Looking for a solution for big bank transfers and crypto

[Burak]

Hi, I have a growing business and expecting to receive around $300K/mo with crypto in next months. Problem is that my profit is around 3% to 5% of total volume, that means I need to transfer 95% of $300K back to business partners.

Currently I transfer them via crypto, and it works but I want to make deal with other firms as they offer cheaper prices and more stability which will result in more profits. Majority of them require business entity and they only accept bank transfer payments.

- I'm not located in US or Europe, but need to make payments either in USD or EUR.
- No need to send all at once, I will send around same amount every day. ($10K with that calculation)
- I'll send money only to business accounts.

Any ideas, does it worth trying to get business bank account for this purpose or will I get flagged anyway after some volume?

P.S. I called it big because currently don't have any business banking history.

 

[JohnLocke]

Reading your post and without having any background information about what your business involves or what you do, I would think that any bank would reject your business unless you have a very detailed and comprehensive business plan.

Alternatively, you would need to find a bank with an incredibly high risk appetite, which I just don't believe exists anymore, as banks have been required to act as policemen for the tax authorities. You can't do much fancy footwork with them, the exception being, of course, if you come in with 10 or 20 million euros in legitimate and documented money.

Maybe others have suggestions.

 

[ActionMan]

Reading your post and without having any background information about what your business involves or what you do, I would think that any bank would reject your business unless you have a very detailed and comprehensive business plan.

Not most do, he will have to take certain creative measures to avoid this

if you come in with 10 or 20 million euros in legitimate and documented money.

If you come in with legitimate and documented money.

 

[JohnLocke]

If you come in with legitimate and documented money.

When you quote me like this, you imply that what I'm saying is wrong and that you are more right than me. You're welcome to do so, but it's my opinion, and you can have a different one.

At least I come forward with some concrete answers and don't wrap everything up as you do in many of your responses, such as in the comment right above mine. You should then tell me which bank would take a business case if you come to them with a small amount of money that you can document, but where the business case is so extensive for them that it just doesn't pay off in compliance and other regulations to take on this customer? Please give a qualified guess on this?

And then you can explain what kinds of gymnastics the OP needs to perform based on the sparse information the OP has given. If you can answer that without knowing the details, then I'm deeply impressed.

 

[scooterguy]

It seems that OP is dealing only with crypto at the moment and wants to switch to fiat due to potential new deals with firms that only work with bank transfers.

A solution for OP could be to switch gradually from crypto to bank transfers, or, in other words, to start small in the eyes of his new bank account and business.

That way, the bank won't see the 300k/mo movements right away, and after some time it would just look like a business that grew over time, which is less likely to be flagged.

 

[Burak]

It seems that OP is dealing only with crypto at the moment and wants to switch to fiat due to potential new deals with firms that only work with bank transfers.

A solution for OP could be to switch gradually from crypto to bank transfers, or, in other words, to start small in the eyes of his new bank account and business.

That way, the bank won't see the 300k/mo movements right away, and after some time it would just look like a business that grew over time, which is less likely to be flagged.

Hello, thanks for making it simpler to understand. I realized that I was also too confused.

Your idea is probably the most doable one, at least I may start using it as an alternative with small payments for now.