Erabanq.com Review please is it a good offshore bank?

Martin Everson said:
Martin Everson said:
@Erabanq Can I just confirm some info about your "country info" list text file on your website.

1. Does the "Transfers Allowed" column mean as it states that transfers from/to that country are allowed?

2. Is the "Account Ownership Allowed" column mean you allow companies from that country to open accounts with you or just natural persons?

If you offer deposit protection of up to 100k and allow classic offshore companies then you have a very good competitive edge.
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Hello Mr. Martin Everson,

1) This is correct. The column "transfers allowed" says if we do or do not support incoming/outgoing transfers to/from specific jurisdictions -> click here to download the Countries Info document.

2) This is correct. The column "account ownership allowed" says if we do or do not accept clients from specific jurisdictions -> click here to download the Countries Info document.

"If you offer deposit protection of up to 100k and allow classic offshore companies then you have a very good competitive edge. " - Thank you for your compliment. Yes, the financial funds of our clients are protected up to 100.000 EUR per each client as it is clarified in this document -> click here to download the document. Yes, we also allow Non-EU companies to become our clients. If your company has legal and transparent business activities, transparent ownership and business management (identification of shareholders, directors and beneficial owners), then we can open the Erabanq Business Account for your company. If you are interested to get the account, please follow the account opening process here. In case of any questions, please feel free to contact us, we will be happy to answer all of your questions.

More documents and info you can find in our section Documents.
Please, leave a question/request/comment here or simply just contact us directly, it will be our pleasure to answer your questions.
 
Hello,

thank you for your posts.

Please, feel free to check out our services and apply for the Erabanq Personal Account or apply for the Erabanq Business Account for your company. In case if you will need an assistance during the account opening process, then please feel free to contact us - we will be happy to assist you.

When you / or your company is opening the Erabanq Account then it is only up to your personal preferences to choose one of the three available fee plans -> click here to download the fee plans PDF document.

In case of any questions, please feel free to contact us.

Thank you
Erabanq Team
 
Erabanq said:
Erabanq said:
choose one of the three available fee plans
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Ouch. Way too expensive for my taste. You must be targeting very high risk entities.
By the way, you have a repeating typo in your PDF, "27/7 e-Banking".
darkster said:
darkster said:
Seems to be free advertising for this bank
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The only reason he allows it is because it is PAID advertising. Disable your adblocker to see their ads here.

I don't really agree with his decision to ban bank/EMI representatives when they don't pay for ads though, I think it's important to have supplier representatives to answer questions and it only contributes to the info available on the forum and its credibility (=making it more useful and so more popular). Obviously they shouldn't blatantly push people to their registration pages with each message.
 
Nyep said:
Nyep said:
I don't really agree with his decision to ban bank/EMI representatives when they don't pay for ads though, I think it's important to have supplier representatives to answer questions and it only contributes to the info available on the forum and its credibility (=making it more useful and so more popular). Obviously they shouldn't blatantly push people to their registration pages with each message
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I agree, that's why we will allow this. Back to topic please 😉

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@Admin great that the EMI/Banks get the possibility to say their words here.

Do someone know wich iban they provide?
 
Outrageously expensive service but I understand the logic in having to make the business profitable and sustainable from day one. It is a very different approach you hav e taken than. Other EMI's run their business at a loss for 2-5 years in order to build market share and gain a customer base. Market share is obviously not your interest but profit is. I don't know how successful this high fee strategy right from the gate will be as that's not how the industry works 🙁.

I mean it will cost a client over 2000 euros in first year just to have an EMI account with no activity eek¤%&.

@Erabanq My advice would be to keep the high wire fees but scrap the account opening and monthly fees for while. Perhaps even offer no monthly charges for first 6 months to help people get settled. Also it makes no sense for an EMI to have a monthly minimum balance as you are not making money or using clients balance like a bank for loans etc. The way your fees are structured you will only be attracting a certain type of client which in 2019 will end your business before it is even started.

