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Question Best banking options (Malta/E-Commerce)

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Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Can't recommend Malta so far, this island even has been grey-listed by the European Union as of last month.
That's it.

Was relocating half decade ago after got burned on Malta by never getting any reliable banking and ended up with the ex-laundromat Satabank - lost significant amount of money over years and till today not all funds back.

It's interesting to see how EU banks and even mid risk EMI's are avoiding Malta and Cyprus not just since yesterday.

So basically with an EU company on Malta you have the same banking options like with a real 0% tax offshore jurisdiction like the UAE outside EU.

Verifo and Bilderlings are working with UAE so they will onboard based on jurisdiction your Malta company as well - however it's crazy to what high risk banking possibilities you have to stick due to your jurisdiction. Both Bilderlings and Verifo work with crypto but then limit you to SEPA only.

Usually you should get a Company Setup with reliable retail banking in the jurisdiction of incorporation and just outsource some specific high risk stuff like Crypto to high risk EMI but if you end up banking only on EMI that's not the way to go in 2021 if you already now have to start to bank with the bottom of the barrel from the very beginning.

You can take a look if you find a Malta based bank with a foreign licensed subsidiary. That's for example we do if required to build a bridge to EU with Switzerland based subsidiaries of MENA based banks - works pretty good and you get sometimes things done you can't get done with the mother bank in the MENA.
 

BtcBiz

New member
@Fred @BlueMist thanks a ton for your replies and experiences so far. That's the quality shit we've been looking for. :)
Was relocating half decade ago after got burned on Malta by never getting any reliable banking and ended up with the ex-laundromat Satabank - lost significant amount of money over years and till today not all funds back.
May I ask where did you end up afterwards and did you manage to get your money back?
Usually you should get a Company Setup with reliable retail banking in the jurisdiction of incorporation and just outsource some specific high risk stuff like Crypto to high risk EMI but if you end up banking only on EMI that's not the way to go in 2021 if you already now have to start to bank with the bottom of the barrel from the very beginning.
YES, absolutely. That's what we're used to, coming from a Central European country. Not gonna lie, things are hitting us like a truck right now. Don't think we would be off any better if we were relocating to Cyprus. These places just seem to slowly fade out.
You can take a look if you find a Malta based bank with a foreign licensed subsidiary. That's for example we do if required to build a bridge to EU with Switzerland based subsidiaries of MENA based banks - works pretty good and you get sometimes things done you can't get done with the mother bank in the MENA.
I'm not quite sure if I can catch up. Would HSBC fall under this category? (Don't even consider going with them, just want to make sure I got you right)

/// Off-topic.

We've just decided to remain in Malta for like 1 or 2 years to get 1 or 2 tax certificates ready and then relocate to a Central European country again. Currently looking for business-friendly countries on mainland. Any experiences or recommendations, even the slightest hints in regard are much appreciated!
 

casinoguy87

New member
I'm based in Malta. I'm in the gambling business. You will struggle a lot with local banks no matter what you do. I know that local SME's such as coffee shops, gyms, barbers are even struggling to get a bank account open for their business from the local banks.
The potential 5% effective tax rate seems attractive, but it's a real struggle with the banks.
 

BtcBiz

New member
estonia remani one of best places , only a bit cold
I thought of the Baltics (Estonia/Lithuania especially) too, but the type of weather and lack of proper English worries me to be honest.

So far we were aiming for Switzerland, Austria or the Netherlands. Switzerland seems to be way too expensive in any way, Austria is a beautiful country too, but they are not quite attractive business- wise.

We will go for the Netherlands in 2022 as quality of life (besides the lack of sun) as well as business benefits seem to be top notch.

What we have learned from this journey is that we rather pay some additional taxes than being stuck in some tiny islands such as Malta or Cyprus where life sucks (if you're used to Central European standards) and it's all about corruption and greediness. I now experienced firsthand why these places slowly go down.
 

BtcBiz

New member
  • Verifo: Accepted our application
  • NexPay: Rejected our application
  • IBSettle: No good chances (as for all Baltic banks or EMIs) according to @Gediminas
  • Bilderlings: No good chances (as for all Baltic banks or EMIs) according to @Gediminas
  • Bankera: No good chances (as for all Baltic banks or EMIs) according to @Gediminas
  • MeDirect: Rejected our application (to be more precise, couldn't fulfill their ridiculous paperwork)
  • Finductive: Rejected our application (to be more precise, couldn't fulfill their ridiculous paperwork)
  • Bank Frick: Rejected our application

Providing you with the final update as promised. For other experiences please see the previous page.

Final conclusion:

I cannot recommend Malta when starting fresh. Oh boy, how quickly tides can actually turn within the blink of an eye. Taking the loss of 25.000 Euros (Company structure setup as well as company structure liquidation) and moving on.
 

BlueMist

Entrepreneur
Did you try:
vallettapay.com
emoney.mt
sepaga.com
paysera.com

Also "couldn't fulfill their ridiculous paperwork", well don't expect things to be easy and light on paperwork side with blacklisted country. Finductive asks a lot of questions upfront, but it is a breeze later on.
 

