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Sole trader keeps getting refused, need a personal EMI account with USD, AUD and other main currencies.

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Sean Restling

Active Member
Apr 11, 2019
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#1
I have a small business as a personal shopper, not risky at all, but keep getting refused, I'm guessing it's because monthly turnover is very low (lower than eur5K) and it's not enticing enough for them so they just refuse it straightaway even if it abides to their terms and conditions.

I gave up the idea of business account and now want to quickly open a personal account (I'm a sole trader after all so it doesn't change a lot) with at least USD and AUD since I have clients sending money from there (ok little money but still money), since Wise closed my account for no reason, and Revolut doesn't allow USD and AUD payments to Italian residents, I'm looking for an EMI that I can open quickly with those currencies to receive payments as a "local" just like Wise did.
 
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#2
I would have a look at Intergiro, Spectrocoin and Currenxie - they may want to open an account for you.
 
#5
Of course I use PayPal, which I hate due to its ridiculous exchange rates amongst other things, but have no choice as most customers ask for PayPal due to their customer protection policies. But I also need another EMI, waiting for due diligence from Currenxie although not too optimistic and just registered at WorldFirst following another thread from a guy who required AUD. We'll see how these 2 reply..
 
#8
Sean Restling said:
I'm guessing it's because monthly turnover is very low (lower than eur5K) and it's not enticing enough for them so they just refuse it straightaway even if it abides to their terms and conditions.
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Not necessarilly, I even do not think that 5k monthly turnover is the big problem – but it's just a speculation.
Sean Restling said:
I gave up the idea of business account and now want to quickly open a personal account (I'm a sole trader after all so it doesn't change a lot)
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Beware! The vast majority of EMIs and banks – if not all – does not allow personal accounts being used for business, even for a sole trader one (and it is pretty easy to disinguish it from the character of transactions). It usually results quickly in the account suspension. Sole traders should have a business (or business-like) account.
Sean Restling said:
with at least USD and AUD since I have clients sending money from there (ok little money but still money), since Wise closed my account for no reason, and Revolut doesn't allow USD and AUD payments to Italian residents, I'm looking for an EMI that I can open quickly with those currencies to receive payments as a "local" just like Wise did.
Click to expand...

JohnLocke said:
I would have a look at Intergiro, Spectrocoin and Currenxie - they may want to open an account for you.
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Intergiro does not offer local USD and AUD payments, TBMK. Currenxie is a very good bet. (Can't say anything about Spectrocoin.)
Sean Restling said:
But I also need another EMI, waiting for due diligence from Currenxie although not too optimistic and just registered at WorldFirst following another thread from a guy who required AUD.
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If Currenxie onboards you – and I do not see much reasons for refusal – you are saved, I think. (It's a business account, BTW.) And if WorldFirst will be OK with a lot of small payments (I am not sure), you are saved definitely :)
Sean Restling said:
We'll see how these 2 reply..
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Feel encouraged to share the result here...

You might check Airwallex as well; but as you are Italian – as far as I understand – you would be onboarded by Airwallex NL that sucks for a long time...
Eventually, it is worth to check UK EMIs. I do think that there is/are some offering local USD and AUD payments but I cannot recall now... :(
DGTLOTC said:
Just do Revolut
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No USD and AUD payments to Italian residents, as noted above – in addition to all other pitfalls there.

Sean Restling said:
As I mentioned in the opening post, Revolut doesn't allow receiving USD and AUD as a local from my country, only EUR and GBP, weird as it is I have this in writing from their customer service.
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You have explained in in the meantime while I was writing my post :)
Sean Restling said:
While I am at it, anyone knows an EMI that also offers a gateway payment?
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E.g. Airwallex does, IIRC. (Currenxie does not.)
Sean Restling said:
Like Zen for instance (which also refused me).
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Well... strange (although possibly Zen behaves weird in the last time). What business are you in? What are you particularly selling?
 
#9
Not necessarilly, I even do not think that 5k monthly turnover is the big problem – but it's just a speculation.
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Yes I know it is just speculation on my part, but since in the refusal they write something like "Unfortunately, there are some instances where Airwallex is unable to proceed with an application. Our decision is based on a broad number of factors, many of which are covered in our Terms & Policies." and no one ever tells why they don't accept and/or close your account, I suppose it'll always be speculation.

You might check Airwallex as well; but as you are Italian – as far as I understand – you would be onboarded by Airwallex NL that sucks for a long time...)
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Airwallex unfortunately turned me down pretty quickly, see response above.

Beware! The vast majority of EMIs and banks – if not all – does not allow personal accounts being used for business, even for a sole trader one (and it is pretty easy to disinguish it from the character of transactions). It usually results quickly in the account suspension. Sole traders should have a business (or business-like) account.
Click to expand...
While that is true, in reality you have no obligation to open a company account (something I'm prepared to do if someone would accept me, that is), Wise website even says that it's possible to use a sole trader personal account Can I Use My Personal Bank Account For Business? Key Tips, this is also true in many jurisdictions, Italy included, no obligation to open a separate account, still, Wise and probably most other EMIs as you say will close your account if you do..
 
#12
Update: it seemed to good to be true, it turns out that WorldFirst can't accept payments from individual accounts, given the fact that in my line of work most customers are people not companies I'm back to square one :(
 
#13
Sean Restling said:
I have a small business as a personal shopper, not risky at all, but keep getting refused, I'm guessing it's because monthly turnover is very low (lower than eur5K) and it's not enticing enough for them so they just refuse it straightaway even if it abides to their terms and conditions.

