SATABANK someone tried

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David97255

David97255

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Hi,

Just applied for a personal account with SATABANK Malta. ( www.sata.bank )
Wanted to know if someone got experience with them.

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Scammed people on the forum!
 
Used them for two years with no complaints. Not put any substantial funds with them just a couple of thousand here and there. Very straight forward bank so far.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
If you get your account please let us know. I'm interested 🙂
 
I just applied to test them, sounds like a good solution and alternative.

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Let s see how much take their compliance take and if they accept at all.

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Just remember sata bank accounts are e-money accounts and hence you have no EU (100k euro) deposit insurance. Sata account are no different than an EMI account. Also sata is considered in Malta an international bank i.e it is no importance to Malta if anything happens to it. Just don't keep more than you are willing to lose. This bank will NOT be bailed out if anything goes wrong.

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No crypto business and no gray business im afraid. They are very strict and more so than Leupay.

btw there real time euro wires is excellent. Sending a euro sepa payment to a sata account and seeing it arrive and credited in 3 seconds beats is very nice.

However if you want EU deposit insurance and a bank in Malta try Ferratum Bank. 8 minutes to open an account online - but not all countries accepted :-(

Open a Free European Bank Account | Ferratum Bank

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Martin Everson said:
Martin Everson said:
btw there real time euro wires is excellent. Sending a euro sepa payment to a sata account and seeing it arrive and credited in 3 seconds beats is very nice.
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wow not bad.

Martin Everson said:
Martin Everson said:
However if you want EU deposit insurance and a bank in Malta try Ferratum Bank. 8 minutes to open an account online - but not all countries accepted :-(
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are they as good as satabank also with the fast transfers?
 
Never used Ferratum bank personally. DO NOT keep more than 100k Euro there if you do!!!! They are a lender of small unsecured consumer loans. They take your cash and lend it to some bum while offering you an attractive fixed deposit rate for the high risk you undertake.

However, EU deposit protection (100k) means you can largely ignore risky business model if you have less than 100k to deposit and need an easy account opening.

btw as a Malta bank it does not offer banking services to Malta residents.

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Yes I think about everything before I park money in a bank 🙂 Remember what happened to Nemea bank in Malta last year when the ECB took away their license :-(

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Martin Everson said:
Martin Everson said:
Never used Ferratum bank personally. DO NOT keep more than 100k Euro there if you do!!!! They are a lender of small unsecured consumer loans. They take your cash and lend it to some bum while offering you an attractive fixed deposit rate for the high risk you undertake.

However, EU deposit protection (100k) means you can largely ignore risky business model if you have less than 100k to deposit and need an easy account opening.

btw as a Malta bank it does not offer banking services to Malta residents.
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they seem to be a lender much more than a bank. They are not good!
 
Seems MFSA is already onto the risky practices of this bank that lends to bums.

Notices | Ferratum Bank

Notification Received by Ferratum Bank p.l.c. from the Malta Financial Services Authority
04.04.2018

Malta, 3 April 2018 ”“ Ferratum Bank p.l.c. has received notification from the Malta Financial Services Authority (“MFSA”) of a decision to impose an administrative penalty of EUR 188,445 for breaching the provisions of Article 17B. (1) and (2) of the Banking Act (Cap. 371 of the Laws of Malta), and the technical criteria on Governance Arrangements and Treatment of Risks specified in paragraphs 1(a)(i), 5(a), 8(a), 14(a), 14(b) and 15(a) of Annex 2B of Banking Rule 12 on The Supervisory Review Process Of Credit Institutions Authorised Under The Banking Act.

The decision concerns certain shortcomings relating to internal governance and treatment of risk that were identified by the MFSA in July and August 2016, as part of the MFSA's Supervisory Examination Programme for Less Significant Institutions. Ferratum Bank p.l.c. has been in active dialogue with the MFSA since the time of the findings, and none of these required any changes to the financial statements or risk provisions of Ferratum Bank p.l.c. Furthermore the MFSA's findings have not resulted in any losses for third parties, and in its decision the MFSA took into account that there were no previous breaches by the Bank and its cooperative attitude in addressing the MFSA's concerns.

The Bank regrets that the MFSA has determined to impose an administrative penalty and will continue to cooperate fully with the MFSA.

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Ferratum closing its operations june 2020
Pity. Was the only bank offering huge withdrawal daily limit (€)
 
express said:
express said:
Ferratum closing its operations june 2020
Pity. Was the only bank offering huge withdrawal daily limit (€)
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I see they stopped accepting new clients. Where did you hear they are closing?

Not surprised though as they only offered services to clients from a limited number of EU countries. They did not even offer banking to Malta residents and the bank is based in Malta...lol. I guess they see no future in Malta in current environment.....but who knows.

Best to have put this in new thread @Admin

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express said:
express said:
Ferratum closing its operations june 2020
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Is this worldwide or more country specific?

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I received an email as other costumers I guess
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