I run a US LLC. It is a trading business for physical goods, industrial products, mainly marine spare parts.
I buy the parts in South Korea, China, UAE and Germany and sell mostly to Brazil.
Everything is 100% transparent.
Lately I have a banking problem.
My business bank account is at Bank of America.
They cancelled my account. It is still working part way, since I can still receive transfers, but I can not execute any. At the fraud department they confirmed the cancellation but are not allowed to give any reason.
My assessment is that it was cancelled for several transfers to the above mentioned countries, which are not exactly on the US all time favorite list.
So I need a new bank account which operates with US dollar.
I have read the articles:
Chase does not work for me if they charge 2-5% for an international transaction.
Schwab seems to be the one for me (any other suggestions?).
also I read the recent:
But the advices do not seem to be a perfect solution for my US company.
I do not dare using Fin Techs because of higher sums of 20-40k USD per transfer.
I have not tried, but I heard from many sides that several Fin Techs sometimes freeze the amounts without any warning. I can not risk a bank to freeze amounts, because the transfer dates are normally scheduled and failing to live up to the dates means loss of trust on part of the costumers.
Also the Wise business account does not work with Brazil at all.
The Payoneer business is expensive (3% transfer fee) and it can only be used as a billing service for incoming transfers, plus sums limited to a daily amount of 10.000 USD.
I have no residency in the US and there is another problem:
Since the corona restrictions the visa applications at any US embassy are suspended.
Although I have a European passport I have no permission to enter with an ESTER.
That means until the corona ban is over I have to use a remote option.
I am happy for any suggestion or advice.