EU national, resident of Vietnam with HK based company, where to bank?

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by michalowskiego, Feb 13, 2019.

  1. michalowskiego

    michalowskiego New Member

    I have been banking with Neat business over last 6 months and they just informed me that my account will be closed (by Standard Chartered). They didn't give any reason but my guess is that they are not happy with my monthly income - which is around $2K - $3K / month at the moment.

    Few minutes of google gave me Euro Pacific... which looks ok, but $360 a year seems quite pricey.

    I wander what if there are any cheaper options?
  2. kevino

    kevino Mentor Group Mentor Group

    Same for me with neat!
  3. Admin

    Admin Forum Moderator The Forum Cleaner

    Find some sort of EMI with that little monthly volume! Banking fees will eat up your protifts.
    michalowskiego likes this.
  4. xzars

    xzars Building Trust Entrepreneur

    Your monthly income is of secondary importance. No serious bank that is concerned about their license and international relations will take an unsubstantiated HK shell company of a EU national who is a Vietnamese resident. They probably underestimated the administrative burden which costs them more than your business brings in.

    Many say that EPB is junk, but also the $360 annual fee is peanuts for your situation.

    Your chances of finding something cheap and reliable are best in HK if you can establish business ties in HK. Try to find a client or supplier from there. The banks should open up then. But even then, $30 monthly fee for an account in a decent bank would be normal, if not cheap.
    michalowskiego likes this.
  5. michalowskiego

    michalowskiego New Member

    Sorry I wasn't clear, I can prove residency in both Vietnam and EU (I have driving license and bank statements on my brother address) and EU is what I declared as residency while setting up a company and Neat account.

    So you can skip Vietnam part and we are left with EU national, HK based company and a low revenue.

    Any recommendations on EMI? What sort of cost should I expect?

    Thanks in advance
  6. Milky Moon

    Milky Moon Offshore Research & Development. Business Angel

    why a HK company?
  7. michalowskiego

    michalowskiego New Member

    I freelance in IT and needed a legal way to invoice clients
  8. Runway

    Runway New Member

    transferwise, epayments, payoneer. With EU residence
    Currenxie in Hong Kong.