SEPA Bank + Card for Non-EEA Resident or Non-EEA Business

[vgahdmi123]

For Serbia and this use-case, Verifo is to check perhaps as the first option. You can try e.g. Interpolitan Money as well.

do you know is 3S reliable?

 

[Forester]

do you know is 3S reliable?

You mean 3sMoney, I presume?
Well...cannot say much as of the lack of experience. Anyway, they are quite expensive; and Verifo I would trust more... (disclaimer: I am in no way related to them).

 

[vgahdmi123]

i reached them all, so let's see
3s money is not expensive, enterprise package is $300 and there is no fee for incoming transaction. taking into fact i have 300 transactions avg per month that is $1 per transaction, i am more then happy

 

[Forester]

i reached them all, so let's see

If you share the results here, it will be appreciated. Not much knowledge re: Serbian companies is accumulated here, I guess.

BTW, could you name now what subjects you have reached? I understand that apparently 3sMoney and Verifo, what else?

3s money is not expensive, enterprise package is $300 and there is no fee for incoming transaction. taking into fact i have 300 transactions avg per month that is $1 per transaction, i am more then happy

Yes. If you treat this in the way you described, it works / makes full sense. It is true that SEPA incoming is free in many cases in general, without a huge monthly fee; but 1USD per transaction is well acceptable (presuming that transactions are not just a few dollars).

 

[vgahdmi123]

I reached 3S, Verifo and Currenxie. As soon as I get feedback from all 3 I will post here to keep as reference for others

 

[Forester]

I reached 3S, Verifo and Currenxie.

I presume you have noted that Currenxie will not offer you a card, nor a personal account. Just a (well working, IMO) business account. (You can obtain a Global /multicurrency/ account immediately; a SEPA capable EUR account you can activate afterwards.)

As soon as I get feedback from all 3 I will post here to keep as reference for others

Thanks!

 

[vgahdmi123]

so far updates are:

1) Registration with 3S was very fast but I had to pay $80 for verification in the end which I did. Now waiting
2) Verifo was even faster and I am already this morning reached by they support to proceed with KYC requesting additional documents.
3) Currenxie - still have some issue with phone verification
4) Zen.com - to be tried

 

[Forester]

so far updates are:

1) Registration with 3S was very fast but I had to pay $80 for verification in the end

Well, not a big surprise for me (They simply like to charge – perfectly legit, of course.)

2) Verifo was even faster and I am already this morning reached by they support to proceed with KYC requesting additional documents.

Again, not a big surprise. Their staff is known to be supportive.

4) Zen.com - to be tried

Well, you can give it a try, of course; yet I am afraid that you will be wasting your time. In their beginnings they were more open re: jurisdictions but today they are strict wrt Permitted Jursidictions List – at least I think so.

 

[vgahdmi123]

Update

1) Receive rejection by 3S (generic email, we are sorry but we cannot accept your application)

Very dissapointed, for $80 I paid I was expecting they will at least request KYC from me, this way except few basic info I provided at step 1 they did not even give the opportunity to meet me better.

2) Verifo - submited kyc and waiting, i spent 3 hours preparing all the documents they asked and it is really all legit and per law. Hopefully I will pass

 

[disagree]

Zen.com works

List of permitted jurisdictions

https://www.zen.com/files/terms-and-conditions/onboarding_permitted_jurisdictions.pdf

I see zen have only the business account, and they have a waiting list for the personal one. Were you able to get the personal?

 

[vgahdmi123]

No, zen also rejected me tonight woth message "we do not accept new businesses, we will put you on a waiting list"

 

[jafo]

Update

1) Receive rejection by 3S (generic email, we are sorry but we cannot accept your application)

Very dissapointed, for $80 I paid I was expecting they will at least request KYC from me, this way except few basic info I provided at step 1 they did not even give the opportunity to meet me better.

2) Verifo - submited kyc and waiting, i spent 3 hours preparing all the documents they asked and it is really all legit and per law. Hopefully I will pass

No, zen also rejected me tonight woth message "we do not accept new businesses, we will put you on a waiting list"

There is NO way all these "selective & picky" EMIs aren't doing illegal things! They are turning away legitimate businesses. Something is ROTTEN in Denmark.

