Banking needs for my UK company...

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Joyceww

New member
Hello, I am a Turkish citizen and I live in Turkey.

I established a company in the UK last August.

I do business in the UK, Europe and the United States market.

I need a bank account to receive payments from my customers. I was using Wise. And guess what happened ? Account closed within 1 month and no
no explanation!

As I am not a UK resident, high street banks and EMIs do not accept my business.

I applied to many places and they were all rejected.
(Monese,Revolut,Monzo,Starling,Currenxie,AirWallex etc. )

I currently own a company without a bank account in the UK (!)

Can you please recommend EMIs or banks that provide GBP, USD and EUR accounts that I can receive LOCAL payments from my customers?

Bank/EMI don't need to offer GBP,USD,EUR at the same time.

I can use it in another EMI for EUR, another for GBP and another for USD.

Thank you !

Edit : I don't do Amazon, Ebay business. I get paid from individuals and sometimes companies.
 

Forester

Silver Member
In such a case, the key question is: What is your business? (I guess this can be a source of the problem.)
 

avalanche

Entrepreneur
Hello, I am a Turkish citizen and I live in Turkey.

I established a company in the UK last August.

I do business in the UK, Europe and the United States market.

I need a bank account to receive payments from my customers. I was using Wise. And guess what happened ? Account closed within 1 month and no
no explanation!

As I am not a UK resident, high street banks and EMIs do not accept my business.

I applied to many places and they were all rejected.
(Monese,Revolut,Monzo,Starling,Currenxie,AirWallex etc. )

I currently own a company without a bank account in the UK (!)

Can you please recommend EMIs or banks that provide GBP, USD and EUR accounts that I can receive LOCAL payments from my customers?

Bank/EMI don't need to offer GBP,USD,EUR at the same time.

I can use it in another EMI for EUR, another for GBP and another for USD.

Thank you !

Edit : I don't do Amazon, Ebay business. I get paid from individuals and sometimes companies.
Check Multipass
 

avalanche

Entrepreneur
Can I ask about your experiences about Multipass?

And from which country is the EUR IBAN given? Does it support Instant Sepa?
I havent finished onboarding with them, but so far their support has been nice. It was just an idea for you to research
 

Forester

Silver Member
Software, web, graphic design services.
Really strange. :( As, for example, Currenxie or Airwallex are generally open to new clients, they onboard sw companies, UK Ltds too and Turkey as your domicile is not really toxic...
Can I ask about your experiences about Multipass?
Thank you for your suggestion. I thought you had experience. I will search.
Neither I have a personal experience with Multipass; but formerly it was called Dynapay and only the name was changed, otherwise it still belongs to the DYNINNO Group. So you can search for experiences with Dynapay as well. But note it is still a UK EMI, see below.
And from which country is the EUR IBAN given? Does it support Instant Sepa?
I presume LT or EE but it is just a guess.
Generally, as the common last chance when many attempts fail, you can try some LT EMI (Verifo comes to my mind). In many cases it is possible to find there a subject that will accept you. The true is that it (usually) is not very cheap...
But to tell the truth, I still do not understand well the reason for refusal, as Currenxie or Airwallex are concerned. (UK environment is generally not very friendly to UK subjects with non-UK directors and Wise is well known for occassional closing accounts for unclear reasons.) Isn't your work or your customers somehow related to crypto, possible IP rights violation, adult industry, gambling or similar?
 
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Joyceww

New member
Really strange. :( As, for example, Currenxie or Airwallex are generally open to new clients, they onboard sw companies, UK Ltds too and Turkey as your domicile is not really toxic...


Neither I have a personal experience with Multipass; but formerly it was called Dynapay and only the name was changed, otherwise it still belongs to the DYNINNO Group. So you can search for experiences with Dynapay as well. But note it is still a UK EMI, see below.

I presume LT or EE but it is just a guess.
Generally, as the common last chance when many attempts fail, you can try some LT EMI (Verifo comes to my mind). In many cases it is possible to find there a subject that will accept you. The true is that it (usually) is not very cheap...
But to tell the truth, I still do not understand well the reason for refusal, as Currenxie or Airwallex are concerned. (UK environment is generally not very friendly to UK subjects with non-UK directors and Wise is well known for occassional closing accounts for unclear reasons.) Isn't your work or your customers somehow related to crypto, possible IP rights violation, adult industry, gambling or similar?
Yes, it's weird.
My company is newly formed and does not operate in a restricted area. But banks and EMIs refuse.
I think this is because I don't reside in the UK.

