Uk non resident Ltd + Tranferwise. Where to withdraw money to hold it?

[Tim852]

I have a UK non resident Ltd and a Transferwise business account. I've just realized that, although storing large or even semi-small amounts of money in Tranferwise isn't secure due to a higher risk of being frozen for some reason that only they would know of, or due to simply a false-positive trigger in their system, there's no place where I'd move money to. A bank? But what bank would actually open a _business_ account for a non resident UK Ltd?

Hence, the questions:

* where to, a more secure and resilient place, would I move money to from a TW biz account? Not immediatelly and not all at once, but from time to time, so that there'll remain only small sums in my TW account.

* what banks and in what countries would open a business account for a non resident UK Ltd? It may or may not be in UK. Anywhere in a decent, more or less reputable jurisdiction. I'd then be moving and parking money there.

 

[Sols]

As long as what you do is in line with Wise's AUP and can present supporting documents if asked, the risks of getting shut down should be extremely low. I see large sums of money flowing through Wise without any more issues than a bank or other business-friendly EMIs. But it's always a good idea to have multiple solutions. Easiest is to go with other EMIs like ConnectPay, WorldFirst, Paysera, and so on. Depends on what your needs are exactly. You can try Tide, Starling, and Monzo and see what they say.

Generally speaking, it's unlikely any attractive EU banks will accept you. There are thousands of UK companies with non-resident directors/owners trying to open bank accounts. Most get declined because they simply aren't attractive prospects. Usually because they are small, have no connection to the bank's country, and/or are engaged in risky products or services.

 

[Tim852]

So much text, but which of my questions have you answered? I think - none.

I am not asking whether or not it's likely that TW will shut down an account, even provided that a person does everything according to their rules. I am not asking about other EMI-s that look like a bank.

And I don't say that I want a EU-based bank account only.

 

[Sols]

So much text, but which of my questions have you answered? I think - none.

Maybe reading comprehension isn't your strong suit. I will try to frame it so that it is easier for you to understand how it relates to your two questions.

You asked for "secure and resilient place" to park your money, i.e. alternatives to Wise. I mentioned some popular alternatives. Security and resilience aren't objective terms so there's really no meaningful way to answer that. Secure from what? Resilient from what? Compared to what?

You asked about what banks/countries would open business account for non-resident UK company. I answered that by pointing out your chances are very low because you're just one out of thousands of hopeless UK non-resident companies. Banks get contacted by people like you all the time. Unless there's something very attractive about your particular business, your chances are extremely low with banks in reputable jurisdictions. And your choices are further narrowed if you want ones that are "secure" and "resilient" — whatever you mean by that.

 

[Tim852]

Read carefully what I say.

An alternative as a BANK! And not alternative by itself.

I didn't say reputable. I said "more or less" reputable.

Complicated answers and to the questions that haven't been asked. And even arguing.

 

[Sols]

Read carefully what I say.

An alternative as a BANK! And not alternative by itself.

You might be overestimating your communication abilities because "alternative as a bank" is difficult to interpret and grammatically unclear. Do you mean an alternative that is a bank or an alternative that is similar to a bank? Or something else entirely? I'm actually trying to help you here.

It comes down to where you are based, what your company does, who/where your customers are, who/where your suppliers are, and how much you're turning over.

The reality is that, most likely, very few ("secure and resilient") banks in ("more or less") reputable jurisdictions are interested in your company. You're just another UK company with no UK presence.

Go ahead and contact Latvijas Pastabanka, Medicinos Bank, Citadele, Blue Orange, BIB, RIB, Rietumu, and other banks in Latvia/Lithuania. I'd question how secure and resilient they are but since you haven't given any context or definition to what you mean by that, maybe those banks are good fits. In my experience, they are slow, expensive, difficult to work with, but tend to open accounts for companies that more attractive banks don't.

I didn't say reputable. I said "more or less" reputable.

The qualifier "more or less" is just as unhelpful as "secure" and "resilient". You don't give any context or information, yet expect people to understand what you mean and want.

Complicated answers and to the questions that haven't been asked. And even arguing.

It's hard to help you when you're being so combative. No one is against you.

 

[Tim852]

@Sols
[B]Moulaga[/B] has gotten your point. From the 1st answer. He thanks you.

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