Our valued sponsor

Banking in North Macedonia

BTTT!

I see that North Macedonia is being mentioned a little more often in the forums, has anyone taken the plunge and found out more?

What’s the situation with IBAN, do you get one with a multi currency account?
 
Macedonian banks seem to be quite unwilling in opening non-resident business accounts. I suppose a good connection with the country in a form of office, staff, customers is needed for a positive result. Has anyone had any success with such banks as Stopanska, NLB, Sparkasse, Capital Bank, Procredit?
 
Banks in N. Macedonia are very conservative, you will have a hard time opening an account without possessing a residence permit in the country.

Whatever you do, do not mention "crypto" you will be outright rejected and have your accounts closed.

That is for regular mortals, if you have an "in" you can do pretty much anything in N. Macedonia from what I've experienced.
 
Macedonian banks seem to be quite unwilling in opening non-resident business accounts. I suppose a good connection with the country in a form of office, staff, customers is needed for a positive result.
For sure...
Non-resident personal accounts seemed to be easier; but even this can be gone this time.

Banks in N. Macedonia are very conservative, you will have a hard time opening an account without possessing a residence permit in the country.

Whatever you do, do not mention "crypto" you will be outright rejected and have your accounts closed.

That is for regular mortals, if you have an "in" you can do pretty much anything in N. Macedonia from what I've experienced.
@menderes, you possess a personal experience there, as far as I understand – correct?
Do you still have some contacts there, e.g. with local lawyers, consultants, accountants etc.? (We can eventually discuss it privately if you do not want to do it in public...)
 
For sure...
Non-resident personal accounts seemed to be easier; but even this can be gone this time.


@menderes, you possess a personal experience there, as far as I understand – correct?
Do you still have some contacts there, e.g. with local lawyers, consultants, accountants etc.? (We can eventually discuss it privately if you do not want to do it in public...)

I have extensive experience with N. Macedonia and had on the ground presence until relatively recently.

I do have an accountant, a lawyer and a bank contact, but the thing with the locals there is I can't guarantee their reliability, because even though they did things for me, that doesn't necessarily mean they will do things for you with the same level of professionalism, or that they will not simply scam you for petty amounts.
 
I have extensive experience with N. Macedonia and had on the ground presence until relatively recently.

I do have an accountant, a lawyer and a bank contact, but the thing with the locals there is I can't guarantee their reliability, because even though they did things for me, that doesn't necessarily mean they will do things for you with the same level of professionalism, or that they will not simply scam you for petty amounts.
Thank you for the honest words, much appreciated.
One person, who was present there in the past but left the country (for a very private reasons independent of the country and not more maintaining any contacts) some time ago, has told me something similar. Can you confirm the hypothesis that the factor which decides how you are treated by locals is not how much money you have in your pocket (although it matters) but whether you are willing and able to understand local environment, mentality and culture in general, including the ability at least to understand (to some remarkable extent) Macedonian language? Or do you think that the roots of this phenomenon are different?
 
Thank you for the honest words, much appreciated.
One person, who was present there in the past but left the country (for a very private reasons independent of the country and not more maintaining any contacts) some time ago, has told me something similar. Can you confirm the hypothesis that the factor which decides how you are treated by locals is not how much money you have in your pocket (although it matters) but whether you are willing and able to understand local environment, mentality and culture in general, including the ability at least to understand (to some remarkable extent) Macedonian language? Or do you think that the roots of this phenomenon are different?

It is not about money oddly enough unless you end up with some local charlatans or if they perceive you as over the top naive, otherwise no one even asked me for money outright or god forbid bribes. Everything revolves around knowing a guy who knows a guy and at most you're on the hook for a dinner or a bottle of cheap whiskey.

The language is entirely unimportant if you have a local dealer and shaker running things for you, half of the people you deal with are local minorities who speak broken Macedonian so no one cares.

