Medirect Bank Malta are blocking accounts.

[Volex]

After Sata Bank, Leopay, iCard now is Medirect Bank Malta having problems.

From 1 November 2018 Medirect Bank Malta is blocking sepa and swift transfers so many clients cann't transfer the money out.

Medirect Bank Malta don't offer Cards and dont' offer the possibility to withdraw cash, this means that it is impossibile to have the money back.

They are not responding to the email and phone calls.

 

[jackfrost]

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[Martin Everson]

Bloody hell...... They told me early in the year they no longer accept cash deposits or withdrawal. I thought nothing of it and assumed normal AML tightening rules....but now........... My e-banking looks fine however. They have not sent me any mails or anything. Are you sure??? Where do you see sepa and swift is blocked?

They are a core bank in Malta but focused on investment only clients like myself 🙁.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Volex]

Martin Everson said:
Bloody hell...... They told me early in the year they no longer accept cash deposits or withdrawal. I thought nothing of it and assumed normal AML tightening rules....but now........... My e-banking looks fine however. They have not sent me any mails or anything. Are you sure??? Where do you see sepa and swift is blocked?

They are a core bank in Malta but focused on investment only clients like myself 🙁.
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Have you tried to make transfer from your account to another?

I know about 6 persons, resident in different countries, that can not do transfers (sepa and swift) from 01/11/2018 and their e-banking looks fine too.

 

[Martin Everson]

Wenoff said:
Have you tried to make transfer from your account to another?

I know about 6 persons, resident in different countries, that can not do transfers (sepa and swift) from 01/11/2018 and their e-banking looks fine too.
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I don't hold cash just a assets in a custody account so cannot do a wire transfer. I did call the bank and my relationship manager directly and they said there is no issues with transferring money in and out also.

Until I know what is happening in Malta I have wired out my BNF and BOV money to be on safe side.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Volex]

Martin Everson said:
I don't hold cash just a assets in a custody account so cannot do a wire transfer. I did call the bank and my relationship manager directly and they said there is no issues with transferring money in and out also.

Until I know what is happening in Malta I have wired out my BNF and BOV money to be on safe side.
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I don't know if there are problems with the assets, but on september the bank has changed their address from their countries of residence to the Head Office Bank address and perhaps this is linked with this block of transfers now.

 

[Volex]

After the block of the transfers, now Medirect closed the accounts without notice.

 

[Martin Everson]

Wenoff said:
After the block of the transfers, now Medirect closed the accounts without notice.
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What country were these account clients from?

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[Volex]

Martin Everson said:
What country were these account clients from?
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Extra EEA

 

[mrau]

Wenoff said:
Extra EEA
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In April 2017 I tried to open (remotely) an account with them (I'm from a non EU country) and even back then they said they were not longer opening accounts for residents outside EEA.

 

[Martin Everson]

I don't think this trend is going to stop any time soon I guess. Malta's banks are locking down the finance sector at a time when the government wants foreign investment to grow its tiny economy. Very odd, maybe the banks didn't get the memo 🙁.

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[nitehawk]

True, they closed our Medbank account about 1 year ago with short notice and no explanation.

 

[blizz]

OP do you have a status for this bank, they operate again?

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[Volex]

blizz said:
OP do you have a status for this bank, they operate again?
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I am not sure, but I think the status of the bank is active.

 

[Martin Everson]

The bank is active. They are a core bank in Malta not a sideline bank.

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[blizz]

So you say it's safe to bank with them?

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[Martin Everson]

No bank is safe in Malta and I mean absolutely none of them. MeDirect is a bank for investment only clients. I hold some bonds with them in a custody account and not cash as they charge no custody fees for securities. However in light of deterioration and uncertainty in the Maltese banking sector that has spooked me they are currently being sent back to Switzerland as we speak. Although custody assets are safe in MeDirect I would rather not deal with blocked assets, poor communication and incompetence of the Malta MFSA and just pay the custody fee with a safe bank thu&¤#

P.S Plus MeDirect as a bank is up for sale 🙁

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Jmeery1]

Martin Everson said:
No bank is safe in Malta and I mean absolutely none of them. MeDirect is a bank for investment only clients. I hold some bonds with them in a custody account and not cash as they charge no custody fees for securities. However in light of deterioration and uncertainty in the Maltese banking sector that has spooked me they are currently being sent back to Switzerland as we speak. Although custody assets are safe in MeDirect I would rather not deal with blocked assets, poor communication and incompetence of the Malta MFSA and just pay the custody fee with a safe bank thu&¤#

P.S Plus MeDirect as a bank is up for sale 🙁
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Anyone know anything further about Medirect Malta since the last discussions. They are now under new management....any views as to whether they are safer to use now? Need a Malta based bank for private wealth and also a Maltese company bank account (and for a couple reasons I don't wish to bank in another EU country).

 

[JohnLocke]

Martin Everson said:
No bank is safe in Malta and I mean absolutely none of them.
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but still you have some investment with them. Now I wonder if one only consider a bank in Malta to have their money parked for a short time and withdraw to another account abroad, do you think it would be risky?

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[Martin Everson]

Jmeery1 said:
Anyone know anything further about Medirect Malta since the last discussions. They are now under new management....any views as to whether they are safer to use now? Need a Malta based bank for private wealth and also a Maltese company bank account (and for a couple reasons I don't wish to bank in another EU country).
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Safe!!!! Last email they sent me the bank was issuing 35m euro bond. The bank was trying to raise money...lol. They are the 3rd biggest bank in Malta I believe but after Satabank fiasco and even with free custody and ring fencing of custody accounts I just was not gonna hang around to deal with with them.

Admin said:
but still you have some investment with them. Now I wonder if one only consider a bank in Malta to have their money parked for a short time and withdraw to another account abroad, do you think it would be risky?
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That post I made was over 1 year ago. Times have changed and I had mentioned in other posts since that I had moved my portfolio from MeDirect 😀. They had actually also blocked my account since so I got lucky. Bottom line Is avoid Malta for banking and certainly private wealth its a Mafia state.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.