Transferwise Business Account - Belize Company - USD wire bank details

[asterix]

Hi,

My Belize IBC got approved by Transferwise.
So I do have a Business account now.

Unfortunately there are no wire bank details for the USD balance.

Wire banks details available for EUR, GBP, $AUS, and $NZ only.

So customers can't pay in USD through Transferwise.

 

[asterix]

Feedback from Transferwise:

"While we can provide USD details to profiles registered in ####redacted####, we sadly cannot provide them to profiles registered in Belize such as your business profile."

 

[Martin Everson]

You should probably know US made working with USD for EMI in Europe and around the world basically unworkable due to compliance and threat of criminal convictions for bad payments. Bottom line is stop using USD period. If you don't wish to stop then life is about to get very difficult going forward if your outside the US.

P.s Many Banks, EMI's and cryptoexchanges have been buried alive because they dealt with US dollars. Why you think the whole Belize banking scene is nearly dead, because of bad Euro or GBP payments? .

 

[enceladus]

Any idea which other countries are restricted for dealing with USD when using TW?

 

[LucyOffshore]

You can setup a sister company in the UK for example, apply for another TW acc with that

 

[asterix]

Will have to somehow switch to EUR, or find a real bank.

Anyway, I asked if there's a list of countries where one can get USD bank details and they pointed to this page: Transferwise - Why can't I get USD account details? Here's the list as of today:

All EEA countries (excluding Cyprus)	Canada	Guernsey	Montserrat	Saint Pierre and Miquelon
Aland Islands	China	Guyana	Morocco	Saint Vincent and Grenadines
American Samoa	Christmas Island	Haiti	Nauru	Saint-Berthelemy
Andorra	Cocos (Keeling) Islands	Holy See (Vatican City)	Nepal	Saint-Martin (French)
Anguilla	Cook Islands	Indonesia	New Caledonia	San Marino
Antarctica	Costa Rica	Isle of Man	Niue	Sao Tome and Principe
Armenia	Dominica	Israel	Norfolk Island	Seychelles
Aruba	Dominican Republic	Jamaica	Palau	Singapore
Australia	Faroe Islands	Jersey	Paraguay	South Georgia and the South Sandwich Islands
Bahamas	Fiji	Malaysia	Peru	South Korea
Barbados	French Guinea	Marshall Islands	Philippines	Suriname
Benin	French Polynesia	Martinique	Pitcairn	Switzerland
Bermuda	French Southern Territories	Mayotte	Puerto Rico	Taiwan
Bhutan	Georgia	Micronesia	Reunion	Thailand
British Indian Ocean Territory	Greenland	Monaco	Saint Helena	Turks and Caicos Islands
British Virgin Islands	Grenada	Mongolia	Saint Kitts and Nevis	United Arab Emirates
Brunei	Guadeloupe	Montenegro	Saint Lucia	Uruguay
United States*	Chile	New Zealand

 

[TurnedToRobot]

That's a great list you could setup your company in the BVI, Puerto Rico and Seychelles. So I would setup a company in the Seychelles since it is cheap and easy to setup.

 

[Martin Everson]

All EEA countries (excluding Cyprus)

Is this a mistake or is Cyprus that bad...lol? Even St Vincent is allowed but not Cyprus. I guess it comes from having close relations with Moscow.

 

[JimmyWho]

TW is connected to Moscow?

 

[Martin Everson]

TW is connected to Moscow?

Not to my knowledge and not sure why you said that

I was referring to Cyprus and its Moscow connection. Following Cyprus bail-in Russians became a significant shareholder in Bank of Cyprus (circa 18%). Russian Government also got a life line loan of $2.5bn from Moscow during crisis.

Cyprus Bank’s Bailout Hands Ownership to Russian Plutocrats (Published 2013)

Months after the European Union bailout of Cyprus’s banks, Russian shareholders have become majority owners, at least on paper, of the country’s largest financial institution.

www.nytimes.com

 

[Martin Everson]

Russian Government also got a life line loan of $2.5bn from Moscow during crisis.

Correction: I meant Cyprus Government got given life line loan by Moscow.

 

[BillBong]

Suprised to see BVI and Seychelles on that list

 

[JimmyWho]

Any issues with your account yet?

 

[offshoreexpert]

Can we still get account in TW or any other EMI with Seychelles or Belize?

 

[JimmyWho]

Always could. The question is how long can you use it for and what compliance issues do they cause.

 

[offshoreexpert]

So which is the best emi for not having future problems?

 

[JimmyWho]

No such thing. Always plan for problems.

 

[curiousmarv]

The reason for why Transferwise has no USD bank details for Belize or Cyprus companies is that their partner bank (I believe it is Wells Fargo?!) within the US ranks those countries internally as somehow higher risk countries. It's not Transferwise who is making this up it's their partner banks... certain countries cause problems on their internal politics/rankings or whatever. That's also the same reason why e.g. Stripe is not available everywhere... their partner banks go crazy with some countries :/

So Transferwise is not the best option when you rely on USD transfers.

 

[offshoreexpert]

The reason for why Transferwise has no USD bank details for Belize or Cyprus companies is that their partner bank (I believe it is Wells Fargo?!) within the US ranks those countries internally as somehow higher risk countries. It's not Transferwise who is making this up it's their partner banks... certain countries cause problems on their internal politics/rankings or whatever. That's also the same reason why e.g. Stripe is not available everywhere... their partner banks go crazy with some countries :/

So Transferwise is not the best option when you rely on USD transfers.

So what is the solution what do you suggest?

 

[JimmyWho]

Replace the country. Not the solution. I am thinking Seychelles.