Just came across this thread. Really sad to see that @eqicustomercare didn't come back to clarify as this bank seemed to be the possible answer to many peoples needs. I also can't seem to find much about them anywhere in terms of reviews/experience given they have been around 2 years. Surely given their vision they should by now have attracted a lot of attention and traction in general?
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EQIBank - First Licensed Offshore Fiat/Crypto Bank
- Thread starter Martin Everson
- Start date
-
- Tags
- crypto offshore bank
I`d like to share my experience with EQI.
1. we were offered by laweyer to consider this bank
2. I haven't checked the internet before, just moved on
3. Their onboarding process is application fill ,. in the end you are required to pay 1000$ as onboarding fee.
4. Onboarding was okay. after about 1-2 weeks we were approved.
5. Their web platform is very outdated, with look that is no where close to their website or how they position themselves ( specially for the forum i`m attaching print screens)
6. No mobile app
7. I was told by one of directors about multiple services that they soon offer, including whole new online banking (it was suppose to be live before October, )
all promises and talks are not backed by action
8. they do NOT have direct access to swift, here are the banking details I was provided for my accounts
As you can see reference is the only place where my company mentioned together with internal account number.
When I asked for clarifications, their reply was, we are under review of DBS, in order to get direct access\seat with SWIFT network, we obligated to use this third party,,
9. We did test deposit of less then 10k, it arrived and balance was shown
10. After waiting for more then 2 weeks for reply about issues\questions I had, I started to suspect that something is wrong.
then I tried to find any information about this bank, without success. Now after reading this forum, i`ve decided to share our experience.
I have sent bank transfer order, to take money out. I will keep update if it works out OR this was already lost.
1. we were offered by laweyer to consider this bank
2. I haven't checked the internet before, just moved on
3. Their onboarding process is application fill ,. in the end you are required to pay 1000$ as onboarding fee.
4. Onboarding was okay. after about 1-2 weeks we were approved.
5. Their web platform is very outdated, with look that is no where close to their website or how they position themselves ( specially for the forum i`m attaching print screens)
6. No mobile app
7. I was told by one of directors about multiple services that they soon offer, including whole new online banking (it was suppose to be live before October, )
all promises and talks are not backed by action
8. they do NOT have direct access to swift, here are the banking details I was provided for my accounts
Receiving Bank Name BS Bank Ltd. |
| Receiving Bank Address:12 Marina Boulevard, Marina Bay Financial Centre, Singapore |
| SWIFT/BICBSSSGSG |
| Beneficiary Account Number:072-032213-4 |
| Beneficiary Account Name:Clarency Singapore Pte. Ltd. |
| Beneficiary Account Address:1 Wallich Street, #14-01 Guoco Tower, Singapore |
| Reference:EQIBank [acc number] [company name] Ltd |
As you can see reference is the only place where my company mentioned together with internal account number.
When I asked for clarifications, their reply was, we are under review of DBS, in order to get direct access\seat with SWIFT network, we obligated to use this third party,,
9. We did test deposit of less then 10k, it arrived and balance was shown
10. After waiting for more then 2 weeks for reply about issues\questions I had, I started to suspect that something is wrong.
then I tried to find any information about this bank, without success. Now after reading this forum, i`ve decided to share our experience.
I have sent bank transfer order, to take money out. I will keep update if it works out OR this was already lost.
Attachments
8. they do NOT have direct access to swift, here are the banking details I was provided for my accounts
Receiving Bank Name Receiving Bank Address:12 Marina Boulevard, Marina Bay Financial Centre, Singapore SWIFT/BIC Beneficiary Account Number:072-032213-4 Beneficiary Account Name:Clarency Singapore Pte. Ltd. Beneficiary Account Address:1 Wallich Street, #14-01 Guoco Tower, Singapore Reference:EQIBank [acc number] [company name] Ltd
Remember when I said the below folks?
Would be interesting to see how the DBS payment instructions look on Eqibank for inbound payments. Is the wire instructions even in the name of the Dominica Bank? Or are they using a local Singapore payment company they setup to process the wires.
EQIBank is doing exactly what I said they could be doing....lol. Who would have guessed
.I`d like to share my experience with EQI.
1. we were offered by laweyer to consider this bank
2. I haven't checked the internet before, just moved on
3. Their onboarding process is application fill ,. in the end you are required to pay 1000$ as onboarding fee.
4. Onboarding was okay. after about 1-2 weeks we were approved.
5. Their web platform is very outdated, with look that is no where close to their website or how they position themselves ( specially for the forum i`m attaching print screens)
6. No mobile app
7. I was told by one of directors about multiple services that they soon offer, including whole new online banking (it was suppose to be live before October, )
all promises and talks are not backed by action
8. they do NOT have direct access to swift, here are the banking details I was provided for my accounts
Receiving Bank Name Receiving Bank Address:12 Marina Boulevard, Marina Bay Financial Centre, Singapore SWIFT/BIC Beneficiary Account Number:072-032213-4 Beneficiary Account Name:Clarency Singapore Pte. Ltd. Beneficiary Account Address:1 Wallich Street, #14-01 Guoco Tower, Singapore Reference:EQIBank [acc number] [company name] Ltd
As you can see reference is the only place where my company mentioned together with internal account number.
