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Need to find crypto friendly EMI to receive SWIFT payments

Rasol

Rasol

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Aug 12, 2020
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Hi everyone. Dear forum members, share your expertise with me. I have a UK LTD with a non-EU owner. My main task is to receive payment from partners from Ukraine. Local Ukrainian banks work only through SWIFT. Estimated turnover is $100-500k per month. Can EMIs be used to receive payment in such amounts that there are no problems with financial monitoring? I would also like to be able to buy crypto. Transferwise to ADV is not working.

Which EMIs are good for my tasks and volumes in order to receive payments without problems? Thank you
 
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#4
Martin Jorits said:
As long as there is a logical explanation for the incoming funds/ the business flow, the Ukrainian remitters can be looked (online, website etc.) it should be doable via EMI's, not all do Crypto. What also would play a key part is if 100% of the funds go to Crypto or partially.
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Ok, thank you for your reply. What If I want to go 100% to Crypto? Should I add second EMI for for the Crypto (for example, Wirex to ADV to Crypto)?
 
#5
Rasol said:
Ok, thank you for your reply. What If I want to go 100% to Crypto? Should I add second EMI for for the Crypto (for example, Wirex to ADV to Crypto)?
Click to expand...

The way i would "build it":

UK Company = website/ logical business model (explainable) that invoices the Ukrainian companies, both should have proper online websites etc. (not setup yesterday, purchase domains that are were registered a while back).
UK company receives funds from Ukraine against the invoices. Now the funds are within the EMI, purchases around 50% crypto. Have another UK company that invoices the first UK company for the remaining 50% (now less volume), from that purchase around 35% Crypto at another EMI, the small amount left pay some corporate invoices (or repeat the process).
This might look over complicated for many however, if you are thinking long-term I suggest you think it through...

Good luck :-)
 
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#6
Rasol said:
I would also like to be able to buy crypto. Transferwise to ADV is not working.
Click to expand...
Say the majority of the forum, but have you made a test yourself?

You can easely use Transferwise to kraken and vise-verca it works, maybe not legal in the eyes of TW but can be done. Or you transfer from kraken to your local account, works too. Finally you have the option to exchange crypto to fiat via advcash and use the debit card or you can make transfers to your own local bank account.

I really don't see why you would need a super secret setup for your needs!
 
#7
clemens said:
Say the majority of the forum, but have you made a test yourself?

You can easely use Transferwise to kraken and vise-verca it works, maybe not legal in the eyes of TW but can be done. Or you transfer from kraken to your local account, works too. Finally you have the option to exchange crypto to fiat via advcash and use the debit card or you can make transfers to your own local bank account.

I really don't see why you would need a super secret setup for your needs!
Click to expand...

I communicated with support both, ADV and TW. ADV accept payments only if they see that it was made directly from your company. TW answers that recipient will see the following statement "Transferwise LTD on behalf of My company name". ADV replies that they cannot accept payments like this, becouse the banking account in this case belongs to TW. So, there is no reason to test such payments and lose money.

clemens said:
You can easely use Transferwise to krake
Click to expand...
I think there are too high risk of being suspended by TW. The main goal is to minimize all possible risks
 
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#13
So now its Euros? OK. So then you want to turnover 100k-500k euros a month with funds from Ukraine. Your only going to find a laundromat willing to deal with such a high risk.

I am trying to help you be introducing you to a thing called reality. No compliance officer is going to let such money from Ukraine enter their EMI. You got a better chance of seeing pigs fly. Like I said your gonna have to find a laundromat EMI in Latvia or Lithuania.
 
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#15
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#17
Try Lithuania if you're trying to move funds from Russia/Ukraine/Other eastern european countries. Plenty of banks would be happy to service that kind of turnover and look the other way. Expect high fees though.

Latvia works but you must be connected, not everyone is game there anymore since the previous scandals.

Estonia forget it.

Like Martin said, if you want to avoid problems, avoid USD payments as much as possible.
 
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