OVZA
New Horizons Paraguay
Ticker tape by TradingView

SataBank Closed

Status
Not open for further replies.
Exactly, like⁣ allowing clients to trade in stolen Libyan oil ns2. There is no way someone should⁢ have kept 100's of 1000's of euros in an account with ZERO DEPOSIT PROTECTION. The︀ same bank that from day one lost its USD correspondence account shortly after launching ns2. I know people were attracted to the Fintech aspect of the bank and the mobility︁ it allowed them. However most were there as you say because other banks would not︂ service them.

What you say will hurt some but its the truth 🙁.
 
Honestly we all weight the pros and cons of Banking with non traditional no-deposit protection‌ digital Banks, no one comes searching for EMIs unless they know that their biz line‍ will not be accepted by normal Bank, so its an unsecure alternative and we know⁠ it.

Now as the saying goes "easy money, easy gone", its this risk that we⁤ need to calculate when we lend our money to these serial thief's.

There will never⁣ be a all in one solution offered by Banks for all lines of possible business⁢ that people conduct, so there will always be new alternatives to risk and profit with︀ our money and sure lose it too. Life's a gamble.
 
Looks like we are all getting our money back in a few weeks per a‌ new public notice that just went out.

"
The Authority has directed the Competent Person‍ to initiate a controlled process forof customer deposits over a period of time. The release⁠ of funds will be subject controls and checks following which, funds may be transferred. This⁤ process willSatabank customers to verify their identity and provide additional information and another account with⁣ a credit or payment institution in an EU/EEA jurisdiction in name as the existing account⁢ at Satabank to which monies can be transferred. If adoes not have an alternative account︀ (with a credit or payment institution) in an jurisdiction, they are encouraged to set one︁ up as soon as possible.
The relevant authorities are agreeing the process and further guidance︂ will be provideCompetent Person on the bank’s website as soon as practical, although this is︃ likeseveral weeks. The Bank continues to meet all capital and liquidity requirements. "
 
Good news, so the boss didn't pull the money in sacks at midnight and seems‌ to have enough spare cash to pay all accounts.
 
sometimes people are lucky, there are honest people around.
 
When I researched SATA Bank in the past their accounts specifically mentioned they were EMI‌ accounts, and NOT covered by the depost guarantuee. So I would advice deposit holders to‍ check their contracts (you did save them on your harddisk right?) and see if their⁠ funds are covered.
 
MGA to take necessary steps to set up Satabank alternatives - The Malta Independent

I read the comment (see below) at bottom of the above post. It all sounds very‌ worrying if this is really happening.

------------- quote
"There is another very important issue happening‍ now in Malta: all the other banks are rejecting opening business accounts to entities coming⁠ from SATA Bank. Moreover, they are rejecting explicitally to authorize transfers from SATA Bank to⁤ their bank, when SATA will become available to do them. We, as customers, are now⁣ being treated like we got plague. I'm already planning to close my 5-years business, and⁢ leave Malta to go to a better place, where my legal online business is welcome︀ and not rejected. In Malta, today, you can do business only if you sell fruits︁ and vegetables or if you want to open a restaurant. If you start talking about︂ "online" company, Malta is in the stone age and you are treated like a terrorist.︃ This is the only truth. I really want to see who'll have the guts to︄ publish this in an article."
---------------------
 
Yes, opening a bank account in Malta is a real nightmare, living here for two‌ years and situation every year becoming worse and worse. And none of them want to‍ be a part of SATA problem

Malta is in the stone age and you are⁠ treated like a terrorist. = fully agree on that statement, i tried to open Bank⁤ acc in BOV, HSBC, they were sending me for new docs every 3 months (appointments⁣ was 3 month from latest) so i wasted half a year, they asked me more⁢ docs (however i am an EU guy), so i opened account in Sata, which i︀ ofc regret at this moment as i had there "ALL" my personal fund.

Only option︁ is baniff bank = fast in malta, but i dont know how reliable they are.︂ will write an review in month
 
Can only repeat myself - unless you have some hard requirement to absolutely use a‌ Maltese bank do not use bank accounts on Malta especially if you are operating from‍ / in Malta. This is not just about the absolutely horrible state of Maltese local⁠ banking but also tenant laws etc pp.

