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Can we discuss payset.io ?

mytoofood

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Dec 2, 2022
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I see them advertise here on the forum, wonder what your thoughts are about them, can we trust the company ?
 
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We approached Payset in OCT 2022 (not as DLS Dubai to get neutral and objective Feedback) based on there promising advertisment for Dubai Companies.

We figuered out that they run on a similar partner "bank" /EMI network like Emerald24 and Multipass - in the case of Dubai Companies it's Banking Circle.

They do work with Banking Circle, Currency Cloud and ClearBank - while Currency Cloud doesn't deal with Dubai Companies at all ClearBank would have been the Partner for GBP Faster/CHAPS Payment and Banking Circle for EUR/GBP/USD SWIFT payments.

However along the line it turned out that Banking Circle is in general fine with Dubai Companies - they are not fine with Consulting Companies which again they said they consider CSP's to be part of.

Call it unlucky but what was left from the initial impression was EUR/GBP SEPA/SWIFT/FASTER/CHAPS through ClearBank at a Account Opening of 1XX and 1XX per month pricing and a 0.X% pricing for INCOMING and OUGOING Transactions even for SEPA .

You get the same thing re-selled with other EMI's at NO Account opening cost, NO monthly cost and a fixed pricing SEPA 3-5 EUR per Transfer and SWIFT at 25 EUR per Transfer.

It comes down to USD again - not stable or not at all and therefore the same product like every UK EMI can provide you and most Lithuanian EMI's as well but with a generic high pricing like you would be a high risk gambling, casino, adult industry client.

They do a great job within there possibilities but are like every other EMI dependant on there underlaying Bank / EMI.
 
We approached Payset in OCT 2022 (not as DLS Dubai to get neutral and objective Feedback) based on there promising advertisment for Dubai Companies.

We figuered out that they run on a similar partner "bank" /EMI network like Emerald24 and Multipass - in the case of Dubai Companies it's Banking Circle.

They do work with Banking Circle, Currency Cloud and ClearBank - while Currency Cloud doesn't deal with Dubai Companies at all ClearBank would have been the Partner for GBP Faster/CHAPS Payment and Banking Circle for EUR/GBP/USD SWIFT payments.

However along the line it turned out that Banking Circle is in general fine with Dubai Companies - they are not fine with Consulting Companies which again they said they consider CSP's to be part of.

Call it unlucky but what was left from the initial impression was EUR/GBP SEPA/SWIFT/FASTER/CHAPS through ClearBank at a Account Opening of 1XX and 1XX per month pricing and a 0.X% pricing for INCOMING and OUGOING Transactions even for SEPA .

You get the same thing re-selled with other EMI's at NO Account opening cost, NO monthly cost and a fixed pricing SEPA 3-5 EUR per Transfer and SWIFT at 25 EUR per Transfer.

It comes down to USD again - not stable or not at all and therefore the same product like every UK EMI can provide you and most Lithuanian EMI's as well but with a generic high pricing like you would be a high risk gambling, casino, adult industry client.

They do a great job within there possibilities but are like every other EMI dependant on there underlaying Bank / EMI.

@Fred could you recommend a multi currency virtual bank for a RAK offshore company. Its a consultancy and would like a service where the account is the company name.

I tried Interpolitan money and CBI , both gave accounts not directly in company name.

Thanks
 
@Fred could you recommend a multi currency virtual bank for a RAK offshore company. Its a consultancy and would like a service where the account is the company name.

I tried Interpolitan money and CBI , both gave accounts not directly in company name.

Thanks
Unfortunately no - as you can see even the official recommendations from RAKICC are not working well.

3S Money can give you EUR but no USD for Consulting Business (they run USD through Banking Circle and did lost recently USD dedicated Accounts with ClearBank as they did pushed too much USD through ClearBank to Russia) however they are looking for significant FX Volume same like Ebury Partners they got recently bought by Santander Bank and since then the Compliance is awful + again they look for at least 1m+ in FX per year to keep your account.

Honest recommendation - guess you figuered this already yourself - go for what we provide with a Dubai Residence Visa and you have access to the local UAE Banks.

Beside there is only ABC Banking Corporation in Mauritius but again Compliance over Compliance and almost impossible to run a serious day to day business.
 
They require an invoice for every incoming and outgoing transfer, they state it could take up to 72 hours until reviewed.

Sending money starts from .4% (UK/SEPA) with 6 GBP as a minimum, which is very expensive in my opinion.
Exactly - .4% for SEPA tells everything you need to know about the targeted client base.
 
