A way to get a Fintech bank account even if I couldn’t

Hi everybody,

I didn’t even know what title to give to this post.
I run an IT business in Albania and there is no modern bank operating there. They’re outside of the SEPA circuit and I plan to have incoming transfers for 30/40k a month. This would make bank fees very high. Besides this, most traditional banks are quite shitty around Europe, imagine in Albania!
What I would like to do is find a way to have my customers pay to another bank account, not the Albanian one.
I have tried Qonto and Revolut while operating from Italy with my Italian Business, but unfortunately none of these two allow me to open an Albanian bank account.

I thought I might “do something” to somehow open a European Bank account maybe opening an e-branch in Estonia. Obviously, I don’t want to pay any taxes in Estonia and I won’t be sending invoices or operate from Estonia. I just need it for the :bank:. Send the invoice to my customers from Albania give them my European IBAN.

You might think I’m creating a bigger problem to myself and I agree, but I really hate that they are still so late at this and the company I run can not create the product I’m looking for.

Is there anyone that can help me with this?

Did you tried TransferWise?

I can’t open a TransferWise account for an Albanian company.

If it’s just for banking I wouldn’t open a Estonian branch, but instead consider a UK LLP or US LLC. They would be tax transparent and don’t require much upkeep. Would give you a reputational boost vs Albania as well.

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I agree with tkrunning. You can use Paysera, they work with UK and US, and even with less reputable companies, like Seychelles (at least they used to). Paysera is an EMI not a real bank, but they are quite decent, I just would not leave 100k in an account. Borderless Account by Transferwise is another option, but I do not think you can use it with a company incorporated in a incorporated in a non-good jurisdiction.

When you have a bank account which you use for ‘transit’ remember the 50% rule: if you receive 10k, take out 5k not all of it. Banks do not like to be used as transit accounts, you are only a cost and a high risk. So, leave a bit of money in the account, take out half, after a while another chunk…

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Thank you for your reply @tkrunning, it actually is just for banking. I prefer opening a “branch” so that my customer will be paying the (almost) same company they’re receiving the invoice from. Otherwise they’d be paying a company they have no agreements with.

Let’s assume it’s okay to open a UK LLP, would I need to declare anything in the UK? Do you recommend any service or company who can provide me all the services I would need?

Thanks @Riccardo_Tacconi but if at the end I chose to open a UK company, I’d go for real banks like Monzo or Revolut.

Just to add that if you open a US LLC and your customers are not from the US, your LLC will be tax exempt in the US.

:green_circle: I am quite sure Payoneer.com can be the right choice in lots of cases like yours.
They work with many countries around the world and are famous for being discreet.

I have had similar problems in the past with UK jurisdictions and company set ups.
Found an accountant who specializes in foreigners and UK Business Accounts.
He helped me from Abu Dhabi and also from Italy.
Originally a father and son, father is now retired but son is very good at these company set-ups
Paul Beare and Co — Contact them and they will help