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Reliable EMI - Bank

macthaiver

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Oct 17, 2019
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Dear all,

I am revisiting a subject I mentioned quite some time ago, amidst various discussions. I am in search of a reputable and trustworthy EMI that can accommodate accounts for companies based in Europe and the UAE. These companies have been in operation for years, primarily within the technology sector, and are fully transparent, with a customer base consisting of large, well-established European businesses.

At present, I am using Wise for the European company and Bankera for the other. However, both Wise and Bankera have their shortcomings, such as occasional account freezes (Wise) or repetitive requests for the same documentation every couple of weeks, which incurs significant costs (Bankera - e.g., company Certificate of Incumbency, personal documents etc).

These issues consume a considerable amount of time, taking away from my core business operations.

I am seeking a reliable EMI with professional service that operates similarly to a traditional bank. I am open to rigorous KYC procedures, as long as I can ultimately rely on the account. The ongoing fees and frequent time-consuming tasks are proving to be quite challenging for my business.

Could you kindly recommend EMIs for me to consider (or Reliable Banks too that I can open remote)?

Thank you.

To clarify my concerns: I am incredibly exhausted from dealing with these seemingly amateurish EMIs. Instead of focusing on my business, I find myself constantly submitting documents and sending emails to providers like Wise, who take 5-6 days to respond. Such EMIs should not exist, as they only cause problems for customers.

While I understand the importance of KYC procedures, it is unreasonable for these providers to request the same information repeatedly within short timeframes. Blocking accounts and causing issues for customers who struggle to receive payments is not acceptable. And then, suddenly, these unprofessional EMIs return with a "thank you, we completed the due diligence... for this week."

I am seeking to work with true professionals, not amateurs. My companies are 100% transparent, and I am more than willing to work with any bank or EMI that conducts thorough controls. There are no questionable activities, such as adult content, crypto, money laundering, or any other unsavory practices.

I apologize for expressing my frustration, but the current situation is simply untenable. Thank you for understanding.

To clarify my concerns: I am incredibly exhausted from dealing with these seemingly amateurish EMIs. Instead of focusing on my business, I find myself constantly submitting documents and sending emails to providers like Wise, who take 5-6 days to respond. Such EMIs should not exist, as they only cause problems for customers.

While I understand the importance of KYC procedures, it is unreasonable for these providers to request the same information repeatedly within short timeframes. Blocking accounts and causing issues for customers who struggle to receive payments is not acceptable. And then, suddenly, these unprofessional EMIs return with a "thank you, we completed the due diligence... for this week."

I am seeking to work with true professionals, not amateurs. My companies are 100% transparent, and I am more than willing to work with any bank or EMI that conducts thorough controls. There are no questionable activities, such as adult content, crypto, money laundering, or any other unsavory practices.

I apologize for expressing my frustration, but the current situation is simply untenable. Thank you for understanding.
 
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I believe the issue you are facing is mostly due to the size of these institutions which have so many clients that they act irrational in their compliance requirements and requests due to lack of coordination and tailored made attention to each client. You can counter this by finding a smaller EMI whereby you have contact with a specific officer at all times. This is better achieved by utilizing an intermediary introducer who has an already established relationship with the bank and particular officers and you just maintain contact with the introducer who also processes any banking inquiry making your life easier. Obviously some more costs are involved in this situation but you get rid of the headache to a great extent.
 
Hello CyprusLawyer,

Thank you very much for your response. I completely agree with your perspective. However, I am currently in search of a reliable EMI that allows me to open an account immediately, as I have decided to close my account with Bankera. While they are indeed a great EMI with a helpful and professional team, their intermediate bank has been problematic. The bank's persistent requests for additional documentation are not only costly, amounting to $400 per month, but also time-consuming and distracting, preventing me from focusing on my work, ultimately leading to the loss of customers and other associated issues.

I would greatly appreciate it if you could recommend a reliable EMI that meets these criteria or provide a contact person who can introduce me to such an EMI. I would be more than happy to present myself and discuss my requirements with them.

Thank you for your precious time, assistance and guidance in this matter.
 
Welcome to the world of fiat banking! Where you must earn your privilege to own an account and work hard to satisfy the compliance monkeys.
Provided that there are no serious banks out there, and that your fiat money is not safe anywhere, you can find better service at zen.com and BlackCatCard.com. If you can deposit a decent amount there might be more options available.
 
