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
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.
- 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.
- 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:
- Identify their needs and current difficulties.
- Collect company information directly from the CFO
- Assistance with filling in the information in the financial institutions applications
- Work with the bank to ensure application is full
- 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.