Euro Pacific Bank

[Eastoe]

Anyone experience with Euro Pacific, good or bad? Are they secure/reliable?

I need a second offshore business account and probably a personal account. Will want to wire high five figure sums from an existing business account.

Also what sort of information do they request for opening?

Thanks

 

[JohnLocke]

You can find endless threads here on the forum about them. You may use Google to search the forum and it will reveal a lot of threads to you.

Personally I have been using them for a long time, but never really for banking, I think a single time for years ago. I like some of the EMI's and Cyprus banks, but that's my personal opinion.

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[Martin Everson]

You really need to ask whether you need a bank or whether an EMI will serve you better. EPB has been around for a while but it is clunky compared to any modern Fintech EMI.

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

 

[turtelturte]

tata said:
proof for every invoice
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What does it mean, not only invoice but proof of invoice also? Could you please give an example?

 

[Grigorijs]

turtelturte said:
What does it mean, not only invoice but proof of invoice also? Could you please give an example?
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Outgoing Wire Transfers | Incoming Wire Transfers
If it is a third party wire transfer greater than $5,000, you will be required to complete a Payments Form and include relevant supporting documentation. If you do not attach supporting documentation or are uncertain, our Compliance team will send you an Online Banking message to assist you before executing the outgoing wire transfer.

 

[Martin Everson]

WOW Good luck getting your money out in a crisis..lol. Still not sure why anybody would use EPB.

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

 

[Eastoe]

Martin Everson said:
You really need to ask whether you need a bank or whether an EMI will serve you better. EPB has been around for a while but it is clunky compared to any modern Fintech EMI.
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Martin, can you PM me please? Thanks

 

[turtelturte]

tata said:
well, you have to announce in advance that money will be wired to your account by giving them proof (e.g. an invoice). Besides that you have to register the e.g. customer that is paying you with e.g. the contract you have with them. A bit tedious but it is quickly done.
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If i'm going to send announce by email does there is exist some type of template for such a messanges? I just Should write to the bank manager that i will receive that payment at that date and attach invoice with contract?

 

[Martin Everson]

Eastoe said:
Martin, can you PM me please? Thanks
Click to expand...

Done

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

 

[globalconsultancy]

EPB is fine if you are not in a hurry and not doing anything shady. Their compliance team is top-notch and they are very good at spotting suspect transactions.

That said, everything is manual and simple wire transfers take days. If everything is in order, GBP/EUR wire transfers post in 2 business days. USD can take longer, although they are now based in Puerto Rico and have a Federal Reserve account, so that may change. If compliance flags a transaction for review (which they usually do in excess of 5,000 EUR), it could add days to your transfer. If they ask for supporting documentation, it's another 1-2 business days before they even read your email.

The best thing about EBP is that they are a fully online bank - no personal visit is required to open an account. (I'm not even sure they have a real office that customers can visit.) It's also relatively low-cost - we're talking $30/€18/£18 per outgoing wire transfer.

 

[Grey]

I had a rocky start with EPB, but lately things are better. Using the prepaid card has been fine in general. And with a weak currency where I live, holding money in USD has worked out for me.

 

[negon]

Grey said:
I had a rocky start with EPB, but lately things are better. Using the prepaid card has been fine in general. And with a weak currency where I live, holding money in USD has worked out for me.
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You are still hapy with them? Is it a MasterCard or Visa card you got with them?