I am seeking a reliable EMI with professional service that operates similarly to a traditional bank. I am open to rigorous KYC procedures, as long as I can ultimately rely on the account. The ongoing fees and frequent time-consuming tasks are proving to be quite challenging for my business.
That is going to be interesting. I believe that as we speak EMI's / Neobanks you will have the same troubles as you describe above with Wise and Bankera!
Welcome to the world of fiat banking! Where you must earn your privilege to own an account and work hard to satisfy the compliance monkeys.
totally agree!
 
Dear all,

I am revisiting a subject I mentioned quite some time ago, amidst various discussions. I am in search of a reputable and trustworthy EMI that can accommodate accounts for companies based in Europe and the UAE. These companies have been in operation for years, primarily within the technology sector, and are fully transparent, with a customer base consisting of large, well-established European businesses.

At present, I am using Wise for the European company and Bankera for the other. However, both Wise and Bankera have their shortcomings, such as occasional account freezes (Wise) or repetitive requests for the same documentation every couple of weeks, which incurs significant costs (Bankera - e.g., company Certificate of Incumbency, personal documents etc).

These issues consume a considerable amount of time, taking away from my core business operations.

I am seeking a reliable EMI with professional service that operates similarly to a traditional bank. I am open to rigorous KYC procedures, as long as I can ultimately rely on the account. The ongoing fees and frequent time-consuming tasks are proving to be quite challenging for my business.

Could you kindly recommend EMIs for me to consider (or Reliable Banks too that I can open remote)?

Thank you.

To clarify my concerns: I am incredibly exhausted from dealing with these seemingly amateurish EMIs. Instead of focusing on my business, I find myself constantly submitting documents and sending emails to providers like Wise, who take 5-6 days to respond. Such EMIs should not exist, as they only cause problems for customers.

While I understand the importance of KYC procedures, it is unreasonable for these providers to request the same information repeatedly within short timeframes. Blocking accounts and causing issues for customers who struggle to receive payments is not acceptable. And then, suddenly, these unprofessional EMIs return with a "thank you, we completed the due diligence... for this week."

I am seeking to work with true professionals, not amateurs. My companies are 100% transparent, and I am more than willing to work with any bank or EMI that conducts thorough controls. There are no questionable activities, such as adult content, crypto, money laundering, or any other unsavory practices.

I apologize for expressing my frustration, but the current situation is simply untenable. Thank you for understanding.

To clarify my concerns: I am incredibly exhausted from dealing with these seemingly amateurish EMIs. Instead of focusing on my business, I find myself constantly submitting documents and sending emails to providers like Wise, who take 5-6 days to respond. Such EMIs should not exist, as they only cause problems for customers.

While I understand the importance of KYC procedures, it is unreasonable for these providers to request the same information repeatedly within short timeframes. Blocking accounts and causing issues for customers who struggle to receive payments is not acceptable. And then, suddenly, these unprofessional EMIs return with a "thank you, we completed the due diligence... for this week."

I am seeking to work with true professionals, not amateurs. My companies are 100% transparent, and I am more than willing to work with any bank or EMI that conducts thorough controls. There are no questionable activities, such as adult content, crypto, money laundering, or any other unsavory practices.

I apologize for expressing my frustration, but the current situation is simply untenable. Thank you for understanding.
Hello CyprusLawyer,

Thank you very much for your response. I completely agree with your perspective. However, I am currently in search of a reliable EMI that allows me to open an account immediately, as I have decided to close my account with Bankera. While they are indeed a great EMI with a helpful and professional team, their intermediate bank has been problematic. The bank's persistent requests for additional documentation are not only costly, amounting to $400 per month, but also time-consuming and distracting, preventing me from focusing on my work, ultimately leading to the loss of customers and other associated issues.

I would greatly appreciate it if you could recommend a reliable EMI that meets these criteria or provide a contact person who can introduce me to such an EMI. I would be more than happy to present myself and discuss my requirements with them.
There is no need to apologise, I think I understand your frustration :) Unfortunately :(

I fully agree with @CyprusLawyer101 on this Reliable EMI - Bank

I can say nothing remarkable about Payset.io that he has recommended perhaps except that their fees do not seem negligible (nevertheless acceptable for some business cases) for me.

