Seeking recommendations for a reputable bank with multi-currency accounts and multiple IBANs

[null]

Hello people of OCT

I am in search of a reputable financial institution that provides multi-currency accounts. While I have utilized Revolut Business for some years, I have experienced account closures on numerous occasions, which has become increasingly frustrating. Specifically, I require multiple IBANs or account numbers that can facilitate the receipt of funds in USD and EUR.

Would anyone be able to share their experience with Citi International, or suggest alternative banks that offer Revolut-like services without being an EMI?

I appreciate your input and look forward to hearing your recommendations.

Best regards

 

[JustAnotherNomad]

Do you have some more information about Citi International? Last time I was in touch with Citi regarding non-USD accounts, they required at least $5M or so in revenue.

 

[null]

Do you have some more information about Citi International? Last time I was in touch with Citi regarding non-USD accounts, they required at least $5M or so in revenue.

Based on my research on the internet so far, the requirements for opening an account with Citi International are either a balance of $200k or a monthly fee of $150 for the account. I am interested in knowing if obtaining multiple IBANs is a straightforward process with Citi International or if there are other banks that may be better suited for my needs. Best regards

 

[JustAnotherNomad]

Do you know if they also offer business bank accounts?
What about Revolut or Wise? I believe both have banking licenses now.

 

[null]

Do you know if they also offer business bank accounts?
What about Revolut or Wise? I believe both have banking licenses now.

In the past I have had several business and personal accounts with Revolut and Wise, however, they always get closed after a certain period of time. As a result, I would like to discontinue the use of EMIs going forward.
Do you have any experience with traditional banks that cater to this particular use case? Best regards

 

[JustAnotherNomad]

Why did they close the accounts?
I don't have any experience with this unfortunately, but if you qualify for an account with Citi, I would also look into HSBC.

 

[Forester]

Based on my research on the internet so far, the requirements for opening an account with Citi International are either a balance of $200k or a monthly fee of $150 for the account. I am interested in knowing if obtaining multiple IBANs is a straightforward process with Citi International or if there are other banks that may be better suited for my needs. Best regards

What do you mean by “multiple IBANs”? A separate IBANs for USD and EUR; or more than one IBAN for USD as well as more than one IBAN for EUR? It makes a difference...
Furthermore: What should be the purpose of this account? Transactional banking, investing, wealth management...? For an individual or for a company? Where is the future account holder residing and what is his citizenship (an individual) or country of registration (a company)?

What about Revolut or Wise? I believe both have banking licenses now.

Revolut has a banking licence, Wise has not. Both are shitty – in general

 

[null]

Why did they close the accounts?
I don't have any experience with this unfortunately, but if you qualify for an account with Citi, I would also look into HSBC.

Due to the high amounts of misuse of EMIs, they are exceptionally cautious, and any customers who fall outside the norm are simply blocked. The specific reason is never disclosed, but it is likely to be related to the amount of money and the number or kind of transactions.

In the meantime, I have unfortunately learned that Citi International has stopped accepting new customers already back in 2021.
HSBC is maybe the next best alternative, will continue to get some information about them.

What do you mean by “multiple IBANs”? A separate IBANs for USD and EUR; or more than one IBAN for USD as well as more than one IBAN for EUR? It makes a difference...

Revolut has a banking licence, Wise has not. Both are shitty – in general

The latter is right. I require multiple IBANs for mainly EUR transactions but USD would also be great, and it would be ideal if the bank does not scrutinize the recipient's name since it may differ. Do you know if there is a difference if the recipient's name differs for transactions exceeding 10k?

Best regards

 

[Forester]

Due to the high amounts of misuse of EMIs, they are exceptionally cautious, and any customers who fall outside the norm are simply blocked. The specific reason is never disclosed, but it is likely to be related to the amount of money and the number or kind of transactions.

Or just to some false conclusions of their AI and/or their compliance monkeys.

The latter is right. I require multiple IBANs for mainly EUR transactions but USD would also be great,

OK.

and it would be ideal if the bank does not scrutinize the recipient's name since it may differ. Do you know if there is a difference if the recipient's name differs for transactions exceeding 10k?

Best regards

In a reputable bank, the recipient's name generally must match (unique exceptions sometimes possible but cause delays and troubles) – nowadays.

These questions from above
Furthermore: What should be the purpose of this account? Transactional banking, investing, wealth management...? For an individual or for a company? Where is the future account holder residing and what is his citizenship (an individual) or country of registration (a company)?
remain important.

 

[null]

Furthermore: What should be the purpose of this account? Transactional banking, investing, wealth management...? For an individual or for a company? Where is the future account holder residing and what is his citizenship (an individual) or country of registration (a company)?

As you added some information, here is some additional context:
I am a German citizen but don't live in Germany and I do not have a real permanent residence right now. I am looking for transactional banking to consolidate funds from various accounts, in other words, a main account. Whether it is under my personal name or a new company name is not particularly important. What is your recommendation?
Thank you for helping

In a reputable bank, the recipient's name generally must match (unique exceptions sometimes possible but cause delays and troubles) – nowadays.

Are you really sure about this? Even Revolut allows it to some extent.

 

[Forester]

As you added some information, here is some additional context:
I am a German citizen

German passport is OK.

but don't live in Germany and I do not have a real permanent residence right now.

Well, be advised that without the permanent residence somewhere you will hardly be onboarded by a really reputable bank... even if you bring a remarkable amount of money. Consider creating at least some formal residence... even if by applying so-called @JohnnyDoe 's solution [ @JohnnyDoe, do not you mind that I've perhaps created a new financial term using your alias? ]

I am looking for transactional banking to consolidate funds from various accounts, in other words, a main account. Whether it is under my personal name or a new company name is not particularly important.

Understandable.

What is your recommendation?

My opinion:
Putting this residence problem aside (just to be able to recommend something), I would say
1) You will probably better go with the personal account.
2) Consider banks at the Channel Islands; my recommendation would be Barclays (Isle of Man) but I do not say that it's the only possibility there, just recalling some experience.
3) Standard Chartered in Singapore also worth checking.
4) My personal favourite would probably be LLB in Liechtenstein – on condition you are able to deposit something acceptable for them (500k-1M I guess).

Thank you for helping

You are welcome.

Are you really sure about this?

To the best of my knowledge. Perhaps when you name is natively written in the different alphabet than Latin one, there can be some tolerance as transliteration / transcription may vary. Otherwise not.

Even Revolut allows it to some extent.

Do not quote Revolut when talking about reputable banks . Furthermore, I guess that there is a lot of a) users with non-Latin alphabet names & b) 3 figures and low 4 figures transactions where anybody does not care so much.