 

[dany]

so far updates are:

1) Registration with 3S was very fast but I had to pay $80 for verification in the end which I did. Now waiting
2) Verifo was even faster and I am already this morning reached by they support to proceed with KYC requesting additional documents.
3) Currenxie - still have some issue with phone verification
4) Zen.com - to be tried

To pay that silly small amount may be nothing if you get a good EMI you can use.

 

[vgahdmi123]

I am stuck on 1 step with Verifo right now and would be grateful for advice:

As a part of KYC, they request me to provide 2 written signed contracts with partners who are issuing licences for my business like Microsoft, WHMCS, etc.

The issue is that I dont have written contract with these. Yes they issue me licences, but everything is purchased digital way, I provided invoice, screenshot from Azure portal, etc, but they are specific that they want "contract signed".

wtf? this is really becoming hard these days

 

[Forester]

No, zen also rejected me tonight woth message "we do not accept new businesses, we will put you on a waiting list"

For the Serbian company? If so, then it is really interesting, as Serbia is not a (Zen) permitted country – officially. Strange. Is someone aware about Zen accepting some new business in the last days? (I am aware about one company but it is like ~2 months ago what means close to nothing.)

I am stuck on 1 step with Verifo right now and would be grateful for advice:

As a part of KYC, they request me to provide 2 written signed contracts with partners who are issuing licences for my business like Microsoft, WHMCS, etc.

Yes, this is quite standard – to ask for the contracts.

The issue is that I dont have written contract with these. Yes they issue me licences, but everything is purchased digital way, I provided invoice, screenshot from Azure portal, etc, but they are specific that they want "contract signed".

Wow. It looks like a typical “bank monkey” behaviour – but there were not monkeys at Verifo, as per my experience. Have you explained to them in detail what is your business and how it is running? (BTW, if you share it here, you might receive some more tailored recommendation.)

this is really becoming hard these days

Yes. Banking is definitely one of the core business problems today.

 

[jafo]

if

Emphasis on this particular & elusive subordinating conjunction!

 

[jafo]

"contract signed".

I have NO signed contracts, not even with the banks asking for signed contracts! Like WTF??!!!

 

[vgahdmi123]

Exactly, even with them i will not have signed contract, really wtf

 

[Forester]

I have NO signed contracts, not even with the banks asking for signed contracts! Like WTF??!!!

Exactly, even with them i will not have signed contract, really wtf

Be advised that from the legal point of view, “a signed contract” does not mean that it must be a sheet of paper with the handwritten signature. It can have various forms, nowadays. And it all depends on circumstances (how the particular business is looking like), as mentioned above.

Bottom line: I am not a Verifo advocate. Just trying to enlighten a bit

 

[vgahdmi123]

and today also rejected by Verifo with statement:

Firstly, we would like to emphasize that we value each of our existing and potential clients and strive to provide services characterised by high quality, safety and adherence to the best compliance standards. Please note that as a regulated financial institution we are obliged to comply with different legal acts regulating the financial market. This also includes relevant anti-money laundering and counter-terrorism financing (“AML/CTF”) legislation which obliges us to take all necessary and appropriate steps to manage arising risks.

For example, the Law on the Prevention of Money Laundering and Terrorism Financing of the Republic of Lithuania (“Law”) obliges all financial institutions and other obliged entities to identify their clients, determine the beneficiaries, the structure of ownership and control of the clients, the purpose and expected nature of the business relationship, verify the identity of the clients and the beneficiaries, carry out continuous monitoring of the business relationship with the clients, etc. What is more, according to Article 9(18) of the Law, financial institutions and other obliged entities are prohibited from establishing or continuing business relations when they cannot ensure the fulfilment of the requirements indicated hereabove.

After conducting a thorough review of the information provided in your application and taking into consideration the above mentioned regulation, we have come to the conclusion that we are not able to provide our services to you and have to reject your application.


I really provided all the documents required, some translated and verified by notary and court. Company is legit with AAA credit rating in my country.
Not sure really why it is so difficult to open business bank account.
Any additional suggestions that I can try? Would it be easier if I form company somewhere else, UK for example?