Question EMI for Turkish citizen

[Ridden3328]

If possible I need IBAN from Europe for receiving money. I tried revolut, wise, monzo, n26, ZEN.com, Paypal, bunq except wise, none of them allow for Turkish citizens

 

[Forester]

If possible I need IBAN from Europe for receiving money.

Do you mean just an European IBAN, or European IBAN of an account in a particular currency? And as I understand, it does not need to be an EMI, as you state in the thread title, it can be a bank - correct?
From what countries do you need to receive payments? In what currencies?

I tried revolut, wise, monzo, n26, ZEN.com, Paypal, bunq except wise, none of them allow for Turkish citizens

So you need a personal account, not a business / company one, correct?
Do you insist on a remote opening, or you are able to travel to open an account?
(Just as a general first shot: KT bank Germany onboards Turkish citizens.)

 

[Ridden3328]

Do you mean just an European IBAN, or European IBAN of an account in a particular currency? And as I understand, it does not need to be an EMI, as you state in the thread title, it can be a bank - correct?
From what countries do you need to receive payments? In what currencies?


So you need a personal account, not a business / company one, correct?
Do you insist on a remote opening, or you are able to travel to open an account?
(Just as a general first shot: KT bank Germany onboards Turkish citizens.)

yes correct it can bank too (if possible), and yes personal account. Traveling would be very difficult and expensive for me but suggestions are okay.

> High-risk trades are prohibited, as well as investing in businesses that provide goods or services considered contrary to Islamic principles,
Does it mean crypto transactions are banned? If yes it may not suitable for me

 

[vipul]

Try Bankera or Simplex.

Something you should know about Simplex is that their support is hard to reach out to. Other than that it's fine. I have had no problems with Bankera yet.

 

[Ridden3328]

Try Bankera or Simplex.

Something you should know about Simplex is that their support is hard to reach out to. Other than that it's fine. I have had no problems with Bankera yet.

Simplex doesn't good look, https://bitcointalk.org/index.php?topic=2589155.0

 

[Forester]

> High-risk trades are prohibited, as well as investing in businesses that provide goods or services considered contrary to Islamic principles,
Does it mean crypto transactions are banned?

Very probably – yes; but it is definitely better to ask them directly. I do not consider myself being an expert re: islamic banking.

If yes it may not suitable for me

You did not mention that you needed to perform crypto-related payments, it's a very important parameter and, unfortunately, it limits you remarkably.

Try Bankera or Simplex.

Something you should know about Simplex is that their support is hard to reach out to. Other than that it's fine. I have had no problems with Bankera yet.

Lithuanian EMIs (as Bankera or Simplex) may represent the solution; but @Ridden3328, try to answer the remaining questions first
– Do you mean just an European IBAN, or European IBAN of an account in a particular currency?
– From what countries do you need to receive payments? In what currencies?
and one more:
– What kind of crypto-related payments you need to perform? Sending cash to crypto exchanges (to what ones?)?
Without this information it is difficult to give a well-founded answer...

 

[Ridden3328]

Very probably – yes; but it is definitely better to ask them directly. I do not consider myself being an expert re: islamic banking.

You did not mention that you needed to perform crypto-related payments, it's a very important parameter and, unfortunately, it limits you remarkably.

Lithuanian EMIs (as Bankera or Simplex) may represent the solution; but @Ridden3328, try to answer the remaining questions first
– Do you mean just an European IBAN, or European IBAN of an account in a particular currency?
– From what countries do you need to receive payments? In what currencies?
and one more:
– What kind of crypto-related payments you need to perform? Sending cash to crypto exchanges (to what ones?)?
Without this information it is difficult to give a well-founded answer...

both european IBAN or european IBAN of an account is okay.
my purpose is p2p crypto trading, it may be count as high risk but in Turkey it just goes fine, it seems west banks are very strict.
also money can come from everywhere in EUR, GBP, USD.

 

[menzu]

Hello, you can try FX services offering deposits in few currencies, the issue is they provide you a shared IBAN and a unique memo to use, if you are able to have the sender add a reference/memo to the transfer, try with VertoFx.

We do accept Turkish nationals but we offer only USD and crypto, no EU IBANs yet.

 

[Ridden3328]

Hello, you can try FX services offering deposits in few currencies, the issue is they provide you a shared IBAN and a unique memo to use, if you are able to have the sender add a reference/memo to the transfer, try with VertoFx.

We do accept Turkish nationals but we offer only USD and crypto, no EU IBANs yet.

