Opinions on Clever Money (EMI)

[MarketinStars]

Good morning, first of all let me introduce myself we are Americans and we have several companies around the world, some of my partners are based in the UAE and some in Seychelles. We have companies in both the US, UAE and SEYCHELLES.

We had several problems having a European EMI account, we were using Wise for USA (blocked for no reason after 6 months), and CURRENXIE (for UAE) but it too after 3 months of using it without any problems blocked us.

Many other EMI's are inaccessible, after several searches we found Clever Money, the site is clevermoney.io it onboarded us all companies in 24 hours not even (after some paperwork both corporate and administrators) it onboarded us all High Risk however currently the accounts work without problems apart from a few requests for proof of transaction (invoice) for transfers over 20,000€

I contacted support and they told me that they accept customers from any country and nationality for both personal (unproven) and business accounts

The question is are they reliable? I saw that they have several companies in various parts of the world but the registered office on the site is Italy, however licensed in Belgium (in fact iban is Belgian)

For now, however, we don't have the cards (although support told me they will be ready within a month)

Can we leave the capitals above? If we were to make a transaction above 100,000€ do we risk being blocked? Also inside is it possible to receive and send crypto directly to the business account (we have not tested) have any of you tried? If yes up to what amounts is it possible to do this without blocking or closing accounts?

Thank you very much for the answers and great forum is giving me many insights. Of course if you have any other EMI's to recommend for our companies with IBAN Europe SEPA I would appreciate it

 

[diatessaron]

They're using Codegopay.com, you might as well try and open an account with them directly. As for Clevermoney, their Support button sends you to Codego Help Center which isn't their FAQ section, here you can see that Codego allows you to deal with cryptocurrencies but that cannot be said for Clevermoney.

This is funny: About Us – Clevermoney, also very annoying to read.

Then they have this at the landing page:

"Do I have transaction limits? It’s a question as banal as it is common.
There is no transaction or amount limit, why there be one? With any transaction, the important thing is that it does not impact against the AML regulations* and or any restricted activities*."

This^ is bs, all transaction system like SWIFT, SEPA, FPS and whatever else there is have their limits and something like Clevermoney cannot bypass those limits.

There's plenty of red flags for me so I wouldn't use them.



Edit: Codegopay has a weird risk system. They have Greece in their medium risk plan grouped with Seychelles, Morocco and Zambia and then they have Albania in high risk grouped with Northern Marianna islands , Serbia is nowehere to be seen .

 

[JohnLocke]

It's quite clear that if both Wise and Currenxie have closed your account after some time and without further notice, then you have a business model that is not natural and poses a risk to the neobank you use.

Having said that, have you tried Revolut, Mister Tango, AdvCash, and Intergiro? If yes, what was the outcome with them?

 

[ilke]

The English is on the site is, well, not great. The site makes some weird statements and seems like a slightly unsuccessful attempt at trying to be relatable. CleverMoney itself does not have any licenses, it uses Codego's BaaS as stated above.

Codego is slightly strange since it's an Italian company with a Belgian license, but that's not really an issue. The important part is that they are an EMI.

Your funds will be held at Codego's safeguarding banks nevertheless, so I guess that's not too big of a risk.

 

[MarketinStars]

From what I understand with support, Clever Money has integrated additional services and does high risk onboarding where they will also offer cards and POS. Revolut and others you mentioned do not open for US, UAE and SEYSCHELLE.

Yes because we need crypto usage and Clever Money has the ability to buy sell deposit and withdraw more than 500 coins directly from the account and for us it is perfect.

At this point I will wait for some more feedback and at most I will proceed directly as a tester

 

[diatessaron]

From what I understand with support, Clever Money has integrated additional services and does high risk onboarding where they will also offer cards and POS. Revolut and others you mentioned do not open for US, UAE and SEYSCHELLE.

What additional services would those be? They can't offer anything more than what their BaaS provider has in their list of services.

 

[jafo]

They're using Codegopay.com, you might as well try and open an account with them directly. As for Clevermoney, their Support button sends you to Codego Help Center which isn't their FAQ section, here you can see that Codego allows you to deal with cryptocurrencies but that cannot be said for Clevermoney.

This is funny: About Us – Clevermoney, also very annoying to read.

Then they have this at the landing page:

"Do I have transaction limits? It’s a question as banal as it is common.
There is no transaction or amount limit, why there be one? With any transaction, the important thing is that it does not impact against the AML regulations* and or any restricted activities*."

This^ is bs, all transaction system like SWIFT, SEPA, FPS and whatever else there is have their limits and something like Clevermoney cannot bypass those limits.

There's plenty of red flags for me so I wouldn't use them.



Edit: Codegopay has a weird risk system. They have Greece in their medium risk plan grouped with Seychelles, Morocco and Zambia and then they have Albania in high risk grouped with Northern Marianna islands , Serbia is nowehere to be seen .

Thank you! You just solved a personal problem I was working on!