Our valued sponsor

Sword and Shield
SWISSMONEY Iban Accounts with Sepa

Can we discuss payset.io ?

#21
KDX said:
They don't check a "company constitution"

Did you mention to them via email that you were running a crypto business?

And was the "loan agreement" was documented in a pdf/etc with all the formalities and did they check/ask for it?

And why did you send money first to your personal payset account and then to the company one? Why didn't you use your actual personal bank account or something?

Just asking because I'm curious about how these guys and how their compliance works and if they even give you the chance to explain yourself or not
Click to expand...
I sent it from Payset to Payset so it seemed more clear for them first of all
I have provided all the documents
I have everything they need and gave them everything they ask for
I am very serious regarding my business and regarding everything to be legal from my side
I work with good lawyers
So I did everything perfect

I prefer to think before doing anything
I even shared contracts with clients with them before money comes to them so they could check and accept
And the accepted

vehzag said:
I sent it from Payset to Payset so it seemed more clear for them first of all
I have provided all the documents
I have everything they need and gave them everything they ask for
I am very serious regarding my business and regarding everything to be legal from my side
I work with good lawyers
So I did everything perfect

I prefer to think before doing anything
I even shared contracts with clients with them before money comes to them so they could check and accept
And the accepted
Click to expand...
And I withdraw my personal money from kraken to their account
And have no problems with personal account
And no they did not even ask about a loan agreement I think because they see inside Payset that ceo transfers small amount of money to his company’s account inside Payset ecosystem
So be careful if you hold money only in Payset
And be ready that they will collect onboarding and 1st month fee and then terminate your contract with them
 
#22
vehzag said:
I sent it from Payset to Payset so it seemed more clear for them first of all
Click to expand...
This is not "more clear for them" it's a sign of fraud
vehzag said:
And I withdraw my personal money from kraken to their account
And have no problems with personal account
Click to expand...
Any money coming from Kraken (crypto) going to a business EMI account is a HUGE RED FLAG for their compliance teams, be it through another personal account or not (makes it seem even more sketchy for them, money laundering?)
vehzag said:
And no they did not even ask about a loan agreement I think because they see inside Payset that ceo transfers small amount of money to his company’s account inside Payset ecosystem
Click to expand...
Most likely they saw a suspicious transaction (personal -> business) or that a crypto exchange (Kraken) was involved and automatically flagged the transactions, and when they saw that you were withdrawing from Kraken to deposit to your business account they decided they didn't want anything to do with you.

Crypto = instant account closure, anybody here knows that

You should've browsed around OCT more before opening an account there..
 
#24
KDX said:
This is not "more clear for them" it's a sign of fraud

Any money coming from Kraken (crypto) going to a business EMI account is a HUGE RED FLAG for their compliance teams, be it through another personal account or not (makes it seem even more sketchy for them, money laundering?)

Most likely they saw a suspicious transaction (personal -> business) or that a crypto exchange (Kraken) was involved and automatically flagged the transactions, and when they saw that you were withdrawing from Kraken to deposit to your business account they decided they didn't want anything to do with you.

Crypto = instant account closure, anybody here knows that

You should've browsed around OCT more before opening an account there..
Click to expand...
I am not sure you are right
They use same bank that kraken use and their compliance told me that they are totally okay with withdrawing funds in EUR from such reputable exchange like kraken
All of their customers do that
I talked with management and compliance about this
If you have everything legally done why not?
Not sure that you are familiar with their work. Just speak with them and ask this question like I did
 
  • Like
Reactions: Forester
#27
vehzag said:
I am not sure you are right
They use same bank that kraken use and their compliance told me that they are totally okay with withdrawing funds in EUR from such reputable exchange like kraken
All of their customers do that
I talked with management and compliance about this
If you have everything legally done why not?
Not sure that you are familiar with their work. Just speak with them and ask this question like I did
Click to expand...
Not saying it's a good service, but withdrawing from an exchange to an EMI business account almost always is trouble in terms of compliance.

If you haven't seen, when people have withdrawn from exchanges here they have demanded all sorts of documents for crypto trades/swaps in order to prove SoF etc.

Did their "management and compliance" really approve that you withdraw from Kraken to your business account as a "loan agreement"..? If I was them, I'd rather close down the account as well than get fined by the EU or whatever if s**t hits the fan.

