Maltese Limited Bank account

[Brillo]

Hello guys,
I would like to ask you if anyone in the last few months has found any banks that accept Maltese LTD.

Thank you

 

[Martin Everson]

Are you a resident of Malta or EU?

 

[Brillo]

Are you a resident of Malta or EU?

Maltese since 1 month with Maltese LTD too.
Anyway, even accountants here say that you should have a strong bank history (that I don't have) before get accepted by local banks

 

[Martin Everson]

Yup forget banks in Malta right now. Use Maltese EMI's or FX companies.

You can open with Finductive or Fexserv (very reputable) in Malta.

In unlikely event they both reject you then try emoney and Mifinity in Malta.

You may want to explain what your business is? .

 

[Brillo]

Yup forget banks in Malta right now. Use Maltese EMI's or FX companies.

You can open with Finductive or Fexserv (very reputable) in Malta.

In unlikely event they both reject you then try emoney and Mifinity in Malta.

You may want to explain what your business is? .

I will try to contact both. Do you know if they also provide Debit card?
My business is just: Hosting

Eventually is there any Bigger company like Revolut/N26 or similiar that still accept Maltese companies?
Thanks

 

[Martin Everson]

Eventually is there any Bigger company like Revolut/N26 or similiar that still accept Maltese companies?

You can try them and worst they can say is no. But Malta is gray listed country right now so may put you into a higher risk bracket with them when it comes to actual operations.

I will try to contact both. Do you know if they also provide Debit card?

Think only emoney does.

P.S Have you actually tried any of the Malta banks yourself? You could look at Lombard bank I know people who had success.

 

[Steve3000]

You can try them and worst they can say is no. But Malta is gray listed country right now so may put you into a higher risk bracket with them when it comes to actual operations.



Think only emoney does.

P.S Have you actually tried any of the Malta banks yourself? You could look at Lombard bank I know people who had success.

You could also try the Maltese Post Office bank, which although managed by Lombard, may have easier criteria to meet. There is an EMI called Blackcat that advertises a lot and is run by a company called Papaya, with its headquarters in Sliema. Blackcat has VERY mixed reviews and you should do a lot of research before entrusting them with large sums. Look carefully who owns it, its history, where it is registered etc.

 

[Steve3000]

You could also try the Maltese Post Office bank, which although managed by Lombard, may have easier criteria to meet. There is an EMI called Blackcat that advertises a lot and is run by a company called Papaya, with its headquarters in Sliema. Blackcat has VERY mixed reviews and you should do a lot of research before entrusting them with large sums. Look carefully who owns it, its history, where it is registered etc.

I forgot to say that you could try Monese as well. A British EMI that accepts clients across Europe including Malta. They are a bit strange in having different debit cards for euros and pounds. Very easy to deal with and much friendlier than Revolut!! One strange little quirk is that they use your phone's location to check your address! We had a very irritating yet funny few hours doing this, since our apartment was in part of a road not named in Google maps and the numbering was totally illogical. They finally saw the funny side!

 

[Martin Everson]

I forgot to say that you could try Monese as well.

Monese only supports UK companies.

 

[Steve3000]

Maybe that's right about companies, but I wanted to point out that Monese also supports individual accounts all over Europe. I find them one of the best EMIs to use.

From what I remember, although Maltese companies should accept all IBANs, I know that it's not as easy as that.
For a simple way to get a Maltese IBAN, it may be worth exploring Blackcat card and/or Papaya, though as I said, do your due diligence.
You could always go to their offices in Sliema to chat with them. Good place for shopping!

 

[GlobalConsult]

You can also try with www.yuropay.com

 

[Steve3000]

Or Online account with IBAN and prepaid Mastercard – YuroPay for the English version.

Thanks! I've never heard of them before.

A quick search: Experience with Yuropay.com?

I would feel safer with a German EMI than a Maltese EMI, so may be okay, but as usual, do your own research, due diligence, KYB etc.

