Banking solutions for unregulated brokers
The UTIP Technologies experts described all banking solutions that are suitable for both offshore unlicensed brokers and licensed businesses.
Offshore brokers performing under non-regulated jurisdictions are often limited during the operations with bank accounts. Several banks, as well as banking solution providers, are unwilling or unable to cooperate with island companies from the high-risk segment, particularly without a license.
That’s where the UTIP Technologies comes into play, providing a wide partner network with more than 15 banking solutions. So, a range of accounts opened includes countries like Hungary, Latvia and Great Britain, along with Thailand, Vietnam and Singapore. Our major partnership is also present in Western Sahara!
Read on to learn about banking solutions’ types delivered by our partners, along with requirements applied to brokers.
Banking solutions and invoicing terms
Based on the partner’s capabilities, a broker may receive one, two, or all three account types at once: C2B, B2C, B2B. As for accepting payments, there are both international solutions, including SWIFT, SEPA, and local ones — Interac (Canada). To better understand the account terms, let’s turn to several cases.
Note: invoice value and working conditions listed below may differ from the actual ones on the date this article is published. Contact the UTIP specialist to get more relevant data.
Asia. Accounts in Thailand and Vietnam receive B2B, C2B, B2C funds via SEPA and SWIFT. This would require a paying agent firm, or legal entity in Europe, where the bank account is opened. Notable as well is the fact that the bank should be aware of the broker’s business. Paying agent’s registration fee, in turn, would be included in the cost of opening a bank account, amounting to 7,000-12,000 EUR. It depends on the country where the banking office is located. Statutory documents are needed for each company, both offshore and paying agents, along with the directors’ ones, in order to open the account.
Europe. In addition to physical bank accounts, our partners can also offer accounts in EMIs (Electronic Money Institutions): for instance, from Latvia, or the UK. The EMI is a licensed banking organization engaged in transferring and storing electronic money. Thus, transactions would be strictly B2B. Turnover of 50,000 USD and more is required. The following documents are needed: Certificate of Incorporation, Share Certificate, passport, utility bill (UB), and in some cases Legal Opinion. So, the cost of registration starts from 1 000 to 2 000 EUR.
As a European option, there are accounts in the Estonian bank. The operation scheme is C2B, B2B, B2C. Notably, the bank has to be aware of the broker’s forex business. A separate payment agent is not required, but desirable. Minimum deposit — 100 EUR. Maximum limit — 9 000 EUR, and it can also be raised. Certificate of Incorporation, Share Certificate, passport, UB are needed. The cost starts from 3,000 EUR.
Singapore. Unlike European options, the operation scheme is more extended — C2B, B2B, B2C. The bank should be informed about the broker’s forex business. No separate paying agent is required. In addition to standard documents (Certificate of Incorporation, Share Certificate), Legal Opinion and a high-quality website, in some cases, are needed. The cost starts from 2,000 EUR.
Western Sahara. A bank account, there, may operate under a C2B, B2B, B2C basis. The bank has to be aware of the broker’s business, while a separate paying agent isn’t required. Documentation includes a Certificate of Incorporation, Share Certificate, Passport, UB and, in particular, a document that must be ordered separately — Certificate of Good Standing. Deposit fee is 0.2%, minimum transaction size — 20 EUR, maximum — not present. The commission for withdrawal is 0.15%, its minimum amount — 15 EUR, maximum — also not present. The cost of registration starts from 2 500 EUR, plus the annual service fee of 2 500 EUR.
Bahrain. The scheme is C2B, B2B, B2C. The bank should be informed about the broker’s forex business. No separate paying agent is required. Commission on deposit — 6.5% + 25 USD. Minimum transaction size — 1 000 USD, maximum — not present. Countries that accept payments include the ones from the Gulf Cooperation Council (GCC), Latin America, Europe and Asia. The following documents are needed: Certificate of Incorporation, Share Certificate, passport, UB. The cost starts from 2 000 EUR.
The above-mentioned options are only a part of banking solutions available for brokers. We expand our affiliate network on a monthly basis and monitor all market updates, receiving more tangible experiences. In case the presented options caught your interest, or you would like to hear about other offers and propose new solutions, please contact us for more detailed information.
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