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?

 

[Remy Martin]

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]

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 banks︀ are useless. The reality is they have all been cut of by US and now︁ rely on third-party processors or bank like EMI's to process wires. These wire facilities don't︂ even last long as they will get shutdown on a regular basis.

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

 

[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.

 

[Mayne Reid]

Did you find any bank for your Dominica IBC?

 

[Martin Everson]

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
  

 

[PavelMSK]

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 Central︀ Bank.

Georgia won't open 100%.

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

 

[MrTony]

Why?

 

[PavelMSK]

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

 

[MrTony]

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

 

[bountymounty]

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]

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 Regulation︀ 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.

 

[niggashit]

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

 

[Martin Everson]

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.

 

[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 CLEAN︀ business.

Otherwise you want to find an attorney in London, tak him by hand and︁ walk to Barcleys or HSBC - you want to have your business plan with you︂ and an already established company ready to get this work. IF you have so and︃ again your business is clean and the attorey can help you to explain to the︄ 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]

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