GB*** IBAN for a EU company?

[W Fish]

Hi!

Perhaps not straightly offshore related, but still...
I have an Estonia registered and operating consulting company, owners and managers local. Using local bank account now but would like to have IBANs starting with GB** and DE** for serving customers in these countries and making payments easier for them. Mostly private individuals.
Ideally it would be possible to transfer money (also) to reputable crypto exchanges (Kraken) from these accounts but it is also OK if only back home.
Wise and Revolut closed accounts. Talking to Payset but they are expensive.
Any suggestions / ideas?


cheers,

H

 

[ilke]

Airwallex will give you DE IBAN for EUR, and GB IBAN for GBP.

Currenxie will give you GB IBAN through Citibank for several currencies.

Neither accept crypto though. Not an issue for receiving C2B I would say.

What did you get banned from Wise and Revo for? A little suspicious maybe.

 

[W Fish]

Thanks! Will give Airwallex a try first.

They didn't say, what for.
I might have tried to transfer to Kraken from Wise. I did it from either and there was an automated response that transfers to that IBAN are not allowed. I think it was Wise. They have in their conditions that any kind of payments for crypto are not allowed. So my bad probably.
Revo opened a review or whatever they call it. Asked for docs, i sent them *.png-s, they asked for *.pdf-s. But in their system the docs were already uploaded, so the UI did not have an option to do it again....
By that time I was so pissed at them (they froze the funds for the time) + no way of communicating with them over normal channels like e-mail, new support person after every while, ... that I just gave up...

 

[JohnLocke]

By that time I was so pissed at them (they froze the funds for the time) + no way of communicating with them over normal channels like e-mail, new support person after every while, ... that I just gave up...

how much did they froze?

 

[W Fish]

Not much, a couple thousand perhaps. But if it can be x, it can also be x000. More of a principle thing.
And i was as cooperative as imaginable, provided everything they asked for the same day, etc...

 

[COLTEO]

Hi!

Perhaps not straightly offshore related, but still...
I have an Estonia registered and operating consulting company, owners and managers local. Using local bank account now but would like to have IBANs starting with GB** and DE** for serving customers in these countries and making payments easier for them. Mostly private individuals.
Ideally it would be possible to transfer money (also) to reputable crypto exchanges (Kraken) from these accounts but it is also OK if only back home.
Wise and Revolut closed accounts. Talking to Payset but they are expensive.
Any suggestions / ideas?


cheers,

H

Have you tried Payoneer?

 

[Forester]

Hi!

Perhaps not straightly offshore related, but still...

No problem, you are welcome. (And it is offshore related, you are talking about offshore banking.)

I have an Estonia registered and operating consulting company, owners and managers local. Using local bank account now but would like to have IBANs starting with GB** and DE** for serving customers in these countries and making payments easier for them. Mostly private individuals.

Anyone is invited to correct me; but I am living under impression that SEPA payments must be handled equally across all the Eurozone, regardless of they are domestic or international, it is (one of many) EU regulations (similarly as e.g. with GSM roaming). Hence, for DE customers payments to EE bank account in EUR are the same as domestic payments... (But I can understand the psychological difference, especially for some customers.)

Ideally it would be possible to transfer money (also) to reputable crypto exchanges (Kraken) from these accounts but it is also OK if only back home.
Wise and Revolut closed accounts. Talking to Payset but they are expensive.
Any suggestions / ideas?

For GB IBAN and local UK payments check Currenxie (as already recommended), Interpolitan Money, MoneyNetInt, Wamo...

Airwallex will give you DE IBAN for EUR, and GB IBAN for GBP.

Well, but EU companies are onboarded by Airwallex Netherlands that used to suck a lot...

If DE IBAN is really needed, what about N26? I guess they open business accounts now, or not?
And there are definitely another options, there are more neobanks in DE, (I just do not recall what to recommend); and not only neobanks, if a company has DE customers, also some brick-and-mortar banks can onboard, KT Bank being an interesting example.

