Hi guys,
I have a Cypriot company and around half of my clients insist on paying in USD. I have tried to get them to pay in EUR, but unfortunately the industry I work in does not allow this, as within this industry USD is the standard currency arrangement. This equates to around 20,000 - 60,000 USD per month.
I have been using a CY Transferwise account to collect the EUR payments from the one half of my clients (the European clients that are prepared to pay in EUR), but CY Transferwise does not accept USD payments. Even worse, payments that are sent to the Transferwise in USD are bounced back to the client, so it's not even a case of accepting a disadvantageous currency exchange rate. Transferwise will flat out reject any USD payments to a CY company account.
I tried to open a Revolut account (as this looked like the obvious solution) but they rejected the application 4 times - it seems they are not looking favorably upon Cypriot business accounts at the moment.
I was wondering if someone had a suggestion of a way for a Cypriot business to receive USD?
At the moment it looks like my options are a traditional Cypriot business bank account, where the rates will be brutal. Or going with an offshore bank account, such as CIM Banque, which will also be highly expensive and inefficient. A 'wildcard' option is to register a Delaware company and hope that Transferwise accept it, and use this as a means to collect the USD payments (it would be owned by the CY company). However this also brings problems and is not ideal...
Any help would he hugely appreciated! Thanks!
I have a Cypriot company and around half of my clients insist on paying in USD. I have tried to get them to pay in EUR, but unfortunately the industry I work in does not allow this, as within this industry USD is the standard currency arrangement. This equates to around 20,000 - 60,000 USD per month.
I have been using a CY Transferwise account to collect the EUR payments from the one half of my clients (the European clients that are prepared to pay in EUR), but CY Transferwise does not accept USD payments. Even worse, payments that are sent to the Transferwise in USD are bounced back to the client, so it's not even a case of accepting a disadvantageous currency exchange rate. Transferwise will flat out reject any USD payments to a CY company account.
I tried to open a Revolut account (as this looked like the obvious solution) but they rejected the application 4 times - it seems they are not looking favorably upon Cypriot business accounts at the moment.
I was wondering if someone had a suggestion of a way for a Cypriot business to receive USD?
At the moment it looks like my options are a traditional Cypriot business bank account, where the rates will be brutal. Or going with an offshore bank account, such as CIM Banque, which will also be highly expensive and inefficient. A 'wildcard' option is to register a Delaware company and hope that Transferwise accept it, and use this as a means to collect the USD payments (it would be owned by the CY company). However this also brings problems and is not ideal...
Any help would he hugely appreciated! Thanks!