BtcBiz

New member
Did you try:
vallettapay.com
emoney.mt
sepaga.com
paysera.com

Also "couldn't fulfill their ridiculous paperwork", well don't expect things to be easy and light on paperwork side with blacklisted country. Finductive asks a lot of questions upfront, but it is a breeze later on.
I don't remember why we chose to not apply for Vallettapay, but they were no solution either. Same for Paysera.

Haven't heard of Emoney and Sepaga yet. Would've looked into it if we were not in process of liquidation already.

Yes, I don't expect things to be easy as we are considered high-risk. Our point of view may caused the failing from the very beginning. Choosing a place like Malta, Cyprus, Georgia, Latvia, Lithuania when trying to operate a high-risk money-laundering start-up may be the exact wrong way. :D
 

Marios

Mentor Group Gold
I don't remember why we chose to not apply for Vallettapay, but they were no solution either. Same for Paysera.

Haven't heard of Emoney and Sepaga yet. Would've looked into it if we were not in process of liquidation already.

Yes, I don't expect things to be easy as we are considered high-risk. Our point of view may caused the failing from the very beginning. Choosing a place like Malta, Cyprus, Georgia, Latvia, Lithuania when trying to operate a high-risk money-laundering start-up may be the exact wrong way. :D
If you need any help or advise over SEPAGA will be happy to provide as I work daily with them for many years now
 

Forester

New member
  • Verifo: Accepted our application
  • NexPay: Rejected our application
  • IBSettle: No good chances (as for all Baltic banks or EMIs) according to @Gediminas
  • Bilderlings: No good chances (as for all Baltic banks or EMIs) according to @Gediminas
  • Bankera: No good chances (as for all Baltic banks or EMIs) according to @Gediminas
  • MeDirect: Rejected our application (to be more precise, couldn't fulfill their ridiculous paperwork)
  • Finductive: Rejected our application (to be more precise, couldn't fulfill their ridiculous paperwork)
  • Bank Frick: Rejected our application

Providing you with the final update as promised. For other experiences please see the previous page.

Final conclusion:

I cannot recommend Malta when starting fresh. Oh boy, how quickly tides can actually turn within the blink of an eye. Taking the loss of 25.000 Euros (Company structure setup as well as company structure liquidation) and moving on.
@BtcBiz:
Well, it is a little bit late but better late than never:
IMO, you performed a really exhaustive research and posted a lot of valuable information in this thread. Just want to say thank you :)
 

BlueMist

Entrepreneur
Agribank. They open accounts but it takes time. It was not a popular option because they did not have SEPA which they have just recently added. Hurry, first come first serve! :)
 

Marios

Mentor Group Gold
malta the banks are the worst of the worst , and cyprus after fnbe is just a state fraud stay away
that is not entirely true about Cypriot banks. The case with FBME has nothing to do with the current banking system in Cyprus. What has really affected it was the fall of the second biggest bank and the bail-in from the first one back in 2013. Don't ask what has led to the fall. The change after that is that they have become much more compliant, (went to the opposite direction), in a manner that they do not open bank accounts easily and have lots of transaction monitoring. Certainly not state of fraud despite the rumors you are hearing left and right as they are heavy regulated. On another note, the local EMIs are more flexible and business friendly.
 

BlueMist

Entrepreneur
that is not entirely true about Cypriot banks. The case with FBME has nothing to do with the current banking system in Cyprus. What has really affected it was the fall of the second biggest bank and the bail-in from the first one back in 2013. Don't ask what has led to the fall. The change after that is that they have become much more compliant, (went to the opposite direction), in a manner that they do not open bank accounts easily and have lots of transaction monitoring. Certainly not state of fraud despite the rumors you are hearing left and right as they are heavy regulated. On another note, the local EMIs are more flexible and business friendly.
I will just post the facts:
FAIL 1. FBME was considered "UBS" equivalent in Cyprus. It was highly regarded bank by HNWI and corporates, also famous from their "no name" cards.
FAIL 2. There is no well known international bank in Cyprus such as Citi, HSBC or any other. The last international bank Barclays has quit from this market some time ago. This says a lot about local banking regulations...
FAIL 3. Cyprus deposit haircuts. You see maybe in 100 years people will forget but I will for sure pass it to my next generations to absolutely not keep wealth in Cyprus. What has been done cannot be reversed unfortunately.
 

Marios

Mentor Group Gold
I will just post the facts:
FAIL 1. FBME was considered "UBS" equivalent in Cyprus. It was highly regarded bank by HNWI and corporates, also famous from their "no name" cards.
FAIL 2. There is no well known international bank in Cyprus such as Citi, HSBC or any other. The last international bank Barclays has quit from this market some time ago. This says a lot about local banking regulations...
FAIL 3. Cyprus deposit haircuts. You see maybe in 100 years people will forget but I will for sure pass it to my next generations to absolutely not keep wealth in Cyprus. What has been done cannot be reversed unfortunately.
Well argued. In any event, Cyprus has never been a banking destination to keep wealth, only for transactions.
 
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