List of EMI and Digital Banks

[MrTony]

IFSPAY - Payment Service Provider for Georgia.
Any expiriense?

 

[Nyep]

IFSPAY - Payment Service Provider for Georgia

From the website:

• In case of non-residents according to Georgian legislation, submitted documents should be translated into Georgian / English / Russian language, notarized and apostilled.

• Once the application is approved, non-residents are obliged to pay non-refundable fee in the amount of 3000 GEL.

So that's US$1,115 just to open the account, plus the cost to get everything apostilled AND notarized. Then there's the huge 0.4% SWIFT fee and a US$11 monthly charge.

 

[MrTony]

But with them, you can fund your account from clients - C2B.
Maybe you know another EMI, which provide such possibility?

 

[fanban]

From the website:

• In case of non-residents according to Georgian legislation, submitted documents should be translated into Georgian / English / Russian language, notarized and apostilled.

• Once the application is approved, non-residents are obliged to pay non-refundable fee in the amount of 3000 GEL.

So that's US$1,115 just to open the account, plus the cost to get everything apostilled AND notarized. Then there's the huge 0.4% SWIFT fee and a US$11 monthly charge.

wow, thank you for your very good review, it is too much for me.

 

[clemens]

That's a lot of money for a simple EMI account opening! They seem to target all the cheap fools that can't get anything opened anywhere!

 

[Educate]

Which are still EMIs as of 2019?

Why is it important - because EMIs YET do not have to report under CRS.

Banks DO!

For example, it is wise to close your Revolut account, because next year they are becoming a bank and will be reporting 100%. I think they are stupid in this action as they will lose high worth customers who are smart enough to know they shouldn't hold accounts in a bank.

So which of 2019 are still to be considered only EMIs?

 

[Mark Rucken]

Which are still EMIs as of 2019?

Why is it important - because EMIs YET do not have to report under CRS.

Banks DO!

For example, it is wise to close your Revolut account, because next year they are becoming a bank and will be reporting 100%. I think they are stupid in this action as they will lose high worth customers who are smart enough to know they shouldn't hold accounts in a bank.

So which of 2019 are still to be considered only EMIs?

Still, they will get more clients as a bank than as a payment processors and will make more money. I assume that they will attract high-end clients as a bank. Someone dealing with millions will NOT open an account with a payment processor.

 

[Educate]

Still, they will get more clients as a bank than as a payment processors and will make more money. I assume that they will attract high-end clients as a bank. Someone dealing with millions will NOT open an account with a payment processor.

lol yeah they will. People already have bank accounts. Why would anyone choose offshore if not to avoid taxes? Rich clients have opened with EMIs to avoid AEOI = FACT. Revolut shot themselves in leg.

 

[Mark Rucken]

lol yeah they will. People already have bank accounts. Why would anyone choose offshore if not to avoid taxes? Rich clients have opened with EMIs to avoid AEOI = FACT. Revolut shot themselves in leg.

I am sure they will survive

 

[MrTony]

Found one more:

Paytah Malta

Any experience?

 

[Tamarind]

Anything in Malta is a big NO, unless a resident there, and even they are being taken by a ride.

 

[MrGoodman]

Currenxie seems interesting as they say they provide dedicated IBANs. Has anyone tried them?

 

[Tamarind]

Who can apply:

Online merchants selling on international e-marketplaces and SMEs conducting cross-border trade.

 

[MrGoodman]

What I cannot manage to find is EMI that provides unique IBANs, works with USD and issues debit cards - all at the same time. If anyone came accross it, please share.

 

[Tamarind]

IBAN was invented in EU, though gone Internationally later, and mainly issued within Europe Banks, with Euro as currency, so your USD request means it must handle exchange etc etc and issuing a USD debit card from a EU Based EMI is of no business use.

 

[niggashit]

Well, IBAN technically can work with any country as it's just a number but laws maybe prevent it.

Bank's backend is a ledger. Ledger is the one which manage balances and parse account numbers from transactions. Central banks does not issue Account numbers. All done by banks it self through Ledger and Parsing technology.

Country's Central Bank account is kinda messy wire ball. No bank can function without ledger (OFC possible but it's a time waste, manual work load, It's perfect only for banks with 1 customer)

 

[niggashit]

IBAN Account Number format can speed up parsing.

 

[Mark21]

Which EMI's support cryptocurrency business payments except of Mistertango?
Revolut/Transferwise dont allow cryptocurrency.

Advcash takes 3% for transfer which is just a steal.

 

[niggashit]

Transferwise allow to receive money from Bitcoin exchanges except outgoing.

 

[Mark21]

Transferwise allow to receive money from Bitcoin exchanges except outgoing.

They do not accept cryptocurrency businesses. Just got answer from them by email.

Epayments also do not allow cryptocurrency businesses.

So far there seems it's only MisterTango (which is currently kicking customers out of their own platform) and advcash with 3% transfer steal fee.

People say EMI's are more friendly than banks for cryptocurrency... but it looks like just the banks.

Any more idea for cryptotrading business emi account?