IUBank Puerto Rico

[Giorgiogori]

Hi, does anybody knows anything about this bank? IUBank
It was in Panama since 1981 previously and from 2017 moved to Puerto Rico.
Accounts in USD-EUR, debit card in USD.
Have asked them statements but never got them.
Any hints on reliability etc?

Thanks

 

[latindev]

I haven't use it but just so you know, it's a international financial entity not a bank. You can see it here https://ocif.pr.gov/Consumidores/Lista Concesionarios/Entidades Financieras Internacionales.pdf

Financial entities have less regulations and Puerto itself has pretty low regulations in terms of banking

 

[Giorgiogori]

Thank you, i know it is a financial entity, i am wondering if it could be reliable, as i have opened an account and asked for financial statements but they are not sending them at all. So this makes me think they are not in good shape..

does Anybody has a clue?

 

[Piano]

Almost 40 years in business , you would expect them to be reliable”¦.

 

[latindev]

Piano said:
Almost 40 years in business , you would expect them to be reliable”¦.
Click to expand...

You mean like the ~40 years Madoff Investment Securities LLC?

Giorgiogori said:
Thank you, i know it is a financial entity, i am wondering if it could be reliable, as i have opened an account and asked for financial statements but they are not sending them at all. So this makes me think they are not in good shape..

does Anybody has a clue?
Click to expand...

Well being fair... Why would they send data to a random client?

 

[csp dubai]

is public information i think you can find them on line

 

[Giorgiogori]

Piano said:
Almost 40 years in business , you would expect them to be reliable”¦.
Click to expand...

Thats a good point but never know now ..

csp dubai said:
is public information i think you can find them on line
Click to expand...

Nothing at all online, the only one is from 2016

latindev said:
You mean like the ~40 years Madoff Investment Securities LLC?


Well being fair... Why would they send data to a random client?
Click to expand...

They do investments, loans and deposits, also payment oriented, have SEPA and accounts in EUR-USD.

I think banks should disclose their financial data like quarterly statements, audits etc to their clients ..
Should not they? Honestly i dont know but i think they should send them to clients who have a deposit already.

Hiding them alerts clients on their reliability no?

Last edited: Sep 10, 2023

 

[Clearsky Network]

What makes this bank so interesting for you? There are plenty of other options...

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Join our payments channel https://t.me/PaymentSolutionsClearsky
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[latindev]

Giorgiogori said:
They do investments, loans and deposits, also payment oriented, have SEPA and accounts in EUR-USD.
Click to expand...

Credit Suisse and Silicon Valley Bank too, but unfortunately that says nothing of how reliable a bank currently is.

Giorgiogori said:
I think banks should disclose their financial data like quarterly statements, audits etc to their clients ..
Should not they? Honestly i dont know but i think they should send them to clients who have a deposit already.
Click to expand...

I think the same, but one thing is what we think and another one is what others will do and let's be real... If they don't publish the statements/audit they won't send it to some random client.

Giorgiogori said:
Hiding them alerts clients on their reliability no?
Click to expand...

Yes and no

 

[Giorgiogori]

Clearsky Network said:
What makes this bank so interesting for you? There are plenty of other options...
Click to expand...

Hi, it is the only one i could find in Puerto Rico offering eur accounts and usd card with reasonable rates.
I like Italbank but their correspondent bank is in my country so i think it could be a risk.

Do you see other options?

Thanks

Btw, the question is also about Puerto Rico now.. After EPB, SIB etc, how safe it is to open accounts at international banks/entities when the regulator is tightening control so much ?

Last edited: Sep 11, 2023

 

[Piano]

Giorgiogori said:
Hi, it is the only one i could find in Puerto Rico offering eur accounts and usd card with reasonable rates.
I like Italbank but their correspondent bank is in my country so i think it could be a risk.

Do you see other options?

Thanks

Btw, the question is also about Puerto Rico now.. After EPB, SIB etc, how safe it is to open accounts at international banks/entities when the regulator is tightening control so much ?
Click to expand...

In which country does Italbank have the correspondent bank ?

does Italbank offers an IBAN account for euro ?

have a look at www.zenusbank.com and www.fvbank.us

Last edited: Sep 11, 2023

 

[Clearsky Network]

Giorgiogori said:
Hi, it is the only one i could find in Puerto Rico offering eur accounts and usd card with reasonable rates.
I like Italbank but their correspondent bank is in my country so i think it could be a risk.

