0 questions 6-figure EU bank paying to UAE, Belize, etc.

[inector]

Hey,

Forum has great options for EU banks doing crypto, high-risk businesses, etc, but couldn't find much on payments to "high-risk" countries

It's paying to countries like Belize, UAE, etc. We tried CIM Banque with no luck.

It's a WH business, EU company, EU citizen, similar to repair service, 6-figures.

Account balance preferred to be at 100K, or 500K if we talk LIE / LU / CH

 

[JohnLocke]

It's paying to countries like Belize, UAE, etc. We tried CIM Banque with no luck.

What did COM Bank said?

 

[inector]

What did COM Bank said?

They got us onboard, however they ask documents for each "suspicious" transaction

 

[Sols]

Belize and UAE are both considered high-risk territories. It's normal for banks to ask questions about transactions to/from there.

 

[inector]

Belize and UAE are both considered high-risk territories. It's normal for banks to ask questions about transactions to/from there.

Are there any EU Banks / EMIs that would (happily) support these countries? Heard a lot about Blackcatcard from @JohnnyDoe

Are we better off just registering another company in like Dubai?

There is also Mercury in US, which looks like they are chill with even BVI.

The only issue with going beyond EU is the deposit guarantee really. If bank in Dubai / Belize blocks funds / goes insolvent...I don't see it to be in our favor...

 

[Forester]

They got us onboard, however they ask documents for each "suspicious" transaction

Belize and UAE are both considered high-risk territories. It's normal for banks to ask questions about transactions to/from there.

Exactly. TBMK, Belize is considered more high-risk than UAE.

Are there any EU Banks / EMIs that would (happily) support these countries?

I am afraid they aren't (especially concerning Belize); at least no trustworthy ones.

Heard a lot about Blackcatcard from @JohnnyDoe

Blackcatcard is apparently a good EMI; but please note that they do not support SWIFT transfers at all, only SEPA and crypto. So not suitable for your use-case.

Are we better off just registering another company in like Dubai?

Definitely yes. (IMO.)

There is also Mercury in US, which looks like they are chill with even BVI.

For 6 figures transfers, if the account has a comparably high (or even lower) stable balance? I would be really surprised if it was true

The only issue with going beyond EU is the deposit guarantee really. If bank in Dubai / Belize blocks funds / goes insolvent...I don't see it to be in our favor...

Well, note that the deposit guarantee covers cash only up to 100k. It is good for many; but for a serious business usage it is much more important a really careful choosing of the bank and a continuous attentiveness thereafter. IMO.
If you are ready to keep something like 500k as the balance, some other CH or LI (evt. LU) bank could serve you better than CIM Banque; but really, do not expect zero questions for 6 figure transfers to UAE or Belize...

 

[inector]

Definitely yes. (IMO.)

If we go Dubai, and let's say we get lucky with a bank like ENBD, and they block the account as the volume increases (due to suspicion) - how are we going to get the funds out? Dubai is really focused on nationals, and only slightly about foreign residents (lived there for 7 years). Tried to contact @Fred about company & bank setup, but he seems to be busy atm.

For 6 figures transfers, if the account has a comparably high (or even lower) stable balance? I would be really surprised if it was true

With their "Capital" insurance of up to 5M, and with FDIC insurance up to 250K, is there still risk of something going south? I asked them about those countries, they were like "yeah, why would it be a problem". I mean, even if they block the account, being a stable country and all, shouldn't they just simply transfer funds to another bank in US?

500k as the balance, some other CH or LI (evt. LU)

That was also a choice, but the transfers to high-risk countries is the main question really. Would LU / LI be more open to those transfers? Or its still EU...

 

[inector]

On a quick note, am I wrong to say that for example HSBC has a branch in UAE, and has many clients in Belize, so they would be more chill with transactions to there?

 

[Asmodeus]

On a quick note, am I wrong to say that for example HSBC has a branch in UAE, and has many clients in Belize, so they would be more chill with transactions to there?

