does anybody knows wich is their correspondent bank? and who provide Iban to them ? so i suspepect no one has really used them?
JetonBank, experience?
- Thread starter JimmoDS
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Yet another one completely underestimating OCT’s members, thinking they’re just a bunch of keyboard trolls.
Your statement says more about you than about the people you’re talking down to.
You’re not even acclimated here on OCT before you start shooting off, with that attitude, you won’t last long.
Your statement says more about you than about the people you’re talking down to.
You’re not even acclimated here on OCT before you start shooting off, with that attitude, you won’t last long.
I see no one here open an account with this bank and can be able to verifify if they reallly have a correspondent account or is jusy po box bank with some pool account in obscure financial istitution these are the facts.
Am i wrong?
Am i wrong?
The reason people here have not opened an account is that the account is not cheap.
As far as the questions above the offer dedicated sepa (in and out) and swift dedicated (only Incoming) account however when you transfer swift out they use a pooled account.
They are currently working to have that fixed and have everything dedicated
These are questions that can be gotten off support.
And to be︀ honest I'm waiting on the swift improvement and in the meantime seeing are there any︁ better options as 1500 to open an account and then 150 a month is not︂ the end of the world but not cheap either.
And btw no need to use︃ this kind of tone as no one is a serious investor etc... No one owes︄ you or me anything so for them to open an account so we can get︅ feedback.
You get what you get and then you make your own decision on how︆ far you want to take it and are you willing to pay the opening fee︇ and monthly cost.
As far as the questions above the offer dedicated sepa (in and out) and swift dedicated (only Incoming) account however when you transfer swift out they use a pooled account.
They are currently working to have that fixed and have everything dedicated
These are questions that can be gotten off support.
And to be︀ honest I'm waiting on the swift improvement and in the meantime seeing are there any︁ better options as 1500 to open an account and then 150 a month is not︂ the end of the world but not cheap either.
And btw no need to use︃ this kind of tone as no one is a serious investor etc... No one owes︄ you or me anything so for them to open an account so we can get︅ feedback.
You get what you get and then you make your own decision on how︆ far you want to take it and are you willing to pay the opening fee︇ and monthly cost.
don't feed italyoffshore lol. This guy had several accounts here in the past and got banned countless times
I am just asking who is their correpondent bank, is a legit question?
If they have robust correspondent why they not show it? is secret?
If they have robust correspondent why they not show it? is secret?
None of the banks i have checked have this publicly announced that's not to say they are great just saying is nothing i really hold against them.
Ohh and no one opens a bank account in Dominica if they have a better choice so if you are expecting that they will have the correspondent relationship that a high street bank will have (Swiss/Singapore/USA) you will be disappointed the issue is for crypto there are like︀ 10 banks in the world and like half of them or more you need to︁ deposit like 1 million to open an account.
And one more thing only an idiot︂ keeps a lot of money in offshore banks or banks in general they are just︃ middlemen better to keep it at a broker or Crypto.
Ohh and no one opens a bank account in Dominica if they have a better choice so if you are expecting that they will have the correspondent relationship that a high street bank will have (Swiss/Singapore/USA) you will be disappointed the issue is for crypto there are like︀ 10 banks in the world and like half of them or more you need to︁ deposit like 1 million to open an account.
And one more thing only an idiot︂ keeps a lot of money in offshore banks or banks in general they are just︃ middlemen better to keep it at a broker or Crypto.
I'm probaby in the same boat, I want to︁ move around a million out of crypto but probably not much more and these transactions︂ are supposed to be pass-through movements towards standard brokerage accounts (both at personal and company︃ level). That makes Swiss banks just barely feasible (maybe) from an initial deposit perspective but︄ I'm not interested in private wealth management at all: The hnwi banks typically expect you︅ to 'keep' the first 500k or million deposit at their bank so the whole amount︆ would be stuck there right away to keep the account in good standing. On the︇ other hand, EMI's are too unstable to pass through multiple 6 figure amounts imo, I︈ would feel anxious about that: Too much risk of having funds randomly blocked for compliance︉ checks and then having to talk to "AI bots" for support. This is the thing︊ that concerns me the most actually, what happens if they block incoming crypto funds and︋ you don't pass compliance after the money is already there? (even though everything is legit..︌ crypto is hard -or impossible- to prove after many years).
Some questions related to this︍ jetonbank:
I'm stuck with a foreign owned SMUSLLC that has crypto on the books and︎ it looks like it is hardly possible to open a non-emi account with that LLC️ even for non-high risk entities (Or, the crypto probably makes it high risk to begin with?). Would this jetonbank work in combination with a USLLC to offload crypto and pass the fiat to the normal company EMI accounts or brokers? Or is there also an additional risk that the other banks will block incoming funds from "strange" jurisdictions even though the accounts are on same (company or individual) name?
