Any good banks left out there?

[Remy Martin]

Hi everyone,

Been following the forum and have read quite a lot on the subject here.
Here is the deal:

A Dominica "Limited" IBC used in international trade. Real stuff, not laundering. I pay tax on personal income from the company.
Had account in Rietumu.
Asked my registrar for introduction to real bank, not virtual. They gave me Paxum. 3 months later when they activated account found out that it's another virtual bank.

Was thinking about returning to Loyal (I hated their supporting docs procedure and slow transfers) until learned that they are about to go belly up.
Pretty much the same story with Euro Pacific Bank, although I haven't had an account there.

Cyprus - didn't want it in the first place, now I hear that they have started closing offshore accounts as well.

I don't mind travelling for account opening if it's not too far (Europe / ex-Soviet Union area is fine).

So, any suggestions?

 

[Martin Everson]

Welcome aboard

You tried www.paxumbank.com based in Domninca? Paxum Bank is a licensed Dominica based bank. Why do you refer to it as a virtual bank?

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

 

[Remy Martin]

Martin Everson said:
Welcome aboard

You tried www.paxumbank.com based in Domninca? Paxum Bank is a licensed Dominica based bank. Why do you refer to it as a virtual bank?
Click to expand...

Yes, that's the one.
The bank doesn't have its own SWIFT code.
USD transfers to beneficiaries are done in 3rd party name in Czech bank.
Transfers in EUR are done in beneficiary name to an account in German virtual bank.

 

[Martin Everson]

Remy Martin said:
Yes, that's the one.
The bank doesn't have its own SWIFT code.
USD transfers to beneficiaries are done in 3rd party name in Czech bank.
Transfers in EUR are done in beneficiary name to an account in German virtual bank.
Click to expand...

Ok I see. USD is understandable as processing of USD wires by any offshore bank is very difficult. For EUR you mean they use Wirecard Bank in Germany? This is normal to use correspondence bank in Europe to process EUR's.

If you are looking for good USD wire processing then EPB, Loyal and pretty much 90% of offshore banks are useless. The reality is they have all been cut of by US and now rely on third-party processors or bank like EMI's to process wires. These wire facilities don't even last long as they will get shutdown on a regular basis.

For a Dominica IBC finding a real solid bank that will allow it USD wires is not going to be easy. You may want to reconsider your strategy for today's reality.

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

 

[countryfree]

Good banks are looking for good customers, and by that, they mean locals like civil servants, with a fixed income coming from the government. Even in Montenegro, you wouldn't be able to open a bank account for a Dominican company.

 

[Remy Martin]

Gents, I get from your replies that what I'm looking for is possible but hard to find.
That's the reason I've asked my question at the very beginning.
Let's be more specific: Hungary, Czech Republic, Mauritius, Emirates. Anything from this list is workable?
I've heard about Georgia but wouldn't want to have zero gov't warranty on my account.

 

[James Turner]

EPB were working on a direct USD line into the FED, which would make their USD capability pretty solid.

Toggle signature

 

[Mayne Reid]

Remy Martin said:
Gents, I get from your replies that what I'm looking for is possible but hard to find.
That's the reason I've asked my question at the very beginning.
Let's be more specific: Hungary, Czech Republic, Mauritius, Emirates. Anything from this list is workable?
I've heard about Georgia but wouldn't want to have zero gov't warranty on my account.
Click to expand...

Did you find any bank for your Dominica IBC?

 

[Martin Everson]

James Turner said:
EPB were working on a direct USD line into the FED, which would make their USD capability pretty solid.
Click to expand...

I spoke to early EPB have direct Fedwire routing since May 2018 I have seen. They appear to be charging standard wire fee + $60 to use it 🙁.

• Bank Name: EURO PACIFIC INTL BANK, INC
• Location: SAN JUAN, PR
• Routing Number: 0215-0282-0
• Telegraphic Name: EURO PACIFIC
• Revised: May 9, 2018
• Book-Entry Securities: Ineligible
• Funds: Eligible

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

 

[PavelMSK]

countryfree said:
Good banks are looking for good customers, and by that, they mean locals like civil servants, with a fixed income coming from the government. Even in Montenegro, you wouldn't be able to open a bank account for a Dominican company.
Click to expand...

Even for a BVI or any offshore company in fact🙂) I was trying to open bank account in Montenegro this summer with agreement of some minister. Local bank (OTP) firstly said maybe, later on they've open accounts. But after 3 days I was trying to top up my new accounts and bank closed them. Because of request of Central Bank.

Remy Martin said:
Gents, I get from your replies that what I'm looking for is possible but hard to find.
That's the reason I've asked my question at the very beginning.
Let's be more specific: Hungary, Czech Republic, Mauritius, Emirates. Anything from this list is workable?
I've heard about Georgia but wouldn't want to have zero gov't warranty on my account.
Click to expand...