Do you see other options?

Thanks

Btw, the question is also about Puerto Rico now.. After EPB, SIB etc, how safe it is to open accounts at international banks/entities when the regulator is tightening control so much ?
Click to expand...

FV Bank? Bank DIB? I have a few clients using this bank and they are happy. I dont think its cheap though...

Toggle signature
TG: @ClearskyPayments
Join our payments channel https://t.me/PaymentSolutionsClearsky
Payment and Financial Licenses: https://t.me/FinLicense

 

[Giorgiogori]

Piano said:
In which country does Italbank have the correspondent bank ?

does Italbank offers an IBAN account for euro ?

have a look at www.zenusbank.com and www.fvbank.us
Click to expand...

Hi, Italbank correspondent for Eur is Intesa (Italy).
Has debit cards in Eur which is very difficult to find right now in Puerto Rico.


I did have a look at Zenus and FV but they operate in USD only.

Thanks

Clearsky Network said:
FV Bank? Bank DIB? I have a few clients using this bank and they are happy. I dont think its cheap though...
Click to expand...

They are USD only, i need an account in Eur.

Do you think it could be a problem getting some income (no big deal) over Italbank being resident (and with registered address) in the same country of their correspondent?

Bank DIB has Eur, will ask for cards..
Thanks

Last edited: Sep 11, 2023

 

[Clearsky Network]

Giorgiogori said:
Hi, Italbank correspondent for Eur is Intesa (Italy).
Has debit cards in Eur which is very difficult to find right now in Puerto Rico.


I did have a look at Zenus and FV but they operate in USD only.

Thanks



They are USD only, i need an account in Eur.

Do you think it could be a problem getting some income (no big deal) over Italbank being resident (and with registered address) in the same country of their correspondent?

Bank DIB has Eur, will ask for cards..
Thanks
Click to expand...

DIB bank has EUR.
I think it should work, but always good to check directly with them.

I have a contact of one of the partners, get in touch with me, can check the details for you if interesting.

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Join our payments channel https://t.me/PaymentSolutionsClearsky
Payment and Financial Licenses: https://t.me/FinLicense

 

[Giorgiogori]

Clearsky Network said:
DIB bank has EUR.
I think it should work, but always good to check directly with them.

I have a contact of one of the partners, get in touch with me, can check the details for you if interesting.
Click to expand...

Thank you, DIB offers accounts and cards in EUR, confirmed from their customer service.
They look very responsive

Reliable entity as far as you know?

 

[Clearsky Network]

Giorgiogori said:
Thank you, DIB offers accounts and cards in EUR, confirmed from their customer service.
They look very responsive

Reliable entity as far as you know?
Click to expand...

Yes to the best of my knowledge they are very good and they are very customer service oriented.

Toggle signature
TG: @ClearskyPayments
Join our payments channel https://t.me/PaymentSolutionsClearsky
Payment and Financial Licenses: https://t.me/FinLicense

 

[Piano]

Bankdib fees look like a complete ripoff

https://www.bankdib.com/wp-content/uploads/2023/06/Account-Fees-EUR_Personal_Deposit-DIB.pdf

Last edited: Sep 11, 2023

 

[Giorgiogori]

Piano said:
Bankdib fees look like a complete ripoff

https://www.bankdib.com/wp-content/uploads/2023/06/Account-Fees-EUR_Personal_Deposit-DIB.pdf
Click to expand...

They are expensive compared to IUBank and Italbank (both latam oriented) . What i dont like most is the 80 Eur monthly service.

What was your question about client's banking? I did not understand if question was for me or @Clearsky Network

Btw, if somebody has info about IUBank reliability or any other reasonable/ reliable bank/entity/emi that offers EUR accounts and cards please share ..
I am trying to avoid getting into an interstellar tax bracket keeping some leftovers from being exchanged automagically.
So Puerto Rico would do even if i have still got some 8k stuck in EPB but i am considering also other solutions.

Thanks to everyone discussing

Last edited: Sep 11, 2023

 

[Giorgiogori]

What about CBIBANK or EURO EXCHANGE BANK?
They are both EUR

Anybody has a clue?

 

[Piano]

Giorgiogori said:
What about CBIBANK or EURO EXCHANGE BANK?
They are both EUR

Anybody has a clue?
Click to expand...

do they offer your own IBAN account or is it a euro sub-account ?