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Obtaining an overseas merchant account
Obtaining a merchant account from an overseas bank has some benifits, and some drawbacks. Some traders may opt to use overseas accounts for tax purposes, and higher anonymity. However, many banks may refuse to deal with individuals or companies who have a place of residence outside of the bank's country of operation, and in most cases you will need to be physically present at the bank in order to open or close the account. Another consideration, is that overseas remittance is more expensive than same-country wire-transfers. For instance, BACS in the UK, costs aproximately 35p per transaction, where an overseas alternative such as CHAPS SDMT could cost in the region of £25.