At the individual level, how would this offering compare to Xapo bank which is also priced at around 1000/year. I understand they're a crypto bank (custody, btc and stablecoin ledgers) but are also a 'normal' bank︀ with IBAN on account names etc. Does anyone here have any experience with Xapo?
Some questions related to this︍ jetonbank:
I'm stuck with a foreign owned SMUSLLC that has crypto on the books and︎ it looks like it is hardly possible to open a non-emi account with that LLC️ even for non-high risk entities (Or, the crypto probably makes it high risk to begin with?). Would this jetonbank work in combination with a USLLC to offload crypto and pass the fiat to the normal company EMI accounts or brokers? Or is there also an additional risk that the other banks will block incoming funds from "strange" jurisdictions even though the accounts are on same (company or individual) name?
At the individual level, how would this offering compare to Xapo bank which is also priced at around 1000/year. I understand they're a crypto bank (custody, btc and stablecoin ledgers) but are also a 'normal' bank︀ with IBAN on account names etc. Does anyone here have any experience with Xapo?
So let me answer this in parts yes there are banks that will open for cases like yours and mine for that mater but the catch is they won't be swiss banks etc... But offshore banks.
As far as EMI goes or Jeton for that mater you are insane if you take out a million you do it let's say 25k every 3 days 50 k a week
And you transfer 25k to you broker etc.. And the two days latter you send another 25k so if they ever try to play︀ smart and freeze the funds max loss will be 25k a lot better than a︁ mill.
Now like this with 25k at a time will take a bit of time︂ to take out a mill but its a lot safer
Also i would suggest asking︃ your broker is it ok to transfer cash that is from Crypto because if they︄ ask for SOF and even if you have it but its from crypto you can︅ run into trouble.
As far as transfers from strange jurisdictions it depends where you are︆ transferring if its from Jeton to EUSSR you will have trouble and be asked tons︇ questions if its from jeton to Dubai i think you will get less questions.
As far as Xapo goes not sure how good they are and do you know do︈ they offer company accounts or just personal ones?
Do you have any experience with them?︉
As far as EMI goes or Jeton for that mater you are insane if you take out a million you do it let's say 25k every 3 days 50 k a week
And you transfer 25k to you broker etc.. And the two days latter you send another 25k so if they ever try to play︀ smart and freeze the funds max loss will be 25k a lot better than a︁ mill.
Now like this with 25k at a time will take a bit of time︂ to take out a mill but its a lot safer
Also i would suggest asking︃ your broker is it ok to transfer cash that is from Crypto because if they︄ ask for SOF and even if you have it but its from crypto you can︅ run into trouble.
As far as transfers from strange jurisdictions it depends where you are︆ transferring if its from Jeton to EUSSR you will have trouble and be asked tons︇ questions if its from jeton to Dubai i think you will get less questions.
As far as Xapo goes not sure how good they are and do you know do︈ they offer company accounts or just personal ones?
Do you have any experience with them?︉
Thanks for the fast reply. Yes, sounds︊ like a good plan to do it in chunks. At the company level I don't︋ want to risk having accounts closed since there are limited alternative options available (and time︌ drain opening new ones every time). Using a dedicated emi for crypto only could be︍ smart, but same problem once it fails. I don't see how offshore accounts could be︎ very useful if you can't properly forward the fiat to another more stable account. Instead️ of stuck in crypto now it is stuck on the offshore account, you can't properly use it for other projects either way. Money is legit, I don't want to start redirecting my funds around through unreliable banking gateways like I'm some sort of criminal. I would prefer to forward the funds straight to a more reliable bank or broker.
Xapo: I don't think they have corporate accounts. I'm interested in opening an individual one: My intention was to check if someone else has some experience in order to get some feedback first.
Xapo: I don't think they have corporate accounts. I'm interested in opening an individual one: My intention was to check if someone else has some experience in order to get some feedback first.
Yes, that is the bigger issue.
Maybe, but offshore banks don't like American companies. It is an additional risk that does not benefit them at all, because if you are a (to the US) a non resident alien, and you are capable of forming a US LLC, you are also capable of forming a BVI/Seychelles/whatever Ltd. or Nevis LLC which︀ then does not create a FATCA risk for them.
Why not just open an individual︁ account?
Not here, because Jeton Bank will issue you details from︄ a European EMI.
I think Jeton︆ is a better option than Xapo, but I would suggest going with their main brand︇ (TKB).
Yes, but I do not consider the account︊ worth it anymore at 1000 per year.
