Maltese Limited Bank account

[JohnDones]

Yeah I hear you on Malta and trust :/

Do you think Wise would consider︀ Finductive as related to crypto or gambling?

My lawyer in Malta said he knows Finductive︁ founders so that's a bit of assurance on that at least.

I'm also thinking to︂ open IBKR for the Ltd or other brokers and just send it all there but︃ not sure which ones Wise supports :/

 

[Martin Everson]

That's a good question. You will know if after a transfer from‍ or to them they ask you questions out the blue on the transfer i.e wanting⁠ to know a bit more on the purpose.

May be easier to park at⁢ Saxobank. Easy to open a business account and they give you an IBAN in company︀ name for each currency plus 100k deposit protection. Hence wire is clear first party transfer︁ in eyes of Wise. Not sure how IBKR do wires in and out these days.︂

 

[BlueMist]

I have been using Finductive since 2 years without any issues for transfers in/out €200k+.‌ No cards though. I have Bank of Cyprus account with debit card for Malta company.‍ Last I heard Agribank is opening accounts for MT companies and they are SEPA member⁠ since Q3 last year.

 

[JohnDones]

Good to know about Saxobank!

I've heard that you can deposit to ibkr⁢ from Wise using their direct debit option.

Does Swiss quote give you Iban too?

@BlueMist Good to know about Finductive. Did you send to or receive from Wise by any︀ chance?
When did you open with Bank of Cyprus? As a non-resident, EU citizen?

Cheers

 

[BlueMist]

I send from Finductive company account to Wise personal account⁠ regularly without any issues. Interesting thing is transfer is credited somehow within minutes on the⁤ Wise side.

BoC end of 2020 as a EU citizen but non EEA resident.

 

[Steve3000]

I'm not sure that⁤ an EMI worries about other EMIs. After all, it's your money. I transfer between EMIs⁣ all the time. If you need a Maltese IBAN, then go for the EMI that⁢ offers it, but don't keep too much money there.

I just had a quick look︀ at all those EMIs and I would suggest doing extreme due diligence and KYB!! I︁ was quite amused by the emoney website with their 'We don't accept anonymous customers'. Wow!︂ That's supposed to impress us? So who exactly are THEY? Any names? History? CEO? Market︃ capitalisation? Origins? Banks where funds are held? 🙂 MiFinity at least has an office in Northern︄ Ireland so may not be completely corrupt. But check them very, very carefully. The Northern︅ Ireland branch will probably claim that it's covered by the UK FCA. Unfortunately, as UK︆ citizens know, you may as well be guaranteed by the UK Girl guides association! 😎

 

[BlueMist]

https://www.finductive.com/about/
You can‌ do the due diligence yourself. Founders are from gambling related and financial industry (all linked‍ one way or another). E.g. former CFO of Tipico. I would trust Finductive more than⁠ some Emoney (not saying they are bad or something), I just know nothing about who⁤ is behind Emoney. Btw Finductive is not cheap, corporate account annual fees can be easily⁣ €1000+.

 

[Martin Everson]

That tiny loss making bank should‍ be avoided. Yes they joined SEPA last September but they are way too small and⁠ by sounds of it are desperate for business with changes to their business model. Be⁤ warned about going near such banks....lol.

I don't use Swissquote so don't know.

 

[AngelicaGraham]

How were you able⁤ to acquire a wise account with a Maltese Ltd company? I have been trying for⁣ months but I always end up being told that Im on a waitlist

 

[Mda]

Any other experiences confirming this statement ? Is Finductive still‍ running smoothly in 2023 ?
WIll be in need to cash out crypto trading gains⁠ in the hundreds of $K at the personal level. From Andorra, the access to crypto⁤ banking is imited. I neither want to risk having funds frozen with endless KYC non-sense⁣ (Lithuanian EMIs), nor be abused with royal fees (swiss crypto bank like Sygnum). Is Finductive⁢ a valid choice ? Which other options ?

 

[Fred]

I think that the compliance of Finductive⁢ is not designed for such a scenario - they are much more into B2B building︀ Fiat On-/Off-ramp for licensed Crypto Exchanges, Gambling and Forex.

Have only heard positive things about︁ them not like clown compliance you experience with LT EMI's however in your case use︂ something which is designed for your scenario like Swissquote - they are fine with Andorra︃ and they are fine with Crypto if you can proof approx. the source of funds︄ and even if not more chances with Swissquote to be overseen while Finductuve will give︅ you a hard time down to every single cent.