assuming AmEx is accepted, which isn?t always a given especially outside of the US).
2. Using a US credit card doesn?t create any liabilities in regards to the IRS.
daoway
2020-10-11 10:14
@simon did anyone find a solution for this? I tried to use my Bunq statement as proof and Curve did not accept it. I was just getting verified and was not even able to activate the card yet.
nemanja.mirkovicru87
2020-10-12 11:51
When opening bank accounts (personal or corporate) what would you say makes the biggest difference on approval?
a) Passport / Citizenship
b) Place of residence
c) How you or the company makes money
d) Something else
Cheers.
simon
2020-10-12 11:55
@nemanja.mirkovicru87 All four, assuming we are talking about accounts in typical offshore banking countries (HK, SG etc).
In d) there?s why do you need the account, what transactions do you plan to use the account for, how profitable will you be to the bank etc.
nemanja.mirkovicru87
2020-10-12 12:49
@simon appreciate it. Yes I mean SG mainly.
For a Non-EU / Non - US passport holder, do you think that obtaining residency in Asia would make a big difference?
you make a good point about *d)* - do they mostly care about the amount you deposit or something else?
simon
2020-10-12 14:30
It won?t make much of a difference, unless you are obtaining SG residency.
simon
2020-10-12 14:33
As for d), if you have a good reason as for why you need (need, not want) the account, it?ll then be about whether they think you?ll be a profitable client / whether the risk they are taking and the time they are investing is worth it.
buynps.org
2020-10-12 15:14
Anyone have experience shares with banking for casinos? Like professional poker players that regularly need remote wires of 5-6 figures from various casinos in the world? I assume this would spin red flags - anywhere that would allow for this?
simon
2020-10-12 15:32
If you play in the US, you can use a US bank account. It?s unlikely you?ll have any issues with the bank (it?s fairly common to wire funds to casinos). Same for Macau.
simon
2020-10-12 15:33
Just make sure the account is in your name as casinos take due diligence a lot more seriously nowadays (due to money laundering risks).
buynps.org
2020-10-12 16:42
@simon thanks, what about playing internationally? what country bank would be the best fit? will sending and receiving wires from countries cause the account to get closed or funds frozen? like casinos in panama, georgia, Egypt, etc etc
buynps.org
2020-10-12 16:43
all activity in casinos are legit, nothing sketchy, genuine verify-able trips
simon
2020-10-12 16:56
I?d look at Singapore, ideally a private bank. Gambling is legal there, and with a private banker it?ll be a lot easier to do those transfers (in a way that doesn?t get your account shut down for suspected money laundering).
buynps.org
2020-10-12 17:09
Hmm, ok thanks
frederic.scheffer
2020-10-13 08:16
Remote opening a mainstreet bank for a UK LLP: did anyone succeed?
Or by sending a family member/ friend with the correct paperwork?
Cheers!
simon
2020-10-13 10:28
@frederic.scheffer It?s not very difficult if you go in person, at least with HSBC. I doubt you could send a family member or friend though, you?d likely have to add them as partner first.
redareda9
2020-10-13 13:25
@simon So add a uk resident as partner for 1 week to open the bank account then remove him again would work?
simon
2020-10-13 13:52
@redareda9 Yes
oscar3000
2020-10-14 18:03
@simon I've just received notification from "Transferwise":
We?re updating your Customer Agreement and Privacy Policy. "From December 14, your�https://api.transferwise.com/v1/notification-flow/messages/c98e4585-1946-30bb-b7ea-ea1ed45cd194/deliveries/ff9ec85c-e9cd-41c2-96b4-38f225ab99f6/linkClicks/?name=TermsOfUse&link=aHR0cHM6Ly90cmFuc2Zlcndpc2UuY29tL3Rlcm1zLW9mLXVzZS10dy1ldXJvcGU&hash=8e1c023922ce94eff31d53f1ada36a6d�and�https://api.transferwise.com/v1/notification-flow/messages/c98e4585-1946-30bb-b7ea-ea1ed45cd194/deliveries/ff9ec85c-e9cd-41c2-96b4-38f225ab99f6/linkClicks/?name=privacyPolicy&link=aHR0cHM6Ly90cmFuc2Zlcndpc2UuY29tL3ByaXZhY3ktcG9saWN5LXR3LWV1cm9wZQ&hash=a7217054b01e4e1c73169831ebfaba6e�will be with TransferWise Europe SA, in Belgium. This means that as the UK leaves the EU, you can keep using TransferWise as normal."
To your opinion (and anybody here), as "personal account" does it mean that they are going to declare to governments by end of the year about funds/ activity in account?
lu.taglialatela
2020-10-14 18:04
Nope I don?t think so, it?s better to read the new agreement in place but they are just informing us they moved their headquarter from Uk to Belgium
lu.taglialatela
2020-10-14 18:05
Nothing should changed regarding the AEoI
simon
2020-10-14 18:07
Unless CRS is updated to include EMIs, there will be no changes in regards to reporting.
lu.taglialatela
2020-10-14 18:08
EMIs ?
simon
2020-10-14 18:11
Non-bank financial services providers such as TransferWise, Revolut etc
lu.taglialatela
2020-10-14 18:11
:ok_hand::skin-tone-2::pray:
ivan.lakatos
2020-10-17 04:49
Am I the only one here who finds Payoneer's customer service extremely difficult to deal with ? Almost impossible to contact them, and after sending them what they asked me for to prove my residential address (rental contract and ID card) so that I can add my bank account based in Thailand my status is still "under review" ... Got an e-mail from them saying it will take 3 business days to get approved, it's been more than 1 month now.
ivan.lakatos
2020-10-17 04:49
Just curious if other people had problems with Payoneer here ?
skat
2020-10-17 18:20
Yeah, notoriously shitty customer service. I've had couple of issues in the past and it takes so long to resolve anything.
skat
2020-10-17 18:20
Not to mention all the lying to save face.
skat
2020-10-17 18:21
I stopped using payoneer because of that.
bobriakov.igor
2020-10-17 20:35
It was awful indeed. However, at some point they allocated kinda VIP manager to our account as we seem to hit some levels of turnover/amount, so now we can get a quick access via Skype
toby
2020-10-18 01:28
Here is the update I promised: LHV failed for me. I had my CFO craft a letter who even included a brief analysis of the baltic stock market to "prove" our interest but got rejected anyways. I'm still in the process with swissquote which has been quite smooth so far but they to require some notarised documents
ivan.lakatos
2020-10-18 05:42
Right, might stop using their service too. Absolutely awful.
benjamin
2020-10-19 14:55
Anyone ever use this company before for a HK business bank account?
https://www.statrys.com/
simon
2020-10-19 18:50
@benjamin I had a look at their site and do not like the fact that the account names are STATRYS - Your company (doesn?t look pro and may be an issue with Stripe / PayPal etc). I also don?t like that they claim FPS transfers take 1-2 days to credit (they are supposed to be instant, meaning that something in Statrys?s system doesn?t work the way it should, or that they are manually crediting accounts). Lastly, I do not like how they refuse to provide details regarding where funds are held (they just mention that it?s a major SEA bank, there are many of those in HK such as DBS, OCBC, Public, CIMB, Maybank etc).
benjamin
2020-10-19 21:39
@simon ah, very good points
clr
2020-10-21 21:54
TransferWise will start charging 0.4% negative interest on Dec 19 for EUR balances above ?15k in personal accounts or above ?70k in company accounts.
https://transferwise.com/gb/blog/good-news-on-multicurrency-account-fees
simon
2020-10-21 22:39
To be fair, many (most?) EU banks charge negative interest rates on high balances at the moment. If you want to hold more than 70k for anything more than 1-2 weeks, it makes a lot more sense to do so via safer than cash instruments.
mb
2020-10-22 07:15
Interesting. What I'd do by then, is to create a multi signature non-custodial wallet with https://gnosis-safe.io/ and store any stable token in there. E.g. USDT, USDC. There isn't any notable EURO stable token, but would also consider that. Again not financial advice and do your own research, but just reflecting what I'd do and actually do myself at the moment. 90% of my assets are in my 'Safe' (multi sig wallet) and 10% on a traditional bank. Transferwise/Revolut only for 'transit' money or creditcard payments.
Obviously things change when you need FIAT money all the time and on a short notice. Ideally using a off-ramp centralized exchange (Kraken, Coinbase, etc.) which processes withdrawals instantly, is desired. I know that Kraken has some banks in Europe which might have quick transfers between Revolut/TW https://support.kraken.com/hc/en-us/articles/360000381846-Fiat-currency-deposit-options-fees-minimums-and-processing-times-
mb
2020-10-22 07:18
One thing I'd definitely NOT consider.......
https://cointelegraph.com/news/paypal-to-offer-crypto-payments-starting-in-2021
mb
2020-10-22 07:18
:smile:
mescos
2020-10-22 14:07
Hi everyone, US Stripe question! When setting up my Stripe account originally, it forced me to insert a person who held SSN (I didn?t have an ITIN at the time). If I didn?t, Stripe wouldn?t process the application. So, I gave the SSN holder authority to represent the company.
Fast forward today:�
I just logged into my Stripe account and they are asking me to ?verify my account? AND ?confirm this person (aka the SSN holder) has authority to represent the organization and is a primary contact for the account?
My question is: can I just remove the SSN holder and add myself without having the account shutdown? I?m a non-US resident with ITIN.
Has this happened to anyone? What did you do? Any suggestions?
mescos
2020-10-22 16:19
@simon - any idea about this?
simon
2020-10-22 16:51
Do you have credit history tied to that ITIN?
mescos
2020-10-22 17:25
@simon - I?m just trying to understand how to retroactively add my ITIN to my Amex account, after having completed a Global Transfer 4-5 years ago. Any thoughts?
bigworld
2020-10-22 18:33
Easy, you just set it in the SSN field. Or phone them to do it on your behalf
mescos
2020-10-22 19:10
@bigworld Thanks. I tried that. I called Amex multiple times. The staff isn?t able to do it and most of them don?t even know what an ITIN is. I explain what an ITIN is each time, tell them to insert it in the SSN area of my account, and then they say that it?s not possible because ?you?re not a US citizen?. Obviously, this is incorrect and it is possible for Amex to insert an ITIN. But, the staff are totally clueless on how to do it. What?s the best way to find someone competent who knows how to insert an ITIN at Amex? It?s not possible to do it online yourself.
mescos
2020-10-22 19:13
@simon - out of curiosity, is this something that is typically required when you have an ITIN and have been a member of Amex for many years?
bigworld
2020-10-22 19:16
@mescos they did it for me. Indeed they don't know what an ITIN is (which is surprising). So, instead of discussing, I think to recall that I just gave them the number when they asked me for the SSN.
mescos
2020-10-22 19:18
@bigworld thanks. Did they ask you to send in any documentation to support the ITIN? They asked me to mail in my docs, so I did, then called them to see if it was updated?and then they said they couldn?t do it because ?I wasn?t a US citizen.?
mescos
2020-10-22 19:20
The first time I spoke with them (to add the ITIN), they told me I would have to literally close the account and reapply to add the ITIN account, which seems completely insane.
bigworld
2020-10-22 19:21
Nope. "You don't have my SSN on file, so I am giving you the number you are missing"
simon
2020-10-22 19:28
They are in the same format, with the only difference being that ITINs start with a 9. The average phone agent isn?t likely to know the difference so I?d recommend doing like @bigworld did and just tell them it?s an SSN.
simon
2020-10-22 19:31
No, it?s not required. I asked because a lot of payment processing services in the US run credit checks and it will fail if no history is tied to your SSN / ITIN. By tying it to your AmEx account, it will automatically add all your AmEx history the next time they report (usually a couple of days after the end of a billing statement).
simon
2020-10-22 19:32
By the way, with an ITIN and credit history tied to it you can apply for credit cards from other banks (in case you want cards more broadly accepted than an AmEx).
mescos
2020-10-22 20:33
@simon @bigworld - just called. They are asking for a fax of the SSN card which doesn?t exist. Any suggestions on how to deal with this? Also tried the Amex Chat, and they tell you that you have to call.
bigworld
2020-10-22 20:48
Check if you can update it on the web or the app
bigworld
2020-10-22 20:50
If not, call in six months time from now.
mescos
2020-10-22 20:51
Thank you!
ivan.lakatos
2020-10-23 04:29
I tried to open an account with Skrill based in Thailand where I usually live, but being currently stuck in Laos due to covid I used my VPN and connected myself to a Thailand location. This triggered a warning in the Skrill system it seems like, and my account has been permanently closed without even getting a chance to open one. My question is : Is there any VPN's services that wouldn't be detected as such in the Skrill system ? Also, could I just try to open another account with them in the future when I'm actually back in Thailand ?
simon
2020-10-23 08:01
@ivan.lakatos There are ways to detect VPN protocols so maybe they are blocking everyone connecting via one?
Using a Windows VPS is a good alternative although I?m not sure about Thai VPS providers.
ivan.lakatos
2020-10-23 08:03
Yes, they most probably block everyone. I'm gonna dig into that VPS solution, never ever tried to setup one till now.
ivan.lakatos
2020-10-23 08:45
If anyone has experience in setting up a Thai VPS, I'd be happy to hear more.
benjamin
2020-10-23 08:59
Just found this company. Very new (1yearish). Lithuania based which seems to be an up and coming banking location.
Anyone heard of them or have experience. They open business accounts for a lot of hard jurisdictions such as HK. But almost seems too easy.
https://wittix.com/
simon
2020-10-23 09:09
@benjamin They seem legit ( https://www.lb.lt/en/sfi-financial-market-participants/wittix-uab ) but their fees are brutal! They take a % of all transactions, in and out.
benjamin
2020-10-23 09:14
@simon yeah, that's bad. Maybe they're targetting really small businesses or freelancers where it won't matter too much.
Does 'Internal' mean within Lithuania? If so, opening a personal account there could solve the problem?
simon
2020-10-23 09:22
I think they are referring to transfers between your Wittix accounts (perhaps also to third-party Wittix account holders).
benjamin
2020-10-23 09:49
Hmm, in that case the fees are probably a deal breaker. Might be worth it as a last resort when no other options are left
burrup.lambert
2020-10-23 19:46
HSBC HK are re-branding their HSBC Advance accounts to "HSBC One"
https://retailbank.hsbc.com.hk/info/hsbcone/en/notification-2020-09?cid=SMS_HK_EN_27998_0
Some notable changes!
The new HSBC One account comes with a HSBC Mastercard Debit Card!
? 12 currencies supported
? No FX or annual fees
? Free ATM withdrawals (from HSBC ATMs)
This is great as previously they only issued Union Pay cards for Savings accounts and Plus Network cards for Current accounts.
Account is free with no total relationship balance requirement.
Also changes to fee's.
https://www.hsbc.com.hk/important-notices/fee-waiver/
https://cdn.hsbc.com.hk/content/dam/hsbc/hk/docs/ways-to-bank/fee-waiver-full-list.pdf
simon
2020-10-23 20:31
I expect other local banks to follow, they have to if they want to be able to compete with the digital banks. ZA has been excellent so far and they offer 6% cashback on online spending. WeLab also offers a decent cashback.
burrup.lambert
2020-10-23 23:01
No fx fee and a mastercard is a big win for me.
benjamin
2020-10-24 01:19
A firm in HK told me that Apparently HSBC HK is now also accepting remote openings for both personal and business accounts. Haven't tested this though
me1892
2020-10-24 07:13
Anyone have some advice for me? I?ve got an online business in NZ which does business globally (all revenue is in USD). I?m setting up Stripe for payment processing but NZ Stripe accounts only allow you to link a bank account denominated in NZD (not even a foreign currency account located at an NZ bank). Is it worth setting up a US subsidiary and creating a US Stripe account (with a Mercury bank account or similar) to avoid the currency conversion fees? 99% of the business costs can be paid in USD so having the automatic conversion is a bit painful
yaron.been
2020-10-24 22:00
Hi guys,
I'm about to open a Revolut account.
Wondering if the Metal card is worth its costs.
Would really appreciate some advice and guidelines in regards to the different tiers and their pros and cons.
mgonlinephone
2020-10-24 22:17
hi everyone, is there any service for remote opening Australian Bank Account? for personal or business? or company incorporation?
koshis
2020-10-25 02:02
For AU companiy setup I recommend http://ecompanies.com super easy and I think it's just $100 aud above the govt filing fee.
koshis
2020-10-25 02:03
AU banks are getting much more strict with their AML KYC procedures so remote openings might be a problem.
koshis
2020-10-25 02:04
Hey Burrup, do you know if this an easy setup for non HK residents with no connection to HK?
koshis
2020-10-25 02:05
Any idea if they are accepting international customers with no HK connection?
mgonlinephone
2020-10-25 02:07
Ok, thank you
mgonlinephone
2020-10-25 02:08
Is everything ok with the link?
mgonlinephone
2020-10-25 02:09
Oh ok
burrup.lambert
2020-10-25 02:15
Their website says:
```*Remarks: Application via mobile app is only applicable to permanent Hong Kong residents aged 18-65 who do not currently hold any HSBC banking or investment accounts and credit card.```
burrup.lambert
2020-10-25 02:15
Could be what they are referring to.
koshis
2020-10-25 02:16
Ah fair enough. cheers
burrup.lambert
2020-10-25 02:18
Unless they have changed their stance, no. If you have a HKID it's easy, otherwise you will have difficulties. They might be more open if you have significant networth and go with HSBC Premier or Jade.
koshis
2020-10-25 02:20
Good idea. I'll check out the Premier options .. had not heard of Jade before
benjamin
2020-10-25 03:31
Most big banks will likely allow remote opening. But you'll have to go to Australia to show ID to be able to withdraw money.
Funding the account will be no problem though.
"UP" is a decent online e-wallet bank that you could look into for a personal account. Not sure their ID requirements but they're one of the best options.
Also, perhaps you could look to open an account with an international bank such as Citibank or HSBC and ask to do the identity check from a branch in the country you're currently in. Might be possible.
gastan
2020-10-25 19:16
if you can make use of it?
For me (for example) travel insurance is dealbreaker (only 30 days out of country)
also most of the perks are not worth it...
so no go
gastan
2020-10-25 19:17
switch to US/UK entity...
yaron.been
2020-10-25 20:49
Thank you Gastan :slightly_smiling_face:
felix
2020-10-26 11:01
Maybe interesting for everyone to know before providing your information online to banks/fintechs, etc. Just got this email from Revolut after asking to delete our personal information under GDPR from an rejected application:
The regulation 40 of the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 obliges us to keep our customer data. Please note that these retention requirements supersede any right to erasure requests under applicable data privacy laws. We comply with the requirement in spite of the account being finalised or not. We do respect your request regarding deleting the data, however, based on the above, we are not able to meet your request at this time, but will be possible to delete it after 6 years from the termination of the account.
rtiagm
2020-10-26 11:17
Doesn?t that apply to any bank?
bigworld
2020-10-26 11:18
Yes, it applies to any bank
simon
2020-10-26 11:18
@rtiagm It applies to all regulated financial institutions in the EU / UK. This includes payment processors, EMIs, banks, brokers etc.
jerrycjchang
2020-10-26 11:24
If your application was rejected, how does the account "terminate" exactly?
vinodgn0088
2020-10-26 16:29
@jerrycjchang, I think they will close the account and after 6 years he can contact them again and have all the info about him removed from their records. Here "terminate = deny/stop the services offered to him"
mgonlinephone
2020-10-26 16:31
Thank you
bigworld
2020-10-26 21:25
You don't need to do anything. When the time expires, the company will get rid off of any record they don't need to keep for longer. Keeping those records is expensive, mates.
simon
2020-10-27 10:28
PayPal launches BTC trading in the US, globally in 2021: https://seekingalpha.com/article/4381485-paypal-going-long-on-bitcoin
mb
2020-10-27 11:26
@simon Worth nothing that, while you can invest in BTC/crypto with PayPal, it seemed to me a 'closed' system: You can buy and sell *inside* Paypal, but never send out...But happy to be proved wrong.
simon
2020-10-27 12:54
@mb It?s also how I understand the service. What?s interesting is that if this launch goes well, and they see demand, it?s likely that they will expand the offering to support transfers in and out (in countries where it?s possible, from a regulatory perspective).
mb
2020-10-27 12:57
Yes that sounds plausible. Especially if that scenarios plays out (demand goes up) that arguebly would be a direct treat to their current business model. And thus I guess for them going into crypto is a hedge and or pivot to that.
alexbadaoui1
2020-10-30 17:30
does anyone know where a BVI company could get a bank account that wont cost a fortune?
Transferwise rejected the entity.
Thanks
Alex
simon
2020-10-30 17:37
@alexbadaoui1 Have you tried Airwallex?
alexbadaoui1
2020-10-30 17:37
no but i will
kareem.elharony
2020-11-04 09:49
Hey everyone,
Upon signup, with Mercury bank They asked for a Business address - And phone number? Should I provide Registering agent details?
simon
2020-11-04 10:05
@kareem.elharony Yes, the business address should be the registered agent address. As for the phone number, there?s multiple services that provide US number with forwarding, such as Twilio and Plivo.
kareem.elharony
2020-11-04 10:18
Many thanks Simon for the great help as usual :slightly_smiling_face:
felix
2020-11-06 07:48
Thank you a lot for sharing Airwallex, Simon! Does anyone has experience with them? The offering looks very good.
yaron.been
2020-11-07 11:18
Hi All,
My wife and I are currently in Portugal, just got a Portuguese passport and probably leaving Portugal in a month or so.
Since we we'rent EU citizens until now we didn't have access to many perks.
We just created a Revolut account and I was wondering if you guys have suggestions about essential move we should make before leaving europe.
For example:
1)Opening a Curve account?
2)Joining another fintech solution such as Revolut?
3)Opening Portugese bank accounts? If so, do you guys have any recommendations?
ggiampieri
2020-11-07 18:42
Revolut, curve, monese, transferwise, bunq and one mainstreet bank, a big one. Even N26 is a fair bet.
yaron.been
2020-11-07 21:28
@ggiampieri Thank you for your answer.
Do you suggest joining all of them?
You mind elaborating why?
daoway
2020-11-08 08:41
@simon or anyone have an idea on how to get the debit card mailed to me from Paypal UK as they don?t accept PO boxes and my UK LLP only has this as a mailing address with UK Postbox?
redareda9
2020-11-08 09:37
Look for a ��street�� address
redareda9
2020-11-08 09:38
Normally they won?t be flagged as A post box
sergiy.shlykov
2020-11-08 10:07
Diversification. If one (neo)bank asks you about ur residency status and you fail to provide a certificate/utility bill, then you are risking to get that account closed. Ideally you should be able to cross-provide bank statements with ur EU address on it
yaron.been
2020-11-08 11:10
Thank you!
internationalbits
2020-11-08 11:44
the neobanks can be a good opportunity for moving money around between accounts but for the longer term i'd go to any large retail bank (or a combination of) in the EU countries of your choice..
yaron.been
2020-11-08 13:12
@internationalbits
Noted on that.
I will combine retail banks with Neobanks. Thank you!
tiagomdreganha
2020-11-08 13:35
You can open an account with Activobank, it's a digital-first sub bank of one of the big banks (Millennium BCP), free account with debit card which you can use to fund Revolut instantly for instance.
I've moved >1M? between 2015-2017 (revenue from an ecommerce business as a sole trader) with this account and they never raised any issues.
tiagomdreganha
2020-11-08 13:36
I'd also set-up Curve yep, so you can be free of exchange fees / international transaction fees and easily change charges between cards.
tiagomdreganha
2020-11-08 13:37
N26 is also a solid choice. You also have https://www.openbank.pt/ , even tho it's in Portuguese the accounts are Spanish based (more diversication).
tiagomdreganha
2020-11-08 13:38
May I ask how did you get hold of your PT Passport?
simon
2020-11-08 15:04
As an added bonus, the majority of them have a free tier so it costs literally nothing to maintain those accounts.
yaron.been
2020-11-08 16:35
@tiagomdreganha
Thank you for all the info.
Many Israelis, *Descendants*�of�*Portuguese*�Sephardi Jews are applying these days for a PT passport.
Would you say the Activiobank is a good substitution to a retail bank or I should get this an addition?
yuli
2020-11-08 16:36
Anyone here was able to open a USA PayPal account while not being a USA citizen/resident? I have been communicating with PayPal USA for over 2 months, trying to open a PayPal business account for a Wyoming LLC, without success.
I have a proper ITIN, utility bill for the company - the owner is an Israeli resident/citizen, not a USA one.
If yes, would be curious to know what worked for you?
tiagomdreganha
2020-11-08 16:43
Yes it's way closer to a retail bank than a neo bank. Most regular retail banks in Portugal are now charging maintenence fees so a lot of people are opting to use these free options.
Activobank was created quite a while ago before all the digital banks/wallets were a thing. They usually have physical branches in shopping malls around Lisbon but I've only ever used them to create the account (I think remote bank accout opening is possible now).
You also have "Moey" which is the digital version of a big/old de-centralized retail bank (Caixa Agricola, the local branches hold more power vs other banks where everything is centralized). U can find it in the app sotre, I was able to open an account remotely.
alex720
2020-11-08 17:03
Do you have an ein
yaron.been
2020-11-08 18:45
Awesome, Thank you Tiago!
yaron.been
2020-11-08 18:58
@simon
Do you suggest ordering the physical credit cards of any of them?
simon
2020-11-08 19:07
Maybe a Visa and a MasterCard, just in case. Otherwise you can load all virtual cards into Apple Pay / Google Pay.
yaron.been
2020-11-08 19:25
Awesome. Thank you :slightly_smiling_face:
jase
2020-11-09 10:47
Finally going through the Nova Credit process. Looks as though Amex are the best on offer. What card is best for airmiles/points from spending on internet purchases? For purchasing SaaS products/etc online.
burrup.lambert
2020-11-09 13:21
What was the process like @jase? You used Australian credit history?
jase
2020-11-09 13:33
Yeah used Aussie credit history.
jase
2020-11-09 13:34
So far an absolute breeze @burrup.lambert
jase
2020-11-09 13:34
Just don't know which card to get. Seems they are all Amex to begin
ledrewy
2020-11-09 13:35
@jase The Amex Blue Business Plus (US) card gives you 2 points for every dollar spent
jase
2020-11-09 13:37
It's in my personal name so no Business cards unfortunately.
ledrewy
2020-11-09 13:37
You could get a business card under your persona name - as sole proprietor
jase
2020-11-09 13:37
American Express� Gold Card
The Platinum Card� from American Express
Delta SkyMiles� Platinum American Express Card
Delta SkyMiles� Blue American Express Card
Delta SkyMiles� Reserve American Express Card
Delta SkyMiles� Gold American Express Card
jase
2020-11-09 13:38
These are the only airmiles cards available
jase
2020-11-09 13:38
I don't think this is possible through their system. Definitely something I'm keen on after building a credit record though.
ledrewy
2020-11-09 13:39
Of course, it?s possible. I got mine using my personal name
jase
2020-11-09 13:39
Through Novacredit?
ledrewy
2020-11-09 13:40
OK, I got it through my other Amex personal card which I obtained through Global Transfer program
jase
2020-11-09 13:41
Yeah, had I known about the program I would have done this before cancelling off my Amex cards. I haven't had one for 5+ years unfortunately.
ledrewy
2020-11-09 13:43
Get a Green card first. After 6 months, get the Amex Blue
ledrewy
2020-11-09 13:43
The Blue card is free for life
jase
2020-11-09 13:44
I have an ITIN, will build a score on that
ledrewy
2020-11-09 13:44
:+1:
jase
2020-11-09 13:45
I'm confused here because they don't just talk about normal points earning. Like does Blue/Gold earn 1x or 2x on "normal" spending?
ledrewy
2020-11-09 13:46
Gold gives you 1x for normal spending; 4x for dining worldwide. Blue Business gives you 2x for normal spending but with foreign transaction fees if transaction not in USD. I refer to US edition cards
jase
2020-11-09 13:51
ok good to know, thanks @ledrewy
ledrewy
2020-11-09 14:04
:+1:
yuli
2020-11-09 16:28
Yes, of course I have an EIN.
felix
2020-11-13 09:34
Hi guys! Running right now into some problems with *TransfeWise* with our *UK LL*. We just registered the Stripe account with the details of the UK LLP and I added our US Transferwise account as the default bank account (because we want to get the payout in USD). Now they ask us for either a W-8 or W-9 form from the IRS. Obviously we don?t have that. Has anyone an idea how to solve that?
ivo
2020-11-13 09:40
@felix Just fill in the W8 and send it to them. https://www.irs.gov/pub/irs-pdf/fw8bene.pdf
felix
2020-11-13 09:41
Thank you Ivo!
felix
2020-11-13 09:41
As the beneficial owner do you use the UK LLP or the beneficial owner of the UK LLP?
ivo
2020-11-13 09:43
Sorry, wrong doc
felix
2020-11-13 10:47
Thank you
felix
2020-11-13 10:47
Did anyone had this experience before?
ivo
2020-11-13 11:43
Not with Stripe, but other institutions, yes. This is an administrative burden, any financial service institution faces. In 99.99% of cases, once completed by you in any way you think reasonable, will never be looked at again.
felix
2020-11-13 14:43
Ok, thank you. How do I avoid that Stripe is holding 30% as witholding tax?
felix
2020-11-13 14:43
The W-8 form is a maze :man-facepalming:
felix
2020-11-13 14:44
Realy appreaciating your help on this!
felix
2020-11-13 14:48
Don?t want to tick anywhere the wrong box and become subject to withholding tax
felix
2020-11-13 15:34
Quick update for everyone who might encounter that issue in the future. Here is a good guide on how to fill out the W-8 BEN-E Form for UK LLPs: https://caseron.co.uk/how-to-complete-a-w8-ben-e-form/#:~:text=The%20W%2D8%20BEN%2DE%20%E2%80%93%20is%20an%20application%20for,held%20by%20them%20on%20file.
felix
2020-11-13 15:35
Good news, also is that Stripe has attached an own form which makes it ridiculous easy to sign and doesn?t even require the need to download the form from the IRS. Hope that helps everyone who will encounter that in the future.
joe
2020-11-15 15:14
is mercury crypto friendly? Anyone has any experience in this?
gun
2020-11-15 20:27
Oh wow amazing
gun
2020-11-15 20:42
@daoway you can apply for a Monzo account on your mobile using a friend's UK address, and then export the bank statement :speak_no_evil:
gun
2020-11-15 21:04
Does anyone know what payment providers work with the adult industry?
