Question SVG EUR/GBP SEPA BANK ACCOUNTS FOR FX BROKERS

[SvgFX]

Hello everyone!

Anyone has some good recommendations for EUR and GBP bank accounts (SEPA) that accepts SVG companies in FX activities?

All tips welcome!
Thanks

 

[Sols]

Choices are dwindling, quickly. Financial regulators are warning institutions not to onboard unlicensed financial service providers. While you're enjoying a legal loophole in SVG, it means absolutely nothing when you want access to the financial systems. It's well known SVG doesn't license or require license to offer FX brokerage but you need to comply with the laws of where your customers are based.

Look at what other companies are doing and mirror that, while you still can.

Or get yourself a decent, sensible license. It's really not that hard. Look at Cyprus, Mauritius, Caymans, Bahamas. Or explore options for being a whitelabel of someone who does have a license.

 

[xyz999]

Hello everyone!

Anyone has some good recommendations for EUR and GBP bank accounts (SEPA) that accepts SVG companies in FX activities?

All tips welcome!
Thanks

do you want just recieve the funds in the acc owned by you, or you want some specific payment proccess to be done?

 

[Dreamwalker]

do you want just recieve the funds in the acc owned by you, or you want some specific payment proccess to be done?

Any idea if to have a corporate account only?

 

[rey skywalker]

It's well known SVG doesn't license or require license to offer FX brokerage but you need to comply with the laws of where your customers are based.

is not true you need to comply with h jursidition where you are based

 

[rey skywalker]

if you client is based in nepal , i not think you apply nepal law

 

[Sols]

It's well known SVG doesn't license or require license to offer FX brokerage but you need to comply with the laws of where your customers are based.

is not true you need to comply with h jursidition where you are based

If you are indeed based in SVG and operating from there, you might not be violating for example UK law by accepting UK customers. But the FCA will still issue warnings about your non-UK licensed business if you take customers from UK. The FCA will also harass financial institutions that offer payment services to non-UK licensed FX brokers that take UK customers.

So, in this example, it'd be in your best interest to comply with UK law if you want to be able to actually offer your services in the UK in a seamless way.

There's a reason why UK and EU licensed forex brokers can get UK and EU bank accounts, but SVG unlicensed brokers cannot.