For how long have you hold an account with them? Did you need to provide all the documents that @thegazelle is listing?
Euro Pacific Bank Ltd
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They have always been very complicated to open an account with. Some may consider if it is worth the entire process! If you have sufficient time and maybe need a second ot third bank account AND you are able to get all the documents they require it may be worth it.
Well, you can look at it from this perspective. They are following compliance procedures and doing their due diligence, weeding out potentially illegal or unscrupulous customers. I would rather subject myself to this rather than have a process which lends itself friendly to potential illegal activity and then later the bank is subsequently investigated or shut down. At least with Euro Pacific, the rigorous application process indicates that they are abiding by AML compliance processes and I have no problems with that.
In lieu of an employment letter, I believe they will also accept recent paystubs showing your name and address on it along with︀ obviously the employer. I don't think it unreasonable for the bank to want to ensure︁ that all funds going in are legitimate. I actually would prefer that.
One thing I︂ forgot to mention is that all the notorized documents, the reference letter, bank statements, application,︃ etc., can be scanned and emailed to them, thereby saving your postage costs. The interview︄ over the phone was about 15-20 minutes and for me anyway, they asked a lot︅ about what exactly I did for my employer, down to the specific industry roles, etc.︆ Again, I see them just doing their due diligence, rather than viewing it as overly︇ intrusive.
The monthly maintenance fee is quite reasonable, and you are assigned a private banker︈ who will call you and be there for any subsequent questions or concerns.
I do︉ like the fact that they do not lend out their client's money but instead make︊ their revenue off fees and such.
I have demoed their brokerage platform, and it is︋ pretty nice.
In lieu of an employment letter, I believe they will also accept recent paystubs showing your name and address on it along with︀ obviously the employer. I don't think it unreasonable for the bank to want to ensure︁ that all funds going in are legitimate. I actually would prefer that.
One thing I︂ forgot to mention is that all the notorized documents, the reference letter, bank statements, application,︃ etc., can be scanned and emailed to them, thereby saving your postage costs. The interview︄ over the phone was about 15-20 minutes and for me anyway, they asked a lot︅ about what exactly I did for my employer, down to the specific industry roles, etc.︆ Again, I see them just doing their due diligence, rather than viewing it as overly︇ intrusive.
The monthly maintenance fee is quite reasonable, and you are assigned a private banker︈ who will call you and be there for any subsequent questions or concerns.
I do︉ like the fact that they do not lend out their client's money but instead make︊ their revenue off fees and such.
I have demoed their brokerage platform, and it is︋ pretty nice.
Can you trade stocks there from all countries or at least the major European countries?
I don't know a bank can also be insane about the documents they require and ask too many question which mean that even the most regular business man with an 100% legit and transperant business model will refuse to open an account there.
I don't know a bank can also be insane about the documents they require and ask too many question which mean that even the most regular business man with an 100% legit and transperant business model will refuse to open an account there.
I personally haven't, since I don't have a USD account - but when I talked with my EPB personal banker last week I did ask him about that out of curiosity and he said at this point everything is processing well with the Portuguese bank
WoW from US$ 320 they transfered to my Cyprus account, they charged USD 30 for bank transfer already, and today I received the amount US$ 232,62 thats an f... $87,32 wire transfer fee.
I'm so happy that I closed my account with the them!!
I'm so happy that I closed my account with the them!!
Hmmm..that's weird...I have never sent a wire OUT OF EPB, but the incoming wires INTO EPB incurs similar fees...
45.00 is my bank's wire fee
23.00 is the intermediary fee (goes through the UK bank)
18.00 is the EPB incoming wire fee
Total fees is 86.00, 68.00 of which is outside EPB.
45.00 is my bank's wire fee
23.00 is the intermediary fee (goes through the UK bank)
18.00 is the EPB incoming wire fee
Total fees is 86.00, 68.00 of which is outside EPB.
WoW huge fees for a simple transfer.. I closed the account because it's just not profittable to have incoming transfers there which you have to pay for as well as outgoing transfers, the amount paid each time is just too much.
Do you use the account for day to day banking or?
Do you use the account for day to day banking or?
Agree but these rates are pretty common when using an offshore bank, so it is always best to not transfer a bunch of small amounts. With regards to your question - no, I don't use the account for day to day banking, just parking the money there as an emergency fund.
Complicated to work with how? just because they require a reference letter from your current bank?
I have account with them and its a bit of a headache to recive money, need to fill in partnerform and details for each partner that you will recive money from and if more then 10k per year some more document like a contract or something to show relation with that partner. And latest now is that 3 party that send money to me now need to send true a a new payment processor they set up. For USD only. Not sure my payment processor will or can send to theirs so will close it down later if I cant find a use for it.︀
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