I.... have a friend... that is having difficulty processing payments :laughing:
[legit question though]
gun
2020-11-15 21:12
@me1892 what was the process like getting your Transferwise banned?
I think I'm about to get mine banned also [they're asking me questions about moving money for crypto which I have been], I'm stalling and emptying my accounts, but they are such nice user-interface I'm really sad :cry:
gun
2020-11-15 21:14
I have gotten triggers on large amounts, in particular a few transfers from other global citizens from a Hong Kong company, and 2 separate Cyprus companies. Amounts between $10k - $50k at a time, totalling >$100k within the space of 1-2 months
gun
2020-11-15 21:17
I have found a workaround for this:
? Register all the business accounts using new email addresses
? Add your personal Transferwise account as a "User" to your business accounts.
? It then allows you to switch between all your business accounts with the same personal account login / 2FA
gun
2020-11-15 21:19
Looks like this:
gun
2020-11-15 21:20
@benjamin
gun
2020-11-15 21:20
Any update on this? I'm about to get my personal account frozen, and wondering if it will take down all my accounts with it
gun
2020-11-15 21:20
Any update on this? I'm about to get my personal account frozen, and wondering if it will take down all my accounts with it
gun
2020-11-15 21:27
They're expanding, but it works nicely so far for invoices. I have started using them, and accepted USDC :slightly_smiling_face:
simon
2020-11-15 21:40
Thanks for sharing @gun! Does this allows you to initiate transactions from all accounts?
simon
2020-11-15 21:40
Bunq also work. I opened an account using my UK virtual address and UTR a couple of months ago and haven?t run into any issues yet
simon
2020-11-15 21:41
The nice thing with Bunq is that their card is coded as a credit card so it works everywhere (unlike prepaid and debit cards)
gun
2020-11-15 21:43
Yes, assuming you grant "Admin" as the User, you have full access to the account. It actually looks like I'm about to get the above personal + Macurex Business accounts blocked... They have been asking me about a few transactions that were for crypto, that I have so far avoided saying they were for crypto, but now they want a bank statement that will blatantly show I was receiving money to put into crypto exchanges....
1. It will be interesting to see if I get to keep the "other" Business accounts, or if they all go down....
2. Do you have any suggestions @simon how I can avoid this? Can talk on Thurs maybe... at the mean time I'm just not replying to their email, it might get me another month... Transferwise is so nice UX ;(
gun
2020-11-15 21:44
I'm currently emptying them out, and opening company Airwallex accounts, any recommendation for a nice alternative 'personal banking hub' ?
simon
2020-11-15 21:49
@gun We can do a call this Thursday, I?ll think of something / workarounds for TW and alternatives.
gun
2020-11-15 22:11
? Directly sending Crypto would also work for this
? Amazon Gift Cards
? Services such as CashApp in the UK or Beemit in Australia
gun
2020-11-15 22:17
Which ones are best for UK LLP?
ie nicest apps / cards / fees etc?
I might be flying through shortly
gun
2020-11-15 22:32
@jase I'm also in the process alongside you.
I got my Green Personal card approved last Thursday, I'll let you know you have a proof of address check coming up
I already had a Bank of America account opened from back when I went to the US a few years back, so I got the Amex lady to port the call over to them and verify the address on the account with BoA which sufficed, and the card is on it's way right now to that address. (which is a friend's address who will forward it to me)
@simon is there an alternative means to get a proof of address for this step for a Personal Amex for people who don't have a BoA account already?
Would a https://www.sablecard.com/
or a https://www.passbook.app/
work for this purpose?
I'm trying to find something that can be done remotely for friends / clients that want to follow me in the process without them having to pay $1500 to a lawyer to open a BoA remotely
simon
2020-11-15 22:51
@gun Congrats on the approval!
A workaround would be to have your friends / clients added to a utility bill (perhaps even Google Fi although I haven?t tried that yet).
If that?s not possible, Sable may be worth a try but I?m not sure if it?ll work. It may be easier to join a credit union that accepts remote applications, UNFCU for example: https://www.unfcu.org/membership-application/
me1892
2020-11-16 00:52
Not me, @gun - I think it was @daoway
daoway
2020-11-16 05:06
@gun they just shut mine down with no warning. I appealed but it was no use. They held my money for a month or so and eventually released it which was a headache, but nowhere near as bad as Revolut which was 6 months. I did not do anything shady, my business is totally legit, not even any crypto. I think because I do not live in the country I have the account and travel a lot.
benjamin
2020-11-16 08:20
Nice! Thanks for sharing
redareda9
2020-11-16 11:52
Anyone here designing automations for Revolut Business & Transferwise API?
redareda9
2020-11-16 11:53
I coded my own tool to track balances, spending and some rules in place but for some reason Revolut always ask to refresh the API TOKEN after few days (need to login and refresh certificate every time). Transferwise doesn?t require it.
buynps.org
2020-11-16 15:39
nope
buynps.org
2020-11-16 15:39
my TW is still going
sergiy.shlykov
2020-11-16 20:21
Good news. Just used a Plivo phone number to connect to my Bank of America account. It was not working previously, but now it worked.
klaus
2020-11-17 09:20
I ran an integration against the Revolut Business API for 6 months without having to refresh it. But I don't have an account with Revolut for Business any more, so I cant tell you if that is still the case.
klaus
2020-11-17 09:20
...and sorry for asking a probably stupid question, but OAuth usually requires you to refresh your access token at certain intervals (which can be done via API) - are you sure that is not what is happening?
redareda9
2020-11-17 10:14
Yeah, that?s the refresh token, I use it to refresh my token everytime but the refresh token become invalid after few hours and I have to generate a new one (requires to do it manually). I?ll try to dig deeper.
Thanks
mb
2020-11-18 18:23
Anyone ever used http://Clevver.io to get a real address (not a Postbox) to use for opening bank accounts? They claim to be able to have a business address/registered office address:
mb
2020-11-18 18:24
E.g. they have 'Show rental agreement'.
daoway
2020-11-19 04:41
Now Paypal UK does not allow you to withdraw in USD. Anyone have any ideas how to get a Paypal account for a non-US citizen and company that can withdraw in USD?
timorshait
2020-11-19 22:24
@*daoway* In the past you could add a USD bank account to a PayPal UK account, I've done so 2-3 years ago but even then it didn't go smoothly, I had to call up the service centre and request for them to verify my account. You can try that, although it's very likely that PayPal have stopped allowing this, as they want you to pay them fees by converting currencies. The other option you can explore, is to withdraw from PayPal to a debit card.
https://www.paypal.com/uk/smarthelp/article/can-i-withdraw-money-from-my-paypal-balance-to-my-card-faq859
You can try and add a Revolut card for example, then call the PayPal customer service and request them to change the default currency of this card you added to USD. Then you should be able to withdraw your PayPal balance to your Revolut account in USD. There'll be a flat fee of $2.50 per withdrawal, but no further fees on top of that. I hope this is still the case, unless they had recent changes in their policies for this method as well.
alex720
2020-11-19 22:29
does anyone have a link to that paypal website page
alex720
2020-11-19 22:29
with the list of functions by country
alex720
2020-11-19 22:29
where you select the country in a country selector
alex720
2020-11-19 22:29
and it shows the available features
burrup.lambert
2020-11-19 22:29
Stay tuned for this. I am attempting to do the same but for EUR. I tried to add about 20 cards to Payapl, only TWO were accepted.
timorshait
2020-11-19 22:31
Which ones were the ones that got accepted? Have you tried Revolut/TransferWise by any chance?
burrup.lambert
2020-11-19 22:39
I tried both and both were declined for me. I have an Australian Revolut card though, a European card might work.
The cards that were accepted was a pre-paid virtual visa debit card issued from Dukascopy Bank and the other was actually my Curve card :wink:, so stay tuned because I'm going to check if Paypal UK + Curve Card combination works and if so it's a GAME CHANGER.
timorshait
2020-11-19 22:41
Nice work. I have a Curve card as well so that can be interesting if that works. I believe that Curve cards are made in the UK, so they should work well with PayPal UK accounts, and perhaps even worldwide. Keep us posted if you were able to successfully execute this, best of luck!
simon
2020-11-19 22:52
Is this a personal Curve card or a commercial card?
burrup.lambert
2020-11-19 22:56
Personal Curve.
taylorwalkerllc
2020-11-20 05:24
In my opinion http://clevver.io is overpriced. http://tiptrans.com could be worth a look, you dont need to pay any fee if you dont receive anything.
mb
2020-11-20 06:17
Are the services actually comparable? Looks like Tiptrans is exclusively for package forwarding, and you can't use it for having an official address (eg to show a rental agreement)?
gun
2020-11-23 20:33
I am also trying to do this, and the guy can't do it, and his agent can't do it either. Any other tips?
gun
2020-11-23 20:44
They also said that an ITIN could only be added to a fresh Business Account
simon
2020-11-23 21:38
They probably confused it with an EIN. Have you tried sending them a secure message (on the account services page)?
gun
2020-11-27 23:14
Question RE: Revolut. I am locked out of my Revolut account, and the only way I can figure out how to contact support is inside the app > is someone with Revolut able to ask support how I can get support if I can't login? :rolling_on_the_floor_laughing:
simon
2020-11-27 23:31
@gun Have you tried reaching out to them on social media? For example, they have a Facebook Messenger: https://www.facebook.com/revolutapp
frederic.scheffer
2020-11-28 02:09
Transferwise for a UK LLP: has anyone had some limit on the amount of payments they can receive or a freeze ? Triggering a frozen funds / we need to control you situation ?
simon
2020-11-28 02:20
@frederic.scheffer I haven?t heard of anyone having their account frozen after hitting a specific number of transactions. Usually it?s a rapid change in transaction volumes / patterns that will trigger limitations.
frederic.scheffer
2020-11-28 04:42
Thanks
danz
2020-11-28 10:39
@frederic.scheffer Never had it or heard from it yet, 1-2 times a year I get a mail from Transferwise asking for more documentation on a specific payment and that's all so far
omocha_10
2020-11-29 08:49
@gun Revolut should have a website too, maybe you can contact the there, or by mail. Even Twitter or Facebook page.
omocha_10
2020-11-29 17:47
*email
felix
2020-11-29 19:46
Hi! Has anyone experience with changing Stripe accounts within WooCommerce?
felix
2020-11-29 19:46
I changed our secret and public key and now it looks like all subscriptions are paused :man-facepalming:
felix
2020-11-29 21:08
Just had a call with Stripe in the US. It looks like it?s a wrong error message. As long as the other Stripe account is new there shouldn?t be an issue to change the keys. Will send an update once the next subscription gets processed (or gets not processed) on the new Stripe account.
yaron.been
2020-11-30 06:09
Thank you for sharing.
Please keep us updated and good luck :slightly_smiling_face:
simon
2020-11-30 06:10
https://www.bloomberg.com/news/articles/2020-11-28/hsbc-mulls-exiting-u-s-retail-banking-completely-ft-reports?utm_source=url_link
HSBC to exit the US retail banking market. It wouldn?t surprise me if they also exit other markets in the next year or two.
felix
2020-11-30 16:45
Thank you!
arthur
2020-12-01 09:56
Hi Guys, hope you all doing well! Is there anyone using BUNQ bank for several companies? I am using it for my Dutch company but would like to sign up and use bunk for my UK LLP as well...
gun
2020-12-02 07:45
We?re currently chatting via Twitter DM?s thanks :+1::skin-tone-2:
danz
2020-12-02 16:01
I don't think Bunq offers that option, I think they are only active in the Netherlands for Dutch companies
d.mikocionis
2020-12-02 18:04
@simon is there a way to open up stripe with Wyoming LLC? I only have transferwise it doesn't allow me to do it with it
d.mikocionis
2020-12-02 18:04
any other options?
simon
2020-12-02 18:51
@d.mikocionis TransferWise works with Stripe, as long as you use the ACH details for your USD balance.
leehodg
2020-12-03 11:53
Anyone know how to get money out of MercadoPago (Brazil) without a Brazilian bank account?
coreyarice
2020-12-03 12:33
Can you transfer to a friend and have them give you cash? In Argentina you can get locked out without a DNI and then you are out of luck. You can only spend the cash at a business
tiagomdreganha
2020-12-03 19:03
Brazil is a nightmare to get money out of without a local bank account, forget it. The payment gateways suck about 10% of international merchants revenue when u add up all the fees. I was close to opening a Brazilean company just to get access to local payments but then the currency just went crazy and lost half its value
leehodg
2020-12-03 23:02
@coreyarice yeah I guess I will just try and ask a friend in that case..
leehodg
2020-12-03 23:03
@tiagomdreganha yeah, seems so... Oh well, thanks anyway
994kaloyan
2020-12-03 23:47
@jase you can also use the TransferWise API to pull the data out but you?d need someone to code it for you if you?re not code savvy
redareda9
2020-12-04 01:43
@tiagomdreganha Haha yeah they are crazy. I worked with Ebanx and Pagbrasil, they are insane. Pagbrasil even charge a 600USD ��setup fee�� and enroll you in a contract, if you stop making money, you?ll have to pay around 120usd per month to them
redareda9
2020-12-04 01:44
And the fees are unbelievable
tiagomdreganha
2020-12-04 11:02
I was able to sneak in a great contract with PayU because they quoted me as a local first and only realized I was foreign after. But I had a lot of issues with them.
Accounting / reconciliation is impossible and I had a 1000? transfer that did not reach my account and the support is useless
tiagomdreganha
2020-12-04 11:03
I was still paying close to 7% all in all but no minnimums
mohd
2020-12-06 12:30
Hi guys, anyone with opening bank accounts (business/personal) in Canada for non residents? Assuming I get an LP or LLP in Canada?
simon
2020-12-07 18:26
@mohd In Canada a visit to the bank is required to open an account as a non-resident. TransferWise can be used, however, as most Canadian services accept US banking details (Stripe, PayPal etc).
jase
2020-12-08 12:09
Anyone else find Curve is really buggy?
jase
2020-12-08 12:09
I've tried to sign up with them so many times, and always have issues.
jase
2020-12-08 12:09
Every time I add a card, verify it (takes days to get the code), then go back to the app, it just asks me to "add your first card" again.
daniels
2020-12-08 12:38
Odd. Have had no issues with Curve (nor adding cards, nor with the app itself).
jase
2020-12-08 13:39
I think it's the Securecode stuff
simon
2020-12-08 18:32
@jase Have you managed to add any of your cards?
jase
2020-12-08 18:39
None. I have added them, the app has told me they are verified, then I am asked to add my first card again. Something is up @simon.
simon
2020-12-08 18:54
Have you tried re-installing the Curve app?
jase
2020-12-08 19:45
Yeah, third install, second phone, same issue! I have emailed their support as I can't get any in app support. We will see!
timorshait
2020-12-10 14:09
Hey all, a PayPal question:
I have a USD balance in my PayPal UK account. I?d like to withdraw this amount of USD into my UK HSBC bank account, which has a dedicated account number and sort code for USD balances. Will PayPal incur exchange fees by exchange USD>GBP and then GBP>USD in this scenario, or since it?s a USD account within the UK, there?ll be no double exchange fees?
simon
2020-12-10 14:12
@timorshait You can only withdraw USD to a US bank account (hence why TransferWise is so useful). With a UK-based USD account you?ll incur a double conversion fee / forex loss.
timorshait
2020-12-10 14:14
Thanks for the reply @simon. I do have TransferWise set up on my PayPal UK account which works great, but I wanted to have a backup on how to do this, since PayPal are constantly changing their policies.
burrup.lambert
2020-12-10 14:42
Paypal UK can only withdraw to UK bank accounts. And for those UK bank accounts it has to have a sort code etc AND be in GBP.
burrup.lambert
2020-12-10 14:43
The other option is to attempt to add a card (maybe your UK HSBC card and set the account to the USD account?) then get Paypal to change the currency of the card (once it's added).
burrup.lambert
2020-12-10 14:43
If you are lucky that card will support instant withdrawals.
eddieringleb
2020-12-10 18:17
Hi all, Any recommendations on an offshore bank for a small Cayman Islands company?
seb.malek
2020-12-10 19:19
@timorshait have you tried calling Paypal and asking them to manually add the USD account?
simon
2020-12-10 21:40
@eddieringleb Do you have a residency permit for the Cayman Islands?
timorshait
2020-12-10 22:08
@seb.malek A couple of years ago yes I tried to add my TransferWise account to PayPal UK, it gave an error, but then called them up and they sorted it out, and since then it works well. However I know that if you'd try to do the same thing now it won't work, and they wouldn't let you add a US bank account to a UK-based PayPal account. I'm just trying to figure out if there's another way to do this as a backup, and also for potential new PayPal business account.
timorshait
2020-12-10 22:09
@burrup.lambert I recall that you tried adding a Curve card to PayPal. Were you successful with that attempt? Did they let you then change the card's currency to USD, and you had instant withdrawals available to you?
burrup.lambert
2020-12-10 22:49
Still ongoing. Will report back when available.
redareda9
2020-12-11 02:00
PayPal is a lot of hassle.
The only way I found to withdraw Euros from my PayPal UK is to send the money ��as a friend�� to a PayPal Europe account so that I can withdraw in Euros without fees.
burrup.lambert
2020-12-11 17:12
What European country did you use for a PayPal Europe account? Ireland? Is it for a UK LLP?
d.mikocionis
2020-12-15 15:16
What about tax id? That's the one thing I'm missing right now :disappointed:
simon
2020-12-15 17:06
That?s the EIN
d.mikocionis
2020-12-16 00:35
thanks!
emilianod76
2020-12-18 19:10
Has anyone found an alternative solution to avoid the charges from Transferwise for balances above EUR 15K (personal) and EUR 70K (business) ?
seb.malek
2020-12-18 19:20
change the currency or EMI
emilianod76
2020-12-18 19:24
Thanks @seb.malek. Might convert anything exceeding EUR 15000 to USD for now and change it back gradually when the exchange rate is convenient.
seb.malek
2020-12-18 23:43
I mean, I don't see any other option really.
seb.malek
2020-12-18 23:44
you could apply for as many EUR EMIs as you can and spread it out
mohd
2020-12-19 05:22
@emilianod76, what are the charges for? having money with transferwise? or only when you transfer?
seb.malek
2020-12-19 14:48
@mohd EUR negative interest rates.
mohd
2020-12-19 14:52
Thanks @seb.malek, so how much would the fees be?
seb.malek
2020-12-19 15:05
"A fee on large EUR balances to cover negative interest rates" <--- take a look at that
mohd
2020-12-19 15:17
Thanks @seb.malek, much appreciated
ambroise.debret
2020-12-21 19:09
Hello guys !
Just got this email from Transferwise :point_down: after transferring :
? my personal account from Canada to France (to get the debit card) : all good :white_check_mark:
? my business account from Canada to my new UK LLP
A bit of background :
? I?m a French citizen
? Currently Canadian tax resident but in the process of cutting my ties with Canada by the end of the year to have UK LLP + NHR
:point_right: What should I answer ? Is ?anything but UK? the good answer ?
simon
2020-12-21 19:29
@ambroise.debret Usually that will be your country of residency, in this case that would be Canada until the end of the year then Portugal.
ambroise.debret
2020-12-22 09:38
Thanks Simon
emilianod76
2020-12-22 10:09
Hi All, any recommendations on a safe and reliable service that allows to open a EUR account online ? I already have Transferwise and Revolut. I need to transfer some dividends from my EUR business bank account and I don't want to pay the 0.4% fee to hold EUR with Transferwise. I know this is not charged if I convert the EUR to any other currency but the conversion fees end up being equivalent to 0.4% anyway. Revolut I don't trust much with larger amounts. They are hard to contact and their customer service is poor in my opinion. Not what you want when they have your money. Ideally, I would like a safe and reliable service that allows you to hold EUR without fees and provides a EUR debit card.
erik.stromberg
2020-12-22 10:30
N26 should be pretty safe with their German banking license. At least I hope so, as I'm holding a large sum there.
emilianod76
2020-12-22 12:13
Thank you @erik.stromberg
ggiampieri
2020-12-22 15:27
@emilianod76 have a look at Bunq (full bank) and Monese (EMI)
mohd
2020-12-22 16:18
Thanks @ggiampieri, have you tried Bunq?
timorshait
2020-12-22 16:50
Hey all, so recently PayPal UK introduced a 3% fee when withdrawing a USD balance to USD bank account. I've tried all possible ways, and there's no way to withdraw USD without paying a fee or fx conversion fees. I'm now looking to switch to a European PayPal account, and my questions is, if anyone has successfully managed to add Revolut and withdraw USD to it? Seems like PayPal UK have a certain policy, but it might be different with PayPal Global. Would love to know if anyone has experience with this. Cheers
simon
2020-12-22 17:06
Unfortunately, PayPal has been rolling out this USD withdrawal fee to more and more countries. It wouldn?t surprise me if European accounts are also subject to it in the near term. Have you tried withdrawing to a debit card instead?
emilianod76
2020-12-22 17:41
@ggiampieri Thanks a lot. I will check out both of these as well to pick the best option for me.
burrup.lambert
2020-12-22 21:46
What card did you end up getting @jase? I finally signed up, took 2 seconds, found my credit score instantly. Thinking of getting a Platinum, mainly for the lounge access + no fx fee to replace my European Platinum Amex which doesn't have any good perks. Randomly there is a Centurion Lounge in Buenos Aires so makes it half worth it.
timorshait
2020-12-22 22:07
@simon Yes I did try to add a debit card that can hold a USD Balance, both my Curve and Revolut cards. I called PayPal on three occasions and asked them to change the default currency of the debit card from GBP to USD, but they refused. They said that they had some policy change back in August and they don't allow it anymore.
timorshait
2020-12-22 22:10
I guess the only option would be to get a PayPal USD account, which potentially will require opening an LLC company. However that might be too much of a hassle for me for 3%. I'll consider if either I'll switch to use PayPal's own fx conversion rates (2.5%), or take the hit with the new fee, or switch completely to Stripe which can be an option too. But PayPal integrates best with my structure and business. All good things must come to an end.
guillaume.hucheloup
2020-12-22 22:20
Hello all. What would you say is the best remote banking option for a UK LLP ?
guillaume.hucheloup
2020-12-22 22:21
Transferwise seems pretty sraightforward and easy, just wondering if there was a better alternative
simon
2020-12-23 02:39
@burrup.lambert I?m personally a fan of the green card. You get 3 points per $ spent on travel (flights, hotels, airbnb, transit) and restaurants (worldwide, including food delivery apps and coffee shops). You also get a 100$ annual lounge credit, a bunch of travel insurance benefits and there?s no forex fees. It?s only 150$ annually, quite a steal considering the benefits and a better ?all-around? card than the Gold and Platinum (the Plat is only worth it if you can make extensive use of FHR and the Centurion lounges).
simon
2020-12-23 02:40
@guillaume.hucheloup TransferWise is, in my opinion, better than Revolut, Tide, WorldFirst and the other alternatives.
simon
2020-12-23 02:44
@timorshait That?s a bummer, I guess they are trying to protect their forex revenue by making it difficult/impossible for people to use TransferWise and similar services.
jase
2020-12-23 07:41
Honestly I got analysis paralysis and didn't pick one. Thanks for reminding me! Amex Green isn't available @simon. As I'm not really traveling soon and few of them seem to be suited to my needs anyway (I think... I need to get points to Star Alliance or OneWorld to be worthwhile), I might just get something basic and spend a year or so building up a credit record then get a better card in 2022.
timorshait
2020-12-23 11:15
@simon Yeah I had a feeling it was only a matter of time with PayPal. In any case, just putting out further information about it, I did ask a senior at the business team there and asked if they would change the default currency from GBP to USD would I able to withdraw, and they said that yes but a 3% fee would still be charged, even with a debit withdrawal. So no escaping this really.
martin
2020-12-24 12:17
Don't bother. They charge me while still asking a million questions about KYC felt like I was asking for a loan!
mb
2020-12-24 14:52
Any questions out of the ordinary?
jonathan.galovan
2020-12-24 20:10
TW works well, I also like Starling
buynps.org
2020-12-24 20:44
any banking recommendations for personal banking?
? for high net worth individuals
? secure and capable with frequent traveling (ie. 2FA, can make large wires remotely)
? accepts residents of panama
simon
2020-12-24 21:23
@buynps.org Have you looked at the Singapore banks? OCBC / Bank of Singapore, especially, should meet your requirements.
buynps.org
2020-12-24 21:27
@simon yeah, it seems they don?t accept residents of panama though?
simon
2020-12-24 21:40
I don?t know, you?d have to give them a call. I opened an account for a Belize IBC with them so they might be fine with Panama.
nemanja.mirkovicru87
2020-12-25 11:06
What was your "reason" you gave them why you need a SG bank account?
jase
2020-12-25 13:54
going through an Amex application through Novacredit. Seems they need a phone call to make it happen.
jase
2020-12-25 13:54
I want to get cards sent to my Traveling Mailbox. Will this trigger something?
alex720
2020-12-25 15:57
@simon does OCBC still require a personal meeting for a business account opening during these times?
alex720
2020-12-25 15:57
since we can't travel to singapore
simon
2020-12-25 21:25
I opened an iOCBC trading account, that was my primary reason.
simon
2020-12-25 21:27
@jase The call is usually to verify your address. They will typically conference call your bank and ask them to confirm that the address they have on file is the same you used as part of your AmEx application. I personally use a virtual address for my US banking / AmEx and haven?t any problems.
simon
2020-12-25 21:27
@alex720 As far as I know, they do.
simon
2020-12-25 21:37
Singapore has announced that they will reopen to all nationalities in January, with restrictions on local movement (but without quarantine), so it may soon be possible to arrange meetings with the local banks to open accounts.
alex720
2020-12-25 21:37
Interesting
jase
2020-12-26 12:36
@simon I don't have a personal US bank. Is this a deal breaker for them?
simon
2020-12-26 18:26
I don?t think so as other members here have applied for the business gold and been approved with only Mercury accounts. It may be prudent to have your personal TransferWise US bank details on hand just in case they ask for them.
joe
2020-12-27 06:59
when did you open this account?
jase
2020-12-27 13:21
Great, thanks Simon
994kaloyan
2020-12-27 16:42
@bobriakov.igor yup. works no issues. the banking can be more difficult though as you first need to get an EIN. under normal circumstances that used to take about 11 to 14 days. now it can take anywhere between 1 and 4 months :joy: once you have the EIN, you can open a bank account, Mercury being the easiest one to open remotely. this message is quite old now though. i?m assuming you?ve figured all that out. cheers
simon
2020-12-27 19:45
That was years ago, but several members here have opened accounts with OCBC using the brokerage account ?hack? in 2019 / early 2020 so it should still work.
taylorwalkerllc
2020-12-28 10:53
Would it be possible to dip into Singapore from Thailand to come back on normal Tourist Visa to activate the Elite Visa?
simon
2020-12-28 14:49
It may be possible on the Singapore side but won?t that trigger the need to quarantine upon return in Thailand?
daoway
2020-12-29 04:55
How did you get Plivo to work? I called their customer service and they told me it does not work with Paypal
daoway
2020-12-29 04:59
Does anyone know a service to use to get text messages from Paypal in the UK? I used to use Hushed but it stopped working. I contacted both Plivo and Twilio and they told me their service does not work with Paypal even though people here told me they could. I could not get it to work even with their CS.
simon
2020-12-29 05:04
I?ve heard from a member that Zadarma works with PayPal although I haven?t tried it myself
benjamin
2020-12-29 11:45
Anyone use Swiss bank https://www.cimbanque.com/ for personal or business accounts?
