Amounts before EMI will ask for documentation

[NicolasMaduro]

Do you know if there is any magic amounts before EMI will start asking for invoices and contracts etc?

 

[reesek]

3-5-10-20-30k per m
Depending on emi, and the data you set up acc with

 

[JohnLocke]

I agree, it will depend on the EMI - but most often when you cross the 20K they will start asking questions, I have seen the a few times already.

 

[karishi]

So I have a company account with Transferwise, opened two years and four months ago. Company is a St. Vincent IBC with nominees. I've had 200k USD turnaround and they never asked me anything. I received money from 6 or 7 important companies based in US/UK/Europe, all super legit and verifiable inn this period, so I suppose that they did some checks internally.

 

[Clip]

received money from 6 or 7 important companies based in US/UK/Europ

And they managed to declare that invoices as an expense?

 

[karishi]

And they managed to declare that invoices as an expense?

What do you mean?My company does web development, we have contracts in place, I send them an invoice each month and they pay it, and they declare that as an expense, yes. Why shouldn't that work?

 

[anotherone]

I set the limit at 30,000 euros/ dollars/ pounds per month. I have read this limit numerous times in UK and German terms. I never cross this limit. It is 7500 euros per week.

 

[anotherone]

I am not aware of any employee manually monitoring transactions (they are too many). In the past, I worked with developers of programs monitoring customers behind 2 EMI's. They have different monitoring algorithms. I think They all have the same monitoring practices. I will explain below.

In their system, they see number as number so, 10000 euros = 10000 dollars = 10000 whatever. They don't convert. So below just replace euros with your currency.

They have one algorithm that triggers an alert when your transaction exceeds a certain amount of money. So, if you send 3 transactions of 10,000 euros rather that 30000 you stay under the radar. 6 transactions of 5,000 euros is the best solution to stay under the radar.

They have one algorithm that triggers an alert when your account balance exceeds a certain amount of money. So, you should be careful when you leave too much money on an account. if this EMI allows you to keep your money in different currency or crypto, distribute your assets over all the accounts. For example: 30% Euros 30% BTC 30% Ethereum or 50% dollars 50% euros. For sure, crypto are volatile.

I have found that they don't check the number of transactions.

Those EMI don't have AI. AI would cost too much money. It is not profitable. They don't monitor your general behavior. They can't check your transactions over one year because it would cost too much resource if they would check all the transactions from all customers in the past year. For programmers, it is easy to check a transaction against a limit in their software. On the other hand, it is much more complicated, to look up all the past transactions, compare them to a number and trigger an alert.

The more complex algorithms are and the more they cost money.

For sure, open as many EMI as you can.

Then, I don't know if they exist but I have been told about those programs that check what the sum of your transfer during a week or in the month. I would suggest to transfer 30,000 every week per EMI.

if you use crypto, deposit all your money as crypto and withdraw your money at the last moment. I like to repeat, there is no monitoring of crypto for a reason. All the legal compliance of AML/KYC/bookkeeping are related to currency; not crypto. Those EMI wants to have AML/KYC papers in case they get investigated by financial authorities of their country. For now, Financial authorities are not interested in crypto.

 

[Volex]

I agree, it will depend on the EMI - but most often when you cross the 20K they will start asking questions, I have seen the a few times already.

Do you mean 20k per month?

 

[reesek]

yes

 

[hkrlh1]

I set the limit at 30,000 euros/ dollars/ pounds per month. I have read this limit numerous times in UK and German terms. I never cross this limit. It is 7500 euros per week.

Do you think it also triggers if they see a lot of different names?

 

[anotherone]

Do you think it also triggers if they see a lot of different names?

Nope. it is the opposite, if they see that transactions are look-alike they will contact you. So and also add a different number each time: with my example:
Week 1: from John 7657
Week 2: from Dave 6975
week 3: from Sarah 9123
Week 4: from Carrie 5678

I base this from my observations and from the Latvian law which already defined what people working in EMI should look at.

 

[Barosan]

Depends on EMI! Revolut bussiness in one year i cashout from card about 150k euro and i had no problem!

 

[yngmind]

Using transferwise, they havent asked any questions.

i think it depends on your sources of deposits, like stripe sending my payments and they seen my website, so I'm legit in their eyes