Paydo Business Bank Account

[GF150]

I don't think they work with US LLCs though; most European companies tend to avoid due to added reporting risk (and large punishments for not reporting if the company is a US taxpayer)

I fully agree with you, as regards US Companies and taxpayers. However, can you, please, elaborate - why is that different in comparison with EU entities. The banks (and possibly the EMIs) have to report their EU clients as well. Some EMIs say they aren't CRS because they are not banks. Are they right therein ? I personally wouldn't bet on that. That would be a massive breech in the EU's totalitarian policy. Too good to be true.

 

[ilke]

I fully agree with you, as regards US Companies and taxpayers. However, can you, please, elaborate - why is that different in comparison with EU entities.

Because US taxpayers are reported via FATCA while the rest of the world is reported via CRS. The payment provider would have to get a GIIN, verify tax status with the US forms, and integrate the tech-side sending system. It's not necessarily a super hard process but also might not be worth their time – or they can be scared of making a mistake, in which case US punishments are very large.

The banks (and possibly the EMIs) have to report their EU clients as well. Some EMIs say they aren't CRS because they are not banks. Are they right therein ?

Until now, it was not mandatory for EMIs to participate in reporting, some already do voluntarily (e.g., iCard, maybe Zen). There are meant to be some changes in 2026 but there is incomplete clarity (as with most EU projects).

 

[extragravant]

My friend desperately seeks an EMI and is ready to work even with such companies.

in which high-risk industry he works?