05 Oct 2018
Going international with our agency The Growth Agency recently made a big move. In order to attract more international businesses, they decided to move their headquarters from Belgium to Malta. But aside from being an interesting hub for business and having a welcoming approach towards new technologies, Malta’s banking system is stuck in the old days. Get started with Revolut for Business today and get 3 months free Banking services need to make life easier, not worse! We’re a lean and mean agency and having proper tools and processes in place that help us work with an international team and international clients are at the core of our business. We all work remotely and we don’t have a finance department, so we try to automate as much as possible. We use digital tools for tracking time, for creating invoices, for keeping track of expenses etc so we spend the least amount of time necessary on overhead. A banking service has to fit in this way of working and ideally has to connect to the other tools we are already using. It has to make life easier, not worse 🙂 Opening a business bank account in Malta, our story: Eveline, founder of The Growth Agency: “When we prepared our move to Malta, we had a lot of things to take care of: registering our company and getting our residency papers, liquidating our old company, etc. We were warned that the banking system was not the same as in most European countries, but it was even worse than we could imagine..” Tanguy, Managing Partner continues: “We had to fill in loads of papers about compliance, show them proof of address and the response time was really slow. We wanted to get our business bank account in the beginning of January, but in December, the holiday season, the banks don’t seem to work a lot. It was such a frustrating process. We had to ask our clients if we could send our invoices a few months later. In the meantime, our cashflow didn’t benefit from this delay.” Eveline: “One of the banks even asked us to pay 500€ upfront, just to start the registration process. We weren’t even sure if we would end up with an account or not. And a few other banks just rejected us by saying that they weren’t taking on new business accounts at all. We also read stories about a certain bank who out of the blue rejected outward payments in USD for all their accounts. A problem like this would really have a big impact on our company, as we work with a lot of suppliers of SaaS tools who we pay in Dollars.” Revolut for Business opened up a new world for us I think the first time we heard about Revolut, was at an expat group on Facebook. That would be around February 2018. The business accounts just launched and we signed up for the waiting list. Back then, we were already trying to get a business banking account from Maltese banks for 3 months, without success. We were in a situation where clients couldn’t pay us and we couldn’t pay our suppliers all this time. So when we first heard about Revolut, it seemed too good to be true, but on the other hand, we couldn’t believe that the service hadn’t been around earlier.    Intuitive design and a genuinely caring customer service equals instant love! As digital marketers, we are suckers for intelligent design. And the Revolut app and website are so intuitive, that we just love to work with it. A responsive customer service with people who genuinely care is also a big plus! We’ve been in touch with them multiple times for the setup of our account and they are always to help us out. We also love the API connect with Slack. We have a ‘finance’ channel that gives us a notification of any inward or outward payment. This way, we can track when the client has paid our invoice or when one of our colleagues makes a payment with our Mastercard. The fact that you can create multiple accounts from one bank account number is also a big win for us. We use the profit first methodology, a kind of accounting hack that helps you manage accounting via your own bank account. We allocated budgets for Operation Expenses, Payment of the Owners, Taxes and Profits, based on our incoming payments. So we need different accounts to keep track of these different ‘envelopes’. Revolut does just that for us. We would definitely recommend Revolut Business to starting companies in Malta We organise bi-weekly meetups for entrepreneurs and marketers in Malta and there are always starting businesses attending. They all have the same problems: the archaic banking system and the impact on their business and their daily life. We have recommended Revolut so many times to our network and I haven’t heard a single complaint up to today. In conclusion, Revolut for Business saved us time & money and it simplified our bookkeeping process. We have collaborated with Revolut and are able to give away 3 months of the Business account for free. If you have any questions about Revolut or entrepreneurship and marketing in Malta in general, don’t hesitate to get in touch!    

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