In the competitive fintech and payments space, the ability to accept debit card deposits is increasingly a must-have. Whether you are a licensed Electronic Money Institution (EMI), Payment Institution (PI) or a fintech with regulatory approval, offering card deposit capability unlocks growth—allowing customers to fund accounts quickly, pay merchants, or top up wallets using their debit cards. Why Debit Card Deposits Matter for Licensed Institutions Speed and convenience for the end user. Debit cards are familiar, friction-low and often more accessible than bank transfers—ideal for account deposits, wallet top-ups and merchant funding. Competitive differentiation. Many traditional EMIs/PSPs limit deposit options to bank transfers; offering card deposits gives you an edge in attracting clients. Improved liquidity and transaction volume. Card inflows typically are immediate, which improves cash-flow, enables instant crediting of customer accounts and supports real-time services. Cross-sell and customer stickiness. When you enable card deposits, you open opportunities for additional services (payments, forex, wallets) and improve customer retention. But enabling this capability isn’t simply a matter of integrating a card processor. For a regulated institution it involves risk frameworks, licensing alignment, compliance architecture, partnerships and operational robustness. Align with Your Regulatory Licence & Risk Profile Since you’re a licensed institution, your card deposit solution must fit your regulatory status: Verify that your licence (EMI, PI, e-money, etc) allows deposits or funding instruments via cards. Some licences might permit top-ups but class them as “payment services” not deposits. Check whether you’re defined as a deposit-taking institution — a category which may trigger banking-type regulation. Accepting large card deposits may raise regulatory questions if your licence was only for payment initiation. Update your risk appetite and internal policy to reflect card deposit inflows: this includes considering card-scheme rules, merchant-acquirer risk, chargebacks/fraud, customer funding flows and AML/KYC coverage. Map your business model: Are you funding customer wallets, merchant accounts or accounts for end-users? The model will affect how you present your case to regulators and banking/acquirer partners. Establish Card-Acquirer/Processor Partnership & Technology To accept debit card deposits, you’ll need a card-acquirer or card-processing partner, plus the technical integration and operational flow. Select a card acquirer/processor experienced with EMIs/PSIs and deposit-type funding flows (some only support purchases rather than funding). If you would like to get an up to date list of acquiring banks that work with FI's, fill out our contact form and we will send it to you by email. Define deposit flows : For example: end-user uses debit card → card scheme authorisation → processor settles funds → you credit user account (wallet or ledger) minus fees/fraud margin. Tech stack & integration : You’ll need secure card tokenisation, PCI-DSS compliance if handling card data, integration with your ledger/accounting system, real-time deposit crediting, reconciliation, reporting & chargeback handling. Deposit vs purchase classification : Card schemes sometimes distinguish between “merchant purchase” and “funding/credit” flows; classification may affect chargeback rights, scheme rules, settlement terms and your risk profile. Settlement timing & fees : Understand how soon funds are settled (T+0, T+1), what fees apply (interchange, acquiring, card scheme fees) and what net you receive. Build this into your pricing and financing model. Compliance, Fraud & Chargeback Risk Management Card deposits carry distinct risk vectors compared to bank transfers—fraud, chargebacks, stolen cards, friendly fraud, and funds-origination issues (money-laundering risk). Key controls include: Strong KYC/AML onboarding for depositors: card funding can allow bad actors to fund accounts quickly—so ensure identity validation, source of funds checks and ongoing transaction monitoring. Transaction monitoring and velocity checks : For example, block accounts that receive large card deposits immediately followed by withdrawal or transfer out — a classic layering behaviour. Chargeback and retrieval handling : Cards grant card‐holders rights to dispute transactions; if funding is reversed, you must have a process to recover amounts or manage losses. Build chargeback reserves. Fraud prevention tools : Use real-time fraud detection (e.g., stolen card checks, BIN screening, device fingerprinting), and set thresholds for “high-risk” deposit patterns. Safeguarding of funds : For EMIs, ensure that card-funded customer deposits are safeguarded according to your regulatory requirement (e.g., placed in segregated accounts or protective funds) so you remain compliant. Regulatory reporting : Depending on jurisdiction, large card deposits may trigger suspicious transaction reports or require threshold monitoring. Ensure your compliance team is ready. Operational Flow, Accounting & Reconciliation Once card deposit capability is live, ensure your operations and finance teams have robust processes: Real-time deposit crediting : Map out how the card settlement feed reaches your ledger: time lag, net amount, fees deducted, chargebacks expected. Users expect near‐instant account crediting. Fee & interchange pass-through or absorption : Decide whether users are charged card deposit fees or you absorb them; reflect this in your product pricing and marketing. Accounting classification : Card deposits must be treated according to your business model (e.g., customer liability, wallet balance) and reconciled daily. Audit trail & documentation : Ensure you maintain a clear trail linking card authorisation → settlement → ledger credit → user notification. This helps with both internal audit and regulator scrutiny. Exceptions & recovery processes : Plan for failed settlements, chargebacks, reversed funding and user claims. Define how funds are handled (e.g., un‐settled, in suspense ledger). User communications : Clearly disclose funding times, fees, chargeback risk, refund policies and how deposits are credited. Strategy, Pricing & User Experience As a regulated institution enabling card deposits, you can turn this into a strategic advantage: Offer promotional funding offers : For example, lower fee tiers for card funding, or bonus credits for first-time deposits (subject to risk controls). Multi-rail funding options : Combine card deposits with bank transfers, crypto top-ups, local bank in-flows to give users flexibility and hedge your cost of funds. Global reach : With card schemes you can reach users in many geographies—beneficial for international wallet services. Ensure your acquirer supports cross-border card funding. User trust & branding : Emphasise your licence, safeguarding, instant funding—these reassure users in regulated markets. This is especially relevant given how fintechs and EMIs are competing for deposits. Cost management & profitability : Card funding has higher cost than bank transfers (interchange, acquirer fees) – build margins or cross-sell to offset. Monitor ROI on card funding channels. FAQ – Enabling Debit Card Deposits for Licensed Financial Institutions Q1: “How can a licensed payment institution accept debit card deposits without changing its regulatory licence?” A licensed institution (such as an EMI or PI) can accept debit card deposits by structuring the funding as a payment service rather than deposit-taking, aligning with its licence scope. It must partner with a card acquirer/processor that supports “top-up” or “funding” flows. Q2: “What documentation do regulators expect from an EMI that wants to start card-funding from clients?” Regulators will expect a clear business plan showing deposit volume projections, the card-funding flow, partner/acquirer agreements, fraud/chargeback risk controls, KYC/AML onboarding processes, safeguarding arrangements (if applicable), operational controls for reconciliation and reporting, as well as disclosure to consumers. Q3: “Which card-acquirer requirements should a regulated institution check before enabling debit card deposits?” Key requirements include: the acquirer’s ability to process “funding” (not just purchases), settlement timing (T+0 or T+1), fee structure for deposit flows, chargeback handling, integration via API or gateway, PCI-DSS compliance, transparent reporting, visibility on fraud metrics, and alignment with your licence’s risk profile. Q4: “How do chargebacks and fraud risks differ when accepting debit card deposits for a regulated wallet service?” Debit card deposits introduce risk vectors: stolen or cloned cards, friendly fraud (where the cardholder disputes “funding” transactions), rapid funding then withdrawal, and layering for money-laundering. A regulated wallet service must track funding flows, implement fraud screening (BIN checks, device fingerprinting, velocity rules), hold charge-back reserves, and monitor unusual patterns. Q5: “Can non-resident customers fund my regulated wallet via debit card from any country, and what issues arise?” Potentially yes, but you must consider: the card-issuer’s country restrictions, acquirer risk appetite for cross-border cards, card-scheme rules for funding flows. Q6: “How can I estimate the cost of offering debit card deposits and ensure it’s profitable as a regulated institution?” Estimate the cost by calculating interchange fee + acquirer fee + chargeback cost + settlement delay cost + fraud reserve. On the business side, model the volume of deposits, average size, anticipated charge-back rate, and user retention uplift. Then estimate revenue uplift from faster onboarding, improved wallet top-ups or cross-sell. Ensure your margin covers the incremental cost and risk of card funding. Q7: “What checks should I perform with a potential acquirer if my institution is licensed in one jurisdiction but wants to accept global debit card deposits?” Ask: Does the acquirer support cards from the jurisdictions you target? Are there restrictions on issuing banks by country? What is the settlement currency and timing for each region? Are card-funding flows compatible with your wallet product and regulatory licence? Are there additional AML/KYC/sub-country-risk layers for cards issued in certain countries? What are the fees/costs for cross-border funding? What is the acquirer’s experience with regulated entities (EMIs/PSIs)? Conclusion For licensed financial institutions—EMIs, PIs and fintechs—enabling debit card deposits is no longer optional; it’s a strategic imperative. Done right, it opens up fast, user-friendly funding, drives growth and strengthens your positioning in a crowded market.

