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Can I trust BlackCatCard with €80k ?

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flashbang

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Jan 1, 2022
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Their support is insanely good and responsive, providing accurate replies in a very short time‌ frame - this seems way too good to be true.

I do not have an‍ account with them yet, is it because they are trying to convince me creating one⁠ and be with them ?

They offer everything I need, at a reasonable price, however⁤ I am afraid they will rob me out or just will freeze my funds /⁣ accounts for a very very long time .......

Please help 🙂
 
Just wondering, why do you need the service? What's your goal with them?
 
they have been mentioned a few times on this forum already. There are divided opinions‌ around them!
what else would you suggest, wise ?
 
Trusting 80k for any EMI is bad idea.
What a sense for trust any reasonable‌ amount of funds for FI that usually live few years and do not covered with‍ any deposit protection scheme?
 
You are probably right. From⁠ my own list, only Revolut Bank is covered by depsoit protection scheme - but I⁤ am afraid that they would end up freezing my account for a year before letting⁣ me withdraw my own funds .. and then they will just simply ban me ,⁢ just like bunq did previously, with no questions asked.......

I do not believe that I︀ should try it with Revolut Bank, do I ....

Yeah I trust wise 100% and I︃ do bank with them for approx. 8 years but their card's spending limitation isn't enough︄ for me, unfortunately. 🙁
That is maxxed out at €10k / transaction / 24 hours -︅ which isn't enough for my online payments...

Thanks for the help guys !!
 
Honestly, why is trusting 80⁠ k for an European EMI a bad idea?
European EMIs are supervised and have to⁤ safeguard the money. They are not allowed to touch it or use it for their⁣ daily expenses.

So, what are possible scenarios?
  1. Nothing happens -> You can access your funds⁢ normally
  2. The EMI goes bankrupt -> The money is still there and you will get︀ a payout sooner or later
  3. The licence gets revoked or restricted -> The money is︁ still there and you will get the payout after a few years (2 years in︂ case of epayments)
  4. They block your account because of DD -> You will get the︃ money paid out after some time. Same risk applies to a bank account.

    Now come︄ the real risks:


  5. The EMI is a theft and steals your money (I think it︅ happened to an European DinersClub subsidiary once) -> Money is lost
  6. The bank where the︆ money is safeguarded gets bankrupt -> Most money is lost, I think
If you go︇ for Lithuanian EMIs the safeguarding bank is usually the central bank of Lithuania. The risk︈ of a failing central bank is Europe is very very low.

If you put your︉ money to an offshore bank account which is not covered by any deposit protection scheme︊ the risk is much higher than keeping it with an European EMI.
Compare Loyal Bank︋ from SVG with ePayments from UK. The money was safer at ePayments at all times.︌

Of couse, EMIs are well knows for freezing funds, but the money is not lost︍ (except case no. 5 from the list above).
So, if I don't need the funds︎ in the next 2 or 3 years, I do trust EMIs with higher amounts of️ money.
 
Remembering saga with︍ epayments, nothing more need to be added to the question of safeguarding any EMI(EU, not︎ EU, whatever).
You could trust to EMI because of supervising, but its don't matter to️ question of customers relationships when EMI observe problems.
Returning money to clients is a one‌ of latest tasks and how it would be actually implemented - big and long question.‍
Sorry, i would like to avoid such unclean cases and situations comparing to straight process⁠ where returning money covered with banks protections schemes.
 
Yeah simple as that. I have decided to trust Wise only. 🙂

Even bunq,⁣ as a bank, has ripped me off with lots of money sadly....
 
What kind of bulls**t are⁠ you telling here?

Unlike with classic bank accounts which covers you up to a maximum⁤ of 100.000 EUR at EMI your deposit is 100% protected regardless of the account balance⁣ you maintain!
 
Had a personal EASY‌ GREEN METAL CARD annually paid plan with them. (so basically the most premium one paid‍ annually in-advance)

I have always transferred funds from my Wise to my Bunq. One day⁠ I have transferred €50k from my Wise to Bunq ---> 72 hours later, account is⁤ banned and the money was frozen for a very long time 🙂

That is how bunq⁣ dealt with me , while I had their most premium plan LOL

They have never⁢ asked me for documents like SOF , they have just simply banned me with no︀ reason given.

I have never done any dodgy stuff , nor did business on my︁ personal account......

The only EMI I trust is Wise ...
 
I understand your︍ point of view – but I have two amendments.
A. (major)
To have the funds︎ frozen for 2-3 years I consider a big problem for many. It can affect the️ business and/or the life fatally.
B. (relatively minor)
Re: Lithuanian EMI's, I must admit I‌ do not trust the (economical and political) environment in Lithuania (as well as in another‍ post-soviet countries) very much. Maybe it is, in this particular case, just a prejudice, but...⁠ I am sorry 🙁.

Could you be, please, more specific? About⁢ what protection scheme you are talking about?
(I am not aware about any, I must︀ say – the obligation to safeguard the clients' funds separately from the operation funds is︁ not a protection, of course.)
 
I am on yours side.

However, I am not quiet sure about Fidor Bank - what do you personally think about︀ them ?

Would you trust them with huge amounts on a personal bank account ?︁

I am afraid that they would be the same sh*t as bunq: that everything goes︂ smoothly for a whole but then they suddenly ban me for no reason..... just because︃ of handling >€50k on my acc...
 
Sounds awful.

But overall I wouldn't even transfer 50k to a︂ retail bank without asking them first or at least testing the waters for a while︃ with smaller payments, making sure they don't freeze or do anything crazy. It's 2022, you︄ can't go crazy wire mid 5-figure payments to shitty EMIs and expect it to work︅ properly.
 
that will be one of the‍ biggest issues with all this electronic money. It's not possible to transfer larger amounts without⁠ lot's of documents. Crypto will so far be the solution to avoid frozen accounts and⁤ documentation. The issue may still remain to be cashing out the money or transfer it⁣ to an bank account.
 
Frankly – I⁣ possess no representative information; I only heard about them some time ago, in a neutral⁢ manner. I have noticed that you established a new thread devoted to this – well︀ done, perhaps you will hear more there.
 
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