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]

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]

@Gediminas is the one to ask for help for bankera when reading the forum his‍ name shows up everywhere when it¨s about bankera.

 

[Forester]

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

 

[Creocree]

Chek 3s money and Vialet

 

[aragon]

Hi there, could you possibly share‍ what fees Finductive is charging your Maltese business, please?

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?

 

[prakashKumar]

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.

 

[aragon]

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]

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

 

[Forester]

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 😉 )
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.
TBMK, you cannot︃ have an EUR account with Currenxie if you are an EU-located company. But as an︄ EU-located company you can have e.g. USD, CAD, JPY, SGD etc. local accounts (in addition︅ to a HK multi-currency account).
Just a tiny correction: Amnis is not a (neo)bank but an︈ EMI (this is nothing wrong). It is located in Switzerland and has a Liechtenstein EMI︉ licence, i.e. no Austria. But it is backed up by Austrian Erste Bank and has︊ offices in CH, LI, AU, NL and CZ. And yes, an european company can open︋ 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?.
With a Mentor Group Gold / Mentor︍ Group Light / Bronze Membership you can PM any another forum user immediately.

 

[ilke]

Yes, Bankera is a⁠ bit unpredictable. Higher risk appetite usually equals higher total risk as well. But, you
Since Currenxie doesn't⁢ have an EU license, can I ask (although off-topic), through what bank do they provide︀ EU local accounts for non-EU businesses? And are the accounts still in Currenxie's name? I︁ 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 to︄ know if it's still that way with the EU accounts and through what bank they︅ are offered.
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 actually︌ any funds directly from their side and that's most likely the reason they are backed︍ by a bank.

 

[Forester]

Well, exactly.
? 🙂
Citi UK, AFAIK.
My speculation see below 🙂
Yes, it was.
Exactly.
Yes, I can confirm. And the accounts you obtain are︁ still with Citi HK.
Well, I guess that it can mimic the HK situation, as (nowadays) it is with︄ the Citi as well. (They were with LHV before for EUR accounts.) But it is︅ really just my speculation 🙂
Anyone else having more info?
You are truly︇ 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 for︈ the correction.
Agreeing.

 

[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.