They always make bad decisions when it comes︋ to correspondents – they used a US bank that collapsed for USD correspondent services. After︌ that, they spent like 2 years with NO correspondent for USD transactions yet the whole︍ account is denominated in USD ( and it does not even serve US clients, makes︎ zero sense IMO). I.e., you had to send EUR SEPA or GBP FPS to deposit️ funds, those then converted to USD (at a not-so-profitable rate), and if you wanted to spend them you would be converting the USD to EUR or GBP at the point-of-sale. Nowadays they resell another provider for USD so you can just go with one of the cheaper EMIs that resells the same provider.
And for EUR transactions their primary correspondent bank is LHV which is constantly derisking and switching up rules and pricing plans. This unpredictable Estonian institution is really the bottom of the barrel in current clearing solutions.
The risk of freezing funds is quite high (when transacting through LHV) and the fees at Xapo are just overall uninteresting for the low risk appetite.
Well, you can open with Swiss banks too, but︃ as @EssentialQ says, they will expect $500K to remain there and for you to not︄ conduct much transactional activity.
I would not really agree with this, you will make it look like money laundering,︌ consistently transferring funds of similar amounts from similar sources is a sign of evading some︍ kind of limits, trying not to trigger alarms, etc.
A more realistic approach is just︎ to get pre-approval from the institution that they are able to accept funds of X️ on date Y etc.
Jeton to EUSSR is a local transfer; SEPA from an EU EMI to an EU bank/EMI are usually not particularly scrutinized.
Personal only. And the risk︀ appetite is not very high.
Maybe, but offshore banks don't like American companies. It is an additional risk that does not benefit them at all, because if you are a (to the US) a non resident alien, and you are capable of forming a US LLC, you are also capable of forming a BVI/Seychelles/whatever Ltd. or Nevis LLC which︀ then does not create a FATCA risk for them.
Why not just open an individual︁ account?
Not here, because Jeton Bank will issue you details from︄ a European EMI.
I think Jeton︆ is a better option than Xapo, but I would suggest going with their main brand︇ (TKB).
Yes, but I do not consider the account︊ worth it anymore at 1000 per year.
They always make bad decisions when it comes︋ to correspondents – they used a US bank that collapsed for USD correspondent services. After︌ that, they spent like 2 years with NO correspondent for USD transactions yet the whole︍ account is denominated in USD ( and it does not even serve US clients, makes︎ zero sense IMO). I.e., you had to send EUR SEPA or GBP FPS to deposit️ funds, those then converted to USD (at a not-so-profitable rate), and if you wanted to spend them you would be converting the USD to EUR or GBP at the point-of-sale. Nowadays they resell another provider for USD so you can just go with one of the cheaper EMIs that resells the same provider.
And for EUR transactions their primary correspondent bank is LHV which is constantly derisking and switching up rules and pricing plans. This unpredictable Estonian institution is really the bottom of the barrel in current clearing solutions.
The risk of freezing funds is quite high (when transacting through LHV) and the fees at Xapo are just overall uninteresting for the low risk appetite.
Well, you can open with Swiss banks too, but︃ as @EssentialQ says, they will expect $500K to remain there and for you to not︄ conduct much transactional activity.
I would not really agree with this, you will make it look like money laundering,︌ consistently transferring funds of similar amounts from similar sources is a sign of evading some︍ kind of limits, trying not to trigger alarms, etc.
A more realistic approach is just︎ to get pre-approval from the institution that they are able to accept funds of X️ on date Y etc.
Jeton to EUSSR is a local transfer; SEPA from an EU EMI to an EU bank/EMI are usually not particularly scrutinized.
Personal only. And the risk︀ appetite is not very high.
I agree with you you don't want to look like that however there is one issue with getting it pre approved most compliance people are like Monkees with no clue.
So what happens if they say︀ sure you are pre approved and then they still freeze your funds?
You are going︁ to sue in Dominica?
And you can tell them that you are planing to slowly︂ sell your crypto as it might grow and say you have a mill and inform︃ them that the total might be 1 mill plus
So what happens if they say︀ sure you are pre approved and then they still freeze your funds?
You are going︁ to sue in Dominica?
And you can tell them that you are planing to slowly︂ sell your crypto as it might grow and say you have a mill and inform︃ them that the total might be 1 mill plus
Well, look at that, you ended up banned, exactly the outcome I told you was coming.
Honestly, I don’t know what’s more entertaining, the fact that you thought you’d somehow slip through unnoticed or the fact that you acted surprised when it played out exactly the way I said it would.
Honestly, I don’t know what’s more entertaining, the fact that you thought you’d somehow slip through unnoticed or the fact that you acted surprised when it played out exactly the way I said it would.
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