blocking bank account for undifened time, no comment

[mklstmsfrg]

I want only share my experience with an EMI,

below I will share an except from chat with costumer service
I wanted to wire 120kEUR, but I will don't do that because they block over and over again out of blue.
At the moment, there is no Cent on the account, the status is waiting for review, without timeframe nice

Account has at the moment 0,0EUR this will also stay so, i dont want to risk they block it after that, when more money will be on it.

This is a company account from an european limited company (registered in an EU-Country) , this european limited company is owned by me as pirvate person and a dominican company (Commonwealth of Dominca) this company is also controlled by me
as UBO.

I have the feeling everything gets more worse with time

I provided everything utiliy bills, bank statement, goverment correspodence
despite this thay saying me there is no time frame to the review, very nice

here are the answers from costumer service
I am sorry for the hassle here. For the verification of the operating section of your business account, as you have already submitted several documents, and there is no specific time frame how much it can take to complete the verification. I am raising a request to the KYB team to check the submitted documents, and inform if they are sufficient to complete the verification or not.
For the funds receiving of high value into your business account, you can provide any one of the document from the following, and I can forward them to the escalations team for you, so, once you will receive the funds they should be processed into the business account without any issue :
you may send us documents such as: Invoice; Commercial Agreement/Contract; Tax statement; Transportation document; Bank statemment; Capital share agreement; Deed of property; Funding letter, or any other valid document which refers to the transaction. Documents must be dated and signed.

Is this everywhere so? or can somebody recommend an EMI /Bank with I could work with
this structure (see above) without horrible fees?
thx a lot.

 

[JohnnyDoe]

what is the name of this EMI?

 

[mklstmsfrg]

I will post the name later, about tomorrow afternoon, because it seems the problem will be solved, and they unlock my account, I wrote a long letter to costumer servicse, despite this I don't know if I can trust them, after that I am not sure if I will ever wire more as 500 or 1000eur on that account.

 

[Mike Forman]

I want only share my experience with an EMI,

below I will share an except from chat with costumer service
I wanted to wire 120kEUR, but I will don't do that because they block over and over again out of blue.
At the moment, there is no Cent on the account, the status is waiting for review, without timeframe nice

Account has at the moment 0,0EUR this will also stay so, i dont want to risk they block it after that, when more money will be on it.

This is a company account from an european limited company (registered in an EU-Country) , this european limited company is owned by me as pirvate person and a dominican company (Commonwealth of Dominca) this company is also controlled by me
as UBO.

I have the feeling everything gets more worse with time

I provided everything utiliy bills, bank statement, goverment correspodence
despite this thay saying me there is no time frame to the review, very nice

here are the answers from costumer service
I am sorry for the hassle here. For the verification of the operating section of your business account, as you have already submitted several documents, and there is no specific time frame how much it can take to complete the verification. I am raising a request to the KYB team to check the submitted documents, and inform if they are sufficient to complete the verification or not.
For the funds receiving of high value into your business account, you can provide any one of the document from the following, and I can forward them to the escalations team for you, so, once you will receive the funds they should be processed into the business account without any issue :
you may send us documents such as: Invoice; Commercial Agreement/Contract; Tax statement; Transportation document; Bank statemment; Capital share agreement; Deed of property; Funding letter, or any other valid document which refers to the transaction. Documents must be dated and signed.

Is this everywhere so? or can somebody recommend an EMI /Bank with I could work with
this structure (see above) without horrible fees?
thx a lot.

Your shareholder is a Dominican company, what would you expect, that EMIs or banks don't notice this and pretend you are a regular European company held by a European shareholder? It is not, not for them, not for anyone on this forum.

You didn't indicate what country you have established the Limited company from and what your nationality is.

If you corporation is a regular Ltd company in a European jurisdiction such as Sarl (France), BV (Belgium, NL), Gmbh (Germany) and so on, any EMI asks little questions and you get little issues if your business income and expenses are legit. We use several EMIs for many years and have no issues even moving 5 digit amounts with the exception of one time where it took them a few weeks to verify one document and I believe it was due to a glitch in their system.

