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Cheap offshore bank for 3-6 transactions/£3K-£6K a month

michalowskiego

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Mar 3, 2017
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Im looking to open bank account for my Hong Kong offshore company.

Agency which helped me to setup HK company send me to Singapore OCBC, but the minimal balance of £30K is a bit to much for me.

Im based in Vietnam, working in IT. The way it would work at the moment is 2-5 incoming wire transfers a month, from clients based in UK and USA. Plus 1 transfer to my personal account (or some other way of paying myself).

I've been reading about Euro Pacific Bank or Loyal Bank on this forum, but Im still not sure if that will work for me.

As an alternative, I can relatively easy open branch of my HK company in vietnam and pay some taxes here.

Any opinions highly appreciated.
 
You can open an account in Cyprus for your Company, really easy! EuroPacific bank has some good reviews for saving accounts but not for day to day banking.
 
Im looking to open bank account for my Hong Kong offshore company.

Agency which helped me to setup HK company send me to Singapore OCBC, but the minimal balance of £30K is a bit to much for me.

Im based in Vietnam, working in IT. The way it would work at the moment is 2-5 incoming wire transfers a month, from clients based in UK and USA. Plus 1 transfer to my personal account (or some other way of paying myself).

I've been reading about Euro Pacific Bank or Loyal Bank on this forum, but Im still not sure if that will work for me.

As an alternative, I can relatively easy open branch of my HK company in vietnam and pay some taxes here.

Any opinions highly appreciated.
You can open a Leupay account for daily transactions and an offshore account (EPB or LB) as saving account.

PS: LB has a promotion for MasterCard Platinum.
 
Monthly maintenance €22.50
Incoming Wire Transfer €12
Outgoing Wire Transfer €22

That gets to €80-€100, bit more then I expected bank service can cost.
Where did you get these fees from? I don't pay anything for incoming transfers and only €3 for IBAN transfers?
 
Im looking to open bank account for my Hong Kong offshore company.

Agency which helped me to setup HK company send me to Singapore OCBC, but the minimal balance of £30K is a bit to much for me.

Im based in Vietnam, working in IT. The way it would work at the moment is 2-5 incoming wire transfers a month, from clients based in UK and USA. Plus 1 transfer to my personal account (or some other way of paying myself).

I've been reading about Euro Pacific Bank or Loyal Bank on this forum, but Im still not sure if that will work for me.

As an alternative, I can relatively easy open branch of my HK company in vietnam and pay some taxes here.

Any opinions highly appreciated.
Have you tried some Russian banks?
 
Im looking at Bank of Cyprus fees and Im a bit confused.
Anyone has business account with them and can share what the costs are?

Also would it make any difference if I open personal account with them (since it looks cheaper) and run my business using personal account?
 
Im looking at Bank of Cyprus fees and Im a bit confused.
Anyone has business account with them and can share what the costs are?

Also would it make any difference if I open personal account with them (since it looks cheaper) and run my business using personal account?
Why would you open a personal account? What do you find expensive? do you compare the fees with your local bank, if so it is Epic Fail to do!
 
OP can you please update with what you found, maybe it can help me to find alternative banking :)
 
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