Banking in North Macedonia

[bigladsmith]

As per the title, has anyone tried to set up a bank account either corporate or personal in North Macedonia?

If so can you share some details;

Which banks have you used?
Do you get an IBAN?
Multi Currency?

Etc etc.

Thanks

 

[bigladsmith]

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?

 

[Bugs Bunny]

Not sure why nobody is answering you, friend. I've been thinking about opening an account in North Macedonia... not sure what is required tho, or what bank to go for!

 

[Forester]

bigladsmith said:
BTTT!

What's the situation with IBAN, do you get one with a multi currency account?
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Yes, you do.

Bugs Bunny said:
what is required
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Personal visit inevitable.

Bugs Bunny said:
or what bank to go for!
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Silk Road Bank, Halkbank, ProCredit DIRECT
(no personal experience yet)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[NXXX]

I could help about Macedonia,if somebody has a need.

 

[wringat]

Any experience updates from 2023 on opening personal non-residential bank acc in Macedonia?

 

[csp dubai]

so if north macedonia is out o radar may be is a good place to be

 

[Piano]

NXXX said:
I could help about Macedonia,if somebody has a need.
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in what way can you help ?

 

[MrGoodman]

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?

 

[menderes]

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.

 

[Forester]

MrGoodman said:
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.
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For sure...
Non-resident personal accounts seemed to be easier; but even this can be gone this time.

menderes said:
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.
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@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...)

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[menderes]

Forester said:
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...)
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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.

 

[Forester]

menderes said:
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.
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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?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[menderes]

Forester said:
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?
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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:
https://nlb.mk/cms/TinyMCE/FileMana...урирање на физички лица на англиски јазик.pdf

 

[MrGoodman]

Has anyone had any experience with NLB? It makes sense to apply knowning the chances. In other words, if there is a connection with the country required, then it does not make sense to apply.

 

[Forester]

@menderes, thank you for the deep and valuable insight.

menderes said:
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.
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Yes, cultural specifics...

menderes said:
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.
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Good to know...

menderes said:
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.
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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....

menderes said:
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!
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🙂 Can you compare this e.g. to Monte Negro? On par, yet better, even worse?

menderes said:
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.
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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?

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Marshal]

menderes said:
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.
Click to expand...

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]

Forester said:
@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?
Click to expand...

Please start a private conversation (I don't seem to have the ability), I will give you direct info.

 

[Forester]

menderes said:
Please start a private conversation (I don't seem to have the ability), I will give you direct info.
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PM sent. Thanks!

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[Clear]

Quick opinion from my end. Opened a company in Macedonia a few years ago, also bought a house as holiday destination and company address.

My opinion regarding all the general things of opening a company: if you have at least a few connections in the country and hire good people (lawyer, accountant,...) it is super easy and quick. Bank account was also really quick (KB). But everything after that in regards to sending and receiving money was super hard.
1) Getting money into the bank account (even the initial company capital from a private bank account in a EU country was almost impossible and delayed everything so long - money was just held at the bank)
2) Getting payments into the bank account (asked like 100+ payment gateways to accept my company + bank account and only one at the time wa Rapyd but only after like a long time of talking and being beta user at the time)
3) Tranferring money or getting money out of the bank account (super hard and only possible if you understand macedonian - there are like 100s of reasons you need to pick for even local money transfers and it is always a nightmare to buy even the accountant or such)

So for me, left the company dormant, it is a fun story to tell and have the company registered in a small village without address system (so people would probably need to come and check the houses for a sign). So should there be anything shady I want to do in the future, I could always revert back to it and have fun.

But yeah, in the end it was a lot of time spent for a fun project that does not work really well in the end.