Hi @Tamarind, I appreciate your skepticism but unfortunately you are wrong. This is a legitimate project. Just because most banks' policies is not to deal with something like this because it's inconvenient and doesn't fit their business model, doesn't mean it's not legit. In top of that, your comment doesn't answer my question.
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LeuPay is fine c. 10-50k a month, occasional proof of transfers, invoices etc. for larger business transactions you send beforehand the expected amount, invoice etc, should be no problems, PaySera is also fine for larger sums. Issue is that people need to understand why do EMI exist, its for small stuff, digital transactions, little fees etc, thats how a EMI makes the money, with little staff and little costs.
People coming here and throwing millions of $ around and want a solution outside of mainstream Banking, and are ready to use these shady unsecure EMI's, just shows that the risk they are ready to take with their money only proves that their money mostly is not earned on legal ways, which is fine, but EMIs have their rules too and operate under licenses granted by same authorities who oversee proper high street Banks, EMIs are not a street corner fruit seller, and the FBME disaster that i still going on for years, made all countries tighten up rules for normal Banks, let alone Online EMI Banks.
People coming here and throwing millions of $ around and want a solution outside of mainstream Banking, and are ready to use these shady unsecure EMI's, just shows that the risk they are ready to take with their money only proves that their money mostly is not earned on legal ways, which is fine, but EMIs have their rules too and operate under licenses granted by same authorities who oversee proper high street Banks, EMIs are not a street corner fruit seller, and the FBME disaster that i still going on for years, made all countries tighten up rules for normal Banks, let alone Online EMI Banks.
Why would it be acceptable to a EMI then, that can lose its licence in a second? At least proper Banks have some power with regulators, EMI's do not. Prize funds are not inconvenient at all, any proper Bank presented with a clear business plan will take you on and keep your money safe if all clean.
No one can answer your questions, cause it's a classic ponzi and money laundering scheme, and Art selling and $1M Prize funds are a bit '90s stuff, so all well know in Banking circles.
If you can really pool and give away $1M (!), you sure as hell can make a decent Business Plan and engage a proper Law/Financial intermediary to fix you a solution and not wonder around Forums with your silly questions.
Act and think like a millionaire man!!
Exactly. And with 'the darks' your hard earned money is gone. You want anonimity, that is possible, but with potentially very high costs. People here have yet to show their experience when it turns out thei CRS/AEoI request returns a 'INVALID' are funds frozen? (so in effect lost). It's all nice and shiny on this forum, but real life is different.
EMI's have their role. When used for proper/valid reasons, you will (in the end) get your money back. EMI's are not a tool to navigate around the law, when you do they will act like LeuPay does. So the question is not "are EMI's to be trusted" but "is my business/structure valid enough".
Hi @Milky Moon I agree on most of those comments (just for the record I've never used darks or anything alike), however as far as I've read about LeuPay and other EMIs, they apparently don't give you many chances to prove the legitimacy of your business. Once they freeze the accounts, they are said to stop answering e-mails or calls, act rudely and do whatever they want. This leave the users at their sole mercy.
Just as @Tamarind posted before, they need a huge volume of (small) transactions to make profit, so they won't waste precious time corresponding with a single customer to understand their business model. I think they just kick them away when the turnout is above a threshold they feel comfortable with
That is exactly what I state. If you have a valid business there will be no problem. If you have a "vague" business they will ask questions. If you have to answer to many questions your business does not fit an EMI (and their costs structure/risk appetite). So they freeze your account. When you have used darks, "game over". When you have used proper documentation, you will get money back (they cannot keep your funds indefinately).
Hi !, All bank-deposits in Malta (where SataBank is from) are insured with a EUR 100,000 Deposit Protection scheme so if the bank goes bankrupt, the state deposit protection will refund you up to that amount.
On the other hand, Was it easy and straightforward to open the account with them from South America? Did you do it remotely? What paperwork they asked you?
Thank you
mrau, take it easy 
“LeuPay Service” is a FinTech multi-banking web-based platform, for e-money and payment services, provided by Financial Institutions, licensed by the owner of the Platform to use the LeuPay Platform.
The element of your Account which constitutes the e-money services, Card/s and payment functionality will be known as the "E-money account".
Important Legal Notice: The e-money issued by us does not qualify as a deposit or an investment service in the sense of the Law and the Client is not protected by any Depositor Compensation Schemes provided by the competent compensation Schemes. Client is not entitled to interest on the balance of e-money or money collected and kept by us under this Agreement.
Deposits are not insured, this is counted and e-money service, thats why its called EMI.
This is NOT a Bank and neither is any EMI, they use a e-money platform, they facilitate payments in/out, thats all.
“LeuPay Service” is a FinTech multi-banking web-based platform, for e-money and payment services, provided by Financial Institutions, licensed by the owner of the Platform to use the LeuPay Platform.