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Update on my Payset case. They seemed to be very good for me and I have recently opened an account with them. 2 accounts my personal one and the corporate one. I am an EU resident and succesfully passed their due dilligence. All I do is completely legal I sent all of the papers to them. Today is my birthday and is not even been a month while we are having business with them. Today they have sent me an email that they will terminate immediately our relationships. All I did is sent 450EUR from my personal account to my corporate one. From payset to payset. It was a loan from me because I am a CEO in order to be able to pay maintenanace fee for corporate account while I am waiting for my customers to pay me. And they blocked my corporate account. It seems that they just collect money for the onboarding and then kick you out. Its not something I expected...
 
Update on my Payset case. They seemed to be very good for me and I have recently opened an account with them. 2 accounts my personal one and the corporate one. I am an EU resident and succesfully passed their due dilligence. All I do is completely legal I sent all of the papers to them. Today is my birthday and is not even been a month while we are having business with them. Today they have sent me an email that they will terminate immediately our relationships. All I did is sent 450EUR from my personal account to my corporate one. From payset to payset. It was a loan from me because I am a CEO in order to be able to pay maintenanace fee for corporate account while I am waiting for my customers to pay me. And they blocked my corporate account. It seems that they just collect money for the onboarding and then kick you out. Its not something I expected...

can you give more info? nobody closes accounts for just 'sending €450', theres something missing here.
Industry? SOF?
 
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can you give more info? nobody closes accounts for just 'sending €450', theres something missing here.
Industry? SOF?
I have sent them all the docs and contracts it has all been accepted. SOF yes of course!
Industry
Consulting in crypto. They even work with the same bank that kraken work with. With personal account all went smooth for now. With corporate one I don’t know it’s new it was only 450EUR transaction from CEO, Payset to Payset nothing more
They accept all the crypto businesses while withdrawing from reputable exchanges like kraken they told me that
But in this case I only did transfer inside Payset and only 450 EUR
Just collected onboarding fee and fee for the first month and said goodbye. Very nice…
 
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So just be careful everyone
And don’t run business with onboarding in only one EMI
It’s better to have at least 3 in my opinion
Even if your business is totally legal and you pay taxes for that like in my case

All the suggestions regarding reputable and adequate EMIs and banks are welcome
But I think I have already talked with many of them
 
Update on my Payset case. They seemed to be very good for me and I have recently opened an account with them. 2 accounts my personal one and the corporate one. I am an EU resident and succesfully passed their due dilligence. All I do is completely legal I sent all of the papers to them. Today is my birthday and is not even been a month while we are having business with them. Today they have sent me an email that they will terminate immediately our relationships. All I did is sent 450EUR from my personal account to my corporate one. From payset to payset. It was a loan from me because I am a CEO in order to be able to pay maintenanace fee for corporate account while I am waiting for my customers to pay me. And they blocked my corporate account. It seems that they just collect money for the onboarding and then kick you out. Its not something I expected...
Did you have an invoice for that 450 EUR? And did they tell you that a "Consulting in crypto" business was acceptable?

As JohnnyDoe has said before (I think) you really have to think like a criminal nowadays to be able to get through this regulation hell AKA feed bulls**t to the compliance team. Regulation doesn't appreciate honesty.
 
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As JohnnyDoe has said before (I think) you really have to think like a criminal
He's 100% correct! Banks ARE criminal organizations! Colombian and Mexican cartels have MORE loyalty than >99,99% of monkeys working in banks! That's a FACT!

I try to use state banks or credit unions etc. I work only with banks whose employees understand they get a salary to provide services and my money is NOT there for them to sell me stupid/useless financial products to siphon off my money as "commissions" or pump up their stock price for their investors.
 
Did you have an invoice for that 450 EUR? And did they tell you that a "Consulting in crypto" business was acceptable?

As JohnnyDoe has said before (I think) you really have to think like a criminal nowadays to be able to get through this regulation hell AKA feed bulls**t to the compliance team. Regulation doesn't appreciate honesty.
Yes I told them
I have it in my company constitution as well.
It was a transfer from CEO to his company as a loan having a loan agreement
 
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I think Payset is the best EMI for low to medium risk merchants. Have hundreds of clients using their account and noone ever complained. Their OTC desk is a bit headache if you are not organized enough.
 
Yes I told them
I have it in my company constitution as well.
It was a transfer from CEO to his company as a loan having a loan agreement
They don't check a "company constitution"

Did you mention to them via email that you were running a crypto business?

And was the "loan agreement" was documented in a pdf/etc with all the formalities and did they check/ask for it?

And why did you send money first to your personal payset account and then to the company one? Why didn't you use your actual personal bank account or something?

Just asking because I'm curious about how these guys and how their compliance works and if they even give you the chance to explain yourself or not
 
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