I'm currently half way through setting up personal and business accounts and just thought I'd ask of anyone has and feedback on them.
felix
2020-12-29 19:21
We had the same question about a week ago and I answered that due to COVID we are working in distributed teams, but when everything gets back to normal we work from my residential address. That seemed to be sufficient for them and they approved us.
felix
2020-12-29 19:28
@simon you opened a iOCBC account for your foreign (Belize) company and then got a regular business banking account with OCBC?
felix
2020-12-29 19:36
Does anyone know how to get the hands on a Chase Sapphire Preferred or Reserve as a foreigner? I was thinking about getting a Ink Business Preferred with the US LLC to build some credit score with Chase, but it seems to be impossible to get the personal credit cards as a foreigner/non-green card holder. I checked Novacredit and it seems that Chase is not supported by them.
simon
2020-12-29 19:41
@felix You usually need an ITIN for Chase, in addition to an EIN.
simon
2020-12-29 19:42
Yes, that?s the easiest way to get bank accounts in Singapore.
felix
2020-12-29 19:56
We do have an EIN for our US LLC, but I don?t have an ITIN because I don?t have any personal ties with the US
felix
2020-12-29 19:56
I assume that?s what you meant, right?
simon
2020-12-29 20:03
The ITIN is the non-resident tax ID that the IRS issues to individuals who do not qualify for a SSN. It?s free to apply and you can use your LLC as your justification but it currently takes months for the IRS to process applications.
simon
2020-12-29 20:04
If you can apply, it?s a good idea to do so in my opinion given that it?s free and having an ITIN can be very useful (not only for banking purposes but also to have access to more payment processing options, verify your ID instantly with multiple services etc).
felix
2020-12-29 20:09
Great! Thank you for the tip. Will go ahead and keep you updated on the process. The Chase credit cards have really outstanding perks.
ambroise.debret
2020-12-30 09:44
Thanks @felix I answered honestly and it worked :slightly_smiling_face: (I think it was to know if I?m working from the same country where my company is based)
nikolay
2020-12-30 17:34
Can you still justify via the LLC even if it is not owned directly by you but through a ?holding? company?
nikolay
2020-12-30 17:39
And there was a service someone linked to here that promised fast ITIN issuing (not sure how exactly would be able to achieve that)? What was the name of it?
simon
2020-12-30 18:05
An easier way to get a justification to apply when you do not directly own an LLC is to use a self-publishing service that is US-based. Because the payments you?d receive would be subject to US withholding tax (royalties), you can ask them for an ITIN letter for the purpose of claiming treaty benefits (you then use the ITIN letter they provide as your justification when you apply with the IRS).
simon
2020-12-30 18:06
I do not know of any service that can legitimately provide an ITIN faster and would be suspicious of any such service as there is only one official application channel.
taylorwalkerllc
2020-12-31 06:21
Yes need to Quarantine again.
d.mikocionis
2021-01-01 21:57
Hey guys! Just got an email from transferwise that my personal accounts will not be supported there anymore. Anyways to workaround?
gun
2021-01-01 22:41
TW is amazing. Starling is also good, and Airwallex is a further backup
gun
2021-01-01 22:43
What country? Move your account country, you'll need a 'proof of address' in the new country but it's not too hard to create/ get one with some curious thinking
d.mikocionis
2021-01-01 23:04
yeah, thought to do the same :slightly_smiling_face: just thinking whether they check it somehow
gun
2021-01-01 23:30
Nope. I have bounced my account around
d.mikocionis
2021-01-02 14:56
Any advice how I can get an address, let's say in the UK? :slightly_smiling_face: or elsewhere
simon
2021-01-02 17:34
@d.mikocionis You can use a virtual address service such as AnytimeMailbox. Just make sure you choose an address that ?looks? like a normal residential address.
kareem.elharony
2021-01-03 10:04
Any idea which is the best way to sell crypto , I can see that TW is not supported by Binance.
Any crypto friendly banks ? Which allow remote opening
p.rawson100
2021-01-03 11:24
If you are going for a UK address, a Scottish address could be a good option as they use an address system that works well with Mailing boxes, eg 1F1, street address. This would be 1st Floor, Flat 1. You would just need to ask the service provider for a box number in the format #F# and you have a completely authentic looking address.
fish
2021-01-03 13:51
Try N26. Works well for me with Kraken
timorshait
2021-01-04 10:39
Hey all, happy new year. Does anyone know how much fees are paid when transferring for example $1,000 from a US TransferWise borderless account, to a Revolut UK account with a USD balance? I know that that the banks charge a certain fee as it's a transfer going essentially from the US into the UK, but I don't know if it's a percentage from the total transfer, a flat fee, or how it actually works in reality. If anyone has experience with that and can share, it'd be very helpful. Cheers!
fish
2021-01-04 11:44
@d.mikocionis Where is the account they want to close is located?
leo.kipfelsberger
2021-01-04 14:58
@simon @jase just went through this process myself.
Seems like the regulations might have changed or I just got a rep who was more strict on the rules.
When I told them that I'd be happy to provide a bank statement from my Mercury account which has the business name on it, the rep stated it would have to be a bank statement in my personal name.
@simon do you have any tips on how to go about that?
I don't really need a personal bank account in the US but would be happy to set one up for the AMEX process if you have any recommendations?
jase
2021-01-04 14:59
Yeah I tried Mercury too and they didn't like it
simon
2021-01-04 15:16
@timorshait TransferWise charges a flat fee of 3.20 USD. https://transferwise.com/help/articles/2946451/sending-usd-to-countries-outside-the-us
sergiy.shlykov
2021-01-04 21:39
I got a US landline number with them, it worked for me for BofA, have not tried Paypal
d.mikocionis
2021-01-04 22:23
UAE
mohd
2021-01-05 05:53
Can Starling/Airwallex work for a uk llp but with a non-uk resident? @jonathan.galovan? @gun? @simon?
timorshait
2021-01-06 00:17
Thanks @simon that's great. Will see if Revolut charge anything for receiving funds from outside the UK
jonathan.galovan
2021-01-06 11:26
I just know about Starling and it works well
mohd
2021-01-06 11:38
Thanks @jonathan.galovan, it works for non residents as well? Business in one country, resident in another?
toby
2021-01-06 14:39
Hey @simon I read your post about obtaining an ITIN (https://www.freedomsurfer.com/hacks-itin/). I'm currently in Indonesia which is not on the list of countries from which it's possible to apply remotely. Is there any way for me to apply without travelling to the US? In Europe they have WebID to verify passports, is there maybe an acceptance agent service that can verify my passport online and file for me?
simon
2021-01-06 17:03
Starling requires a UK resident partner, Airwallex accepts companies/residents from multiple countries
simon
2021-01-06 17:06
@toby It?s not possible for an acceptance agent to verify your documents online, they need to see them in person (either the originals or certified copies).
https://www.irs.gov/individuals/new-itin-acceptance-agent-program-changes
If you can travel to Singapore, HK, Japan, Korea or Thailand you can use an acceptance agent there
mescos
2021-01-07 05:37
What?s the fastest/easiest EU-based EMI to open with that accepts non-EU residents? What?s the fastest/easiest EU-based EMI to open with that accepts non-EU residents? Suggestions? @simon
simon
2021-01-07 05:47
@mescos TransferWise
mescos
2021-01-07 06:16
Thanks. Any other options that are good for crypto exchanges? Trying to add additional accounts.
simon
2021-01-07 06:22
They only offer business accounts at the moment but Cashaa will launch a personal account in a few weeks. I imagine they will accept non-UK residents as they do for their business accounts. https://cashaa.com/personal-account
ivan.lakatos
2021-01-07 06:31
Any location restrictions ? @simon
toby
2021-01-07 07:22
Got it! Thanks :slightly_smiling_face:
leo.kipfelsberger
2021-01-07 08:45
Hey @simon!
I remember seeing this guide as well and I'm wondering:
By going to a acceptance agent in person and proving my original passport - I assume that would bypass any restrictions that some of users are currently facing to get certified copies from our governments correct?
In that case id just go to the nearest acceptance agent here in brazil to get my itin sorted out.
ivo
2021-01-07 09:36
@leo.kipfelsberger That?s correct
jase
2021-01-08 13:33
Yup, confirming that Mercury is not accepted.
leo.kipfelsberger
2021-01-08 15:58
@jase did you find a solution to this?
I got a US address through Anytime Mailbox and tried to use that to apply for a Sable bank account (which I would then have used to apply for the AMEX again).
However Sable needs a non tourist entry visa to the US in order to open an account.
So that didn't work either.
Would love to hear how you are trying to get around it.
jase
2021-01-08 16:05
I don't have anything at this point. Best opportunity I may have is with a friend in Wyoming who has some property there. I'd need to rent it, then get a bill sent there, then change ITIN address and apply again. I don't know if I care that much!
simon
2021-01-08 16:21
Have you guys tried Google Fi? You could use the monthly statement as your ?current cell phone statement?.
redareda9
2021-01-11 02:56
Good morning from Vietnam :sunny:
simon
2021-01-11 03:05
@redareda9 Do you use a VPS?
redareda9
2021-01-11 03:06
Transferwise is the only one I don?t use with a VPS because so far it didn?t bother them I was living in asian countries.
What?s funny is I still have access to it using the mobile App so it?s just a IP Ban for this specific coffeeshop I?m in, maybe some Vnese hacker tried to hack them from here.
redareda9
2021-01-11 03:08
Or they decided to block Vietnam overnight but it doesn?t explain why I still have access from the mobile app
benjamin
2021-01-11 03:09
@redareda9 I use some transferwise accounts without VPS as well from Asia but stick to my home IP only. Doing any type of banking from a public wifi is generally a bad idea
redareda9
2021-01-11 03:11
Even on a public wifi, the requests are encrypted thanks to SSL and usually the only way to sniff is by doing a MITM attack (aka creating a clone wifi from hacker laptop so people join it and you can decrypt packets) but I?m aware of that attack.
redareda9
2021-01-11 03:11
But yeah usually, it?s still a bad idea.
simon
2021-01-11 03:16
The risk of getting hacked is fairly low, especially if you are savyy to man in the middle attacks, compromised ssl etc. The main risk is having your account banned by association. I don?t know about TransferWise but PayPal is infamous for this.
redareda9
2021-01-11 03:23
Yeah that?s true! For sensitive services like PayPal, Stripe etc.. I?d always use a VPS.
redareda9
2021-01-11 03:24
But the above ban looks like a CDN or Cloudflare ban, not a TW ban so kinda weird, I never got that before
jase
2021-01-11 06:53
I use Amazon Workspaces when I am concerned about account closures. I use a location close to the address I am using on file.
redareda9
2021-01-11 15:02
Same here with Amazon EC2 free plan.
leo.kipfelsberger
2021-01-11 15:58
@simon! Genius! I'll sign up to google fi now and will use my Anytime mailbox address. I assume as soon as I have the first statement from google fi, I can use that to upload to AMEX correct?
leo.kipfelsberger
2021-01-11 17:03
@gun Cool to see you in here! How is the AMEX process going for you?
I just tried the sable option and it didn't work for me as Sable requires you to have a valid non-tourist visa in the US to open an account.
I just set up google fi as recommended by @simon and will try to use by fi statement to get the AMEX proof of residence.
Will update here in a few days but would love to hear if you found a workaround
gun
2021-01-11 17:04
Hi @leo.kipfelsberger! I'm curious where you actually get the Fi Statement from... if you figure that out a URL link or a sreenshot would be really appreciated!
leo.kipfelsberger
2021-01-11 17:12
I just signed up and it said i should get one within 2 days of activation. Will keep you posted. Did you manage to get an AMEX business?
simon
2021-01-11 18:22
@gun On the Google Fi website, click on billing then select a statement period. You can then download the PDF statement by clicking on this icon:
simon
2021-01-11 18:24
@leo.kipfelsberger Yes. As a sidenote, Fi is a pretty useful plan to have if you frequently travel outside of the EU. You can pause the service in three months increments when you don?t need it.
gun
2021-01-11 20:42
Oh wow thanks I feel like a derp. Not usually one to fall for that, I swear I looked everywhere for that dam button!
Cool this is super helpful.
This + the fact you can now install GoogleFi with E-SIM makes it a very attractive service :slightly_smiling_face:
994kaloyan
2021-01-12 09:40
@daoway for paypal you can use a Zadarma number, it also receives 2FA SMS.
994kaloyan
2021-01-12 09:54
@yaron.been to do this, you?d need a GBP bank account with a Bulgarian bank
994kaloyan
2021-01-12 09:58
@felix what?s the development on that ? Did the subscriptions get frozen or did they go on?
994kaloyan
2021-01-12 10:08
It appears that whatever you answer to those questions is ok, as long as it?s not something ridiculous.
994kaloyan
2021-01-12 10:12
@timorshait give 2CheckOut a crack. They have a PayPal integration which allows you to take PayPal payments with your 2CO account
leo.kipfelsberger
2021-01-12 12:48
@gun were you able to set up google fi remotely outside the US?
leo.kipfelsberger
2021-01-12 12:49
I signe dup yesterday and have been trying to get it to wor
leo.kipfelsberger
2021-01-12 12:49
just chatted with google support and they mentioned it can't be activated outside the US
leo.kipfelsberger
2021-01-12 12:50
Not sure whether I overlooked something major but I thought the main point of google fi was to be able to roam convenielty abroad
ambroise.debret
2021-01-12 17:44
yeah my supposition too :wink:
yaron.been
2021-01-12 19:44
Gotcha, can you suggest from your experiance?
felix
2021-01-12 21:22
The message was indeed correct. Our subscriptions didn?t go through anymore and no payment from the previous customers was processed anymore. We solved it now with the help of Stripe. There is an option to transfer all customer data from one Stripe account to another. This is done by Stripe and a one time gig. After the customer data was copied from the old account to the new one, everything went through without a problem. The whole process took about 14 days.
felix
2021-01-12 21:22
Hope that helps everyone who is facing the same issue.
chaostar
2021-01-13 06:15
Hi guys, sorry if this is a basic question but I need a PayPal account linked to my German N26 account. I'm an Argentinian citizen living in Uruguay. Is that possible? I try to join and I get asked for a German (or at least European) mobile phone for validation. Do you know if there is any way to get a German number that can be used? Sorry, got a baby now and very very little time. If anyone can help me, much appreciated!! Again sorry for the basic question. I do have a PayPal but it is Argentinian and doesn't allow to withdraw to an European bank.
Thanks again!!!
simon
2021-01-13 06:27
@chaostar Have you tried Twilio? They have German mobile numbers although I?ve never tried with PayPal DE so I?m not sure it?ll work.
arthur.vandelaak
2021-01-13 10:58
@chaostar have you tried http://eBay.de I bought a German sim this way and had it shipped to me.
chaostar
2021-01-13 23:41
Hey thanks @simon and @arthur.vandelaak -- will research a bit!
td
2021-01-14 14:02
Hi, do you have any recommendations on a bank/creditcard/solution where it is easy and cheap to get cash money? i need around 5-10k per month, currently i am using multiple cards from transferwise, neteller, payoneer and others, but most ATM are limited to 500 Euro/USD a day, or 2k a month and various other limits, besides i pay like 3.99% fx fee, and 2% cash fee, i get paid in USD by amazon/acx and other sites in USD, and want to pay my daily expenses without using any cards in EUR
burrup.lambert
2021-01-14 19:34
have you looked at Western Union?
burrup.lambert
2021-01-14 19:35
Create WU account in your "home" country (somewhere where you have proof of address), send to yourself in current country, pickup in cash.
simon
2021-01-14 20:02
@td If you can travel to the US, you could open an account there. There are several banks that do not charge withdrawal / forex fees, some even reimburse ATM fees (if the ATM charges you a fee). Most banks allow at least 1000 USD / day and some allow as much as 10000 USD / day.
td
2021-01-14 20:24
thanks, looks like a good idea, i will test it :slightly_smiling_face: they have 50.000 limit here, that should be enough haha :smile:
td
2021-01-14 20:25
thanks, i will do that as soon as corona situation is a bit more relaxed
frederic.scheffer
2021-01-16 08:30
How to avoid PayPal withdrawal fees? So... large amount on paypal HK account in euros.
PayPal (thieves), don't allow to withdraw it in euros in any ways. Of course they force you to withdraw it in HKD so they can take an addition 3% fee on the base 4.4% they already took. Madness
Anyways, any idea of how to get this amount out in euros? Transfer it to personal paypal accounts in euros linked to euro bank accounts and withdraw it? But they could hold the money if these personal accounts received say 50 000?, right?
Anyone who managed to solved some similar situations?
(Its PayPal HK, there don't offer a card to spend the euros)
twinorita
2021-01-16 09:19
What is the reason why you need to use Paypal? I agree that they are thieves and I personally would never pay via Payal, nor accept any payments via Paypal. Those scam businesses shouldn't be supported!
marziovit
2021-01-16 11:36
Lets be honest here. PayPal is very safe from the buyer perspective. It happened few times that i bought something from China and the item never arrived. With PayPal you know that you will get your money back in case something goes wrong. Users know that and they use PayPal for this reason.
frederic.scheffer
2021-01-16 11:44
Had no choice. Shopify payments was holding my funds and i had to spread my risk
felix
2021-01-16 12:23
Same here. I would rather miss out on a payment than support PayPal with $1. When I read here how much headache you guys have just dealing with them, frozen assets, fees of 7+%, etc. I am happy about everytime we donmt work with them.
twinorita
2021-01-16 13:28
I absolutely agree!
twinorita
2021-01-16 13:37
Valid, but you should also mention that there are many buyers who take advantage out of this by declaring everything they receive as a faulty product and hope they get the money back and eventually even speculating on to keep the item for free especially for low value products, which of course results into blocked money of the vendor and a huge time/nerve loss dealing with paypal to win the dispute.
marziovit
2021-01-16 16:51
I know, it's the cost of doing business. You will always find some asshole but on the other side how many sales are you losing because you are not using PayPal? Bottom line is a necessary evil, at least fo me.
d.mikocionis
2021-01-16 17:26
any revolut/n26 or other personal banking alternatives for UAE residents?
twinorita
2021-01-16 18:12
bankera
twinorita
2021-01-16 19:08
However, the onboarding process is a horrible experience there
felix
2021-01-16 20:03
Citi?
twinorita
2021-01-16 20:31
How high my credit score needs to be to apply for American Express credit cards like the *Hilton Honors Aspire Card for example.*
I am just starting out by registering a US LLC with Simon and have a zero track record in the US. In case I need a high score for these credit cards, what should be my first steps and how can I build a good credit score in a short period of time? I really appreciate your support and advice and try my best to give things back. Thanks!
twinorita
2021-01-16 20:48
Is Mercury crypto friendly and can I link it with a crypto exchange like kraken? If not, what are US banks alternatives?
kuka
2021-01-17 03:28
Does anyone have experience with mass payouts using API? I?m aware of Transferwise as one way to do it but something else would be helpful. It?s for UK LLP.
twinorita
2021-01-18 11:21
I think that was more true in the past like 5-10 years ago where there weren't too many alternatives but nowadays I am not too sure if not accepting Paypal would result into loosing customers, if you on the other hand offer a wide choice of other payment processor alternatives. You could be right though, I don't have any data for this.
Same argument could be valid also for not accepting any cryptocurrency payments, how many customers you loose and how many vendors actually accept crypto payments by trusting only the old tech? (not many for sure)
sebastian.leu
2021-01-18 16:42
did anyone try to open a start up business account at HSBC as a non UK resident? https://www.business.hsbc.uk/en-gb/everyday-banking/business-accounts/start-up-business-bank-account#eligibilityCriteria
sebastian.leu
2021-01-18 16:43
Their new kinetic thing sounds interesting too (in the future, atm it's quite limited still) https://www.business.hsbc.uk/en-gb/everyday-banking/business-accounts/kinetic#EligibilityCriteria
frederic.scheffer
2021-01-19 05:17
Would love to, if possible remotely, for a UK LLP
benjamin
2021-01-19 06:04
HSBC HK is doing remote opening now for businesses BUT you have to have a real operational address in HK to be eligible to do it remotely.
Assuming the UK HSBC has the same policy it may be possible to do it if you have an address in the UK you can use.
frederic.scheffer
2021-01-19 11:46
Great point. Will ask HSBC UK today
frederic.scheffer
2021-01-19 11:49
Hsbc uk "Due to unprecedented demand we have had to pause opening some new accounts. We will be able to accept applications for new accounts soon."
benjamin
2021-01-19 12:42
@frederic.scheffer Ah damn, I spoke to HSBC HK today and they are also experiencing a large demand. They also mentioned to monitor their website as it's been discussed that the remote opening is in beta mode and it's realistically possible they may open it up to companies who DO NOT have a 'real' local presence.
Interesting to see how the future plays out.
frederic.scheffer
2021-01-19 13:14
Hopefully that trend of asking more and more documentation/proofs/utility bills to companies will turn and they will accept nomadism. *wishful dreaming*
danz
2021-01-19 13:27
I have asked them several times about that in the past, but still had to come by.
danz
2021-01-19 13:27
I could get one thing managed online which is normally done physically, but that was it
gun
2021-01-20 18:38
Is it possible to pay off a US :us: American Express :credit_card: with a Transferwise Borderless account? If yes, how exactly should that. be done? I just linked the $USD account and the direct debit got rejected
buynps.org
2021-01-20 20:37
I found that you are able to transfer funds from an LLC to your personal IB broker account via ACH. For those who want to skip a layer of banking transfers and want to invest
gun
2021-01-20 20:53
So far I found this workable solution, but looking on improvements:
Transferwise -> http://Worldfirst.com -> Setup a Wire in there to pay off the Amex.
Costs $15 ea time.
simon
2021-01-21 01:39
Did you use your new USD banking details? TransferWise released an update a couple of weeks ago to better support US direct debits
gun
2021-01-21 01:53
I did, yes. Not sure if I did it correctly though, hence why asking if anyone has done it successfully
simon
2021-01-21 05:06
You used your personal TW account? (the name must match that on the card)
ivan.lakatos
2021-01-21 05:28
Does anyone know when Paypal is supposed to re-launch in Thailand again ?
twinorita
2021-01-21 09:49
Can I open a transferwise account and use it already without a tax number (EIN). How risky is transferwise to transfer larger amounts like 10k+. Any issues with them like frozen accounts etc? Thanks!
frederic.scheffer
2021-01-21 13:36
Yes. No problem with this kind of transfers in my experience
twinorita
2021-01-21 16:57
@frederic.scheffer Can I also deposit money or is the EIN needed? I just registered but they ask me for an EIN number for deposits. Thanks!
jonathan.galovan
2021-01-21 19:59
I am not a UK resident, I just got proof of address and haven't had any issues :slightly_smiling_face: does anyone else have another experience?
simon
2021-01-22 01:12
@twinorita An EIN is required to open a TransferWise (or any financial) account for a US entity.
frederic.scheffer
2021-01-22 08:00
Sorry didnt know you had a US entity. I use it for a uk llp
arthur
2021-01-22 09:01
Guysss, just called with Transferwise: Business account with a balance above EUR 70k will be charged annualy with 0,04%. For personal accounts it is above EUR 15k. Anybody a suggestion which bank to hold your business/personal money above these numbers? :smile:
simon
2021-01-22 09:12
@arthur Most EU banks charge such fees, as they have to cover the negative interest rates they are subject to.
arthur
2021-01-22 09:14
Yes I see, but if you can spread the few 100k over different banks, you can benefit the until the free threshold right? Do you know about REvolut threshold? :smile:
bountybairn
2021-01-22 10:02
Hi guys. anyone had any experience with Revolut or TW for a Cypriot limited? I need to quickly get banking for a new company so i've discounted the local bank as I know from experience thats its likely to take a couple visits minimum
(I wondered if maybe TW for example is the same in all EU countries in terms of account opening)
arthur
2021-01-22 11:30
Is it correct that on Transferwise there is no fee for holding GBP above 70k?
twinorita
2021-01-22 12:55
I don't know your situation but you could consider spreading most of this fiat into ETFs, metals and especially cryptocurrencies to protect yourself against the money devaluation because of the insane money printing that is taking place since March 2020( 30%+ increase of the money supply already)
That's just my opinion and not a financial advice. Please do your own research!
simon
2021-01-22 17:22
That?s correct, they only charge a fee for large EUR balances
taylorwalkerllc
2021-01-23 12:14
http://intergiro.com works well with Cyprus companies, I opened an account with them.
alex720
2021-01-23 13:03
@bountybairn i have a TransferWise
kuka
2021-01-23 17:37
Has anyone opened a Barclays account for UK LLP?
turgut
2021-01-23 17:38
is anyone using Mercury witj us llc ?
stuart078
2021-01-24 08:47
I just signed up withMercury with a C-Corp. Took lees than 1 hour to approve the account. So far so good
turgut
2021-01-24 08:49
what type of company ?
simon
2021-01-24 09:30
C-Corp, a US corporation
gun
2021-01-24 21:00
Yes I did
bhugbhug
2021-01-25 18:08
TD is adding 3% foreign transaction fees on the TD Cash Visa, which becomes pretty useless now. Any good alternative?
simon
2021-01-25 18:21
@bhugbhug Do you have a SSN / ITIN? If so, there?s quite a few cards with no forex fees that you can apply for online
jase
2021-01-25 18:22
*And a utility/bank statement with a US address.
bhugbhug
2021-01-25 18:25
I meant a card you can apply for without US credit history, just like the TD Cash Visa. I still have my US Amex but I might have no choice and get and ITIN :/
simon
2021-01-25 18:46
@bhugbhug You can apply for a Bank of America card over the phone if you have Canadian credit history. Some of the their cards have no forex fees.
simon
2021-01-25 18:47
I?ve heard it?s also possible to sign up for the Orbitz visa card (no forex fee) as the issuer (Comenity) accepts cross-border applications.
bhugbhug
2021-01-25 19:26
Ok I don't see any great card, I'll dig into the ITIN application process, thanks Simon.
mail140
2021-01-26 22:14
Hello,
Can you recommend to me a mailbox service in the EU that is fine with forwarding a debit card?
benjamin
2021-01-27 08:18
Anyone have a large amount of personal bank accounts around the world? I went through a phase of getting accounts in any country I could (almost like collecting accounts) but now I'm almost seeing it as an admin nightmare.
How many different countries do you think is a safe bet for personal accounts to spread your wealth?
mb
2021-01-27 08:46
Honestly, why have so many bank accounts which can are technically out of your control AND mostly likely you'll pay fees on?
mb
2021-01-27 08:47
The way I handle it is 1 account.
mb
2021-01-27 08:47
An Ethereum (multi sig Safe) with multiple owners/signers.
mb
2021-01-27 08:49
You can stash USD tokens:
? USDT
? USDC
? DAI
(whatever you flavour and preferred backed asset)
or synthetic EURO:
? EURS -> https://eurs.stasis.net/
? SEUR -> https://www.coingecko.com/en/coins/seur
Whenever you need Fiat, you send it to an exchange -> bank account of choice.
But I fully understand this might not work for everyone. Especially when needing lot's of FIAT on a daily basis.
But if it's merely 'stashing' it most of the time, I can't see myself doing it in another way anymore.
felix
2021-01-27 09:11
Which Ethereum (multi sig Safe) with multiple owners/signers would you recommend @mb. Thank you for your input!
mail140
2021-01-27 09:22
http://Clevver.io works but I don't use them anymore because last time they sent me the package with the slowest shipment option(it took 25 days to arrive) and charged for express service(85 euro).
bleronque
2021-01-27 09:57
Hi all, has anyone from the UK managed to open a US AMEX card using Global Transfer or any other way?
benjamin
2021-01-27 10:04
@mb One bank account isn't ideal. What happens when that account has a problem and you have no access to your money.
No point storing crypto if you can't transfer it to a bank account because of a bank problem.
mb
2021-01-27 10:05
@felix on Ethereum for ETH/ERC20 tokens I'd recommend http://gnosis-safe.io which has a audited smart contract. 2B+ USD worth of assets stored in Safes and recently Bitfinex moved most of their ETH (1B usd) to a single Safe.
mb
2021-01-27 10:07
@benjamin I understand why you'd want multiple bank accounts. I don't see the argument of not storing crypto. I read it backwards: No point storing fiat in a bank in the event a bank problem arrises.
But I reckon I have a vastly different ideological drive here as I don't believe in having most my funds under custody of a bank.
mb
2021-01-27 10:09
Oh that's not a good experience. From what location was this?
mail140
2021-01-27 11:31
It was Germany.
kuka
2021-01-27 14:22
I did it from Canada, I don?t see why UK wouldn?t work. It?s quite straightforward.
buynps.org
2021-01-27 17:48
i haven?t been able to transfer it
buynps.org
2021-01-27 17:48
@kuka what was your process?
kuka
2021-01-27 18:31
I got a Platinum card in Oct 2019, used it and then in May 2020 applied for US Amex Blue. I have no ITIN and had a temporary SIN in Canada when I applied for it.
burrup.lambert
2021-01-27 23:23
Following. I have accounts in many countries. I always deposit the minimum to avoid fee's. I store all the account details securely so I don't have to log into each bank account to get the details. Technically it could be a bit of an admin burden for e.g. when you change residency or tax residency.
What admin issues are you facing specifically?
benjamin
2021-01-28 00:20
@burrup.lambert Most of my issues are related to changing of address. I tend to get a new address every 6-12 months (same country) so updating addresses can get annoying. Couple that with monitoring when cards expire etc.
I've almost considered buying a cheap condo just to have as my 'home' for the purpose of making immigration/banking admin easier. Lifestyle wise, I enjoy upgrading my home each year so I see myself with a new place at least every 12 months.
bleronque
2021-01-28 04:06
@kuka didnt you need a US bank account and address?
felix
2021-01-28 06:40
Why not using a mail forwarding system to receive your new cards, etc.
You could leave the postage address the same (address of the mail forwarding provider) and only need to change your address once at the forwarder..
kuka
2021-01-28 11:36
Yeah, I had that. I opened a BofA account on a B1/B2 visa and used the virtualpostmail address. They sent me cards, no problem.
kuka
2021-01-28 21:04
and https://www.sablecard.com too (though I?m not sure if you?ll get a checking account with them)
994kaloyan
2021-01-29 12:40
Awesome! Thanks for the feedback. That?s useful info.
