Initial Bankera fees for newly incorporated company in Cyprus

[KScyprus]

Hi folks, I'd like to ask you for advice on a question.
I have just created a new company in Cyprus, managed from abroad but with a secretary and an office in Cyprus.

I have a hard time opening bank accounts. Many banks say the risk level of my business is higher than they can tolerate.

My business is legal. I deal with dropshipping of white label products with a rather high price (above 500 $).

Bankera seemed like a good solution to me. Here on the forum it is highly recommended.

However, they ask me for € 450 in initial commissions without even knowing if they will accept my company or not.

On Trustpilot, many people complain that after paying the initial fees, Bankera refused to open their account and "ran away with the money".

Advice, personal experiences and opinions are welcome.

 

[CaptK]

Speak to @Gediminas, he can walk you through the application process.

 

[KScyprus]

CaptK said:
Speak to @Gediminas, he can walk you through the application process.
Click to expand...

Thanks CaptK. Now I am writing to him.

 

[Coin]

KScyprus said:
However, they ask me for € 450 in initial commissions without even knowing if they will accept my company or not.
Click to expand...

It works like that in almost every EMI not just Bankera.

 

[Fred]

If you are into classic Dropshipping and receiving money from PayPal and Stripe - Payoneer is a good choice as well.

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[KScyprus]

Fred said:
Se ti piace il classico dropshipping e ricevi denaro da PayPal e Stripe, anche Payoneer è una buona scelta.
Click to expand...

Payoneer is a good choice, but I can't open an account with them at the moment.
My company is incorporated in Cyprus and in the process of registering on Payoneer, they ask me to enter a Cypriot bank account (which I do not currently have).

I was thinking of solving this by opening a Transferwise account and creating a Cypriot IBAN, but unfortunately Transferwise told me that my level of risk is above their standards.

So I'm waiting for the account with the Bank of Cyprus to be opened and in the meantime I need an online bank account (without too stringent limits) to start working.

Until now, the only account I have managed to open is with Trustcom financial, but it is very limited (maximum € 5,000 per month in entry).

 

[BlueMist]

If you need CY IBAN you may also check Sepaga:
https://www.offshorecorptalk.com/threads/emi-sepaga.23024/

 

[KScyprus]

BlueMist said:
If you need CY IBAN you may also check Sepaga:
https://www.offshorecorptalk.com/threads/emi-sepaga.23024/
Click to expand...

Thanks BlueMist, I didn't know this Emi. Now I try. 🙂

 

[Gnux]

Also, Revolut just opened a Cyprus branch for business accounts.

 

[KScyprus]

Gnux said:
Also, Revolut just opened a Cyprus branch for business accounts.
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Revolut says my business is too risky. 🙁

 

[KScyprus]

I paid the initial fees to Bankera. I hope they won't let me down.

 

[Fred]

KScyprus said:
Revolut says my business is too risky. 🙁
Click to expand...

Revolut doesn't open for anything with a nominee structure as well.

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[JohnLocke]

KScyprus said:
However, they ask me for € 450 in initial commissions without even knowing if they will accept my company or not.
Click to expand...

Speak with @Gediminas if you go that route, he is able to help you out.

Alternative there is Intergiro and if you contact Transferwise and explain them in details what your business is about you will even be able to use them. Ask TW to confirm they accept your business.

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[KScyprus]

Bankera doesn't seem like a good idea to me.
€ 450 wasted.

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[CaptK]

KScyprus said:
Bankera doesn't seem like a good idea to me.
€ 450 wasted.
Click to expand...

Did you speak to @Gediminas or did you do it yourself?

 

[Gediminas]

CaptK said:
Did you speak to @Gediminas or did you do it yourself?
Click to expand...

I don't think so 🙂

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https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[KScyprus]

I did it myself.
But it seems strange to me. I opened two other accounts (Trustcom and Genome) without problems and without paying any onboarding commission.
I am very disappointed with Bankera. 🙁

 

[CyprusLawyer101]

I believe it is possible for you to open an account with a traditional bank in Cyprus. You just need to structure your bank application properly.

Good luck!
Lawyer101

 

[erni]

KScyprus said:
I did it myself.
But it seems strange to me. I opened two other accounts (Trustcom and Genome) without problems and without paying any onboarding commission.
I am very disappointed with Bankera. 🙁
Click to expand...

both opened for personal use or also business, still working good?

 

[Gediminas]

KScyprus said:
I did it myself.
But it seems strange to me. I opened two other accounts (Trustcom and Genome) without problems and without paying any onboarding commission.
I am very disappointed with Bankera. 🙁
Click to expand...

The difference is that Bankera applies stronger compliance procedures at the beginning (while onboarding), whereas other financial institutions usually tend to apply it at a later stage when you start receiving transactions. So if Bankera rejected your application, don't be surprised if Trustcom and Genome will start questioning you about everything at a later point.

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