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

[Forester]

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.

Well, this is really strange and it does not smell well to me. Verifo was always really open-minded.

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?

It's really difficult to say, lacking a more deep knowledge of your business and how it is running. Particularly Serbia should not be a problem by itself – I even witnessed, some time ago, Verifo having accepted a Cuban subject, so no political prejudices, I guess. (Of course, times are changing but...) Hence I guess that the problem could be either you (do not take it personally) or your business – this includes also a way how you present these... If you share some details, you might receive some recommendation. (As you might feel uncomfortable to do it at the publicly searchable forum, evt. feel free to enter a Mentor Group and describe it inside.)

 

[ilke]

Well, this is really strange and it does not smell well to me. Verifo was always really open-minded.

Lithuanian EMIs are pretty scared now (to speak in laic terms) and this is (unfortunately) no longer not unusual in my eyes.

I encourage OP to explore some mid- or high-risk friendly EMIs in the UK; maybe something like Monetley, Paydo, maybe also Multipass or Payset. Though I do not have direct experience with the latter 2, all of these should not restrict Serbia.

 

[Forester]

Lithuanian EMIs are pretty scared now (to speak in laic terms)

Well, yes – you are right, I must say. (And I am not surprised, when I see e.g. what LT regulator does in the last time.)
Anyway, my feeling is that the problem is is not only with EMI, in this case. I presume that here https://www.offshorecorptalk.com/th...ow-receiving-from-individual-customers.46275/ @vgahdmi123 talks about the same business. Re-read the first post But I am just speculating

I encourage OP to explore some mid- or high-risk friendly EMIs in the UK; maybe something like Monetley, Paydo, maybe also Multipass or Payset. Though I do not have direct experience with the latter 2, all of these should not restrict Serbia.

Yes, in general UK should be better than LT, nowadays – no doubts. I jusr admit I am not sufficiently oriented at this market (of 300+ EMIs )
BTW – I conclude that you have a direct experience with Monetley: could you elaborate more on that? I wonder mainly about reliability. (They offer just account, not card, correct?)
Multipass and Payset (especially the former) represent fairly expensive solutions. Interpolitan Money comes to my mind, too.

 

[vgahdmi123]

For those who ask what is business about, it is VPN Business, subscription model, I have play store app with 1.5k+ users, they pay 1 month, 6 month or 12 month subscribtion.
Nothing too weird, there are many other VPN business.
I have all paperwork, business is paying taxes in my country, funds are received on bank account or via credit card.

The only issue why I am searching for EMI is that 40% of the users does not want to pay by credit card and there is where I am losing the money, since we are not in SEPA, bank takes 13 Eur out of 50 Eur i receive for subscribtion which is nuts. then i spend additional %% on taxes which kills my profit margin.

 

[ilke]

Well, yes – you are right, I must say. (And I am not surprised, when I see e.g. what LT regulator does in the last time.)
Anyway, my feeling is that the problem is is not only with EMI, in this case. I presume that here https://www.offshorecorptalk.com/th...ow-receiving-from-individual-customers.46275/ @vgahdmi123 talks about the same business. Re-read the first post But I am just speculating

Unfortunately, the Lithuanian regulator truly has been quite crazy in the time surrounding now.

I don't think that the VPN solution of @vgahdmi123 is super complex or risky, however, EMIs generally try to avoid C2B regardless of the type or purpose.

BTW – I conclude that you have a direct experience with Monetley: could you elaborate more on that? I wonder mainly about reliability. (They offer just account, not card, correct?)

Yes, it is a simple but quite good e-money account with SEPA and SEPA instant clearing. There is not many extra features and I think you are correct, they don't have card issuing.

Multipass and Payset (especially the former) represent fairly expensive solutions. Interpolitan Money comes to my mind, too.

True, they are not cheap solutions. Interpolitan could work, have not tried them before due to no need but I know that they make 'on-demand' solutions fitting to this risk type and involved countries.

 

[Forester]

For those who ask what is business about, it is VPN Business, subscription model, I have play store app with 1.5k+ users, they pay 1 month, 6 month or 12 month subscribtion.
Nothing too weird, there are many other VPN business.

Oh well. I must admit I did a different speculation when I saw the words “sw licences”. This changes the game.

I have all paperwork, business is paying taxes in my country, funds are received on bank account or via credit card.

OK.

The only issue why I am searching for EMI is that 40% of the users does not want to pay by credit card

Understandable.

bank takes 13 Eur out of 50 Eur

OMG.

i receive for subscribtion which is nuts. then i spend additional %% on taxes which kills my profit margin.

Sure.
I have certain idea but rather not for a public sharing. Can you enter Mentor Group, or can I send you a DM?

I don't think that the VPN solution of @vgahdmi123 is super complex or risky,

Exactly.

however, EMIs generally try to avoid C2B regardless of the type or purpose.

