Personal Account in Macedonia Remotely

With a global fight to increase tax transparency and tighten banking regulations on the rise and both national and international regulators getting ever more tight and regimented as to the rules and policies they apply, fewer and fewer financial institutions are prepared to open bank accounts for non-residents remotely. The Macedonia bank that the Q Wealth consultants suggest you set up an account with is one of the few such institutions offering corporate and personal account setup for both residents and non-residents. Alongside this, you are free to rent a deposit box therewith to store valuables, documents, and securities, or enjoy other banking services, including online banking. 

Important information for those about to set up personal account with Macedonia bank remotely

Assisted by the Q Wealth profs in the sphere of banking, you will have a personal account with the Macedonia bank set up for you remotely. Your personal presence in the bank is not required therefor. To pick the right servicing bank and jurisdiction for that matter, you are welcome to study the current rates offered by the Macedonia bank and seek professional advice from the Q Wealth experts.

Please mind that Macedonia banks do not service customers listed below:

• individuals included in the corresponding UNO, EU, or US sanction lists like the one drawn up by the OFAC as well as those prepared by local public authorities
• clients that never had their personality identified and/or submitted enough info to evaluate their general profile
• wanna-be customers from Syria, North Korea, Iran, and Vanuatu
• persons engaged in restricted activities like arms trading, financial services, insurance services, gambling, and the like, and/or having no correspondent permission from the regulators therefor .

Services for retail bank customers in Macedonia

Below, you will find the bank services the Macedonia bank offers to its retail customers:

• deposits
• loans
• payment cards
• My Payroll transaction account to credit pensions and salaries thereto
• securities
• domestic payments
• international payments
• online banking
• mobile banking
• safe deposit boxes.

Deposits with Macedonia bank

In Macedonia bank, retail customers are free to choose from a variety of deposit types:

• MKD deposits – demand, fixed-term, and special ones
• deposits in hard currency – demand or fixed-term ones
• savings accounts for children
• 12-month deposits with monthly interest payments
• deposits with instant access to interest payments
• 12-month progressive deposits
• savings accounts with high interest rates, flexible terms, and 24/7 instant access to funds
• 25-month fixed-term deposits with an opportunity to select interest payment options (monthly interest payments or interest payment at the expiry of the deposit term), etc.

FYI: for Macedonia bank tariffs, please, refer to the table below.

Loans for resident and non-resident retail customers

Macedonia bank customers can apply for both personal account setup and a loan receipt. In Macedonia, banks come with the following loan types for their customers:

• consumer loans
• residential loans
• automobile loans.

NB: In 2023, the banking services for non-residents in Macedonia have seen certain amendments. The tariffs and terms are now different from before. For the latest updates, don’t hesitate to contact Q Wealth experts.

Payment cards 

Financial institutions in Macedonia offer safe, secure, and user-friendly bank cards for their customers to make daily payments:

• Point American Express – accepted in over 200 jurisdictions, the Point American Express bank card allows its users to withdraw funds in over 550,000 ATMs worldwide and boasts a beneficial bonus system
• American Express Green – the credit card comes with a grace period of up to 50 days, minimum monthly amortization of 5%, and flexible loan limits
• American Express Gold – the card guarantees a premium customized service to its holders and comes with a 50-day grace period and a bonus program
• Visa Electron Point debit card.

FYI: Every year, the bank updates its tariffs and banking products. If you want to know what cards you can get as a non-resident in Macedonia, get in touch with Q Wealth consultants. They will help you find the best card for your needs. Please note that Anonymous China UnionPay Multi-Currency Card (EUR) remains the top choice with globetrotters.

Securities 

Macedonia bank retail and corporate customers may enter both primary and secondary securities markets:

1. In Macedonia, the primary securities market is regulated by the Macedonia Ministry of Finance. It affords an opportunity to take part in auctions for state treasury bills and government bonds issue.
2. In the secondary securities market, Macedonia residents and non-residents make sale and purchase transactions with issued state treasury bills and government bonds.

FYI: the Macedonia bank offers non-resident companies and overseas businesses to set up accounts therewith on beneficial terms. For the above purpose, the latter are welcome to message the Q Wealth consultants with the corresponding request. Alternatively, feel free to use the contact info above to do it.

International payments 

The Macedonia bank has both residents and non-residents, as well as domestic and overseas banks for customers. Below, main instruments to make overseas payment transactions (both incoming and outgoing) are listed:

• remittance or money orders
• cheques.

International payments are made via SWIFT (KRSKMK2X). They come with additional fees and tariffs. For further details, please, take a look at the table below.

Online banking in Macedonia

With online banking in place, retail customers of Macedonia banks enjoy an opportunity to make any day-to-day financial transactions and request their account balances. Online banking is accessible anywhere if the place has an Internet connection and you can use your smartphone with a corresponding app for that matter. Feel free to manage your account 24/7 – your personal data and account info are well-protected with the Macedonia bank.