994kaloyan
2021-01-29 13:18
@yaron.been sorry for the late reply. I?ve never had a GBP account with a BG bank, I never needed one. I?ve had EUR accounts with Allianz Bank Bulgaria and it was just like every other bank account. The fee was 2EUR/month I think. Their online banking looks like it?s form 1997 though. Not a problem for me personally but worth noting. Generally I?d recommend them. Another good one is UniCredit BulBank. Bear in mind, to get an account with a Bulgarian bank you need to be physically present in the country and it?s a bit of a headache. Ideally, you?d need to be introduced to the bank by a lawyer, who also ideally has a relationship with them (normally lawyers in this scene do have relationships with banks and can introduce you to one). There?s also a fee to pay to the bank for them to do a research on you. The Anti-Money Laundering bullshit. It?s of different amount with the different banks and can range from 100 to about 500EUR. The messed up thing is that paying the fee doesn?t guarantee you?ll get an account. Hope that helps. Lmk if you have any other questions. Just make sure to tag me with the @ symbol, otherwise I might take 17 more days to respond :smile: Cheers
arthur.vandelaak
2021-01-29 17:57
Anyone has experiences with Mercury bank account as part of an LLC set up as a non-US resident? Love to hear your thoughts.
yaron.been
2021-01-29 19:54
@994kaloyan
Haha thank you. Appreciate the info :slightly_smiling_face:
jason
2021-01-29 21:49
Why is it no US banks have any clue what a "bank reference letter" is?
jason
2021-01-29 21:50
Just spent a couple hours on the phone with Capital One and then Wells Fargo, closest thing I could get was a "verification latter" from WF.
stolzlos
2021-01-29 22:07
had the same problem. Try *Letter of Good Standing*. Maybe that works.
jason
2021-01-29 23:24
I tried that too, with one agent I even found an online definition of a "bank reference letter" and read it to them, and they just said they didn't know and booted me to someone else. :shocked_face_with_exploding_head:
buynps.org
2021-01-29 23:29
Mercury is non-US resident friendly
burrup.lambert
2021-01-30 02:44
Just send them a template or walk into a branch (if you can) and get them to sign it?
jason
2021-01-30 15:59
Yeah, might have to do that, although banks around here are requiring appointments and dis-allowing walkins
hanifk
2021-02-01 13:44
Hi, Has anyone got a UK LLP with corporate partners? Did you use TW to get an account and was it difficult?
vinodgn0088
2021-02-01 14:44
@hanifk, Not difficult to open account if there is public UBO register and corporate partners are based in reputed countries. If you are asking about UK LLP + Corporate entities based in Belize, Seychelles etc. Still possible with apostilled documents, no nominee directors and a good business description and supporting docs.
hanifk
2021-02-01 14:50
Hi, Thanks. Partners are a UK Ltd ( with UK resident Director) and US LLC. Docs are available and lots of evidence on actual business, which has been established for some years.
kuka
2021-02-01 15:21
Anyone used europacbank?
994kaloyan
2021-02-01 16:28
should be easy to get an account, go for it confidently
alex720
2021-02-01 16:47
heard bad things @kuka
ivo
2021-02-01 16:56
Do yourself a favour and don?t. Their laissez-faire attitude is coming after them with regulators knocking left and right for alleged money laundering using the bank.
That aside, they are a terrible bank with customer service that resembles more a scam broker than an actual bank.
hanifk
2021-02-01 17:00
Thanks
hanifk
2021-02-01 17:01
Thanks
yuli
2021-02-01 21:03
I have Mercury and have a positive experience thus far
kuka
2021-02-01 21:53
Noted, thanks for sharing
benjamin
2021-02-02 09:34
I have no experience with them but with the amount of attention they're getting the last few months I'd stay well clear of them.
The ATO in Australia for example said it's actively watching them and all Australians who may be using the bank. Not worth the risk of getting audited yourself.
toby
2021-02-02 11:53
Does anyone have experience with wealth management through Swiss banks? Considering going with a bank there, I like the personal touch but not sure if Switzerland nowadays is still worth the high fees they are charging. Any thoughts?
burrup.lambert
2021-02-02 16:55
I have also heard bad things. It's Peter Schiffs bank isn't it?
twinorita
2021-02-02 21:59
@burrup.lambert I think so, just also imagine linking this bank account with a crypto exchange. Peter Schiff would probably freeze the account personally :rolling_on_the_floor_laughing:
kuka
2021-02-03 17:12
It?s interesting that he?s against the Fed printing endless amount of money but not pro-crypto.
leo.kipfelsberger
2021-02-03 19:21
Hey team!
I wanted to give a quick update on how to get an amex card without a bank account in the US.
I signed up to an Anytime Mailbox account as recommend by @simon to use that as my residential address.
Once I had the mailbox address, I signed up to google fi to use this as a proof of address for AMEX. Turns out you CAN sign up to google fi using a VPN. However, you CAN NOT activate the service unless you are physically in the US and have cell phone reception.
Despite not being able to activate google fi, you will get an invoice from them after 3 days anyways which outlines your basic monthly charge.
I used that invoice to upload it to AMEX and was able to have them accept it as a proof of residence.
The AMEX card was then shipped to my Anytime Mailbox and I used their service to sent it to my home country and address.
Hope this helps some people who were in the same boat as me.
leo.kipfelsberger
2021-02-03 19:23
On another note, does anyone know whether its possible to set up the US Amex to auto deduct payments from a transferwise account?
danz
2021-02-03 20:04
I got experience with them from the past, the worst bank there is. Don't use them like Ivo mentioned.
maxsuur
2021-02-03 22:56
I am wondering what you'd need this Amex for
brent
2021-02-03 23:25
Miles?
yuli
2021-02-04 04:31
@leo.kipfelsberger Curious to know what AMEX you were able to get/apply and get? I am assuming you are non-USA, what's the best one for miles you could get?
frederic.scheffer
2021-02-04 06:09
Curious to understand what for? Is that linked to an account you have in the US? Company or personal? Mostly for miles?
daoway
2021-02-04 10:06
I need some advice: I have had a Stripe account in HK for years and they just asked for verification and my HK company was dissolved a while ago. The person who owned the company was not from HK and did not have an HKID. Would not be a big deal if I did not have 130+ subscriptions in there. I am migrating to a new Stripe account, but they won't allow me to without verification of a business tax ID or personal HK ID
simon
2021-02-04 13:46
Singapore is a better option, in my experience, as the fees are reasonable and the products are actually pretty good. The country is also more ?independent?, unlike Switzerland with its strong ties to the EU.
simon
2021-02-04 13:47
Congrats Leo! It?s good to know the Google Fi hack works!
simon
2021-02-04 13:49
@maxsuur @frederic.scheffer If you have significant spend in certain categories, advertising for example, having a US AmEx can be extremely beneficial. For example, the Business Gold card pays 4 points per $ spent on FB and Google Ads. With the regular transfer bonuses, that is 5-6 airline miles per $ spent. To put that into perspective, you?ll get a long-haul ticket in business class for every 10000$ or so that you spend.
simon
2021-02-04 13:50
@daoway Is the new account HK-based?
daoway
2021-02-04 14:41
The new account is with the UK LLP
simon
2021-02-04 14:50
Ah I get it, it?s for the old account that they are asking for a HKID right?
daoway
2021-02-04 14:50
Correct
simon
2021-02-04 14:51
Have you tried entering the closed company?s ID?
daoway
2021-02-04 14:52
I didn't try that. Don't they check it against current tax Id's I am not sure how it works with Stripe
simon
2021-02-04 14:55
I?m not sure if they?ll run a check on the company registry (which is likely to fail as the company is dissolved) or only against the credit bureau (which is likely to go through as credit profiles do not expire with the company / HKID).
leo.kipfelsberger
2021-02-04 17:34
What @simonsaid! Thanks so much for all your help and insights here!
I am using my Amex business gold to run all my ad spent through them. That way I can essentially fly in business pretty much for free.
@simon do you know if I can hook up the Amex to a transferwise account?
Otherwise i'll go ahead and run it through Mecury
simon
2021-02-04 18:27
Better run it through Mercury. It?s possible with TransferWise but I?ve also heard of some people having issues (direct debits going through but then being reversed, for example). AmEx really hates payment issues so it?s better not to risk it, especially with a new card
burrup.lambert
2021-02-04 21:46
Did you apply directly with Amex or do Global Transfer or Nova Credit?
twinorita
2021-02-04 22:12
@burrup.lambert Great question!
daoway
2021-02-05 01:08
This is a brilliant idea thank you Simon!
frederic.scheffer
2021-02-05 04:54
Amex possible for a UK LLP?
I definitly spend a lot on ads
toby
2021-02-05 06:47
Thanks heaps Simon! Super insightful
simon
2021-02-05 06:53
Bank of Singapore (https://www.bankofsingapore.com/) is especially well regarded in this regard. It?s the private banking division of OCBC, a major local bank that often ranks as one of the most stable in the world.
toby
2021-02-05 07:23
Do you recommend just getting in touch through their website or is there a better way?
simon
2021-02-05 09:04
Through their website
twinorita
2021-02-05 11:06
Who is using mercury bank and whats your experience with them? There is a lot of negative reviews about them and I am not sure if I should choose them. Thanks
nikolay
2021-02-05 11:13
If your business is clean and you got invoices for all incoming and outgoing big payments, contracts etc.
nikolay
2021-02-05 11:13
It is all good and even amazing I?d say compared to TW and other fully online banking solutions
nikolay
2021-02-05 11:14
If you want to do something shady, do business with Chinese, Russian or any other ?shady? countries then you?d be having issues for sure.
twinorita
2021-02-05 11:19
No, I just want to do my forex, crypto trading business. For many thats shady already and thats a big problem.
nikolay
2021-02-05 11:20
Yeah well you might have a tough time with crypto.
nikolay
2021-02-05 11:20
It does not hurt emailing them in advance
nikolay
2021-02-05 11:20
I discussed in advance our company structure, had a green light from them and then I went ahead with that structure.
twinorita
2021-02-05 11:21
I emailed them already concerning linking to crypto accounts, thank you for your feedback
nikolay
2021-02-05 11:21
I aksed them about different company structures and which one would be ok for them and which one not.
nikolay
2021-02-05 11:22
Just be honest and tell them ?i?d be trading crypto via http://xyz.com, will this be acceptable for you and would you require any extra documentation like perhaps proof of what exactly was traded?.
nikolay
2021-02-05 11:22
They don?t want money laundering as you can imagine - if you can proof the opposite you are good.
twinorita
2021-02-05 11:22
ok, thats not an issue to proof things, however I don't want to share my trades with them of course
buynps.org
2021-02-05 17:44
@twinorita only had good experiences with them so far. can wire 6 figures remotely without issues. downside is there is no phone support, only email
jase
2021-02-05 18:39
I don't have any bad reports either. They had trouble with their banking provider mid-2020 and "lost" some transactions (for many accounts I believe) but have been flawless, very easy, and overall awesome since then.
nikolay
2021-02-05 19:56
I had one lost transaction out of 400 but knew it should come and we found it.
jase
2021-02-05 20:02
Yeah I think we lost 3 but it was bad timing. Again, we expected it.
jase
2021-02-05 20:02
I think it was only a 24/48 hour period, it's been flawless since that time
jase
2021-02-05 20:03
Funny reminder that most nice looking bank interfaces are still run on ridiculously old systems
twinorita
2021-02-05 20:27
Thanks for the feedback guys, very appreciated!
twinorita
2021-02-06 10:07
Can somebody recommend a private US bank account, where the onboarding is smooth for non us citizens? I can show a US LLC and eventually can do the digital mailbox + google fi hack to proof eventual residency. Thank you!
redareda9
2021-02-06 10:23
Anyone know a way to get unlimited amount of cards except Revolut. It?s for advertising accounts, when they ban, they will ban the associated card forever. Revolut doesn?t work with Google Ads so can?t use their virtual cards
brian.ppcmanagement
2021-02-06 12:22
Revolut works for Facebook ads though
simon
2021-02-06 17:43
Indeed, they now issue debit cards (as opposed with the prepaid cards they used to issue, and that were often declined with ad services)
simon
2021-02-06 17:44
@twinorita You can open a Mercury account for your business. It?s pretty close to impossible to open a personal US bank account without traveling there (unless you already have an account with a multinational bank that has a presence there).
twinorita
2021-02-06 17:53
Hi @simon. Thanks for your reply!
I messaged Mercury and they told me that the bank account is not in the name of the company, its wired through "Signature", hence I cannot link it with a cryptocurrency exchange like kraken(
I asked and kraken don't accept them), similar thing for the offshore forex broker. At the moment it looks like a Mercury business account in my case and for my needs seems to be useless.
I am in touch with MVB bank though, they could solve my banking issues as they also accept linking to crypto exchanges, in case they let me open a bank account remotely, hope to get reply from them soon.
tiagomdreganha
2021-02-06 19:21
following, spending 6 figures in EU FB Ads with 0 cashback atm :disappointed:
info939
2021-02-06 23:47
For the Revolut manufactured spending hack to work-as laid out by Simon-do you need to have a physical Revolut debit card? Or will a virtual card do:grinning:
info939
2021-02-07 00:58
Any idea @simon?
redareda9
2021-02-07 01:35
@simon you mean Revolut Business. Because that?s what I tried with Google and they declined it for ��Prepaid card�� reason.
frederic.scheffer
2021-02-07 07:13
@tiagomdreganha for UK LLP as well?
I just found that for Uk businesses but I don't know if works with LLPs+TW
https://www.americanexpress.com/uk/business/business-charge-cards/platinum-business-card/?linknav=uk-acq-sbs-landing-platinumcard
simon
2021-02-07 07:56
You don?t need a Revolut card, you only need a UK / EEA Revolut account and a personal Curve card
simon
2021-02-07 07:58
The UK cards aren?t interesting and they have forex fees. Only the US cards are interesting for ad spend
simon
2021-02-07 08:01
The personal Revolut cards are also debit now, at least mine is (issued in 2020, EEA account).
frederic.scheffer
2021-02-07 08:03
@simon thanks. Any ways to get a US one for a UK LLP?
simon
2021-02-07 08:11
You can get one personally and use it for your LLP expenses (and have the LLP reimburse you).
frederic.scheffer
2021-02-07 08:11
Need a US bank account for that?
simon
2021-02-07 08:13
Yes, and a US phone number + address. You also need an existing AmEx account with at least three months of history in a supported country
frederic.scheffer
2021-02-07 08:20
Hmmm... damn. Would it be worse going through that for, say 50 000 to 100 000? a year of fb/google ads? Would you do it @simon?
marziovit
2021-02-07 08:24
what is the "manufactured spending hack"?
simon
2021-02-07 08:28
That?s approximately 500000 miles / year, equivalent to anywhere from 5 to 10 long haul business class tickets (one way). Let?s say the ?value? per ticket is 2000$, that?s $ in value annually (obviously that?s assuming you would otherwise pay for those tickets).
The annual fee for the business gold card is 295$, you?ll also lose maybe 1% in forex fees (TW + fluctuations). So overall approximately 0$ annually is fees for a value of $ (more if you increase your ad spend or redeem for tickets that would otherwise be very expensive).
frederic.scheffer
2021-02-07 08:30
Can I get tickets for family members using these miles? Thanks Simon
simon
2021-02-07 08:30
You can also transfer AmEx points to some of the hotel chains but that is rarely good value (except for specific redemptions like in the Maldives).
simon
2021-02-07 08:30
Yes, you can put any names on the tickets
simon
2021-02-07 08:31
At least with most frequent flyer programs
frederic.scheffer
2021-02-07 08:33
Thanks. I will look for guides on freedom surfer or a thread about how to get the Amex + us account.
Has there been any recent change? I thought I saw somewhere that it was harder to prove address
simon
2021-02-07 08:44
The issue was that AmEx didn?t accept TransferWise and similar services as a proof of address. Google Fi seemed to work, however, and is easy to setup remotely
frederic.scheffer
2021-02-07 08:50
Thanks. So
1. GoogleFi to have a proof of address
2. Personal bank acc remotely (which bank?)
3. Apply to Amex
That's it?
simon
2021-02-07 09:23
If you have Google Fi you should be able to skip the personal bank account and use TransferWise instead (now that they fully support direct debit)
frederic.scheffer
2021-02-07 10:57
Oh wow. Any personal transferwise acc? Or a US personal transferwise acc?
simon
2021-02-07 10:59
Any TW account, as long as you have personal USD banking details (the new ones, that support direct debit)
frederic.scheffer
2021-02-07 14:22
Amazing! Thanks Simon
@redareda9 might be interesting for you
redareda9
2021-02-07 14:37
Thanks @frederic.scheffer!
Yeah really good tip here. I got declined from Amex UK but not even a good deal so I?ll try with Us.
Thanks @leo.kipfelsberger for sharing!
bountybairn
2021-02-09 05:21
Not read about the Revolut one specifically but I imagine its along the lines of topping up your revolut account via a credit card which will treat it as a purchase and you can get miles etc depending on your credit card but you still have 'cash' in your revolut....hence its manufactured and not actual spending to get card bonuses
bleronque
2021-02-09 05:46
Hey @leo.kipfelsberger, did you manage this through a Global Transfer?
omocha_10
2021-02-09 12:45
Hi,
During the last 11 month through 13 different transfers through Transferwise(most of them my personal TW) I received in my Revolut account a total of a ?5 figure number?.
Most of it originated from my personal non fintech bank account in a ?serious country?.
Now Revolut is asking me this:
omocha_10
2021-02-09 12:49
The origin of that money is legal, and most of it originating from a real bank account I have in a serious country.
It?s insane they are asking me all this, doing it will demand me a lot of time, contacting different accountants and a lot of hassle....
What I did is, I withdraw the few thousands Euros I had in Revolut, and I would really prefer avoid giving them all they are asking for.
What would be the consequences if I don?t give them all they ask for?
I guess they will close my account... could this escalate further?
arthur.vandelaak
2021-02-09 13:12
I have been there. It happens when you hit a 5 digit, and will happen again if you do a 6 digit transfer. They will block your account until they have the paperwork. You will have to deal through chat and every time it is a different person. Unfortunately, Revolut had some smear campaign against them in which they were continually exposed for its compliance procedures. Now it has gone the other way. If everything you do is legit and fits within the risk profile you should be OK.
omocha_10
2021-02-09 13:29
Everything is legit. But it will be a lot of work and time to explain and prepare everything. I would rather just close my account and use my other banks. Which are non fintech and they will not put me through this.....
omocha_10
2021-02-09 13:30
I don?t want to give all that information to a company just because they ask for it.... I did nothing wrong and I?m a costumer, with other bank accounts...
bountybairn
2021-02-09 14:22
@omocha_10 I had this too with Revolut, since moved to other providers but had to comply with them to get access to transfer money from the accounts (though oddly the card was still working for a period )
Its frustrating for sure, but this is fairly standard AML for finance companies, revolut are just a bit tin pot when it comes to service which makes this harder (actually when i think about it, several accounts I have in the UK didnt ask for this with 6 figures going through)
tiagomdreganha
2021-02-09 15:24
Had it with Revolut and N26.
I was running as self employed doing eCommerce, so I had literally thousands of invoices every month.
I used revolut quite a lot with transfers to China so I had to explain it, send a few slips from Payment gateways and my tax return for the previous year.
More recently with N26 I just couldn't be bothered since I barely use the account, and I was surprised to see that months later my account is still active and working.
bleronque
2021-02-09 16:13
Personally - Revolut is an absolute nightmare. It takes a quick look at their reviews online to notice that the problem you?re having is very common. They asked me for over 5 documents for a �5k transaction, which I supplied and they kept asking for more. They even asked me to verify the source of income of the person who had sent me money..? I refused to do that and they wouldn?t let me back in. After 6 months of asking them to close my account and return my money - they eventually closed it and returned all the money to whoever had sent me money.. so be aware this is what they?ll do when they do close your account
omocha_10
2021-02-09 19:13
I already withdrew the few thousand euro I have.
Thanks
omocha_10
2021-02-09 19:16
A friend also is getting a hellish experience similar with Interactive Broker. I started using fintech during the last year, I rather stick to conventional banks until they sort this out. Also I feel that in the chat I?m communicating with a bot.
marziovit
2021-02-09 19:35
Wow didn?t even know that something like that was possible
omocha_10
2021-02-09 23:39
They are driving my friend mad with KYC/AML demands.
burrup.lambert
2021-02-10 01:43
Is it for a personal or business account?
burrup.lambert
2021-02-10 01:43
I had to refile IB paperwork when I changed my tax residency,
marziovit
2021-02-10 03:36
@simon are you saying that connecting an Amex to curve and then tipping up your revolut account will work? :grinning:
simon
2021-02-10 06:05
It won?t work with AmEx but it?ll work with any Visa / MasterCard that codes the transactions as purchases. I personally have been using a Japan Airlines card for this hack for years and haven?t had any issues
omocha_10
2021-02-10 09:43
It was a comment about a friend/aquaintance..... He says they are constantly asking for lots of documentation again and again to prove source of this or that, he says he?s been with them for many years.
I don?t know... I?m never used IB.
leo.kipfelsberger
2021-02-10 14:34
*EDIT:*
Since I am not a US citizen and I don't have a SSN or EIN, I applied for an Amex gold in my home country first and ran some minor software expenses through it for 1 year before I then used the Amex Global Transfer program to apply for the US Amex.
Hope that helps!
arthur.vandelaak
2021-02-10 18:52
What is happening there are risk assessment algos at work at banks, not only revolut. If your profile is a bit out you get loads of slack or account closed down. Good luck with all these instant crypto millionaires proofing their source of wealth.
timorshait
2021-02-11 00:16
Hey all, how much would you advise to keep in E-banks such as TransferWise/Revolut/Payoneer accounts? Shall I aim to keep up to about $5K and not more, or having larger amounts (20-100k) can be ok too? Anyone got some experience with holding large sums on these type of accounts?
kuka
2021-02-11 00:25
$50-80k is no prob in my xp
ben659
2021-02-11 03:21
I think the real issue is keeping USD in cash
hanifk
2021-02-11 11:28
We have had upwards of 80K Euro sitting for periods without any issues and large transfers stress free, in our experience.
felix
2021-02-11 12:01
Just keep in mind that you py negative jnterest rates on all amounts 70k+ for corporate accounts and 15k+ for private ones
felix
2021-02-11 12:01
* in Transferwise
timorshait
2021-02-11 12:18
@felix Yes I do know that they've introduced a monthly fee for balances in certain currencies. Thanks all for the feedback
felix
2021-02-11 12:27
We are holding between 50-70k USD in TW without problems.
danz
2021-02-11 14:43
Also having no problems with TW with a large amount, but not planning to keep it on there for to long, just waiting for investments
ben659
2021-02-11 14:43
I?ve held similar amounts without problems, but why would you want to unless you desperately need this amount liquid?
mich_cello
2021-02-11 23:28
@leo.kipfelsberger how did you manage the request of ?home phone number??
info939
2021-02-11 23:49
Awesome. @simon Do you recommend getting a commercial or personal Curve card?
info939
2021-02-11 23:53
I'm mostly interested in getting it for the hack, and linking it with non EU credit card.
klaus
2021-02-12 07:44
Fuckers at Transferwise just nuked my business account through 3 years. I sent in tonnes of documentation, pictures, formation docs of holding company, personal documents etc. Then suddenly my account stopped working and I was asked for accounts to refund me to. The fuckers never even told me they closed my account.
klaus
2021-02-12 07:46
Luckily I have another bank account with half the business money in it, exactly for this type of situation, but I dont have a debet/creditcard any more (for a business account).
klaus
2021-02-12 07:49
It is so frustrating, because there is nothing dodgy about my consulting business. I receive money from the same handful of clients in EU countries over and over again, I have audited accounts every year etc, all my paperwork is in order etc.
klaus
2021-02-12 07:51
What alternative, modern online bank should I try next? Revolut is out, N26 is not available to a Maltese company (which my company is).
klaus
2021-02-12 07:52
And what about services that provide a debit mastercard or visa, where I have to load it from a bank account first - ie. not really a bank? Payoneer?
brian.ppcmanagement
2021-02-12 09:13
What company formation do you have and in what country?
klaus
2021-02-12 09:13
Ltd company in Malta, 100% owned by holding in Gibraltar
klaus
2021-02-12 09:14
It is entirely possible that is what the banks do not like - the Gibraltar company
klaus
2021-02-12 09:14
The gibraltar company is 100% owned by me - and I documented that
simon
2021-02-12 11:14
It has to be the personal card as Revolut charges a fee to use the commercial card (but no fee to use the personal card).
leo.kipfelsberger
2021-02-12 12:25
@mich_cello i use a phone service named "Callhippo" where you can buy US phone number but there are tons of other providers out there :slightly_smiling_face:
mich_cello
2021-02-12 12:26
@leo.kipfelsberger great thank you!
vinodgn0088
2021-02-12 13:18
@klaus, Have you tried Paysera?
stolzlos
2021-02-12 13:19
had a Lloyds bank account once in Gibraltar. US brokers would not accept wires.
stolzlos
2021-02-12 13:19
closed it because of that
alex720
2021-02-12 13:20
Do you think it?s because Gibraltar is associated with gambling ?
stolzlos
2021-02-12 13:20
got told by my broker that it is on a no go list. No details.
stolzlos
2021-02-12 13:23
ah, and once I used it to wire money to BNP. After that I got a call from compliance asking me who the owners are and why I have that bank account and if all taxes are paid for the money wired in. I think after that experience I did not see much upside in having it.
info939
2021-02-12 14:02
Thanks. You're the man
klaus
2021-02-12 14:10
I have not, have you used it?
klaus
2021-02-12 14:10
Looks promising, I will sign up :slightly_smiling_face:
alex720
2021-02-12 14:50
How do you guys withdraw USD from PayPal with an EU paypal without paying conversion fees?
alex720
2021-02-12 14:51
PayPal just told me I can?t add a USA USD bank account because the company is in a SEPA country
alex720
2021-02-12 14:51
(cyprus)
alex720
2021-02-12 14:57
I have my transferwise debit card linked to the paypal but i cant withdraw USD to it
alex720
2021-02-12 14:58
not showing up here
alex720
2021-02-12 14:58
even though it is linked
buynps.org
2021-02-12 15:20
@alex720 is it the issue with the bank TW?
buynps.org
2021-02-12 15:20
@alex720 is the money coming in as EUR into your paypal?
alex720
2021-02-12 15:26
the money is coming in as USD so I want to withdraw in USD
alex720
2021-02-12 15:26
to avoid a conversion fee
alex720
2021-02-12 15:26
or, if a conversion to EUR is necessary, i want it to happen on the transferwise debit card side
buynps.org
2021-02-12 15:30
@alex720 does it have to hit paypal? they don?t have any other options to pay you?
alex720
2021-02-12 15:31
it would be cheaper if it hit paypal AND i can withdraw without converting currency
alex720
2021-02-12 15:32
^ if payments from customers directly hit paypal
alex720
2021-02-12 15:32
instead of going through a payment aggregator
alex720
2021-02-12 15:33
that sends us bank wires
alex720
2021-02-12 15:33
since they charge higher fees
buynps.org
2021-02-12 15:51
@alex720 what if you send it to another corp?s paypal (like a canco) and have an agreement that it?s holding it in trust for the cyprus one?
buynps.org
2021-02-12 15:51
it?ll never hit any bank accounts ? just the paypal
buynps.org
2021-02-12 15:51
and then you can send it from the canco?s paypal to your cyprus transferwise
alex720
2021-02-12 15:55
interesting idea
alex720
2021-02-12 15:56
what I might do is send to a personal PayPal friends and family and withdraw from there
alex720
2021-02-12 15:56
then send it to the corporate TransferWise account
buynps.org
2021-02-12 15:57
yep
buynps.org
2021-02-12 15:57
they don?t care from matching the names..
buynps.org
2021-02-12 15:57
on paypal and bank
alex720
2021-02-12 16:00
awesome
alex720
2021-02-12 16:00
so that might be a good solution
klaus
2021-02-12 16:17
@alex720 I think Gibraltar could be the problem. Maybe I should figure out a new holding company location...
klaus
2021-02-12 16:17
On the other hand, my holding was also in Gibraltar when I signed up for these services and passed due diligence
klaus
2021-02-12 16:17
...but risk appetite changes over time.
marziovit
2021-02-13 07:55
It is not because PayPal is a financial institution and partecipate in the CRS. If you don't want to put your friend in trouble with his taxman don't do that. If you wan to move 10K/year TOTAL could work.
mich_cello
2021-02-13 14:50
Is it true that Canadian LP/LLP can not have Stripe accounts?
marziovit
2021-02-13 15:18
@mich_cello Stripe requires a bank account in the country you are opening the account so the real question is: "can you get a bank account in Canada"?
mich_cello
2021-02-13 15:37
Transferwise and Payoneer don?t work with Stripe, do they?
simon
2021-02-13 16:34
Stripe in Canada accepts US bank accounts. You can get one via TransferWise
mich_cello
2021-02-13 16:45
@simon great! Looking forward to your feedback about my LP request through the website
buynps.org
2021-02-13 18:07
anyone have experience buying crypto with business bank accounts? will banks like Chase shut your account down for stuff like that?
twinorita
2021-02-13 22:37
http://bankera.com link to any exchange
N26 link to btcdirect works according to my experience
brent
2021-02-14 06:24
@klaus I'm now going through something similar with TransferWise. BVI company, been using them for at least two years. Now it seems that they're just going to close it! Honestly, it's shit like this that just pushes me further into crypto...
omocha_10
2021-02-14 07:21
What is the risk/problem between having some dozen euro/usd in an fintech account compared to a standar bank? That fintech banks don?t have goverment insurance for 500.000 usd?