Private - look at bunq (real bank) or⁤ emis like monese, transferwise, revolut etc
Business - harder and depends on industry etc but⁣ anything like revolut business, transferwise etc is better than a Maltese EMI
 
Humm...you should‍ have just opened an account with myney.com. They are part of Fxserv group. You can⁠ open the account on the mobile app and just need to pop into any branch⁤ of Fxserv and show your original Malta ID. Takes 5 minutes 😉.

Avoid BNF....lol i⁣ have an account with them ALSO MeDirect (investment only) and BOV. All these banks in⁢ Malta are a complete joke. Malta banking system is worse than any bank I have︀ used in Africa....LITERALLY.
 
Malta's financial system⁤ falling apart like its limestone buildings are eroding by weathering 😉.

I used all of those apart from Monese. Be︁ careful of Bunq it is the best Fintech bank I use but made like a︂ 7m euro loss or something an is very unprofitable. There business model needs to grow︃ but they offer deposit protection and fast payments. thu&¤#.
 
Yeah all those fintechs will need to⁣ proof their business model over time first but bunq is probably the one i would⁢ absolutely trust the most so far. The jurisdiction is fine, its a real bank with︀ real deposit protection etc pp so if they go under so be it (always talking︁ about keeping your funds within the protection limits of course). Also the only one with︂ a very good customer support (monese is quite good too there) as well as 50k︃ card limits etc (have tested lower 5 digit card payments so far without an issue).︄ I very much like their 25 accounts package, not cheap but its all very polished︅ and working excellently.

Monese well an EMI but probably the EMI that i would trust︆ the most as they seem to be pretty reliable in terms of not simply shutting︇ things down for no reason like rev.... etc tend to do. Haven't heard nearly as︈ many bad things about them as for e.g. about Rev... & co but still an︉ EMI. Also better card limits than most but like Rev... no option to set daily︊ / per transaction limits - only activate / deactivate card which is always a bit︋ crap with Debit cards.

Malta buildings... banks... oh well... i think we agree that its︌ a pointless topic that needs no discussion really 😉
 
surprisingly the‌ only Maltese EMI i opened account with is entropay , i was very satisfied with‍ them . but probably this not their average EMI in Malta .
 
Looks like a meeting where affected businesses are invited to attend is taking place at‌ 5pm CET time Malta according to lovinmalta. Seems like Malta only trying to gauge the‍ knock on effect on their economy ns2. Pensioners and normal savers it seems can go⁠ to hell as they want to protect the fruit and veg sellers who ride around⁤ in lorries 🙁.

Enterprises affected by the Satabank issue urged to get in touch with⁣ GRTU - The Malta Independent

---------------------------
"Besides being alarmed due to the plight of its⁢ members, GRTU is also concerned about the effect this is having on retail sales. The︀ fact that Satabank users cannot use the funds in their account means that on the︁ consumer side they are unable to receive moneys and spend and on the business side︂ they are unable to utilise such accounts to trade and sell. The problem is being︃ felt most prominently in the Msida, Gzira, Sliema and St Julian's areas."

----------------------
 
Malta is a strange place, kinda like if Sicily became an independent state‍ with a 'f**k everyone' attitude. The reality is that the country is a small place⁠ smaller than many cities in other countries.
Everyone knows "someone" - that is, someone connected⁤ to some shady practice, like operating semi-legal casino, broker, real estate company, bank.

Not that⁣ long ago in history the elite of Maltese population emigrated and left the island (for⁢ Australia, UK, America). What remained was a dull island with no resources, no beaches, half︀ of its population gone and nothing special to offer. So I'm not surprised that they︁ decided to offer something special to the world. Like these very 'special' banks 😀 😀 😀

It's possible︂ that the mentioned pensioner's son or daugther knew in advance and got some warning. So︃ most affected people are foreigners and expats who thought Malta operates like a normal country.︄
 
Status
Not open for further replies.

JohnnyDoe.is is an uncensored discussion forum
focused on free speech,
independent thinking, and controversial ideas.
Everyone is responsible for their own words.

Quick Navigation

Forums

User Menu

Login
Community platform by JohnnyDoe © 2025 JohnnyDoe
Top Bottom