Good luck anyway thu&¤#

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@Martin Everson

I'm completely agree with what you say about the commercial strategy.
1. Minimum Balance : Do not sounds good at all even if it was fixed at 1 euro.
2. The opening account fees are way to high , i understand the profit meaning and i appreciate it but something like 500 euros is more accurate . It doesn't cost more than 150 euros for a compliance department to check a company if they go for external check, if it s internal , less.

But, as mentionned it s may be a way to make selection about customers. Sorry for what i will say, but i read the threads here and most of guys asking how to set up offshore for free or low cost, how to get a free a card, how to get a bank without fees.
At a point we must be reasonnable, it s like the American slang " No parking, no Business " so " No money, no business ".

My opinion only is : Or they are good in business and sell high an excellent service for selected customers or it s a scam that looks like Ponzi.....
 
Bmw850 said:
Bmw850 said:
2. The opening account fees are way to high , i understand the profit meaning and i appreciate it but something like 500 euros is more accurate . It doesn't cost more than 150 euros for a compliance department to check a company if they go for external check, if it s internal , less.
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Agreed

950 euros to open an EMI account in Lithuania is simply wrong . In a country where the average monthly salary is 637 euros it is grossly obscene amount to charge. We are not talking Switzerland and a Swiss bank account opening either but a new EMI in a poor Eastern European country.

Assume they pay someone 25 euros an hour (high salary) in Lithuania to do compliance/opening. That works out at roughly 950/25 = 38 hours of paid work to do a single account opening. No one is spending 38 hours solid to check opening documents - not even an external agency.

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Hello,

thank you for your posts.

We do not try to make this thread to be "promotional thread". Since this thread is about us, we try to offer our assistance here and answer your questions about our services, fees and other topics and be transparent. Transparency and good customer care is very important part of our services.

Fees:
Erabanq provides high-quality services and payment accounts to domestic and international clients where is required more complex initial and advanced ongoing due diligence. Our e-banking system contains additional features which easily allows you to upload/attach your invoice directly to your incoming/outgoing payments, or easily upload/attach a comment to your payments (as an explanation of purpose of your payments) etc. Our systems were optimized to provide this additional effective and comfortable advanced due-dil checks to our clients. We do this additional service for our clients to ensure smooth providing of the Erabanq Accounts to them with no problems and no interruptions or stress. This is paid service of course and available for limited number of clients only. Classic banks do not provide such additional service because their goal is to processes millions of transactions per second with no need for manual advanced due-dil checks of legitimacy of the transactions. Such additional service is not part of the business plan (and fees) of classic banks. Therefore such clients (who require such additional manual due-dil checks from time to time because of their client-profile) are not welcomed in classic banks -> especially not for the classic low retail fees. Erabanq is a commercial business. This means that we do provide the above mentioned additional service and we require to be paid for it.

If a retail client has a profile / business / activities where it can be expected that such client and his transactions will not require any additional ongoing advanced due-dil manual checks from time to time in the future, then classic banks will provide an account to such client for classic retail cheap fees. But if the bank sees that this client will require such additional service (the ongoing advanced due-dil manual checks from time to time in the future) then the bank will simply reject such client sooner or later, it is simple economic reason. The retail fees are not ready to be able to provide such additional service to the client.

It is not possible to compare Erabanq with plenty of other classic banks or payment providers because they all provide the same classic services and therefore they can not afford to serve clients where additional client-care is required.

In case of any questions, please feel free to contact us.

Thank you
Erabanq Team
 
Martin Everson said:
Martin Everson said:
Agreed

950 euros to open an EMI account in Lithuania is simply wrong . In a country where the average monthly salary is 637 euros it is grossly obscene amount to charge. We are not talking Switzerland and a Swiss bank account opening either but a new EMI in a poor Eastern European country.

Assume they pay someone 25 euros an hour (high salary) in Lithuania to do compliance/opening. That works out at roughly 950/25 = 38 hours of paid work to do a single account opening. No one is spending 38 hours solid to check opening documents - not even an external agency.
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Hello Mr. Martin Everson,

thank you for your post.