Or that they create problem demanding too much personal and sensible info?
internationalbits
2021-02-14 11:43
big US banks don't usually shut down for crypto activity for a US LLC. you'll read all kinds of horror stories on it. it really always depends.
timorshait
2021-02-14 20:01
Hey guys, I?ve a friend with a UK ltd. He?s looking for a business account with e-bank that gives a beneficiary under the company?s name, and that can receive USD transfers from Sourh Korea. He opened with TransferWise but they don?t allow payments from South Korea. Revolut rejected his application for a certain reason I don?t know at this moment. I looked on Payoneer but from what I understand they too don?t accept payments from that region. Can anyone point me to a service that allows for business accounts under the company?s beneficiary name, and that can accept USD payment from S. Korea? Cheers :+1:
simon
2021-02-14 20:09
@timorshait Have you looked at Airwallex?
timorshait
2021-02-14 21:07
@simon Thanks mate, I'll definitely have a look into them. At first glance it looks promising. Have you personally had experience with opening a business account with them? And if so, does the beneficiary for incoming payments is under your company name or a personal name? I'm asking because for example N26 do provide business accounts by with personal name beneficiaries. Also I can see they have offices in China and Singapore, so hopefully they can accept payments from South Korea. Thanks again
alexbadaoui1
2021-02-14 22:57
transferwise despite stating they accept the BVI and Antigua (limited service). I couldnt get an account open with them for either entity.
Have a UK LLP, no issues. Gotta love the politics!
brent
2021-02-14 23:10
@alexbadaoui1 yeah, for sure. I still have TransferWise accounts for a Marshall Islands LTD and a US LLC..... lets see what happens with those, but I'm glad I set them up when I did. TransferWise has been super easy for me to accept payments from New Zealand, Australian, European, UK and US clients so I don't want to loose it, if I can avoid it.
ben659
2021-02-15 01:30
Mainly, I mean why would you want to keep that much fiat currency unless you need it to be liquid for business purposes? If you need something more liquid, UPXAU is a safer bet, or if you feel like gambling, crypto. Otherwise, anything you don?t need liquid is safer invested in things like physical metals or carefully chosen stocks
ben659
2021-02-15 01:33
FDIC doesn?t really give me much more comfort in the context of regular banking, I think it just creates moral hazard and the only money governments could pay it back with is what they can print, borrow, or tax
simon
2021-02-15 07:23
@timorshait I have an account with them and everything is in the name of the business (I don?t think they offer personal accounts). N26 is a bit unique in that they provide personal accounts only but label one of them as a business account (for sole traders). I?m not sure about receiving payments from Korea but I imagine it?s possible, especially with the HK banking details (it?s a multi currencies account).
marziovit
2021-02-15 09:21
How easy is it to open a business bank account for a LLC with two non US partners? Are there any banks that are easier than others? I would like a multi-currency account with a fx free debit cart. Also is it true that i have to open the bank account is the same state where i created the LLC?
arthur.vandelaak
2021-02-15 11:47
People have had succes with mercury bank with LLC.
twinorita
2021-02-15 12:54
Question 1:
How long does it take to verify a transferwise private account?
Question 2:
When applying for AMEX cards, I would like to use the the Google Fi + virtual address hack, however for the application I need to always fill out the social security number for private and also business cards. How to solve this issue as I am a non US citizen. I am wondering how you guys succeeded and would very appreciate if you could help me out.
Question 3:
Which card to apply for without any credit history and score in the US?
simon
2021-02-15 13:30
@twinorita Q1: Usually a day or two (in my experience).
Q2: When you apply via Global Transfer, you aren't required to fill in the SSN / ITIN box.
Q3: Assuming your existing history with AmEx is good, you can apply for any cards (except the centurion).
marziovit
2021-02-15 13:35
@arthur.vandelaak do you have any experience with opening a physical bank account there?
twinorita
2021-02-15 13:54
@simon
Q1: Is this also needed if I just want to send a payment? It's a 1time transaction.
Q2: Not sure how I can use Global Transfer as I don't have an address where AMEX is supported. Did the forum member "Leo" who used this hack successfully used Global Transfer?
Q3: I don't have any existing history with Amex! :disappointed:
twinorita
2021-02-15 13:55
my life is difficult
simon
2021-02-15 14:11
@twinorita You can only apply for a US AmEx via Global Transfer or Nova Credit, unless you have an SSN / ITIN and US credit history. If you can?t get an AmEx where you live, you could apply for an ITIN and build US credit history for 1-2 years then apply for an AmEx using that history.
twinorita
2021-02-15 14:12
ok, not sure if I want to do these kind of efforts. I try to get an account in Indonesia or Thailand, lets see if I can do it somehow. What is Nova Credit?
simon
2021-02-15 14:18
It?s a service that works in a similar way to Global Transfer but instead of just looking at your AmEx history, it looks at your entire credit history (so you can use it even if you have no AmEx). It currently works in Australia, Canada, India, Mexico and the UK.
twinorita
2021-02-15 15:41
Thank you for all this information!
brian.ppcmanagement
2021-02-16 12:30
Hey guys, I'm based in Spain for the next year and considering switching my private bank to Satandar or BBVA since I noticed they have branches in UK.
Anyone know if a local branch of Satandar/BBVA in Spain would be able to facilitate opening a business bank account for my UK LLP in one of their UK branches?
994kaloyan
2021-02-16 14:23
@klaus what are the benefits of having a Gibraltar holding company? What are the tax brackets there?
klaus
2021-02-16 14:26
Taxes are only levied on locally-sourced income, making all other foreign-derived income tax free. Gibraltar-based companies also benefit from not having to pay capital gains, dividend, estate, or value-added tax.
994kaloyan
2021-02-16 14:26
Dang, that?s a sweet setup. Thanks for your response.
klaus
2021-02-16 14:27
@994kaloyan So ltd company in Malta => owned by holding in Gibraltar => 5% tax
994kaloyan
2021-02-16 14:27
That?s ganxta
klaus
2021-02-16 14:28
It is actually legal and pretty above board, which is why I went with this setup 6 years ago
994kaloyan
2021-02-16 14:34
haha by ganxta I mean it?s really good. In my world ganxta is good and desirable lol I?m all about this kind of setup. Have you tried getting an AirWallex as a replacement of TW? @klaus
klaus
2021-02-16 14:42
All good :slightly_smiling_face:
klaus
2021-02-16 14:42
@994kaloyan Never heard about AirWallex before, will check it out, thanks
994kaloyan
2021-02-16 14:43
Hope it works. Cheers :slightly_smiling_face:
alex720
2021-02-16 15:39
I think airwallex is overloaded with applications
felix
2021-02-16 21:56
Banked for a year with BBVA and it was a complete pain in the back. To close the account you need to go to the same branch you opened the account :man-facepalming::skin-tone-2: i would go for something more global like Citi
felix
2021-02-16 21:57
Spanish banks are imo still not on an international standard (similar to other regional European banks such as Deutsche Bank, etc.)
brian.ppcmanagement
2021-02-16 22:12
Makes sense thanks for your insights . I currently have banco Sabadell and the customer service has been almost non existing for 1 year
daoway
2021-02-18 00:47
Transferwise put my account on hold and has asked me what is the connection with my old company they had previously shut down the account for. I opened a new company under a new name and have been using Transferwise with it for a while now. The new company is a UK LLP and the old company was a Seychelles company. I am not sure what to do as I am worried they will shut this one down too. Any ideas? The irony here is my company is not shady at all, we just sell online courses, but we do high volume which attracts attention.
daoway
2021-02-18 01:41
What are the options for an EU citizen living in Vietnam to have a merchant account, Paypal and bank account all opened remotely without Transferwise?
redareda9
2021-02-18 01:48
@daoway what about Revolut Business?
daoway
2021-02-18 01:49
They shut me down already. Took me over 6 months to get my money back from them.
redareda9
2021-02-18 01:52
Tide Bank?
daoway
2021-02-18 01:54
Tide requires you to download an app and your app store must be in the UK. Mine is in Hong Kong and I cannot change that
yuli
2021-02-18 02:12
How are you able to apply for AMEX without a Social Security Number? Would love to know the tricks around it.
I made an application following this thread - and Amex wants more information from me - my SSN - which I have none as I am not a Usa citizen/resident.
redareda9
2021-02-18 06:47
Not really, you can change it. I managed to do it and install. Worst cast is using an emulator of android to install it and apply
felix
2021-02-18 06:54
Agree. Banked with them as well, but you can at least close your account on the phone :joy:
daoway
2021-02-18 08:13
How did you get around this?
bigworld
2021-02-18 09:20
I would say as por your description that although the may share a shareholder, they are independent companies operating in different sectors.
994kaloyan
2021-02-18 10:18
+1 on what Reda said, you can do it with an Android emulator
994kaloyan
2021-02-18 10:20
Opening a PayPal shouldn?t be an issue. Getting a local bank account remotely (assuming you are talking about a UK bank account) is probably not going to happen. I am working on figuring this one out at the moment. The solution I got to was adding a UK person to the partnership for a while and have them open an account. Recommended banks are HSBC, Lloyds, Natwest.
As for a merchant account, the best option I was able to get to so far is with Barclays. You can also try with a company called Total Processing, they may be able to arrange something for you and remotely too.
994kaloyan
2021-02-18 10:23
AirWallex might be a good alternative to TransferWise if you do end up having your account closed.
ggiampieri
2021-02-18 12:42
There's an addon for chrome that lets you download apk from google play of all countries. Or go to apk mirror and look for it
buynps.org
2021-02-18 15:49
are there any banks in panama that doesn?t need an intermediary bank? my payment processor doesn?t support intermediary?
burrup.lambert
2021-02-18 17:15
Create a new google account and set it to the country you need. Then log into that google account in the Play Store app on your phone.
klaus
2021-02-19 07:28
Revolut for Business shut me down too - and refunded my remaining balance to the last client, who had made a payment to me instead of to me.
daoway
2021-02-19 07:46
@klaus yeah I hate Revolut. They treated me pretty bad
mich_cello
2021-02-19 12:31
Someone does know or use Genome? https://www.genome.eu/pricing-for-business-accounts.html
mohd
2021-02-19 12:49
Just had a call with HSBC, apparently they won?t open business accounts for non-uk residents anymore. This policy has been in place for about a year now. I tried to open one for a UK LLP.
mohd
2021-02-19 12:49
Any ideas for how to get an account at a real bank for non-uk residents for a UK LLP?
alex720
2021-02-19 13:03
Maybe have some uk connection
alex720
2021-02-19 13:03
And meet a minimum deposit requirement
simon
2021-02-19 13:36
Barclays accept non-residents via their IOM / Channel Islands divisions. Last time I checked they require a minimum deposit of �25000
mohd
2021-02-19 14:10
I don?t mind the deposit part, but they just said no to non-residents.
mohd
2021-02-19 14:10
@simon, would Barclays work in my case? How can I apply?
simon
2021-02-19 14:15
It?s worth giving them a call to ask about the types of accounts they offer: https://international.barclays.com/important-information/contact-us/
mohd
2021-02-19 14:30
Thanks
danz
2021-02-19 14:49
@mohd Are you also sure they don't offer it physically either? I opened it a bit longer than a year ago and it was all fine. But you had to go by the branch. Only UK residents can open remotely.
mohd
2021-02-19 14:58
@danz, the lady over the phone told me they changed the policy about a year ago and no longer open accounts for non-residents.
danz
2021-02-19 15:22
That's weird to me, as so many UK companies are owned by non-residents
danz
2021-02-19 15:23
I have also been on the line with them for many times, many of them don't even got a clue was my feeling, I would just try again to be honest. You might get a different answer. Also to open a second currency account there I had to go by physically they told me, I just called 3 different times and was able to do it remotely finally.
mohd
2021-02-19 15:36
Oh nice, thanks @danz, actually the first call the operator told me it?s fine, the next person that called me later told me it?s not ok! I will try again
mohd
2021-02-19 15:36
Cheers
daoway
2021-02-20 08:50
@redareda9 @994kaloyan Tide requires proof of a UK residential address.
daoway
2021-02-20 08:52
They don't accept someone who lives in Vietnam.
daoway
2021-02-20 08:59
Do you know of any other options to open a UK business bank account remotely for non-residents?
simon
2021-02-20 12:09
Standard Bank could be an option but I?m not sure if they accept Vietnam residents. https://international.standardbank.com
arthur
2021-02-20 16:42
Hey guys,
Since one of our payment providers is requiring our UK LLP to have a UK bank account with IBAN, physically located in UK - we are looking for a good UK bank which can be opened remotely.
What is a good option and quickly opened? And is an offshore bank account recommended?
Also because of the weird messages above about Revolut, we don't want to mess with them too much and don't hold too much money there...
Cheers
arthur
2021-02-20 16:44
danz
2021-02-20 17:10
Don't know any other options than Transferwise, and the big UK banks where you need to come by physically.
danz
2021-02-20 17:10
I know there are more options, but only if you are a UK resident I believe. If that's the case, it's easier to open bank accounts.
simon
2021-02-20 17:21
It seems like a very interesting option, albeit more expensive than TW, Revolut, http://Tide.co etc
simon
2021-02-20 17:21
Airwallex could also be an option, I have an account with them and like the product so far
arthur
2021-02-20 17:35
Yes 3S is quite expensive, but also not 100% if Klarna (the payment provider) would consider that as a legit bank with physical presence in the UK.
How long did it take you to open Airwallex @simon?
simon
2021-02-20 17:43
Two days for Airwallex, they were very responsive to emails.
As for 3S, have you reached out to them regarding their sort code / IBAN? That should be a good indicator of whether it?ll work (if it?s a Barclays IBAN for example, versus one often used by fintech)
arthur
2021-02-20 17:57
Hmm, difficult because none of the mentioned above seems to have physical branches in the UK - which is required by the payment provider...
In your blog I've read about Standard Bank, which can be opened remotely right?
That seems to be a possible option for us.. Any idea how long such takes?
simon
2021-02-20 18:03
By physical branch, they are referring to ?traditional? branches or simply a local presence? If a local presence is fine, http://Tide.co could be worth a shot. Starling ( https://www.starlingbank.com/business-account/ ) and Monzo too ( https://monzo.com/i/business/ ) as they are fully regulated UK banks (digital thought, no physical branches).
simon
2021-02-20 18:03
They are similar to Bunq in NL
arthur
2021-02-20 18:28
Okay will figure out first, thanks!
simon
2021-02-20 20:51
Has anyone opened a Zen account for their UK (or EU) company? https://www.zen.com/business
wice90
2021-02-21 01:30
I think that i will try it as soon as i have some free time. Especially after reading this article
https://www.mastercard.com/news/europe/en/newsroom/press-releases/en/2020/november/mastercard-and-emerging-fintech-zen-launch-digital-financial-solutions-to-tackle-e-commerce-challenges-for-consumers-and-businesses/
arthur
2021-02-21 07:09
Morning man! They require a bank with a physical address, which you can visit as a customer... Do you know banks which have this and you can open remotely? @simon
simon
2021-02-21 07:23
I don?t know of any that does. All ?physical? UK banks that I know of require a visit.
klaus
2021-02-21 11:51
News from Airwallex: "Unfortunately, the Brexit-agreement does not cover payment services offered by Airwallex (UK) Limited in the European Union and as a consequence Airwallex (UK) Limited no longer offers payment services in the EEA." (quote from their email response to me, after I spent a lot of time signing up)
klaus
2021-02-21 11:52
So currently no services from Airwallex for EU/EEA countries, due to Brexit.
klaus
2021-02-21 16:04
@simon I just applied today with my Maltese company, will let you know how it goes. :)
d.mikocionis
2021-02-22 23:38
Coming back to this thread. So I transferred all the $ from the account and now tried to change the address. But TW is asking for the proof of address. AnytimeMailbox doesn't provide that. They only provide the address to send things to, but not the proof of address.
d.mikocionis
2021-02-22 23:38
Any other options?
simon
2021-02-23 07:36
Have you tried generating a proof of address for the anytimemailbox address via N26?
d.mikocionis
2021-02-23 13:40
oh, got it. so you register there, register your account for N26, get the bill and then can get the same address on transferwise
klaus
2021-02-23 14:19
They have a 450EUR application fee and a shitload of KYC requirements - and you don't get your money back if you are not approved (which is at their discretion) - so I will not be applying.
daoway
2021-02-24 09:59
They just denied me.
simon
2021-02-24 10:53
@arthur
felix
2021-02-25 08:28
Yeah!
felix
2021-02-25 08:28
Just had a call with them and they are pretty good! No limits on transfers or holding.
felix
2021-02-25 08:32
Didn?t use them myself, but will test them in the next week.
arthur
2021-02-25 08:35
Hey guys, I managed to sign up for Google Fi with US address, but now I can't download the Google Fi app to my iphone (bought in NL), even not when using VPN to US... Any tips? Can't proceed with Google Fi..
felix
2021-02-25 08:41
If anyone considers signing up for Aspire, I would appreciate if you could use our link: https://aspire.link/aurelia-ventures and support a fellow FS :wink:
simon
2021-02-25 10:30
You need to change your store country to the US. Otherwise you could use the website, it has the same features as the app.
mich_cello
2021-02-25 10:48
Great! It?s possible to apply with companies from all over the world?
EDIT: I just read it?s just for Singapore entities, pity
jase
2021-02-25 15:33
when it works it works but when they don't understand (which is often) they really aren't nice to work with
buynps.org
2021-02-25 15:37
they have my money stuck there :smile:
buynps.org
2021-02-25 15:37
i sold a domain?
jase
2021-02-25 15:37
:disappointed:
buynps.org
2021-02-25 15:37
working with them to get it disbused.
td
2021-02-25 15:37
we used them for a shopify transfer, because they where the official recommendation from shopify, but never got any money and also had to deal with the support for months
buynps.org
2021-02-25 15:37
what do you mean when they suck?
buynps.org
2021-02-25 15:37
?
jase
2021-02-25 15:37
they can be very rigid
jase
2021-02-25 15:38
and when they don't understand the assets/situation, the onus is basically on you to help them understand
jase
2021-02-25 15:38
it's like putting a VA in charge of people's money
jase
2021-02-25 15:38
can they wire to you?
danz
2021-02-25 19:35
It seems Transferwise changed their policy on bitcoin/crypto, I remember a year ago they didn't accept crypto transactions at all. Now they do according to their policy. Anyone used TW for sending/withdrawing from an exchange recently?
turgut
2021-02-25 19:55
where did you see this?
danz
2021-02-25 20:05
I contacted them about it and got the following
danz
2021-02-25 20:05
Indeed, you will be able to receive deposits in your account details with TransferWise from a platform that deals with cryptocurrencies. You can receive third party payments from those regulated platforms. So, the sender account doesn't necessarily need to be an account in your name.
danz
2021-02-25 20:06
And it says this on their website, which is a bit unclear to me: We can?t support transfers to�Bitcoin�or any other cryptocurrency, directly or indirectly, through our services. But you can send money to your balances with bank details from a platform that deals with�Bitcoin or another cryptocurrency ? as long as the platform is regulated and/or supervised in the EU or UK.
994kaloyan
2021-02-25 22:12
This is basically a UK regulated exchange where you can sell your crypto for fiat and move the money to TW. Registering for an account, you get a UK sort code and account number. It?s basically a full-fledged personal bank account in the UK.
994kaloyan
2021-02-25 22:13
Otherwise if you move money from a crypto exchange directly to TW, you?re likely to be asked a question.
burrup.lambert
2021-02-26 00:09
Do you have the link @danz?
burrup.lambert
2021-02-26 00:10
It sounds like what they are saying is you can't buy/sell crypto with TW (obviously) but you can send and receive fiat to an exchange like Binance.
danz
2021-02-26 01:28
https://transferwise.com/help/articles/2932118/incompatible-accounts-and-currencies In the end here + but I am sending their support messages about it to double check everything to be sure
burrup.lambert
2021-02-26 01:29
But a change in policy to go with their name change?
daoway
2021-02-26 01:33
Does anyone know of a credit card processor for a UK LLP besides Stripe that does not need proof of address?
burrup.lambert
2021-02-26 01:35
So that means you can only send/receive from exchanges that are in the EU/UK? Binance is in Malta, FTX is in Antigua and Barbuda?
buynps.org
2021-02-26 01:57
what are you having problems with for stripe?
daoway
2021-02-26 02:47
@buynps.org we had one customer file a dispute over a charge and then she even tried to withdraw the dispute over online course access, but it was too late and Mastercard had already closed the case and ruled against us. Stripe then put us as a high risk account and said they will review us to see if they need to close our accounts.
danz
2021-02-26 03:19
I guess because of the industry, they are slowly adopting, I would even except that Transferwise would launch something in crypto in the next 3 years.
danz
2021-02-26 03:19
Yeah so I guess Binance won't work, but Bitstamp, Kraken and some other are EU regulated as far as I know
vinodgn0088
2021-02-26 04:43
@danz, Have you tried a transfer yourself?
mohd
2021-02-26 08:13
Try Paddle/FastSpring, they are more than just processors, but for a few % points extra, they manage sales taxes worldwide.
mohd
2021-02-26 08:13
Have you already tried 2checkout?
daoway
2021-02-26 11:14
Transferwise just froze my account. Any alternatives for business accounts in the UK that Stripe can send money to that accepts USD?
danz
2021-02-26 12:57
@vinodgn0088 No because I always aware that TW didn't like it, just stumbled upon this now so will probably try soon
vinodgn0088
2021-02-26 13:01
@daoway, why TW froze your account? Any reason disclosed?
daoway
2021-02-26 13:02
They said the nature of my business was high risk which is funny since I sell online courses in the meditation and fitness industry. We do high volume, but nothing they have not seen.
arthur
2021-02-26 19:33
Hey man, what website do you mean in the message above?
Somehow there s no way I can change my country to US of my apple ID......
buynps.org
2021-02-27 00:02
2checkout sucks..
daoway
2021-02-27 06:12
this is a good one
simon
2021-02-27 13:12
I meant the Google Fi website, in case you can?t install the app (there?s no need to use the app, the same features are available on the website)
benjamin
2021-03-01 03:41
@daoway you use them? I've only found negative reviews about them online
daoway
2021-03-01 04:17
Good to know, thank you Benjamin!
daoway
2021-03-01 11:02
No one in here knows an alternative?
daoway
2021-03-01 11:07
As I read on Stripe's page you can payout from a UK Stripe to a US Bank account in USD. Does anyone have any experience with this besides Transferwise?
simon
2021-03-01 11:15
@daoway That will usually work with TransferWise-like services. Same for the other currencies.
turgut
2021-03-02 07:59
is there any Transferwise alternative for Dubai company ?
simon
2021-03-02 08:26
@turgut Have you tried Airwallex? They can be picky when it comes to business activities but the service is good. Otherwise there?s Payoneer (the fees are pretty high but they approve pretty much every business activities).
mich_cello
2021-03-02 10:10
Payoneer can be a backup solution (other than TW) for my BC LLP?
openaccessconsultingl
2021-03-02 10:31
As long as you?re capable to read and sign, Payoneer will give you an account. They?re good backup solution, as the fees are very low if you don?t have activities.
td
2021-03-02 15:40
i am using payoneer for a while now, they have been asking for a proof of adress for over a year, but still everything works including a debit card and good limits :smile:
turgut
2021-03-02 17:20
@simon applied to airwallex 1 month ago and still waiting for a response. i will try payoneer
arthur
2021-03-03 21:36
hey guys, what do you exactly do in your AmEx account to apply for the US card? Only changing country?
arthur
2021-03-03 22:08
and then apply for a new card?
trungsseng01
2021-03-05 05:25
hi guys, has anyone successful done a global transfer with amex from thailand to US. I called them yesterday and they said not possible because of different T&C? Only way to do it is to cancel my card and go apply in US.
turgut
2021-03-10 09:25
is there anyone use citibank ipb london ?
2021-03-13 14:40
This message was deleted.
mich_cello
2021-03-13 14:43
Transferwise?
mich_cello
2021-03-13 14:44
yes, I just got it (not for US LLC)
koshis
2021-03-15 01:00
https://epayservices.com/en/personal-us-account.html
Does anyone have any experience with this service ? Seems like they give you a personal US ACH bank account.
koshis
2021-03-15 01:02
Was also looking for a debit/credit card that will accept crypto/stable coin deposits as account collateral. Does anyone have any reccomendations for a provider ?
michal.opoka
2021-03-15 03:13
you can have personal US ACH bank account with TransferWise
koshis
2021-03-18 05:55
Do you know if they allow deposits from crypto exchanges ?
mich_cello
2021-03-19 14:51
To whom may be interested, I just incorporated a BC LLP with Simon and got TW and Payoneer accounts opened in 24 hours, very smooth process
marziovit
2021-03-19 14:56
That's super awesome
marziovit
2021-03-19 14:57
@mich_cello do they do video verification these days or is it still enough to upload ID?
mich_cello
2021-03-19 15:05
Just ID (passport) of one of the partners
marziovit
2021-03-19 15:07
I'm curious if they asked the ID of the partner with the biggest share of the profits (My question presuppose that you didn't split profits 50%/50%)
michal.opoka
2021-03-19 15:49
no idea, I was able to send & receive money to this account from regular US broker though
mich_cello
2021-03-19 15:52
Payoneer didn?t ask any ID
mich_cello
2021-03-19 15:52
TW asked for the ID of the person filling the bank account request (which is one of the partners)
lnlrz
2021-03-20 08:12
Hi guys, newbie here. I have a question for Transferwise users ? how do you manage your business expenses? Does transferring money from TW to another bank before making an expense make accounting more tedious?
TW doesn't seem to have even a virtual card, and the physical card can't be delivered in my country (according to TW)...
mich_cello
2021-03-20 09:28
anticipate with your personal card and then pay you back with the business account
lnlrz
2021-03-20 10:06
can you give a specific example of this setup? I don't have experience filing taxes yet, sorry
openaccessconsultingl
2021-03-20 12:51
Whenever you have a business expense, you?re not obligated to use your business account to pay. You can pay with personal cash, your private card etc. The most important moment is to take the receipt / invoice issued on your company name. With such setup (private payment + business invoice) you?re allowed to reimburse the costs without extra taxes. I guess that was Mike?s suggestion.
openaccessconsultingl
2021-03-20 12:53
BTW, money transfer between different accounts of the same owner is very usual event. Accounting is not so funny anyhow, so feel free to move your money here and there :slightly_smiling_face:
lnlrz
2021-03-21 10:33
@openaccessconsultingl, that makes a lot of sense ? so as long as there's an invoice issued on the company then it's all good whatever payment method/account you're using. :) Hmm, so how do you go about the ones that were eligible but didn't have the invoice? (Ex: Fuel)
henry
2021-03-21 10:58
@lnlrz believe since the receipt should show its for fuel, by expensing i, you?re make the case you?re making a business related trip
lnlrz
2021-03-22 09:54
@henry thanks for the advice. I now got leads about where to start doing more research about this (CPA is pretty expensive for now) so thanks so much for answering, guys. Much appreciated
frederic.scheffer
2021-03-22 14:11
Did anyone manage to get some bank loans via a Non-resident UK LLP, non resident WY LLC or non resident BC LLP ?
Looking to finance some inventory for fast growing ecom biz
burrup.lambert
2021-03-22 18:03
Anyone use https://www.fidor.de? Apparently they are open for permanent residents within the EU / EEA / EFTA.
td
2021-03-23 10:28
i do, and finally even got their crypto buying working :smile:
burrup.lambert
2021-03-23 13:58
Are you an EU / EEA / EFTA permanent resident? What Proof Of Address do they ask for?
994kaloyan
2021-03-23 16:25
@frederic.scheffer Yup! With these guys for a UK LLP. https://www.wayflyer.com/ They sent the money to a TransferWise account - USD balance.
994kaloyan
2021-03-23 16:26
We are in the same boat - ecom, the loan is for inventory. Not a bank loan per se, but a loan that will actually end up in your account.
994kaloyan
2021-03-23 16:27
With a UK bank it?s probably going to be close to impossible without a UK partner.
As for a WY LLC - I haven?t tried without any US presence. We?ve been able to get a loan with a US based company manager.
frederic.scheffer
2021-03-24 01:57
@994kaloyan Thanks. Yes I am in touch with them. You got good rates?
mgonlinephone
2021-03-24 04:20
I received a first transfer from my UK stripe UK LLP account in USD to my personal US bank account this week, 7 days after my client payment
td
2021-03-24 07:58
EU/Germany at that time, no adress verification just video ident, you can do that as foreigner as well with your passport, they state that at least in their faq
994kaloyan
2021-03-24 15:31
Not sure what you mean by rates :smile: We got 7% interest over 6 months. Hope that?s what you?re interested in.
2021-03-25 21:24
This message was deleted.
burrup.lambert
2021-03-25 22:44
So I tried to send $ to Kraken, it was refunded and then I was contacted by customer support. Long story short, you can receive money from crypto exchanges that are regulated in the UK / EU to your TransferWise bank details, but you can't send to the exchanges.
This is the final email that sums it all up.
-----------------
Thanks for your reply.
Basically, we can't support payments that you make to any cryptocurrency company, whether directly or indirectly. So, if you're sending money out of your balance to a cryptocurrency company we can't process this. This is what happened when you were trying to send to Kraken.
If you're receiving funds from a cryptocurrency platform, to your balance account details that should be possible, as long as the platform is regulated and/or supervised in the EU or UK. In other words, you should be able to send funds from cryptocurrency platforms directly to your balance account details, just like a third party payment can be sent to your balance account details.
