Malta Company Bank Account EUR SEPA / IBAN

[Martin Everson]

UScorp said:
No I'm not a MT resident.. forget to mention that I have several Ltd's in MT and existing accounts
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Interesting. I hold personal accounts with most banks in Malta including Lombard so this came as a surprise as I am not a resident either.

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

 

[andycash]

jackfrost said:
Yes without any issue. Same goes for Rev etc. Yes i live in Malta.
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Thanks Jack, this could be the solution I've been searching for

 

[jackfrost]

All wanted utility bill or something similar, for company accounts incorporation documents, whats the company doing, UBO the usual stuff. All opened up pretty much instantly afterwards including for the Gib holding. One German bank declined, ABN AMRO was like either you got local substance in the netherlands or can proof some kind of connection to the netherlands AND we want 300 a month for account maintenance.

 

[jackfrost]

I did not open up any local MT bank account. After the fuss that BOV made and the timeline (3months+ if you are unlucky) i didnt even bother especially again - setting up shop in Malta the point is 1) to not hold MT bank accounts and 2) its just batshit stupid to hold any kind of money in them. BOV i would be ok with no matter what people here say but still - why.

 

[andycash]

Good feedback, thanks for sharing it with us @jackfrost

 

[andycash]

@jackfrost I just wanted to say thanks for the info here on Transferwise. I assumed they only opened for major countries and just managed to get them to open an account for my company. Very easy really (easier than most archaic banks!!). Thanks again

 

[pelin]

which companies would you suggest for setting up a company in Malta?
we are going to deal with impoting-exporting goods from non-EU countries to Malta.
so it would be better if you suggest one good at trading.

 

[jackfrost]

Little update: Revolut after a couple tries (they didnt "get" that transferwise uses its own IBANs when sending out money and continured to request statements from those accounts as they showed as incoming funds to the Revolut Business accounts) finished the compliance checks without an issue. Supplied them with a couple invoices and transferwise incoming transfers statements (they simply wanted statements / invoices for larger incoming transfers in general) and then it was all good.

Processed about 500k through both now without any issue. Transfers usually in the 9-20k range per transfer.

Transferwise no issue so far either.

 

[JohnLocke]

TW is used by many here on the forum including myself a few times. They are one of the most reliable services around.

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[Osleak]

Lejla said:
Dear Admin, for how long have you been using Revolut?
Customers locked out of Revolut accounts and left in the lurch abroad | This is Money

Here I read that they are blocking the accounts and transfers under statement that they would do further compliance check. I have read reviews that people's and business' money are stuck for weeks, some are saying that they can't even withdraw the money?
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Yes they are locking thousands of accounts!! In my case i've 2 accounts revolut business and personal locked from more than 20 days!

 

[wisdom]

jackfrost said:
Little update: Revolut after a couple tries (they didnt "get" that transferwise uses its own IBANs when sending out money and continured to request statements from those accounts as they showed as incoming funds to the Revolut Business accounts) finished the compliance checks without an issue. Supplied them with a couple invoices and transferwise incoming transfers statements (they simply wanted statements / invoices for larger incoming transfers in general) and then it was all good.

Processed about 500k through both now without any issue. Transfers usually in the 9-20k range per transfer.

Transferwise no issue so far either.
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it was interesting reading about your story! your whole structure is held by a Gibraltar private limited company and living in Malta as a non dom right?

 

[Osleak]

cyprus123 said:
I can recommend a local auditor in Gozo to you, just PM me. She will help you with the account opening for a small fee.
You can even try to visit a local bank yourself, with a local company and even residence there shall be no major problems with a bit of patience and persistence.

You can also open accounts outside Malta with banks in Austria, Poland, Lithuania or another EU country.
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Hi
Sorry if i post on this old discussion, who is the auditor in gozo to open bank account?

 

[Osleak]

UScorp said:
Hi, formed a Malta Ltd last month. Opened Bank account with Revolut and Sogexia. During a visit in Malta I opened an account with Lombard Bank. Bank of Valleta and Sparkasse Malta is in queue.
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Hi Uscorp

How long you take to open lombard bank in Malta? And they are asking you for bank reference?

I read positive feedbacks online about them also about their speed to make bank transfer, i've a BoV account i know how slow are them to process a transfer if not pay 8€ for same day...

 

[BlueMist]

@jackfrost Did you manage to open a real EU SEPA (low fees) bank account for your Malta company in the end?

 

[jackfrost]

I stuck to transferwise + revolut business at the end + payoneer, now stripe etc for speading incoming USD payments out a bit. Also Interactivebrokers for storage but most simply goes out as dividends instantly and i only keep tax payments around in the company. Also CIM, that would be a true account but high costs. Frick that was mentioned here is useless for Malta imo. They flatout declined and this is as legit as it gets. Lombard used to open accounts but now you need local office + employees. BNF is supposed to but i dont really bother with local accounts.

 

[jackfrost]

Worldfirst was recently recommended to me as transferwise alternative. Will open account there too to spread even further.