EMI for Maltese company

[bandanna]

Hi,

I'm looking for recommendations around EMIs working with Malta based company holding funds both USD and EUR?

I saw Airwallex, Wamo, Finductive, Fyorin and others. Do you recommend any of those? Or others you are familiar with?

Both Wise and Revolut don't work with businesses in Malta at the moment.

Thanks!

 

[patterson]

Using Airwallex, Wise and Intergiro with my Malta Ltd. Not familiar with the others.

 

[bandanna]

patterson said:
Using Airwallex, Wise and Intergiro with my Malta Ltd. Not familiar with the others.
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Did you have the Wise since long time ago? ”¦ they stopped onboarding companies in Malta and I wonder if there's still a way to get it

How's the experience with Airwallex?

 

[patterson]

Wise since 2021.

Airwallex works fine. They also added credit cards recently. Just non-EUR transfers and conversions are a bit pricey, IIRC.

 

[bandanna]

Thanks for your answer.

I messaged Wise Business team, they are not onboarding anymore companies in Malta, and not taking any exceptions.

Intergiro not accepting anymore clients from anywhere basically lol.

I'll check Airwallex thanks!

I came across other EMIs like Wamo, Bankera, Fyorin, Finductive ”¦ none seem to have as low pricing as Wise/Revolut.

 

[BeyondBorders]

Finductive. They require supporting documentation for literally every transaction, can be uploaded when setting up transfers, but run smooth.

 

[upshore]

Bankera is fine with Maltese companies, have you tried them?

 

[myhand]

upshore said:
Bankera is fine with Maltese companies, have you tried them?
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@Gediminas is the one to ask for help for bankera when reading the forum his name shows up everywhere when it¨s about bankera.

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[Forester]

bandanna said:
I'll check Airwallex thanks!

I came across other EMIs like Wamo, Bankera, Fyorin, Finductive ”¦ none seem to have as low pricing as Wise/Revolut.
Click to expand...

Check Currenxie, too. It works IMO better than Airwallex and it's quite cheap.

Last edited: Oct 2, 2023
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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...

 

[Creocree]

Chek 3s money and Vialet

 

[aragon]

BeyondBorders said:
Finductive. They require supporting documentation for literally every transaction, can be uploaded when setting up transfers, but run smooth.
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Hi there, could you possibly share what fees Finductive is charging your Maltese business, please?

Forester said:
Check Currenxie, too. It works IMO better than Airwallex and it's quite cheap.
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A problem I've had with Currenxie and a Maltese company account is that it seems to be impossible to obtain anything more than their Hong Kong multi-currency account. Applying for their UK or EU EUR accounts goes no where.

 

[bandanna]

Bankera doesn't seem that pricy for SEPA, PS ok with crypto transactions.

Not sure why the reputation of it being expensive? What am I missing?

Last edited: Oct 8, 2023

 

[prakashKumar]

bandanna said:
Hi,

I'm looking for recommendations around EMIs working with Malta based company holding funds both USD and EUR?

I saw Airwallex, Wamo, Finductive, Fyorin and others. Do you recommend any of those? Or others you are familiar with?

Both Wise and Revolut don't work with businesses in Malta at the mome
Click to expand...

You can open a multi-currency bank account at Amnis. Amnis is an Austrian Neo bank. European company can open a bank account in amnis.

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[aragon]

prakashKumar said:
You can open a multi-currency bank account at Amnis. Amnis is an Austrian Neo bank. European company can open a bank account in amnis.
Click to expand...

Their plans and pricing seem pretty amazing. Thanks for the punt!

 

[PhantomOf ThePits]

I got a contact at Revolut which told me they'll start soon onboarding Maltese companies again.
DM if you need more details as I dont want to publish his contacts in a public forum

 

[aragon]

PhantomOf ThePits said:
I got a contact at Revolut which told me they'll start soon onboarding Maltese companies again.
DM if you need more details as I dont want to publish his contacts in a public forum
Click to expand...

DM seems restricted here. But maybe you could post here again when Revolut reopens Maltese onboarding?

 

[Forester]

bandanna said:
I came across other EMIs like Wamo, Bankera, Fyorin, Finductive ”¦ none seem to have as low pricing as Wise/Revolut.
Click to expand...

Well, I am convinced that the pricing should not be the only criteria when selecting the bank account provider, definitely. (For more re: Revolut/Wise, search here 😉 )

upshore said:
Bankera is fine with Maltese companies, have you tried them?
Click to expand...

AFAIK, Bankera can onboard clients from really various jurisdictions, it's true. It is also true that they do not onboard everyone and ther onboarding policy is everything but transparent. Account suspensions seem to happen unpredictably, too.

aragon said:
A problem I've had with Currenxie and a Maltese company account is that it seems to be impossible to obtain anything more than their Hong Kong multi-currency account. Applying for their UK or EU EUR accounts goes no where.
Click to expand...

