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[URGENT] Frozen bank account - They allow 1 last transfer. Best option?

Yaneek

Yaneek

Active Member
May 8, 2017
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#1
My offshore bank froze my bank account. They said I have a few weeks to wire the money from the bank account.

Here are the conditions:

1) Only one payment is allowed. So I have to send $xx.xxx at once (this will draw attention wherever I send it).
2) I cannot send it to any partner. I can only send it to another account in my real name or the business name.

My situation:

1) I do not have another business bank account atm, however I opened a mistertango account recently and it was approved today (both personal and business).
2) My offshore company expires next month. I do not want to renew it because onshore taxes were lowered and it's not worth it anymore. I haven't really used it anyway.

Some tips were given to me in another thread and I will list them here in addition to my own idea.
Please tell me which one of these options is the best for me and why.

This will probably be one of the most important decisions in my business career, so I really need you guys now. Please.

  1. Send it home to my personal bank account, declare it and pay dividend tax. (taxes are low and I have no problem with it, but I am afraid of drawing attention. I live in a small town)
  2. Send it to my personal mistertango account (somebody suggested this but I see no advantages compared to a personal bank account transfer)
  3. Send it to the newly opened mistertango business account (seems to be the best option, however I am afraid that they will ask too many questions/proof etc, especially that my first payment will be $xx.xxx. From there I plan to buy crypto)


Extra question: Mistertango sent me an email today to my business email address that my account was approved. However if I go to my personal account it says "verified, you can start using it" and when I go to my business account I see no messages of that kind. Is this normal? I asked the support again but it will take a few days for them to reply.

What would you do?
 
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#2
if $xx.xxx is less than 20k I'm pretty sure you can send it to your personal mistertango account as one transfer without any nagative consequences
if it's much more I'd say it could still be ok but have no experience
 
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#3
void said:
if $xx.xxx is less than 20k I'm pretty sure you can send it to your personal mistertango account as one transfer without any nagative consequences
if it's much more I'd say it could still be ok but have no experience
Click to expand...

It's more than double that.
Thanks for your input. Every info helps :)
 
#4
it's still your best chance I believe - I'd contact mistertango support saying I'm going to transfer such a sum to my personal account because I'm leaving my current bank (or whatever rational reason) and asking if there might be any problem - I think they will reply it's not problem or will warn you they will request some docs - in the worst case you'll know where you stand and you have to find another way because you're unable to comply
 
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#5
void said:
it's still your best chance I believe - I'd contact mistertango support saying I'm going to transfer such a sum to my personal account because I'm leaving my current bank (or whatever rational reason) and asking if there might be any problem - I think they will reply it's not problem or will warn you they will request some docs - in the worst case you'll know where you stand and you have to find another way because you're unable to comply
Click to expand...

That's exactly what I did. Lets see what they say.
BTW why do you think it's better to transfer it to a personal mistertango rather than to a business mistertango account?
 
#6
"$xx.xxx is less than 20k I'm pretty sure you can send it to your personal mistertango account as one transfer without any nagative consequences"

it's high 5 figures he said in other posts.

"My offshore bank froze my bank account. They said I have a few weeks to wire the money from the bank account."

that's sucks indeed ,have an idea why they did that ? everyone can suggest a tip but you going to take this action on your gut. so be prepared i hope you solve your problems .


my opinion but don't believe it blindly , mistertango can say whatever but when you have the transfer there ... show real colors etc still not a real bank you can't predict it (main point account is new no trade history),but users on this board always thank mistertango this can be good. but the good/bad news if there issues mt may ask you too to withdraw the funds quickly .so you would have 2 options return to source which not possible or sending them to local bank with costs of fee .


i think your money in your country bank is safer (unless the bank stuff are real d***s ) maybe you can invest this time to talk with them and see their opinion .

anyway where you going to take the amount deposited then ,withdraw to cash or looking for bitcoin?

all the best
 
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#7
As I know, in case of Mistertango transfer more than 10k EUR they will ask for proof of funds (even if it from your account).
I could suggest you ask Mistertango support about your willing of do such transfer(size of sum, bank sender, etc) and what kind of additional information they will need. And when they replied - process this transfer. But as it come from company account, better to send it to business account at MT.
Over the web I read reviews where fresh MT accounts was closed because of big initial transfers without providing additional docs.

Just curious, is it your frozen bank account from one of banks in cyprus?
I see that many customers of cyprus banks now have big problem with a lot of questions from bank side, which is going to terrible to work with them and slow down related business process.
 
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#8
You may find a middle man that you pay a fee, say 2 or 3% to receive the money and move it to your bank account of choice.
 
#10
looks like Admin is too busy to read :eek:

OP don't you have a bank account in your name you can send it to? I know tax may apply but isn't that better compared to lose the money?!
 
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#11
They said that account must be on Your name ... its absolutly bulls**t ... they dont have any power to check it , even if they send request to bank where You want to send money , there is something like "bank secrecy" , many times I was a middle man and I receive ammounts like 20-150 k euro on My business account in Poland , this is only Your choice where You want to move money. Also I received every time wire on someone else details but with My bank account number and with title which just mention about Me.

