Company industry: Software
Company jurisdiction: UK
Shareholders: 3 Individuals from UK.
Banking needs: For the UK company – need of SWIFT EURO, USD and other currencies, in and out
Banking difficulties in UK
Very high banking fees in the UK
They came to us asking for assistance to open business bank account in Europe with SWIFT EUR, USD and SEPA to receive funds from their customers online with attractive banking fees.
- To open corporate account in EMI’s in Europe, which offers attractive fees for low risk customers.
- We assisted them to identify the relevant EMI with the most suitable and attractive fees.
- This way, the company can save thousands of EUR monthly, due to the multiple inward payments.
- The company issued 2 debit card for making online payments.
- We assisted them to approach an EMI’s in Europe, gather documents, prepare and submit forms to the EMI.
What were the steps:
- Identify their needs and current difficulties.
- Collect company shareholder’s information from open sources – company registry.
- Filling in the information in the financial institutions applications/ Corporate Questionnaire.
- Work with the Electronic Money Institution to ensure application is full for smooth account opening.
- financial institution approved the application and open the company an account with the required services.
Case study Summery:
It took 17 working days to prepare the application and to approve the account.