What's savest EMI for 20K SEPA transfers without blocking?

[uplana]

I have been shopping around for save EMI's for some time, now I made a short list but still I'm missing approval from the EMI's, means they don't come back to me with a clear answer.

Business model, simply consultancy with legal entity UK LTD duly incorporated with all documents available, EU director and owner.

I receive transfers from 5000 to 25000 euro at a time about 3 - 4 times a month.

I asked Transferwise already for a statement that they won't freeze my account, so far they want to come back to me within this week!
I have asked Ebury, they don't want my business so I asked Mister Tango, no reply, Intergiro, NO reply!
Bankera is out of question for now, don't trust them, it's me.

Now I consider:

• Converta
• Naga
• WorldFirst

Is there any reason why I would not trust the three listed above AND is there any other EMI which I should approach that maybe will have insurance or anything?

 

[Gediminas]

Hey,

I would also check Bankera.

 

[uplana]

Bankera is out of question for now, don't trust them, it's me.

 

[Gediminas]

Hehe, sorry missed this. Well, not sure what kind of trust you need, but they are principal members of Visa and they also provide SEPA instant transfers. And they also have over 150 employees. It sounds like a risk-free option in my eyes.

But it's not about me there, so it's your choice

 

[uplana]

okay... just read some reviews elsewhere, but looking at reviews below
https://www.offshorecorptalk.com/threads/any-bankera-com-experiences.31076/
It sounds valid.

Still any other solutions?

 

[Gediminas]

Try Verifo as well. They are a bit more expensive than Bankera, but a very solid option.

 

[rowena]

I asked Transferwise already for a statement that they won't freeze my account, so far they want to come back to me within this week!

Obviously, TW or any reputable financial institution is not going to provide any statement or promise to you.

If you have all your documents and your business is legal then you can use TW without issues. Other good options:

- Paysera: The biggest EMI in Lithuania.
- Payoneer: USA-based, expensive and they're going public soon.

Try to work with TW. They're the best if your business/setup is 100% legit.

 

[Cristero]

@uplana TW has been great for me so far. I only regret they can't run in UAE anymore, otherwise I would have never looked anywhere else.

 

[bilderberger]

I can also vouch for TransferWise for similar size and frequency of payments where the money originates from named client accounts. Again, any EMI or even a bank can ask you for some due diligence on payments if there’s anything concerning, so long as can provide the invoices and any supporting info, you’re golden.

 

[pesto]

What EMI did you find for your project OP ?

 

[sonato]

Is NAGA a valid solution for 20K+ earnings a month ?

 

[BlueMist]

I use Finductive (MT IBAN) since more than a year. For transfers in/out up to €25.000 no supporting documents are required. For above a simple proof such as invoice is enough. Never had issues even for transfers of €200.000. Be prepared for full KYC on application though. And they have Onboarding fee and annual fee depending on the business.

 

[GlobalConsult]

NOBODY can ever tell you if / when supporting documents will be requested by the EMI. That is ALONE the decision of compliance and dependent of various factors (origin of the money, purpose, etc.).

I already had to submit documents for € 100, another time not for 50k. So there is NO general rule and every EMI has its own policies.

 

[JohnLocke]

I use Finductive (MT IBAN) since more than a year. For transfers in/out up to €25.000 no supporting documents are required. For above a simple proof such as invoice is enough. Never had issues even for transfers of €200.000. Be prepared for full KYC on application though. And they have Onboarding fee and annual fee depending on the business.

You speak about NAGA ?

 

[BlueMist]

You speak about NAGA ?

No, about Finductive:
https://www.finductive.com

 

[Stann]

I use Finductive (MT IBAN) since more than a year. For transfers in/out up to €25.000 no supporting documents are required. For above a simple proof such as invoice is enough. Never had issues even for transfers of €200.000. Be prepared for full KYC on application though. And they have Onboarding fee and annual fee depending on the business.

What are the onboarding fee, the monthly fee (paid in advance for the whole year I suppose) and the fees on SEPA transfers?

 

[Kyriacos Zographos]

You can also consider Bilderlings which is a UK EMI regulated by FCA

 

[BlueMist]

What are the onboarding fee, the monthly fee (paid in advance for the whole year I suppose) and the fees on SEPA transfers?

SEPA is cheap €1 up to €1000 and €4 above (both incoming and outgoing). Onboarding fee is around €1000. Annual fees depends on the business and average balance you intend to keep. I pay €1200 which is equivalent to avg. balance (negative interest rates) stated in the account opening. That means I can keep there up to €240.000 without paying negative interest rates, which would be applicable above this amount (-0.5%).

 

[JohnLocke]

No, about Finductive:
https://www.finductive.com

Do you have any direct contact to them or did you just use their contact form?

They seem to be high risk business friendly. At least I see they mention Gaming as one of their unicorns.

 

[BlueMist]

Do you have any direct contact to them or did you just use their contact form?

They seem to be high risk business friendly. At least I see they mention Gaming as one of their unicorns.

Yes, I do have a direct contact. Just pm me if required. I only came to know about them due to being referred by my long term partner. It’s EMI created by gaming related people, so they understand the high risk businesses. KYC is quite detailed but it’s done upfront.