The main problem is that the people that are left in the country are in general very dumb and lazy, with exceptions of course, I'm generalising. You will be faced with frustrating incompetence and laziness more than anything.

But, if you're not dealing with anything overtly shady everything will be easy and fast.

While I was there Turkish gangsters and Ukrainan oligarchs were obtaining citizenship and passports willy nilly and Venezuelans were using the country for money laundering. I even experienced some minor inconvenience and more than usual checks when doing international transfers because the country's banking system has a terrible reputation, funnily enough I had problems with Russia of all places, Macedonia was too shady even for the Russians!

If you're interesting in banking over there I just checked one of the most popular banks (NLB) and they seem to accept Non-resident bank account applicants judging by the application form.
Here's the application form for reference:
 
@menderes, thank you for the deep and valuable insight.

Everything revolves around knowing a guy who knows a guy and at most you're on the hook for a dinner or a bottle of cheap whiskey.
Yes, cultural specifics...

The language is entirely unimportant if you have a local dealer and shaker running things for you, half of the people you deal with are local minorities who speak broken Macedonian so no one cares.
Good to know...

The main problem is that the people that are left in the country are in general very dumb and lazy, with exceptions of course, I'm generalising. You will be faced with frustrating incompetence and laziness more than anything.
It is interesting for me that the person I have been referring to above did not mention meeting any frustrating icompetence there; yet it is true that he was not running a business there and his experience was almost exclusively limited to Skopje and perhaps some attractive places like Ohrid....

I even experienced some minor inconvenience and more than usual checks when doing international transfers because the country's banking system has a terrible reputation, funnily enough I had problems with Russia of all places, Macedonia was too shady even for the Russians!
:) Can you compare this e.g. to Monte Negro? On par, yet better, even worse?

If you're interesting in banking over there I just checked one of the most popular banks (NLB) and they seem to accept Non-resident bank account applicants judging by the application form.
Yes, I am considering opening an account there is the near/mid future – not for some big sums but just to have an account in an European non-AEOI/CRS country. I heard a positive feedback about Halkbank (as mentioned here some time ago; BTW, they also have in their pricelist special items for non-resident individuals, see enclosed file) – can you comment?
Would you mind sharing what bank(s) you personally used there? NLB, I guess?
 

Attachments

  • Tarifa_EN_24042023-individual.pdf
    311 KB · Views: 8
  • Like
Reactions: MrGoodman
The main problem is that the people that are left in the country are in general very dumb and lazy, with exceptions of course, I'm generalising. You will be faced with frustrating incompetence and laziness more than anything.
Sadly, but true. Many Macedonians applied for a Bulgarian citizenship by descent and left the country many years ago. Bulgarians see them as their own, so it's a pretty straightforward process.
 
@menderes, thank you for the deep and valuable insight.


Yes, cultural specifics...


Good to know...


It is interesting for me that the person I have been referring to above did not mention meeting any frustrating icompetence there; yet it is true that he was not running a business there and his experience was almost exclusively limited to Skopje and perhaps some attractive places like Ohrid....


:) Can you compare this e.g. to Monte Negro? On par, yet better, even worse?


Yes, I am considering opening an account there is the near/mid future – not for some big sums but just to have an account in an European non-AEOI/CRS country. I heard a positive feedback about Halkbank (as mentioned here some time ago; BTW, they also have in their pricelist special items for non-resident individuals, see enclosed file) – can you comment?
Would you mind sharing what bank(s) you personally used there? NLB, I guess?
Please start a private conversation (I don't seem to have the ability), I will give you direct info.
 
  • Like
Reactions: Forester
Please start a private conversation (I don't seem to have the ability), I will give you direct info.
PM sent. Thanks!

Just for the general information, anyone can send private messages to other forum members either after (roughly said) being here active for some time and gaining some reputation; or immediately after upgrading to Mentor Group. Details are to find at Help section Learn how you can start a conversation with other forum users. or Account Upgrade...
 

Latest Threads