EQIBank - First Licensed Offshore Fiat/Crypto Bank

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The difference between having no license and having a Dominican offshore banking license is almost immeasurable. I take a Dominican banking license more seriously than SADR and Anjouan, but that's about it. Having a Dominican license is either neutral or negative.

I would base confidence in Eqibank on other factors, such as quality of correspondence relationships, fee structure, responsiveness, viability of products, long-term stability, and so on.
 
Well, at least unlike Anjouan or Mwali, a Dominican offshore banking license is actually a legally existent license.

But, a Domican license does not really bring any abilities and it's practically less able to do things than a Small EMI or PI (Keep in mind PIs can't even issue IBANs).

Can a Dominican offshore bank issue bank accounts that are accepted? No.
Can a Dominican offshore bank issue IBANs through a European partner? Potentially. But what European bank (or even EMI) would in their right minds' rather allow a Dominican bank to issue bank accounts to unreliable offshore companies owned by Russians instead of even a European PI.

At least a Puerto Rican bank, although basically a glorified EMI, can issue USD accounts. Still more than Dominica and with half the share capital.

EQIBank is not very reliable, and pretty secretive. The website lists SEPA and SWIFT, but they informed me that their only correspondent is DBS in SG, the same as earlier in this thread. I was curious whether DBS even lets them issue dedicated accounts, since people earlier in this thread got the account of a Singaporean shell (probably belonging to EQIBank) with their company only in the reference. Eli, the only support member in the livechat, has not responded to this question, despite me sending it 3 times and him being online every single day.

Migom, the site of which is still up, has been delisted from the Dominican financial authority for some time now. With EQI's history and similar (or worse) connections to Russia, I wouldn't be too surprised if it follows.

The only available fee is the $1,000 non-refundable onboarding fee. For the rest, you are meant to sent them an email.

It doesn't seem to have any specific product. Just an offshore bank without any specific details.
 

in which Puerto Rican banks would you put money ?
 
May I ask what is the problem in having the company only in the reference? I mean it literally shows that the SWIFT account is not yours but from EQI but what would be the day to day problems of this? Do you know if crypto exchanges let you deposit/withdraw to company accounts that do not have the same beneficiary name?
 
one thing i am unable to understand why this bank account take fees for application and if application reject your money gone pure looting business
 
Proper crypto exchanges usually do not. Kraken accepts deposits solely from your company's account as far as I know. I don't use other exchanges.

About the SWIFT account not being yours, I work with large companies like Google Ireland and Magnite, which I just can't in my right mind request to change their payments system and start sending payments to a random Singaporean shell with my company name and random numbers in the reference.
 
one thing i am unable to understand why this bank account take fees for application and if application reject your money gone pure looting business

Official reason might be to cover compliance costs. But simple answer is that it's easy money. Anyone can buy a banking license and then charge i.e $1,000 for account opening and then not even look at docs but just reject the application two weeks later. Get two account openings a day thats like over $40k a month for doing nothing. Not a bad business model if you ask me .
 
Hey, you don't even need a license. Just look at all the people falling for the Anjouan, Mwali/Mohéli, and SADR scams.
 
Hey, you don't even need a license. Just look at all the people falling for the Anjouan, Mwali/Mohéli, and SADR scams.

That's true sadly
 
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