When I asked for clarifications, their reply was, we are under review of DBS, in order to get direct access\seat with SWIFT network, we obligated to use this third party,,
9. We did test deposit of less then 10k, it arrived and balance was shown
10. After waiting for more then 2 weeks for reply about issues\questions I had, I started to suspect that something is wrong.
then I tried to find any information about this bank, without success. Now after reading this forum, i`ve decided to share our experience.
I have sent bank transfer order, to take money out. I will keep update if it works out OR this was already lost.
Maxiz, good day!
Do I understand correctly, that
You couldn't transfer funds, already more than 2 weeks?
No, I could not get any reply to questions and requests I had discussed with the "bank" by phone.
Since we planned to move around 100k to the account, I needed to clear some things with them.
Each follow up I was getting reply that we will contact you today or tomorrow latest.
After 2 weeks of this, I started to suspect that something is wrong, no bank i`ve ever worked with did that. So I started looking for info about the bank\team.
Clear
You're not so practiced with offshore
All caribbean' usually forget about your emails & answers... too much sunshine & laziness))))
This bank, not to safe funds
Just wires the summ, you aren't afraid to lose
Exit = Input
It's the only way to keep your nerves alive))))
And please, report the money exit time...
1-2-3 days, it's really important))))
Be calm, your family needs your kindness
EQIBank is a joker bank they do not even have a correspondence banking relationship it seems. Do not send 100k to EQIBank's payment company they use in Singapore unless you are willing to lose it or have it frozen by DBS bank.
If you see communication is bad now then sending them 100k will not improve the situation sadly
. Be warned.There is no plan to deposit , i`ve shared first hand experience as part this discussion
It seems that all transactions are handled by third party, I have been requested with alot of documents, invoice was not enough. Their operations told that their processing bank wants all this info.
In the end, the funds have been sent. I managed to get deposit back.
However till this date no one contacted me back, not account manager or director whom i had talked to (its about 3-4 weeks since)
Working with "bank" that does not reply to you for 3-4 weeks is not a good idea.
I consider myself lucky, as I have only lost 1k which was paid during setup.
who is going to send them 100K after reading this thread.If you see communication is bad now then sending them 100k will not improve the situation sadly
Can someone tell if they operate normal or finally got out of business?
This is a very old thread but I found lots of useful information in it!!
The DMCC Crypto Centre in Dubai helps its client companies trying to open bank accounts by putting them in contact with one of the few banks the DMCC Crypto Centre has relationships with. Eqibank is one of those banks. According to the DMCC, Eqibank and Migom (another bank the DMCC has a relationship with) are the cheapest and they both offer accounts in AED.
I'm assuming that the DMCC did their due diligence before choosing this bank as a partner...
I actually meant they both offer UAE-based accounts.
The DMCC Crypto Centre in Dubai helps its client companies trying to open bank accounts by putting them in contact with one of the few banks the DMCC Crypto Centre has relationships with. Eqibank is one of those banks. According to the DMCC, Eqibank and Migom (another bank the DMCC has a relationship with) are the cheapest and they both offer accounts in AED.
I'm assuming that the DMCC did their due diligence before choosing this bank as a partner...
I actually meant they both offer UAE-based accounts.
Last edited:
What could possibly go wrong here
. 1. Dominican offshore banks
2. Russian connections
3. Crypto
4. Grey listed jurisdiction (i.e UAE)
https://rus.eqibank.com
Long story short:
Paid $1000 application fee via PayPal
THEN (not before paying the fee) they asked for tons of certified documents... basically crazier requirements than normal banks in jurisdictions like UAE or EU EMIs.
Asked for application fee refund = no reply
Paid $1000 application fee via PayPal
THEN (not before paying the fee) they asked for tons of certified documents... basically crazier requirements than normal banks in jurisdictions like UAE or EU EMIs.
Asked for application fee refund = no reply
Well, that's one of many red flags.Paid $1000 application fee via PayPal
Just file a dispute with PayPal.
.
Wrong!
DMCC started first selling Crypto License and then thinking about possible Banking options - after many people were falling for the trap they had to explain that no local UAE Bank would onboard them with a Crypto License and as they cook only with water they get the same Banking options like everyone else in the same desperate situation.
That's why we did avoid the Crypto License from the very beginning to keep working and utilise the local UAE retail banks.
In fact it's either that way or no way as simply no retail bank exists onboarding in big scale Crypto trading Companies.
You have the Switzerland Private Banks who don't wanna deal with any 3rd Party Funds or active Trading Business - they only want to see Holding Companies which they can charge 0.5%-1.5% for Custody Fees.
Beside of that you have common Fiat On-/Off Ramping Banks from most Exchanges like Signature Bank and Silvergate Bank.
And then there is the "I'm desperate looking for banking for my unbankable structure" category which leads you to Banks like Eqi Bank, Migom Bank and Kingdom Bank in the worst case or to a Puerto Rico based Chinese lead Shell Bank in the best case.
You can't serve and make it right for everyone but when you look around in the forum for the mentioned banks you see clearly they all have bad behavior and rip-offs in common.
Conclusion: When your structure only allows banking with Eqi Bank or Migom Bank - you should re-consider your structure.
They are listed now:
https://fsu.gov.dm/registered-entities/search-financial-entities
does it make them legit?
That's a really good question. Now, five years have passed since the thread was created and until we see this post where the 'bank' is listed on the FSU website. I will follow along here to see what the opinions are about them and if any new information emerges.
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