EMI beginner questions

Bartos

Member
Apologies for the dumb question/s. Most discussion on here is from people who are already across the basics of EMI.

Why do most people use an EMI?

- Because it's easier to set up (less docs required)?
- Unable to get a trad bank account considering the business they are in?
- Privacy?
- Speed of transfer?
- Borderless banking?
- Fan of the technology?
- Better security than local banks?

Can someone please elaborate why many use EMI's?
 

void

Trusted Member
Business Angel
Remote opening and no CRS reporting are probably the biggest advantages over banks - others may see it differently though.
 

Bartos

Member
So you can essentially hide money from your Govt? How do you spend it? Obviously anything with electronic payment, but what if you want to buy a car? Apologies for being a dumb-ass.
 

void

Trusted Member
Business Angel
So you can essentially hide money from your Govt?
Nowadays and with most EMIs yes. In future probably not.
Some people also don't trust EMI providers that they are not reporting even if they declare it - it's your decision to make.

How do you spend it? Obviously anything with electronic payment, but what if you want to buy a car?
Like with any other account - make wire transfers, use your card or withdraw money from ATMs. No magic.
 

darkster

Trusted Member
Business Angel
Mentor Group
Commercial Service
You can use an EMI the same way as you do with your local bank account. The reason for why people look into EMI's at all is that they can't get an offshore account. Some people around here say it is not reported what you have in there, I doubt that is true, but it is another reason.
 

robotoa

Member
You can use an EMI the same way as you do with your local bank account. The reason for why people look into EMI's at all is that they can't get an offshore account. Some people around here say it is not reported what you have in there, I doubt that is true, but it is another reason.
which EMI is most reliable?
and why you doubt they don't report income?
 

mike123456

New Member
For your information Leopay (via Satabank) & iCard are reporting the EU citizens. I've been reported in 2016 and 2017. So be careful if you are a EU citizen. I closed all my accounts...
 

Admin

Forum Moderator
Staff member
That's what I fear would pop up here on the forum. I didn't trust this bank which started out to be an EMI or at least trusted by the majority here on the forum.
For your information Leopay (via Satabank) & iCard are reporting the EU citizens. I've been reported in 2016 and 2017. So be careful if you are a EU citizen. I closed all my accounts...
 

maxmmm

Active Member
For your information Leopay (via Satabank) & iCard are reporting the EU citizens. I've been reported in 2016 and 2017. So be careful if you are a EU citizen. I closed all my accounts...
Wow, and what were the implications? You actually got a letter from your local tax office?

Thanks for sharing
 

mike123456

New Member
Yes correct. I got a letter from the local tax office explaining that they had received information about my accounts held abroad through the CRS information exchange process.
I even received a link where I saw all details about my accounts (IBAN, amounts per account, country of origin...)
I just declared those accounts to the authorities and till now no news or issues. After information they want you to declare these accounts because it’s the law but I’m not sure they will tax you for that. I think it’s case by case. Nevertheless I closed my accounts! We never know...
 

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