TBMK, you cannot have an EUR account with Currenxie if you are an EU-located company. But as an EU-located company you can have e.g. USD, CAD, JPY, SGD etc. local accounts (in addition to a HK multi-currency account).

prakashKumar said:
You can open a multi-currency bank account at Amnis. Amnis is an Austrian Neo bank. European company can open a bank account in amnis.
Click to expand...

Just a tiny correction: Amnis is not a (neo)bank but an EMI (this is nothing wrong). It is located in Switzerland and has a Liechtenstein EMI licence, i.e. no Austria. But it is backed up by Austrian Erste Bank and has offices in CH, LI, AU, NL and CZ. And yes, an european company can open an account with them and it reportedly goes quite smooth if company's business seems OK. For more details try to look here Amnis Treasury - Sounds Too Good?.

aragon said:
DM seems restricted here.
Click to expand...

With a Mentor Group Gold / Mentor Group Light / Bronze Membership you can PM any another forum user immediately.

Last edited: Dec 26, 2023
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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...

 

[ilke]

Forester said:
AFAIK, Bankera can onboard clients from really various jurisdictions, it's true. It is also true that they do not onboard everyone and ther onboarding policy is everything but transparent. Account suspensions seem to happen unpredictably, too.
Click to expand...

Yes, Bankera is a bit unpredictable. Higher risk appetite usually equals higher total risk as well. But, you

Forester said:
TBMK, you cannot have an EUR account with Currenxie if you are an EU-located company. But as an EU-located company you can have e.g. USD, CAD, JPY, SGD etc. local accounts (in addition to a HK multi-currency account).
Click to expand...

Since Currenxie doesn't have an EU license, can I ask (although off-topic), through what bank do they provide EU local accounts for non-EU businesses? And are the accounts still in Currenxie's name? I know that they used to have HK accounts (I think it was at Citi HK) where the beneficiary was like Currenxie - COMPANYNAME which was a bit problematic for me, but I'm pretty sure they got rid of that in HK and would like to know if it's still that way with the EU accounts and through what bank they are offered.

Forester said:
Just a tiny correction: Amnis is not a (neo)bank but an EMI (this is nothing wrong). It is located in Switzerland and has a Liechtenstein EMI licence, i.e. no Austria. But it is backed up by Austrian Erste Bank and has offices in CH, LI, AU, NL and CZ. And yes, an european company can open an account with them and it reportedly goes quite smooth if company's business seems OK. For more details try to look here Amnis Treasury - Sounds Too Good?.
Click to expand...

One more tiny correction (haha), Amnis is not an EMI but a PI. The first in Liechtenstein actually. They aren't able to offer their own IBANs or actually any funds directly from their side and that's most likely the reason they are backed by a bank.

 

[Forester]

ilke said:
Yes, Bankera is a bit unpredictable. Higher risk appetite usually equals higher total risk as well.
Click to expand...

Well, exactly.

ilke said:
But, you
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? 🙂

ilke said:
Currenxie doesn't have an EU license, can I ask (although off-topic), through what bank do they provide EU local accounts for non-EU businesses?
Click to expand...

Citi UK, AFAIK.

ilke said:
And are the accounts still in Currenxie's name?
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My speculation see below 🙂

ilke said:
I know that they used to have HK accounts (I think it was at Citi HK)
Click to expand...

Yes, it was.

ilke said:
where the beneficiary was like Currenxie - COMPANYNAME
Click to expand...

Exactly.

ilke said:
which was a bit problematic for me, but I'm pretty sure they got rid of that in HK
Click to expand...

Yes, I can confirm. And the accounts you obtain are still with Citi HK.

ilke said:
and would like to know if it's still that way with the EU accounts and through what bank they are offered.
Click to expand...

Well, I guess that it can mimic the HK situation, as (nowadays) it is with the Citi as well. (They were with LHV before for EUR accounts.) But it is really just my speculation 🙂
Anyone else having more info?

ilke said:
One more tiny correction (haha), Amnis is not an EMI but a PI.
Click to expand...

You are truly right. I have just re-checked it with the EBA register (EUCLID - Register, FWIW). Sorry, I simply did not remember it well, for the first time. Thanks for the correction.

ilke said:
The first in Liechtenstein actually. They aren't able to offer their own IBANs or actually any funds directly from their side and that's most likely the reason they are backed by a bank.
Click to expand...

Agreeing.

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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...

 

[bandanna]

Using Wamo for now, so far Ok. Also the app and overall UX is nice.

Compliance can be tough here and there, but they're relatively responsive through the chat.

Airwallex didn't like me. I'll check currenxie for USD and Amnis too.