Please keep in mind your balance account details aren't the same as Wise's account details. So, for instance if you were trying to add money to your balance from a cryptocurrency platform, using the 'add' option under your balance that wouldn't be possible. In this case, you'd be making a manual bank transfer from the cryptocurrency platform to Wise's account details that we showed you on the payment method options step in the 'add money' flow. We'd reject such a payment, and send it back to the source account.
To sum it up, you can't send payments to cryptocurrency platforms through us, but you should be able to receive payments if sent directly to your balance account details, as long as the platform is regulated and/or supervised in the EU or UK.
I hope that clarifies. Let me know if you have any questions.
Thanks
koshis
2021-03-25 23:52
https://international.barclays.com/banking/international-bank-account/
Barclays have an option out of Isle of Mann not sure if that's UK.
turgut
2021-03-26 07:58
Same
mail140
2021-03-26 12:40
@koshis Unfortunately, Barclays International account is based at IOM.
fish
2021-03-27 00:58
Opening a business account with TransferWise they ask if you run the business from the same country it is registered at. Did anyone declare as the main operation being in a different country? were you denied? is it a high risk/fraud filter by TW?
michal.opoka
2021-03-27 01:47
It's ok, I've declared LLC registered in US and operating in another country and had no problems
alexbadaoui1
2021-03-27 12:36
I did that with a US LLC also, didnt get a debit card for the LLC but otherwise it works
frederic.scheffer
2021-03-28 08:05
Got really crappy rates. Won't use except as last resort
994kaloyan
2021-03-28 10:17
Done that for a UK LLP. Works
994kaloyan
2021-03-28 10:21
There?s another company even bigger than these guys but I can?t remember the name. I can look it up if you?re interested
frederic.scheffer
2021-03-28 12:01
Clearbanc? (They dont accept UK LLP)
994kaloyan
2021-03-28 14:06
Yup, that?s the one
mich_cello
2021-04-02 15:25
Done for BP LLP, no problem
twinorita
2021-04-03 09:42
Can anybody help me to open a US bank account that accepts trading forex/stocks? I waited 2months for my EIN and now mercury bank denied my application because they don't accept such businesses, which is quite insane. Bankera doesn't accept US LLC. It seems like it was a mistake to open a US LLC for me.
twinorita
2021-04-03 10:05
It makes me mad, begging for a bank account.
omocha_10
2021-04-03 10:59
I know several non US people that open accounts are n TD Ameritrade, there you can trade stocks, futures and forex.
I also heard they open in Tradestation, where you can trade criptos too.
As far as I know they open personal accounts.
michal.opoka
2021-04-03 11:24
(Transfer)Wise should open you account without any problem, you can get your own bank details and with them you should be able to send money to a broker
twinorita
2021-04-03 13:04
@michal.opoka According to their "policy" transferwise doesn't accept trading businesses including forex/options and crypto
twinorita
2021-04-03 13:05
Whats wrong in this world?
twinorita
2021-04-03 13:07
@Mario with mercury? I think it's only business accounts you can open with Mercury, no private!
twinorita
2021-04-03 13:07
*Thats what they are saying:*
*Good morning ,*
*You're able to transfer funds from your Mercury account to a crypto exchange. However, our partner bank does not support businesses that are involved in cryptocurrency. Further, they do not support businesses that are involved in trading/investing of forex, stocks, or crypto.*
*The reason your application was denied is because it's a prohibited business type of our partner bank:*
_*You understand and agree that you will not�use our services�to transact with or operate services relating�to...�businesses selling money orders or traveler?s checks, and virtual or crypto-currency marketplaces and exchanges.*_
*You can see a full terms of service from our partner bank�https://global-uploads.webflow.com/5834df15ba1afbe6203ba6db/5e02a0d5478a405b55ebd5f4_Synapse%20-%20Terms%20of%20Service%20-%20Oct%202019.pdf.*
*I hope that clarifies things! Let me know if you have further questions. Thanks !*
*Take care,*
twinorita
2021-04-03 13:11
Transferwise saying about the same in their terms of service
burrup.lambert
2021-04-03 20:42
Ended up opening a Bankera account. Very fast and simple!
buynps.org
2021-04-03 23:08
any experience shares with bankera?
brent
2021-04-04 01:05
@twinorita - what about Brex? I just opened up a business account with them, but not sure if they allow trading/forex etc.
vinodgn0088
2021-04-04 02:37
@https://app.slack.com/team/U01KHEV46UQ, If you are ok with IBKR as broker then open a Wise account. I am already using Wise with IBKR and no issues.
vinodgn0088
2021-04-04 02:42
@burrup.lambert, So now you can transfer Wise > Bankera > Crypto and Crypto > Bankera > Wise ?
twinorita
2021-04-04 08:18
I checked them out, I will try them. Is it safe to transfer bigger amounts to them like 50k? I will split it up, I kinda don't trust these neo banks too much.
twinorita
2021-04-04 08:21
@burrup.lambert Did you open a bankera account with a US LLC? Generally they don't accept US LLCs, also there is quite a high boarding fee and monthly costs. I researched bankera 6 months ago and I think its good as a private bank but not too much as a business bank account, except you can accept the costs and don't have a US LLC.
twinorita
2021-04-04 08:42
(3) I am a U.S. citizen or other U.S. person (defined above)
Are you a US citizen?
brent
2021-04-04 08:47
Good question, I've not tried anything like that.
No, I'm not a US Citizen, but I have a US LLC, EIN, ITIN etc.
twinorita
2021-04-04 08:54
thats the terms for Brex. I just finsihed the application.
twinorita
2021-04-04 08:55
@brent Were you accepted and how long they took to confirm your application? Have you already funded the account? Did you face any issues?
Thank you!
brent
2021-04-04 08:57
They confirmed it pretty quickly - think it took about 2-3 business days. Not funded the account yet, but will do so soon. No issues at all.
twinorita
2021-04-04 08:58
ok, thats cool. The thing is I need to lie about what my business is doing. Isn't that insane? I have no chance to get a bank account otherwise
brent
2021-04-04 09:04
It's crazy. Really annoys me to no end.
twinorita
2021-04-04 09:12
Do you think its fine to declare my trading profits via a service invoice, so I just use a private bank account from where I do all my trading operations and eventually send a part of the profits to the business account? In other words I send investment capital from Brex to private Bank account and from there I fund my brokers. Profits go back to the private account and then will be sent to the business account by using a bill where I list a service and hours which represents my trading profits. "lol"
twinorita
2021-04-04 09:15
I wanted to do everything transparent but they don't let me, so now I am going the opposite way.
I just wanted to do my trading business, have a company with a bank account. It seems like it's too much to ask for nowadays.
brent
2021-04-04 09:15
Quite possibly that'd work, yes. Just need to make sure you're not creating additional work/headache for yourself or at worse, additional tax/reporting liabilities.
twinorita
2021-04-04 09:15
In this case, I am also asking myself for what I need a company
brent
2021-04-04 09:15
I hear you. Good point.
twinorita
2021-04-04 09:17
In case I get into trouble with the private account and my tax residency country is asking, I will just explain them the issue and that the profits in the private bank account are the profits for the LLC, so I should be fine
twinorita
2021-04-04 09:18
I wanted to always pay a little bit of taxes, but now I won't pay any taxes anymore. I make this a priority to not even pay penny anymore. It's enough now.
twinorita
2021-04-04 09:19
@brent I will be in Indonesia soon and try to find an offshore business bank there and connect it to the US LLC. I would share this information with you if I can find a way.
twinorita
2021-04-04 09:21
I would consider wise as an extreme risk for my business, however if I lie at them and use another bank account in between, I could consider using them but I believe Brex could be the better solution for me. Thank you still!
brent
2021-04-04 09:23
Sure thing. I work in Crypto, so I too have to be a bit careful with things. Thankfully I have other "normal" business activities so my crypto earnings are just kept within the ecosystem... but it is a bit annoying that banks are so stuck in the ways of old..
brent
2021-04-04 09:23
What's taking you to Indonesia?
brent
2021-04-04 09:23
(if you don't mind me asking)
brent
2021-04-04 09:24
I was quite impressed when I visited Jakarta back in 2019 (even though the traffic totally sucked) - it had such an incredible nightlife/party scene...
twinorita
2021-04-04 09:28
I have enough from Europe and its stressful lifestyle there, including the negative people. Also I have an asian gf, which makes sense to spend some time of the year in Asia. I am very flexible and believe that go to multiple places in a year makes life more exciting and fullfilling.
twinorita
2021-04-04 09:28
(of course its also a tax reason)
brent
2021-04-04 09:31
100% agree.
twinorita
2021-04-04 09:34
Do you have an idea how high the CC limit is for Brex? Do you let the card ship to your company registered address and then pass it on to your location?
brent
2021-04-04 09:42
No idea, don't think I (as a non-US citizen) qualify for a CC card. As for the debit card, I'll get it shipped to my registered office and then they can send it on to my maildrop in Singapore.
twinorita
2021-04-04 10:03
ok, is this the standard registered US LLC address from Simon? If so, how you can redirect your mails?
brent
2021-04-04 10:24
No, I use another provider.
burrup.lambert
2021-04-04 13:50
@twinorita, I opened a personal Bankera account.
@vinodgn0088, yes. Although if the crypto exchange is regulated in the UK/EU you can skip Bankera for the withdrawals. For e.g. Kraken > Wise.
hello888
2021-04-04 15:20
I opened an account with TD Ameritrade, then tried funding the account first with Payoneer (the only "US" account I have) thinking it would be easier to test a domestic transfer, it bounced 3 days later, no explanation from Payoneer. Then I tried my personal Transferwise USD account, when I added the TD Ameritrade bank account to the contacts it said it was "blocked"/not allowed to send to that bank. Now I'm testing sending Euros to their EU Citi bank from my normal (non-fintech) bank, I hope it doesn't bounce again, not sure what's up with this.
vinodgn0088
2021-04-04 16:23
@burrup.lambert, withdrawal from Kraken is ok. What about sending to kraken? (Wise > Kraken)
vinodgn0088
2021-04-04 16:24
@hello888, So TransferWise is not allowing you to send money to TD Ameritrade bank account?
hello888
2021-04-04 21:50
Right, the Wise app doesn't allow me to add their US bank account as a recipient from my personal account. It doesn't say why, just that they don't allow it.
burrup.lambert
2021-04-04 21:57
No. As per Wise's response above. You are allowed allowed to receive funds from EU/UK regulated exchanges, like Kraken, but you can't send funds to them (hence the Bankera intermediary).
daoway
2021-04-05 04:36
Does anyone have any experience using Paysera with a Hong Kong company? Also has anyone been able to remain exempt from HK taxes since they are not conducting business there?
brent
2021-04-05 05:16
No and no.
What I would say WRT 0% Tax in Hong Kong, even though you might technically qualify for it, the IRD still want to see that you've paid tax *somewhere.*
seb.malek
2021-04-05 22:04
@daoway have you managed to fix it?
daoway
2021-04-06 09:15
@seb.malek yes, Simon has the formula
simon
2021-04-08 07:23
@mgonlinephone Using Google Fi as outline above could be an option for TD
tiagomdreganha
2021-04-08 18:05
Countries where financing real estate to foreigners is an option?
I know Portugal does it, and it's quite easy for EU residents. But don't know any other.
I've looked at property in Mexico and Costa Rica, but having to buy cash just kills any glimpse of an acceptable deal.
mb
2021-04-08 18:18
I think Spain too, at least as EU resident. But likely only only up to 50% (depending)
alex720
2021-04-08 18:47
Panama
alex720
2021-04-08 18:47
Is an option , but rates are high
umesh.desai
2021-04-08 18:51
it is possible to get financing in mexico, but rates are high
algarcidbs
2021-04-08 18:58
Talking about mortgages in Portugal for EU residents... does anybody know what interest rates are they working with? and what % of the cost do they finance? Thanks!
tiagomdreganha
2021-04-08 20:28
around 1.5-2.5% spreads I believe, up to 30 years and up to 70% LTV
Locals get 0.9-2% spreads, up to 40 years and 90% LTV if it's the main residence, 80% if secondary
tiagomdreganha
2021-04-08 20:30
I actually got a 50 year loan 3 years ago @ 1.15% spread , then the EU told them to stop and reduce the average loan duration :joy:
omocha_10
2021-04-10 11:25
USA does.
omocha_10
2021-04-10 11:26
They give loans to foreigners, unless you are from EEUU :us:, then you are local :sweat_smile:
algarcidbs
2021-04-12 09:26
Woww, 50 years :joy: what a deal hahaha I must have moved already but due to the frontier closing... still waiting. The penthouse I'm buying will be my main residence... let's see what the portuguese banks can offer.
algarcidbs
2021-04-12 09:26
Thank you very much TMDR!
turgut
2021-04-12 13:35
Is there any bank in usa for openin personal non-resident account?
burrup.lambert
2021-04-12 14:30
Citi, BofA
leo.kipfelsberger
2021-04-12 14:33
@burrup.lambert Do you know what documents they require to open a personal account at BOA? Passport, proof of address I'm assuming?
burrup.lambert
2021-04-12 14:42
Yep. Should be passport + PoA.
rodrigo.grania
2021-04-12 14:48
PoA is the US?
turgut
2021-04-12 16:00
im living in dubai so i dont have a us poa.
simon
2021-04-12 17:08
A proof of address isn?t usually needed if you open the account in person. Just bring your passport and a few dollars for your initial deposit.
klaus
2021-04-13 08:28
Getting a signed certificate of good standing from Companies House, I think that is about as authentic and documented as it gets. When a party (bank) wants me to also get it notarized, what exactly is that adding (other than cost and trouble for me)? Maybe I fundamentally don't understand the purpose of a notary is in this case. :smile:
turgut
2021-04-13 08:55
can i open online @simon
maticko
2021-04-13 10:56
KYC procedures are antiquated and in a lot of cases don't make sense at all. The onboarding teams however just follow the rules and regulations checklist and don't (and can't) think for themselves, especially if they want to stay compliant from said antiquated & nonsense regs. Unless you are dealing with amounts that start with M or preferably B, where regulations suddenly become laxed.
buynps.org
2021-04-13 15:47
@klaus @maticko i don?t see the value in getting this certificate of good standing really? am i missing something?
klaus
2021-04-13 15:51
There is no value - except it is often asked for in relation to KYC/AML procedures, and if you dont give them what they ask for - you lose/don't get the service.
simon
2021-04-13 16:44
If you have an ITIN / SSN, yes (with some banks).
rob713
2021-04-13 22:39
Has anyone found a bank for a UK entity that supports forex brokers? TW said ?probably not, read our AUP? and I am still waiting to hear back from them again when I asked for a definitive answer. Thanks
rob713
2021-04-13 22:44
Intergiro wrote to me that its likely, but they won?t make a decision until I officially apply.
vinodgn0088
2021-04-14 05:29
Who is your broker? Regulated in EU?
rob713
2021-04-14 11:31
IC Markets. Bank accounts in UK, regulated in Seychelles
vinodgn0088
2021-04-14 12:32
Regulated in Seychelles is going to be the main issue. Try talking to Bankera
omocha_10
2021-04-15 15:08
Hi, as Revolut insisted in wanting too much documentation related to money I sent to it from my personal bank account through my TW account, and telling me that they would limited my account, I withdrew all my funds(less than 10k usd) and told them to stop asking me for that, and to close my account.
So I received this:
omocha_10
2021-04-15 15:10
Which means I can?t close the account until I withdraw that one cent, and they don?t let me withdraw money until I send them
all the paperwork they are asking for...
I tried to donate the cent, but the minimum donation accepted they say it?s...... 5 usd...
Any advice on how to sort this out?
Very sad, was very happy using Revolut.
hello888
2021-04-15 20:16
Why do you need to close it? Why don't you leave it open and just stop using it?
omocha_10
2021-04-15 22:53
I tried to close it because the were keep on sending me warnings that they will limit my account... so i tried to close it and that cent appeared in my account out of nowhere which seems odd...
I will not invest more time in this issue, but if it?s easy, I rather have it closed....
vinodgn0088
2021-04-16 01:47
Change the email id on revolut account or use email filter option to send the messages from revolut direct to junk folder :)
felix
2021-04-16 06:13
Why you are not funding it with 4.99 and donate the 5 bucks?
felix
2021-04-16 06:15
Completely feel your frustration with Revolut. We never finished our account setup with them because I felt they were asking too many unrelated and unnecessary questions. Felt a bit like they want to do it more correct than the most correct bank. When I asked them to stop the setup and delete my personal data they said, they can do that in 10 years because it?s financial data (without any financial transactions, only account holder information).
td
2021-04-16 06:45
i am using them for a year now without any issues, and they never asked for any documents, i am receiving and withdrawing a few thousend a month, which documents were requested from you?
omocha_10
2021-04-16 08:55
Because if i send 4.99 they are asking me to send all the paperwork to release the 5 ....
omocha_10
2021-04-16 08:57
Without me mentioning anything they told me that they will keep my data until eternity...
omocha_10
2021-04-16 09:04
Thomas, I also used it for a year without problems. They want to know where ALL the money I received came from, source, how I obtained it, documents of investment, tax declaration I believe too..... and they said ?just to start/begin?.
BTW, what is insane is that most of it is money that I sent to myself, so I already did thorough KYC and AML procedures with the bank of origin, which is a first world traditional bank.....
It?s ridiculous.
Maybe it happened because it was ?too much money? , under 100k through more than a year...
Also at the same time someone send money from my bank account to Etoro, so my bank contacted me to ask for that transfers and I said it wasn?t me, so the canceled my card and made a new one.
koshis
2021-04-16 10:13
koshis
2021-04-16 10:14
Not sure if citigold will be effected
si006
2021-04-16 17:51
Hi all,
I have an Estonian O� with a EUR Wise account. I regularly invoice (in EUR) a client outside of the EU. I was getting paid via wire transfer and as per the agreement I pay the fees. The fees were about 22eur and this month they jumped to 46eur. Any ideas how to reduce wire transfer fees to an Estonian O�?
alex720
2021-04-16 19:04
Have them pay to your usd wise account maybe
si006
2021-04-16 19:34
Thanks for the prompt response. They use a Bulgarian bank in Macedonia. The fees are less than 3%, but they doubled in a month, even though banking on both ends remained the same. Is this how SWIFT works? :thinking_face:
mb
2021-04-18 21:34
Can they buy USDT or USDC crypto and send it?
g-dufresne
2021-04-20 07:02
@klaus With your setup (ltd in Malta + holding in Gibraltar) you have to pay 35%, and after you get a refund of 30%. Am I right ?
I could be interesting by similar setup (for crypto) but I am little worried about bank account.
Did you find a bank (except TW) who is not afraid about the Gibraltar holding ?
:pray:
jase
2021-04-20 08:12
*For those using Curve:* what happens if you sign up to a subscription, say Netflix using your "Personal Visa" card in the Curve app, but later want to make a payment using your "Business Mastercard"? Do you need to switch back to the Personal Visa to make sure Netflix rebills the correct card?
bobriakov.igor
2021-04-20 09:53
Anyone used AmEx Amazon Business Card?
How would you compare it to Business Green Rewards Card, for example?
tiagomdreganha
2021-04-20 10:02
Curve always charges the current selected card
jase
2021-04-20 10:03
This is what I thought. Problematic for subscription payments!
tiagomdreganha
2021-04-20 10:03
95% of my transactions are business so I leave it at that and then move it to my personal one after it is charged
tiagomdreganha
2021-04-20 10:04
a bit messy with accounting tho, cuz you end up with random charges and refunds on your company card
jase
2021-04-20 10:04
I just read for 90 days after a payment you can switch the account within Curve
tiagomdreganha
2021-04-20 10:04
I've asked them for a way to route known transactions, but afaik about a year ago it wasn't possible
jase
2021-04-20 10:05
It's called "Go Back in Time"
tiagomdreganha
2021-04-20 10:05
Yes that's what I do @jase, it refunds the active card where the original charge took place, and charges your second card
tiagomdreganha
2021-04-20 10:05
So all my charges go to my business card then I "go back in time" to route the personal ones to my personal cards
jase
2021-04-20 10:06
good thinking
jase
2021-04-20 10:07
Thanks again!
chris
2021-04-20 16:51
Anyone with a UK LLP know if your business address (or residency) at Stripe needs to marry with the Companies House registry? We are two Brits with Thai addresses. We have a property in the UK with utilities we can use but presumably that wouldn?t match with the addresses we incorp the company with.
burrup.lambert
2021-04-20 17:00
We used Companies House address, two non-UK resident partners (different countries).
chris
2021-04-20 17:01
Did they not ask for utilities for the company?
burrup.lambert
2021-04-20 17:31
Not as far as I can remember.
chris
2021-04-20 17:31
Okay thanks :+1:
si006
2021-04-20 21:32
In theory yes, but realistically, no. I'll have a chat or try to get paid in USD, or share with them a different account, like Paysera.
bleronque
2021-04-21 02:07
Had the same experience with my personal card too.. a quick google search will show you how common this problem is. I closed all my accounts with them and wouldn?t recommend them to anyone at all.
omocha_10
2021-04-21 05:52
I am wondering if the same thing will start to happen to other finthech banks and crypto exchanges....
hanifk
2021-04-21 08:57
We have a UK LLP with 2 partners a US LLC and UK Ltd Co. As a director of the UK Ltd Co. With UK citizenship /reseidency proof. We applied to Airwallex after pre-checking about USD swift account usage and transfers from overseas. They assured us by email that any Swft transfer was acceptable. We proceeded with the application and received very good support to all communications. Also were appointed an account manager in the application process, with a long detailed call. However we were rejected without further information on corporate structure/ UBO or personal ID data which had not been uploaded as that was the next step. We trade in Medical consumables and ship direct from Factory to end user. ( India, Malaysia, China) We ship to Several African countries and other developing countries. We listed Zimbabwe and also listed Trinidad among others. These 2 have had some restrictions with other banks. Like TW who have rejected funds if sent from those locations they dont allow USD payments from. However Airwallex gave No reason or explanation without a complete KYC as they had no Idea of the corportate structure or UBO were.. Yet on pre account opening emails they assured they will accept a TT from any location a Swift transfer. Whatever their internal regulations are they like any other bank can reject a incoming TT and cite whatever reason they want.. Where there are embargoes/ sanctions these do not apply to Medical items as they are immune from the Political issues and Embargo / sanction has been made to a country. Anyhow whatever the outcome in our case. What is significant is the method they operate which is arcahic and old, with out full information. Certainly the Onboarding team are not as open and efficient as the rest of their customer service which was top notch..
hanifk
2021-04-21 09:17
Today we received a rejection from Mercury for our USA LLC with 1 sole member indicated on the EIN.. alternatives are limited at the moment.. having to work with TW for Euro which is limiting our client base.
klaus
2021-04-21 10:41
@g-dufresne I am a customer of Sparkasse Bank Malta, which is a shitty local bank, which doesn't even offer debit cards, has problems with corresponding banks (so I cannot transfer to some countries). They're covered by the depositor compensation scheme, which is mostly what I care about - and there aren't any good options in Malta. All the banks are shit there, run by untrained monkeys, stuck in the 70s. I was part of setting up a company with some partners, and it took us almost a year and an ungodly amount of paperwork and trouble to get an account with Bank of Valletta, which is one of the old banks in Malta.
klaus
2021-04-21 10:42
@g-dufresne The 35/30 tax scheme is real and works, but given the banking situation in Malta, I cannot recommend anybody set up in Malta.
klaus
2021-04-21 10:43
@g-dufresne Also worth mentioning, that I TWICE had banks in Malta collapse, while I was a customer. First time payout took 2-3 months (Nemea bank), the second time it took 9ish months for me (SATA bank), but I know people who are still waiting to get their money back (2 years later!).
klaus
2021-04-21 10:45
@g-dufresne I should also add, that with all the hassle and difficulty I had, this was while LIVING in Malta, having Maltese ID, being an EU citizen, being able to attend physical meetings etc.
klaus
2021-04-21 10:46
@g-dufresne Regarding a bank for a Gibraltar company, I have the same Sparkasse Bank Malta, but I doubt they would set it up again today, with the increased focus on "risk appetite".
g-dufresne
2021-04-21 13:01
@klaus What a nice answer ! I was hesitating between Malta / Bulgaria. After your review Malta doesn't good for me, I am looking for a setup to withdraw crypto-currencies so I can't work with banks that are stuck in 70s. I think I will get a look to be fiscal resident to Bulgaria and their 10% tax. Banks are not very crypto friendly (but the governement is crypto friendly, weird) but most of my cash stay on blockchain so it could work like that. Thank you so much for your reply, you have helped a lot :pray:
klaus
2021-04-21 14:07
Happy to help :blush: And if I had to start over today, I would either do Bulgaria or Estonia, I think. Cyprus is a similar 70s black hole, as I understand is, which otherwise also is attractive.
994kaloyan
2021-04-21 21:03
I?ve never had any trouble with crypto and Bulgarian banks. They don?t seem to care honestly. @g-dufresne are you looking to have a company hold your crypto assets or do it under your own name? Own name + foreign LLC + Bulgarian tax residency can be a sweet setup as foreign sourced dividends are actually taxed at 5% in Bulgaria.
russ7
2021-04-23 17:20
What is the best competitor to Transferwise?
bobriakov.igor
2021-04-24 10:11
could be Payoneer in some regards
russ7
2021-04-24 14:20
Thanks
si006
2021-04-25 15:41
Could be Paysera to some extent
994kaloyan
2021-04-26 12:47
Or AirWallex
pragmatic
2021-04-26 18:26
I need to transfer money (a few thousand euros) once a month from the US to an eastern european country. Transferwise would work just fine, but the issue is that I don't want my name to come up as the sender in the european account. Is there some alternative that would work for me, without me having to register a US company that would be the sender?
rodrigo.grania
2021-04-26 18:38
Maybe crypto p2p
pragmatic
2021-04-26 19:14
No, just need to do a simple bank transfer
vinodgn0088
2021-04-27 11:04
@pragmatic Try sending directly from TransferWise USD account balance to EUR bank account in eastern European country. I think the sender name of such transfer involving a currency exchange will not list your name as sender.
joe
2021-04-27 18:40
Worldfirst is good
leo.kipfelsberger
2021-04-27 21:06
Does anyone know if there is a paid service to open up a *personal bank account in the US* without having to travel there?
I have used serviced in the past to open up a business bank account but was wondering whether there is also such a thing for personal bank accounts?
pragmatic
2021-04-27 21:11
Yes it may be enough. What is an EMI? @mail777?
pragmatic
2021-04-27 21:12
Hmm, I tried sending from a TransferWise Euro balance to a EUR bank account. Sender name shows up. Would USD account be different?
pragmatic
2021-04-27 21:29
I've also tried USD directly to the Euro account in Eastern Europe, same thing.
pragmatic
2021-04-27 21:30
The only thing I haven't tried is opening a USD account on TW.
umesh.desai
2021-04-27 21:54
flagtheory's website says they can do it with no visit to the US required
994kaloyan
2021-04-28 15:09
It?s possible. It costs $2-3k depending on where you get it
ngaihaoshaun
2021-04-28 15:10
was reading up about transferwise and some people's account happened to be deactivated by them without prior warning. https://moneytransfercomparison.com/transferwise/
ngaihaoshaun
2021-04-28 15:10
this is worrying
ben659
2021-04-28 15:22
I use Wise as my main account, and I need proof of regularity of income in the form of a written statement from my bank explicitly stating that I?ve received more than X dollars since X date. Unfortunately, Wise customer support state that they won?t take on the responsibility of providing this document, although they will provide a signed ?document of the account?. I don?t know what this will look like, or if it will be sufficient
ben659
2021-04-28 15:22
Anyone have a similar experience with them?
klaus
2021-04-28 15:22
I had my wise business account closed down with very short notice.
klaus
2021-04-28 15:23
It is just the name of the game for online "banks" these days. And you will never know why. So have more than one.
ben659
2021-04-28 15:24
I think having bricks and mortar bank accounts is still 100% necessary, despite attempts by fintech to look like ?real? banks
klaus
2021-04-28 15:24
They can suck equally. The key is having multiple.
ben659
2021-04-28 15:25
Got it, but I haven?t heard so many stories of accounts being closed on a whim
klaus
2021-04-28 15:25
I had two brick and mortar close on me as well. One went bankrupt, the other was closed by govt. financial oversight.
ben659
2021-04-28 15:26
That?s rotten luck
ben659
2021-04-28 15:27
Do you think all of them would have at least provided a signed statement of regularity of income, if you asked?
ngaihaoshaun
2021-04-28 15:40
yeah i think brick and mortar bank accounts are needed as well
tiagomdreganha
2021-04-28 16:07
Brick and mortar can be quite valuable. I've moved 7 figures on a "student account" with-out any extra KYC :man-shrugging: This was a few years ago tho.
bobriakov.igor
2021-04-29 14:37
does anyone know what types of business credit cards could be acquired for non-US owner of US-based LLC?
and whether any card is particularly good (I've heard good things on AmEx green card, but maybe there are some other interesting/optimal cards for non-US based location-independent entrepreneurs, as I assume lots of card perks are localized in US?)
that's one example of business card lists - https://fitsmallbusiness.com/best-business-credit-card-for-llc/
994kaloyan
2021-04-29 16:10
That would depend on what you?d like to achieve and what you do with your business. For example if you advertise heavily on social media, AMEX business gold can be really good as it gives 4x points (if I?m not mistaken) on every dollar spent on ads in FB and Google.
