Good luck with the worst EMI in the world
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Which online bank to use to receive >100K euros?
- Thread starter edouardseo
- Start date
Same... never had an issue until they just decided to close my account for no apparent reason.
I had just the option to put IBAN where they moved all the funds I had and I could export the statements...
After reading worse and worse EMI solutions to be offered to you, let me ask the questions which should have been asked: 1. What is your citizenship 2. Do you have a proper residency permit in Hungary? 3. Is the website you are selling an adult type one? 4. Have you considered your tax situation for the probable capital gain?
I’m also looking for a bank for US LLC needing to receive $500k from a client (legit startup). Mercury and SVB failed as we do not have US operations.
I have 6 figures in N26. Works ok until 50k, then they run a "KYC phase 2" and then its ok to run above 100k with them.
If you have a US LLC, create a product/webpage to US customers and retry Mercury.
You can try also NorthOne and Every.io
If you have a US LLC, create a product/webpage to US customers and retry Mercury.
You can try also NorthOne and Every.io
N26 does not work for companies. NorthOne does not deal with non-US residents. I'm giving Every a try. Thanks.
So far all we got was Wise. I have, in advance, contacted Wise to explain them our business, what we do, what pattern of transactions we expect and also sent them the invoice for the money we need to receive for the services we've been rendering for this particular client in Europe ($465k). Their reply is basically copy paste of what's on their website:
"If you’re receiving a large amount of money to your Wise account, we may need to ask you about your relationship with the sender, or the purpose of the payment. This is a regulatory requirement for us, and it helps us to make sure that our services are safe for everyone.
You don’t need to do anything, like send us documents, before you receive a large amount of money. As we review transfers on a case by case basis, there’s no way to know what information we’ll need until we’ve got the money from the sender.
Our team would reach out to you if they need anything."
It is only me that gets uncomfortable with this kind of answer? I wonder if I gave my clients this kind of answer, which is basically, "try me and we'll see what happens".
I'm actually afraid of giving the bank details to the client. At the same time we have contractors lining up to receive for their work. Never thought going the US LLC route for international business would be such a headache with banking. Ugh. Help.
So far all we got was Wise. I have, in advance, contacted Wise to explain them our business, what we do, what pattern of transactions we expect and also sent them the invoice for the money we need to receive for the services we've been rendering for this particular client in Europe ($465k). Their reply is basically copy paste of what's on their website:
"If you’re receiving a large amount of money to your Wise account, we may need to ask you about your relationship with the sender, or the purpose of the payment. This is a regulatory requirement for us, and it helps us to make sure that our services are safe for everyone.
You don’t need to do anything, like send us documents, before you receive a large amount of money. As we review transfers on a case by case basis, there’s no way to know what information we’ll need until we’ve got the money from the sender.
Our team would reach out to you if they need anything."
It is only me that gets uncomfortable with this kind of answer? I wonder if I gave my clients this kind of answer, which is basically, "try me and we'll see what happens".
I'm actually afraid of giving the bank details to the client. At the same time we have contractors lining up to receive for their work. Never thought going the US LLC route for international business would be such a headache with banking. Ugh. Help.
Last edited:
We have done something like this before, if you could share more info, will do prechecks and decide.
Hello,
sorry for the late reply. I am french and yes I have a residence permit. The website isn't in adult niche and yes I considered the tax situation if I receive the capital gain (15% personal tax in Hungary).
If you have the residence permit in Hungary just go and open a bank account with MKB Bank and you can get the money to that bank.
This bank have opened accounts a lot of foreigners and expats so you shouldn't have a major issues when opening an account.
No need to go to any EMI or anything.
As a French citizen with a proper residency permit you should not have problems, we are using K&H Bank and MKB
Fully agree
And of course tell tem your full story when the account is opened.
@lacomaco @JimBeam Thank you for your answers! I didn't want to use a local bank to be more flexible and an expat here in Budapest told me it was a bad idea as I don't speak Hungarian. But I'll think about it because I opened a Wise account a few days ago and I already have problems with the verification of my first test transaction...
Hello, I'm new here and I'd like to thank the forum for all the information, I'm learning a lot!
Could someone please tell me if Advcash is a good EMI to use as a bridge, from a bank account to an Advcash account, and from there to Wise or any other EMI and from there to a local bank account? It would be for small amounts, around $5000 per month max.
Thanks in advance
Could someone please tell me if Advcash is a good EMI to use as a bridge, from a bank account to an Advcash account, and from there to Wise or any other EMI and from there to a local bank account? It would be for small amounts, around $5000 per month max.
Thanks in advance
EMIs are managed by compliance computers, while in normal banks at least you have a chance to work with a live relationship manager. BTW I have been working with MKB since 1993
They have staff that speaks English and also Russian so the language shouldn't be an issue.
I don't speak Hungarian at all but still was able to open, use normally and later on close an account there.
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