Bank account for UK company

[VBMP]

Hi guys, I need help where i can open bank account for my UK ltd company. I am receiving around $150k monthly. Until now i used EMIs but i got serious problems with them.

Thanks in advance.

 

[Samuel Newman]

there are a lot of options for bank accounts for UK ltd
1) any Cyprus bank
2) any offshore bank
3) 60% of EU banks
4) a lot of banks worldwide

can you specify your requirments?

you just need to choose some introducer and move forward

 

[Martin Everson]

Where are the directors and shareholders resident? This is important factor.

 

[VBMP]

He is resident of Macedonia (FYROM), we visited CSOB bank in Czech rebulic but there is too much complicated for corporate account.

 

[MrTony]

Try some Macedonians bank - Silk Road or Komercijalna Banka

 

[VBMP]

I need European IBAN to receive payouts from the payment processor.

 

[MrTony]

Do you mean EU banks IBAN? Because Macedonian bank gives you European IBAN too.

 

[Martin Everson]

A UK company with foreign director and $150k monthly for a new banking relationship is high risk in banking terms. You will get problems everywhere you go. Even after you open an account you will get problems down the line...believe me. $1.8m a year in flow is high risk to a bank and that's even if you are selling soft fluffy bunnies to children or hotdogs to pensioners your profile will put them off.

Best bet is to use several EMI's and break up the volumes. I know this sounds like 'structuring' in financial terms but it will help you in long term to keep the account from being frozen.

 

[Samuel Newman]

A UK company with foreign director and $150k monthly for a new banking relationship is high risk in banking terms. You will get problems everywhere you go. Even after you open an account you will get problems down the line...believe me. $1.8m a year in flow is high risk to a bank and that's even if you are selling soft fluffy bunnies to children or hotdogs to pensioners your profile will put them off.

Best bet is to use several EMI's and break up the volumes. I know this sounds like 'structuring' in financial terms but it will help you in long term to keep the account from being frozen.

it might be ok if you can explain such turnover and UBO has good background
some banks will not accept you if have turnover less then 100 k EUR per month

as for me, I do not feel myself OK with EMIs, because of posts about issues within Leupay
and after Paysera has scammed me for 1 000 GBP

 

[MrTony]

There is a fine line between 100 and 130k EUR per month. For some banks you will be a just a small fish and not ineteresing with your 100k.

 

[Martin Everson]

it might be ok if you can explain such turnover and UBO has good background
some banks will not accept you if have turnover less then 100 k EUR per month

as for me, I do not feel myself OK with EMIs, because of posts about issues within Leupay
and after Paysera has scammed me for 1 000 GBP

Since when did UK banks every listen to explanations....lol...that is not how the banks work. Also there is no such thing as good reputation from Macedonia...lol. Banks do not care whether your turnover is 50m or 50k in 2018. They assess profitability and risk on the customer relationship and assign it is score. A 50k account can be more profitable for a bank than a 50m account depending on client activity.

For example:

If you came to my bank and said I want to deposit 150k a month in incoming wires and send out maybe 100k a month to my personal account. I would tell you to get lost. The profit on such a relationship is just outgoing SEPA wire fees and perhaps a monthly charge and in total maybe £30 x 12 = £360 a year revenue. However if you came to my bank and said I am going to deposit just 50k a year. But I am going to need trade finance services or some investment services to invest the money. Then I am thinking 0.75% per quarter (£3000 a year revenue) in trade finance or 2-4% commission (£1000-£2000 a year revenue) on investment funds. You see the difference in revenue from a smaller account compared to a bigger one.

Yes be very careful of EMI's they are often run clueless people or scammers.

 

[Samuel Newman]

Since when did UK banks every listen to explanations....lol...

Come on, why did you even mention UK banks
Banking in UK is not an option for 99% of foreigners, even with UK Ltd

 

[Martin Everson]

lol...my point was just that there is a lot of misguided people who think because they have high turnover or lots of money to deposit that banks would be interested in them. They are not in 2018!!!! Oh and its not just the UK it is the Euro zone also.

Ignore UK banks for a minute its worse with Eurozone banks. What Eurozone banks won't discuss with you is that ECB deposit rates are negative i.e -0.40%. That means a Eurozone bank has to pay the ECB 0.40% of its Euro balance each year just to keep its euros :-( They can't pass this cost on the customers without loosing them and have to absorb the cost. Hence if you walk in with i.e 50m euros. The bank is paying the ECB 200k just to keep your money. So if a client does not do anything profitable for the bank they make a 2ook loss each year. Basically show the bank how they can make money from you and you will see a different response ;-)

 

[Banker89]

Agreed about UK banks; forget them.

I suggest to look at banks in other EU countries like Slovakia, Hungary, Poland. If you have a well prepared business plan then German banks like Handelsbank and a couple of others are also possibilities. Both of these specialise in higher risk business and charge higher fees accordingly.