Cyprus Company - Bank Account Help.

[gm789]

Hi everyone, I've just registered and noticed the threads on this topic are quite old.

Does anyone have any suggestions for a reliable bank account for a Cyprus company? The company is 9 years old, healthy yearly turnover and I would really appreciate some help! Thanks a lot hap¤#"

 

[Forester]

Well, pretty standard questions 🙂
”“ What is the business of your company?
”“ What do you mean by “healthy yearly turnover” (numbers, please 😉 )
”“ What currencies do you need for your operation?
”“ What are the destinations for planned outgoing and incoming payments?
”“ What payment systems you need to use? (SWIFT, SEPA, ACH, ...)
”“ What are the company director(s) and UBO(s) residence and citizenship?
”“ What payment services do you need? Just payments and FX or also letters of credit, cheques etc.?
”“ Where have you banked until now? What is the motivation for a change?

Sorry for being so inquisitive but you would hear these questions from any bank or EMI nowadays.

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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...

 

[gm789]

Hi there, I've replied below.

Forester said:
What is the business of your company?
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Buying and selling physical products in Europe

Forester said:
”“ What do you mean by “healthy yearly turnover” (numbers, please 😉 )
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About 7-8m EUR yearly

Forester said:
”“ What currencies do you need for your operation?
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EUR, USD (GBP would be nice too)

Forester said:
”“ What are the destinations for planned outgoing and incoming payments?
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UK and Europe

Forester said:
”“ What payment systems you need to use? (SWIFT, SEPA, ACH, ...)
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SEPA and SWIFT should be enough

Forester said:
”“ What are the company director(s) and UBO(s) residence and citizenship?
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EU citizen and resident (but not Cyprus)

Forester said:
”“ What payment services do you need? Just payments and FX or also letters of credit, cheques etc.?
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A full suite of banking services would be preferable, if possible”¦payments, FX, international trade services, finance too

Forester said:
”“ Where have you banked until now?
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CIM then it was closed, working with WorldFirst right now”¦but their services are limited and FX charges are really high

Forester said:
What is the motivation for a change?
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Looking for a provider that understands the business that might allow to access financing in the future

Thanks a lot and sorry for the long answers! 🙂
If there's a good option that doesn't include ALL the requirements, I believe it's still worthwhile having a look

The only problem I have with many EMIs is they are using their own SWIFT/BIC now, instead of a traditional bank, so it looks unprofessional and amateur with customers.
For example, WorldFirst GBP account is now WorldFirst's own SWIFT/BIC”¦I'm sure it used to be Citibank or Barclays before. Thanks a lot!

 

[happyjohn]

Maybe @CyprusLawyer101 or @CyprusBusiness can help with the information requested.

Not sure if @CyprusLaw still is around, had good experience with him in the past.

 

[CyprusLaw]

happyjohn said:
Maybe @CyprusLawyer101 or @CyprusBusiness can help with the information requested.

Not sure if @CyprusLaw still is around, had good experience with him in the past.
Click to expand...

Hey I am still around yes 🙂

 

[Forester]

@gm789, your answers are not too long, on the contrary!

Having read this, I do not see any reason why you cannot be accomodated by some reliable financial institution(s), if (and only if) your business does not match some of the unwanted businesses ”“ practically the same for all, an example see e.g. here https://help.currenxie.com/hc/en-us...do-you-accept-for-Global-Account-applications. The description “Buying and selling physical products in Europe” is yet too wide.

So now just shortly, apart from the aforesaid.

If I were you, I would go for one reasonable brick-and-mortar bank and for 1-2 reasonable EMIs, to have just one banking partner is hazardous nowadays.

Re: a brick-and-mortar bank, I guess that the fellow members quoted here Cyprus Company - Bank Account Help. can probably help you with some Cypriot one. If you do not like Cyprus banks (I can imagine it), then some well-known offshore bank location can accomodate you ”“ Isle of Man, Singapore, Mauritius... You can choose from more subjects there.

Re: EMIs, e.g. Currenxie can be a very good bet (everything except SEPA, using Citi bank), then e.g. an enterprise package with Intergiro (SWIFT & SEPA but SWIFT with The Currency Cloud).

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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...

 

[gm789]

Forester said:
@gm789, your answers are not too long, on the contrary!

Having read this, I do not see any reason why you cannot be accomodated by some reliable financial institution(s), if (and only if) your business does not match some of the unwanted businesses ”“ practically the same for all, an example see e.g. here https://help.currenxie.com/hc/en-us...do-you-accept-for-Global-Account-applications. The description “Buying and selling physical products in Europe” is yet too wide.

So now just shortly, apart from the aforesaid.

If I were you, I would go for one reasonable brick-and-mortar bank and for 1-2 reasonable EMIs, to have just one banking partner is hazardous nowadays.

Re: a brick-and-mortar bank, I guess that the fellow members quoted here Cyprus Company - Bank Account Help. can probably help you with some Cypriot one. If you do not like Cyprus banks (I can imagine it), then some well-known offshore bank location can accomodate you ”“ Isle of Man, Singapore, Mauritius... You can choose from more subjects there.

Re: EMIs, e.g. Currenxie can be a very good bet (everything except SEPA, using Citi bank), then e.g. an enterprise package with Intergiro (SWIFT & SEPA but SWIFT with The Currency Cloud).
Click to expand...

Thanks very much, it's very kind of you to take the time to reply in full. I'll see what I can do, but for example, Barclays International/Isle of Man said the business wasn't eligible to apply.

I was very surprised!

 

[Forester]

gm789 said:
Thanks very much, it's very kind of you to take the time to reply in full.
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You are welcome.

gm789 said:
I'll see what I can do, but for example, Barclays International/Isle of Man said the business wasn't eligible to apply.

I was very surprised!
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🙂 That's it.
Really, to give some reasonably founded advice, it is necessary to know what business are you in, what you are trading. The description “Buying and selling physical products in Europe” is yet too wide. Share it ”“ or feel encouraged to join Mentor Group and share it there, if you do not want to do it on a publicly searchable forum...

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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...

 

[Doji]

gm789 said:
Hi everyone, I've just registered and noticed the threads on this topic are quite old.

Does anyone have any suggestions for a reliable bank account for a Cyprus company? The company is 9 years old, healthy yearly turnover and I would really appreciate some help! Thanks a lot hap¤#"
Click to expand...

Revolut Business
Currenxie if you need to send CNH, or you require cheap, hassle-free FX (0.4% is quite good)
Hellenic Bank if you need access to credit

 

[ImKing]

Revolut and if possible Hellenic Bank, I don't know if they still accept foreign owned Cyprus companies.

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Do you want a total anonymous company with bank account? Get a step by step guide on how to do that here, it only requires mentor group gold.

 

[happyjohn]

Doji said:
Revolut Business
Currenxie if you need to send CNH, or you require cheap, hassle-free FX (0.4% is quite good)
Hellenic Bank if you need access to credit
Click to expand...

experience with it already?

 

[Doji]

happyjohn said:
experience with it already?
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Yes, I've been using it for a couple of years already

 

[bubbledouble]

You opened a business account for your Cyprus company with the mentioned EMI's ?