Chase Inc is a close second, it gives you 3x.
karthik
2021-04-30 02:18
I?m little confused on this approach. if we get 2 miles for 1 USD spend, we would only get 1000 points for 500USD right, how would that be 70k points?
bobriakov.igor
2021-04-30 06:31
So then it boils down to determine types of planned spending and check which card maximize rewards for that type of spending?
klaus
2021-04-30 07:18
After a long and painful AML/KYC process, I managed to open a Zen account - and used my virtual card online yesterday for the first time. The main reason for the AML/KYC process being so long was I needed to get some notarized documents, I did not have handy.
Their mobile app does not work for me (hangs when I try to log in), but whatever - they have a web interface.
So far so good.
bobriakov.igor
2021-04-30 08:35
Anyone used https://www.transfermate.com/, what are your thoughts on it?
joe
2021-04-30 14:16
@klaus Thank you for sharing, may I ask 1) Where is your company registered? 2) Are you a resident in the country of your registered company?
klaus
2021-04-30 14:17
Malta company, Gibraltar holding, I am a resident of Malta
bierlingm
2021-04-30 15:08
@klaus Global Residence program for the 15% flat tax?
klaus
2021-04-30 15:10
No, regular EU residence permit, regular tax scheme.
bierlingm
2021-04-30 15:10
Alright thnx
994kaloyan
2021-04-30 15:20
Basically yes. And also what you?d like to get out of using the card. Although they generally have similar perks, some differ drastically.
joe
2021-05-01 16:44
thanks
joe
2021-05-01 16:45
@klaus did they ask for the papers of the gibraltar holding as well? to look through the entity to determine you are the UBO
klaus
2021-05-01 17:58
Yes, including notarized certificate of good standing
algarcidbs
2021-05-04 19:37
Hello! Could anybody tell me about how and when a foreign bank informs my home country (Spain) when I open an account? We do not have to declare assets under 50k but I'm not sure if Spain will automatically know about it if it's in the EU. Thank you very much in advance!
mail777
2021-05-04 21:42
https://en.wikipedia.org/wiki/Common_Reporting_Standard
tl;dr: Spain will know.
994kaloyan
2021-05-05 07:07
How and when are tough ones to answer. This information isn?t public as far as I know. But what Viktor said is spot on, unfortunately. :smile:
simon
2021-05-05 07:48
CRS reporting usually happens once a year. A snapshot of your account is sent to your country of residency on the reporting date (account number, type, balance, interests paid to it). Individual transactions / transfers aren?t included.
algarcidbs
2021-05-05 11:17
Thank you very much! I knew it was a little bit tough question but you solved my issue. A client had a doubt about it and I didn't know how to give answer to some details. The fact that they only have a end-of-the-year snapshot is what I was looking for. Thank you guys.
mail777
2021-05-05 11:34
Probably you understood it right, but just to be extra sure: this does not mean an account closed before the end of the year will not get reported. If it existed at all during the year, it will get sent. Many details are publicly known by the way, you can check out https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/common-reporting-standard-and-related-commentaries/, it for example includes guidelines used by banks to determine when to report to a country even when the customer does not inform them of a country of residency, it talks about so-called ?indicia? like addresses and phone numbers.
Of course the really interesting stuff is determined by specific bank?s internal regulations, some stupid ones always report to account holder?s country of birth even though they don?t have to, just because they have an overzealous risk department.
claudiaroitmancorp
2021-05-06 06:15
What bank can I open remotely in US for Stripe, if I already have an EIN but no SSN? I'm not a US citizen and I'm not there in person
simon
2021-05-06 06:48
Mercury, Brex and Relayfi
g-dufresne
2021-05-06 08:52
@994kaloyan Oh, I didn't see your reply,sorry! I think I would start under my own name because the first 1-2 years I plan to withdraw about 20-25k$ per year (I want to leave most of my capital on blockchain for the moment) but I am checking every choices.
Are you leaving in Bulgaria ?
If yes, I would have some questions :slightly_smiling_face:
algarcidbs
2021-05-06 09:14
Great extra information Viktor, I really appreciate it :pray::skin-tone-3: This part of international finance is completelly new to me but people seem to be getting very interested in these issues... and I feel like I don?t know how to accomplish all their doubts
paul_inkpen
2021-05-06 09:21
It seems my bank will allow for USD transfers to Panama but not coming out of Panama... Does anyone already have a reliable banking set up to take condo Rental payments out of Panama and send to Europe?
maticko
2021-05-06 10:14
did you try (transfer)wise?
paul_inkpen
2021-05-06 10:15
Yes, you can send USD to Panama but you can?t have an account as a Panamanian company or Resident they told me.
umesh.desai
2021-05-06 10:24
https://www.monito.com/send-money/panama/cyprus/usd/eur/2000 - one of those might work
994kaloyan
2021-05-06 12:02
@g-dufresne I am. Feel free to DM me.
jason
2021-05-06 14:06
An interesting problem, hope you find a solution, as I'm curious as well.
paul_inkpen
2021-05-06 14:08
This must be a common problem with the Panama Tax incentives on foreign investment regarding the Tourism sector
buynps.org
2021-05-06 14:47
interested as well
felix
2021-05-06 14:55
Not a bank, but Transferwise works like a charm as well
joe
2021-05-07 11:06
@simon have you been successful with brex?
joe
2021-05-07 11:08
anyone had any luck with UK EMIs with a UK LLP and US LLC as partners?
redareda9
2021-05-07 12:40
Revolut and Transferwise ?
994kaloyan
2021-05-07 13:18
TW has worked for me
joe
2021-05-07 14:08
Ok thanks! How about stripe and PayPal ?
994kaloyan
2021-05-07 15:13
Same way, both work. Get a UK mobile number from Zadarma for PayPal 2fa. They only accept UK mobile numbers. You can use the same one for Stripe obviously.
joe
2021-05-07 20:34
Thank you. would Stripe and Paypal ask for Utility Bill? I would presume using a bank statement from TW or maybe Tide would pass the bank statement requirement? How about the Utility Bill, if any
redareda9
2021-05-08 02:01
They won?t accept bank statements from a Fintech, not trustworthy, you need utility bill
joe
2021-05-09 07:58
ok
brent
2021-05-09 12:28
Just going through a massive hassle with a TransferWise account....these neo-Banks are becoming very painful to deal with. I agree with you @klaus, key is to have multiple "real" accounts.
ben659
2021-05-11 19:14
Same situation @brent. Wise is a great service, but should be seen as a tool rather than an actual bank account
a10
2021-05-12 11:39
What's the "home country", first of all? A one where you were born and of which have a passport? Where you have a property but not necessarily live there or live only for short periods of time? A one where you do live?
a10
2021-05-12 11:46
When one receives salary to his *personal* bank account sent from someones business account, does one - the receiver - have to have taxes on it, explicitly, by filing a tax return or something similar?
Or is it the case, for the most part, that *the taxes have already been or will be paid by the sender(!), if any?*
The cases I mean could be:
? sender and receiver are the same person - when I pay myself a salary
? sender and receiver are the same person, but I'm not a resident of a country wherein my bank account is. Or I stay in that country at most a month per year
? sender and receiver are different people
? sender and receiver are in different countries
? receiver isn't a resident, tax or otherwise, of a country in which he has a bank account
Generally speaking, how is it?
simon
2021-05-12 13:19
@a10 bank transfers aren?t usually taxed. If the transfers are income, however, you may have to report them where you live and pay tax
arthur
2021-05-12 17:35
Hey guys, since I hear more and more weird stories about online banks such as Revolut/Wise closing accounts randomly, I am looking for a reliable solid bank account (UK I think), without having to go there. What is recommended to store large amounts of money?
danz
2021-05-13 18:09
You will have to go there physically
mc
2021-05-14 00:48
@arthur Check out Intergiro (Sweden). If you have a UK LLP you can open a bank account with them.
arthur
2021-05-14 01:01
Ok thanks man! Is intergiro not just online banking? @mc
mc
2021-05-14 01:11
@arthur Online only.
geoffrey.theodule
2021-05-14 01:27
Hey @klaus , would you mind sharing in private the contact person (lawyer, cpa, public notary) that you got in touch with to certify your documents? I need my BC LLP documents to be certified as well for banking purpose. Would appreciate a ton:pray:
klaus
2021-05-14 06:46
Hi @geoffrey.theodule - my accountant/registered agent in Gibraltar took care of it, but as far as I know, they can only do this in Gibraltar, for Gibraltar companies, so I doubt it will help you. Happy to share the contact details with you in private, but I just dont think it will do you any good. :slightly_smiling_face:
geoffrey.theodule
2021-05-14 11:30
@mc �Do you you know if they accept casual crypto trading (sending/receiving from exchanges) for their business accounts?
geoffrey.theodule
2021-05-14 11:32
Yeah, I'm actually looking for one in Canada...
bobriakov.igor
2021-05-14 16:00
Brex discarded our application (non-US owner WY LLC)
mc
2021-05-15 01:22
@geoffrey.theodule Not sure. You can shoot them a msg, they have an online chat on their homepage and they usually reply within 24-48 hours.
justin
2021-05-18 08:48
Hello, we plan transitioning a business from Singapore to UAE. We have quite a bit of international payments in different currencies (ex. USD, EUR mostly) paying our contractors.
We been using Transferwise in most of the cases to send multi-currency payments, which was great as they have great exchange rates etc. Any recommendations if UAE any good options for international multi-currency payments?
vinodgn0088
2021-05-18 11:41
@Justin, Your best option is to add a UK LLP to your structure. i.e, make your UAE company as partner with major profit allocation and do business using UK LLP front end.
joe
2021-05-18 11:49
Wise and Stripe is available for UAE but just like what Nomad Dude suggested, using UK LLP as the front would be much more beneficial.
justin
2021-05-18 15:33
Well Wise pretty much dont operate in UAE according to their website @joe or I am missing something?
justin
2021-05-18 15:34
@vinodgn0088 is it for payment gathering only or what part in the structure it should take?
joe
2021-05-18 15:57
tats quite impossible, see this https://stripe.com/newsroom/news/stripe-launches-uae
joe
2021-05-18 15:59
btw i have heard good reviews about http://oceanpayments.com as well, you should try them as well for backup purposes
vinodgn0088
2021-05-18 18:46
@justin, Make the UK LLP a reseller of UAE company. Your client's will be more comfortable dealing with a UK entity than a UAE company. @Joe, Wise has limited the features available to UAE company. Now it is not possible to have a Wise Multicurrency account for a UAE company (Only sending is allowed now)
danz
2021-05-18 19:00
There are also almost no physical banks that want to work with UAE companies that have good bank wire rates for a UAE company in my experience, one of the reasons I closed it some years ago. So if you do a lot of transactions, be ready to pay quite some in fees yearly.
joe
2021-05-18 19:30
@vinodgn0088 yeah i also reckon that using a UK LLP as a front would be a better option. @justin if your UAE company is pure offshore, I wouldn't recommend using that as the HQ to pay your contractors, as your banking options would be severely limited, even UAE Wise is a castrated version of the original Wise, as per @vinodgn0088. If you need real banking, you need more than a pure offshore company.
felix
2021-05-19 04:29
Wise pulled out of the UAE. All private accounts also needed to be shut down a couple of months ago
julienduteurtre
2021-05-19 10:52
@simon I'd like to have a US Amex
I have a US LLC / EIN / ITIN / Real bank accounts in multiple US Banks (Personal and Business)
What is the easiest for me to get : Personal Amex or Business Amex ?
julienduteurtre
2021-05-19 10:53
Also I read you can use GoogleFi as a proof of address, but you can only activate it in the US, can a friend of mine in the US activate it for me and then ship it to me ?
simon
2021-05-19 14:03
@julienduteurtre Do you already have an AmEx in another country? For Google Fi, you don?t need to activate the SIM to get a statement. You can order it to a virtual address, use the first statement and then pause / cancel service.
umesh.desai
2021-05-19 14:17
I'm not actually sure google fi will work for proof of address. Banks/credit cards tend to want something that has a physical attachment to your home, e.g. a landline, or they will accept a lease agreement
simon
2021-05-19 14:39
@umesh.desai I don?t think AmEx cares all that much about the address, especially if you applying via Global Transfer.
umesh.desai
2021-05-19 14:42
I see - I recently ran into issues applying for a chase business card, where they wanted proof of address. It makes sense they wouldn't ask for that if applying through global transfer - though I'd be interested in knowing if that is still true when applying for a card for the first time with a setup up like @julienduteurtre's
simon
2021-05-19 15:29
@umesh.desai JC will certainly face a lot more scrutiny if it is his first card (no US history tied to his ITIN and no overseas AmEx). He did mention that he has a number of US bank accounts though so could probably use a statement from one of those as proof of address (typically banks will go easier on you if they know another major bank has already vetted you)
julienduteurtre
2021-05-19 20:36
@simon I have never had an Amex in any country, I have ITIN and a good personal credit score with Bank of America, and also almost 3 years credit history with them.
julienduteurtre
2021-05-19 20:38
Can I apply straight to US AMEX Business or Perso ?
simon
2021-05-20 02:22
@julienduteurtre You can apply for both if you already have US credit history tied to your ITIN (and a FICO over 750 ideally)
redareda9
2021-05-20 08:49
Hi guys, we found some kind of Kimchi Premium (basically crypto being more expensive in some third world countries), we are making nearly 7-10% profit for every transaction. Do you know any bank accounts that would be ok with receiving 4 figures a day from Third World Country and sending back to Crypto Exchanges? :smile:
redareda9
2021-05-20 08:50
So far, we tried with Transferwise but I?m pretty sure after few days, they will lock it if we keep doing that
vinodgn0088
2021-05-20 10:02
@redareda9, Try following. Make a gift voucher website which allows users to buy credits from you which can be used to purchase various gift coupon from your own store (like amazon coupons). Front is used to show Wise that you are into coupons business. Accept payments on Wise account, then transfer to bankera as small lumpsums. From bankera transfer to crypto exchanges.
redareda9
2021-05-20 12:06
Really smart, thanks. I just saw Bankera was crypto friendly
guillaume.hucheloup
2021-05-21 16:03
Power move
leo.kipfelsberger
2021-05-23 13:54
@umesh.desai have you been able to get a chase business card without proof of address?
leo.kipfelsberger
2021-05-23 13:56
Does anyone have experience with opening a *personal bank account* in the US without proof of address?
I tried opening a BOA account when I was in Miami recently and wanted to use my google fi statement as POA but they only accept lease agreements or utility bills.
Any other workarounds?
umesh.desai
2021-05-23 13:56
No, they asked for proof. I sent them my rental lease which they say is acceptable but the way the lease was formatted meant they would not accept it
umesh.desai
2021-05-23 13:57
I don't think they care if the address is in the US
leo.kipfelsberger
2021-05-23 14:30
Meaning you could have a rental lease from any other country and they would still accept it?
umesh.desai
2021-05-23 15:58
That's my understanding. I spoke with them on the phone explaining I had no household bills as they were all in the name of the owner. They said a lease would be ok, and I also explained the address was not in the US which they also ok'ed.
umesh.desai
2021-05-23 15:59
Even a personal tax document would work I believe.
sergiy.shlykov
2021-05-23 17:18
I would try a different branch in a middle-of-nowhere kind of neighborhood
rtiagm
2021-05-24 08:50
On a related note, can you open a personal account in the US with a foreign address ?
services
2021-05-24 12:12
Hey guys, does anyone have Citibank Citi Priority / Citigold *personal account* in *Thailand*?
If so, do you like the service quality? How they are in general for savings / everyday use in Thailand (or overseas)?
Any feedback is appreciated :slightly_smiling_face:
simon
2021-05-24 12:26
@services Citibank is in the process of exiting Thailand, it?s not clear yet what will happen to the accounts but it?s likely they?ll be moved to a local bank (I?ve heard Kasikorn)
mail777
2021-05-24 12:26
https://www.bloomberg.com/news/articles/2021-04-15/citi-to-exit-retail-banking-in-13-markets-across-asia-europe
If you're looking at using Citigold benefits like the free transfers: won't last long I'm afraid.
services
2021-05-24 12:28
Thanks for the details, I will clarify this directly with Citibank Thailand!
rob713
2021-05-24 12:51
cool idea, but couldn?t the volatility in crypto could easily burn you?
russ7
2021-05-24 14:52
Are there any services like Bankera or Paysera that are for USD transactions? It looks like those are both EUR based
Basically what I need is a physical credit card I can use to spend money here in Belize.
The money comes in through Wise. But since I am Canadian, Wise doesn?t provide a credit card.
So, I need to transfer money from Wise to another service that will give me a cc.
Right now I send to my RBC USA account, the fees are high when you spend money or take it out through an ATM.
burrup.lambert
2021-05-24 16:27
Maybe Intergiro free account for EUR, or paid account for other currencies? Or Dukascopy?
umesh.desai
2021-05-24 16:32
@paul_inkpen did you ever figure this out?
redareda9
2021-05-25 03:12
Not using stable coins like Tether
alex720
2021-05-25 15:45
figured it out
alex720
2021-05-25 15:45
buy tether for cash in panama or wire from panama to binance
alex720
2021-05-25 15:45
buy bitcoin on binance
alex720
2021-05-25 15:45
transfer bitcoin to bitstamp
alex720
2021-05-25 15:45
sell on bitstamp, ask bitstamp to transfer funds to europe bank
alex720
2021-05-25 15:45
bitstamp is EU regulated
alex720
2021-05-25 15:45
banks usually dont have problems with it
umesh.desai
2021-05-25 15:48
that sounds like a commission frenzy - do you lose much on the transactions?
alex720
2021-05-25 15:49
binance and bitstamp fees are low
alex720
2021-05-25 15:49
you lose less than 1%
umesh.desai
2021-05-25 15:49
oh, that's not bad
umesh.desai
2021-05-25 15:50
I've considered investing in real estate in panama, but weary about getting the proceeds out again
umesh.desai
2021-05-25 15:50
I'll have to look into this
alex720
2021-05-25 15:50
or get a bank that is fine with transfers from Panama
alex720
2021-05-25 15:50
many in the US dont care about transfers from panama
alex720
2021-05-25 15:50
or other latin american countries
umesh.desai
2021-05-25 15:51
:+1:
umesh.desai
2021-05-25 15:51
I'm headed there in a few weeks, so I'll be able to check the lay of the land firsthand
ivan550
2021-05-25 17:29
Where you able to do it without uploading a utility bill?
jason
2021-05-26 01:47
Can you not transfer out of Binance into an EU bank account? I thought they supported SEPA transfers.
arthur
2021-05-26 14:07
Yes but keep in mind Transferwise account is not easy to obtain for UK LLP with having your UAE company as a partner
arthur
2021-05-26 14:07
Yes correct Wise is dangerous guys, I need a solution to keep my money as well...
arthur
2021-05-26 14:09
Exactly guys, same issue here. Our UAE company is zero activity, only UK company is operational using mostly Wise as bank. But I want to step away from using Wise as main bank since I heard they are shutting down accounts randomly...
Any solutions to this? @vinodgn0088 @justin @joe
bobriakov.igor
2021-05-26 14:22
it seems that Intergiro is not supporting US based entities atm (the only supported non-EU country listed is Curacao, which itself seem to be a part of Netherlands) ?
vinodgn0088
2021-05-26 17:58
@arthur, If you want to stop depending on Wise, then the best option would be going for a real bank account as backup.
info596
2021-05-26 21:46
Has anyone actually used Dukascopy multicurrency account and card?
burrup.lambert
2021-05-26 23:46
I have one. Never ACTUALLY used the card though.
arthur
2021-05-27 02:23
Yes exactly, but then considering in which country I should get one. UAE is not very developed in terms of lots of transactions (you'll pay lots of fees), and don't really trust them with my money since I barely am there... What you suggest @vinodgn0088
marziovit
2021-05-27 06:42
Probably they are supporting only EU countries and their relative overseas territories
lvasc
2021-05-27 07:36
@info596 I?ve used sometimes using Apple Pay here in Brazil, no problems at all. But the spread looks kinda high for a different currency than the native of the card.
vinodgn0088
2021-05-27 08:38
Try Switzerland
rob713
2021-05-28 03:35
If I have a UK Ltd, is it possible to appoint a local resident director/secretary in order to open a normal bank account? Or will they require that all directors are resident?
joe
2021-05-28 09:46
Try getting another few EMIs in the interim and then a real bank. Airwallex and Tide are good options.
simon
2021-05-28 10:43
@rob713 Usually one resident director is enough
christiane.marianne
2021-06-01 10:36
Hi, We're in the process of moving our Australian company to Malta (we won't be moving to Malta ourselves). We have been using Paypal for many years now. However, we struggle with the set up of a Paypal account for the new business in Malta. Paypal requires a local resident to open the account. Any advice would be appreciated. Thanks, Christiane
burrup.lambert
2021-06-01 17:20
How does everyone handle adding their foreign cards to PayPal? Just open up a new PayPal account in another country with a new email address?
Situation.
I have a PayPal Australia account. When adding a card I can only enter an Australian billing address which means I can't add my USA credit cards. Funnily enough I was still able to add Argentinian and Hong Kong cards, just not cards from the USA.
Any issue with having two or more personal PayPal accounts in different countries?
simon
2021-06-01 17:30
Do you have a Curve card? It?s a great way around this issue, especially as you can use any address with Curve (they never seem to care when I enter new billing addresses when making purchases)
burrup.lambert
2021-06-01 18:00
I do, the "issue" is that some of my charges that I want to charge to my USA card are recurring in nature (monthly), which means that the charge will go to whatever card I have selected in the Curve app at that time. Unless there is a way to specify payments to a specific card?
simon
2021-06-01 18:06
Not that I know of, although they?ve said they are working on it so that may change at some point. Have you tried paying without creating a PayPal account? Sometimes I get that option and can enter my card details without having to login (not sure if possible for recurring payments).
burrup.lambert
2021-06-01 18:51
Yeah I can change the payment to just go direct to the card instead of via PayPal but was more so looking for people who have multiple personal PayPal accounts in different countries and can share their experience.
simon
2021-06-01 19:19
I have three PayPal accounts, haven?t run into any issues yet (other than the usual requests for more documents / info).
rodrigo.grania
2021-06-02 19:43
Hi. Just got rejected by Mercury. Anyone succesfully open with them with affiliate / ads (AdSense, mediavina, etc) company?
jase
2021-06-03 07:52
no trouble at all Rodrigo
jase
2021-06-03 07:53
I'd suggest it's not the business model they have trouble with. I know many others doing it too
rodrigo.grania
2021-06-03 14:17
Thank you Jase. I think the bussiness model is fine too. I don't know why they rejected me.
joe
2021-06-03 15:49
try relayfi
burrup.lambert
2021-06-04 01:54
Another success story here with Intergiro for a UK LLP with 2 non-resident partners.
seb.malek
2021-06-08 15:38
@burrup.lambert from which countries?
redareda9
2021-06-10 04:18
Would it be worth incorporating a US LLC and applying for Mercury Bank just to get an AMEX? Then running the ads expenses through the LLC but get the revenue in a UK LLP instead (For Stripe reasons) @simon
redareda9
2021-06-10 04:18
I?m spending enough in ads to get at least 1 business class every month
chris
2021-06-10 04:32
Yes but we used our UK home addresses.
simon
2021-06-10 07:53
@redareda9 the extra costs / accounting can easily be offset by the airline miles or hotel points earned. That?s something I forgot to mention in this thread but the AmEx points can also be converted to hotel points with Hilton and Marriott. For every 100k AmEx points you?ll get 1-2 weeks of free accommodation, maybe even more if staying in places like SE Asia.
redareda9
2021-06-10 07:56
so for every 25k spend, it?s 1-2 weeks of free hotels. Sounds really a great deal.
redareda9
2021-06-10 07:57
So basically if we are not American, and doesn?t have an Amex account in another country, the only solution is to open US account and llc right?
simon
2021-06-10 08:25
It?s a lot easier if you first get an AmEx elsewhere and then do a global transfer to a US business AmEx. Otherwise even with an LLC you?ll struggle to get approved (as you?ll still have no US credit history).
redareda9
2021-06-10 08:46
@simon So the ideal would be to get accepted with Amex UK using a UK LLP. Get some history with them and then apply for US.
Do you have any idea how long we should wait before applying for US?
Kinda painful to spend everyday while missing on the precious miles :smile:
simon
2021-06-10 10:21
If I recall, you need to have at least three months of history before you can use Global Transfer.
As for the first AmEx, wouldn?t it be easier to get a personal French AmEx?
redareda9
2021-06-10 11:57
Oh right, didn?t think about it at all. So it?s possible to do Global Transfer from Personal to Business in another country?
redareda9
2021-06-10 12:22
FFS, I knew it. They ask for a tax proof document. And they force you to chose a French company as employer ( as if every french was working for a french company) , so I chose ?Passive Income? and now they ask for proof of taxation.
simon
2021-06-10 12:44
Yes, as US business cards are essentially personal cards tied to a business (they still use your personal credit to approve you).
tobievandyk
2021-06-12 05:51
I just tried to sign up my Wyoming LLC with Airwallex but they want proof of business in US. Like lease, employees, bricks and mortar bank etc. Anyone able to get around this?
joe
2021-06-12 05:55
get an address that provides a lease agreement
joe
2021-06-12 05:55
or try to apply for a bank like mercury and use the statement to send it to airwallex
yaron.been
2021-06-12 06:25
@burrup.lambert
What do you consider the benefits of Intergiro in opposing to a Transferwise account?
burrup.lambert
2021-06-12 15:51
None really. It's just a Plan B incase Wise decide they want to cease working with us for whatever reason.
arthur
2021-06-12 18:11
Update guys, I have spend more then 150k USD meaning I am back at earning 1 point per USD spend.
Tried to apply for new AmEx Gold Business account to get back to the 4 points per $ spent, but unfortunately that's not possible yet since I don't have credit history in US.
The first account got approved because of Global Transfer, second account needs to wait a few more months untill I have credit history in US..
redareda9
2021-06-13 02:40
@arthur it means you?ve accumulated 600k points which is something like 10 long haul business classes. Quite nice! Do you have any expiration date for the points?
arthur
2021-06-13 02:42
Is it? I don?t know, have never booked a flight with Amex. Do you book directly via AmEx or you pay with creditcard for the flight and later exchange for points?
redareda9
2021-06-13 04:34
Yeah according to @simon. 10k spend is around 1 long haul business class flight if you take advantage of transfers bonuses. I don?t have an Amex yet (in the process now) but from what I understand you?ll need to exchange your Amex points to let?s say Emirates rewards system and using their system you can book flights.
redareda9
2021-06-13 04:34
@arthur so I think no need to pay for the flight on the first place
redareda9
2021-06-13 04:34
@arthur where did you apply first before transferring to Us through global transfer?
yaron.been
2021-06-13 05:14
Gotcha, thanks @burrup.lambert
tobievandyk
2021-06-13 10:38
Thanks Joe
roman
2021-06-13 12:18
You can open a BMO Harris account as a Canadian resident with a Canadian address remotely. They ship all the docs via UPS for signing.
redareda9
2021-06-13 14:11
Anyone know how to get a Uk proof of address? I will need it to get an Amex
arthur
2021-06-13 14:43
Sounds good! Yes we had Amex in Netherlands as well, thats how we did global transfership
mikeseo
2021-06-13 19:59
edit a bank statement
tobievandyk
2021-06-13 22:58
Yes I have just been opening a new PayPal account with a different email for each country
redareda9
2021-06-14 00:48
@mikeseo for Amex, they require a bank statement that has been stamped by a branch. Unfortunately I?m in Asia now so I won?t be able to get that
arthur
2021-06-14 04:08
Just found out that USA AmEx Membership Points are way more valuable than in the Netherlands, where 1.000 points are worth 4euro. That's peanuts....
digimkt
2021-06-18 02:40
yes was easy to open account, connect with stripe and now even has virtual cards
digimkt
2021-06-19 12:51
masters do you know if mercury is crypto friendly?
felix
2021-06-21 04:20
Curious as well!
leo.kipfelsberger
2021-06-21 22:25
Does anyone know if it?s possible to send funds form Transferwise to Binance directly?
Any issues with accounts getting locked?
kuka
2021-06-22 03:45
What about the opposite? Binance to Wise or a typical bank in the US or an IBAN?
mb
2021-06-22 08:48
In terms of IBAN, I had no problems with a prime Dutch bank, but this was a long-standing account mine. But hesitant to try out with Revolut/Wise.
felix
2021-06-22 10:33
Anyone experienced with Mercury > Binance/Kraken?
martichoualex
2021-06-22 11:42
Hello,
Have any of you opened a pro bank account with Revolut with your LLC?
burrup.lambert
2021-06-22 13:01
Fixed.
Allowed---
Wise > Bankera > Kraken
Kraken (regulated in EU) > (Bankera) > Wise
Not Allowed---
Wise > to any crypto exchange
The (Bankera) in brackets is not required if the exchange is regulated in the EU.
burrup.lambert
2021-06-22 13:02
You cannot go Binance to Wise because Binance is not regulated in the EU. It needs to go somewhere else first, like Bankera.
leo.kipfelsberger
2021-06-22 14:31
This is super helpful! Thank you!!!
danz
2021-06-22 19:52
@leo.kipfelsberger Transferwise doesn't allow it
redareda9
2021-06-23 10:15
Revolut finally doing Debit instead of Prepaid
bountybairn
2021-06-23 16:42
decent change, more recently have hardly used my revolut accounts mainly as system seamed to be shaky and customer service they were struggling with for me.