How to Get SWIFT Capabilities (BIC) for a Fintech or EMI Account In today’s global finance environment, fintechs and electronic money institutions (EMIs) must offer seamless cross-border payments and multi-currency rails. One pivotal step is obtaining access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network and getting a unique Business Identifier Code (BIC). That lets your institution communicate with banks worldwide and send/receive international payment instructions. But how exactly do you achieve this? Why SWIFT / BIC access matters for fintechs & EMIs A BIC (also known as a SWIFT-code) is defined under the ISO 9362 standard and uniquely identifies a financial institution on the SWIFT network. For fintechs/EMIs, direct or indirect access to SWIFT means you can send/receive MT / ISO 20022 messages, reach 11,000+ institutions globally, and enable international wires, correspondent banking & settlement capabilities. Without SWIFT connectivity (or via weak routing), you may suffer delays, higher costs, limited currencies and friction-for clients. While an EMI can become a direct member of SWIFT, it cannot independently clear SWIFT transactions without a correspondent banking partner. If you would like to get an up to date list of best clearing bank partners for EMI's and Fintechs, fill out our contact form and we will send it to you by email. Determine your business model & licensing fit Before you even apply for a BIC or SWIFT membership, clarify your business structure: Are you operating as an EMI (Electronic Money Institution) or Payment Institution (PI) in your jurisdiction? Understanding your regulatory licence is key because SWIFT membership expects financial infrastructure, compliance and risk controls to be in place. Do you intend to hold client funds, issue e-money, or simply facilitate payment transfers? A true EMI licence often aligns better with full SWIFT capability. Choose a jurisdiction capable of supporting your licence and infrastructure: some countries are fintech-friendly and have streamlined EMI licences, which in turn make SWIFT access easier. Map your geographies, currencies and correspondent banking needs. The broader your ambition (multi-currency, many corridors), the more rigorous your SWIFT readiness must be. Build operational readiness and compliance framework SWIFT membership isn’t plug-and-play. You’ll need to satisfy operational, technical and compliance requirements. Governance & compliance: SWIFT requires institutions to adhere to its security and operational controls (for example, its Customer Security Controls Framework). Risk, AML/KYC protocols: Your FI must demonstrate strong governance of customer funds, anti-money-laundering programmes, transaction monitoring, audit trails, and a robust compliance team. Safeguarding client funds: Especially as an EMI, funds segregation, safeguarding rules, capital requirements and readiness to support reconciliations matter. Need a safeguarding bank, reach out to us for a list of safeguarding banks in the EU. Technology & infrastructure readiness: You’ll need SWIFTNet connectivity, messaging stack (FIN/ISO 20022), secure network links, firewall controls and testing capabilities. Correspondent banking capability: As noted above, simply being on SWIFT doesn’t guarantee settlement — many fintechs/EMIs must partner with correspondent banks to clear funds globally. Business plan & liquidity/capital proof: You will likely need to show projected volumes, risk controls, settlement flows, currency mix and backup plans. This is often part of the SWIFT membership application or your banking partner’s due diligence. Apply for SWIFT membership and obtain your BIC Here’s the operational sequence: Register your entity with SWIFT — Submit your application, corporate details, licence evidence, governance documents and specify the services you need (e.g., MT103, MT202, ISO 20022). Obtain BIC code — SWIFT assigns you a unique BIC that will identify you in global messaging. ISO 9362 outlines how BICs are structured. Connect infrastructure — Set up SWIFTNet link, configure software, security controls, message formatting, and integrate with your internal payment systems. Testing is rigorous. Test on-network — You will need to run test messages, connect to counterparties, show your system works end-to-end (e.g., send/receive MT103, ISO 20022 messages) and undergo SWIFT audit. Go live — Once approved and tested, you’re live on the network, able to send/receive messages internationally. At this stage you need your correspondent banking setup for settlement. Ongoing compliance & audit — SWIFT expects member institutions to maintain controls, submit annual attestations, keep infrastructure secure and follow messaging standards (MT/ISO 20022). Establish correspondent banking and settlement links For fintechs/EMIs, gaining SWIFT messaging is only half the equation. You must ensure the funds can actually move and settle globally: Identify tier-1 correspondent banks in the currencies/regions you serve (USD, EUR, GBP, etc.). These banks will clear your messages and funds. Negotiate correspondent banking agreements: this includes account opening, liquidity requirements, fees, risk clauses. Align your BIC and operational flows so your fintech/EMI sits properly in the chain (sender → your institution → correspondent → beneficiary bank). Monitor fees, turnaround times, routing complexity. Many fintechs face delay or elevated costs if they rely on weak correspondent chains. Consider multi-rail strategy: In addition to SWIFT, integrate APIs, faster-payments rails, local clearing so you’re not solely relying on SWIFT for every corridor. Manage costs, timelines & risks Costs: SWIFT membership involves onboarding fees, annual membership, connectivity fees, and message usage fees. Additional tech/integration costs are significant. Timeframes: From readiness to go-live may range from 6-12 months (or longer) depending on jurisdiction, regulatory complexity and bank partnerships. Risk factors: Correspondent banking relationships may be fragile (bank de-risking), regulatory changes can impact cross-border flows, technology outages raise service risk. Service level commitments: As an EMI or fintech using SWIFT rails, you must deliver reliability to your clients — downtime, bad routing or delays undermine trust. Best Practices for Fintech/EMIs Getting SWIFT Capability Start early with correspondent banking strategy. Don’t wait until after your BIC is issued. Choose a jurisdiction with fintech-friendly regulation but strong compliance standards to support credibility. Scale your infrastructure modularly. Consider SWIFT partner vendors or managed services if you lack deep inhouse resources. Document thoroughly. Internal policies, audit trails, message flows, business continuity planning — these are often scrutinised. Monitor performance post-go live. Track message quality (MT103/202 rejects), latency, fees and client feedback. Stay on top of messaging standards. The global move to ISO 20022 means you should be ready for format shifts and new rails. Educate clients. Explain to your users how their funds move, what SWIFT means, what fees and timing to expect — transparency builds trust. FAQs — Getting SWIFT Capability (BIC) for Your Fintech or EMI 1. How long does it take for a fintech or EMI to get a BIC and go live on SWIFT? The process can take anywhere from 6 to 12 months, depending on your jurisdiction, licensing readiness, and correspondent banking relationships. 2. Can a fintech just “buy” a BIC and start sending international wires? No — obtaining a BIC alone doesn’t grant settlement rights. It only provides messaging capability on the SWIFT network. To move funds, your fintech or EMI still needs correspondent banking relationships and full operational infrastructure for payment clearing, compliance, and reconciliation. 3. What happens if I use the wrong BIC code when sending a wire? Using an incorrect BIC can lead to rejected or delayed transfers. The SWIFT code functions like a routing address. If it’s wrong, funds might be returned or misrouted, even if the account number is correct. 4. Does having APIs or local payment rails mean I already have SWIFT access? Not necessarily. Many fintechs operate on embedded banking APIs or local clearing rails but lack direct SWIFT membership. 5. What drives the cost of SWIFT access for EMIs? Major cost drivers include SWIFT membership and message usage fees, technology setup (secure connectivity, software, firewalls), compliance audits, and correspondent bank relationships. 6. Does having a BIC guarantee faster or cheaper payments? A BIC improves credibility and direct control, but payment speed and cost still depend on the correspondent bank chain and routing path. 7. What compliance issues should fintechs and EMIs be aware of? Fintechs must maintain robust AML/KYC frameworks, strong audit trails, and proper documentation of cross-border flows. Weak governance, unclear payment purposes, or insufficient controls can cause application delays or rejections. 8. Do I need a bank license to get a BIC or use SWIFT? Not always. EMIs and Payment Institutions can apply for SWIFT membership if properly regulated in their jurisdiction. However, they must still meet SWIFT’s institutional standards. 9. If I use a partner bank for SWIFT access, do I need my own BIC? If your fintech operates under a partner bank’s infrastructure, you can initially use their BIC for routing. However, obtaining your own BIC later gives you independence, better control over messaging, and stronger brand presence on the network. 10. How should I maintain my SWIFT setup after going live? Ongoing maintenance includes monitoring message quality, ensuring security patches, conducting annual compliance attestations, managing correspondent risk, and regularly auditing systems.

In this detailed blog post, we’ll explore exactly how global business accounts can wire funds to China, what “supporting CNY” really means, what regulatory and operational hurdles to expect, and what you should ask your bank or service provider. If you’re a treasury, finance manager or business owner working from (or with) China, this guide is for you. What Does “Sending Wires to China” Actually Involve? When we say “send wires to China”, here’s what typically happens: Your business initiates a cross-border wire transfer from a bank or financial service provider (in USD, EUR, GBP or other currency) to a beneficiary bank account in the People’s Republic of China (PRC). The receiving bank in China deposits the funds into the Chinese bank account of your vendor, subsidiary, or partner. The crucial question: can you send funds directly in Chinese Yuan (CNY/RMB) rather than converting into USD and then to CNY? If yes, your account “supports CNY”. Outcome: funds arrive in China smoothly, beneficiary receives CNY (if your provider supports that), and the transaction meets Chinese cross-border regulatory requirements. Numerous money-transfer platforms confirm this model. Fill out our contact form and we will send you an up to date list of such providers by email. What “Support for CNY” Means (and Doesn’t Mean) Support for CNY is sometimes misunderstood. Here’s a breakdown: What it can mean: The sender initiates the transfer in your local currency (e.g., USD, EUR) and your provider automatically converts it into CNY and deposits into a Chinese bank account. The sender holds or uses a CNY-denominated account or wallet (less common for non-residents). The beneficiary receives funds and credits in CNY — so no further conversion for them. The provider supports Chinese domestic clearing codes (CNAPS) and local bank network integration. According to Wikipedia, “CNAPS code is mandatory for all CNY transfers within China.” What it doesn’t automatically mean: That your business has a full-scale CNY bank account as a non-resident in China. Many global banks still require on-shore presence or local licensing for such accounts. That there are no limits or documentation requirements. Chinese regulators have strict controls. For example, due to Chinese regulations, only individuals with a Chinese National ID card and business recipients with a CNY-denominated account in Mainland China can receive CNY. That the transaction cost is minimal: exchange rate mark-ups, fees and regulatory overhead may apply. That every bank globally supports CNY wires or upstream banks won’t impose additional conditions. Some banks may restrict wires to China for compliance or regulatory risk reasons. Key Requirements and Hurdles for Wires to China & CNY Support Regulatory and documentation requirements: The beneficiary in China typically needs a CNY-denominated bank account in Mainland China if you want CNY delivery. Without it, the funds may be forced into USD or another currency. Non-resident business sending from abroad must provide documentation of purpose of payment, nature of the relationship (supplier, service provider, subsidiary), and may face scrutiny by the Chinese bank and intermediary banks. Chinese domestic clearing system uses CNAPS codes (China National Advanced Payment System codes) for bank branch identification. Errors or missing codes can delay transfers. Many banks impose transaction and annual limits for cross-border CNY transfer. For example, a platform allows “unlimited” business bank transfers to China, but subject to sender currency and intermediary bank rules. Banking and intermediary considerations: The sending bank or service provider must have connectivity and relationships with Chinese banks (either via SWIFT/telex, or local partner banks). Some banks may route through an intermediary (correspondent bank) which may impose additional fees or require compliance checks — increasing cost and complexity. Choose your provider carefully: some fintechs and international banks offer “wire to China in CNY” more seamlessly, while general