This is what you can do using the Macedonia bank’s mobile app for Android and iOS:

• view account and loan info
• check account balances and monitor bank product use
• pay bills and invoices
• make domestic transfers for no charge
• receive exchange rate info
• locate bank outlets or ATMs closest to you.

Here are the online banking fees charged by the Macedonia bank:

• access to e-banking and mobile banking – EUR 150
• password re-issue – EUR 4
• reissue of lost KIBS digital certificates (for legal entities) – EUR 16 + 18% VAT
• unlocking passwords – no charge.

FYI: in the Macedonia bank, VIP retail customers may rent safe deposit boxes. To get access to yours, you will have to make a corresponding deposit, with the amount thereof depending on safe deposit box dimensions: 7.80х25.50х61.10 – EUR , 13.10х25.50х61.10 – EUR 150, and 26.50х25.50х61.10 – EUR 200.

Account maintenance fees and other rates and tariffs with Macedonia bank

In the table below, you will find all the information about the costs, options, and conditions for foreign VIP customers (both individuals and businesses) of the Macedonian bank. For prompt and detailed replies to any questions or comments you may have, please contact the Q Wealth team. 

TARIFF FOR NON-RESIDENT VIP CUSTOMERS
Account setup fee with Macedonia bank
Non-refundable registration fee, including charges for setting up your first currency account	EUR 1,000
Account setup fee	EUR 200 per account and currency
Account maintenance fees with Macedonia bank
Monthly account maintenance fee for non-dormant accounts	EUR 50 to EUR 100 per month
Maintenance of accounts blocked due to no turnover thereon for over 2 years or due to outdated supporting documents	EUR 25 per month
Bank account closure
If requested by the customer or following the bank’s resolution	up to EUR 5,000
Under the laws currently in force or following the Bank’s internal regulations (due to no account turnover for over 2 years or zero balances thereon)	no charge
Cash transactions
Deposits to customer’s own accounts	0.1% to 5% of the transaction amount
Withdrawals
Payment transactions
Incoming payments	EUR 1 to EUR 500,000 or its equivalent – 0.5%EUR 500,000 and above or its equivalent – 0.3%
Outgoing international or domestic money transfers	0.75% (with a minimum transfer amount of EUR 300) + correspondent bank fees no charge for accounts with a minimum annual balance of EUR 1,000,000 or its equivalent
Intrabank transfers	no charge
Payment order amendments	EUR 100
Chargebacks	EUR 200
Silk Premium time deposit with original maturity of up to 25 months for individuals
Replenishment	allowed
Withdrawals	allowed after 25 months
Interest on deposit	EUR 5,000 to EUR 15,000 – 0.65%EUR 15,001 to EUR 30,000 – 0.75%above EUR 30,000 – 0.85%
Traditional savings deposit
Replenishment and withdrawals	The period when no replenishment or withdrawals are allowed is set by the customer
Interest on deposit	12 months – 2.00%*13 months – 0.60%24 months – 0.80%25 months – 2.20%*36 months – 2.60%*60 months – 1.30%
(*) – the offer is valid for term deposits with the original maturity of up to 12 months, 25 months, and 36 months. It expires on 31.10.2023 but may be extended later on. After the said date, different interest rates will apply.

Take a look at the other material service terms for non-resident individuals in the Macedonia bank:

• You can get a bank card but may use it only for payments to your own account.
• Since 01.11.2023, the fees for debit cards (VISA and AMERICAN EXPRESS) will change, including for non-residents. The latter will pay different fees for cash withdrawals and POS transactions made with their Visa debit cards.
• The fees for corporate banking services in Macedonia may also change. Feel free to ask Q Wealth experts about the corresponding updates when you are selecting a bank or opening an account in Macedonia.

Corporate or personal account setup with Macedonia bank

Feel free to set up a personal account with the Macedonia bank in 3 easy steps:

1. Contact the Q Wealth professionals at in**@***********rt.com.
2. Pay the Q Wealth fees for assistance with personal account setup. At Q Wealth, we accept bank transfers, card payments, Western Union money transfers, or WebMoney, PayPal, and cryptocurrency payments. Our fees make EUR 2999 EUR on average, with the exact fee determined by the Q Wealth consultant on a case-by-case basis and in line with the applicable compliance requirements.
3. Prepare the required documents:
   1. completed, printed out, signed,and notarized bank forms necessary to set up a personal bank account with the Macedonia bank
   2. notarized passport copy (with the holder’s full name and residential address).

NB: the above documents shall be translated into English and notarized. If the notary is not willing to notarize your passport copy, have it translated into English by a certified translator, add it to the original copy (the passport page with the holder’s photo and signature), and have it notarized.

At Q Wealth, we open personal accounts with the Macedonia bank for our customers remotely after you have submitted the required original documents to the bank. The documents issued by official state agencies shall be apostilled. Any other document copies shall be notarized.