If you could use a SEPA bank account in Europe, here is a new way: Shine, a French banking startup not dissimilar to the Germany’s N26, offers free bank accounts to anyone with a self-employed status with a connection in France.
Shine only launched in March 2018 and even though they hardly have 1.5K Twitter followers at time of writing, the rumor has it they already opened 10K bank accounts.
10 000 users en 3 mois 😍 Nous avons compté, si nous vous remercions tous en 3 mois aussi, nous aurions 8,5 mercis à dire par jour chacun. C'est faisable. 😏 pic.twitter.com/GYGwYf7nJk— Shine (@shine_tools) June 5, 2018
The biggest advantage is obvious - a free bank account in France within the European SEPA zone. It is not necessary to own or lease a house in your name in France, as per the Shine Tools FAQ it is sufficient if someone who does is willing to participate as your host. You both then need to jointly pass the standard KYC and AML checks involving national ID scans and proofs of address.
The Shine app targets individuals who work as micro-entrepreneurs at the moment. The status of the enterprise must be verifiable, currently supported are only the following few statuses but more are going to be added during 2018.
- Sole Proprietorship (EI), Individual Company with Limited Liability (EIRL)
- Simplified Joint Stock Company (SASU)
- Unipersonal Limited Liability Company (EURL).
Shine has 24/7 email support and offers automated tax prediction tool as well as tax consultants ready to answer your questions.
Shine Tools and Crypto
We reached out to Shine to ask whether they avoid cryptocurrency-related dealings.
Judging from the March 2018 positive news about loosening of cryptocurrency business regulations from the French government we expected them to be crypto-friendly.
However, a representative of Shine Tools responded to us that they are NOT accepting any self-employed customers nor companies that work in the cryptocurrency business. Transactions with cryptocurrency trading platforms will be flagged and detected p2p trading patterns will be problematic.
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