non-specialist banks might reject or delay such transfers. Exchange rate sense & cost: Even if the provider supports CNY, you may incur exchange rate mark-ups , conversion fees, or intermediary bank fees. Delivery speed varies: for example, via some services funds may arrive “within minutes” to major banks in China when using mobile wallets or optimized networks. Limitations and risk factors: It may not be possible to hold a CNY-account as a non-resident without local Chinese presence or regulatory compliance. Thus “support for CNY” often refers to receiving in CNY by your Chinese beneficiary, not you holding a Chinese bank account. Regulatory changes: Chinese cross-border rules can change, which may affect how easy/favorable it is to send or receive CNY. Beneficiary mismatch or incorrect details (especially CNAPS branch code) can delay or reject the transfer. Compliance risk: both sending bank and Chinese bank will review suspicious activity, purpose of funds, especially for amounts that trigger scrutiny. How Your Business Can Send Wires to China (and Possibly in CNY) Here’s a practical roadmap you can follow: Confirm your banking provider supports outbound wires to China and CNY conversion. Ask: “Can I send funds to a Mainland China bank in CNY?” Obtain beneficiary bank details : beneficiary name as per Chinese bank record, bank name, branch, account number, plus CNAPS code (12 digits) for the branch. Provide payment purpose / reason : Many Chinese banks will require a valid commercial or service purpose code (e.g., payment to vendor, subsidiary funding). Prepare invoices or contract documentation if needed. Choose currency for the sending leg : If your provider allows it, send in your home currency (USD/EUR/GBP), and let them convert to CNY for delivery. If not, ask about conversion options and comparative fees. Check cut-off times & intermediary banks : Ask your bank what cut-off time for receiving wires into China is, what intermediary (correspondent) banks are used, and whether any additional fees apply. Initiate the wire, include full details : Use the correct SWIFT instruction, bank details, purpose, CNAPS code, and any reference numbers your beneficiary needs. Track the transfer : Confirm with your beneficiary when funds arrive; if delays occur, provide your sending bank with the SWIFT/MT103 tracking number. Document the transaction : Keep copies of the wire instruction, exchange rate applied, fee breakdown, and beneficiary confirmation. This is especially important for your internal audit, tax and compliance departments. Review afterwards : Evaluate cost, speed, and any issues encountered. Consider alternate providers if your experience was sub-optimal. Why Some Providers Might Say “No” or Limit CNY Wires Here are some common reasons you might encounter obstacles: Your bank doesn’t have a direct Chinese bank partner or correspondent chain that supports CNY delivery. The beneficiary’s Chinese account is not a CNY-denominated account (e.g., it’s USD or offshore). Without a CNY account, your provider may only deliver USD or HKD instead. Insufficient documentation supporting the purpose of payment, raising regulatory red-flags. Transaction or sender is high-risk (e.g., new entity, unusual volume, unknown counterparty) – banks may decline or ask for additional checks. Your business is in a sector that Chinese authorities monitor more closely (e.g., cross-border services, royalties, intangible asset payments) which triggers extra scrutiny or limitations. Some providers only offer limited corridors or currencies for certain countries; China is often one of the more tightly regulated destinations. Business Benefits of Having CNY Transfer Capability Why go through the effort? Here are some key advantages: Direct CNY payments mean your Chinese recipients don’t need to convert from USD/EUR into CNY, reducing their cost and risk of exchange rate movement. If you have a China-based vendor or subsidiary, paying in CNY might reduce friction and increase trust/speed in settlement. Streamlines your treasury operations: you don’t need to hold foreign currency, convert and then send — you can send directly via one provider. Competitive advantage: if you can offer CNY settlement while others cannot, you may create better supplier relationships or better pricing. Control and transparency: performing the full wire via your provider gives you full audit trail rather than relying on intermediaries. Checklist: What You Must Ask Your Bank/Provider Before Sending to China Does your account support outbound wires to Mainland China (not just Hong Kong)? Are wires allowed in CNY or only USD/EUR? What are the cut-off times, fees, correspondent banks used, delivery expectations? Do you support CNAPS codes and accept full Chinese domestic bank details? What documentation do you require for business payments to China (invoices, purpose codes, contracts)? Do you impose sender or transaction limits for CNY wires? If you send in USD or EUR, what is the exchange rate/markup when converting to CNY? How do you handle compliance and AML checks for wires into China? Will the beneficiary need any additional information or local Chinese approval for receipt? How is the payment tracked, and what happens if funds are delayed or rejected? What Should You Do Next? If your business hasn’t yet confirmed its capability to send wires to China in CNY, now is the time to act: Reach out to your bank or payment provider and ask the specific questions in the checklist above. Pilot a small test transfer (e.g., USD 10,000 equivalent) to a trusted Chinese recipient in CNY and document the process, cost and time taken. Document your internal process : wire initiation, exchange rate, fees, purpose of payment, beneficiary details — this will ease audit and compliance review. Compare alternative providers (bank vs fintech vs specialist service) for cost, speed and reliability of CNY wires. Train your finance/treasury team on the requirements for China wires (CNAPS codes, purpose of payment, documentation) so future transfers run smoothly. Review your contracts with Chinese vendors : if you can offer or require CNY settlement, negotiate this upfront — it may offer cost savings or smoother operations. Final Thoughts Sending wires into China and supporting CNY is absolutely feasible for business accounts — but it requires the right infrastructure, documentation, and provider relationships. Many firms stumble because they assume it’ll be just another wire — only to discover missing codes, unexpected fees or rejected transfers.

You don’t need an EU-registered company to get an account that can send/receive SEPA payments. Many EU-licensed Electronic Money Institutions (EMIs) and online banks onboard non-resident individuals and foreign-registered businesses. Why SEPA? (and why you can do this without an EU company) SEPA makes euro transfers work across 40+ European countries much like domestic payments—same format, low cost, fast settlement. It covers EU members plus several non-EU countries (e.g., UK, Switzerland, Norway, etc.). You only need an account at a SEPA-reachable provider; the legal entity behind the account can be an individual or a non-EU company. There are two core rails to know: SEPA Credit Transfer (SCT): the standard “next-day” euro transfer. SEPA Instant Credit Transfer (SCT Inst): funds typically arrive in <10 seconds, 24/7/365, up to scheme caps. The EMI route (the easiest path) Electronic Money Institutions (EMIs) are regulated EU/EEA providers that can issue e-money, hold client funds in safeguarded accounts at partner banks, and provide payment accounts with IBANs. Many EMIs passport services across the EEA and are set up to onboard non-residents digitally. For SEPA access without incorporating in Europe, EMIs are your best bet. How EMIs differ from banks Safeguarded, not insured: Customer funds are segregated in safeguarding accounts (not traditional deposit insurance). Feature set: Payments, IBANs, cards, FX, sometimes “virtual IBANs” for reconciliation. Risk appetite: Often stricter on certain industries (gambling, adult, some crypto models, cross-border cash businesses). How to get a SEPA account as a non-EU individual or foreign company? Define your use-case and flows: Map who pays you, ticket sizes, monthly volume, countries. Providers will ask; being concrete speeds approval. Choose the licensing footprint: Favour EMIs licensed in Belgium, Lithuania, Ireland, the Netherlands, Luxembourg, or other SEPA hubs with strong instant-payments reach such as UK for example. Prepare KYC/KYB Individuals: Passport, proof of address, source-of-funds (SoF), source-of-wealth (SoW), tax info. Companies (non-EU): Formation docs, UBO registry, director IDs, proof of trading address, contracts or invoices showing euro flows, website, and a compliance narrative.EMIs must follow PSD2/EBA authorization guidelines, so expect detailed questions—have answers ready. Apply online + video KYC: Complete the application, upload documents, and be responsive to clarifications (they’re normal). Activate SEPA + test payments: Once your EU IBAN is issued, send a small inbound/outbound SEPA payment. Confirm counterparties if they see your name correctly and that the EMI appears SEPA-reachable in their banking interface. Smart provider checklist for SEPA account Virtual IBANs for reconciliation: If you collect from many payers (marketplaces, SaaS, affiliates), per-payer virtual IBANs can automate reconciliation. Compliance comfort with your model: Share your flows up front. High chargeback ratios, cash-intensive business, or certain crypto models may be declined. Named accounts vs pooled: Prefer named IBANs over pooled references when possible (reduces reconciliation risk). Local direct debits (SDD): If you need to pull funds (subscriptions), confirm SEPA Direct Debit capabilities and mandate management. FX rails & cards: If you’re also moving other currencies - check mid-market FX, card or account management fees. Support & SLAs: 24/7 support matters if you rely on fast settlements for operations. Mass Payouts: many EMIs offer automated mass SEPA payouts for efficiency. If you would like to get an up to date list of Best EU EMIs for SEPA Account, fill out our contact form and we will send it to you by email. Individuals vs foreign companies: what to expect Individuals (freelancers/digital nomads): Pros: Fast onboarding, personal IBAN, instant payouts from EU marketplaces/employers. Watchouts: SoF/SoW scrutiny (crypto windfalls, cash savings, or complex investments need documentation). Foreign companies (US, UK, UAE, etc.): Pros: Can collect from EU clients in EUR with local IBAN; invoice like a local. Watchouts: KYB depth is higher. Provide customer lists, contracts, sample invoices, and explanation of your typical EUR corridor. Some EMIs may require EU presence for card acquiring or SDD. Don’t let anyone refuse your non-local IBAN (IBAN discrimination) If a payroll dept or utility refuses your non-local SEPA IBAN (e.g., “we only take DE IBANs”), that’s IBAN discrimination and not permitted under SEPA rules. Direct them to the European Commission’s page and, if needed, file a complaint with the relevant national authority. Keep a short, polite template email with the official reference handy. SEPA, Instant, and cut-offs—what matters day-to-day SCT (standard): Typically same-day/next-day depending on cut-off times and weekends. SCT Inst (instant): 24/7/365, funds available in ~10 seconds if both sides are reachable. If a counterparty’s bank isn’t instant-enabled or amount exceeds their internal cap, the payment will fall back to standard SCT. Typical documents you’ll need (and how to pass compliance smoothly) Government ID + liveness/video check Proof of address (utility bill, bank statement—recent) Source of funds/wealth (employment contracts, payslips, tax returns, sale agreements, cap table, bank statements) For companies: Certificate of incorporation, registers (directors/UBOs), ownership tree, recent financials, website & product demo, sample invoices/contracts, compliance memo explaining use-cases and counterparties (by country, amounts, purpose). Optional but powerful: Transaction map diagram showing flows (payer → your IBAN → onward payments). Why this matters: EMIs are bound by PSD2/EBA guidelines and local AML rules—clear, consistent documentation reduces back-and-forth and speeds approval. Pricing & limits (how to estimate) Account fees: Some EMIs are free for basic accounts; others charge monthly. Transfers: Inbound/outbound SEPA is often low-cost; SEPA Instant may carry a per-payment fee. FX: If you convert out of EUR, expect a FX spread . Limits: Initial caps on daily/monthly volume until you build history. Share realistic forecasts to set higher limits early. High-risk flags that slow or block onboarding Cash-heavy flows, opaque counterparties, complex corporate layers Card-not-present chargebacks or MLM/affiliate patterns without controls Crypto: Many EMIs serve crypto-adjacent (e.g., software, analytics), but on/off-ramping and exchange activity face extra scrutiny. Bring VASP registrations, blockchain analytics/KYT procedures, and exchange relationships if relevant. FAQs Do I need an EU address? Not necessarily. Some EMIs accept non-EU proof of address. Will a “LT/BE/NL” IBAN be accepted by my French or German counterparty? Yes—IBAN discrimination is prohibited. If refused, share the EU guidance and escalate to the national authority. Is SEPA Instant mandatory? Legislation is pushing broader instant coverage and parity; meanwhile, treat SEPA Instant as a selection criterion when choosing providers. Are EMIs safe? They safeguard client money at credit institutions (ring-fenced), but this is not deposit insurance. Evaluate safeguarding disclosures and partner bank quality. Final word Getting SEPA access without forming an EU company is absolutely feasible —EMIs are built for this.