As far I can judge by your description of your use-case, my recommendation would be Intergiro (or eventually Verifo) for an european company and Currenxie for an UAE one. (I can help you esp. with Intergiro if you like.)

Open a real account at a real bank and be done with this sh*tshow called emis
Well... yes and no. In a plenty of banks OP can face problems that are pretty the same, or at least equivalent.
you can find better service at zen.com and BlackCatCard.com.
Are you sure that BlackCatCard offers company accounts? To me it seems like they don't but I must admit I am not in a direct contact with them.
If you can deposit a decent amount there might be more options available.
Sure, especially it will open doors to some reasonable banks. (Under decent I mean more than min 0.5 M, better 1M USD.)
 
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Are you sure that BlackCatCard offers company accounts? To me it seems like they don't but I must admit I am not in a direct contact with them.
It doesn’t in fact
Sure, especially it will open doors to some reasonable banks. (Under decent I mean more than min 0.5 M, better 1M USD.)
If you can make your business interesting to the bank I might have a couple of suggestions, PM me and I will give you direct contacts.
 
Hello Ts. Oh, where are those wonderful times when we did not know what an anti-fraud system, an electronic signature, the concepts of verification levels are... You asked a very right question, but first you need to figure out which country's iban you need for full-fledged work. Tell me this and I will try to find the right payment system for you from EMI
 
Hello Ts. Oh, where are those wonderful times when we did not know what an anti-fraud system, an electronic signature, the concepts of verification levels are... You asked a very right question, but first you need to figure out which country's iban you need for full-fledged work. Tell me this and I will try to find the right payment system for you from EMI
Do you have any suggestions for UK ?

OP can look into Airwallex .I think it's Estonian IBAN.But they also have routine compliance requirements
 
Do you have any suggestions for UK ?

OP can look into Airwallex .I think it's Estonian IBAN.But they also have routine compliance requirements
There's even more choice. A very wide selection of both high-street banks and just digital banks. Here is a small list for you, if you need, I will give you more. Gray-gbp
Fluid bank-gbp
Dzing - gbp
Cryptopay - gbp + crypto
MuchBetter
Wirex - gbp + sort code
Bnk pro - gbp + sort code
HyperJar - gbp + sort code
Rewire - gbp + sort code
Blackthornts - gbp + sort code
Frost - sort code
Nexdi - sort code
XorPay - gbp + sort code
W1tty-gbp
 
For UK IBAN + sort code there is currently nothing better then Clearbank available - they are getting re-selled only from serious EMI's.

They are some kind of unicorn in the UK and really provide a difference - they have actually not only GBP but EUR/USD etc. as well through Omnibus Accounts at big financial institutions like JP Morgan.
 
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For UK IBAN + sort code there is currently nothing better then Clearbank available - they are getting re-selled only from serious EMI's.

They are some kind of unicorn in the UK and really provide a difference - they have actually not only GBP but EUR/USD etc. as well through Omnibus Accounts at big financial institutions like JP Morgan.
http://chase.co.uk,Worldfirst,Anna,NatWest,Santander,MyAhmed,Monzo. They also had some weight. Many of them could accept anyname payments, and maybe still can. Haven't worked with them for a long time.
 
Have you seen their Google reviews? Seems like a red flag for a future crackdown.
Have you seen Google Reviews from every major Bank?




From practice point of view - they are workling like clock.

http://chase.co.uk,Worldfirst,Anna,NatWest,Santander,MyAhmed,Monzo. They also had some weight. Many of them could accept anyname payments, and maybe still can. Haven't worked with them for a long time.
Looks like spam - you just mention couple of local Banks - Chase, Santander, NatWest for sure are not opening for non-resident unless Private Banking.

Worldfirst is B2B.
 
Have you seen Google Reviews from every major Bank?




From practice point of view - they are workling like clock.


Looks like spam - you just mention couple of local Banks - Chase, Santander, NatWest for sure are not opening for non-resident unless Private Banking.

Worldfirst is B2B.


The man asked for options for the UK. I sent him a list of payment systems with which I myself worked, but yes, it’s true that you emphasized that they open accounts there only for residents. If the question would be localized, then I would filter them for a specific request
 
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