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Euro pacific bank cease operatrion, i need a new offshore bank

#21
Martin Everson said:
Do you really want to use ABC? ABC Mauritius is basically a Chinese run bank now with all Chinese management. I thought their focus was now as an Asian offshore hub in Africa.

Not a hugely profitable bank either.

https://www.abcbanking.mu/wp-content/uploads/2021/11/AR2021_2022_WEB.pdf
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...they are Chinese Mauritians (third- or fourth-generation Chinese immigrants)~the Founder of ABC Mauritius is Moilin Jean Ah-Chuen

https://en.wikipedia.org/wiki/Moilin_Jean_Ah-Chuen
Mauritius-25rupees-banknote-2003.webp


so it is normal for many of the bank's customers to be Chinese. It started out as a business between Mauritius and China.
 
#22
#23
Mavpu said:
Also my company incorporation is HK so my alternative are HK banks I just need to go there to open one meanwhile I could use another bank support until the HK account is live (takes 1-2 months before is operable).
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In such a case, why not to go for some acceptable HK EMI? Like Currenxie, Airwallex, Statrys?

BTW, at least Airwallex and Currenxie can be an option for @Peter69, too. (Statrys maybe, it would be necessary to ask.)
 
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#25
Flatworld said:
So why do you think this is a problem? not a management team from mainland China..
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Because of the strong connections to China and Chinese companies. You can learn from EMI's and Banks with strong connections to Russia it never ends well. Right now U.S ratcheting up geopolitical tensions with China which will cause this bank problems as its a conduit for less than desirable Chinese businesses. We already saw another Chinese conduit Bank in Puerto Rico (Standard International Bank) have its Fedwire account recently closed. There is also a couple of other smaller China related institutions under pressure also but I won't go into it as its not public info yet ;). Lets stick to thread topic anyway.
 
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#26
Martin Everson said:
Because of the strong connections to China and Chinese companies. You can learn from EMI's and Banks with strong connections to Russia it never ends well. Right now U.S ratcheting up geopolitical tensions with China which will cause this bank problems as its a conduit for less than desirable Chinese businesses. We already saw another Chinese conduit Bank in Puerto Rico (Standard International Bank) have its Fedwire account recently closed. There is also a couple of other smaller China related institutions under pressure also but I won't go into it as its not public info yet ;). Lets stick to thread topic anyway.
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ok~I got it...thanks for reply :)
 
#27
Forester said:
In such a case, why not to go for some acceptable HK EMI? Like Currenxie, Airwallex, Statrys?

BTW, at least Airwallex and Currenxie can be an option for @Peter69, too. (Statrys maybe, it would be necessary to ask.)
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I got approved from Neat and Statrys. I preferred to work with a bank but yes they could be a nice temporary solution.

I do not plan any crypto or activity against their t&c.

Overall are these two EMI safe to use? Is there a risk to be blocked and funds freeze if I can always justify the in and outbound payments?
 
#28
Mavpu said:
I got approved from Neat and Statrys.
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Could you please share, how the account opening process was fast? I wonder, how it is going now...
Mavpu said:
I preferred to work with a bank
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It means, you need a broader spectre of services, like letters of credit, loans, etc? (Because as far payments operations are concerned, with an account with an HK EMI you usually get de facto payment account at the large bank – DBS HK, SC HK, Citi HK... BTW, what SWIFT codes did you obtain for incoming payments?)
Mavpu said:
Overall are these two EMI safe to use? Is there a risk to be blocked and funds freeze if I can always justify the in and outbound payments?
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Well, I cannot say for Neat; IMO they do not have such a reputation as Airwallex, Currenxie, Statrys (this is the reason for what I did not name them) but I have no personal experience with them. Statrys should be OK. Nevertheless, anytime you have a backup, this or that way. If I wanted to be 150% sure, I would open another account with Currenxie or Airwallex, they charge nothing.
 
