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Advcash appears to be being de-banked.
- Thread starter wellington
- Start date
Wow.. just got a notification to top up the card or otherwise it will be deactivated. Guess that ship has sailed.
They have been in huge banking and payment processing troubles many times before. It does not mean the end this time, but better follow it close.
Pain in the arse, have one vendor in India, and trying to get funds into India these days to pay their invoices these days has proven a nightmare, Paypal works (Union Pay) or Wise (SEPA).
Both being knocked out in one go is a headache.
Some visa/master cards don't work with Paypal for India (larger payments) and Swift doesn't work with JIT (just in time) payments.
Advcash had one purpose commercially for us, paying India lol, when both knocked out time to find a actual reliable institution that works with HK/China and payments to India.
Both being knocked out in one go is a headache.
Some visa/master cards don't work with Paypal for India (larger payments) and Swift doesn't work with JIT (just in time) payments.
Advcash had one purpose commercially for us, paying India lol, when both knocked out time to find a actual reliable institution that works with HK/China and payments to India.
Do you sell to India as well? I have been trying to find an acceptable solution without success. The cost of getting INR to EUR, USD or USDT is just ridiculous.
Paying invoices in India should be more accessible. Check, for example International business payments & currency accounts from Sokin
No, we previously had a office there, but with all the issues with their satellite offices for non blue chips we opted to pay the people there under a new local company as a monthly invoice from them, basically they set up their own company and we pay that company.
But since the Russian war funds flowing into India have become a tedious exercise.
Even with invoices - PayPal higher fees or wise lower fees both relied on either Union Pay or SEPA to wise.
Advcash was the best approach as you could sepa to wise and wise to India or Union pay direct to their card merchant or via PayPal
Mastercard and VISA becomes a pain in the arse for sizable amounts even with proper documentation etc (invoices)
Its probably time to explain to your Indian vendor how to use USDT, if you guys havent talked about it before.
Think all Indian companies pay taxes, but there is different levels of Indian companies.Indians paying taxes?
I know with their company they can’t get some form of merchant account as they don’t get issued the paperwork for it, so are reliant on either direct bank transfers, PayPal, fiver, freelancer and something beginning with P.
Been a headache for the past two years I think you have to have some sort of license for a domestic merchant account that is internationally focused.
Our costs to India from employee to vendor doubled, but the friction declined, now we have friction.
It might be time to just cut our business focus there after 15 yrs.
There’s a saying in tech about a tech stack for the world being maintained by one guy in Wyoming.
That’s basically what we kept India on the payroll to then vendor for as it’s the only staff that were there from inception to delivery and know the insides of the system.
Depending on the sums, maybe you can direct your INR to our vendor and we direct our funds to you.
Not sure on the legalities of such, but if the banking system is becoming so friction based, what else can you do than work with other parties that need a flow of funds one way or the other (basically what created the merchant banking system).
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Use Paxful, to sell bitcoins and transfer the funds (INR) to your client's account using IMPS/UPI method. All you have to do is to ask your client to open an account in paxful and ask him to sell bitcoins/USDT to verfied merchants, there are a lot of them, they will credit funds into your client's Indian bank account through IMPS/UPI. IDK what's difficult in this method, I do it everyday with my setup and my client pays 0% tax in India. 0% tax setup is for niche Indian businesses and methods.
There is no need for Hawala or any sort of trickery, if your client requires cash payment in India, that also can be arranged in any city and any amount, provided BTC is involved.
They can’t use anything crypto related… funds would be still derived from crypto to them if that route.
Merchant banking itself was derived through the Hawala system, evidently looking at it from that vantage point.
well their union pay card is repeatedly down for many months at time, can think of 3 months long episode just like that.
I had nothing regarding that there.
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