Neither accept crypto though. Not an issue for receiving C2B I would say.

Yes, if crypto-friendlyness is not necessary, better to omit it.

What did you get banned from Wise and Revo for? A little suspicious maybe.

They didn't say, what for.
I might have tried to transfer to Kraken from Wise. I did it from either and there was an automated response that transfers to that IBAN are not allowed. I think it was Wise. They have in their conditions that any kind of payments for crypto are not allowed. So my bad probably.
Revo opened a review or whatever they call it. Asked for docs, i sent them *.png-s, they asked for *.pdf-s. But in their system the docs were already uploaded, so the UI did not have an option to do it again....
By that time I was so pissed at them (they froze the funds for the time) + no way of communicating with them over normal channels like e-mail, new support person after every while, ... that I just gave up...

Guys... IMO, a quite standard behaviour of Wise/Revolut
(@hannesur, for a more detailed reasoning, look e.g. here If Wise is going to close accounts and is not the best, how diversify the money?. Generally, I guess that my general attitude to Wise/Revolut is quite known at this forum .)

Not much, a couple thousand perhaps. But if it can be x, it can also be x000. More of a principle thing.

Definitely.

And i was as cooperative as imaginable, provided everything they asked for the same day, etc...

Have you tried Payoneer?

It could work but unnecessarilly expensive, IMO. For an EE company there are better options.

 

[ilke]

Anyone is invited to correct me; but I am living under impression that SEPA payments must be handled equally across all the Eurozone, regardless of they are domestic or international, it is (one of many) EU regulations (similarly as e.g. with GSM roaming). Hence, for DE customers payments to EE bank account in EUR are the same as domestic payments... (But I can understand the psychological difference, especially for some customers.)

Exactly!

For GB IBAN and local UK payments check Currenxie (as already recommended), Interpolitan Money, MoneyNetInt, Wamo...

They will work, OFC, but since Interpolitan and Moneynetint have a bit of a high-risk appetite, they may be overly expensive for a generic EU company. Wamo didn't come to mind but it seems pretty suitable.

Well, but EU companies are onboarded by Airwallex Netherlands that used to suck a lot...

You are right, Airwallex NL are crazy compliance-wise and the support does not work as well. Luckily, EE is onboarded to Airwallex LT. Since a few months ago, Airwallex LT supports DE/DK/PL IBANs too, so results-wise it will bring access to all country accounts like Airwallex UK, and the compliance is ok.

 

[W Fish]

Have you tried Payoneer?

No. I havent tried anything. Even those Wise and Revolut accounts I opened a long time ago out of curiosity...
I came from the world where opening bank accounts and making payments internationally is something kindergarten children can do. Didn't even have the slightest idea that it can pose problems in some areas. Now i see customers in Germany, England, Spain having trouble and often being unable to make SEPA payments abroad, not talking about sepa instant and a whole different world is opening up....

Anyone is invited to correct me; but I am living under impression that SEPA payments must be handled equally across all the Eurozone, regardless of they are domestic or international, it is (one of many) EU regulations (similarly as e.g. with GSM roaming). Hence, for DE customers payments to EE bank account in EUR are the same as domestic payments... (But I can understand the psychological difference, especially for some customers.)

That's what I thought too. And it is so in theory.
Reality is that banks set their rules for their customers. Germany seems to be bad. It is not just psychological (although that too) - international payments are more expensive, in some cases instant payments are not possible, transfers take much longer - days (maybe thats for safety in banks eyes - stupid customers not being able to become victims of fraud...?)

If DE IBAN is really needed, what about N26? I guess they open business accounts now, or not?

N26 is good in general. A bit too much mobile app geared to my taste, but it works. I am their customer as a private person since they became a bank. Mainly just out of curiosity - remote identification was really new then and they were the first ones that to my knowledge started implementing it....
They open business accounts now too BUT only if you dont have a private account there already. Or maybe one can turn their private account into corporate - that i dont want to do.

