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Paxum bank testimonials please?
- Thread starter lavel
- Start date
Have been working OK for me since I created the first account. But I'm not impressed about this service.
Can you say what you mean by "not impressed about the service"?
Are they just slow?
Do they need document for every single inward/outward trasnaction?
They are slow, if slow is word we can use here, actually tou will have to hunt them down every day for weeks to get an answer which isn't a auto responder 
I have so far only been represented for 1 request to provide a invoice, they got it and they don't even confirmed all to be OK but transaction went thru.
I have so far only been represented for 1 request to provide a invoice, they got it and they don't even confirmed all to be OK but transaction went thru.
So is this a one man operation under a palm tree? It takes them 12 months to send a debit card and their reviews on trustpilot are 1.3/10 mainly because of this. Fine, I don't need a card. How quick do they execute wire transfers and how quick are inbound wires reflected in your account?
ahh a bank who not answer the phone is not a good sign, immgine if you have a problem and the not answer the phone
That's why I did not use them in the end. After pre-approval they seemed sporadic with responses and very rude and arrogant and refused to answer my questions on their setup and financial status etc. I couldn't see myself trusting them with 1 euro after that.
In the end its just a shell Dominica bank.
A shell Dominica bank with bank license bought for some petty cash through corrupted local law firm - that's how things go in Dominica offshore banking sector, which is kind of a joke.
When it comes to service level of Paxum Bank, they are not much interested in onboarding new clients through that venue, as most of their business is concentrated about Paxum payment system itself. They also process their payments through a FCA-regulated subsidiary, Pay-Dek. So it could make more sense to apply for Paxum business account.
would like to know if there is anyone?
still they were used by hundred of thousands of people!
I managed to open an account with them (as a European) a while ago, after I had been researching the topic here. Allow me to share, just in case someone like myself comes along: It looks extremely underwhelming. Work in adult, need to receive ACH payments ideally.
They promise virtual fully functional SEPA and ACH receiving details in your own name, but as far as I can tell, at least for personal account holders, that seems to be untrue. They also seem to advertise this on the paxum and paydek website, untrue as it might be. At the very least they generously omit that on those websites the only offer those services to business clients.
At least for personal account holders of Paxum-Bank all you get is a Sepa account without it's own account number, instructing you to use a special payment code/instruction when you fund your account. (I.e. send your money to Pay-Dek UK using code XYZZ). This is rather bad if you want to receive payroll/your balance semi-automatically from any platform, and will only work if you (can) actually ask a client to manually use these instructions.
The USD receiving details don't necessarily seem to require special payment instructions, but seem to work to receive local ACH transfers at all.
You get your own account number from Paxum as well as the ACH number of their correspondence/intermediary bank. ACH payments from myself, or clients just seem to bounce. They make it look like as if you could just use your account number and their/the ACH of their partner bank á la Transferwise to receive payments - but at least for me this failed multiple times.
I believe that the receiving details could? work for receiving wire transfers, potentially without requiring any special payment instructions, but they mandatorily use a specific correspondence bank without a swift code; making it difficult to send to Paxum from most banks, who will often not or never, or only in the event of failure specify this info. In that case they want you to persuade the bank to just write FW + ABA code into the field where the SWIFT Code of the correspondence/intermediary bank would usually go.
Depending on where you are sending from, this makes correct routing of the payment a severe pain in the a*s.
TLDR: Opened a personal account for "payroll"; didn't work at all, major disappointment, deceptive advertising, website from 2003. I hear this works a little better for corporate/business accounts, but I have trouble believing it could or would be that good of a choice.
They promise virtual fully functional SEPA and ACH receiving details in your own name, but as far as I can tell, at least for personal account holders, that seems to be untrue. They also seem to advertise this on the paxum and paydek website, untrue as it might be. At the very least they generously omit that on those websites the only offer those services to business clients.
At least for personal account holders of Paxum-Bank all you get is a Sepa account without it's own account number, instructing you to use a special payment code/instruction when you fund your account. (I.e. send your money to Pay-Dek UK using code XYZZ). This is rather bad if you want to receive payroll/your balance semi-automatically from any platform, and will only work if you (can) actually ask a client to manually use these instructions.
The USD receiving details don't necessarily seem to require special payment instructions, but seem to work to receive local ACH transfers at all.
You get your own account number from Paxum as well as the ACH number of their correspondence/intermediary bank. ACH payments from myself, or clients just seem to bounce. They make it look like as if you could just use your account number and their/the ACH of their partner bank á la Transferwise to receive payments - but at least for me this failed multiple times.