Erabanq is based in Czech Republic, not Lithuania. For more info about fees we have published previous post.

In case of any questions, please feel free to contact us.

Thank you
Erabanq Team
 
Erabanq said:
Erabanq said:
Erabanq is based in Czech Republic, not Lithuania. For more info about fees we have published previous post.
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Apologies. Czech Republic is like a much better country I guess.

I give you credit that you are willing to respond in a public space like this as a company which is not easy. I know of several EMI's and bank employees that watch this forum like a hawk but will not respond at all ns2.

Ok so you are clearly catering to clients that require advanced due diligence from time to time based on your pricing. Correct me if I am wrong please. ca#"!

However, your fees are simply outrageous. A normal client with clean business will not pay 950 to open an account. 90 euros a month account fee, then 1.95% on incoming wire and a further 1% on outgoing wires and if you choose to do due diligence under 'exceptional situations' on a payment then a further 0.75% fee. Now I wonder how often you will choose to do this due diligence being that it is very profitable (0.75%). This looks like a conflict of interest to charge in this way don't you think?

So you are clearly positioned to get a certain type of client. I would have liked to be a fly on the wall when you were developing your Model Client strategy and deciding on pricing 😉.

Good luck however as I guess you done your research and feel their are normal people willing to pay this amount of money for an EMI account who are not money laundering criminals.

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If all holds true, the fees are reasonable. It's essentially a time-machine back to 1980's offshore in 2019.

1. Pooled account - no CRS/AEOI required by law. No ifs or buts - your accounts are not reported (unless you're a US person?).
2. A reliable country in the hearth of EU. Not a Caribbean Island, or a Balkan slum covered in dog poop (except for the tourist areas).
3. Deposit guarantee for a classic offshore structure. I giggled a bit, but it seems you did quite well in defending that claim. Wonder what the authorities will think of making some shady offshore guys whole at the cost of local taxpayers 😀

My use-case of offshore is aggressive tax planning at the edge of legality. Similar to what Apple and Google do, the only problem is that I don't have the cash to pay for the lobbying efforts, but I do have enough to create offshore substance. Will you accept this profile? I will give you 4 residencies and 2 passports to choose from. Also, in regards to on-demand AML checks, I will not give you my tax returns or personal wealth statements. Is this fine? Feel free to answer any bits publicly, or if not public information, send me a PM.
 
Hello,

thank you for your posts. Please, find the answers to your questions below:

1. No, Erabanq is not part of CRS reporting ; U.S. persons (private persons / companies) can not be accepted to be our clients unfortunately.

2. Czech Republic is proud and beautiful historical country in central Europe with strong economy and lot of talents not only in area of financial technologies, banking, law and others. We recommend you to visit Czech Republic and enjoy this friendly and beautiful country 🙂

3. The law does not discriminate and it does not favor certain clients over others. We guarantee the deposits of all of our clients, please follow this more detailed document for more info.

In case of any questions, please feel free to contact us.

Thank you
Erabanq Team
 
Hi
I work in e-commerce, with digital goods. We have UK LLP (two residents of Russia) and a Payoneer account. We tried to connect many payment providers, but almost all of us refused.
Most do not take Payoneer. Some do not like the beneficiaries from Russia. This is a big problem for us now. We have a physical address in Russia only.
We also can not open online bank n26 or revolut. They do not support Russia.
Can you help us? Is your bank account suitable for payment providers from the EU and the USA?
 
Well,
I have used Breder Suasso in past.They were same as Erabang.No iban,no questions,low tech internet banking,incredibly high usage fees.
I would never use them again.Wont use erabang either.
Unless you are a drug dealer or weapon seller,i dont think you would have intention to use those kind of services.
 
CaLViN said:
CaLViN said:
Well,
I have used Breder Suasso in past.They were same as Erabang.No iban,no questions,low tech internet banking,incredibly high usage fees.
I would never use them again.Wont use erabang either.
Unless you are a drug dealer or weapon seller,i dont think you would have intention to use those kind of services.
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you are sure they are the same? wonder why the sharks on the forum didn't find out that before?

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