I am currently doing a school project for the owner of a surf camp in Senegal who last year spent 5000-6000 euro in different transaction fees
My client has a danish passport and a danish bank account but lives in Senegal.
His bank charge him 4euros for every international transaction he receives from his guests.
He also uses Paypal which charge him 3,75 per cent on every transaction made. Moreover, when he transfer money from his Paypal account to his bank account he gets euro at a very bad exchange rate as it converts it into the danish currency
And lastly, when he withdraws money from an ATM in Senegal he is charged with a 1 per cent fee aswell
The banks in Senegal is not an option he trusts. He is therefore open for any ideas that might work!
I have thought about N26 but since they don’t operate in neither Denmark nor Senegal it seems a bit risky to set up an account in fx. Germany under a fake address.
- If he gets an N26 bank account - will he then have to pay taxes in Germany? Apparently Denmark and Senegal have an agreement which means that money made in Senegal is taxed in Senegal - and the other way around.
Do you have any idea what my client can do?
I look forward to your response, thanks in advance