JetonBank, experience?

[JimmoDS]

Anyone has experience with https://www.jetonbank.com/? It seems like the same service that the kingdom bank offers, but I couldn't find any review at all. Is this bank legit or a scam?

 

[Martin Everson]

It's a real offshore bank according to government website when I searched. Seems they only service corporate entities and not individuals.

https://fsu.gov.dm/registered-entities/search-financial-entities

P.S I would also like to hear if anyone had experience with the bank. Trust pilot does not look good so far

https://www.trustpilot.com/review/www.jetonbank.com

Especially this feed back below I found if genuine.

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Beware! This is wrong on so many fronts. False advertising for a start. They advertise an account with IBAN. Once opened they will tell you that this is actually a POOLED IBAN and not an individual IBAN. But they say you can get an individual IBAN. Once applied for this, they will reveal their charges: € 2,000 to open the Account, an additional € 500 for 'application fee' and an outrageous € 150 per month for 'monthly maintenance fee'. This is in addition to horrendous charges for just about anything else. And remember that the 'Bank' is registered in the dubious Commonwealth of Dominica!

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[ilke]

It seems like the same service that the kingdom bank offers

Same company

but I couldn't find any review at all. Is this bank legit or a scam?

Legit but not cheap. Like a 90% chance you'll be restricted to B2B EUR SEPA for business (unsurprising, it is a Dominica license :/ and they are using CENTROlink)

It's a real offshore bank according to government website when I searched.

True.

Seems they only service corporate entities and not individuals.

Individuals are serviced through their retail platform Jeton.com

Beware! This is wrong on so many fronts. False advertising for a start. They advertise an account with IBAN. Once opened they will tell you that this is actually a POOLED IBAN and not an individual IBAN. But they say you can get an individual IBAN. Once applied for this, they will reveal their charges: € 2,000 to open the Account, an additional € 500 for 'application fee' and an outrageous € 150 per month for 'monthly maintenance fee'. This is in addition to horrendous charges for just about anything else. And remember that the 'Bank' is registered in the dubious Commonwealth of Dominica!

The review is kind-of accurate. It is a real account of events but not a quality analysis.

They advertise the opportunity to get an account with a dedicated IBAN – and you can. They are oriented more toward high-risk (same as their other brands incl. TKB), so €2.5K opening sounds realistic. €150 monthly seems below average for them; therefore, it is also quite believable. Pooled will probably be much cheaper.

Whether you consider the charges horrendous for a crypto-friendly account with crypto services embedded + access to EUR SEPA and sometimes GBP FPS + several pay-in networks (Przelewy24, PIX, etc.) depends a lot on the risk and jurisdiction of your business. I feel it is suitable for a very large category of companies.

Sure, Dominica is not the most reputable jurisdiction (and the bank licensing is not far from being considered corrupt), but it's also not a place you can do anything you want with no supervision. If it is dubious once again relates to personal standards.

 

[Martin Everson]

@ilke Thanks for info. I did not realize they support high risk so overall pricing makes sense.

 

[Sols]

It's basically the limitations of an EMI with the risks of an offshore bank. AFAIK, there is no business they could open an account for that you couldn't just place directly with an EMI of similar risk appetite. At least if you do that, you get the benefits (as well as the limitations) of an EMI, without the added risk of dealing with an offshore bank of this type.

 

[Don]

It's basically the limitations of an EMI with the risks of an offshore bank. AFAIK, there is no business they could open an account for that you couldn't just place directly with an EMI of similar risk appetite. At least if you do that, you get the benefits (as well as the limitations) of an EMI, without the added risk of dealing with an offshore bank of this type.

Well said. I feel the same. I guess their ability is to serve certain customers that EMI-s wont touch.

 

[ilke]

Well said. I feel the same. I guess their ability is to serve certain customers that EMI-s wont touch.

Well, what @Sols is suggesting is that since they are just a wrapper of European EMIs (some of which they own), there is a very high chance that the companies could be placed directly with those European EMIs and avoid the risk of holding the funds with this sort of bank (i.e., an entity which is legally allowed to lend out and invest your funds in various ways, and has less supervision than the said EU EMI).

Nonetheless, I think you are also partially right because they can onboard for the pooled IBANs or dedicated IBANs but through the BaaS, both of which are probably less scrutinized at the real issuer.

 

[JimmoDS]

Legit but not cheap. Like a 90% chance you'll be restricted to B2B EUR SEPA for business (unsurprising, it is a Dominica license :/ and they are using CENTROlink)

Tbh that's fine for me, that's all I need mostly. I'm just worried mostly I will pay the onboarding fee and then getting account rejected or closed (basically losing my money for nothing)

 

[Clearsky Network]

Jeton is similar to The kingdom bank in terms of the solution. I think owned also by the same group. However, service wise based on our experience kingdom bank is much better