Thank you for the suggestions! I will try LT EMIs. but this still doesn't seem to solve my Local GBP and USD problem. I've researched LT EMIs a bit before and they generally only seem to provide EUR IBANs.

My job has nothing to do with prohibited activities. But it is impossible for me to know what my customers are doing, what kind of people they are. He just buys the service and leaves.
 

Forester

Silver Member
My company is newly formed and does not operate in a restricted area. But banks and EMIs refuse.
I think this is because I don't reside in the UK.
Well – yes, may be; but it still does not smell well for me, see above.
Thank you for the suggestions!
You are welcome.
I will try LT EMIs. but this still doesn't seem to solve my Local GBP and USD problem. I've researched LT EMIs a bit before and they generally only seem to provide EUR IBANs.
In many cases (as for example for Verifo that I have mentioned), they provide SWIFT transfers as well, sometimes even to a multi-currency account. But yes, if you need local GBP and USD payments, it is another story. Maybe you can find it in LT too, maybe not – I do not know, honestly. Have a look at Zen.com (local payments EUR, GBP, PLN + SWIFT to a multicurrency account); but I am afraid that they do not like Turkey very much.
Just an idea: what about considering another setup? One company for EU clients, one for UK ones and another for the US? For the UK, GoSolo claims to provide (remotely) the UK company formation, including a UK business account, for non-residents for £ 250/year. For the US, WY or NM LLC should be also easy to open, with banking, too (Mercury or whatever else).
My job has nothing to do with prohibited activities. But it is impossible for me to know what my customers are doing, what kind of people they are. He just buys the service and leaves.
Yes, I understand...
 

Forester

Silver Member
Have you tried Turkish Bank? Home - TurkishBank UK
Deep respect to your knowledge, @Sols. I have never heard about this bank (no surprise, I do not consider myself being an expert for the UK financial market that is really complex) but I guess it might work.
(BTW, from a quick look, I consider this subject generally interesting /re: TRNC/ but it is off-topic here.)
@Joyceww, if you post your experience with their service, it will be appreciated.
If anyone has more ideas, I'd be very happy to hear.
Well, Moneycorp Bank (https://www.moneycorpbank.com/, not to confuse with Welcome to moneycorp) could onboard you, too; they were designed mainly for UK companies; but I do not know whether they offer local USD/EUR/GBP payments (GBP almost for sure, EUR perhaps too, but USD...)
 

Joyceww

New member
Deep respect to your knowledge, @Sols. I have never heard about this bank (no surprise, I do not consider myself being an expert for the UK financial market that is really complex) but I guess it might work.
(BTW, from a quick look, I consider this subject generally interesting /re: TRNC/ but it is off-topic here.)
@Joyceww, if you post your experience with their service, it will be appreciated.

Well, Moneycorp Bank (https://www.moneycorpbank.com/, not to confuse with Welcome to moneycorp) could onboard you, too; they were designed mainly for UK companies; but I do not know whether they offer local USD/EUR/GBP payments (GBP almost for sure, EUR perhaps too, but USD...)
Of course I will share my experience. I sent an e-mail to TurkishBank officials. I hope they accept me.

Also thank you MoneyCorpBank for your advice. I applied.
 

Forester

Silver Member
Of course I will share my experience. I sent an e-mail to TurkishBank officials. I hope they accept me.

Also thank you MoneyCorpBank for your advice. I applied.
Good luck!
Oh – I have forgotten about it somehow: Can you share your estimated/expected monthly turnover, summarised and separately for USD as well? It can help.
 

Joyceww

New member
Good luck!
Oh – I have forgotten about it somehow: Can you share your estimated/expected monthly turnover, summarised and separately for USD as well? It can help.

My estimated turnover is 200,000 USD per month.

But I'm afraid to get it all on one EMI. Frankly, I'm also afraid to hold more than $1000 in EMIs.

So I intend to open accounts in about 10 EMIs and take the money piecemeal.

So I don't think the money will get caught in the review.
 

