IBAN for Estonian company

twee

New Member
Hi guys,


I need account with IBAN for my estonian company. I'm searching for solution.


Can anybody explain me about international transfers for accounts opened in EMI (for example ePayments, Paxum, Paysera, Revolut, etc)?
Can I receive/send payments from/to US for example or it works only for Europe?
Representavies of EMIs tell me absolutely different things about international payments.


Please help me

Thank you!
 

Bluepearl

Mentor Group
Mentor Group
Are you EU resident? If you are, there are several banks which you wont have any trouble to open if your business snd structure are ordinary
 

xzars

Trusted Member
Business Angel
If you have an Estonian company in low/med risk business, you do not need to use s*** EMIs. Go to LHV bank.
 

Martin Everson

Offshore Consultant
Business Angel
Whats wrong with using Transferwise? Even LHV use Transferwise to make international payments.

However payments from/to US is always going to be a problem wherever you go.
 
I opened estonian company to start operating from EU, however both LHV and transferwise rejected .. just waste of money
 

twee

New Member
Thank you for answers

I'm not EU resident and my business is IT/Media, so thats why I have a lot of rejects from banks and spent a lot of money. And now I want to use EMI for send/receive money and I need international payment solution.
 
I know, it was quite disappointing, it seems to be that these banks have been burnt under estonian e-residency and e-business programs, and have been declining most of the bank account opening unless you can show some real connection with estonia which is in contrary to e-residency and e-business model.
 

xzars

Trusted Member
Business Angel
Whats wrong with using Transferwise? Even LHV use Transferwise to make international payments.

However payments from/to US is always going to be a problem wherever you go.
EMIs are a two-tiered compliance beasts. TW Borderless Account is especially bad due to their global reach.

It's literally a chain of light bulbs where failure of one will fail the entire system.

1. The EMI, TW will monitor your payments and block the account if an AML alert is triggered.
2. TW has under-pinning payments infrastructure banks that also monitor payments and block the payments if an AML alert is triggered. If this happens, you must resolve each incident yourself by providing documentation. TW does not help with this. Meanwhile, your entire TW account remains blocked, including balances in other currencies. One more source opinion, more account freeze risk.
3. TW has more than 1 under-pinning bank. If let's say the provider of CAD or AUD infrastructure you never used decides that companies or individuals from specific jurisdictions should be scrutinized a little more, or booted altogether, you have your relationship at risk. Paranoia from an effectively un-related party imposes relationship risk and for this reason alone TW Borderless Account is unfit for any serious business.
4. TW also has a tightening "Acceptable Use Policy" which in substance means you must use their FX service as frequently as possible and make them money. If you do not do so, they will find a reason to boot you even if there's no real ML risk. We have seen more than one case of a low/med risk EU business getting booted by TW. We can't assume all users are telling the truth, but there are too many cases on this forum and elsewhere for this to be a coincidence.

TW Borderless Account sucks, but for occasional cross-border payments, it's okay to use them.
 

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