Online casinos, sports betting sites, and gaming platforms thrive on the ability to accept card payments from players. Implementing card processing for gambling businesses, however, is not as simple as plugging in a payment gateway. Gambling is categorized as a high-risk industry, and both banks and card networks impose strict rules on Visa/Mastercard transactions in this sector. Understanding MCC 7995 and High-Risk Underwriting One of the first things a gambling merchant will encounter is the special merchant category code – MCC 7995. This code is designated for betting, casino gaming, lotteries, and other gambling transactions. Being tagged with MCC 7995 instantly signals banks and card networks that the business is high-risk. In fact, Visa and Mastercard apply higher interchange fees and monitoring to MCC 7995 merchants due to the elevated risk profile. Operators should be aware that every Visa/Mastercard transaction will carry this code (or a related gambling code) and plan accordingly. Why does MCC 7995 matter so much? It affects how transactions are processed and approved: Bank decline rates: Many issuing banks auto-flag or decline MCC 7995 charges to protect themselves or due to local regulations. This leads to high decline rates for card deposits in some regions. (For example, U.S. banks historically declined many online betting transactions, and even as states legalize betting, some banks still refuse MCC 7995 charges). Card network rules: Card schemes require that online gambling merchants be properly licensed and categorized. Mastercard, for instance, mandates a gaming license and classification under MCC 7995 for real-money gambling sites. Visa has similar expectations, although in some cases unlicensed gaming might be shoehorned under other codes like 7994/7999 (gray area, not advised). Higher fees and reserves: Acquiring banks often impose higher discount rates (processing fees) for MCC 7995 merchants to offset risk. They may also hold a rolling reserve (e.g. 5-10% of turnover) as a buffer against chargebacks. Visa/Mastercard themselves charge acquirers premium assessment fees for high-risk categories, which get passed to the merchant. During underwriting, gambling operators should be prepared for intense scrutiny. The acquiring bank’s risk team will evaluate the business’s license, financial stability, ownership background, and risk management processes. A history of excessive chargebacks or any hint of fraud is a red flag that can lead to denial. Onshore Card Processing: Pros, Cons, and Use Cases Onshore card processing refers to using acquiring banks and merchant accounts located in your primary operating country (or at least within the same region). For example, a UK casino using a UK-acquiring bank, or a U.S. sportsbook using a U.S. domestic payment processor, would be onshore. Choosing an onshore strategy offers clear advantages, as it ensures regulatory compliance by operating under domestic financial regulations, which boosts credibility with both regulators and customers who value familiar banks and local oversight. Processing payments locally also means transactions settle in the native currency, eliminating conversion fees, simplifying accounting, and allowing direct access to domestic payment networks such as instant transfers and local debit systems. In addition, keeping transactions within one country reduces the complexity of cross-border payments and often lowers the perceived fraud risk, since banks tend to view transactions as safer when the merchant, customer, and financial institutions are all based in the same region. Despite the advantages, onshore processing for gambling poses major challenges, starting with strict underwriting, as many domestic banks reject high-risk merchants like online gambling operators altogether, while those that do accept them impose rigorous due diligence and higher fees. Onshore accounts are also limited by jurisdiction, meaning operators can only serve players within that country’s regulatory framework; expanding globally would require obtaining multiple licenses and accounts across different regions. Additionally, regulatory restrictions on card usage further complicate matters—such as the UK and Australia banning credit cards for gambling, or the fragmented U.S. system where approval depends on state laws and even then some banks still decline transactions. These obstacles often result in lower card acceptance volumes than expected, forcing operators to maintain alternative payment methods. Offshore Card Processing: Pros, Cons, and Use Cases Offshore card processing involves setting up your merchant account and company in a foreign jurisdiction outside your main market. Common offshore processing hubs for online gambling include places like Curaçao, Isle of Man, Malta, Gibraltar, Kahnawake, and others known for gaming-friendly regulations. Many online casinos historically chose offshore strategies to navigate around strict laws or banking refusals in their target markets. Key advantages of an offshore approach are: Easier approval for high-risk merchants: Offshore acquiring banks and processors are generally more willing to board gambling businesses. These banks operate in jurisdictions where online betting is an established industry, so they have frameworks to manage risk without outright rejecting the merchant. If your domestic banks have turned you away, an offshore gambling merchant account can be a lifeline. Contact us for a list of offshore merchant account providers. Global reach and multi-currency support: Offshore accounts often support a wide range of customer geographies and currencies. For example, an offshore provider might allow you to accept players from Europe, Asia, and the Americas under one umbrella, offering payments in USD, EUR, GBP, etc. Many offshore merchant accounts come with multi-currency processing and currency conversion built-in. This flexibility is crucial if you operate in multiple countries or “gray markets” that lack local payment options. Of course, going offshore is not a free ride; it comes with downsides and risks: Regulatory and reputation risks: Operating from an offshore haven can attract extra scrutiny. Regulators in your key markets may view offshore transactions as attempts to bypass local laws. There’s also a customer trust factor – some players might worry if they see an unfamiliar foreign company name on their card statement. Complex compliance and banking: Managing an offshore corporate structure means dealing with international tax reporting and varying compliance rules. You may need to hire experts to handle multi-jurisdictional AML/KYC compliance. Additionally, moving money across borders (settling your funds from the processor to your own bank account) can be slower or subject to additional compliance checks. Higher processing costs and reserves: Offshore merchant accounts for gambling often come with higher transaction fees or rolling reserve requirements, especially if you are a startup. It’s not uncommon to see discount rates of 4%–6% for card processing via a Curaçao gambling merchant account. Navigating Offshore Jurisdictions (Curaçao, Malta, Isle of Man, etc.) When pursuing an offshore payment strategy, choosing the right jurisdiction for licensing and banking is critical. Here’s a quick guide to a few popular jurisdictions and how they relate to card processing: Curaçao: Long-standing hub for online casinos. A Curaçao eGaming license is relatively fast and cost-effective to obtain, and it allows operation in many markets (except restricted countries) under one license. Many payment processors and acquiring banks are willing to work with Curaçao-licensed operators. However, Curaçao’s regulatory oversight is lighter, so operators must self-impose strong fraud controls to keep banks comfortable. Also, some European banks may be hesitant with Curaçao businesses, so processors might route transactions through intermediary banks in Asia or other regions. Malta: Malta’s Gaming Authority (MGA) is a top-tier license in the EU. A Malta license carries heavy compliance requirements and costs, but in return it grants a strong reputation. Onshore EU processing is much easier with an MGA license – many European acquiring banks readily support Malta-licensed operators under MCC 7995, often at lower fees. If your strategy is to target European customers, Malta is a favorable jurisdiction as it effectively counts as “onshore” for EU-wide payments. Isle of Man: Another reputable jurisdiction, known for robust regulatory standards and attractive tax benefits. Isle of Man licensees can access UK and global markets (with some restrictions) and often enjoy stable banking relations. Card processing through IoM can be efficient, but like Malta, expect thorough oversight. Other Jurisdictions: Gibraltar, Alderney, and Kahnawake (Mohawk territory in Canada) have also been popular for online gambling companies. Emerging options like Anjouan or Nevis are now offering licenses with less red tape, aiming to compete with Curaçao. Each jurisdiction has its pros and cons in terms of acceptance by payment providers. Generally, the more reputable the license (tier-1), the more banking options you’ll have on the onshore side. Merchant Account And Payment Gateway Requirements Whether onshore or offshore, the core requirements to obtain a gambling merchant account are similar. Business and Licensing Documents: These include your gambling license certificate, incorporation documents, board resolution or memorandum of association, and evidence of good standing of your company. Many acquiring banks specifically ask for a copy of the gaming license and company registration as part of the application. Ensure these are up to date and certified if required. Owner/Officer KYC: Every significant shareholder, director, and ultimate beneficiary will need to provide government-issued ID (passport), proof of address (utility bill), and often a personal bank account statement. Background checks will be run to verify there’s no fraud or criminal history. Financial Statements and Processing History: If you’re an existing operation switching providers, have at least 3–6 months of processing statements ready to demonstrate your volume and chargeback rates. New startups won’t have this, so instead provide well-researched financial projections – expected monthly volume, average transaction size, player countries. Payment Gateway Set-up: When setting up a payment gateway for gaming, it’s important to select one that aligns with both your business needs and the bank’s requirements. Key features include multi-currency and global card support to handle different currencies and process Visa/Mastercard payments worldwide with strong approval rates, as well as robust security and compliance through PCI DSS certification and 3D Secure 2 authentication, which helps meet regulatory demands like Strong Customer Authentication and shifts fraud liability away from operators. The gateway should also offer effective fraud management tools such as velocity checks, device fingerprinting, geolocation, and even AI-based fraud scoring for real-time protection against suspicious deposits. While deposits are typically user-initiated, tokenization enables one-click re-deposits for a smoother experience, and recurring billing can support services like VIP memberships. Finally, payout capabilities—particularly card payouts or “push-to-card” withdrawals—are becoming a valuable differentiator, as they allow operators to send winnings directly to players’ Visa or Mastercard quickly and conveniently. Common Challenges in Card Processing Even after you’ve set up card processing, gaming operators must continuously manage several industry-specific challenges. Below we discuss the major pain points: High Charge Back Risk: Online gambling carries a high chargeback risk, often driven by players disputing legitimate losses as “friendly fraud” or fraudsters using stolen cards. To mitigate this, operators should implement 3D Secure on deposits to shift liability and deter fraud, use clear billing descriptors that players will recognize to avoid confusion, and keep detailed transaction records—including player IDs, timestamps, and IP addresses—to support chargeback disputes. Additional safeguards such as chargeback alert services or insurance can provide early warnings and help operators resolve disputes before they escalate, while responsive customer support and straightforward refund policies can defuse legitimate complaints without involving banks. Bank Reluctance: To build stronger relationships, operators should maintain transparency with their acquiring banks, proactively communicating about upcoming promotions or volume spikes to avoid alarming risk teams. Diversifying acquiring relationships is also essential, since relying on a single bank is risky; larger operators often maintain multiple merchant accounts, both onshore and offshore, supported by payment orchestration systems that route transactions across acquirers to improve approval rates and ensure redundancy. If you would like to get an up to date list of best card processors and banks, fill out our contact form and we will send it to you by email. Conclusion Setting up card processing in the gaming industry is essential but complex, requiring a balance between compliance, risk, and global reach. Onshore solutions offer trust and regulatory alignment, while offshore options provide flexibility and access to wider markets. Many operators succeed with a hybrid approach, combining multiple accounts across jurisdictions and using payment orchestration for broader coverage. Ultimately, the key is to stay compliant, transparent, and proactive in fraud management—turning the challenge of high-risk payments into a competitive edge.