 

[Sols]

Yuropay is not a German EMI. It is a German company operating as a licensed agent of a Maltese EMI.

 

[Steve3000]

Yuropay is not a German EMI. It is a German company operating as a licensed agent of a Maltese EMI.

Wow, thanks Sols! I am learning so much from this site! The main website is in German so surely they are trying to attract Germans? As far as safety goes, would you consider this a better option than a purely Maltese EMI, or is the German company of no significance? My background is in Biology and I have no experience in business or finance, merely a healthy paranoia and mistrust of all financial institutions and a desire to have fun in my retirement.

 

[GlobalConsult]

Wow, thanks Sols! I am learning so much from this site! The main website is in German so surely they are trying to attract Germans? As far as safety goes, would you consider this a better option than a purely Maltese EMI, or is the German company of no significance? My background is in Biology and I have no experience in business or finance, merely a healthy paranoia and mistrust of all financial institutions and a desire to have fun in my retirement.

It doesn't matter whether the company is based in Germany, Malta or Burkina Faso. The accounts are opened with an EMI in Malta and that's what you're looking for, isn't it?

 

[Sols]

Wow, thanks Sols! I am learning so much from this site! The main website is in German so surely they are trying to attract Germans? As far as safety goes, would you consider this a better option than a purely Maltese EMI, or is the German company of no significance?

There is no meaningful difference in terms of safety where an EMI is incorporated/licensed, since both are ultimately operating under laws based on the same EU directives.

In this case, it has absolutely zero difference since you are getting the financial services from a Maltese company at the end of the day regardless.

In an absolute worst case scenario, you could even make the argument that it's less safe to go via a licensed agent instead of the licensee itself. While your funds will never be at risk in either case, but if Yuropay fails it might be slightly more cumbersome to get your money back than if PayMix (the Maltese EMI behind Yuropay) fails. One extra layer of bureaucracyl

 

[Fred]

Yuropay is some kind of "your credit score is fucked? We get you covered" operation.

They target mainly german business owners - that's why the website is in german language only and this requirement is in place:

"Account opening is possible for almost any EU legal form that is additionally registered in the "German" commercial register."

 

[Steve3000]

It doesn't matter whether the company is based in Germany, Malta or Burkina Faso. The accounts are opened with an EMI in Malta and that's what you're looking for, isn't it?

Er...no! We were just discussing how to have a Maltese IBAN, but I certainly would not choose a company without knowing a lot about it, doing due diligence, research and KYB!! What good is a Maltese IBAN if they then disappear down the drain? e.g. Pilatus bank, Nemea bank, Satabank ? All Maltese!

 

[JohnDones]

Yup forget banks in Malta right now. Use Maltese EMI's or FX companies.

You can open with Finductive or Fexserv (very reputable) in Malta.

In unlikely event they both reject you then try emoney and Mifinity in Malta.

You may want to explain what your business is? .

I only have Wise with Malta Ltd. Would you trust Finductive and Fexserv with mid 6 figure sums?

Also how does Wise treat transfers to other EMIs? Do they know it's an EMI based on Iban or something? I'm thinking would they get all finicky if they know it's another EMI.

 

[Martin Everson]

I only have Wise with Malta Ltd. Would you trust Finductive and Fexserv with mid 6 figure sums?

"Malta" and "trust" don't go together period. The Satabank, Pilatus Bank and Nemea Bank saga and Myney and other EMI's that vanished overnight with no warning plus my rant on Malta's handling of Satabank should be enough to tell you my feelings....lol.

Also how does Wise treat transfers to other EMIs? Do they know it's an EMI based on Iban or something? I'm thinking would they get all finicky if they know it's another EMI.

Yes they know its an EMI based on IBAN. I have not seen any issues sending to other EMI's. Not sure what would happen if you send to one that is known for gambling or crypto etc. Would not want to try.