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UK Ltd with emi bank account

If not Transferwise for UK LTD which one then?

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erni

Mentor Group Gold
I want to know what EMI would you trust for monthly payments up to 50K euro?

We have a fully incorporated UK Ltd and already opened a Transferwise account, I wrote their support to explain them our business model and asked them to confirm:
  • if they can accept our business
  • if so, what to do to avoid they put payments on hold, large payments above 10K euro
  • if a Invoice send from our UK LTD to the customer with correct description on is sufficient
  • If there is anything we can do to avoid any payment to be put on hold, because it would kill our business
I'm waiting for their response, if I get one.

In the meantime, I would like to know what EMI you would trust for a long time and stable banking alternative?

I don't work with darks, video verification is OK and it is a legit business.
 

Flibustier

New member
I want to know what EMI would you trust for monthly payments up to 50K euro?

We have a fully incorporated UK Ltd and already opened a Transferwise account, I wrote their support to explain them our business model and asked them to confirm:
  • if they can accept our business
  • if so, what to do to avoid they put payments on hold, large payments above 10K euro
  • if a Invoice send from our UK LTD to the customer with correct description on is sufficient
  • If there is anything we can do to avoid any payment to be put on hold, because it would kill our business
I'm waiting for their response, if I get one.

In the meantime, I would like to know what EMI you would trust for a long time and stable banking alternative?

I don't work with darks, video verification is OK and it is a legit business.

Monzo.

Personally, I have my doubles about Lithuanian EMIs.
Having said that I would like to stress that legislation is changing very quickly. There is no such thing as "long time" for EMI.
 

lory

Active Member
Monzo.

Personally, I have my doubles about Lithuanian EMIs.
Having said that I would like to stress that legislation is changing very quickly. There is no such thing as "long time" for EMI.
I regret to must admit you are right. But if it's the only option some may have to get proper banking you will depend on something that isn't 100% good but 90% better than nothing.
 

Fothermucker

New member
I am facing the same problem for my UK Ltd.

There are not a lot of options of non-resident UK LTDs. Only the Lithuanians or TW.

UK EMIs like Monzo or Tide don't allow non-res owned UK LTDs. On the other hand, you can get a UK utility bill dark nin%¤#pa##¤
 

Flibustier

New member
I am facing the same problem for my UK Ltd.

There are not a lot of options of non-resident UK LTDs. Only the Lithuanians or TW.

UK EMIs like Monzo or Tide don't allow non-res owned UK LTDs. On the other hand, you can get a UK utility bill dark nin%¤#pa##¤

Try Leo pay.
The only other option should be hiring a nominal Director.

I think TW will stop supporting it soon
 

timonka

New member
Other than the fact than a non resident isn't permited to open an account in the UK and via Transferwise he does , are there upsides of using Transferwise versus a traditional bank, for a company? Likewise, are there downsides?

If it was permitted to open a corporate account in the UK, what would you choose: TW or a bank?
 

For Free

New member
Other than the fact than a non resident isn't permited to open an account in the UK and via Transferwise he does , is there any benefit of using Transferwise versus a traditional bank, for a company? Likewise, are there downsides?
Many benefits:
- Transfer via SWIFT/SEPA faster and cheaper
- Multi-currency account and Exchange rate is good
- KYC process is clear and not too difficult
- Compliance is not as stupid as some traditional banks
- User Interface is good and easy to use. You can transfer on desktop or mobile
- Supporting team normally reply within a day.

Downside:
- In case of account lockdown, you need to have traditional bank account (with the same company name) to receive from TW. Otherwise no where to transfer, no cheque withdrawal like traditional bank
- There are limitations to receive USD from many countries and also the amount
- System may quickly block the account if they found something shady (traditional bank may not do like that)
- People are not so confident to transfer big amount of money
 

Admin

Forum Moderator
Staff member
I had a fair chat with some of their management the last few weeks. I started from the very beginning by simply approaching their support staff.

First I used their ticket system, then I called them. I called them actually a few times to finally get a level up in the system.

After keep approaching them and keep asking for a opinion on our business specific I finally got up to the right level in this company and they made a deep review of our business and company setup, we have a legal opinion from a reputable lawfirm which we showed and they confirmed so far, that they have reviewed our business with respect to the information we provided and approved it.

We don't expect any money to stuck in there in the future, should it happen, rest assured I will write about it here in a new thread ;)
 

timonka

New member
Transfer via SWIFT/SEPA faster and cheaper
- Multi-currency account and Exchange rate is good
- KYC process is clear and not too difficult
- Compliance is not as stupid as some traditional banks
- User Interface is good and easy to use. You can transfer on desktop or mobile
- Supporting team normally reply within a day.
But TW isn't a bank, it's a middle man between you and the bank, therefore, how can its KYC and compliance be easier and less stupid than those of the traidional bank? Maybe its your subjective opinion and experience? But it may not be the case overall and it has to be the opposite, that is, at least as stupid and difficiult or easy as the ones of the bank, it not more.
 

For Free

New member
But TW isn't a bank, it's a middle man between you and the bank, therefore, how can its KYC and compliance be easier and less stupid than those of the traidional bank? Maybe its your subjective opinion and experience? But it may not be the case overall and it has to be the opposite, that is, at least as stupid and difficiult or easy as the ones of the bank, it not more.
I dealt with some traditional banks that can open for offshore world and KYC/Compliance are long and stressful. I talk from my experiences and we are here because we need to find the way to transfer money, get paid and spend money that we own. I still have my traditional bank accounts in some banks and I'm not confident to use EMIs only. But for the services, TW is better than all traditional banks that I work with and much less stressful in term of Compliance/KYC
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
For EUR SEPA/SWIFT transfers Paysera is in our experience the best Wise alternative.

Fire Payments supports non-resident UK Ltd but limited to SEPA and local GBP transfer.
 

Fred

Dubai Expat
Mentor Group Gold
Commercial Service
Dear @Fred does Paysera open account for UAE FZ, BVI or Seychelles companies?
Only Dubai / Abu Dhabi Onshore companies no RAK ICC and even with the UAE you need a good relationship with Paysera normal they open only if you already have your personal account longer but we are using some kind of workaround.

Classic offshore like BVI and Seychelles flat no.
 

timonka

New member
I dealt with some traditional banks that can open for offshore world and KYC/Compliance are long and stressful. I talk from my experiences and we are here because we need to find the way to transfer money, get paid and spend money that we own. I still have my traditional bank accounts in some banks and I'm not confident to use EMIs only. But for the services, TW is better than all traditional banks that I work with and much less stressful in term of Compliance/KYC
Yeah, but that doesn't address what I've stated:

But TW isn't a bank, it's a middle man between you and the bank, therefore, how can its KYC and compliance be easier and less stupid than those of the traidional bank? Maybe its your subjective opinion and experience? But it may not be the case overall and it has to be the opposite, that is, at least as stupid and difficiult or easy as the ones of the bank, it not more.

That is, maybe the banks YOU've dealt with have been difficult. But that doesn't prove that majority or all of them are, nor does it that TW is better all of the banks.
 
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