If you are looking to open a bank account for your forex company or forex brokerage, then keep reading as we are going to tell you how and where. It is no secret that banks and payment providers regard forex companies as a high-risk industry and do not want to open accounts for such clients. Even if the account is for proprietary operations (utility bill payments, payroll, rent, etc.). Many traditional and digital banks just do not have an appetite for such accounts. Why is it so hard to open a bank account for a forex company/business? Opening a bank account for a forex company is very difficult due to the risks of reverse payments. Forex brokers are notorious for scam activities or inaccurate quotations to scam clients. It is especially a case for B-book brokers that are betting against their clients. Clients who get scammed or feel like they were scammed often ask their banks to reverse their initial deposit payments. Banks and payment companies are basically risking their correspondent relationship when there is a high amount of reversed payments going through them. Therefore, they do not support industries where the number of reversed payments is high. How Does The Licence Of A Forex Broker Affect The Opening Of A Bank Account? Being regulated increases your chances of having a bank account exponentially. Banking providers want to see that your activities are regulated, as it is a risk-reducing factor. However, it matters where your brokerage business is regulated. It is much easier to land a good banking solution if you are regulated in the EU or any other developed market. If you have an offshore licence, like in Mauritius, the Seychelles, the BVI, and so on, it is much harder. Simply because the regulation and supervision are on a different level in the EU than in off-shore jurisdictions. Jurisdiction and Group Structure: Things to Know As mentioned previously, forex companies that are operating in European jurisdictions such as Cyprus, Malta, the UK, etc. are much more likely to obtain banking solutions. Those that are operated from off-shore jurisdictions have more problems getting bank accounts. However, if we are talking about a group structure with multiple licenced and non-licensed entities, it is a different story. Many digital banks wouldn’t onboard an off-shore forex company. Interestingly, if there is at least one entity within the group structure that is within the EU, for example, Cyprus, it changes everything. Digital banks will look to onboard the whole group, starting with the EU entity and later the rest. There are many things to take into account when opening bank accounts for a forex company. If you are looking to open an account for your forex company, reach out to us for more help and a list of banks that can onboard you. Preparing a Strong Bank Account Opening Application We have helped many forex brokers open bank accounts with digital banks that have proper top-tier banking correspondence relationships. It comes down to two things: knowing the bank's client acceptance policy and preparing a strong application. Knowing a bank's client acceptance policy is fairly straight forward; upon contacting any digital bank or EMI, they will happily share such information with you. Preparing a strong application is a demanding task. Banking providers evaluate many things, but there is a list of the most important ones that will be examined with caution. - AML policies and procedures - License - Shareholder and directorship structures - Source of wealth (SOW) - Professional background - Flow of funds chart - Transactions monitoring system and policies - PEP/Sanctions Screening - Wolfsberg's questionnaire - KYC files of company clients - Organisational questions like number of employees, offices, etc. - Client acceptance policy of the broker itself, like jurisdictions, prohibitions, etc. - Certificate of Good Standing - History of banking, such as current bank accounts, closed bank accounts, and reasons for bank account opening with the current application - And more regular requests like company incorporation documents, POAs, etc. Reach out to us for any help required to prepare a strong application for bank account opening. Moreover, if you are looking to open a bank account for your forex brokerage business, contact us for a free consultation or introductions to favourable banks. Safegurading Traders Funds Is a Duty Safeguarding trader funds is a critical responsibility for forex brokers, both to maintain trust and to meet regulatory requirements. Reputable brokers implement segregated client accounts, ensuring that traders’ deposits are kept separate from the company’s operational funds, so they cannot be used for business expenses or exposed to insolvency risks. Many regulators also require brokers to hold client money with tier-one banks and maintain sufficient capital reserves to cover liabilities. Additionally, brokers often adopt negative balance protection to shield traders from owing more than their deposits during volatile market conditions. Some jurisdictions mandate participation in compensation schemes, which can reimburse clients in the event of broker default. By combining regulatory compliance with robust internal controls, forex brokers can provide traders with confidence that their funds remain secure and accessible under all market conditions. We are exclusively working with EU based bank for opening safeguarding accounts for forex business and companies, get in touch for more details. Conclusion All in all, it is not easy but possible to open a bank account for a forex company. If you need help with opening bank account for forex company, reach out to us .

In this article we will talk about how a business can open a bank account in the EU or UK with non-resident owner. Over the past five years, businesses from Asia, Latin America, and the Middle East have continued to expand their presence in the European Union (EU) and the United Kingdom (UK). This expansion has been driven by various factors, including globalisation, trade agreements, technological advancements, changing consumer preferences, and evolving business landscapes. Why Banks Are Unwilling To Open Bank Accounts For Companies With Non-Resident Owners? Businesses looking to expand in to Europe and the UK are driven by investment and acquisition – where a foreign company or person is purchasing or investing into a company based in EU or the UK. Automatically such ownership is seen as non-resident and poses some risk from compliance perspective. Usually it is much harder for the banks compliance team to identify source of wealth that was used to acquire or invest into such business. Many businesses from Asia, particularly China, have been actively investing in and acquiring European and UK companies. This includes sectors such as technology, real estate, automotive, and healthcare. For instance, Chinese companies have been increasingly investing in semiconductor factories in the European Union (EU) in recent years, to enhance its semiconductor manufacturing capabilities and to have easier access to local markets. In addition, the tech industry is one of the most prominent sectors where non-resident founders have thrived. Starting with e-commerce and finishing with SaaS. London, in particular, has attracted a diverse range of tech talent from around the world. However, banks remained reluctant to serve even low risk industries with bank accounts due to the fact that owners are non-residents. Real Estate sector is also buzzing with foreign investments, especially rich Asians looking to own property in major cities such as London, Paris, Amsterdam or even Eastern Europe – Budapest, Hungary. Moreover, businesses from various regions have been investing in renewable energy projects, sustainable agriculture, and green technology startups, aligning with the EU and UK's sustainability goals. As the Europeans are investing into sustainable future, foreign businesses are willing to set-up offices and on the ground activities to full-fill the market demand. The specific industries that thrive with non-resident founders can vary over time, depending on market trends, economic conditions, and global events. End goal for all of these businesses is to form local companies, have physical presence (office and local director) and finally open a bank account. But it is challenging to open a bank account for this simple reason – compliance and regulation. Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations Banks in the EU are subject to strict AML and KYC regulations. They are required to verify the identity and legitimacy of their customers to prevent money laundering and terrorist financing. Non-resident owners may find it more difficult to meet these requirements, as their identity and financial history may not be as easily accessible as that of local residents. In addition, banks tend to be cautious when dealing with non-resident customers because they perceive them as higher-risk clients. There is a concern that non-resident account holders may use the accounts for illicit activities, tax evasion, or other fraudulent purposes. To mitigate these risks, banks may impose stricter requirements or deny account applications altogether. The regulatory environment for banking in the EU can be complex, with each country having its own rules and procedures. This complexity can make it challenging for non-resident owners to navigate the requirements and documentation needed to open a bank account. And finally, as mentioned previously – banks want to see that company is going to conduct business and not act as shelf-company, therefore many banks require non-resident owners to establish local offices, hire local directors and demonstrate legitimate business activities. Thus compliance team might ask to submit business related invoices, proof of address, and even a website with local language (including office address, of course). 7 Steps To Open Bank Account For Non-Resident Companies And Directors Opening a bank account for a non-resident company and its directors can be a complex process, as it involves local compliance and the specific policies of the bank. The steps outlined below provide a general guideline for opening a bank account for non-resident companies and directors in many countries, but the exact requirements may vary depending on the jurisdiction and bank. You may also contact us and we will provide a list of banks in the EU and UK who are friendly for discussed company set-ups. Choosing the right bank. We have already covered this part extensively in this article . You may also reach out to us for a list of banks that can deal with non-resident companies and / or directors. Company formation and set-up. If you already have a company – skip this step. Company structure might impact the compliance evaluation of the company’s bank account opening application. More simple and transparent structure will create more chance of onboarding. We do also advise business owners that have passports of sanctioned countries to seek residence outside of those sanctioned jurisdictions, otherwise account opening will not be possible. Gathering required documentation. Collect all necessary documentation for both the company and its directors. Common documents include: Certificate of Incorporation or Registration: proof of the company's legal existence. Articles of Association or Operating Agreement: governing documents outlining the company's structure and operations. Business Plan: an overview of the company's business activities and anticipated transactions. Or Flow of Funds explanation could be sufficient. If operations are going to be mainly B2B, some banks might require example invoices. If bank will start enhanced due diligence, they could ask for rent agreements, employment contracts of the directors or even vendors. These cases are only for very high risk businesses. Identification Documents: passport or national ID for each director and beneficial owner. Proof of Address: utility bills or bank statements confirming the residential addresses of directors. Rent agreement for the company’s official address could work too. Let’s not forget POA must be not older than 6 months. Company Resolution: a document authorizing specific individuals to open and operate the bank account on behalf of the company. T ax Identification Number (TIN): if required by the bank or local tax authorities. AML/KYC Forms: bank-specific forms requesting additional information about the company and directors or business activities, and sometimes reason for account opening. Appointing Authorized Signatories: determine who will have signing authority on the account and ensure that they are authorized by the company's governing documents and resolution. Complete The Application Form And Due Diligence Checks: fill out the bank's application form accurately, providing all requested information and attaching the required documents. In addition, we encourage to provide details answers to any additional questions from the banks representatives in a timely manner. Be prepared for the bank to conduct due diligence checks on the company and its directors. This may include background checks, source of funds verification, and AML/KYC checks. Wait For Approval: the bank will review your application and documentation. Approval times can vary, so be patient. In some rare instances, the bank might ask to first fund the account before finally approving it. The funding must come from the company’s owners personal accounts. Maintain Compliance And Manage Account: obtain access to online banking and other services provided by the bank for managing the account. On top, continuously monitor and maintain compliance with the bank's requirements and any ongoing reporting obligations. If you still have any questions related to bank account opening or would like to get our opinion on your situation, do not hesitate to reach out us via filling out the contact form and we will provide you with an answer in 1-2 business days. Considerations for Opening a Non-Resident Account in the EU or UK When opening a non-resident account in the EU or UK, companies should carefully evaluate regulatory requirements and compliance obligations. Banks will typically request extensive documentation, including proof of business activities, corporate structure, and information on shareholders and directors, to meet strict KYC and AML standards. Non-residents may also face higher scrutiny regarding the origin of funds and intended use of the account, which can slow down the approval process. It’s important to check whether the bank supports international transactions, multiple currencies, and digital banking tools, since these features are often critical for overseas businesses. Additionally, businesses should be mindful of account maintenance fees, minimum balance requirements, and potential restrictions on crypto-related activity, as not all EU or UK banks are crypto-friendly. By preparing thorough documentation and choosing a bank aligned with their industry and transaction needs, companies can avoid unnecessary delays and ensure smooth account management. Conclusion In conclusion, opening a business bank account in the EU or UK for non-resident companies and directors presents challenges due to strict regulations and compliance requirements. The reluctance of banks to serve non-resident owners is driven by concerns about money laundering and risk. However, by carefully choosing a bank, ensuring proper company setup, and providing necessary documentation, businesses can navigate these challenges. While the process may be complex, it is attainable with patience and adherence to regulatory guidelines, allowing international companies to access the banking services they need for expansion.

