Well, I complained last month about not being able to do transfers and they apologised again for the delay. So I do not think they would dare to apply a dormancy fee. You can keep it active simply by making small purchases. I used my card with Amazon a few weeks ago. It is just the transfer-in that is not working. I am not impressed with them and am now considering simply spending the funds till it reaches zero, and cancelling the account.
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Blackcatcard migration - difficulties with incoming/outgoing SEPA transfers
- Thread starter cobewi8981
- Start date
The platform is not really a scam but it is nearly unusable in its current situation.
It is a licensed EMI and still partially functional, but it lost its access to CENTROlink clearing, so it can't clear SEPA transfers with its own issued IBANs.
They stated that they are in the process of transferring accounts to a UK EMI. But they are taking a really long time to achieve this.
Nothing to support an idea that the EMI is insolvent, it's still supervised by the MFSA. They have some crypto license as well, I guess.
I have been promised for months that a new IBAN will soon be assigned to my account, the account has been unusable since then, which is a pity, the app feels like it's from 20 years ago but I liked making transfers via it.
But I think it's time to look around for an alternative.
But I think it's time to look around for an alternative.
The last time I used Blackcat was 17 December to buy something from Amazon. So I don't think it's a scam. Simply incompetence! However, for safety, I am thinking now about using my remaining Blackcat funds to purchase goods online and perhaps buy online Amazon vouchers. Then keep a small sum in Blackcat until we see what's happening. Since Blackcat is part of Papaya, I assume they are having the same problems?
My account balance is almost zero. And I cannot fund my account by SEPA transfer. That's the problem.
But yeah, maybe I can find something in a local store for a few cents.
For info, their address is:My account balance is almost zero. And I cannot fund my account by SEPA transfer. That's the problem.
But yeah, maybe I can find something in a local store for a few cents.
Papaya Ltd, 31, Sliema Road,, Il-Gżira GZR 1637, Malta Reg C55146 MFSA
https://www.papaya.eu/home#partners
As usual, all serious complaints should be sent in writing, with a copy to MFSA:
https://www.mfsa.mt/
Not sure about their dormancy fee, but you could ask for compensation for services you have been unable to access due to their lack of SEPA transfers.
Many people, at least in the UK, receive compensation payments from banks after poor treatment, so it's worth a try. Maybe ask for 1000 euros/day?
Malta is always close to the grey zone and they are very sensitive about this! https://timesofmalta.com/article/malta-removed-from-fatf-grey-list.962000
According to support, they have already found a partner for this, Tompay LTD, but it still takes time to assign the accounts.
I received this information from live support about 3 weeks ago.
Today in my inbox:
Contrary to the above statement, SCT inst is already working for incoming transfers. The acount is held at RYVYL (EU), an EU regulated electronic money institution headquartered in Sofia, Bulgaria.
Your new IBAN details are ready, and SEPA payments are available
You can start using the new IBAN for SEPA payments already
Frequently Asked Questions
Where to find new IBAN details?
New details are present in the Blackcatcard app (mobile and web) under the 'Incoming SEPA' option in the 'Account top-up' section. Don't forget to update your Blackcatcard app.
Has the pricing of transfers changed?
No, pricing remains the same
Has the proccess of sending SEPA payments changed?
No, it's the same. To make the SEPA payment please proceed to the 'Bank transfer' section of the Blackcatcard app (mobile or web)
What would happen to transactions initiated to old IBANs?
Payments that have been made using your old IBAN account will be returned to the sending party
What SEPA protocol is available for me?
Currently, it is a SEPA Credit, and it will be switched to SEPA Instant Credit in the future
Contrary to the above statement, SCT inst is already working for incoming transfers. The acount is held at RYVYL (EU), an EU regulated electronic money institution headquartered in Sofia, Bulgaria.
Interesting, I also got my new IBAN. Not sure what I should think about Blackcatcard. I loved them back in the days and it seems like you can still create new cards on your any name you like. Restoring their Sepa functionality makes them more useful again, but the IBAN being from Bulgaria is really not the best option they could have gone for.
I still have the -now unfortunately useless- Maltese IBAN, happy to hear they're getting back to normality. I agree Bulgaria is not great but better than nothing I suppose..
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