EMI for San Marino company

[titano2]

Hi dears,
I'm having troubles to find some decent EMI with decent fees that accept my San Marino company.
As it's outside EEA, most of them like Wise, Revolut, N26 with low fees don't accept San Marino business and others like Bankera or similiar are extremely costly for my usage, in fact, I already have a local San Marino bank account for daily usage but, as we are now receiving payments through STRIPE , we need an IBAN account there and Stripe itself doesn't accept SM IBAN. So we just need a cheap IBAN account accepted by stripe to send around 1500 euros per week.

Do you know some EMI with same wise fees that accept my San Marino company?
Thank you

 

[Clank]

Currenxie

 

[user1995]

Currenxie

Speaking about Currenxie I've been approved by them yesterday. How reliable do you find them?

 

[Clank]

Speaking about Currenxie I've been approved by them yesterday. How reliable do you find them?

They are good.

 

[user1995]

They are good.

Good to hear!

 

[titano2]

Currenxie

Hi,
I did the application more than 1 week ago but they didn't reply yet.
Also, I read that they are not offering dedicated IBAN anymore... is that right? If yes I doubt I will be able to use it for Stripe payouts...

Speaking about Currenxie I've been approved by them yesterday. How reliable do you find them?

how long did u wait before getting approved?

 

[Marzio]

How did you open a Stripe account for a SM company if SM isn't available as a country in Stripe?

 

[titano2]

How did you open a Stripe account for a SM company if SM isn't available as a country in Stripe?

By selecting Italy as country. You will also need to request a VAT/IVA from italy for your San Marino company.
Already approved and verified successfully.

 

[Sols]

By selecting Italy as country. You will also need to request a VAT/IVA from italy for your San Marino company.
Already approved and verified successfully.

Sounds dodgy. Stripe does almost zero verification at registration. That's why it's so quick and easy to get started with them. They do closer verification at first payout and when you reach certain thresholds. If they wake up and realize that San Marino is a non-EU/EEA territory and not a subnational region of Italy, there is a risk they will close down your account and refund all transactions.

But if Stripe is treating San Marino as a subnational region of Italy and you're in some compliance loop hole, try Fineco Bank in Italy. Good rates and last I heard, they are open to companies from San Marino. I think Postepay might also be an option, at least if you have strong ties to Italy/San Marino.

 

[user1995]

how long did u wait before getting approved?

Exactly 2 weeks after application

 

[Marzio]

Instead of Stripe why don't you use Braintree? They are avalable in SM and you would be able to connect your SM IBAN.

https://www.braintreepayments.com/sm/braintree-pricing
Easy peasy.

 

[titano2]

Sounds dodgy. Stripe does almost zero verification at registration. That's why it's so quick and easy to get started with them. They do closer verification at first payout and when you reach certain thresholds. If they wake up and realize that San Marino is a non-EU/EEA territory and not a subnational region of Italy, there is a risk they will close down your account and refund all transactions.

But if Stripe is treating San Marino as a subnational region of Italy and you're in some compliance loop hole, try Fineco Bank in Italy. Good rates and last I heard, they are open to companies from San Marino. I think Postepay might also be an option, at least if you have strong ties to Italy/San Marino.

Hi,
yes correct but it work like that also with Paypal that is almost 6 months old now and already verified. But, yes is not the same thing in fact, on paypal I had to go with Paypal IT and not Paypal COM.
Not sure if it will work with Stripe too, but, They already asked me documents to proof company and after I submitted them, I received a verified status also on Stripe so I guess, it worked.
Again, I opened an Italian VAT to be able to operate like that. At least that's what my accountant told me to do as he as other customers that acted in the same way
Will try to get a look at Fineco... I didn't think they would open an account to SM business.
Btw, I would prefer an EMI just because the amount I receive on this bank is ridiculously low and seems a waste of money just opening something with monster fees.

Exactly 2 weeks after application

Good, so I guess will hear something from them soon.

Instead of Stripe why don't you use Braintree? They are avalable in SM and you would be able to connect your SM IBAN.

https://www.braintreepayments.com/sm/braintree-pricing
Easy peasy.

I already have tons of payment gateway , even Merchant of records but the customers loves to pay with Stripe (same like Paypal) they feel protected... I tried in the past to remove it and the sales conversion just dropped.

 

[Sols]

Btw, I would prefer an EMI just because the amount I receive on this bank is ridiculously low and seems a waste of money just opening something with monster fees.

Why did you incorporate in San Marino? If it was to save on tax, this is the price of saving on tax.

San Marino isn't an EU or EEA member state, which is why low-risk and cheap EMIs don't offer their services there. It's a legal gray zone and a tiny, insignificant country. Easier to not accept it. AFAIK, not even Italian EMIs accept San Marino. But I suppose you can try Hype or Nexi, if you have an Italian TIN.

But it none of those work, your options are going to be expensive EMIs with a higher risk appetite, and they usually cost more.

 

[titano2]

Why did you incorporate in San Marino? If it was to save on tax, this is the price of saving on tax.

San Marino isn't an EU or EEA member state, which is why low-risk and cheap EMIs don't offer their services there. It's a legal gray zone and a tiny, insignificant country. Easier to not accept it. AFAIK, not even Italian EMIs accept San Marino. But I suppose you can try Hype or Nexi, if you have an Italian TIN.

But it none of those work, your options are going to be expensive EMIs with a higher risk appetite, and they usually cost more.

My decision to incorporate here, is a mix of various motivations such as life style quality, taxes, position, and so on . I wouldn't expect that difficulties honestly.Nevermind I will figure out a way to go.

Could you please share a list of EMI that "technically" provide business accounts to non EEA business with a good fee?

 

[JohnnyDoe]

you could try with some random EMI pretending that San Marino (or even better another less known municipality of the country) is a comune in the province of Rimini. The Italian VAT should help.

 

[Marzio]

I tried in the past to remove it and the sales conversion just dropped.

This could be true for PayPal but honestly can't see how this could be true for Stripe as it's not a wallet like PayPal but a credit card gateway.

There are millions of people with a woocommerce checkout, plug in braintree and you are done. You can even customize the credit card labels in the checkout so they think they are using Stripe.