#29
the process for Neat was a bit more tedious than Statrys. They asked many questions and documentation. It took 2 weeks to open in total and a couple of phone calls. Neat team is "pushy" in making you complete the opening process, they call you up to 3 times if you don't pick up and you can feel they want you to open. I also receive negative feedback from other parties that did not use their service personally. I only opened the account and did not yet use it for transactions.
Statrys opened in 3 days. Uses DBS Bank HK and seems a very friendly EMI. I had a video interview with one of their employee in HK to discuss my business model, plans and payments in/outwards. No minimum or maximum payment amounts as well as no limits in holding the money in the account. EUR Iban and transfer are more costly compared to the local currency.
I will apply also to Airwallex and Currenxie but will start using Statrys. Their news coverage is very positive and looks like they have a solid expansion plan.

Regarding the bank yes, I wanted to have access also to investments and loans. What I am wondering now is, what if I move my balance from Statrys to a business account in interactive brokers? I think it would work and if so maybe I can also de-prioritize my banking need. It won't help the loan part but I would feel safer to be able to split my deposit between 2/3 accounts.
 
#30
Mavpu said:
the process for Neat was a bit more tedious than Statrys. They asked many questions and documentation. It took 2 weeks to open in total and a couple of phone calls. Neat team is "pushy" in making you complete the opening process, they call you up to 3 times if you don't pick up and you can feel they want you to open. I also receive negative feedback from other parties that did not use their service personally. I only opened the account and did not yet use it for transactions.
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Undestandable. Thanks for sharing.
Mavpu said:
Statrys opened in 3 days. Uses DBS Bank HK and seems a very friendly EMI. I had a video interview with one of their employee in HK to discuss my business model, plans and payments in/outwards. No minimum or maximum payment amounts as well as no limits in holding the money in the account. EUR Iban and transfer are more costly compared to the local currency.
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Glad to hear this. It corresponds to the information that I possess.
Mavpu said:
I will apply also to Airwallex and Currenxie
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Be advised that especially for Airwallex the process can be even lengthy than two weeks. It is not so that they want a lot of unnecessary papers, simply they are working slowly :)
Mavpu said:
but will start using Statrys.
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Good idea.
Mavpu said:
Regarding the bank yes, I wanted to have access also to investments and loans.
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Fully understandable, in such a case.
Mavpu said:
What I am wondering now is, what if I move my balance from Statrys to a business account in interactive brokers? I think it would work
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I think so, too. But it is recommendable to ask them about it first, especially as a newly onboarded client. Their support staff used to be friendly.
Mavpu said:
and if so maybe I can also de-prioritize my banking need. It won't help the loan part but I would feel safer to be able to split my deposit between 2/3 accounts.
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Definitely, very reasonable.
 
#34
Is EPB website working?

Lol...site shows as down for me right now.
 
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#35
no site down today I just checked.

I also found the settlement agreement between EPB and Puerto Rico that says that within 5 days from the 9th of August EPB should have mailed via written notice the instructions for the liquidation as well as the Trustee email details for any claims; did anybody receive anything?

The Liquidation has to happen within 90 days from the Effective date (August 9).

Source:
Peter Schiff to Liquidate Puerto Rico-Based Bank, Refund Deposits (hyperlink on "deal")
 
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#36
#38
Mavpu said:
I also found the settlement agreement between EPB and Puerto Rico that says that within 5 days from the 9th of August EPB should have mailed via written notice the instructions for the liquidation as well as the Trustee email details for any claims; did anybody receive anything?
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Peter probably finding money for the stamps. I imagine it would also be a very manual time consuming process to mail out letters for 10,000+ client accounts. That wont be cheap either. Also the bank was not exactly automated but completely manual so good luck to them hi%#. Not sure why he did not agree to sending an email or maybe they rejected that suggestion.

Section 4) 4) paragraph 1 is pretty damning. The bank simply does not have enough cash to pay back its depositors unless the bank liquidates its own proprietary gold holdings eek¤%&.

Section 4) 4) paragraph 2 shows that Peter Schiff MUST inject further cash into the bank into a newly created "Cash Reserve Account" :confused:.

I am afraid this Consent Order For Liquidation got a lot of conditions to be met before you see your money, You are second in line after Trustee expenses to get paid according to Section 4) 4) paragraph 4.

The deadline may well be 90 days but the balls in Peter Schiff's court to comply with the order below.

https://aboutbtax.com/4tA
 
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