Sole traders and businesses based in Malta applying for business accounts with Revolut are still being put on the waiting list, but there’s no indication for how long they’ll be there, with a number of individuals indicating that they’ve been on the waiting list since June 2022.
Revolut had temporarily stopped accepting any and all new customers from Malta in June 2022, but that decision was reversed a month later for individual accounts. The company did not provide a reason why it suspended registration for new clients at the time, nor why it reversed the decision.
It seems that this decision was not reversed for business accounts.
This newsroom reached out to Revolut to find out how long applicants are expected to stay on the waiting list, and why they’re being put there in the first place.
A spokesperson informed BusinessNow.mt that in fact “onboarding for business accounts is temporarily paused in Malta,” and as a result, everyone applying has been put on a waiting list.
The company did not provide information as to why this measure was taken, or for how long it is expected to last.
Currently, over 190,000 individuals use Revolut in Malta, including a number of business accounts. However, only individuals are able to open an account with Revolut, leaving businesses to seek out alternative solutions.
The company did assure that the decision is temporary, and soon as it is reversed, it will inform its customers and all those on the waiting list.
Due to the pause, businesses owners familiar with Revolut are resorting to alternative solutions, such as wamo.io, or local traditional banks.
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