The MAIB bank has simplified the account opening process for Ukrainians in Moldova.

The MAIB bank has simplified the account opening process for Ukrainians in Moldova. This change is the result of research and advocacy efforts by the National Congress of Ukrainians in Moldova (NКUM) in cooperation with the UN Refugee Agency (UNHCR), aiming to improve access to banking services for Ukrainians in Moldova. These efforts have resulted in significant progress in supporting the Ukrainian community in stabilizing their financial situation in the new country.

Problems of the past years in Moldova for opening accounts for Ukrainians
In 2023-2024, Ukrainians were required to specify a specific purpose for opening an account, such as having an employment contract. Simple needs, such as paying for mobile services or utilities, were not considered sufficient grounds for opening an account. Sailors had to undergo thorough document checks and prove the existence of a voyage contract. Only for sailors, Procredit Bank created a separate program for account opening in Moldova.

Innovations in the account opening procedure at MAIB bank
MAIB introduced two options to simplify the process:

• Basic option: Only requires a foreign passport and identification number.
• Extended option: Requires the basic documents plus proof of residence in Moldova or temporary protection status.

Verification and account blocking by MAIB
Verification is required one year after opening an account with the basic option and every three years with the extended option. However, MAIB requires annual verification for all clients with extended documentation, blocking cards for non-compliance with this requirement.

Thus, the frequency and method of verification for Ukrainians will depend on time.

Restrictions on cash withdrawals
In the past, Ukrainians faced discriminatory withdrawal limits: a maximum of 400 euros per day compared to 1,000 euros for Moldovan citizens. This caused confusion and misunderstanding among Ukrainian clients.

International exchange of information between Ukraine and Moldova
Starting September 30, 2024, automatic information exchange regarding financial accounts will begin as part of international efforts to enhance tax transparency and combat tax evasion. This decision aligns with the international CRS standards aimed at strengthening tax discipline and fighting tax evasion. The exchange includes account balances, financial transactions, and account holders’ data, which will help accurately reflect foreign financial assets and taxpayers’ incomes.

Ukraine, having joined the MCAA CRS Agreement, and Moldova aim to improve financial transparency and increase tax collection, preventing the hiding of income abroad.

Recommendations for MAIB clients
It is recommended to bring as many documents as possible that may assist in opening the account. Also, be prepared to spend about 3 hours in the bank, as the time may vary depending on the branch. Information about potential restrictions for new accounts may only become known during their use, as the bank does not publish details about restrictions.

These changes highlight the importance of carefully following documentation requirements to avoid legal issues and ensure smooth integration of Ukrainians into Moldova’s economic system.