List of Banks, EMI's, Payment processors and BTC to FIAT institutions.

OTR365

Building Trust
Entrepreneur
They told me this last week. Personal accounts for EU residents, corporate only for German business
I've had a Fidor.de bank account for some time (EU citizen, Cyprus resident). However I must warn that Fidor customer service sucks in a big way. Getting a reply to a customer service ticket took three weeks, and it did not even begin solving my issue. Hopefully their telephone service works better. It seems to me, as a digital bank they are 2nd tier, not as streamlined as e.g. TransferWise.

Earlier I have transfered a low five figures from Kraken to Fidor without issues.
 

speedster

Building Trust
Entrepreneur
I've had a Fidor.de bank account for some time (EU citizen, Cyprus resident). However I must warn that Fidor customer service sucks in a big way. Getting a reply to a customer service ticket took three weeks, and it did not even begin solving my issue. Hopefully their telephone service works better. It seems to me, as a digital bank they are 2nd tier, not as streamlined as e.g. TransferWise.

Earlier I have transfered a low five figures from Kraken to Fidor without issues.
Kraken banks with Fidor, so I can't see them having any issues. Unfortunately for me Fidor only onboard German companies and EU individuals.
 

Admin

Forum Moderator
Staff member
What do you guys thin about Always with you | Xapo I have used them in the past where they were bitcoin only EMI but now they transformed into full EMI it looks?
They don't offer any debit card any longer which made them useless for me at least.
 

moneynetwork

Corporate Services
Business Angel
Mentor Group
Commercial Service
What do you guys thin about Always with you | Xapo I have used them in the past where they were bitcoin only EMI but now they transformed into full EMI it looks?
Xapo is not a crypto debit card any longer but more a simple EMI account that offer a debit card.
 

moneynetwork

Corporate Services
Business Angel
Mentor Group
Commercial Service
The only specific you are pointing to is BNC10.com and they don't have a Xapo like debit card??
 

Mark Rucken

Trusted Member
Business Angel
Guys, it appears TransferWise procedure for account opening has changed. It appears that in order to get IBAN you need to fund the account. Only after funds are translated to your account they will give you IBAN. This was not a requirement in the past.

EDIT: It appears that now in order to activate business account, they are asking first payment to come from your company's alternative account, which makes startups without account impossible to open TW account?

Anyone had experience with this?
 
Last edited:

ivan1911

Active Member
Mentor Group
Guys, it appears TransferWise procedure for account opening has changes. It appears that in order to get IBAN you need to fund the account. Only after funds are translated to your account they will give you IBAN. This was not a requirement in the past.

EDIT: It appears that now in order to activate business account, they are asking first payment to come from your company's alternative account, which makes startups without account impossible to open TW account?

Anyone had experience with this?
This sucks big time !
So for USA llc opening a Mercury bank account first then tw...
Or payoneer business to tw
 

Mark Rucken

Trusted Member
Business Angel
Is it possible to fund the account with a card or bank to bank only?
You can fund it from debit or credit card or wire transfer using online banking, but the payment has to come from account/card in the name of the company for which you are opening account.

Now I have a case that a new US LLC does not have an account and I do not know how to fund the account in TW. I need to get some account in another EMI, fund that account, then transfer the funds to TW account ... arghhhhh
 

Admin

Forum Moderator
Staff member
Wow I see the problem, it may actually be a big problem. However, I know TW support is pretty fast and quick in replies. We may ask them what the procedure is for a new company that does not have a bank account already.

I'm sure there is a solution to it, or at least I hope.
 

Mark Rucken

Trusted Member
Business Angel
Wow I see the problem, it may actually be a big problem. However, I know TW support is pretty fast and quick in replies. We may ask them what the procedure is for a new company that does not have a bank account already.

I'm sure there is a solution to it, or at least I hope. We are fuc*ed!
Just got a reply from them, confirming my thoughts, please see below.

----
Thanks for reaching out to us.

Indeed, if you make a topup into your Borderless account (be it personal or business), the money needs to come from a bank account that belongs to the account holder.

So, if you make a topup to your business account, the money needs to come from a bank account registered in your business' name. If the topup is going on your personal profile, the money has to come from your personal bank account.

There is unfortunately no way around this. If you don't have a bank account for your business, then we sadly can't accept a payment made into your business account, funded from your personal account. We hope you understand.

If you have any further questions, don't hesitate to contact us again.

All the best,
Elis
 

Admin

Forum Moderator
Staff member
That's really a shitty situation you got into there. I wonder what people are doing and how many customers they will lose on that part.

Would a EMI account opened with another EMI say, AdvCash, PaySera and even ePayments work. If you get an account there in the company name and then make a transfer to the TW account for verification?
 

ivan1911

Active Member
Mentor Group
Is this only for verification purposes and after that you can receive money from others / PayPal or as I understand all topups from now on need to be done from the business bank account..
As if it's only for verification then it's not that big of a deal..
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
EDIT: It appears that now in order to activate business account, they are asking first payment to come from your company's alternative account, which makes startups without account impossible to open TW account?
That's damaging to them surely and a chicken and the egg scenario they are creating for startups.

Maybe aside from KYC TW implemented this so they know you have an alternative business account they can send funds too when they eventually close your account....lol.
 

Mark Rucken

Trusted Member
Business Angel
That's damaging to them surely and a chicken and the egg scenario they are creating for startups.

Maybe aside from KYC TW implemented this so they know you have an alternative business account they can send funds too when they eventually close your account....lol.
I think they did this to filter clients and accept less risky customers. If someone already opened you account, surely they did their KYC, so then that is a sign for TW they can onboard you as well.

Some European banks implemented this policy as well, they will open account for your offshore company if you can show them bank reference letter from another bank.
 

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