Re: Really needed or not - I have made experiments - given an option to pay to an EE** iban or 1% more to a DE** iban (the amount being four digits) many germans prefer the DE** account. So there is quite a bit of friction ... Definately not a life and death question but probably could boost business a bit....

Thanks to everyone for answers, please keep them coming. I will give feedback...

real time feedback - a german customer trying to pay to EE**

Damit , my bank says " this transaktion is not as real time transaktion posibble " , just as regular transaktion ... I call them and ask why .

 

[Forester]

Interpolitan and Moneynetint have a bit of a high-risk appetite,

True

they may be overly expensive for a generic EU company.

Well, from what I have heard, their pricing is really tailor-made and for “generic” cases it could be reasonable... But anyone's mileage may vary

Luckily, EE is onboarded to Airwallex LT.

Well, I admit that I have not been not aware until now that Airwallex established a LT entity. It had not been so when I had something to do with Airwallex in Europe for the last time... but as I see now, almost a year passed since this... Thanks!
(BTW, from what I see going through the current countries list, The Iron Curtain seems to be re-established – in a certain way )

Since a few months ago, Airwallex LT supports DE/DK/PL IBANs too, so results-wise it will bring access to all country accounts like Airwallex UK, and the compliance is ok.

Good to hear. Thanks for sharing!

Reality is that banks set their rules for their customers.

Sure...

Germany seems to be bad. It is not just psychological (although that too) - international payments are more expensive,

??? Really ???
Could you give some examples??
Because this is – TBMK – explicitly forbidden; and frankly, it's difficult to me to believe that particularly German banks do not obey the rules...

in some cases instant payments are not possible,

Yes, this is well possible. SEPA instant is not obligatory.

transfers take much longer - days (maybe thats for safety in banks eyes - stupid customers not being able to become victims of fraud...?)

Well, yes – this is pretty possible, too.
BTW, this

I came from the world where opening bank accounts and making payments internationally is something kindergarten children can do.

can be one of reasons for what some enhanced compliance is levied at payments in favor of EE accounts
(To avoid misunderstandig: I do not like it, as well I do not like current compliance procedures at all.)

I am their customer as a private person since they became a bank. Mainly just out of curiosity - remote identification was really new then and they were the first ones that to my knowledge started implementing it....

Maybe not the first (cf. TransferWise, bunq and probably esp. Tinkoff) but definitely one of the first ones...

They open business accounts now too BUT only if you dont have a private account there already.

Interesting. In many cases (I mean with other EMIs) it is just opposite: You need to become a private client first to be able to open a business account... (IIRC, e.g. Paysera and others)

Re: Really needed or not - I have made experiments - given an option to pay to an EE** iban or 1% more to a DE** iban (the amount being four digits) many germans prefer the DE** account.

Yes, I believe completely.

So there is quite a bit of friction ... Definately not a life and death question but probably could boost business a bit....

I agree.

Thanks to everyone for answers, please keep them coming. I will give feedback...

You are welcome. Further feedback will be much appreciated.

real time feedback - a german customer trying to pay to EE**

Damit , my bank says " this transaktion is not as real time transaktion posibble " , just as regular transaktion ... I call them and ask why .

 

[Clearsky Network]

Clear Junction
Payset
Equals Money

 

[W Fish]

Hi again!

Airwallex rejected application. Would not tell why. I guess it might be because I sent them bank statement with transfers to Kraken.
If it was this, then it probably is better this way...

Wamo with NL** iban working fine for a couple of days. Today first compliance check, the account is functioning and the incoming transfer they inquired about is the only one on hold. We will see...
Funny that they admit it being impossible to have the data they are asking for but not answering might lead to account closure.

Payset rejected.