It requires registered business account. I need personal account.

 

[menzu]

How about Money Corp ? They provide personal accounts but I couldn't verify if they accept Turkish nationals.

You will have more chances on opening a USD account EUR one due to regulatory limitations imposed on EMI, I would have recommeded LeoPay - Your Digital Account for Better Lifestyle but they do not have the best reputation, so you can try mixing then 2 (leopay + fx service accepting a personal account).

 

[Forester]

both european IBAN or european IBAN of an account is okay.

OK

my purpose is p2p crypto trading, it may be count as high risk but in Turkey it just goes fine, it seems west banks are very strict.

Well, unfortunately not only the west banks, but (almost) all the EU banks and East Asian ones consider crypto trading as a high risk business (and really, it is a high risk business – in the terms of the economical science).

also money can come from everywhere in EUR, GBP, USD.

In such a case, you hardly find one (trustworthy) financial institution that covers all your needs, I am afraid. It would be easier to combine two or more, each one for a different market...

How about Money Corp? They provide personal accounts but I couldn't verify if they accept Turkish nationals.

Moneycorp will not be fine with @Ridden3328's business model, I am afraid.
My suggestions:
You can try Dukascopy, although I am not giving you a big chance for onboarding. But it is perhaps worth trying (check whether you are OK with their starting limits before, it is not so quick and easy to raise them nowadays).
If it fails, or if you decide evt. not to waste your time, try to contact @Gediminas here at forum. He is really knowledgeable about Lithuanian EMIs and very probably can point you to the proper one (I think for example Bankera can serve you acceptably) and help you with onboarding.
For payment destinations that Bankera evt. will not be able to cover, then try to search for a special solution.

 

[lostguy]

@Gediminas may be your last chance to get this sorted out OP - he knows a lot to such operations and is well connected!

 

[Ridden3328]

You can try Dukascopy, although I am not giving you a big chance for onboarding. But it is perhaps worth trying (check whether you are OK with their starting limits before, it is not so quick and easy to raise them nowadays).

They want 40 EUR initial deposit but what happens if my application gets rejected? Also what are limits? I couldn't find on their page.

 

[Forester]

They want 40 EUR initial deposit but what happens if my application gets rejected?

I think they refund the deposit to you (but I do not recall exactly, 40 EUR is not a big amount in such a context).

Also what are limits? I couldn't find on their page.

Dukascopy Bank – What is the Incoming quarterly limit? What is the Equity limit?
The Incoming quarterly limit is based on two factors: (a) country of your residence and (b) your occupation status, so you should ask what is the default for you (you can ask about the deposit. too, on this occassion, if you need to know).
The Equity limit is 50 k USD by default.

 

[Ridden3328]

after 3 weeks later my account is approved. i had 2k USD incoming quarterly limit which is not enough for me. Suggestions are welcome for other fintech, EMIs or banks.

 

[Forester]

after 3 weeks later my account is approved.

Congratulations (seriously).

i had 2k USD incoming quarterly limit which is not enough for me.

Yes, 2k USD incoming quarterly limit is really very low, in general.
My advice: Perform a few really clear, well documented (if necessary) transactions and ask for raising the limit. It should work.

Suggestions are welcome for other fintech, EMIs or banks.

Contact @Gediminas, as I have already posted here. Or you can try Nebeus that freshly introduced the functionality you are asking for.

 

[Gediminas]

happy to help!

 

[Ridden3328]

Congratulations (seriously).

Yes, 2k USD incoming quarterly limit is really very low, in general.
My advice: Perform a few really clear, well documented (if necessary) transactions and ask for raising the limit. It should work.

Contact @Gediminas, as I have already posted here. Or you can try Nebeus that freshly introduced the functionality you are asking for.

System automatically rejects my limit increase request; "Unfortunately, the limit cannot be increased since your income is not regular."

and I don't have official income document to give them.

happy to help!

DM'ed from telegram

+ Also support for instant SEPA would be really useful for me.

 

[Forester]

and I don't have official income document to give them.

Aash. It's really a problem. If you claim that you have no regular income (and no substantial accumulated wealth), you face, as a rule, difficulties with banking. Reputable tax returns from last 2-3 years might help...

 

[Ridden3328]

Tried Nebeus and I got this message for my rejected KYC verification

Unfortunately, our compliance department didn’t approve your account. It is an internal decision. We consider final decision of our compliance department. Our apologies for the inconvenience.

It really sucks, There are hardly any EMI, fintech or bank service for Turkish people.