Looking for recommendations for an EMI working with licensed MSBs?

[jdawg]

Hi all, I am seeking for recommendations for an EMI bank account that works with licensed Money Services Businesses based in the UK. The MSB is a Bureau De Change licensed by HMRC. Are there any recommendations that you can provide?

 

[Martin Everson]

Your not licensed your just registered with HMRC as an MSB right? That's just a fit and proper test and understanding AML at most.

Are you working with physical cash? Most EMI wont accept cash and almost none accept high value amounts.

If you are operating with cash you need a real UK bank to deposit cash. In which case you can try Starling Bank if amounts are small. But ultimately you need to ask the high street banks in person.

 

[jdawg]

Your not licensed your just registered with HMRC as an MSB right? That's just a fit and proper test and understanding AML at most.

Are you working with physical cash? Most EMI wont accept cash and almost none accept high value amounts.

If you are operating with cash you need a real UK bank to deposit cash. In which case you can try Starling Bank if amounts are small. But ultimately you need to ask the high street banks in person.

Hi Martin, we are licensed by HMRC, that licensing incorporates a fit and proper test as well as a review of our AML documents, so yes we are licensed by HMRC.

We work with physical cash. The EMI accepting cash isn't the issue. We have a currency wholesaler for that. The issue is finding an EMI/full bank that will onboard an MSB and allow us to receive customer funds via bank transfer and also payments from the payment processor into the account.

 

[Sols]

Are you registered with the FCA, or just HMRC?

 

[jdawg]

Just with HMRC which is all I need to operate a Bureau De Change.

 

[Sols]

Since you handle cash, I think you'll struggle with EMIs. The vast majority of them outright refuse to touch any business that's involved in cash. Regulators don't like it when e-money institutions handle physical money.

Most currency exchanges use traditional banks. But it's very hard (nearly impossible) to get an account nowadays unless you have very large volumes, excellent AML, and every check on the company comes back squeaky clean.

Lloyds, Barclays, NatWest, and several smaller banks work with companies similar to yours.

 

[Lincoln Burrows]

Check Bankingcricle, Currencycloud, or Modulr

Let us know how it goes.