You should learn how to play the compliance game. You should've never let Kraken touch their system at all, you should've withdrawn it to your personal bank account and then deposited from there with nice a little PDF invoice which would make the compliance team happy. Also no-no to any VPNs.

The goal is to make it so that you look as innocent as the lady running their flower delivery small business at least for a while.

Just trying to help, regulation sucks
 
#28
KDX said:
Crypto = instant account closure, anybody here knows that
Click to expand...

hey just for you and others to know, Payset is cool with crypto so far you make it easy for them to understand your flow.

I have an account with them with an 'exotic jurisdiction' company, entirely crypto related (crypto trading own and clients funds) and ive had 0 issues with them. Their compliance team is surprisingly easy to work with.
 
  • Like
Reactions: Forester, KDX and vehzag
#29
KDX said:
Not saying it's a good service, but withdrawing from an exchange to an EMI business account almost always is trouble in terms of compliance.

If you haven't seen, when people have withdrawn from exchanges here they have demanded all sorts of documents for crypto trades/swaps in order to prove SoF etc.

Did their "management and compliance" really approve that you withdraw from Kraken to your business account as a "loan agreement"..? If I was them, I'd rather close down the account as well than get fined by the EU or whatever if s**t hits the fan.

You should learn how to play the compliance game. You should've never let Kraken touch their system at all, you should've withdrawn it to your personal bank account and then deposited from there with nice a little PDF invoice which would make the compliance team happy. Also no-no to any VPNs.

The goal is to make it so that you look as innocent as the lady running their flower delivery small business at least for a while.

Just trying to help, regulation sucks
Click to expand...
As a loan I used my personal iban in payset to do the transfer in euro
Regarding crypto exchanges they have confirmed that they are okay with kraken and most of their clients work that way. They have confirmed it via email before the onboarding
Plus I have all the papers . And in company’s papers there are info about what I am doing with crypto
My business is completely legal and clear
I pay all the taxes
 
#30
My Wise Business account got closed 400,000 in it. In need of a new business EMI just registered with payset. When I asked for advise on my thread, several people recommended payset, after reading this though I am afraid they will terminate or freeze my account.

I got approved for 3S Money but reviews on trustpilot are horrible as well (not overall low stars but still bad)

So I am looking for more EMI
Xace anybody tried?
 
#31
ayousupply said:
My Wise Business account got closed 400,000 in it. In need of a new business EMI just registered with payset. When I asked for advise on my thread, several people recommended payset, after reading this though I am afraid they will terminate or freeze my account.

I got approved for 3S Money but reviews on trustpilot are horrible as well (not overall low stars but still bad)

So I am looking for more EMI
Xace anybody tried?
Click to expand...
What can I say regarding payset
If they will block you they won’t freeze money
You gust have to have several accounts in different EMIs so if the Payset blocks you had an account to withdraw your money
Maybe try ZEN and Blackcatcard
 
  • Like
Reactions: jafo
#32
vehzag said:
What can I say regarding payset
If they will block you they won’t freeze money
You gust have to have several accounts in different EMIs so if the Payset blocks you had an account to withdraw your money
Maybe try ZEN and Blackcatcard
Click to expand...

Does PAYSET offer USD local ACH routing/accounting number with PERSONAL Account ?
I want to open a personal account, cause I am receiving payments in USD from US.
Thanks
 
You must log in or register to reply here.

Similar threads

Gediminas
Let's discuss Bankera
Replies
38
Views
3,491
Offshore Bank Accounts & EMI Accounts
clemens
clemens
C
How do I open an offshore bank account for a new business?
Replies
9
Views
944
Offshore Bank Accounts & EMI Accounts
uranium
uranium
R
Seperating individual tax residence from corporate tax residence
Replies
18
Views
856
Tax, Accounting & Legal
daniels27
D
Forester
Zen.com and CRS?
Replies
36
Views
1,940
Offshore Bank Accounts & EMI Accounts
Forester
Forester
P
Can you reliably use Wise for mid 6 figures if you have SoF?
Replies
34
Views
1,702
Offshore Bank Accounts & EMI Accounts
PinkCat
P
SWISSMONEY Iban Accounts with Sepa

Forum Announcement

Latest Threads

SWISSMONEY Iban Accounts with Sepa
The Kingdom Bank
Offshore Bank Accounts
Top Bottom
Back