Offshore banking without a pooled IBAN?

[pieceofmind]

For my Samoa company, I opened a corporate account at Caye Bank in Belize. For context, it’s a software consulting company under $500k/yr. UBO is a non-resident Canadian.

The IBAN that Caye Bank provided is a pooled IBAN number where the sender must put my account info in the reference memo. It is such a problem when hooking it up to payment providers or other services like Amazon payments, etc because there’s no place to add a memo.

I don’t want to create a US or UK LLC wrapper because I don’t want to get tangled up with the IRS or royal revenue at all even if only for reporting, rather keep things as simple as possible as well.

Any experience with a solid offshore bank that provide a dedicated IBAN?

 

[Clank]

You can use Currenxie EMI, for those amounts it works great.

Much cheaper than Caye Bank.

 

[SoNewToAllShit]

What about Airwallex they don't work for you ?

 

[Clank]

What about Airwallex they don't work for you ?

Airwallex is not very friendly to offshore jurisdictions.

 

[Houdini]

Airwallex is not very friendly to offshore jurisdictions.

They accept UAE, BVI and Cyprus - so what's not to like ?

 

[pieceofmind]

Airwallex was one of the first I tried, but said they don’t work for Samoa. I’ll try Currenxie and report back..

 

[Nauru]

What payment rails do you need to access? What amount are you willing to spend for opening and for monthly running the account?

I know of 2 institutions which can be opened by introduction. Would be crypto-friendly as well. But it depends on your pricing outlook.

Currenxie might work. Samoa is not on their banned countries list and they have a lot of supported rails. Their risk appetite is not so high though so maybe they won't consider the business valuable enough to take a pretty low reputation IBC.

 

[brianK]

Currenxies is working well for my in my country (EU) if you can get an account there, you should take it.

 

[Forester]

You can use Currenxie EMI, for those amounts it works great.

Much cheaper than Caye Bank.

Currenxie might work. Samoa is not on their banned countries list and they have a lot of supported rails. Their risk appetite is not so high though so maybe they won't consider the business valuable enough to take a pretty low reputation IBC.

Currenxie is generally fine; but they always had American Samoa as one of high risk countries/jurisdictions, so your chances are close to zero there, @pieceofmind, I am afraid.
TBH, American Samoa is a problematic country re: banking nowadays, unfortunately. You can try with Verifo but they will be able to offer you just SEPA, if anything. You should also check Interpolitan Money but I do not dare to predict the result.
There are more players for high-risk jurisdictions in general; but unfortunately, a software consulting is often treated as a higher-risk business and your turnover also will not motivate some players enough
Can you share the UBO residence country?
(BTW, a US LLC might really be a more simple solution...)

UPDATE: Just now I have realized that I presumed that you had meant American Samoa not Samoa (formerly Western Samoa); but if the latter, not much changes. Samoa is not on the high-risk jurisdictions list of Currenxie but the situation will be similar, I guess.

 

[Clank]

Currenxie is generally fine; but they always had American Samoa as one of high risk countries/jurisdictions, so your chances are close to zero there, @pieceofmind, I am afraid.
TBH, American Samoa is a problematic country re: banking nowadays, unfortunately. You can try with Verifo but they will be able to offer you just SEPA, if anything. You should also check Interpolitan Money but I do not dare to predict the result.
There are more players for high-risk jurisdictions in general; but unfortunately, a software consulting is often treated as a higher-risk business and your turnover also will not motivate some players enough
Can you share the UBO residence country?
(BTW, a US LLC might really be a more simple solution...)

UPDATE: Just now I have realized that I presumed that you had meant American Samoa not Samoa (formerly Western Samoa); but if the latter, not much changes. Samoa is not on the high-risk jurisdictions list of Currenxie but the situation will be similar, I guess.

Currenxie accepts offshore / high risk countries with an additional fee of 0.05% of all payments received.

 

[Forester]

Currenxie accepts offshore / high risk countries with an additional fee of 0.05% of all payments received.

Wow. I admit I was not aware about this, altough living under impression that I know Currenxie quite well. Your statement is based on the proved experience, I presume? (It's almost too good to be true – as 0.05% is effectively zero... 5 from 10k payment is negligible.)
Thanks for sharing!