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SWISSMONEY Iban Accounts with Sepa

List of Banks, EMI's, Payment processors and BTC to FIAT institutions.

#361
OTR365 said:
I've had a Fidor.de bank account for some time (EU citizen, Cyprus resident). However I must warn that Fidor customer service sucks in a big way. Getting a reply to a customer service ticket took three weeks, and it did not even begin solving my issue. Hopefully their telephone service works better. It seems to me, as a digital bank they are 2nd tier, not as streamlined as e.g. TransferWise.

Earlier I have transfered a low five figures from Kraken to Fidor without issues.
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Kraken banks with Fidor, so I can't see them having any issues. Unfortunately for me Fidor only onboard German companies and EU individuals.
 
#363
#367
aage said:
thank's man.. I was hoping it was possible to get a crypto card like the Xapo card they had.

Does anyone know about a other?
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If you find one then please post here it's a high demand from several business partners I know.
 
#368
Guys, it appears TransferWise procedure for account opening has changed. It appears that in order to get IBAN you need to fund the account. Only after funds are translated to your account they will give you IBAN. This was not a requirement in the past.

EDIT: It appears that now in order to activate business account, they are asking first payment to come from your company's alternative account, which makes startups without account impossible to open TW account?

Anyone had experience with this?
 
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#369
Mark Rucken said:
Guys, it appears TransferWise procedure for account opening has changes. It appears that in order to get IBAN you need to fund the account. Only after funds are translated to your account they will give you IBAN. This was not a requirement in the past.

EDIT: It appears that now in order to activate business account, they are asking first payment to come from your company's alternative account, which makes startups without account impossible to open TW account?

Anyone had experience with this?
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This sucks big time !
So for USA llc opening a Mercury bank account first then tw...
Or payoneer business to tw
 
#370
Is it possible to fund the account with a card or bank to bank only?
 
#371
Admin said:
Is it possible to fund the account with a card or bank to bank only?
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You can fund it from debit or credit card or wire transfer using online banking, but the payment has to come from account/card in the name of the company for which you are opening account.

Now I have a case that a new US LLC does not have an account and I do not know how to fund the account in TW. I need to get some account in another EMI, fund that account, then transfer the funds to TW account ... arghhhhh
 
#372
Wow I see the problem, it may actually be a big problem. However, I know TW support is pretty fast and quick in replies. We may ask them what the procedure is for a new company that does not have a bank account already.

I'm sure there is a solution to it, or at least I hope.
 
#373
Admin said:
Wow I see the problem, it may actually be a big problem. However, I know TW support is pretty fast and quick in replies. We may ask them what the procedure is for a new company that does not have a bank account already.

I'm sure there is a solution to it, or at least I hope. We are fuc*ed!
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Just got a reply from them, confirming my thoughts, please see below.

----
Thanks for reaching out to us.

Indeed, if you make a topup into your Borderless account (be it personal or business), the money needs to come from a bank account that belongs to the account holder.

So, if you make a topup to your business account, the money needs to come from a bank account registered in your business' name. If the topup is going on your personal profile, the money has to come from your personal bank account.

There is unfortunately no way around this. If you don't have a bank account for your business, then we sadly can't accept a payment made into your business account, funded from your personal account. We hope you understand.

If you have any further questions, don't hesitate to contact us again.

All the best,
Elis
 
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#374
That's really a shitty situation you got into there. I wonder what people are doing and how many customers they will lose on that part.

Would a EMI account opened with another EMI say, AdvCash, PaySera and even ePayments work. If you get an account there in the company name and then make a transfer to the TW account for verification?
 
#375
Is this only for verification purposes and after that you can receive money from others / PayPal or as I understand all topups from now on need to be done from the business bank account..
As if it's only for verification then it's not that big of a deal..
 
#376
Mark Rucken said:
EDIT: It appears that now in order to activate business account, they are asking first payment to come from your company's alternative account, which makes startups without account impossible to open TW account?
Click to expand...

That's damaging to them surely and a chicken and the egg scenario they are creating for startups.

Maybe aside from KYC TW implemented this so they know you have an alternative business account they can send funds too when they eventually close your account....lol.
 
#377
Martin Everson said:
That's damaging to them surely and a chicken and the egg scenario they are creating for startups.

Maybe aside from KYC TW implemented this so they know you have an alternative business account they can send funds too when they eventually close your account....lol.
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I think they did this to filter clients and accept less risky customers. If someone already opened you account, surely they did their KYC, so then that is a sign for TW they can onboard you as well.

Some European banks implemented this policy as well, they will open account for your offshore company if you can show them bank reference letter from another bank.
 
#378
ivan1911 said:
Is this only for verification purposes and after that you can receive money from others / PayPal or as I understand all topups from now on need to be done from the business bank account..
As if it's only for verification then it's not that big of a deal..
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It is just for the first payment, later you can receive funds from anyone. It is a big deail if you can not open account in another EMI for let's say Seychelles company as number of EMIs opening accounts for Seychelles companies is very limited.
 
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#379
Mark Rucken said:
I think they did this to filter clients and accept less risky customers. If someone already opened you account, surely they did their KYC, so then that is a sign for TW they can onboard you as well.
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Yes I agree and I forget the technical name for this method of additional KYC conf/(%.

However if its true it makes TW useless for startups. Imagine every EMI/bank in EU asked for this. No startups would be able to open accounts in EU without first opening an account somewhere outside EU....lol.
 
#380
Hello all,

I'm new to the forum, my first post here ;)

Mark Rucken said:
So, if you make a topup to your business account, the money needs to come from a bank account registered in your business' name. If the topup is going on your personal profile, the money has to come from your personal bank account.
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I have just opened a business account with TW a few days ago, and i do not understand why you find this to be an issue. As explained in their reply, you only need to verify your account with this transfer for one of your accounts (either personal or business), minimum transfer 20 EUR by sepa transfer or card top-up. If you do not have a business bank account yet, just verify your personal account.
I personally did it with card top-up, it wasn't even in the name of the account holder. And verification completed successfully.

This may be an issue only for people without a bank account or even a debit card, but not to this point:

Admin said:
That's really a shitty situation you got into there. I wonder what people are doing and how many customers they will lose on that part.
Click to expand...

However, i agree that TW is a shitty EMI and does not deserve to be valued as such they are on this forum. I will tell my story with them in a new thread as soon as i have time.
 
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