Avoid HSBC.

Go with DBS or OCBC.

UAE is not blocking funds directly if you bank with ENBD or Mashreq. You have some days to respond to reviews and you can wire the money out.
If you got onboarded with millions in expected turnover no one really asks questions. And if they ask something then in 99% of the cases you can get by with some stupid explanations.
Mostly the banks will start asking questions one year after account opening, if you had weird transfers during the time. But in my case ENBD never asked for any documents and i received about 3M+ and send out 3M+ to weird
jurisdiction private bank accounts.

If you don't want any headaches with banks then go with maerki baumann, but they are expensive.

 

[Forester]

If we go Dubai, and let's say we get lucky with a bank like ENBD, and they block the account as the volume increases (due to suspicion) - how are we going to get the funds out? Dubai is really focused on nationals, and only slightly about foreign residents (lived there for 7 years). Tried to contact @Fred about company & bank setup, but he seems to be busy atm.

Honestly, I am unable to give you any advice re: Dubai comparably valuable with the one from @Fred. My knowledge of those specifics is too limited.

With their "Capital" insurance of up to 5M, and with FDIC insurance up to 250K,

Just do not overlook that Mercury is a financial technology company, not a bank. Banking services are provided by Choice Financial Group and Evolve Bank & Trust – FDIC members. (So not only Mercury itself decides what will happen.)

is there still risk of something going south? I asked them about those countries, they were like "yeah, why would it be a problem".

Well – may be; and good for you But note, I have not questioned transfers to UAE & Dubai in general. My doubts concern 6 figures transfers, if the account has a comparably high (or even lower) stable balance.

I mean, even if they block the account, being a stable country and all, shouldn't they just simply transfer funds to another bank in US?

Yes, I guess so – unless they start (might be forced to start) some AML (etc.) investigation.

That was also a choice, but the transfers to high-risk countries is the main question really. Would LU / LI be more open to those transfers? Or its still EU...

LI is not EU
Generally, re: CH and LI, (IMO) the core of the problem is if the bank onboards you and if the bank is OK with a transactional banking. UAE is not a problem (AFAIK), Belize just a little bit and/or sometimes.

On a quick note, am I wrong to say that for example HSBC has a branch in UAE, and has many clients in Belize, so they would be more chill with transactions to there?

In theory, it might work. But see below.

Avoid HSBC.

Yes. Per my experience, it is not the bank I would recommend (but YMMV).

If you got onboarded with millions in expected turnover no one really asks questions.

If the transactions correspond to the balance and the company business then I agree.

But in my case ENBD never asked for any documents and i received about 3M+ and send out 3M+ to weird jurisdiction private bank accounts.

Good for you Would you mind sharing the average/usual account balance and the average/usual sum for one transaction, to make a better picture?

If you don't want any headaches with banks then go with maerki baumann, but they are expensive.

Are they OK with a transactional banking?

 

[inector]

Avoid HSBC.

Could I ask why?

maerki baumann

+1 curious to know if they support transactional banking, and what do you mean they are expensive? Like annual fees / transfer fees / ...

Honestly, I am unable to give you any advice re: Dubai comparably valuable with the one from @Fred. My knowledge of those specifics is too limited.

Our issue with Dubai is that how to withdraw money to EU...

EU really hates Dubai, and if they realize that we have a company there, it sounds like a huge risk.

LI is not EU

Are there LI bank options for 100K account balance?

Good for you Would you mind sharing the average/usual account balance and the average/usual sum for one transaction, to make a better picture?

+1 for this, seems that ENBD could be for higher amounts that CH.

 

[Forester]

what do you mean they are expensive? Like annual fees / transfer fees / ...

I guess both but the latter more.

Are there LI bank options for 100K account balance?

Unfortunately, I am not aware of any – if we speak about offshore banking. 500k+ at least, AFAIK.