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Banking solution

S

Saho

Active Member
Jul 31, 2020
90
37
18
#1
Hi,

I'm currently looking for a good banking solution for my software shop. It has a volume of around 100k€ per month.

All of the money goes from PayPal and Stripe to the bank account. Everything needed will be paid from there. Nearly all of the remaining revenue will be exchanged to crypto currency.

So far I've used N26 and there have been no problems. Since they only offer bank accounts to freelancers and no real company accounts (GmbH or UG) I'm looking for something else. I'm looking for a privacy-oriented service. What can you guys recommend?

I first thought about Fidor which also includes the instant exchange using bitcoin.de. Sadly not the cheapest service out there and I don't like Fidor at all. If possible, I'd try to avoid fintech banks. They seem to be annoying with lots of suspending and asking for documents for every little peanut. Bunq has done this to a friend of mine and it looks like lots of fintech banks are doing the same.

ibansepa.com looks promising too. Has anyone used them for a longer period? Offshore is not the most important thing, but it can be if I'm able to do my business with some privacy and exchange the rest to crypto currency.
 
#2
Hey,

If electronic money institutions (EMI's), are doing proper due diligence, that is a good indicator for reliability and peace of mind. If you have documents that back up your transfers, I wouldn't be too worried about it. I would be worried much more if they put a blind eye on your operations. That means they don't care about their operations and sooner or later they will get audited. And trust me, this is not going to work well for them.

As regards fully licensed banks, it will be too hard for you to find the one who will also be crypto-friendly. It's just based on the regulations' environment.
 
#4
Sols said:
Depending on where you live, you may be able to keep your name out of public record by using some form of nominee or trustee arrangement with a local regulated fiduciary.
Click to expand...
Any suggestion to which country it could be, possible a European country maybe?
 
#5
Admin said:
Any suggestion to which country it could be, possible a European country maybe?
Click to expand...

Saho hasn't mentioned where he's based, but I'd start there and see what options they have.

As for corporate privacy in general in Europe, you have the likes of Sweden, Netherlands, Belgium, Luxembourg, Switzerland, Liechtenstein, and probably a few more where shareholders aren't (always) on public record. But with the new UBO registers being required, you nowadays need a more sophisticated setup through which you aren't the UBO anymore (Switzerland notably has refused to implement a public UBO register, for now).

In broad sweeping terms this can usually be done through a trust setup or something like it, where you (the original UBO) surrender the company to a fiduciary. Speak with a fiduciary/lawyer who knows the relevant laws.

I've seen a few examples of arrangements like this and it has been fine for situations where the goal is keep away from the public eye (UBO/investors keen on the public not knowing how much money they make), but not from government or banks having insight.
 
#6
Gediminas said:
Hey,

If electronic money institutions (EMI's), are doing proper due diligence, that is a good indicator for reliability and peace of mind. If you have documents that back up your transfers, I wouldn't be too worried about it. I would be worried much more if they put a blind eye on your operations. That means they don't care about their operations and sooner or later they will get audited. And trust me, this is not going to work well for them.

As regards fully licensed banks, it will be too hard for you to find the one who will also be crypto-friendly. It's just based on the regulations' environment.
Click to expand...

Thanks for your reply. I guess you're referring to ePayments. Mainly I'm not loking for an EMI, but also I'm not looking for something like Bunq. They literally asked my friend where the 500€ came from and it was a bank transfer from PayPal. N26 asked only once where the money comes from. And this was at about 11k€ balance. No struggle and no annoying questions since then. And the bank only needs to be crypto-friendly for me, so I can buy crypto. I'm not receiving crypto-related money. I wouldn't say that N26 is crypto-friendly, but since now there has been no struggle to buy bitcoin from different exchanges. This is enough.

Sols said:
Why not form a local company where you live and open a local bank account?

Depending on where you live, you may be able to keep your name out of public record by using some form of nominee or trustee arrangement with a local regulated fiduciary.
Click to expand...

Yes, this is definitely not a bad way to do it. At least you won't face any problems with it. I might also go for this, but before I want to see some other possibilites. Although I haven't heard anything of a fidcuiary in Germany yet.

Admin said:
Any suggestion to which country it could be, possible a European country maybe?
Click to expand...

I don't have anything in mind and wanted to contact some providers on here. ibansepa.com's product 2 seems to be a good way to go too, but the website doesn't look that serious to be honest.

Sols said:
Saho hasn't mentioned where he's based, but I'd start there and see what options they have.

As for corporate privacy in general in Europe, you have the likes of Sweden, Netherlands, Belgium, Luxembourg, Switzerland, Liechtenstein, and probably a few more where shareholders aren't (always) on public record. But with the new UBO registers being required, you nowadays need a more sophisticated setup through which you aren't the UBO anymore (Switzerland notably has refused to implement a public UBO register, for now).

In broad sweeping terms this can usually be done through a trust setup or something like it, where you (the original UBO) surrender the company to a fiduciary. Speak with a fiduciary/lawyer who knows the relevant laws.

I've seen a few examples of arrangements like this and it has been fine for situations where the goal is keep away from the public eye (UBO/investors keen on the public not knowing how much money they make), but not from government or banks having insight.
Click to expand...

I'm based in Germany. I'm not looking to hide money. The used banking solution will see all transfers anyway. Netherlands seems like a good country and is definitely crypto-friendly since lots of exchangers are based there.
 
#8
isyet said:
There is a system for you in Germany: Stilleteilhaberschaft. But do not forget that Germany is a tax hell! I give you a link in German. You translate it from Google into English.

https://www.google.com/search?q=sti...rAhXuRRUIHZU8B2cQpwV6BAhrECE&biw=1600&bih=767
https://skapa-invest.de/glossar/stille-beteiligung/
Click to expand...
Thanks! But I'm mainly looking for a good bank without annoying questions with the possibility to open a company account. I'm also considering darks if necessary to avoid most taxes and keep my privacy.
 
#10
Saho said:
I'm based in Germany. I'm not looking to hide money. The used banking solution will see all transfers anyway. Netherlands seems like a good country and is definitely crypto-friendly since lots of exchangers are based there.
Click to expand...
Saho said:
Thanks! But I'm mainly looking for a good bank without annoying questions with the possibility to open a company account. I'm also considering darks if necessary to avoid most taxes and keep my privacy.
Click to expand...
?!?!?!
?!?!
?!
 
#11
Peter66 said:
This was crypto related (incoming transfer from an exchange), right? How did you explain it and did they ask for supporting documentation?
Click to expand...
No, only outgoing was crypto-related. I sent them some proof of stuff I was selling and some paypal history. They have never answered, but after a few days everything went back to normal. In the meantime I my outgoing transfers were delayed.

Paper Chaser said:
?!?!?!
?!?!
?!
Click to expand...
I admit that that my comments above are kinda strange, but I wanted to say that I just want to avoid taxes at all cost. Therefore I'd like to go with some darks or business accounts that are not running under my name. That's what I need.
 
#12
Saho said:
No, only outgoing was crypto-related. I sent them some proof of stuff I was selling and some paypal history. They have never answered, but after a few days everything went back to normal. In the meantime I my outgoing transfers were delayed.


I admit that that my comments above are kinda strange, but I wanted to say that I just want to avoid taxes at all cost. Therefore I'd like to go with some darks or business accounts that are not running under my name. That's what I need.
Click to expand...
Get a nominee bank account that way if something goes wrong you have a real person to talk and verify themselves to the bank.
With darks its all good until it goes wrong just at the point at which you have 100K stuck in there.
 
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