With an EU EMI, I know exactly what control mechanisms are in place to ensure capital adequacy (they must maintain 100% reserve, and in good jurisdictions, this is checked at least quarterly) and I know where to turn in case I am unhappy with the services. There are clear and︀ functional complaints procedures, including fairly reliable court systems to fall back on in case it︁ goes that far.
What security do you have in EPB shuts down? How can you︂ be sure that an island that struggles to keep electricity running and has large poverty︃ problems bothers to supervise banks that service only non-residents?
I'd be careful about conflating the︄ license EPB has with what people normally think of as a bank. EPB's license isn't︅ like the one banks like Barclays, BNP, HSBC, and Deutsche Bank have. For one, they︆ aren't licensed to take local customers. They also aren't subject to nearly the same level︇ of control and supervision.
Neither a bank licensed under a regime such as EPB nor︈ an EMI is ideal for storing large sums of money. But while I wouldn't even︉ store pocket change in EPB, I am reasonably confident holding a few hundred in Transferwise,︊ Revolut, and similar.
What security do you have in EPB shuts down? How can you︂ be sure that an island that struggles to keep electricity running and has large poverty︃ problems bothers to supervise banks that service only non-residents?
I'd be careful about conflating the︄ license EPB has with what people normally think of as a bank. EPB's license isn't︅ like the one banks like Barclays, BNP, HSBC, and Deutsche Bank have. For one, they︆ aren't licensed to take local customers. They also aren't subject to nearly the same level︇ of control and supervision.
Neither a bank licensed under a regime such as EPB nor︈ an EMI is ideal for storing large sums of money. But while I wouldn't even︉ store pocket change in EPB, I am reasonably confident holding a few hundred in Transferwise,︊ Revolut, and similar.