Forester

Silver Member
My estimated turnover is 200,000 USD per month.
Oh well. In such a case, it is a really important factor – and it can help, see below.
But I'm afraid to get it all on one EMI.
Generally, correct. 200k USD/month is beyond the appetite of many EMIs, for understandable reasons (this is OT) – but not for all; and in the same time, with a reasonable amount of accumulated money you can go quite well with some banks; it is only necessary to choose properly. I think the recommendations that you have obtained until now are well valid but it might be possible to add some more...
1) You mentioned your company is quite new; nevertheless, did you accumulated some capital that you can put at the banker's table?
2) Can you afford to pay for the banking more than it is usual with a cheap EMIs?
(BTW, can you share what estimated turnover you presented to Airwallex and/or Currenxie when applying for the account /they are asking for this/)?
Frankly, I'm also afraid to hold more than $1000 in EMIs.
I think you need not be. It is not a problem (my own experience, and not only mine) to have a low 6 figures with a reputable EMI.
So I intend to open accounts in about 10 EMIs and take the money piecemeal.
Understandable idea – but it seems really difficult to apply, at least at this moment.
(BTW, 200 000/10=20 000 ;) )
So I don't think the money will get caught in the review.
What do you mean? I must admit I am not sure whether I understand well. If you mean reporting to taxmen etc., it is not dependent on the sum, in fact; it depends just on whether the EMI already fulfills CRS obligations or not (sooner or later, if it is in AEOI/CRS country, it will). And if you mean some internal compliance, it depends much more on the particular EMI than on the sum. There are EMIs where you can move 5 figures sums (when reasonably justified) and hold 6 figures sums with a peace in mind and there are EMIs where you can get your account blocked and terminated for some really innocent 3-4 figures transaction on the account holding a 4-5 figures sum.
 
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Joyceww

New member
Oh well. In such a case, it is a really important factor – and it can help, see below.

Generally, correct. 200k USD/month is beyond the appetite of many EMIs, for understandable reasons (this is OT) – but not for all; and in the same time, with a reasonable amount of accumulated money you can go quite well with some banks; it is only necessary to choose properly. I think the recommendations that you have obtained until now are well valid but it might be possible to add some more...
1) You mentioned your company is quite new; nevertheless, did you accumulated some capital that you can put at the banker's table?
2) Can you afford to pay for the banking more than it is usual with a cheap EMIs?
(BTW, can you share what estimated turnover you presented to Airwallex and/or Currenxie when applying for the account /they are asking for this/)?

I think you need not be. It is not a problem (my own experience, and not only mine) to have a low 6 figures with a reputable EMI.

Understandable idea – but it seems really difficult to apply, at least at this moment.
(BTW, 200 000/10=20 000 ;) )

What do you mean? I must admit I am not sure whether I understand well. If you mean reporting to taxmen etc., it is not dependent on the sum, in fact; it depends just on whether the EMI already fulfills CRS obligations or not (sooner or later, if it is in AEOI/CRS country, it will). And if you mean some internal compliance, it depends much more on the particular EMI than on the sum. There are EMIs where you can move 5 figures sums (when reasonably justified) and hold 6 figures sums with a peace in mind and there are EMIs where you can get your account blocked and terminated for some really innocent 3-4 figures transaction on the account holding a 4-5 figures sum.
1 - If it is a real bank and money in and out will be easy, I can leave 50000 USD to the bank.
I never touch the money and only the bank makes a profit.

2- When applying for EMIs, I showed my monthly turnover between 5-15K. Because I thought if I showed it high, they'd be afraid of me.
and I don't want to get more than 5-10K USD per month on an EMI. Because I don't trust EMIs.
I am very comfortable in banks in Turkey. Even if they are going to close my account they are telling me to come and withdraw all my money.
According to Turkish law, if there is money in the bank account, the account cannot be closed.

3- Yes, my idea seems difficult to implement. But I can't see a better option. They call Wise the most reliable and famous EMI.
But they close your account, don't give your money for a long time and there is no one to contact. Why should I trust EMIs?

4 - I'm talking about the bank's constant questioning of money at the entrance and exit, and the constant demand for documents, the never ending requests, sir.

HSBC maybe as $200000 a month might interest them.
Possibly open an account for the UK ltd from Turkey directly?
I don't think they will do that.
 
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