Light in the end of the tunnel - banking

[Don]

Opening a bank account can be a struggle these days, but there is hope:
"Labour leader Robert Abela has promised to introduce measures, including the right to a bank account, to make it easier for businesses to do banking in Malta. "

More:
https://timesofmalta.com/articles/v...bela has,extend this principle to businesses.
We will see if other countries follow through.

 

[Marzio]

It could be a double edged sword.

 

[calnana]

My friend, what politicians say and what banks actually do are two very different things. Especially in small countries where local banks have to appease much larger correspondent banks.

 

[Martin Everson]

I agree in principle with Abela but not gonna happen I am afraid.

I remember BOV could not even get a new USD correspondence account at one point as its ING USD correspondence account was terminated on 14 Dec 2019...lol. At the time NO bank in US wanted to touch them. They ended up using Raiffeisen bank...lol.

https://www.maltatoday.com.mt/busin...ransactions_provider_by_december#.Yvy8GkRBwU4
Then Raiffeisen terminated BOV's USD account correspondence account on 31 March 2021...lol.

https://www.bov.com/news/bov-usd-payments
They now use Western Union Business Solutions for USD payments doh948"".

https://www.bov.com/documents/correspondent-banks
This is a national embarrassment to the island of Malta. I am sure its still fresh in the minds of BOV management that no US bank will touch BOV and Abela is just gonna make things worse with his actions.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Don]

The same thing actually already works in France.

In the event of refusal, it is possible to obtain the opening of a professional account by requesting to benefit from the procedure for the right to an account with a branch of the Banque de France (central bank). The right to an account allows the entrepreneur to ensure the continuity of his activity. For example, continue to pay salaries.

Source: Droit au compte en cas de refus d'ouverture d'un compte professionnel

 

[void]

this sounds nice in principle however behind the main message "everyone has the right to own an account" I can hear whispering "everyone has to own/use an account" 😀

 

[TheCryptoAnt]

BOV is turbo trash, get away from them

 

[GeneralGogol]

Who the hell would want to bank in Malta?! I'd rather bank in Cambodia...

If you're a Malta-based business just spread your transactional banking over multiple EMIs like everybody else is doing.