Georgia won't open 100%.

Remy Martin said:
Hi everyone,

Been following the forum and have read quite a lot on the subject here.
Here is the deal:

A Dominica "Limited" IBC used in international trade. Real stuff, not laundering. I pay tax on personal income from the company.
Had account in Rietumu.
Asked my registrar for introduction to real bank, not virtual. They gave me Paxum. 3 months later when they activated account found out that it's another virtual bank.

Was thinking about returning to Loyal (I hated their supporting docs procedure and slow transfers) until learned that they are about to go belly up.
Pretty much the same story with Euro Pacific Bank, although I haven't had an account there.

Cyprus - didn't want it in the first place, now I hear that they have started closing offshore accounts as well.

I don't mind travelling for account opening if it's not too far (Europe / ex-Soviet Union area is fine).

So, any suggestions?
Click to expand...

As far as I know. Kazakhstan is still open accounts for Offshore companies. But don't even think to go to Russian local filials.

Last edited by a moderator: Oct 2, 2018
Toggle signature
I'm a scam artist - I tried to cheat this forum, that's why I'm banned!!

 

[MrTony]

PavelMSK said:
But don't even think to go to Russian local filials.
Click to expand...

Why?

 

[PavelMSK]

MrTony said:
Why?
Click to expand...

They don't work with offshore/forex and etc companies. You'll just spend your time.

Toggle signature
I'm a scam artist - I tried to cheat this forum, that's why I'm banned!!

 

[MrTony]

PavelMSK said:
They don't work with offshore/forex and etc companies. You'll just spend your time.
Click to expand...

If they are subsidiary banks - they accept offshore and FX, if only branches - then no.

 

[bountymounty]

Martin Everson said:
I spoke to early EPB have direct Fedwire
Click to expand...

Did I missed something isn't it Euro Pacific Bank any longer? 🙂

Would be nice if OP could shed some light on his findingd ange¤%&

 

[Martin Everson]

bountymounty said:
Did I missed something isn't it Euro Pacific Bank any longer? 🙂
Click to expand...

It's Euro Pacific Intl. Bank Inc now they changed name. Euro Pacific Bank is just trading name.. see below from bottom of their own webpages. 😀

Euro Pacific Intl. Bank Inc. is licensed and regulated by the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico as an International Financial Entity (license # IFE-033). International Financial Entities (IFEs) are licensed and regulated by the Office of the Commissioner of Financial Institutions pursuant to Act No. 273 of September 25, 2012, as amended (the IFE Act) and Regulation No. 5653. Euro Pacific Intl. Bank Inc. is authorized to trade as Euro Pacific Bank. Euro Pacific Bank is not insured by the FDIC in the United States.

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

 

[niggashit]

Paxum Bank seems Phishing site of real Paxum Paxum. Pay with ease.

 

[Martin Everson]

niggashit said:
Paxum Bank seems Phishing site of real Paxum Paxum. Pay with ease.
Click to expand...

Paxum bank i.e www.paxumbank.com is genuine and part of paxum. I emailed www.paxum.com a while ago and asked them and they said they founded the bank in Dominica to deal with non-Canadian international business.

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

 

[negon]

It's hard to get clear questions from most of the users here because they have a interest in selling their service or knowledge and that's why they post here with information that just is posted as a spoiler without providing the real information in the hope you will contact them 🙂

So now we cleared the air, you want to look into your business model first, if it is clean business you can open a Cyprus company and Cyprus bank account using an introducer to go with Bank of Cyprus or RBS bank. You want to pay attention to my words, it has to be CLEAN business.

Otherwise you want to find an attorney in London, tak him by hand and walk to Barcleys or HSBC - you want to have your business plan with you and an already established company ready to get this work. IF you have so and again your business is clean and the attorey can help you to explain to the bank what your business is then it's no problem to get an account there.

 

[Tepesch]

Hey Negon, so would a business promoting eccomerece Affilate Offers doing 20-50k in profit per month be clean enough you think?

So would they be satisfied if you framed it like : We are getting paid for online marketing services on a performance basis by bigger online marketing agencies.

What do you think would I get a Barclays or HSBC account for a Belize IBC for this kind of business with the process u described above?

 

[MrTony]

Martin Everson said:
Paxum bank i.e www.paxumbank.com is genuine and part of paxum. I emailed www.paxum.com a while ago and asked them and they said they founded the bank in Dominica to deal with non-Canadian international business.
Click to expand...

Have you experience with Paxum bank. Is it a usual bank or more EMI? Can I send and accept wires with Paxumbank?