Anyone having any luck with online banks for MP?

[flyingmac]

Hey guys,

Since eBay UK started to restrict accounts from using online banks such as Wise and Revolut, they kinda took a step back and are now "allowing" you to use them but they retain your funds for 30 days.

Working with those 30 days hold it is almost impossible to scale the business as I do not have thousands of pounds lying around to spare, I guess it's just not the best business model anyway

I'm not a UK resident so it is almost impossible for me to get my hands on a "high street" bank account. But I'm actually vat registered as a sole trader within the UK.

Has anyone ever got around this issue??

[SaiJin]

It's still possible to scale it just takes longer and as long as you don't get banned it's doable.

[murdered_by_ebay]

Originally Posted by flyingmac

Hey guys,

Since eBay UK started to restrict accounts from using online banks such as Wise and Revolut, they kinda took a step back and are now "allowing" you to use them but they retain your funds for 30 days.

Working with those 30 days hold it is almost impossible to scale the business as I do not have thousands of pounds lying around to spare, I guess it's just not the best business model anyway

I'm not a UK resident so it is almost impossible for me to get my hands on a "high street" bank account. But I'm actually vat registered as a sole trader within the UK.

Has anyone ever got around this issue??

try to open locally , after brexit uk bank accounts became very hard to get for people from the EU , the only accounts still available are low quality EMI

[flyingmac]

Originally Posted by SaiJin

It's still possible to scale it just takes longer and as long as you don't get banned it's doable.

Not really, doing amz to eBay the profit margins are so slim that in order to scale, despite I throwing every penny into the business they still keep 30 days of sales in their pockets, imagine selling a measly 10k...

[flyingmac]

Originally Posted by murdered_by_ebay

try to open locally , after brexit uk bank accounts became very hard to get for people from the EU , the only accounts still available are low quality EMI

Exactly!

The thing is I need a sort code to add a bank account, in the EU only IBAN is available.

[SaiJin]

Originally Posted by flyingmac

Not really, doing amz to eBay the profit margins are so slim that in order to scale, despite I throwing every penny into the business they still keep 30 days of sales in their pockets, imagine selling a measly 10k...

so $10k/mo is measly?

[flyingmac]

Originally Posted by SaiJin

so $10k/mo is measly?

Selling around 300 quid per day makes you 10k revenue, these stay on ebay's pockets for 30 days, while I net 4 or 5% with a 30-day delay.

Having 10k on hold to net at best 500 before any expense (repricing Software, tracking service, VA's, eBay store sub, amz prime, etc, etc)Yeah, I'd say measly

[rsot]

Welcome to the forum OP - all the best as you master stealth

YouTube (Short URL)

YouTube (Short URL)

[colt63]

Hi All,

Could anyone tell me if Metro Bank are sticky with mismatched names?

Thank you.

[rsot]

Originally Posted by colt63

Hi All,

Could anyone tell me if Metro Bank are sticky with mismatched names?

Thank you.

No need to double post: http://www.aspkin.com/forums/uk-mana...ml#post1193610

[Bradd]

Originally Posted by flyingmac

Selling around 300 quid per day makes you 10k revenue, these stay on ebay's pockets for 30 days, while I net 4 or 5% with a 30-day delay.

Having 10k on hold to net at best 500 before any expense (repricing Software, tracking service, VA's, eBay store sub, amz prime, etc, etc)Yeah, I'd say measly

Really so if you earn 300 a day they hold your money for 30 days ?

[flyingmac]

Yes!

And the next day and so forth. Basically, I need to have all I can sell upfront for 30 days, this has been a well-known issue amongst dropshippers.

Not sure If I'm allowed to post links but if you do a quick search on ebay holds payouts for "internet banks" you'll see a flood of threads and messages on their community help board.

The main problem lies in who is not a UK resident, It's nearly impossible to have a high street bank without a resident director on your board and holding shares of your company. Living in another country seems a bit too much trusting some to have a bank account opened on my behalf and having the resources to manage the money and company.

[Bigblackdog]

Originally Posted by flyingmac

Living in another country seems a bit too much trusting some to have a bank account opened on my behalf and having the resources to manage the money and company.

I appreciate what you are saying on trust but if you clear the account down each day your exposure is £300 + paying someone to do it of course

Doable but finding someone you can trust would be the hardest bit

[rsot]

Originally Posted by Bigblackdog

I appreciate what you are saying on trust but if you clear the account down each day your exposure is £300 + paying someone to do it of course

Doable but finding someone you can trust would be the hardest bit

Very interesting.

[murdered_by_ebay]

Originally Posted by Bigblackdog

I appreciate what you are saying on trust but if you clear the account down each day your exposure is £300 + paying someone to do it of course

Doable but finding someone you can trust would be the hardest bit

it is not just about trust but uk banks may still reject account opening due to foreign affiliation of the company

[Hank]

Originally Posted by jdbutler331

There are many reputable companies that provide a UK residential address and forward any mail to you such as Mint formations, Paramount formations etc

No they don't, they provide accommodation addresses, this is not the same as a residential address when asked by Adyen,ebay, HMRC etc etc

[Hank]

Originally Posted by jdbutler331

mailscanservices.co.uk/services/personal-mail-address/

Like I said, plenty of mail forwarding services and accommodation addresses but that's not the same as a residential address as required by selling platforms, HMRC and banks etc.

They're not stupid, these services and their addresses will be well known. One thing is for sure, they wont give you a unique address where you can claim to reside.

[Hank]

Originally Posted by jdbutler331

I said reputable companies, but also know of people who rent out cheap apartments in the UK just for the address and forward on any mail for a fee

Reputable companies certainly do not provide UK residential addresses!

As for the grifters who rent out cheap addresses then that's not a service widely advertised I'm guessing and good luck to anyone who uses one. Deceiving ebay is one thing, doing it to Banks, Companies House and HMRC is another.

Anyway, getting off-track now, this thread is about how to open a UK bank account for Managed Payments, not how to fraudulently create Limited Companies and jerk the legal system.

[Hank]

Originally Posted by jdbutler331

The original question is if it's possible to get a UK bank without living in the UK, my answer is yes there is a workaround, yours seems to be no there isn't (even though its tried and tested). We'll agree to disagree

I never said you couldn't, I simply clarified that reputable companies as you initially claimed do not provide a UK residential address that would be recognised by, in particular, Companies House, Banks and in the case of HMRC, negate the fact you're a NETP.

Nothing to disagree over, just simply facts.

If you've tried and tested it then you must have lied to one or all of the above. I don't think this forum promotes nor condones fraud at that level.

[Hank]

Originally Posted by jdbutler331

Is it really?... really????

It is unless you can show me where ebay has successfully taken legal action against a UK seller for using stealth details.

I can show you countless cases where legal action has been taken by folk who've jerked banks, Companies House and HMRC.

[Hank]

Originally Posted by jdbutler331

A quote from www.expost.uk

Each virtual mailbox from expost has a real UK street address that is accepted without question for correspondence with your bank, building society, card issuers, insurance and utility companies, HMRC, Companies House and the Passport Office, or for deliveries by on-line retailers such as Ebay and Amazon. Letters, packets and parcels are delivered to your chosen Mail Centre, where they are identified by your registered User names, sorted and stored in your mailbox. You then use your secure on-line control panel to tell us how and when to scan or physically forward your mail, anywhere in the world.

I've highlighted the key word. Still doesn't make it a residential address as required by Banks, Companies House and HMRC.

It a mail forwarding service, nothing more.