Light in the end of the tunnel - banking

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Don

Active Member
Opening a bank account can be a struggle these days, but there is hope:
"Labour leader Robert Abela has promised to introduce measures, including the right to a bank account, to make it easier for businesses to do banking in Malta. "

More:

We will see if other countries follow through.
 

calnana

New member
My friend, what politicians say and what banks actually do are two very different things. Especially in small countries where local banks have to appease much larger correspondent banks.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
I agree in principle with Abela but not gonna happen I am afraid.

I remember BOV could not even get a new USD correspondence account at one point as its ING USD correspondence account was terminated on 14 Dec 2019...lol. At the time NO bank in US wanted to touch them. They ended up using Raiffeisen bank...lol.


Then Raiffeisen terminated BOV's USD account correspondence account on 31 March 2021...lol.


They now use Western Union Business Solutions for USD payments doh948"".


This is a national embarrassment to the island of Malta. I am sure its still fresh in the minds of BOV management that no US bank will touch BOV and Abela is just gonna make things worse with his actions.
 

Don

Active Member
The same thing actually already works in France.

In the event of refusal, it is possible to obtain the opening of a professional account by requesting to benefit from the procedure for the right to an account with a branch of the Banque de France (central bank). The right to an account allows the entrepreneur to ensure the continuity of his activity. For example, continue to pay salaries.

Source: Droit au compte en cas de refus d'ouverture d'un compte professionnel
 

void

Entrepreneur
this sounds nice in principle however behind the main message "everyone has the right to own an account" I can hear whispering "everyone has to own/use an account" :D
 

GeneralGogol

Active Member
Who the hell would want to bank in Malta?! I'd rather bank in Cambodia...

If you're a Malta-based business just spread your transactional banking over multiple EMIs like everybody else is doing.
 
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