Thoughts on the EMI "Interpolitan Money" for Crypto activities?

[OffChance]

Hello,

I'm still looking for a banking solution for my dmcc crypto trading activities company and I found an EMI called Interpolitan Money. Based in UK and regulated by FCA.

More info: Interpolitan | Global Alternative Banking & International payments

They charge a setup fee of about $6k (5k GBP) which is only paid if they actually approve and open you an account along with a monthly fee of 100 GBP. Might go with it but I'm worried it will end up like Bankera, which from what I've read on this forum is terrible and basically a scam.

I also talked with vaf.global and they offered me two banks that they have direct contact with:

Bank A Fees
Business Account only
Fees - 10K USD Yearly fee
Minimum deposit: 300K USD

Bank B fees.
Business Account only
Fees - 10K USD Yearly fee + 2000USD for onboarding one off fee
Minimum deposit: 0 to start but they expect within 12 months min 1,5 million. (negotiable)

These are all offshore bank accounts in European entities that are regulated by the central bank of Europe.


VAF Fees

We will need to conduct a due diligence and we will create a KYC report that is part of the bank onboarding files. You will also get a dedicated RM that will manage all the communication between you and the bank.

We have a charge of 5k USD paid upfront.
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I would go with Interpolitan Money since I just need the bank account to give myself a salary, so I would withdraw from an exchange and instantly send it to my personal wallet. But I'm worried it might be similar to Bankera which everyone here hates from experience. I would like to hear what you guys think and if anybody here ever had experience with them.

Thanks for reading.

Last edited: Mar 8, 2023

 

[OffChance]

Also worth noting they are collaborating/partnering with DMCC. That's how I found them, DMCC sent me their contact.

 

[OffChance]

This looks terrible lol

https://play.google.com/store/apps/details?id=com.impress.ip1&gl=US&pli=1

 

[OffChance]

Just got a reply from this bank and they said they can offer me a bank account as well: EQIBank - Global Digital Banking for Business and HNWIs

Some offshore licensed bank in Dominica. They usually open accounts for OTC traders apparently.

They said these are their fees:
$500 to certify docs.
$1000 to open an account.

More fee details:

Those are some crazy fees, but it might work for my case (since I only need it to cash out once a month and pay myself a salary)

Edit: Never mind, they don't really give you an actual bank account with your company name and own IBAN/RIB etc. So for example every time someone wants to make a payment to your company, they have to include a reference with the transaction so it gets "credited" to you.

Last edited: Mar 8, 2023

 

[Sols]

The fees are not reasonable for what sounds like a pretty low/medium risk type of business. Only go with them if you have no other options.

The website is giving me bad vibes.

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This is the probably the answer to your question.

 

[Houdini]

OffChance said:
Bankera, which from what I've read on this forum is terrible and basically a scam.
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how do you define them a scam?

OffChance said:
They charge a setup fee of about $6k (5k GBP) which is only paid if they actually approve and open you an account along with a monthly fee of 100 GBP.
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that is a shitload of money for a bank account. WOW!!

Approach The Kingdom Bank, they may be able to help you! it costs less!

 

[OffChance]

I'mRobot said:
how do you define them a scam?
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Ive read a few forum posts on here where they took the application fee and basically ghosted the applicants. Along with other incompetence-related issues.

I'mRobot said:
Approach The Kingdom Bank, they may be able to help you! it costs less!
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Yeah I've sent them an email. Waiting for their reply, hopefully they approve.

 

[OffChance]

I'mRobot said:
how do you define them a scam?


that is a shitload of money for a bank account. WOW!!

Approach The Kingdom Bank, they may be able to help you! it costs less!
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Hello, did you have a good experience with The Kingdom Bank yourself?

Regards.