Remember that middle man can send You money in parts or even via westernunion or what ever , it just depend of Your decision. Dont forget that middle man also will ask about this money :) no one want to be in to money laundring or something illegal.
 
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#12
This is precisely why I don't deal with EMIs and wild foreign places.
A fourth option would be to fly to Montenegro, or another similar country, open a bank account there, where you will send the money. You will have to be there, and give them an explanation about your money, but if you're smart, everything will be fine.
 
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#13
Wow so many replies. You guys are great. I will make sure to keep you updated.

extremedox101 said:
but the good/bad news if there issues mt may ask you too to withdraw the funds quickly (....) anyway where you going to take the amount deposited then ,withdraw to cash or looking for bitcoin?
Click to expand...

Could mistertango theoretically "steal" my money if they ask for docs and I cannot provide them?
My money is 100% legal from a legit business but you never know what they ask and I cannot provide.

John Spectre said:
Over the web I read reviews where fresh MT accounts was closed because of big initial transfers without providing additional docs.

Just curious, is it your frozen bank account from one of banks in cyprus?
I see that many customers of cyprus banks now have big problem with a lot of questions from bank side, which is going to terrible to work with them and slow down related business process.
Click to expand...

But what docs could they ask for?
Yeah bank is in CY.

Admin said:
You may find a middle man that you pay a fee, say 2 or 3% to receive the money and move it to your bank account of choice.
Click to expand...
The thing is that I don't really trust anybody and the time is too short to look for a reliable partner. Also I am not allowed to send the moeny to any other accounts that are not in my name or business name.


So my questions now: What is the worst thing that can happen if I send it to the business MT account? Could they steal my money somehow? Or the worst thing would be that they send it back?
Also what kind of documents could they ask?
 
#14
When a EMI like MT say that they have no problem to receive your money, don't trust them.

It's easy to say " Yes we take your money without any problem " and once the money is here, the problem can start easily.

If i was you, I will move the money in a real bank, pay my taxes and finish. Your money will be clean and you will be able to do what you want with it.

If you are afraid of what people do, then, I suggest you open a new personnal account in the biggest city near you, like this people will not talk in your little town.
 
#15
W4rhol said:
If i was you, I will move the money in a real bank, pay my taxes and finish. Your money will be clean and you will be able to do what you want with it.
Click to expand...
I would say, one of the best suggestions so far.
 
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#16
"So my questions now: What is the worst thing that can happen if I send it to the business MT account? Could they steal my money somehow? Or the worst thing would be that they send it back?
Also what kind of documents could they ask?"

money stuck you would not able to withdraw (go in long circles to allow them withdraw it this comes with huge stress , don't reply your e-mails etc)

not worst if they wire it to your real bank .

also it's good if you start creating invoices to show the bank . as for mistertango it's kind of gambling either work perfectly or go wrong .
 
#17
W4rhol said:
If you are afraid of what people do, then, I suggest you open a new personnal account in the biggest city near you, like this people will not talk in your little town.
Click to expand...

The problem is not the bank but the IRS (the IRS equivalent in my country where I have to declare the money and pay the taxes).
=============

Ok then lets say I wire it home to my real bank account and declare it as dividends. If I do this I want it to be 100% clean and also declare the cash I withdrew over the last years. Can you tell me how I declare that cash?
When declaring the money they will probably ask for a bank statement or something that shows how the money got to me. What do I show the in case of the cash? Or do I have to wire the cash back into my business bank account first and then withdraw everything?

Also what do I tell them, what is my connection to the offshore company? DO I tell them that I am the actual beneficial owner (this way they may say that the company was actually controlled from my country and I did everything wrong so far) or do I just tell them that I am just a shareholder?
BTW I have a nominee director.

I was very pro MT so far but after reading your guys' replies now I am actually thinking about declaring it in my country as dividends. I think I have to risk it.
 
#19
Yaneek said:
The problem is not the bank but the IRS (the IRS equivalent in my country where I have to declare the money and pay the taxes).
=============
Also what do I tell them, what is my connection to the offshore company? DO I tell them that I am the actual beneficial owner (this way they may say that the company was actually controlled from my country and I did everything wrong so far) or do I just tell them that I am just a shareholder?
BTW I have a nominee director.

I was very pro MT so far but after reading your guys' replies now I am actually thinking about declaring it in my country as dividends. I think I have to risk it.
Click to expand...

If you have a Nominee, then say that you was a shareholder and now the company is dissolve so you just touch the money of your share as dividend.

But you have to know that in EVERY scenario you will submit to your bank when they will ask question, you need to prepare the proof of your story. The most important thing that I have learn from a friend who is taxe inspector in France is :

" If you want to avoid to pay taxes, prepare your scenario and create proof of your story in case you go to court WHEN you start it. "

In your case you have to handle only one risk : that MT or your bank blocked your money.
So you have to ask yourself the following question : with which one it will be easier to deal with ?

If you ask me, I will choose the bank that I can reach in real and who are in my physical jurisdiction (in case I need a lawyer).
 
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