Still as a general rule, for larger transfers it is recommended to use a high street bank, there is little benefit in using an EMI, just increased risk your account gets put on hold during a compliance check or when you transfer/receive a larger amount that seems to be not regular. If you move every month similar amounts you will have little issues and just one time a check where they might ask for some bills

 

[mklstmsfrg]

what is the name of this EMI?

Ok I saying now, this is Revolut

Your shareholder is a Dominican company, what would you expect, that EMIs or banks don't notice this and pretend you are a regular European company held by a European shareholder? It is not, not for them, not for anyone on this forum.

You didn't indicate what country you have established the Limited company from and what your nationality is.

If you corporation is a regular Ltd company in a European jurisdiction such as Sarl (France), BV (Belgium, NL), Gmbh (Germany) and so on, any EMI asks little questions and you get little issues if your business income and expenses are legit. We use several EMIs for many years and have no issues even moving 5 digit amounts with the exception of one time where it took them a few weeks to verify one document and I believe it was due to a glitch in their system.

Still as a general rule, for larger transfers it is recommended to use a high street bank, there is little benefit in using an EMI, just increased risk your account gets put on hold during a compliance check or when you transfer/receive a larger amount that seems to be not regular. If you move every month similar amounts you will have little issues and just one time a check where they might ask for some bills

Thank you for the informations sharing with me,
and the moment a don't want to reveal the incorporation country of the european limited and
my nationality, my nationality and the incoporation country of the limited company is the
same, and none of that what you mentioned in your post (Sarl (France), BV (Belgium, NL), Gmbh (Germany))

I have a second limited european company in the same country, in this company I am 1/1 (100%) owner without dominican shareholder.
For this company I also opened a Revolut account, and this account also blocked and they started with annoying questions:
Please submit a valid physical address
Thank you for sending us a document from the XXXXX Chamber of Commerce and Industry, however, since your provided address is a virtual one. We kindly ask you to submit one of the following documents, to confirm the actual physical address of your company: - A utility bill (water, gas, electricity, landline phone, fibre internet), issued in the last 3 months; - A valid rental agreement of an office, with an ongoing validity of at least 6 months. In case you manage your company from home, please provide us with a document confirming your personal address, like personal utility bill or a rental agreement. Thank you for your time!

I don't have such things, because I dont rent an office, I am the only one employee in the company and I work abroad (not in the country of the incorporation) on the client side as IT-Consultant, lets see how or whether I can unlock the accounts

 

[mklstmsfrg]

I really appreciate your patience, I am still here to help. There is no issue to receive a transfer with such amount in your account at the moment. To support your upcoming transaction, you may send us documents such as: Invoice; Commercial Agreement/Contract; Tax statement; Transportation document; Bank statement; Capital share agreement; Deed of property; Funding letter, or any other valid document which refers to the transaction. Documents must be dated and signed.
14:17

for sending from the same company account, what kind of paper do you need?
15:08

Usually we don't need documents but on some rare occasions our Top-Ups team might need to confirm some additional information about the transfer and they will make sure to send you a request through your Requests tab and email to your inbox. However, I can't really advise upfront what details exactly they might need. You can provide one of the details listed above if you wish and once the transfer hit the account they are going to look at them.

end of chat, and my opinion for this:

I think, I have understood how it is work, nobody can say anything upfront or can not take the responsibility for that what they say, after that since they have you funds they do what they want and can blackmail you as they want, "very nice"

@JohnnyDoe I agree 100% with, see your comment on the attached picture from an other topic on 05.July 2022

see attached picture.

quote from @JohnnyDoe with that I must agree 100%
Lesson: don’t trust any bank or EMI under any circumstance. Always consider the money deposited as at risk of complete loss. Deal with the bank/EMI as you would deal with a criminal organization.