If you are wondering how to open a bank account for Dubai offshore company, then keep reading on. We are going to discuss steps of account opening in the UK. In case you will have any questions from this article, you may contact us for more details or clarifications. Why Having Dubai Offshore Company Makes Sense? Dubai offshore companies can make sense for international entrepreneurs for several reasons, primarily due to the favorable business environment and legal framework offered by the Dubai International Financial Centre (DIFC) and the Jebel Ali Free Zone (JAFZA). Taxation is one of the most significant reasons why businesses choose Dubai. In the DIFC and JAFZA, offshore companies enjoy tax exemptions for a specific period, typically 15 to 50 years. There is no corporate tax, personal income tax, or capital gains tax in these free zones, making it an attractive destination for businesses seeking to minimize their tax liability. Moreover, Dubai offshore offers strong asset protection and confidentiality. Business owners can maintain anonymity as shareholder information is not publicly disclosed. Combine that with easy and relatively straightforward set-up process which usually involves minimal paperwork and red tape, and there is a perfect storm. That is why Dubai is buzzing with legal offices and corporate services providers ready to help to set-up companies in the offshore and free zones. Interestingly, Dubai has robust and well-regulated banking sector with numerous local and international banks. However, for free zone and offshore companies it is very hard to open a local bank account, especially if the company doesn’t have a local office or operations. Why It Is Hard To Open A Local Bank Account In Dubai? Opening a local bank account in Dubai for offshore or free zone company can be challenging for a variety of reasons, even though Dubai is known for its business-friendly environment. In general, Dubai banks have a strict KYC and AML requirements that typically require a substantial amount of documentation, including passport copies, visa details, proof of address, and various legal and financial documents. Also, many banks in Dubai require applicants to provide proof of a stable source of income, such as employment or business income. Another common requirement is minimum deposit. Minimum deposit requirements for certain types of accounts, especially business accounts. Meeting these requirements can be a barrier for smaller companies that have limited available capital. Moreover, banks in Dubai may have different policies and requirements based on an individual's nationality and country of origin. Certain nationalities may face more stringent requirements due to regulatory and compliance considerations. Lastly, the account opening process in Dubai can be time consuming, with multiple rounds of document submissions and verifications. It takes months to get an account fully operational. Even worse, if the company is newly established, application can be fully rejected after months of waiting! How To Open UK or EU Bank Account For Dubai Company? 6 Simple Steps. Opening UK or EU bank account for a Dubai company involves navigating complex international banking regulations and requirements. Where are going to share practical step by step guide with. In case of any questions, you may contact us for more details. 1. Choosing the right banking provider. Research and select a bank in the UK or EU that is open to working with international companies, particularly those from the UAE or Dubai. Consider factors such as the bank's reputation, services, and fees. We have a full article on this topic here . Moreover, you may contact us and we will provide you with a list of banks that are friendly to UAE/Dubai companies, or in some instances we may connect you with the banks representatives directly. 2. Entity type. Ensure that your Dubai company is appropriately structured for international banking. In the UAE, Free Zone companies are often preferred due to their clear legal status. Your business structure should align with the requirements of the target bank, as they might ask to fully identify ultimate beneficiaries. 3. Prepare Documentation. Gather the necessary documentation. Requirements may vary by bank, but generally, you will need certified documents as per below: · Company registration documents from Dubai. · Business plan or description of your business activities. · Passport copies and proof of residence for company directors and signatories. · Reasons for Dubai incorporation, such as proof of local operation, office or explanation why this particular jurisdiction was chosen. · Proof of source of funds for the company. · Proof of Address. · Share certificates. · And other documents specified in the banks onboarding procedure. 4. Responding to Due Diligence questions. Be prepared to meet regulatory and compliance requirements, compliance checks and questions about your company and its owners. Opening an international bank account can be a challenge. Be prepared for the possibility of waiting for several weeks as the banks compliance department is performing its checks. 5. Activation. Get access to online banking and other services provided by the bank for managing the account. 6. Maintain communication and reporting duties. Do not forget to continuously monitor and maintain compliance with the bank's requirements and any ongoing reporting obligations. It's crucial to be aware that the specific requirements and procedures for opening a bank account for a Dubai company in the UK or EU can vary significantly between banks and countries. If you wish to get a quick list of banks that are ready to consider account opening for UAE, Dubai Free Zone, RAK ICC company, get in touch with us and we will send you a refined and up to date list via email. Benefits of Having UK Bank Account For Dubai Company For a Dubai-based company, maintaining a UK bank account can unlock significant advantages in global trade and financial management. The UK remains one of the world’s leading financial hubs, offering access to a stable banking system, multi-currency accounts, and seamless integration with European and international payment networks. This setup makes it easier for a Dubai business to receive payments from UK and EU clients without the friction of currency conversions or high international transfer fees. A UK account can also enhance the company’s credibility with European partners, since local banking details often build trust and simplify transactions. Additionally, the ability to manage GBP alongside USD or EUR strengthens treasury flexibility, helping the company hedge against currency fluctuations while enjoying faster settlement of cross-border payments. Overall, a UK bank account provides Dubai firms with both operational convenience and stronger positioning in global markets. Conclusion In conclusion, Dubai's offshore companies offer a compelling option for international entrepreneurs seeking a favorable business environment with enticing tax benefits, robust asset protection, and easy access to global markets. However, the process of opening a bank account for a Dubai-based company in the UK or EU can be a challenge.

Many companies – from small businesses to multinationals – are starting to hold cryptocurrency as part of their corporate treasury reserves. High-profile firms like MicroStrategy, Tesla, and Block have famously added crypto (e.g. Bitcoin) to their balance sheet s.   However, structuring a legal crypto treasury requires careful planning. Businesses must navigate regulatory uncertainties, implement strong financial controls, and align crypto holdings with their risk management and liquidity needs. Why Companies Are Using Crypto Treasuries? Before diving into the “how,” it’s important to understand the “why”. Enterprises and finance teams are exploring crypto treasuries for several strategic reasons: Diversification of Reserves:  Holding digital assets alongside cash can diversify a company’s reserve assets. Crypto (especially Bitcoin) is seen by some as “digital gold” – a store of value that isn’t directly correlated with fiat currencies. Hedge Against Inflation and Currency Risk:  With global inflation and currency fluctuations, some businesses view crypto as an inflation hedge or protection against weak domestic currency. For example, Bitcoin’s supply is capped, so supporters argue it can resist inflation effects. Growth and Return Potential:  Crypto assets have shown high growth. Treasury teams may allocate a small portion of cash into crypto seeking outsized returns over the long term. The potential for significant appreciation is a lure – for instance, a company that allocated surplus cash to Bitcoin in past years could have realized substantial gains as crypto prices climbed. Technological and Market Signaling:  Embracing crypto can signal that a company is forward-thinking and tech-savvy. Boards have noted it may appeal to younger customers or enhance a firm’s innovation image . Facilitating Crypto Transactions:  If your business deals with crypto payments – for example, selling products for Bitcoin or paying international contractors in stablecoins – maintaining a crypto treasury makes practical sense. For example: Imagine a global e-commerce company that accepts Bitcoin from customers. Keeping a portion of revenues in Bitcoin as a treasury asset could help them later pay crypto-related expenses or simply hold it as an investment. By holding crypto, they also send a message of confidence to crypto-using customers, potentially attracting more business.   Key Steps to Structure a Legal Crypto Treasury Setting up a crypto treasury for your business involves more than just buying Bitcoin and calling it a day. You need a structured approach ensuring compliance, security, and alignment with your financial goals. Below are the key steps and considerations: Define Your Treasury’s Purpose and Policy:  Start by clearly defining why you are holding crypto and how it fits into your financial strategy. Decide what percentage of your cash reserves to allocate, which crypto assets are permissible, and what the holding period or intent is. Document this in a formal  Crypto Treasury Policy  approved by leadership or the board. The policy should set exposure limits (e.g. “crypto can be up to 5% of total liquid assets”), outline types of allowed assets (e.g. only Bitcoin and certain stablecoins), and describe how purchases, sales, and custody will be handled . Importantly, decide if the goal is to hedge inflation, facilitate crypto payments, diversify investments, or all of the above.   For example, a mid-sized tech company might decide in its policy that it will allocate up to 5% of its treasury to crypto primarily as a diversification play and tech-forward signal to investors. The policy could state that only established cryptos like BTC or ETH (and USD-pegged stablecoins for liquidity) are allowed, and require quarterly reporting to the board on these holdings. This kind of clarity in purpose and limits is step one in structuring a legal crypto treasury. Ensure Legal and Regulatory Compliance:  Navigating the legal landscape is crucial – crypto regulations vary widely across jurisdictions, and they are continually evolvin g. A global company must check the rules in each country it operates: Corporate Authority & Governance:  Verify that holding crypto is allowed under your local corporate laws and get proper approvals. In many cases, the board of directors should formally approve the crypto strategy. Licensing and Regulatory Framework:  Simply holding crypto on your balance sheet is generally legal in most countries. But if your treasury activities extend to things like offering crypto services, trading derivatives, or earning yield on crypto, you might trigger licensing. Tax Considerations:  Treat crypto with the same tax rigor as any other asset. Different countries tax crypto differently, so plan for tax compliance. Generally, converting crypto to fiat or using crypto to pay for things is considered a taxable disposition (you incur gain or loss on the difference from the purchase price).  Even using stablecoins can trigger taxable events  – for instance, U.S. tax law treats even 1:1 USD-pegged stablecoins as property, so if there’s any fluctuation in value between when you acquired a stablecoin and use it, that’s a reportable capital gain/loss . On/Off-Ramps and Banking:  A practical compliance consideration is how you will move money in and out of crypto (the on-ramps and off-ramps). Decide whether you’ll use a regulated crypto exchange, an OTC broker , or a crypto-enabled bank  to purchase your crypto asset . Each option has different onboarding requirements, fees, and regulatory oversight. Also, check if your current business bank is crypto-friendly – many traditional banks do not support crypto transactions and might even freeze funds related to crypto . You may need to find a digital banking provider that specializes in crypto or fintech-friendly banking to handle wire transfers to exchanges or custody providers. If you fill out our contact form we will send you an up to date list of crypto-friendly banks.   