True; but still I consider this case being strange a bit.

Yes, it is a simple but quite good e-money account with SEPA and SEPA instant clearing. There is not many extra features and I think you are correct, they don't have card issuing.

True, they are not cheap solutions. Interpolitan could work, have not tried them before due to no need but I know that they make 'on-demand' solutions fitting to this risk type and involved countries.

OK. Thanks!

 

[vgahdmi123]

@Forester how to i enter mentorship group? Sorry for dumb question but cannot find it?

 

[Forester]

@Forester how to i enter mentorship group? Sorry for dumb question but cannot find it?

Well, as I see, it is somehow quite well hidden now Sorry. Go to the Menu (usually to the left of the heading OffshoreCorpTalk but it can depend on your device) and then continue for the Account Upgrade. Or – I guess – if you click on the Mentor Group link (usually) at the bottom of the page, it should direct you to the Upgrade (I cannot check this as I am already “upgraded” – I mean having access rights to Mentor Group). Sorry for the burden, really. (Or we can discuss this in DM.)

 

[vgahdmi123]

got response from Interpolitan today, they are willing to open but the cost is 3000 GBP for setup, are they reliable that it worth this amount?

 

[Forester]

got response from Interpolitan today, they are willing to open but the cost is 3000 GBP for setup

What's your monthly/annual turnover – can you share?

 

[vgahdmi123]

30-50k eur, their monthly charge is 250 gbp which is fine for me, but i dont see reason to charge 3000 for setup
btw tried to send you pm but also no option

 

[Forester]

30-50k eur, their monthly charge is 250 gbp which is fine for me, but i dont see reason to charge 3000 for setup

See, I was asking about the turnover for the following reason: TBMK, pricing at Interpolitan Money is on the case-by-case basis. I presume that you were asked about your turnover when checking the possibility to be onboarded. If someone has 30-50k EUR monthly turnover (I understand that it is for a month) then the assumption that he is able and can be willing to pay 3k GBP for onboarding is reasonably fair (it's <10% of a monthly turnover). Hence, why not to ask for it?
(This is the reason )

Bottom line: I presume / understand that these 3000 GBP are to pay only when onboarded. If it was just for a KYC procedure, payable upfront with no refund if failed, I would call it a robbery.

are they reliable that it worth this amount?

Re: amount, see above
Re: reliability... honestly: I have no personal experience with Interpolitan Money. From what I have heard, they are reliable. Yet any other member is encouraged to comment on this.

btw tried to send you pm but also no option

Yes, naturally. As a quite new member you do not have rights to do it. Just for the information, anyone can start conversation with / send direct messages to other forum members either after (roughly said) being here active for some time and gaining some reputation; or immediately after upgrading to Mentor Group. Details are to find in Help section here https://www.offshorecorptalk.com/help/conversation-criterium/ or Account Upgrade...

I will DM you, probably on Monday.

 

[vgahdmi123]

as an update:
After 1 month and checking different options, in the end I got approved by

EM Bank
EBury (wanted 5000 GBP onboarding fee)
Interpolitan (fastest approval but high fees)
Satchelpay

Satchelpay was the most convinient in term of fees, no fee for incoming transaction, onboarding is 1K eur for non-eu companies, but monthly maintenance is only 50 eur.
In the end i chosed them and got my account today.

 

[ilke]

as an update:
After 1 month and checking different options, in the end I got approved by

EM Bank
EBury (wanted 5000 GBP onboarding fee)
Interpolitan (fastest approval but high fees)
Satchelpay

Satchelpay was the most convinient in term of fees, no fee for incoming transaction, onboarding is 1K eur for non-eu companies, but monthly maintenance is only 50 eur.
In the end i chosed them and got my account today.

Good to hear!

Ebury is mostly for large scale; they issue accounts via large business banks and work well for big transactions, therefore the price does not surprise me so much.

Interpolitan also matches my experience, they are pretty friendly but the costs reflect that

Nice that Satchelpay is cooperative.

 

[Forester]

as an update:
After 1 month and checking different options, in the end I got approved by

EM Bank
EBury (wanted 5000 GBP onboarding fee)
Interpolitan (fastest approval but high fees)
Satchelpay

Satchelpay was the most convinient in term of fees, no fee for incoming transaction, onboarding is 1K eur for non-eu companies, but monthly maintenance is only 50 eur.
In the end i chosed them and got my account today.

Good to hear!

Ebury is mostly for large scale; they issue accounts via large business banks and work well for big transactions, therefore the price does not surprise me so much.

Interpolitan also matches my experience, they are pretty friendly but the costs reflect that

Nice that Satchelpay is cooperative.

Yes, really good news. Congrats, @vgahdmi123.

Yet I am a little bit afraid about Satchelpay re: reliability. I do recommend to have one more solution available at hand.