EMI for Cyprus co (USD denominated IBAN)

[rb91134]

I need to open a business bank account with an EMI for a Cyprus ecommerce company (nothing high risk). 3 things worth mentioning:

1. The company has a resident Cyprus director but the UBO (me) is a non-EEA national.

2. We need USD denominated accounts and USD denominated incoming and outgoing wire transfers.

3. Don't want to pay more than 0.1% for incoming or outgoing wire transfers.

Wise, Revolut and Paysera aren't options for us unfortunately. Wise and Revolut both rejected us (Wise for reasons unknown and Revolut because I am not a EEA national), and Paysera no longer supports USD denominated transfers (according to their customer support).

I have searched through the forums and while there are several recommendations, I am not sure which one actually meets all the criteria mentioned above. For example, Paxum Bank was mentioned in quite a few threads. After I spent more than 2 hours filling up their application form and submitting KYC docs, I was told that they don't support USD denominated accounts (even though their website advertises that they do).

So I am looking for an EMI that someone knows for a fact meets the 3 criteria mentioned above. Any leads?

Thank you.

 

[Sols]

Have you tried any of the local banks in Cyprus? The major ones can do USD.

Zen might work if your activities are truly low risk. Zen has a high risk appetite for SEPA (EUR) but are reliant on other parties for USD.

3S.Money might also be an option.

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This is the probably the answer to your question.

 

[rb91134]

Thanks Sol - appreciate your response. I will check out Zen and 3S.Money.

We used to have an a/c with Hellenic Bank many years ago. But that got shut down when Cyprus was going through some banking issues if I remember correctly. Tried with RCB Bank after that but they simply sat on our application and did nothing (didn't either approve or reject).

Not sure if the banking situation in Cyprus (for companies like ours that don't have on-the-ground operations in Cyprus except the Cyprus local director) has improved since then? If it has, do you know of any good service provider who can help us get a local bank a/c? That would be ideal if it is in fact possible.

 

[Sols]

If the director is genuinely involved in the day to day of the business or a very well connected lawyer/accountant, there's a chance of success. But if they're just a nominee, it's probably not even worth trying.

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This is the probably the answer to your question.

 

[Forester]

rb91134 said:
I need to open a business bank account with an EMI for a Cyprus ecommerce company (nothing high risk). 3 things worth mentioning:

1. The company has a resident Cyprus director but the UBO (me) is a non-EEA national.

2. We need USD denominated accounts and USD denominated incoming and outgoing wire transfers.

3. Don't want to pay more than 0.1% for incoming or outgoing wire transfers.

Wise, Revolut and Paysera aren't options for us unfortunately. Wise and Revolut both rejected us (Wise for reasons unknown and Revolut because I am not a EEA national), and Paysera no longer supports USD denominated transfers (according to their customer support).

I have searched through the forums and while there are several recommendations, I am not sure which one actually meets all the criteria mentioned above. For example, Paxum Bank was mentioned in quite a few threads. After I spent more than 2 hours filling up their application form and submitting KYC docs, I was told that they don't support USD denominated accounts (even though their website advertises that they do).

So I am looking for an EMI that someone knows for a fact meets the 3 criteria mentioned above. Any leads?

Thank you.
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Forget about Paxum and about Revolut/Wise as well.
If you shared your citizenship, my recommendation would be better founded, however:
In addition to Zen, try Currenxie and check Intergiro (they were putting applicants on the waitlist recently but anything can happen) and also Interpolitan Money and Wamo (no gurantee whether the last two really fulfill your criteria as there were some changes with Wamo and with Interpolitan Money I am not so familiar). Yes, and it is also worth looking at Amnis Treasury. (Nevertheless, if you have some really “toxic” citizenship, you are in a trouble.)

rb91134 said:
Not sure if the banking situation in Cyprus (for companies like ours that don't have on-the-ground operations in Cyprus except the Cyprus local director) has improved since then? If it has, do you know of any good service provider who can help us get a local bank a/c? That would be ideal if it is in fact possible.
Click to expand...

Try to talk to @CyprusLawyer101 . I guess he might be able to help.

Last edited: Jan 3, 2024
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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...

 

[rb91134]

Thanks Forester. I am a dual citizen of the Commonwealth of Dominica, and Turkey. Any specific recommendations in this case?

 

[Forester]

rb91134 said:
Thanks Forester.
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You are welcome.

rb91134 said:
I am a dual citizen of the Commonwealth of Dominica, and Turkey.
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Well, it's neither Iran nor Russia, fortunately.

rb91134 said:
Any specific recommendations in this case?
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Well... perhaps one for Zen. Be silent about your Turkish passport. I do not want to say that they like Commonwealth of Dominica but TBMK, they somehow do not like Turkey (at least it was so some time ago). Probably the same for Cyprus banks. But I would reveal probably both to others.
However, any other opinions welcome. This is IMO a little bit complicated task.

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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...