Clear Junction

Clear Junction exclusively serves regulated companies / financial institutions

Could you give some examples??

Another customer just confirmed that he can make sepa instant to NL** but not to EE**

So on to payoneer.
What about IFX?

 

[Clearsky Network]

Hi again!

Airwallex rejected application. Would not tell why. I guess it might be because I sent them bank statement with transfers to Kraken.
If it was this, then it probably is better this way...

Wamo with NL** iban working fine for a couple of days. Today first compliance check, the account is functioning and the incoming transfer they inquired about is the only one on hold. We will see...
Funny that they admit it being impossible to have the data they are asking for but not answering might lead to account closure.

Payset rejected.


Clear Junction exclusively serves regulated companies / financial institutions



Another customer just confirmed that he can make sepa instant to NL** but not to EE**

So on to payoneer.
What about IFX?

Clear Junction doesnt serve only financial institutions. It serves consulting companies as well as long as they act like consulting companies.

 

[mud]

Airwallex will give you DE IBAN for EUR, and GB IBAN for GBP.

Currenxie will give you GB IBAN through Citibank for several currencies.

Neither accept crypto though. Not an issue for receiving C2B I would say.

What did you get banned from Wise and Revo for? A little suspicious maybe.

I discovered that AirWallex is offering DK IBANs as standard today. Not sure how to get the other EU denominated currencies.

Bunq is an alternative though (for individuals at least)

 

[W Fish]

Bunq is an alternative though (for individuals at least)

they do not serve Estonian companies.

 

[ilke]

I discovered that AirWallex is offering DK IBANs as standard today. Not sure how to get the other EU denominated currencies.

It depends on your country. If you are onboarded to the NL or LT Airwallex, you also get a PL IBAN for PLN and a DE IBAN for EUR SEPA/SEPA Instant/TARGET2. The DK IBAN is default though, and supports 20 currencies since 3 Friday. You no longer have to issue new accounts for each currency in DK and SG with Airwallex, as all accounts support both.

Bunq is an alternative though (for individuals at least)

Yes, Bunq is a good idea for low-risk business too. You can get GB IBANs for multi-currency + local DE, FR, NL, ES, IE EUR IBANs

 

[Forester]

Hi again!

Airwallex rejected application. Would not tell why. I guess it might be because I sent them bank statement with transfers to Kraken.
If it was this,

I guess so...

then it probably is better this way...

Well, if you are in crypto business (you have not mentioned this), then all the game upgrades to a higher level

Wamo with NL** iban working fine for a couple of days. Today first compliance check, the account is functioning and the incoming transfer they inquired about is the only one on hold. We will see...
Funny that they admit it being impossible to have the data they are asking for but not answering might lead to account closure.

Even more (or less ) funny thing is that this demand is very probably invoked by a pressure of the regulator.

Another customer just confirmed that he can make sepa instant to NL** but not to EE**

Yes, this is well possible; as I have already written, SEPA instant is not obligatory – and it need not to work even among the banks in the same country.
But this in not the problem: you said that international payments are more expensive; I have been asking for some example of this... (I do not want to say that your clients or you are lying; just this is really not well expectable and pretty suspicious, in the same time being IMO important a lot, so I would like to see it somehow documented...)

So on to payoneer.

If you share what pricing you were offered, it will be appreciated

The DK IBAN is default though, and supports 20 currencies since 3 Friday. You no longer have to issue new accounts for each currency in DK and SG with Airwallex, as all accounts support both.

Nice to know. Are you aware what bank is backing them with the DK IBAN?

 

[mud]

Seems to be Banking Circle

 

[Forester]

Seems to be Banking Circle

View attachment 6700

Yes, SWIFT/BIC code SXPYDKKK is of BANKING CIRCLE DENMARK. Thanks!

 

[EliasIT]

BANKING CIRCLE DENMARK.

former Saxo Bank owners are founders and sold to some equity funds it looks.

They seems to be reliable.