Maltese Limited Bank account

[JohnDones]

"Malta" and "trust" don't go together period. The Satabank, Pilatus Bank and Nemea Bank saga and Myney and other EMI's that vanished overnight with no warning plus my rant on Malta's handling of Satabank should be enough to tell you my feelings....lol.




Yes they know its an EMI based on IBAN. I have not seen any issues sending to other EMI's. Not sure what would happen if you send to one that is known for gambling or crypto etc. Would not want to try.

Yeah I hear you on Malta and trust :/

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

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

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

 

[Martin Everson]

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

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.

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

May be easier to park at Saxobank. Easy to open a business account and they give you an IBAN in company name for each currency plus 100k deposit protection. Hence wire is clear first party transfer 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]

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 company name for each currency plus 100k deposit protection. Hence wire is clear first party transfer in eyes of Wise. Not sure how IBKR do wires in and out these days.

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 any chance?
When did you open with Bank of Cyprus? As a non-resident, EU citizen?

Cheers

 

[BlueMist]

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

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 only have Wise with Malta Ltd. Would you trust Finductive and Fexserv with mid 6 figure sums?

Also how does Wise treat transfers to other EMIs? Do they know it's an EMI based on Iban or something? I'm thinking would they get all finicky if they know it's another EMI.

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 look at all those EMIs and I would suggest doing extreme due diligence and KYB!! I 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? Market capitalisation? Origins? Banks where funds are held? MiFinity at least has an office in Northern Ireland so may not be completely corrupt. But check them very, very carefully. The Northern Ireland branch will probably claim that it's covered by the UK FCA. Unfortunately, as UK citizens know, you may as well be guaranteed by the UK Girl guides association!

 

[BlueMist]

So who exactly are THEY? Any names?

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]

Last I heard Agribank is opening accounts for MT companies and they are SEPA member since Q3 last year.

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.

Does Swiss quote give you Iban too?

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

 

[AngelicaGraham]

I only have Wise with Malta Ltd. Would you trust Finductive and Fexserv with mid 6 figure sums?

Also how does Wise treat transfers to other EMIs? Do they know it's an EMI based on Iban or something? I'm thinking would they get all finicky if they know it's another EMI.

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]

I have been using Finductive since 2 years without any issues for transfers in/out €200k+.

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]

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 ?

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

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