Stern Bank - bank in USA (Puerto Rico) founded by Ukrainian

[off42]

hi guys!

Do you know anything about Stern Bank Stern Bank ?
Founder https://www.linkedin.com/in/peter-stern-739a6a19/
His business Trade Finance Solutions & Supply Chain Financing Support

info:
Stern International Bank offers a range of private banking and trade finance services to meet the global needs of a select group of small and medium-sized businesses. Combining decades of industry insight and a consultative partnership approach, we help our clients navigate the opportunities and challenges of a borderless world.

Our clients have access to an array of corporate banking services as well as structured trade finance products. These personalized offerings are designed to facilitate complicated commercial transactions across multiple sectors and locations.

We believe that our clients' ongoing trust are the result of our thoughtfulness, our conservative approach to risk, and our adherence to the idea that ”“ no matter the size or complexity of the need ”“ we can help.

Stern International Bank LLC (“Stern Bank”) is a limited liability company licensed to operate as an International Financial Entity, regulated by the Puerto Rico Office of the Commissioner of Financial Institutions (“OCIF”). OCIF follows examination guidance issued by the Financial Institution Examination Council, a formal interagency body empowered to prescribe uniform principles for the examination of financial institutions supervised by U.S. Federal regulators, including the Board of Governors of the Federal Reserve and the Office of the Comptroller of the Currency.

 

[JohnLocke]

Thank you for sharing the information but honestly I don't know them at all.

Have you been in contact with this bank?

It also seems their website is downdoh948""

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[off42]

Admin said:
Thank you for sharing the information but honestly I don't know them at all.

Have you been in contact with this bank?

It also seems their website is downdoh948""
Click to expand...

Web site is working)
Yes, I have a contact and in a process of opening right now.

 

[JohnLocke]

Sounds good, if you don't mind please update here how it will work for you. I would be interested in to know min required capital and if they have any depositor insurance.

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[off42]

hi all!
I'm still in the process of opening. Here below you can find more detailed information about Bank's requirements which I collected.

STERN INTERNATIONAL BANK is a fully licensed US bank. The bank is headquartered at #1413 Ponce de Leon, Suite 601B San Juan, PR 00907, Puerto-Rico, United States of America.

Its SWIFT code is SIECPRSJ. ABA routing number is 021508086. Bankers Almanac ref. number is 374231. It maintains a correspondent account in USD and EUR with Bank of America, New York, a multicurrency account in Europe and a USD operating account at Banco Santander. Further, Stern has a finance facility with a UK-based fund to support its structured trade transactions.

Stern Bank is opening accounts for foreign companies and they expect to offer personal accounts and debit/pre-paid cards in Q2 of 2019. Stern is offering direct banking services for wires in and wires out in EUR and USD (can provide unique IBANs). Online banking is available through the website ”“ www.sternbank.com. Each payment requires the client to upload a corresponding invoice, contract, paperwork, etc. to support it. Client will upload supporting documentation via online banking portal when it initiates a wire.

Bank accept documents for consideration from different jurisdictions (companies with nominees is accepted) but however, it is up to compliance to make final decision.

Stern Bank does not accept:
1. accounts with UBOs from the United States and will not process any transactions or onboard accounts that have a nexus with North Korea, Syria, Venezuela, Cuba or Iran.
2. funds from individuals and payment institutions (payment systems, processing and merchant services).
3. gambling business and operations related with crypto currency.

For opening an account the physical presence of an authorized representative is not required. Just need to complete and send documents to the Bank. If all documents are presented, the process of open an account takes 3-10 days.

The minimum balance is not required.

General Bank fees based on projected volume of legal work and client risk.

Base fees:
Base Onboarding Charge - $ 600.00
Base Incoming Wire Rate - 0.60%
Base Outgoing Wire Charge - $ 60.00

These guidelines apply to standard transactions. Higher and/or additional charges may apply to certain transactions including complex transactions, transactions that are required to be processed urgently and transactions that involve products and arrangements that are not referred to in this Schedule.
ALL DOCUMENTS SHOULD BE ON ENGLISH (or with certified translation) IN COLOUR PDF HI-QUALITY SCAN:

The following documents are required for the applicant and for all legal entities in a structure:
1. Certificate of Incorporation
2. Memorandum/Articles of Association or Incorporation/ Bylaws/ Constitution/ Partnership Agreement
3. Certificate of Good Standing (not older than 3 month)
4. Updated Certificate of Incumbency (not older than 3 month)
5. Proof of Physical Address (not a P.O. Box) in the name of the organization and not an individual (maybe any one of the following: utility bill, bank statement, tax document, document from a recognized insurance company or correspondence from a government organization)
6. Shareholder Registry
7. Declaration of Trust (if applicable)
8. Board Resolution to open account and designate signatories
9. Verification of Source of Funds
10. Form W-9 or W-8 Series (as appropriate)
For each Director, Authorized Representative, Officer and Beneficial Owner of the organization:
1. ID or passport.
2. Proof of address (such as a utility bill, communication from a recognized bank or insurance company, communication a competent federal tax authority, or voter registration) not older than 3 month.
3. Resident Tax ID.
Additional documents / information may be requested at any stage.


