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Banking/EMI solution for a Cypriot company that is paid in USD

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RedSquirrel

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Dec 30, 2018
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#1
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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!
 
#3
US LLC is a very bad recommendation. Depending on the purpose of transaction this creates Nexus or other obligations within USA (taxes). Also problematic to be compliant then with US LLC->Cyprus. Maybe you also have to pay withholding taxes within USA.

Your options:
  • Get a multicurrency account in a Cypriot bank (yes that exist) with USD. You can still convert with TransferWise USD to e.g. EUR for yourself.
  • Worldfirst World Account, they are pretty much the same as TransferWise but transfer out has a minimum like 200 USD. You get a Citibank account here.
  • Payoneer (but you will loose minimum 1%)
  • Get a real business bank account somewhere else which accepts SWIFT transfers. E.g. Deutsche Handelsbank (DE) or Wirecard Bank (DE).
 
Last edited:
#5
DLCW said:
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!
Click to expand...
Hi ;)
What did you end up doing? I was thinking of Transferwise but they dont seem to work with Cyprus business, only individials.
 
#8
sylwiasj said:
Thanks! What do you do with money later on? Which bank do you use ?
I am coming to Cyprus in 2 weeks and try to figure everything out ;)
Click to expand...
No worries! Not got to this point yet as I am just holding money in the account until I move to Cyprus to withdraw it in the future. I expect to open a Cypriot personal bank account with one of the banks there and then transfer it in, but not sure yet!
 
#12
DLCW said:
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!
Click to expand...
what industry you work in?
 
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