What they instead seem to mean is: "You can receive wire transfers via a bank that doesn't have a swift code"
I believe that the receiving details could? work for receiving wire transfers, potentially without requiring any special payment instructions, but they mandatorily use a specific correspondence bank without a swift code; making it difficult to send to Paxum from most banks, who will often not or never, or only in the event of failure specify this info. In that case they want you to persuade the bank to just write FW + ABA code into the field where the SWIFT Code of the correspondence/intermediary bank would usually go.
Depending on where you are sending from, this makes correct routing of the payment a severe pain in the a*s.
TLDR: Opened a personal account for "payroll"; didn't work at all, major disappointment, deceptive advertising, website from 2003. I hear this works a little better for corporate/business accounts, but I have trouble believing it could or would be that good of a choice.
Makes you believe you can "just" receive payments with your account, even if they fees are high - you really quite can't. The only use-case I could imagine for this account would literally be hiding money - ho ho ho. I really just wanted to use the thing to get paid, tho.
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Oh and: They are perfectly acceptable for sending payments. I do however think that this service is available from other providers for much less, and with faster speeds. Receiving transactions locally is the hard part; and I really can not recommend Paxum for that.
Since this is just a personal opinion, I'd even go so far as to say: I honestly can't figure out for whom this is for, and why. The (unmentioned) limitations make it basically un-usable. Only being able to send money to pay-dek or wire it directly to dominica can basically only be useful for storing money - but like previously mentioned, there are better options for that.
Edit: Missing word, they don't seem to work that well to receive local ACH transfers.
Since this is just a personal opinion, I'd even go so far as to say: I honestly can't figure out for whom this is for, and why. The (unmentioned) limitations make it basically un-usable. Only being able to send money to pay-dek or wire it directly to dominica can basically only be useful for storing money - but like previously mentioned, there are better options for that.
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I had a very bad experience this company. The percentage of fees appeared low when comparing with other providers, so I tried. But in the end, the time wasted in dealing with their poor support service does not compensate the savings you are going to make.
They have 2 branches:
- PaxumBank.com that deals with US Corporations.
- Paxum.com for personal accounts and non US Corp
(Note: i also discovered PaxumLatam.com, which features the same site, but I have not contacted them)
I tried both. PaxumBank.com takes them approximately 2/3 weeks to reply to an email, does not reply to the phone and has no online support service. I thought. Do I really want to send money to a company that takes 3 weeks to reply?
So I gave a shot to Paxum.com because they had a chat support that appeared a bit more responsive. They sent me initially a list of required documents. Then, their support kept inventing reasons to ask for new documents, when not just blatentely lying. I got excuses like "this rental contract has expired", while the rental contract clearly states that it is automatically renewed on a yearly basis. They told me "you should ask your landlord to renew the contract". Yeah, sure...
Then, even worse, 2 lies in a row within 5 minutes of chat conversation about a bank statement 1) "the statement you sent us does not show your address" => I send a screenshot of the document with the address highlighted. 2) "This is not the document you sent us" => I send a screenshot with their email containing the file name and the PDF reader showing the same name. 3) "We do not accept this financial institution." was the final excuse.
At the end, I send them 5 documents showing the same address in the same country, and they rejected all of them, while I got the same documents accepted by several large financial institutions all over the world.
Then only thing they were fast about is to close the account. I asked the account to be closed a 8:28am. It was closed at 8:32am.
They have 2 branches:
- PaxumBank.com that deals with US Corporations.
- Paxum.com for personal accounts and non US Corp
(Note: i also discovered PaxumLatam.com, which features the same site, but I have not contacted them)
I tried both. PaxumBank.com takes them approximately 2/3 weeks to reply to an email, does not reply to the phone and has no online support service. I thought. Do I really want to send money to a company that takes 3 weeks to reply?
So I gave a shot to Paxum.com because they had a chat support that appeared a bit more responsive. They sent me initially a list of required documents. Then, their support kept inventing reasons to ask for new documents, when not just blatentely lying. I got excuses like "this rental contract has expired", while the rental contract clearly states that it is automatically renewed on a yearly basis. They told me "you should ask your landlord to renew the contract". Yeah, sure...
Then, even worse, 2 lies in a row within 5 minutes of chat conversation about a bank statement 1) "the statement you sent us does not show your address" => I send a screenshot of the document with the address highlighted. 2) "This is not the document you sent us" => I send a screenshot with their email containing the file name and the PDF reader showing the same name. 3) "We do not accept this financial institution." was the final excuse.
At the end, I send them 5 documents showing the same address in the same country, and they rejected all of them, while I got the same documents accepted by several large financial institutions all over the world.
Then only thing they were fast about is to close the account. I asked the account to be closed a 8:28am. It was closed at 8:32am.
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