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Initial Bankera fees for newly incorporated company in Cyprus

KScyprus

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Feb 10, 2021
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Hi folks, I'd like to ask you for advice on a question.
I have just created a new company in Cyprus, managed from abroad but with a secretary and an office in Cyprus.

I have a hard time opening bank accounts. Many banks say the risk level of my business is higher than they can tolerate.

My business is legal. I deal with dropshipping of white label products with a rather high price (above 500 $).

Bankera seemed like a good solution to me. Here on the forum it is highly recommended.

However, they ask me for € 450 in initial commissions without even knowing if they will accept my company or not.

On Trustpilot, many people complain that after paying the initial fees, Bankera refused to open their account and "ran away with the money".

Advice, personal experiences and opinions are welcome.
 
Se ti piace il classico dropshipping e ricevi denaro da PayPal e Stripe, anche Payoneer è una buona scelta.
Payoneer is a good choice, but I can't open an account with them at the moment.
My company is incorporated in Cyprus and in the process of registering on Payoneer, they ask me to enter a Cypriot bank account (which I do not currently have).

I was thinking of solving this by opening a Transferwise account and creating a Cypriot IBAN, but unfortunately Transferwise told me that my level of risk is above their standards.

So I'm waiting for the account with the Bank of Cyprus to be opened and in the meantime I need an online bank account (without too stringent limits) to start working.

Until now, the only account I have managed to open is with Trustcom financial, but it is very limited (maximum € 5,000 per month in entry).
 
However, they ask me for € 450 in initial commissions without even knowing if they will accept my company or not.
Speak with @Gediminas if you go that route, he is able to help you out.

Alternative there is Intergiro and if you contact Transferwise and explain them in details what your business is about you will even be able to use them. Ask TW to confirm they accept your business.
 
Bankera doesn't seem like a good idea to me.
€ 450 wasted.
 

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I did it myself.
But it seems strange to me. I opened two other accounts (Trustcom and Genome) without problems and without paying any onboarding commission.
I am very disappointed with Bankera. :(

The difference is that Bankera applies stronger compliance procedures at the beginning (while onboarding), whereas other financial institutions usually tend to apply it at a later stage when you start receiving transactions. So if Bankera rejected your application, don't be surprised if Trustcom and Genome will start questioning you about everything at a later point.
 
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