Bank Account Cyprus Limited

[aalakalpha]

Hello, I recently incorporated a Cyprus Ltd and I'm looking for a bank account. I act as the director and secretary of the Company and live in Cyprus. I receive royalties from Amazon amounting to a mid-five-figure sum per month and I get them in one single payment. Obviously, I would like to avoid that my funds getting frozen. What bank/EMI would be recommended for my needs?

 

[Marzio]

I would like to avoid that my funds getting frozen

Why do you think your funds will get frozen? You are receiving royalties from Amazon, it's a super clean business.

 

[aalakalpha]

I was just reading that a lot of people got their funds frozen with EMIs, not related to my business but in general. With much smaller amounts, therefore I was worried that it will cause issues if get larger deposits on a new account.

 

[Marzio]

I was worried that it will cause issues if get larger deposits on a new account.

It's not the amount that gets the account frozen but the sender. Amazon is one of the top companies in the world so even if they will send you 1 milion nobody will ask you questions because it's Amazon.

 

[aalakalpha]

It's not the amount that gets the account frozen but the sender. Amazon is one of the top companies in the world so even if they will send you 1 milion nobody will ask you questions because it's Amazon.

That sounds reassuring, any recommendations for a specific bank/EMI?

 

[Marzio]

Wise would work ok for you.

 

[Forester]

It's not the amount that gets the account frozen but the sender. Amazon is one of the top companies in the world so even if they will send you 1 milion nobody will ask you questions because it's Amazon.

Perhaps not with 1 milion out of the blue but generally, @marzio is truly right.

Wise would work ok for you.

No, please, no .
Avoid at any cost.
1) Wise is, unfortunately, one of the EMIs where you can have your account frozen under totally fuzzy circumstances, regardless of a real situation – simply, their AI probably missed when evaluating transactions and profiles. (BTW, I heard that Wise was reluctant to Cyprus companies – but it's not important IMO.)
2) The true is that Cyprus Ltds are not very favorized, not even popular among financial institutions. But your business looks really clean and legit, you are the director and secretary (i.e. no nominees) and you are living at Cyprus, so your company is not a typical Cyprus offshore. Then, IMO
– you probably can go with any Cyprus bank you like (OK, it is well known that Cyprus banks are far from being excellent);
– or you can choose much better EMI (Currenxie or Airwallex in HK, Intergiro in Sweden, something different in the UK /I am not so well oriented there, perhaps Multipass, for example/)...

 

[Marzio]

Avoid at any cost.

I never had any problems with them.

Intergiro in Sweden

They are good too

 

[Forester]

I never had any problems with them.

I believe you – and I consider you to be a lucky man (Otherwise, there is a plenty of /true/ stories re: Wise, even here at forum.)

 

[CyprusLawyer101]

Hello, I recently incorporated a Cyprus Ltd and I'm looking for a bank account. I act as the director and secretary of the Company and live in Cyprus. I receive royalties from Amazon amounting to a mid-five-figure sum per month and I get them in one single payment. Obviously, I would like to avoid that my funds getting frozen. What bank/EMI would be recyou shouls be ommended for my needs?

Hello ,
You ahould be able to open an account with a local bank in Cyprus. We work with almost all the banks in Cyprus and we can assist in the account opening process. Let mw know if i could be of assistance.

 

[timaz]

I never had any problems with them.



They are good too

Any other bank recommendation apart from Intergiro for a Cyprus LTD?

 

[Forester]

Any other bank recommendation apart from Intergiro for a Cyprus LTD?

It heavily depends on the nationality and residence of UBO(s) and directors, type of business, destinations for outgoing and incoming payments, currencies needed to use, expected monthly and yearly turnover. Unless shared, you cannot expect any well-founded advice. (Even Intergiro need not be an optimal solution for all cases.)