Please Advise on EuroPacific Bank and Al Salam Bank

[nickcage49]

My introducer is suggesting these two banks. I've seen some bad reviews on EuroPacific on Trust Pilot.

I'd like to hear your experiences on these two banks and if they are safe and trouble free.

I'm also interested in what possible banks would be good for a new Isle of Man incorporation if you have suggestions.

Thanks in advance.

 

[Sols]

I haven't used either bank enough to comment. From what little experience I have had with EPB, they seem OK but cumbersome and slow.

How "trouble free" a bank is depends on how well you operate your business and what type of business you do. You can reduce the amount of trouble by ensuring you have copies of agreements and invoices always available to match incoming and outgoing transactions.

Isle of Man companies 99% of the time bank in Isle of Man, UK, or maybe Jersey/Gibraltar and opening an account is a relatively easy process, since it'll be a locally licensed trustee as signatory who opens the account.

If you're looking at EPB or Al Salam, it sounds like you are not using local directors and shareholders (trustees), which is not recommended. Isle of Man companies are practically always and without exception set up with local trustees acting as director and shareholder. The only exception I can think of is when companies are formed by local residents.

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This is the probably the answer to your question.

 

[Gediminas]

nickcage49 said:
I've seen some bad reviews on EuroPacific on Trust Pilot.
Click to expand...

I wouldn't rely on Trust Pilot when it comes to a global company evaluation. Trust me, there will always be bad reviews about any kind of such a company. Even competitors could be working on this.

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https://locked.money - Your Crypto Management Company, Ready in Days ”“ Trade, Invoice, $1,200/Year!

 

[Spinat]

You want to Google search the forum, there are many threads about Euro Pacific bank. No one can really say if they are a scam but people don't advise to use them!

In the mentor group there is even more interesting stuff about them!

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[user9823671]

Sols said:
If you're looking at EPB or Al Salam, it sounds like you are not using local directors and shareholders (trustees), which is not recommended.
Click to expand...

Do you mean, that using local directors / shareholders *IS* recommended? The double negative logic is confusing me (and is often used wrongly anyway).

If this is what you mean, nominees would solve this? But I thought having nominees made it more difficult for banking?

If nominees are a help here, which is preferred:
1) directorship service by a local, licensed and regulated management firm.
2) directorship service by a local, licensed and regulated private individual.

(2) costs more than (1) so I assume it is better. But then again, I assume the individual is also director for many many firms, so surely that isn't great either?

Looking at other options there is
The director will also have to serve as bank account signatory

Does that help with banking? Does it mean the nominee has full access to the bank account, so you have to just trust them?

Isle of Man companies are practically always and without exception set up with local trustees acting as director and shareholder.
Click to expand...

By trustee, do you mean having a trust / foundation own the company? If so, what are the benefits and drawbacks of this


Sorry for the 20 questions, but hopefully you're self isolating at home so have plenty of time to answer them lol 😉

 

[clemens]

I'm astonished all the time how you turn one thread topic into another!

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[CaLViN]

I have been using EPB since 5 years or so.
So far so good. My point for them is 6 over 10.
There are several issues with them :
- They dont issue cards for non-eu residents.
- They are extremely slow at everything.
- Once they start KYC on you , it lasts at least 3 months.
- They might block your funds during KYC.

So you should be careful with them.I have had big amounts in EPB but generally they are very slow.

 

[djaheim]

nickcage49 said:
My introducer is suggesting these two banks. I've seen some bad reviews on EuroPacific on Trust Pilot.

I'd like to hear your experiences on these two banks and if they are safe and trouble free.

I'm also interested in what possible banks would be good for a new Isle of Man incorporation if you have suggestions.

Thanks in advance.
Click to expand...

Barclays

 

[nickcage49]

Sols said:
I haven't used either bank enough to comment. From what little experience I have had with EPB, they seem OK but cumbersome and slow.

How "trouble free" a bank is depends on how well you operate your business and what type of business you do. You can reduce the amount of trouble by ensuring you have copies of agreements and invoices always available to match incoming and outgoing transactions.

Isle of Man companies 99% of the time bank in Isle of Man, UK, or maybe Jersey/Gibraltar and opening an account is a relatively easy process, since it'll be a locally licensed trustee as signatory who opens the account.

If you're looking at EPB or Al Salam, it sounds like you are not using local directors and shareholders (trustees), which is not recommended. Isle of Man companies are practically always and without exception set up with local trustees acting as director and shareholder. The only exception I can think of is when companies are formed by local residents.
Click to expand...

Thanks so much for the advice!

 

[nickcage49]

user9823671 said:
Do you mean, that using local directors / shareholders *IS* recommended? The double negative logic is confusing me (and is often used wrongly anyway).

If this is what you mean, nominees would solve this? But I thought having nominees made it more difficult for banking?

If nominees are a help here, which is preferred:
1) directorship service by a local, licensed and regulated management firm.
2) directorship service by a local, licensed and regulated private individual.

(2) costs more than (1) so I assume it is better. But then again, I assume the individual is also director for many many firms, so surely that isn't great either?

Looking at other options there is
The director will also have to serve as bank account signatory

Does that help with banking? Does it mean the nominee has full access to the bank account, so you have to just trust them?



By trustee, do you mean having a trust / foundation own the company? If so, what are the benefits and drawbacks of this


Sorry for the 20 questions, but hopefully you're self isolating at home so have plenty of time to answer them lol 😉
Click to expand...

No this is just the introducer who is giving me banks to apply to. No idea on how it would be structured, but the plan is not to have a local director, no.

 

[Martin Everson]

nickcage49 said:
I'd like to hear your experiences on these two banks and if they are safe and trouble free.
Click to expand...

I used them a while ago and would advise financial distancing from EPB. The bank is opaque in operation and offers no financial information to back any of their 100% reserve banking claims. They also have a habit of holding onto clients funds and making up excuses to delay wire transfers like the money is not there all the time or they are waiting for new money to come in ca#"!. They held my money for no good reason also and I bailed on them. Not even some staff at EPB hold accounts at the bank - I have spoken to them..lol. Just avoid EPB as its a joker bank. You can thank me later.


Holding money still happens today:

https://www.trustpilot.com/users/5e84c183a656ee1feb6a39f8https://www.trustpilot.com/users/5b2904db4de5666d345ad758

Last edited: Apr 2, 2020
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[jdds89]

I was a client there (2018 and 2019) and they hold my money there several times. Total unreliable bank. Don't use them!! Even the CEO is a total liar

 

[nickcage49]

Which bank is it that you are referring to? I mentioned 2 different banks.

 

[jdds89]

so, i am referring to EuroPacific Bank. I have no experience with Al Salam Bank