Company industry: Online Marketing & Media company

Company jurisdiction: Cyprus

Shareholders: 50% German individual, 50% Swedish individual

Banking needs: To pay for media buying to Google, Facebook and a few marketing networks. Payments are in EUR and USD,
To receive payment from their customers in EUR

 

 

We can assist you too to open bank accounts – contact us

 

Banking difficulties in Cyprus

  • The bank limits the company to operate only in EUR and only for SEPA.
  • The bank asks many questions for any incoming transfer and make company’s life difficult.
  • Expensive SEPA outgoing.

They came to us asking for assistance to open business bank account in Europe with SWIFT EUR and USD and also a financial institution that understand their business model.

 

Our Solution:

  1. We understand their frustration with their current bank. The problem caused them to limit their business marking and business progress as they couldn’t not receive EUR outside of EU.
  2. We assisted them to approach an EMI’s in Europe that will be able to service them both in EUR and USD in and out.

What were the steps:

  1. Identify their needs and current difficulties.
  2. Collect company information directly from the CFO
  3. Assistance with filling in the information in the financial institutions applications
  4. Work with the bank to ensure application is full
  5. financial institution approved the application and open the company an account with the required services.

Case study Summery:

It took to open the account from first contact to us until bank approved the application about 3 weeks.

Since partnering with us, the company has opened 3 banks accounts with our assistance including PSPs, one account is closed by the bank, 2 accounts are still opened, as of 10.12.2020.

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