Set Up Secure Custody and Internal Controls:  Unlike cash in a bank, cryptocurrencies are typically held in digital wallets secured by cryptographic keys. You’ll need to decide how to custody your crypto and implement internal controls to prevent theft, loss, or misuse: Custody Options – Self-Custody vs. Third-Party Custodian:  You can hold the crypto in-house (self-custody) or use a professional custodian. Self-custody means the company manages its own wallets and keeps the private keys. This gives you full control, but also full responsibility – if a key is lost or stolen, the assets could be irretrievable. On the other hand, a third-party custodian (such as a regulated crypto custody service or bank) will hold the assets on your behalf, similar to how a bank holds your deposits. Each option carries distinct risks – with self-custody you risk loss of keys or hacks, with third-party custody you risk the custodian’s solvency or honesty . Multi-Signature Wallets and Approvals:  Implement segregation of duties just as you would for large bank transactions. In crypto, this is often achieved via multi-signature wallets – requiring multiple private keys to authorize a transaction. For example, you can require that two out of three designated officers (say, the CFO, CEO, and Controller) must sign any outbound transfer. This prevents any single person from moving funds unilaterally . Secure Storage and Cybersecurity:  Whether self-hosted or with a custodian, use reputable, security-audited wallet solutions . Enable multi-factor authentication on all accounts. If using hardware wallets, store backup seed phrases securely (e.g. in bank safe deposits or encrypted off-site backups) with access known to more than one trusted person. Internal Accountability:  Just as cash handling has strict procedures, institute standard operating procedures for crypto handling. For example, when initiating a crypto transfer, require a documented request and approval record (even if the blockchain records the transfer, you want an internal paper trail for audit). Ensure that every movement of crypto is recorded and authorized as per policy. Diversify Assets and Manage Volatility:  Crypto markets are notoriously volatile. A legal and prudent crypto treasury structure will account for this through diversification and risk management: Asset Selection:  Avoid putting all your treasury allocation into a single crypto asset. Just as traditional treasurers diversify currencies and investments, consider a mix of crypto assets to balance risk . Volatility Controls:  Set limits on how much volatility you are willing to accept. For example, you might decide that no more than X% of your total treasury will be in highly volatile crypto, with the rest in stable assets. Some companies also use financial strategies to manage volatility: dollar-cost averaging when buying, or using hedging instruments to offset price swings. Liquidity and Cash Flow Needs:  Never compromise your ability to meet operational expenses. That means a portion of your crypto treasury should be readily convertible to fiat when needed. Stablecoins are useful here since they are crypto that can be quickly exchanged for cash and often accepted by crypto-friendly banks or payment processors. It’s wise to regularly convert a portion of crypto holdings into more liquid forms (stablecoins or fiat) to maintain a sufficient cash buffer for expenses . Example of Diversification:  Suppose a global manufacturing company decides to hold $10 million equivalent in crypto as part of its treasury. It might allocate $5M into Bitcoin as a long-term reserve asset, $3M into USD-pegged stablecoins to use for day-to-day liquidity or quick conversion when needed, and $2M into Ethereum to experiment with decentralized finance or because it plans to accept ETH from certain clients. Over time, if Bitcoin’s value skyrockets and overshoots the allocation percentage, the company can rebalance – selling some BTC for more stablecoin or fiat – to stay within its risk tolerance. This approach follows a key principle: don’t rely solely on one asset; diversify to enhance stability while still capturing the benefits of crypto. Accounting and Reporting Practices:  Incorporating crypto into your books brings accounting challenges. Proper accounting is part of keeping your crypto treasury “legal” and transparent for auditors, investors, or regulators: Accounting Classification:  Determine how crypto assets will be classified on your balance sheet. This can depend on jurisdiction and accounting standards. Financial Reporting and Disclosures:  If you are a public company or seeking investors, be prepared to disclose your crypto holdings and the risks associated. Audit Trail and Controls:  From an auditing perspective, holding crypto can raise questions of existence (prove you have the coins), valuation, and control. Strengthen your internal controls over financial reporting to address these. Tax Reporting:  We touched on tax earlier, but from an operations standpoint, ensure you have a system to track cost basis and fair market value at transaction times for all crypto movements. Every sale of crypto, and every payment made in crypto, likely triggers a taxable gain or loss in most jurisdictions. For example, if you pay a vendor 1 BTC for services, and that BTC had increased in value since your company acquired it, you have a gain that must be reported. Keep detailed records of these values to produce accurate tax filings. Integrate Crypto Payments and On/Off Ramps:  Part of structuring a crypto treasury is deciding how it will interact with your company’s operations. Will you use the crypto to make payments or accept it as revenue? If so, plan the mechanics: Using Crypto for Payments (Payables):  Some companies want to leverage crypto to pay vendors, contractors, or even employees. This requires ensuring the recipients are able and willing to accept crypto and understanding the implications. Check if such payments are allowed by local law too – for instance, some countries don’t allow salary payments in anything other than the official currency for employees. Accepting Crypto from Customers (Receivables):  If you take crypto as a form of payment from clients, decide if you will hold those funds in crypto or convert to fiat immediately. Many companies immediately convert to avoid volatility risk, using payment processors or exchanges as an off-ramp . Others might keep some on the books if it aligns with their treasury strategy. Practical Example – Paying a Supplier in Crypto:  A manufacturing business sources some materials from a supplier in another country. International bank transfers were slow and costly, so the supplier agrees to accept payment in USDC. The corporate treasury holds, say, $1 million in USDC for such purposes. When an invoice is due, the company sends the equivalent USDC from its treasury wallet to the supplier’s wallet – even if this happens on a weekend, the payment arrives within minutes, illustrating a major advantage of crypto. The company benefits from instant, 24/7 cross-border payment capability . Meanwhile, because USDC is pegged to USD, both parties avoid exchange rate risk. The company’s treasury policy treated USDC as part of its liquidity reserve, and accounting recorded the payment just like a USD payment (with no forex conversion needed).This example shows how a digital asset (stablecoin) can serve a practical business payment need. Partner with Crypto-Savvy Banks and Providers:  The ecosystem of services around crypto treasuries is growing. While we touched on finding a crypto-friendly bank for transactions, also consider other partners: Digital Asset Custodians/Banks:  Aside from traditional banks, there are now digital asset banks and custodians that cater to institutional crypto holders. They can provide a one-stop solution: secure custody, portfolio management tools, and easy conversion to fiat. Fill out our contact form to get an up to date list of such providers. Treasury Management Platforms:  Some fintech startups offer crypto treasury management software – tools that help track your crypto portfolio, automate reporting, monitor prices, and even handle multi-signature coordination. Using such tools can reduce manual workload and errors. Insurance Providers:  Explore crime insurance or custodial insurance for digital assets. A number of insurers now underwrite policies for crypto theft or loss. The coverage might be limited and premiums high, but for larger treasuries it could be worthwhile as a backstop. If using a third-party custodian, see if they carry insurance and if you’re covered under it. Monitor, Adapt, and Document:  Finally, recognize that crypto is a fast-moving domain. New risks, regulations, and opportunities will emerge regularly. Treat your crypto treasury as a dynamic program that requires ongoing oversight and updates: Policy Reviews:  Schedule periodic reviews (e.g., annually or semi-annually) of your crypto treasury policy. Update it if needed to reflect new laws or changed risk appetite. Stay Informed:  Keep your finance and legal team in the loop on crypto news. Major regulatory developments (like a government announcing new reporting requirements) should be caught early. Risk Monitoring:  Continuously monitor the risks and performance of your crypto assets. This includes price risk (if one asset becomes too volatile or underperforms, reconsider its role), counterparty risk (keep an eye on the stability of any exchange or custodian you use. Transparency and Documentation:  Keep documenting everything. If regulators ever inquire or if you undergo an audit (internal or external), a well-documented history of decisions, transactions, and approvals will prove that your company handled its crypto treasury responsibly and legally. Flexibility:  Finally, be willing to adjust strategy. Maybe you started with one asset and find another suits your needs better – update your approach accordingly, with proper approvals. Final Thoughts A well-structured crypto treasury can give your company a modern edge – from financial flexibility and diversified assets to faster global payments. But it must be done legally and prudently. By following the steps above – defining a clear policy and purpose, adhering to regulations, securing assets with robust controls, diversifying and managing risks, and integrating crypto smoothly into your financial systems – your business can safely navigate this new frontier of finance.

If you are wondering how to open a bank account that could support SEPA Instant payments for your business, then keep reading on. We are going to share with you how can you benefit from SEPA instant payments and how to open an account capable of it. There are two types of SEPA instant payments: Payins and Payouts. Some businesses might benefit from instant credit of funds sent via SEPA instant and other might want their counterparts to receive the payment instantly therefore a use case is for the Payouts. What Is SEPA Instant Payments? SEPA Instant Payments are a rapid electronic funds transfer system operating within the Single Euro Payments Area (SEPA. This scheme enables almost immediate, 24/7, 365-days-a-year money transfers between participating banks, significantly surpassing the processing time of traditional SEPA Transfers. Individuals and businesses benefit from quicker and more efficient transactions, ensuring funds are credited within seconds or instantly. SEPA Instant Payments improves cash flow management for businesses. The system is designed to be available across SEPA countries, promoting adoption of this near-instantaneous payment method. Sepa Instant Payments What Are The Use Cases For SEPA Instant Payments? SEPA Instant Payments offer a range of use cases across various sectors due to their speed and availability. For individuals, these instant transfers are valuable for urgent payments such as emergency expenses or last-minute bill settlements. In the business realm, SEPA Instant Payments support enhanced cash flow management, enabling quicker settlement of invoices, payroll processing, and faster reconciliation of accounts. E-commerce businesses benefit from immediate confirmation of payment, allowing for the prompt delivery of goods and services. Additionally, SEPA Instant Payments facilitate time-sensitive financial transactions, such as securities trading and real-time settlement. Overall, the system's speed and accessibility make it advantageous in situations where timely and efficient fund transfers are crucial, for both personal and business financial needs. How To Open A Bank Account That Supports SEPA Instant Payments? Opening a bank account in Europe is not an easy task nowadays due to strict compliance and regulatory requirements. Especially if business has non-resident directors, which is a topic on its own, we covered it extensively here . However, there are plenty of digital banks that are ready to offer SEPA Instant Payments for your business both in the EU and UK. If you would like to receive an up to date list of such banks, please reach out via a contact form and we will send it to you by email. Moving on, it is important to understand and distinguish which is important for your business: payins or payouts. Majority of financial institutions that are SEPA participants will be able to credit SEPA instant payments that are incoming (payins). Especially if such payment is coming from the Euro Area and the sending institution is a direct SEPA participant (not using a correspondent bank). On the other hand, for the outgoing payments (payouts), the financial institution that is being used to make such SEPA Instant payment, has to be a direct participant of SEPA Instant Payment Scheme. Tricky thing is that a bank can be a SEPA participant and capable of regular SEPA payments but not SEPA Instant Payment Scheme participant. On a positive note, we are working with more than 10 banking intuitions that are direct SEPA Instant Payment Scheme participants and can enable any type of business with crediting SEPA Instant payments and sending them to clients and other related counterparts. Do not hesitate to ask us about it and we will come back to you in few business days. SEPA Instant For High Risk Industries SEPA Instant payments have become a powerful tool for high-risk businesses such as online gaming, gambling, casinos, forex trading platforms, cannabis companies, and adult streaming services. These industries often face strict banking regulations and challenges in securing reliable payment processing, but SEPA Instant provides a compliant, fast, and secure alternative. With transactions processed in real-time across 36 SEPA countries, high-risk businesses benefit from immediate settlement, improved cash flow, and enhanced customer trust. The 24/7 availability and EU-regulated framework make SEPA Instant a preferred choice for sectors where quick, transparent, and secure payments are essential to maintaining competitiveness and customer satisfaction. SEPA Instant For Non-Residents Obtaining SEPA Instant for a non-resident company is possible, but it requires the right setup and banking partner. Since traditional banks often limit SEPA Instant access to locally registered businesses, non-resident companies usually turn to European fintech institutions and payment service providers that specialize in international clients. The process typically involves opening a corporate account with a provider licensed in the EU/EEA, verifying business activities, and completing enhanced due diligence, especially if the company operates in high-risk industries. By partnering with a payment institution that supports SEPA Instant, non-resident companies can send and receive euro transfers in seconds across Europe, ensuring smooth operations and faster settlement of cross-border transactions. Conclusion In conclusion, adding SEPA Instant Payments for your business can significantly transform the efficiency of financial transactions, offering quick pay-ins and pay-outs that cater to your specific business needs. Opening a bank account that supports SEPA Instant Payments, especially with the assistance of digital banks, can streamline your financial operations and enhance cash flow management.