* The main features of offshore companies:
1. An offshore company is non-resident in relation to the territory where it is registered.
2. An offshore company is exempted from taxes and pays an annual fees only.
3. Simplified procedure for registration and management. Use of "nominal" shareholders and directors is allowed.
4. There is no exchange control, financial reporting requirements are minimized or not at all.
5. An offshore company doesn't have a really functioning office in its own country.

** Certain High-Risk Industries
Coin dealer
Credit card
Credit repair
Dating services
Debt consolidation
Financial services
Online marketing
Payday loans
Surveillance equipment
Telemarketing
Tobacco
Travel clubs

*** High-Risk Residency of UBO(s)
Afghanistan Albania Algeria Argentina Benin Bolivia Bosnia and Herzegovina Brazil Bulgaria Burkina Faso Burundi Cambodia Central African Republic China Colombia Croatia Dominican Republic Ecuador Egypt El Salvador Ghana Greece Guatemala Guinea-Bissau Guyana Haiti India Indonesia Jamaica Kazakhstan Kenya Kosovo Laos Liberia Macedonia Malaysia Mali Marshall Islands Mexico Montenegro Morocco Mozambique Myanmar Nepal Nicaragua Nigeria Pakistan Panama Papua New Guinea Paraguay Philippines Romania Russia Serbia Sierra Leone Slovakia Sri Lanka Sudan Tajikistan Tanzania Thailand Trinidad and Tobago Tunisia Turkey Uganda Ukraine Uzbekistan Vanuatu Vietnam

 

[JohnLocke]

Thanks for the update and the details about this bank. Reading the information and looking at their website it looks actually fine. Waiting for you to get back with the good news about a successfully account opening with them.

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[bigladsmith]

Hi all,

This is my first post here and as a customer of Stern I thought I'd share my experience.

I was introduced to Stern through a formation agent as I was getting nowhere with EPB. Anyhow intro made and I'll confirm much of the above is correct.

It was a hard process uploading various documents to the Stern portal etc but the light at the end of the paperwork tunnel was their agent who was on hand each step of the way to assist. I'll not name the person but they were based in my home country (even though I'm half way around the world) and did all of the dealing with the office in Puerto Rico.

My fees are less than those posted above but my monthly volume is ~$25000. Not sure of the OP's volume.

There are a few items that I need to mention

Min balance to be $5000
Only works with USD in/out
Web portal is basic but functional

Also the bank compliance for me is too heavy at times. They want to know beforehand when funds are inbound and the value (or approx value depending on FX) inc the remittance showing source of funds

For outbound I need to present invoices for payments and for Salary I need to present a payslip. I'm working with them to determine what I need to present for dividends.

Again, the team are on hand by email, WhatsApp and WhatsApp audio to go through things.

My company is an IBC registered in Dominica (more on that later, I could do with some sound advice about relocating this business)

Hope this helps you all and maybe some of you can help me with my Dominica problem

 

[bigladsmith]

Okay,

A quick update for you all on Stern International...

So far so good and I've now been upgraded to a multi currency account so I have the possibility to hold USD, EUR and GBP.

Speed of transfers inbound is 24 hours, transfers out are typically 24-48 hours. I have to say that I'm impressed with their setup and their compliance too, they are diligent and do ask for backup details from time to time but on the whole I'd recommend.

 

[Spinat]

bigladsmith said:
Okay,

A quick update for you all on Stern International...

So far so good and I've now been upgraded to a multi currency account so I have the possibility to hold USD, EUR and GBP.

Speed of transfers inbound is 24 hours, transfers out are typically 24-48 hours. I have to say that I'm impressed with their setup and their compliance too, they are diligent and do ask for backup details from time to time but on the whole I'd recommend.
Click to expand...

Sorry for the stupid question, how long have you been a customer there by now?

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[bigladsmith]

5 months now. So far so good with this bank.... Does anyone else have experience of this bank?

 

[Btraveler]

Hello there Biglad,

I'm pretty interested about it. The main question is...are they reporting UBO of the account to EU contries?

Puerto Rico is not reporting at this moment, I'm right? Is commited to report in near future?

On the other hand, whatching fine print, I see that Stern Bank tells:

"Not FDIC Insured", so in fact, it is doesn't recognized for US guarantees and your whole money can be lost from on day to other... Also "Banking products offered by Stern Bank are subject to approval."

Some section under construction...

 

[bigladsmith]

That's correct, no UBO reporting as the country/jurisdiction is not covered by CRS but as with everything that could change.

Also correct about the insurance, this is a business where risk appetite has to be weighed up

 

[Btraveler]

Ok, thank you. Maybe it can be used as processing bank at this point, no for holding a lot money then. I don't see menú to ask onboarding. How did you apply for new account?

On the other hand, it has Euro IBAN account available? How much it cost transfer to NON SEPA country? I'm thinking to transfer funds from Stern to Armenia via Swift transfer

 

[jafo]

bigladsmith said:
Also the bank compliance for me is too heavy at times. They want to know beforehand when funds are inbound and the value (or approx value depending on FX) inc the remittance showing source of funds

For outbound I need to present invoices for payments and for Salary I need to present a payslip.
Click to expand...

How is it going with this?