I gave up the idea of business account and now want to quickly open a personal account (I'm a sole trader after all so it doesn't change a lot) with at least USD and AUD since I have clients sending money from there (ok little money but still money), since Wise closed my account for no reason, and Revolut doesn't allow USD and AUD payments to Italian residents, I'm looking for an EMI that I can open quickly with those currencies to receive payments as a "local" just like Wise did.
Click to expand...
You can try INTERPOLITAN MONEY
 
#14
Sean Restling said:
While that is true, in reality you have no obligation to open a company account (something I'm prepared to do if someone would accept me, that is), Wise website even says that it's possible to use a sole trader personal account Can I Use My Personal Bank Account For Business? Key Tips, this is also true in many jurisdictions, Italy included, no obligation to open a separate account, still, Wise and probably most other EMIs as you say will close your account if you do..
Click to expand...
Well, it is as you wrote – in some jurisdictions you are obliged to do so, in some you are not (BTW, it is not unified even inside the EU, as I can see). And most (IMO) EMIs insist on it – and I guess the backgound is clear: different compliance requirements and costs and at the same time different pricing...
Marios said:
You can try INTERPOLITAN MONEY
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Well, it seems interesting. I've probably never heard about them – it means almost nothing, as there are almost 300 EMIs in the UK and I'm not so well oriented there. There is one short thread here mentioning them: https://www.offshorecorptalk.com/th...terpolitan-money-for-crypto-activities.40530/ – but at their website they deny to be crypto-friendly, currently. They are discreet about the fees, apparently it's on the case-by-case basis...
You can give them a try...
Sean Restling said:
Update: it seemed to good to be true, it turns out that WorldFirst can't accept payments from individual accounts, given the fact that in my line of work most customers are people not companies I'm back to square one :(
Click to expand...
So, wait for the result with Currenxie; and you will see... (Currenxie do not see as a problem when you have individuals as customers, TBMK.)
 
#15
Forester said:
Well, it is as you wrote – in some jurisdictions you are obliged to do so, in some you are not (BTW, it is not unified even inside the EU, as I can see). And most (IMO) EMIs insist on it – and I guess the backgound is clear: different compliance requirements and costs and at the same time different pricing...

Well, it seems interesting. I've probably never heard about them – it means almost nothing, as there are almost 300 EMIs in the UK and I'm not so well oriented there. There is one short thread here mentioning them: https://www.offshorecorptalk.com/th...terpolitan-money-for-crypto-activities.40530/ – but at their website they deny to be crypto-friendly, currently. They are discreet about the fees, apparently it's on the case-by-case basis...
You can give them a try...

So, wait for the result with Currenxie; and you will see... (Currenxie do not see as a problem when you have individuals as customers, TBMK.)
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I work a lot with INTERPOLITAN. Anything you need to know I can advise. You are right, they are not crypto-friendly and fees are on a case-by-case.
 
#16
Marios said:
I work a lot with INTERPOLITAN. Anything you need to know I can advise. You are right, they are not crypto-friendly and fees are on a case-by-case.
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Thanks for sharing. I will remember :) . Do you consider them reliable? Their range of local IBANs is impressive...
 
#17
Forester said:
Thanks for sharing. I will remember :) . Do you consider them reliable? Their range of local IBANs is impressive...
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Interpolitan doesn't always provide dedicated IBANs though. Like I had an EUR account which had Modulr Finance (Modulr FS Limited) as the bank / EMI name and then Interpolitan as a beneficiary. That doesn't make sense for me because I can't get the companies I work with to send payments with my Interpolitan account number as the reference.

It does work well for some things and for some companies.
 
#18
ilke said:
Interpolitan doesn't always provide dedicated IBANs though. Like I had an EUR account which had Modulr Finance (Modulr FS Limited) as the bank / EMI name and then Interpolitan as a beneficiary.
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It was a business account, not a personal one, correct? (I guess so but I'm not sure of course.) And would you mind sharing the country of incorporation, in such a case?
ilke said:
That doesn't make sense for me because I can't get the companies I work with to send payments with my Interpolitan account number as the reference.
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Fully understandable, unfortunately.
ilke said:
It does work well for some things and for some companies.
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Yes, may be. Do you have a personal positive experience?
 
#19
Forester said:
It was a business account, not a personal one, correct? (I guess so but I'm not sure of course.) And would you mind sharing the country of incorporation, in such a case?

Fully understandable, unfortunately.

Yes, may be. Do you have a personal positive experience?
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Yes, it was a business account for a Cypriot Ltd. company.

I guess there is a positive in the fact that they support a lot of currencies, but as stated not all (and unfortunately sometimes not even the most major currencies like EUR and USD) get individual IBANs and you have to send funds to Interpolitan's account, not even at a bank, but at other EMIs.
 
#20
ilke said:
Yes, it was a business account for a Cypriot Ltd. company.

I guess there is a positive in the fact that they support a lot of currencies, but as stated not all (and unfortunately sometimes not even the most major currencies like EUR and USD) get individual IBANs and you have to send funds to Interpolitan's account, not even at a bank, but at other EMIs.
Click to expand...
From personal experience, all my clients, legal entities with European and even offshore jurisdiction status, all have been allocated with dedicated IBANs in all major currencies EUR/USD/GBP
 
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