The element of your Account which constitutes the e-money services, Card/s and payment functionality will be known as the "E-money account".
Important Legal Notice: The e-money issued by us does not qualify as a deposit or an investment service in the sense of the Law and the Client is not protected by any Depositor Compensation Schemes provided by the competent compensation Schemes. Client is not entitled to interest on the balance of e-money or money collected and kept by us under this Agreement.
Deposits are not insured, this is counted and e-money service, thats why its called EMI.
This is NOT a Bank and neither is any EMI, they use a e-money platform, they facilitate payments in/out, thats all.
Hi @Tamarind ! , please note that @fuliaro wrote that he had opened the account directly with SataBank (not with LeuPay) . So his deposits are indeed supposed to be insured (unlike what happens with LeuPay).mrau, take it easy
“LeuPay Service” is a FinTech multi-banking web-based platform, for e-money and payment services, provided by Financial Institutions, licensed by the owner of the Platform to use the LeuPay Platform.
The element of your Account which constitutes the e-money services, Card/s and payment functionality will be known as the "E-money account".
Important Legal Notice: The e-money issued by us does not qualify as a deposit or an investment service in the sense of the Law and the Client is not protected by any Depositor Compensation Schemes provided by the competent compensation Schemes. Client is not entitled to interest on the balance of e-money or money collected and kept by us under this Agreement.
Deposits are not insured, this is counted and e-money service, thats why its called EMI.
This is NOT a Bank and neither is any EMI, they use a e-money platform, they facilitate payments in/out, thats all.
SATABANK FRAME AGREEMENT FOR E-MONEY ACCOUNTS
Addendum to the Account opening form for Sata E-money Account/Sata E-money Prestige AccountLast update: 15th of September, 2015This Frame Agreement applies together with the General Terms and Conditions of Satabank.Important notice: The Service e-money does not qualify as a deposit or an investment service in the sense of the Law, the Client is not protected by the Malta Depositor Compensation Scheme provided by the Compensation Schemes Management Committee in Malta. Client shall not be entitled to interest on the balance of e-money or money collected by Satabank that is kept by Satabank under these Terms and Conditions.
make sure you have a sataBANK account and not an sataE-MONEY ACCOUNT.
Addendum to the Account opening form for Sata E-money Account/Sata E-money Prestige AccountLast update: 15th of September, 2015This Frame Agreement applies together with the General Terms and Conditions of Satabank.Important notice: The Service e-money does not qualify as a deposit or an investment service in the sense of the Law, the Client is not protected by the Malta Depositor Compensation Scheme provided by the Compensation Schemes Management Committee in Malta. Client shall not be entitled to interest on the balance of e-money or money collected by Satabank that is kept by Satabank under these Terms and Conditions.
make sure you have a sataBANK account and not an sataE-MONEY ACCOUNT.
You are right @Milky Moon. It seems that for individuals SataBank ONLY offers e-money accounts. In their website and in the opening forms for individuals you cannot select anything but e-money accounts. In case of corporate accounts they do offer the choice between e-money (free) and regular accounts (for a monthly fee).
Therefore, most of their accounts types (80%) works just like LeuPay and are uninsured. Surely much less regulations and operating costs for them.
Hi, thanks for the reply!
Yes, It was easy, they just asked my passport and real adress, but it's an emoney account.. so its better not to trust so much, right?
I'm going to Italy in a few months and I can tell you, its way better to use leupay or satabank instead of my credit/debit card that I use here (brazil).
It's an eMoney account.
I'll ask them if it's possible to open a real account for personal use.
Be back when I hear something from SataBANK.
Thanks for the information!
Thank you @fuliaro . I first assumed it was a regular bank account until @Milky Moon shed light on the issue. As it's an uninsured e-money account probably it's better not to trust them too much. LeuPay (SataBank's EMI subsidiary) are said to be a bit messy/tricky when it comes to handling amounts over a very few thousands. But as in Brazil there's hefty taxes for using CCs abroad, you will surely have a better experience with SataBank than with your local bank.
Look forward to your update when you hear back from SataBank about they offering of regular accounts for individuals.
Thank you!
I just got a 73,000U$ Dollars transfer into my LeuPay account, I sent 36,000 to another EU account and LeuPay started asking questions, now they Blocked my account and I m still waiting for their reply...
Their offices are in the UK, all my documents are in order and my money is 100% legal, can I open a law suit in the UK?
LeuPay, moved from Luxemburg, to Malta and now to the UK (it seems). They are brand of Satabank, which has a Maltese license. Complain with the Maltese Fincial Services Authority.
Malta Financial Services Authority (satabank, you could mail the person listed and tell her what your plans are).
Malta Financial Services Authority
-> Key Functions:
- Help protect the interests of consumers and investors.
Give them a call at: +356 2548 5700
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