Best EMI for receiving wires from USA clients and sending bank wire payments to suppliers in China?

[Kakarot]

What's best EMI for a trading company offshore LLC where my clients are sending me wires from USA, and then I need to pay my suppliers in china. Revenue around 35,000 USD per month moving through the account.

If it makes any difference, I'm a canadian citizen, but live all throughout asia, digital nomad.

my concern is of course having an account suddenly locked and losing my money in there.

thank you.

 

[hdloader11]

I think the best bet is to not use an EMI at all if your income isn't from known sources like credit card processors. I'm using transferwise and sweating bullets every time I have to make large transfers. Take a look at CIM Bank, which should be useful since you will mostly be sending wires.

 

[Kakarot]

ah i see. I'm receiving almost all my wires from USA companies, which operate out of USA, pay tax, have business establishments there, and I'm a wholesaler providing goods for them. My wires are under 10 grand each time -- but that will still be walking a tightrope with EMIs? Darn, i thought good EMI's could be used like a bank account, and weren't really any more risk adverse or susceptible to random account freezes then say some mid-low tier bank like some caribbean bank.

I've heard -- and experienced -- horror stories of locked accounts with companies like paypal -- EMIs are the same roulette wheel? you never know when they might decide to freeze you?

 

[Kakarot]

also CIM must have hefty minimum deposits right? I'd only have about 40 grand tops I could deposit out of the gate, which I imagine makes me an insignificant speck of dust to a swiss bank of any size. Also being a BVI LLC -- dunno, I'm canadian, but do they still accept BVI LLC in Europe banks?

 

[hdloader11]

I have no experience with caribbean banks so can't speak there, but EMIs, especially mainstream ones are pretty trigger happy. For example I had some bad experiences with Revolut. Even though all of my payments came from Stripe and were documented, they still held my money for over 40~ days for no reason.

As for CIM, believe it or not, minimum deposit is only $5k. You can just give them a call and ask them

 

[Kakarot]

thank you kindly for the information. That's very surprising, good to know.

 

[suzy]

As for CIM, believe it or not, minimum deposit is only $5k. You can just give them a call and ask them

do you had a good experience with them as an US citizen or just as a non US citizen, I believe they don't take them any longer, or do they?