Pacific Private Bank seems great if you want all the reputational disadvantages of Vanuatu combined with being limited to EUR through SEPA or, if you are very lucky, EUR (and EUR only) over SWIFT via their Turkish correspondent bank.
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Which banks accept high risk clients in 2020?
- Thread starter JustAskin
- Start date
Well, I have the account in this bank as well. Sure, I remember 2 cases when I had troubles with receiving money from N. Cyprus bank, but apart from that, I am satisfied with the banking experience.
Their swift works just fine; it could be faster.
are they high risk friendly? I wonder if this is a reliable bank?Hey,
Try applying to the Pacific Private Bank.
I am partnered with this bank, so I am sure they accept fx/gambling.
Yes, they accept businesses from high-risk. It's a reliable bank, you can do your research on who runs the bank. The bank belongs to the company group that employs over 140 people around the world.
Thank you, I will have a look at it, let's hope it is worth it and no one takes a run with my money. All I need is a safe place
that's very very new to me that they have releaxed their policies! Are you sure about that?
I used FBS Cyprus.
Yes, they relaxed their policies earlier this year. I was able to open account for Malta trading company which can be considered high risk, something that was not possible a year ago.
Not bad. I have been working with them for years. The last time I tried to open an account with them was in 2017 where it was difficult, if not impossible, to open an account for company actually registered in Cyprus.
False. I've been kicked out of 3 banks already because of this.
My business is 100% transparent but banks simply don't like forex/gambling related payments. Even if it is just a marketing fee.
If I don't tell them what I do exactly, this will just delay the "kick out". But eventually after 2-3 years they will find out.
BTW Bank of Cyprus also doesn't accept affiliates.
Find the EMI that is friendly to your business. Those are existing for sure!
Sure but what happens to my money if they go bankrupt like wirecard?
Clients’ funds are segregated from the financial institutions' own funds. You can read more about this there - Why Are Your Funds Safe? | Bankera Blog
This is an example of one EMI, but it's similar to most of the others.
Wirecard is a bank. With a bank, you are protected under deposit insurance law which across EU is typically 100,000 EUR per person per bank. Anything above that amount is up to courts and creditors to claw back from the mess the bank leaves behind as it crashes and burns.
EMIs, on the other hand, are required to maintain 100% reserves (slightly more, in fact). They cannot use the funds for fractional reserve banking, investments, and so on. If an EMI fails, your funds are safe from other creditors.
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Well there is a catch though. It's unlikely but can happen: If the bankend bank of an EMI fails you are screwed because this kind of business accounts are usually not 100,000€ protected in the EU. Some years ago Sata bank failed in Malta and it was the backend bank of the EMI Leopay. Afaik people could not access their money for a long time and some also lost money.
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