TW never really had to speak to support yet after 2 years so thats probably a good thing of itself
redareda9
2021-06-25 01:30
So I just managed to add a Business Revolut *Virtual* Card to a Google Ads account without problem. Google never let me add a Virtual Card as it was considered a Prepaid but it seems like even Virtual are true Debit now!
td
2021-06-25 12:34
do you know if my physical card has also changed ? or do i need to replace it? and is this just for business?
frederic.scheffer
2021-06-26 07:47
Hi!
Do you think it is possible to mandate someone to open a main street bank account in the UK for our UK LLP?
That person with a mandate is not a partner. I don't want to fly to the UK to open accounts.
I am not a resident of the UK and the LLP is also non-resident.
Thanks!
frederic.scheffer
2021-06-26 08:55
@burrup.lambert did you have to send Notarized and translated utility bills? Or just the originals? Here in Thailand, phone and electricity bills are just a simple receipt in Thai.
danz
2021-06-26 11:38
@frederic.scheffer I don't think it will work, I asked this our partner who helped us before and had to go by personally
frederic.scheffer
2021-06-26 13:11
@danz thanks. And when you went by personally, did they ask you about UK residence?
redareda9
2021-06-26 13:11
For me Physical always worked even on Google so I have no idea. It?s on my Revolut Business account
burrup.lambert
2021-06-26 16:16
Nothing needed to be notorised, certified or apostilled. Electronic copies were fine. You just need your basic documents; incorporation, operating agreement, maybe a digital signed letter from all partners/members etc. All very simple.
danz
2021-06-26 16:41
No, I am a non-resident of the UK and that was fine. Maybe they asked, I don't remember exactly, but they were fine with non-residents. Just needed docs like proof of address.
frederic.scheffer
2021-06-27 02:43
@danz thanks. Which main street bank worked? Guess its time for a London trip soon.
danz
2021-06-27 10:22
@frederic.scheffer Went to HSBC, but I believe Barclays should also work fine. Make sure you go to one branch where they offer 'business banking' as not all of the branches offer it.
frederic.scheffer
2021-06-27 13:07
Alright will try both. Thanks.
tobievandyk
2021-06-27 23:21
I tried but they want you to be personally resident in the USA.
tobievandyk
2021-06-28 03:03
Looks like no. Mercury uses Synapse and Synapse's terms of service says no crypto without their permission. I have mailed Mercury to ask.
frederic.scheffer
2021-06-28 18:41
Revolut with a UK LLP: has anyone suceeded? And has anyone suceeded with a 0% individual partner / 100% legal identity ?
I got rejected once and plan to try again. It seems the moment I indicated the other partner was a HK LTD with 100% of shares, they blocked the application. Not sure if it's because that 2nd partner is not an individual, or because its a HK company or because its a company who is a 100% partner and no human has a single %.
marziovit
2021-06-28 19:13
I?ve read that Revolut only works if you are EU / EEA resident. Not sure if it?s true:
tobievandyk
2021-06-28 23:56
Ok I asked Mercury if I could send money to Celsius Network for investment purposes. They said: That wouldn't violate our terms of service as long as it's part of your business operations! If it's for personal use, though, we can't support that.
carolarnelas
2021-06-29 15:38
Hey Guys, anyone had experience with Brex Cash? Any opinions on them? I was about to open a Mercury account but this popped up...
https://www.brex.com/product/business-account/
frederic.scheffer
2021-06-30 08:00
For a UK LLP?
For a HK LTD?
benjamin
2021-06-30 12:32
@frederic.scheffer I'm using them for a HK LTD.
Had no issues so far. The only bad part is the fact the word CURRENXIE is added to the name on outgoing transfers. And you need to make sure incoming transfers also include it.
For example..."CURRENXIE - Business LTD"
ivan
2021-06-30 16:11
I'm having some issues converting my income to cryptos. Anyone knows if LLCs nowadays have accesible options for charging clients and then converting that money to cryptos? I was currently conducting it all under my name but Wise blocked my personal account for purchasing cryptos in p2p. I'm finding hard getting paid in Paypal and finding ways to purchase BTCs without breaking their TOS, any ideas?
burrup.lambert
2021-06-30 16:36
Can you get paid in crypto directly using something like http://CoinPayments.net or another crypto payment processor?
burrup.lambert
2021-06-30 16:37
Or open up a business account with a crypto exchange, send fiat there and then buy crypto?
ivan
2021-06-30 18:00
crypto directly is quite hard to get from my customers. But sending fia to exchange is the complex part since I need bank account compatible with them. Paypal and the other usual ways I use for charging customers aren't crypto-friendly.
mikeseo
2021-06-30 18:44
Wise blocked you from buying btc on p2p like locabitcoins? (sending fiat to random guys?)
simon
2021-06-30 18:44
@ivan Have you considered buying crypto-focused ETFs instead? I know it?s not the same as holding crypto but it?s an easy, bank-friendly, way to speculate on BTC prices.
ivan
2021-06-30 18:51
@mikeseo, it blocked the whole account because of that. And by using my name, I couldn't open any other accounts.
ivan
2021-06-30 18:52
@simon I haven't, which platforms are offering that and could be funded with paypal and the sort of wallets one normally receives payments with?
simon
2021-06-30 19:07
You need a brokerage account to buy ETFs so PayPal -> bank account -> brokerage account -> ETF. https://etfdb.com/themes/bitcoin-etfs/
ivan
2021-06-30 19:28
Thanks for the info! I'll take a closer look into these options.
burrup.lambert
2021-06-30 21:15
Open a Bankera account for EUR. Or another crypto friendly fintech that supports USD.
mikeseo
2021-07-01 04:27
how did Wise know the p2p wire transfers were crypto related?
994kaloyan
2021-07-02 15:30
Can you get an account with Bankera for a UK LLP? Also are there any other crypto friendly neo banks?
danz
2021-07-02 16:09
I am in the process at onboarding at banks (No UK company though), here's my 2 cents: Mister Tango (the easiest), Bankera (quite some questions, but fine to), Bilderlings (pretty smooth), Cashaa (pretty smooth), Silvergate (takes long, still in the onboarding, probably the biggest crypto bank as all exchanges like Kraken, Bittrex, Binance and others use them). And there are more: Bitcoinsuisse, Seba.Swiss and even more, but no experience with them. Most ask for a one time fee and some monthly fee added to that. And I know of a few Caribean banks that accept crypto companies, let me know if you want those names.
frederic.scheffer
2021-07-02 18:24
As an individual?
994kaloyan
2021-07-02 18:41
I love you thanks :smile: I?m interested in getting an account for an LLP but you gave me so many options. I would bet at least one will work. Will give them all a try.
994kaloyan
2021-07-02 18:42
What about BitPay? Has anyone got that for a UK LLP?
994kaloyan
2021-07-02 21:23
Bankera works for UK LLPs btw, confirmed
bountybairn
2021-07-03 10:57
I thought bitpay only worked in the US when i checked this a few months back
bobriakov.igor
2021-07-05 16:55
they didn't approve our WY LLC application
a10
2021-07-10 10:42
How can one open a merchant account for an e-commerce store? Is there a relatively easy way for those who haven't reached a hign cash flow yet?
I've opened Stripe, for my UK Ltd, but I want a merchant account due to lower fees and higher charge-back tolerance.
I'm not a resident of US, UK, EU or AU...
frederic.scheffer
2021-07-13 04:59
Hello!
I have a UK LLP and registered for a VAT number in France.
Now, to pay the VAT, it is written that they only accept "B2B SEPA Direct Debit" (pr�l�vement SEPA in French).
Sadly Transferwise doesn't offer this option.
Has anyone managed to pay VAT this way for their UK LLP?
Major pain. Could i let someone do it from their company in France (as a payment intermediary/representing us)?
Obviously most banks that can do this don't accept a UK LLP (non-resident).
simon
2021-07-14 17:49
IBKR account holders in Canada can now apply for the IBKR MasterCard. This allows you to borrow against your investments at a very low rate (1.67%). https://www.interactivebrokers.ca/en/index.php?f=26451
It wouldn?t surprise me if they launch the card in additional countries in the near term, especially the UK.
vinodgn0088
2021-07-14 17:53
@simon, Is there any option in IBKR to pledge the stocks and get margin to do options/futures trading using the margin? If yes, does that come with any interest fees?
stolzlos
2021-07-14 17:56
@vinodgn0088 they offer a margin account to which you can upgrade from your cash account. Rates are as following:
https://www.interactivebrokers.com/en/index.php?f=46376
tobievandyk
2021-07-15 04:23
Hey @burrup.lambert. Bankera is asking for my reason to open an EU region bank account. What is a good reason that they will accept?
burrup.lambert
2021-07-15 18:20
Odd, I was never asked that question. Just say some generic answer like easier banking access to your European broker (forex, equities etc). Or you would like to trial their personal product offerings first before commiting to a business account etc.
simon
2021-07-18 07:45
The EU is officially entering step one of launching the digital ?, the preparation step. https://www.ecb.europa.eu/press/blog/date/2021/html/ecb.blog210714~6bfc156386.en.html
frederic.scheffer
2021-07-18 07:54
Sharing some results. Remotely opening accounts for a non-resident UK LLP. With both partners being non resident in the UK.
Managed to open an account with:
Intergiro
Airwallex
Currenxie
Still waiting on http://juni.co
A lot of documents asked by all of them. You need to have suppliers invoices, utility bill for your own address and for your UK address.
Good luck to you guys
Next: fly to London to open 1 or 2 main street accounts
frederic.scheffer
2021-07-18 08:54
Ps: I am a resident of Thailand
marziovit
2021-07-18 12:24
Wise refused to open an account for your LLP?
frederic.scheffer
2021-07-18 14:46
Wise was easy and done long time ago
mohd
2021-07-18 17:26
Thanks, how did you get a utility bill in the UK? Do you have an office there?
yaron.been
2021-07-19 02:51
Thanks for sharing Franck.
I also have a UK LLP - non-resident and was able to open http://Juni.co.
Please keep us posted regarding the main street accounts, as I'm thinking of flying to London as well.
frederic.scheffer
2021-07-19 03:16
@mohd yes I rented a place in the Uk to have a real address + utility bills. Much safer as I did not want stripe or shopify payments to disable my account if I could not provide a utility bill.
frederic.scheffer
2021-07-19 03:17
@yaron.been sure. It might take a while though. Maybe September or October. Please tell me if you succeed before that!
mohd
2021-07-19 09:07
Thanks @frederic.scheffer, did you find something cheap others could you use as well?
frederic.scheffer
2021-07-19 09:26
No sorry
mohd
2021-07-19 09:30
Thanks. Do you mind sharing where I can get a place that would accept me signing a lease remotely @frederic.scheffer?
frederic.scheffer
2021-07-19 09:30
I have no idea. It was a friend
yaron.been
2021-07-19 09:47
@frederic.scheffer Sure thing. I will update.
But for the time being, I'm trying to avoid flying there (not such an easy task with Covid) and trying to shift more sales to Woocommerce stores instead of messing around with Shopify and Shopify payments.
mohd
2021-07-19 09:47
Thanks @frederic.scheffer
leo.kipfelsberger
2021-07-19 17:03
Hey guys!
I just set up a company in the UAE and am looking for a reliable bank to open an account with.
I was recommend https://pervesk.lt/en/ and https://pacificprivatebank.com/ by the service provider who has helped me set up the UAE company but I have never heard of either.
Do any of you have experiences with the above or can recommend a good banking solution in the UAE?
Any tips would be much appreciated!
simon
2021-07-19 18:18
@leo.kipfelsberger ADCB and Emirates NBD are major local banks that are fairly reliable. I wouldn?t recommend opening accounts with dodgy island banks such as Pacific Private Bank or lesser known European EMIs such as Pervesk.
leo.kipfelsberger
2021-07-19 18:23
Thanks for the recommendations as always @simon !!!
simon
2021-07-19 19:11
I?ve created a #uae channel btw, feel free to join. I think there?s quite a few members either based there or with interests there
mail777
2021-07-19 20:08
Good idea! And thank you for naming it right, unlike a certain other Slack I shall not lambaste further where apparently it is assumed their members are lacking in knowledge of any emirate but Dubai. :smile:
marziovit
2021-07-20 07:33
@frederic.scheffer just curious: is it necessary to have a UK real address + utility bills for the LLP?
frederic.scheffer
2021-07-20 12:04
Depends for what. I would strongly recommend it for shopify and opening bank accounts
felix
2021-07-20 13:43
+1 on ENDB. Banked with them for a while (private, not corporate) and it was a good experience.
felix
2021-07-20 13:47
Just stay away from HSBC in the UAE (in generally in any country :smile:)
felix
2021-07-20 13:51
Thank you for sharing, Franck. Curious to hear your feedback about the different providers. Which one is your favorite so far?
frederic.scheffer
2021-07-20 14:22
@felix didn't use them yet. Just sent some small change to each ones in various currencies to test the channels.
Will start using later
chris
2021-07-21 06:20
Would love to hear how you get on with the main street banks when you get to the UK. My partner and I are doing ecommerce with an LLP (also from Thailand). Sounds like a very similar set-up to you. No problems so far but would like a brick and mortar bank in the future.
marziovit
2021-07-21 08:06
@chris do you also got UK residential address + utility bills
chris
2021-07-21 08:07
Yes but we?ve not been asked for them yet with anything we?ve done (Wise, PayPal, Stripe)
marziovit
2021-07-21 08:30
@chris can you tell me what have you used as a residential address? Did you use an anytimemailbox address or you rented a real office or flat or something else?
chris
2021-07-21 08:32
My partner owns a rental property in the UK so its his name on the bills
chris
2021-07-21 08:32
I?m also from the UK so I have an address there with parents
alexandre.allemandb
2021-07-21 18:43
Hi guys, I'm trying to open a business bank account with Revolut for my UK LLP company. The platform is asking for two directors to continue with the application, although I am the sole owner of the company. Any workaround you found when the second partner is a UK LTD company? Any kind of help or suggestions is much appreciated. Cheers!
redareda9
2021-07-22 00:57
Contact support
leo.kipfelsberger
2021-07-22 01:08
Hey @simon and @felix!
It seems like opening an account with ADCB or ENBD seems to be difficult if I am not a UAE resident.
Any other suggestions here?
Have you heard of https://www.mashreqbank.com/ and have any experiences with them?
felix
2021-07-22 01:10
Have heard of them, but don?t know anyone who has banked with them. The UAE is also home to many multi-national banks. If you have already an account with Citi abroad it might increases your chnaces of opening one in Dubai if they know you already.
felix
2021-07-22 01:11
They don?t open account if you are not a resident?
felix
2021-07-22 01:11
Why don?t you apply for the nomad visa? Cost $600 and makes you a resident incl. Emirates ID, etc.
leo.kipfelsberger
2021-07-22 01:17
@felix didnt know there was a nomad visa. Super helpful!
I am already a resident of cyprus so not sure if that brings me any advantages to become a resident in UAE as well?
Were you able to open a ENDB without being a resident?
felix
2021-07-22 01:18
I was a resident back then and the whole process was incredible easy. They came to the office, showed me what to sign and left. 2 days later I had the card and account in the mailbox
felix
2021-07-22 01:18
ENDB was an easy bank to deal with
frederic.scheffer
2021-07-22 04:15
Didn't work for me (and I couldnt apply anymore).
Please tell us if you succeed
ashishbhatia.ab
2021-07-22 19:27
As a USA resident, any bank where I can hold Euro without dealing with FBAR? Transfer wise told me that their Euros are held outside the US. TD bank seems to be an option. I just don't know how good it will be.
mikeseo
2021-07-22 20:00
interactive brokers maybe?
fish
2021-07-30 18:03
To whoever is interested in a Turkish bank account. Ziraat bank are willing to open accounts for tourists but that involves some hassle obtaining a tax id and showing up in person
mohd
2021-07-30 18:25
and if you have sometime to spare, you can apply for a 1 year tourists residence visa, which allows you to open an account at any bank in the country.
koshis
2021-08-02 11:19
Hi @danz did you get approved at silvergate? And was this for an individual account or for a company ac? Also keen to know those Caribbean options if you don't mind. Cheers!
danz
2021-08-02 13:46
@koshis Still under review, already a month. Seems they have less people or something during the summer, but it's been taken forever. I even been offered another Caribean bank for free, but not a big fan of that. But already got a few other banking solutions that are working. Sent me a pm and I can give you all the info of exchanges and banks etc.
felix
2021-08-06 03:33
Hi guys! Our company is an accounting partner of Wise and our clients get a first free transfer up to value of �2,500. If anyone is thinking about registering for Wise here is our link: https://prf.hn/click/camref:1011l8dUN/destination:https%3A%2F%2Fwise.com%2Fc%2Faureliaventures (offer applied on first transfer up to value of �2,500. Credit cannot be saved for future transfers.)
jonathan.galovan
2021-08-06 11:14
Any idea on a good bank for an LLP to transfer 7figures?
994kaloyan
2021-08-06 13:31
I might be more interested in the accounting part than the free transfer. Can you give me some more info on that?
felix
2021-08-06 15:25
It?s just called accounting partnership, nothing about accounting here :smile:
jonathan.galovan
2021-08-06 17:12
In case you don't have a UK Tide Bank account. I just got this email from Lawbite that gives you free transfers for 12 months. And 100 pounds... Thought the free transfers for 12 months would be cool. The code is: LAWBITE
Here is the link: https://i7.t.hubspotemail.net/e2t/tc/VW68kb2Dd30LW3HjwDh8TVCDvW24t7JB4vRrrnMwF3SZ3lGmQV1-WJV7CgSjCW8F8nSF64gLbzW5zMFMT62gjhwW6Bbj0m5ZsmhTVvSDNM4NjywfW52ggRv7-DhcNN4Msb82m_ZcvVG19dL5VnXzkW7SZHKj4QSzVNW66cqd72FLByFW6sPMYp2HsTcXW3lBQL33dPy3bW5kWNG74HPqZrW5MGzhr1plJVjW7bSBHz1BsCR0N4_l87Pbf_mtW538FTp7-MxBRN5WTbMySMkkqW3trRzB635ZwDW1L-mk86W4v0CW13lwDC6bnhSxW5yr0Vq8DY0xsW1_Y5D71zFB4R32qD1
I am not affiliated with them in any way :wink:
frederic.scheffer
2021-08-07 04:55
@jonathan.galovan Tide bank account can work for a non-resident UK LLP?
Last time I checked it couldn't
support
2021-08-12 14:31
I'm pretty sure Tide is for UK residents only, just like Starling bank
994kaloyan
2021-08-12 14:46
hahaha
994kaloyan
2021-08-12 14:46
thanks
koshis
2021-08-13 07:08
Has anyone opened a Citi Bank personal account in Dubai/UAE? What was the process like and any min deposit requirements? Any other easy to deal with banks over there?
felix
2021-08-13 16:14
Applied online, got approved shortly after. They wanted to see a letter from the employer about my salary and that?s it. Very straightforward. Was in 2017 though.
felix
2021-08-13 16:14
Only wamted the credit card from them. No min deposit, got 4x my salary as limit by default.
felix
2021-08-13 16:17
All other banks (at least back then) were either local banks or HSBC (what I would avoid like the plague). Citi had/has back then very good credit cards with solid benefits for a fair annual fee. I believe you only get better benefits from US cards such as Chase Sapphire/Reserve, etc.
The Citi online banking interface feels old and a bit outdate, but for paying the monthly balance it?s fine.
burrup.lambert
2021-08-13 16:42
Maybe Standard Chartered? Last I was there (2017) it was AED100,000.
felix
2021-08-13 23:43
True SC is good as well. Forgot about them. Adding to my post, I was a resident in Dubai at that time so the situation might differ for you when you are not a resident.
koshis
2021-08-14 08:42
Cheers @felix that's good to know.
jase
2021-08-16 13:54
Has anyone managed to verify a Curve identity with a non-UK/EEA document?
jase
2021-08-16 13:55
This is for an upgrade in spending limits
fish
2021-08-19 13:50
Following
jase
2021-08-20 06:38
@fish do you have a card yet?
jase
2021-08-20 06:38
I have a Metal card without proof, that part is all good
jase
2021-08-20 06:39
But there are limits without further approval:
> Your current limits are:
> *2000 GBP*�per single transaction and per day
> *200 GBP*�cash withdrawal per day
jase
2021-08-20 06:40
I had an issue paying for fuel everywhere I went. Didn't make sense. My card worked in lots of locations but it was specifically gas/fuel/petrol stations where it wouldn't work
jase
2021-08-20 06:40
Their response:
> I've looked into this for you and your transactions were declined because automatic petrol pump purchases are blocked on your current spend limits.
>
> Rest assured, I've now made some changes so these transactions will go through from now on.
jase
2021-08-20 06:41
While I'd like a higher limit, I don't have a way to prove UK or EU residence. I might not rock the boat for now and hope that they allow Andorra soon enough.
fish
2021-08-20 08:11
@jase I set my eyes on this a while ago but no card.
fish
2021-08-20 08:11
Gas pumps like to block 400$ on foreighn cards and give it back a couple of days later
fish
2021-08-20 08:13
As NFT becomes more popular GPay and Apple Wallet can do what I needed of Curve
elsamadrolle
2021-08-20 12:02
Im looking to set up a company in Singapore but use Revolut as a bank. Spoke to Osome and it?s not one of the banks they work with. 1) has anyone figured out a way to do Singapore company with Revolut 2) if not which of the more usual suspects would you recommend out of Sing (HSBC, Citi, DBS, Standard Chartered, UOB?)
elsamadrolle
2021-08-20 12:20
Actually never mind first question I just found out that Revolut is not a bank in Singapore
jase
2021-08-20 12:36
I got a card quite easily. Twilio UK number and friends' address = no problem
felix
2021-08-20 15:39
You can try Aspire. It?s a Fintech from Singapore and I heard good things from them.
felix
2021-08-20 15:39
DBS, UOB, etc. are good banks, but it takes ages to get the (corporate) account. I think Aspire is even offering cashback on online marketing transactions.
felix
2021-08-20 15:44
Avoid HSBC (in general)
support
2021-08-22 16:50
Does anybody know any banks that support mass payouts with low fees for UK companies? (I can't use Wise)
support
2021-08-22 16:51
Make sure you got back ups if you decide to use Revolut as your main bank account, never have more than needed on it.
bobriakov.igor
2021-08-23 12:30
Probably Skrill or Payoneer can be an option
support
2021-08-24 06:32
Thanks!
tommi
2021-08-25 15:05
Hi guys, Just set up Wise account for US company but found out they won?t be giving out business cards for US companies (have one for my EU business). Any hacks how you pay for subscriptions or stuff that normally need card details if Wise won?t give you card?
seb.malek
2021-08-25 15:58
Stripe Issuing? Mercury?
sergiy.shlykov
2021-08-25 17:52
@seb.malek do u have experience with stripe issuing?
tommi
2021-08-25 18:09
Yea I think I go with Mercury then. Cheers :+1:
russ7
2021-08-25 19:31
Any virtual bank accounts for Canadian LPs that issue debit cards?
felix
2021-08-26 08:31
We used Stripe issuing for a while. Was not as easy as just having virtual cards in Transferwise, but it was ok
alexbadaoui1
2021-08-29 15:52
Mercury is the easiest solution for US LLC's. For UK LLP it is Wise.
Would be nice to be able to have it all under Wise.
romanpfeiffer75
2021-08-30 07:53
Is Mercury Crypto friendly? Can I make transfers to Crypto exchanges?
994kaloyan
2021-09-01 08:43
Not crypto friendly
fernandoalvarez
2021-09-01 15:36
Hello! Has anyone had success with creating a US WY LLC account with stripe without an ITIN?
sergiy.shlykov
2021-09-01 18:40
Yes i had success with it, but they closed my account after i was logging in from outside of the US a lot. I would recommend always using a virtual private machine on amazon with US IP address to stay under the radar. Also it reeeeally depends on the type of ur biz, especially dropshipping gets banned fast. I would recommend you go for UK Llp setup and get stripe without these issues. Uk llp strioe is much lighter with restrictions
jase
2021-09-01 19:08
Amazon Workspaces is your friend
marziovit
2021-09-01 19:38
What is Amazon WorkSpace used for?
umesh.desai
2021-09-01 20:06
remote desktop hosted on amazon.
russ7
2021-09-01 23:30
I?ve been using Transferwise to move money. Love the speed and cost.
But now I?m trying to send money to Belize and find they won?t do that.
Looks like they used to, but not anymore.
Does anyone have an alternative?
I?m not European or American so that eliminates a lot of the options I see here typically.
marziovit
2021-09-02 06:49
I don't see the point of using Amazon Workspaces since it costs $20 a month when a VPN could do the job for $3 a month. Did i miss something?
vinodgn0088
2021-09-02 07:00
@omocha_10, Small difference is there. Amazon's IPs are dedicated for you and not flagged as VPN by many sites. Also, you are paying for a virtual PC which allows you to run any software 24x7
jase
2021-09-02 07:15
^ exactly. no leaking, no funny business with cookies, IP remains the same and you're the only one using that IP. who knows, it may not be enough, but to me $20 is money very well spent. Also you can get AWS credits to make it free for a year or two
jase
2021-09-02 07:24
I use the same for Amazon Associates as I manage 2 separate companies. The name of the game here is just trying to avoid triggering auto-account closures.
marziovit
2021-09-02 08:09
@vinodgn0088 @jase thanks guys, i know understand the value of using Workspaces.
taylorwalkerllc
2021-09-03 03:30
Maybe Paysend supports it?
joe
2021-09-03 08:56
AirWallex is good as well, they offer payment processing like stripe and fx transfer like Wise. if anyone needs to apply, i can send you a link to get up to 12500 USD free FX fees.
joe
2021-09-03 08:56
@russ7 maybe you can give airwallex a look
joe
2021-09-03 08:57
yes its possible
prykhodko.av
2021-09-03 11:58
Avask accounting can pay French vat on behalf of their client (LLP)
prykhodko.av
2021-09-03 12:06
Hello! Can anyone advise a good and safe bank, possibly with wealth management option, for Estonian registered OU holding company?
alex720
2021-09-03 12:06
Best banks for cayman registered holding company?
alex720
2021-09-03 12:07
Not in cayman ideally
russ7
2021-09-03 12:36
Thanks. For some reason they denied my application
russ7
2021-09-03 12:37
Will check it out, thanks
romanpfeiffer75
2021-09-04 18:25
Hello Surfers,
I am currently looking for a business bank account for my *US LLC*. The main purpose of the account is to *receive payments and transfer those to a crypto exchange*. Since many banks have problems with payments to crypto exchanges I was wondering if you can *recommend any bank* you made good experiences with? (for business accounts)
arthur.vandelaak
2021-09-06 19:38
Has anyone linked a US Paypal account to a USD wise account? I am trying to avoid the currency conversion charges (3-4%) of Paypal which forces it to Euros upon withdrawal.
russ7
2021-09-06 19:39
I did it successfully with a CAD PP account (receiving in USD) to a USD wise account
arthur.vandelaak
2021-09-06 19:40
@russ7 without currency conversion?
russ7
2021-09-06 19:40
Right- USD to USD
jase
2021-09-07 15:01
Andorra Paypal bank account (USD) withdrawing to Wise bank account (in same company name) into USD account works fine!
jase
2021-09-07 15:02
You need to call them though
jase
2021-09-07 15:02
Or at least, I did
yuli
2021-09-07 21:12
I use Mercury
arthur.vandelaak
2021-09-08 17:06
Has anyone used Airwallex? And if so how does it compare to Wise?
994kaloyan
2021-09-09 20:04
Just wanted to put this here. It?s from Wise for a UK LLP business account. I guess it was coming.
994kaloyan
2021-09-09 20:05
I remember there was a Curve hack you can use for this but I?ve never done it personally. Someone might be able to chime in on this.
russ7
2021-09-09 20:35
Oh oh! Are you an American citizen? (They mention FATCA)
mb
2021-09-10 01:09
Curious what happens if someone were to pick the last option.
tiagomdreganha
2021-09-10 13:40
How good does your ping need to be to not experience heavy lag while working?
994kaloyan
2021-09-10 14:21
Me too lol. It?s not for me. A friend of mine sent me this. He?s Australian.
jase
2021-09-10 14:46
I don't find that to be the problem. If anything it has to do with server resources/screen resolution.
jase
2021-09-10 14:47
I believe there are some settings to really reduce that down though. Low color modes, etc...
simon
2021-09-10 18:48
Could be an Australia specific issue, similar to PayPal (they operate on a banking license there),
burrup.lambert
2021-09-16 15:42
I just got this after I completed a transfer.
Personal account. Also Australian.
himself
2021-09-16 16:00
Does anyone have experience/recommendations for secondary business bank accounts in the UK.
himself
2021-09-16 16:01
I am using Revolut Business (and it?s great, merchant account is good too) but I?m starting to hold an uncomfortable amount of cash in it given it?s support issues and that it?s not protected by the FSCS.
himself
2021-09-16 16:01
I was considering this package by Aldermore: https://www.aldermore.co.uk/business/business-savings-accounts/easy-access/
himself
2021-09-16 16:02
It seems that most of the usual UK banks (HSBC, Barclays etc) will only offer business accounts on the condition that it?s the primary account.. not sure of the due diligence on this but any recommendations would be much appreciated
burrup.lambert
2021-09-16 22:53
What's stopping you from just saying it's the primary account to get the account open?
himself
2021-09-17 12:17
Nothing I guess? not sure how much due dil they will do..