This is for a EU company which is unable to open a real bank account with a real bank?
What are the roots? Just that's a pure offshore or some high-risk business, “toxic”
citizenship or residence of UBO(s) and directors, ...? It's important for making a suggestion.
We have the Revolut which people are satisfied with, but are there others?
Yes, extremely probably.
And how would you rate Revolut for business activity in the end of 6 figures euro holdings??
Negatively – in general.
Revolut (as well as Wise, BTW) is known to have one pitfall: Closing the (especially business) accounts without any warning or notice, without any reasonable explanation and freezing the
cash for undefined time. Yes, it is true that a big, even perhaps major part of horror stories that you can read here and elsewhere is
de facto concerning an account misuse or abuse; but it is not always so. There is really a very remarkable number of cases where their AI machine just makes a false deduction / misinterprets data (or/and some poorly paid trained monkey at the first line of compliance departement does the same); and the dispute takes eons. Yes, AFAIK, nobody lost the money, finally they return it to the owner but even freezing your cash for some months can ruin your life and/or business perfectly. Of course, it can happen with another
EMI, too; but with Revolut/Wise it is IMO quite frequent.
I guess that the core problem there is that they are
– too big (and probably underpowered in resources) to handle all the agenda properly;
– too known not to attract very different people, sometimes definitely with really shady intentions...
As a result, you can simply have a bad luck quite often...
OK, they are not second to evil but definitely not sufficiently reliable – and generally there is a lot of another (better) financial institutions.
So I consider it usable/recommendable only for a really limited set of use-cases. Perhaps the well acceptable use-cases for Revolut/Wise are if you work as a porter, pay for your groceries and from time to time send some amount to your parents somewhere, or if you have a grocery shop and pay to local farmers.
I dislike Revolut. For EU citizens they closed access to USD and if you do not have a
tax residency in EU they also close access to stocks..
wise closed my account because they were not satisfied with the 10s of documents they asked from me and that i sent them in full compliance.
I am now also searching for a wise alternative that would let me keep my hard earned money as an expat. I am considering
offshore banking but it seems difficult to open a personal account directly, and using an agent is tricky as it is hard to tell if they are legit or not.
any recommendation is most welcome
So you need a personal account, not a business one – correct?
What is your citizenship and residence and how much money you are willing to deposit? Again, it's important for making a suggestion.
the fees involved when tranfering money from Europe.
IIRC, Currenxie asks for something like 8 USD for a SWIFT transaction – it's not expensive, IMO...
Useless:
Thank you for applying to ZEN Business.
Unfortunately, due to our company policies and the legal requirements, we regret to let you know that we are currently unable to support your business.
We have placed your company's information on our waiting list and if anything changes, we’ll reach out to you. In case you don’t want us to store your company information, click the Unsubscribe button below.
May ZEN be with you!
Italy.
You applied for an Italian company? What business are you into?
