These Puerto Rico banks offer remote opening

[Martin Everson]

Just thought I would mention these two banks in Puerto Rico that say they accept business and personal accounts. I don't know any more about them however. I just stumbled across them and thought its better to mention in Mentor Group than in public to give someone a chance here to try them out. Both are free to open and maintain on monthly basis for personal accounts also.

https://gkbank.com/
https://www.fvbank.us

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[AlbanyJames]

Both have sharp sites, with bank having a lot more info. Noticed on fvbank site they are crypto friendly and open to international businesses.

Need to dig a little deeper in these 2.

 

[Martin Everson]

They are both new banks. I picked them off the Puerto Rico banking license register as newly incorporated banks with as you notice decent websites but no one talking about them.

Could be fudder like EPB or hidden crypto cash out gems. Who knows.

@Admin I don't know if you came across these banks?

Last edited: Sep 5, 2020
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[thirtyniner]

Does anyone have further information on this banks? Did anyone went through account creation?

 

[Martin Everson]

thirtyniner said:
Does anyone have further information on this banks? Did anyone went through account creation?
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I have not as I live in tax free country and simply have no use for them and have too many accounts open right now.

I put it out there so someone like yourself can try. It costs you nothing to try with a personal account and share your experience 😛.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[thirtyniner]

Martin Everson said:
I have not as I live in tax free country and simply have no use for them and have too many accounts open right now.

I put it out there so someone like yourself can try. It costs you nothing to try with a personal account and share your experience 😛.
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I would like to avoid sharing my personal documents with the bank in case this is not a good option 😛

 

[Martin Everson]

thirtyniner said:
I would like to avoid sharing my personal documents with the bank in case this is not a good option 😛
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Ok I get your point. Hopefully someone can test it soon.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Sols]

FV Bank has an incredibly high risk appetite. I have seen them accept online gambling companies and offering them USD accounts. Online gambling is a federal crime and only a few states have issued licensing for online gambling. And none of the gambling companies I've seen that bank with FV Bank hold US licenses. Fortunately, none of them accept US players but that could change.

This is a huge red flag for me. Whether it's FBI, FinCEN, or Federal Reserve, someone is going to have a problem with that eventually. Most sensible igaming companies avoid USD like plague, even if they don't take US players.

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This is the probably the answer to your question.

 

[thirtyniner]

Sols said:
FV Bank has an incredibly high risk appetite. I have seen them accept online gambling companies and offering them USD accounts. Online gambling is a federal crime and only a few states have issued licensing for online gambling. And none of the gambling companies I've seen that bank with FV Bank hold US licenses. Fortunately, none of them accept US players but that could change.

This is a huge red flag for me. Whether it's FBI, FinCEN, or Federal Reserve, someone is going to have a problem with that eventually. Most sensible igaming companies avoid USD like plague, even if they don't take US players.
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That is definitely a big red flag!! If that was in Europe, we would have enough time to withdraw the funds before the fire takes place! 😀

 

[otcable]

It has been 2 weeks since I applied to GKBank online, with no answer yet.

 

[Sols]

I don't know about GK Bank but from speaking with FV Bank, they pretty much only offer personal accounts for appearance. They don't really want personal account holders at all, except for wealthy people who own the businesses they open corporate accounts for.

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This is the probably the answer to your question.

 

[thirtyniner]

otcable said:
It has been 2 weeks since I applied to GKBank online, with no answer yet.
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When you have some feedback, please advise! And mention if personal or corporate!

 

[thirtyniner]

@otcable do you have any further feedback on the bank account opening?

 

[otcable]

Nothing @thirtyniner
Support is not answering also, it was a corporate account.

 

[thirtyniner]

otcable said:
Nothing @thirtyniner
Support is not answering also, it was a corporate account.
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Unfortunately more of the same. Anyway, thanks for trying to settle it.

More and more I believe this kind of banks open with a very specific goal in mind, and it is not for sure to serve our empty pockets companies. This is for a much bigger shark pool, so they will never focus on providing any good service at all. That was never the purpose.

 

[otcable]

I agree, the dashboard does not seem prepared to take in new people.

 

[banafinfodafuggiano]

Anyone worried about banking in Puerto rico with these banks after Europacific has been semi busted?

 

[Sols]

All of these international banks in Puerto Rico are on borrowed time. Their business model is secrecy and this type of secrecy is ending. Only a matter of time.

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This is the probably the answer to your question.

 

[banafinfodafuggiano]

Sols said:
All of these international banks in Puerto Rico are on borrowed time. Their business model is secrecy and this type of secrecy is ending. Only a matter of time.
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By secrecy, you mean that they don't report abroad their personal accounts through CRS?

 

[Sols]

Exactly, that plus accepting offshore companies no other bank would is their entire business model. They are not competitive in any other way.

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This is the probably the answer to your question.