This article will discuss how you can open a UK based bank account for your Scottish Limited Partnership (SLP) entity. So keep reading on. A Scottish Limited Partnership (SLP) is a type of business structure that combines features of both a traditional partnership and a limited liability company. It is a legal entity that exists separate from its partners, providing a degree of limited liability for those involved. SLPs are governed by the law of Scotland and are commonly used for various business purposes. Why Scottish Limited Partnership Is Effective? Scottish Limited Partnerships (SLPs) are popular for several reasons that evolve around tax, limited liability, privacy and ease of use. First and foremost, main attraction of SLP is that all partners have limited liability, which means that personal wealth of partners is protected from debt and liabilities. Secondly, SLP is able to get into contracts, conduct business or own assets as any other normal company. The structure of SLP also allows its partners freely define their rights and responsibilities in a partnership agreement, which can be highly customized. In addition, SLPs benefit from not being subject to income tax. Profits and losses of SLP is being past individually to the partners who then have a duty to report on those. This is obviously advantageous for tax planning exercises. Let’s not forget the ease of forming such SLPs that are much easier than forming a regular company. Moreover, SLPs are also know for their confidentiality benefits that allow them not to fully disclose some peace’s of information to the Register of Companies. Why It Is Hard To Open A Bank Account For Scottish Limited Partnership (SLP)? Opening a bank account for Scottish Limited Partnerships (SLPs) has become more challenging in recent years, and this is largely due to concerns related to transparency, money laundering, and financial crime. SLPs, like other corporate entities, have been associated with money laundering activities. The privacy features of SLPs, such as the ability to maintain the identity of beneficial owners confidential, have raised concerns among financial institutions and regulatory authorities. The SLP structure is scaring the banks in a sense of reputational risks. If banks are associated with entities that are later found to be involved in illegal activities, such as money laundering, their reputation can be damaged and regulator might impose huge fines or restrict their business. The use of SLPs for purposes such as tax evasion or money laundering has led banks to be cautious about accepting them as clients. The lack of standardized reporting requirements for SLPs is another challenge for banks that burdens their risk assessment procedures with these entities. In the similar vein, Common Reporting Standard (CRS) and the Automatic Exchange of Information (AEOI), require financial institutions to share financial account information with tax authorities. The privacy features of SLPs may conflict with the transparency expectations of these reporting requirements. Due to all these challenges, banks may be more selective when considering whether to open accounts for SLPs. How To Open A Bank Account For SLP? Opening a bank account for a Scottish Limited Partnership (SLP) is a process that involves several steps. However, it's important to note that the process might be more challenging than opening an account for a regular business structure. Choosing a bank that is SLP friendly is a hard part for sure. Not many traditional banks want to touch SLPs and if they do, the due diligence process might not scare you by the depth but rather the time it will take to open an account. Many SLPs benefit from working with digital so called neo-banks. IF you would like to get an up to date list of digital banks that are opening bank accounts for SLPs then do not hesitate to reach out to us and we will send it to you via email. Once the bank is selected, speaking with the bank is also a task on its own. Banks do want to understand the activities of companies they onboard to a very detail. Be prepared to explain the partnerships activities and investments/assets that it holds, especially the flow of funds. More commonly requested documents during the bank account opening application are these: -Certified copy of the SLP's Certificate of Registration -Partnership agreement -Proof of identity for all partners (passport, utility bills, etc.) -Business plan or overview of the partnership's activities -Proof of the source of funds for the partnership However, the due diligence process will take some time, and follow up from compliance will come. We advise SLP clients to be patient and answer all the questions in as much detail as possible. Some banks may want to ensure that the SLP has genuine business activities and substance. Be prepared to provide information about the partnership's operations, clients, and suppliers. Onboarding team might ask for supporting documents such as agreements, invoices or bank statements. Be prepared for that too. Once the account is approved, you will likely need to agreements and T&C’s and fulfil any remaining requirements to complete the account opening process. Do not forget to collect online banking access credentials and account manager contact details so that you can receive timely help and assistance later on. Once again, if you would like to get our help in getting connected with several SLP friendly banks, fill out the contact form and we will get back to you within 1-2 business days. Conclusion In conclusion, while the Scottish Limited Partnership (SLP) offers appealing features such as limited liability and flexibility, opening a bank account for an SLP has become more challenging due to concerns related to transparency and financial crime. Navigating this process requires careful consideration of SLP-friendly banks, meticulous due diligence, and a recognition of the evolving regulatory landscape to ensure a successful account opening.

If you are wondering how or what banks can enable your business receiving payment from CIS countries, then keep reading on as we are going to discuss this topic in great detail. Receiving payments from CIS (Commonwealth of Independent States) countries can pose challenges for reasons such as currency exchange and fund transfer controls, payment infrastructure, documentation requirements and economic/political stability. It's important to note that the specific challenges may vary depending on the country and the nature of the transaction. Why CIS Economies Are Important In A Global Trade? The economies of the CIS countries are important for global economics for several reasons. First and foremost, CIS countries are rich in natural resources such as oil, natural gas, minerals and agricultural products (scale of output too). These resources contribute significantly to global commodity markets and are vital for various industries worldwide. As mentioned already, the scale of commodity export is comparatively huge and thus creates inflows of funds into these countries that later on are used to create economic output domestically by fostering imports, services, industrial and other sectors. In recent years, CIS countries are being recognised for fast technological development, outsourcing of IT services, research and innovation. As global markets become increasingly interconnected, diversifying economic ties with Asia, Europe and America are diversifying these economies into services and manufacturing, that are supplying global markets. Similar story is with investment potential, some CIS economies are considered emerging markets with growth potential. Investors and businesses often seek opportunities in these markets for higher returns, contributing to global economic growth. Why It Is Important To Receive Payments From CIS Countries? Receiving payments from CIS countries can be important for several reasons, depending on the nature of your business or financial activities. If you are a business looking to expand your market reach, receiving payments from CIS countries allows you to tap into a sizable and diverse consumer base that is ready to purchase goods and services. For businesses involved in industries such as energy, mining, or agriculture, receiving payments from CIS countries might be related to selling important machinery that enables these producers and extractors to innovate in their industries and other regions collecting revenue on inventory sold. Moreover, if you are engaged in collaborations, partnerships, or joint ventures with companies or entities in CIS countries, receiving payments is an integral part of the business relationship. It facilitates smooth and ongoing cooperation, contributing to the success of joint ventures and partnerships. The tourism or hospitality sector is also receiving payments from visitors or clients from CIS countries. It represents revenue from tourism-related activities, including accommodation, dining, and entertainment. Recently popular and expanding field is culture and education. Receiving payments from CIS countries may be tied to collaborations, exchanges, or educational services. All in all, receiving payments from CIS countries is important for businesses and individuals engaged in international trade, investment, and collaborations. Why It Is Challenging To Receive Payments From CIS Countries? Receiving payments from CIS countries can present challenges for various reasons. Number one is regulatory complexity. CIS countries often have complex regulatory frameworks governing international transactions. Some CIS countries may have restrictions on currency exchange or capital controls that make it difficult to convert local currency into other currencies for international payments. The payment infrastructure in some CIS countries may not be as developed or efficient as in other regions. Limited access to electronic payment systems or delays in banking processes can hinder the smooth transfer of funds. Differences in banking systems and practices in the processes for international wire transfers and other financial transactions may not be standardized across all countries, leading to delays and complications. Finally, political tensions and international sanctions may affect trade relationships and financial transactions with certain CIS countries. Compliance with international sanctions can add to number of difficulties, especially in the recent example of sanctioned Russian banks, that were switched off the SWIFT system thus freezing both domestic and foreign capital in the country. Of course, there are some industries, product and services that are not sanctioned but most of the global banks refuse to accept payments from Russia or any other sanctioned jurisdiction creating obstacles for businesses that operate in unsanctioned areas of economy. However, it doesn’t mean it is impossible, knowing banks that can accept and receive such payments is key in operating in such economic landscape. If you would like to get to know banks that are working with payments from CIS countries and can solve your difficulties, contact us and we will share a list of such banks. How To Receive Payments From CIS Countries? Receiving payments form any CIS country involves familiarizing with the regulatory landscape of the specific country you are dealing with and the existing payment methods, that might be some local rails besides SWIFT. Secondly, it is important to understand the local currency and availability to receive payments in it. Some CIS countries have pegged their local currencies to USD therefore USD payment can be requested for goods or services as it is easy to exchange between a local currency and the USD with a local bank. One more thing to consider – sanctions. Be ready to comply with receiving banks due diligence and AML controls, that also involves sanction checks. It is extremely important to have required documentation in place, such as invoices, agreements or even licenses. And most importantly, you have to open a bank account with institution that can leverage their correspondent banking network and receive payments from CIS countries. If you would like to receive an up to date list of banks that can open an account with CIS currencies, do not hesitate to contact us . Conclusion In conclusion, while receiving payments from CIS countries presents challenges due to regulatory complexities and political tensions, it is crucial for businesses seeking diverse markets and international collaborations.