I haven't read everything thoroughly down to the last detail. What does it mean here, that Blackcatcard is legitimate but their partner is accused of billion dollar fraud?
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Blackcatcard migration - difficulties with incoming/outgoing SEPA transfers
- Thread starter cobewi8981
- Start date
No fraud, just some random russophobia against Papaya, the bank behind Blackcat
I plan to restart using them once SEPA is reestablished
Well, rest assured the experience wont be the same as it once was. Banxe utilizes Tompay Ltd and the D/D with incoming transfers and internal crypto exchanges is massive. I am sure that Blackcatcard will end up as another one of these Fintech Neobanks like Nash or Lama that dont have any infrastructure themselves and rely on heavily surveillanced White-Label technology such as Modulr Finance.
I liked Blackcatcard because they were a reliable option for many years already. Sad to see them go this way.
Hi to everyone,
Is there any update about that? Has anyone received the new IBAN? Till nothing here... I've been waiting for 3 months and now also the card doesn't work anymore
Is there any update about that? Has anyone received the new IBAN? Till nothing here... I've been waiting for 3 months and now also the card doesn't work anymore
No, i chatted with them 2 weeks ago and they said:
Dear customer, unfortunately, at the moment, SEPA transfers are unavailable due to the ongoing transition to a new SEPA payment provider.
To restore SEPA transfer functionality, new IBAN account details will be provided to customers. The IBAN assignment will be executed in batches due to the technical complexity of the process. Because of this, we can't say a specific date when your new IBAN will be available, but our technical team is doing everything possible to restore SEPA functionality as soon as possible.
We will inform you via email and in the app when the migration process is fully completed and you can view your new account details and use SEPA transfers.
We apologize for the inconvenience. Are there any other questions I can help you with?
I hope they don't charge the Dormancy fee while SEPA transfers don't work and the account is almost unusable.
I only use Blackcat for buying things from Amazon, so perhaps you could make a small purchase to stay within the period to avoid dormancy. What is the period? Six months?
However, if you really cannot use your card in the way it's supposed to be used, in shops etc, then you could write a strong letter to Blackcat, Papaya and the MFSA.
The aim of the MFSA is ...'...and its main functions include the protection of consumers,...' Haha!
Maybe warn Blackcat that you will be collaborating fully with all investigation by the MFSA, EuroPOL and EuroJUST.
It seems that their problems are many:
Gżira firm is focal point of ‘large-scale’ investigation
Police this week carried out searches at e-money company Papaya in connection with the probe
timesofmalta.com
Over 100 searches and four arrests in Latvia, Germany, France, Italy and Malta against financial institution involved in money laundering
National authorities in Latvia, Germany, France, Italy and Malta have carried out over 100 searches in a large-scale operation against a Russian-Eurasian criminal network and a Maltese-based financial institution allegedly involved in money-laundering services. Four suspects were detained during...
PS We're talking about Malta here, not exactly known for honesty.
Yes, it is six month.
But I emptied my account, when the problems with SEPA transfers started.
So I cannot fund my account and I cannot use my card because I have a zero balance.
Does the cashback work for you?
I have never received any.
Hi Marie,
I don't know about cashback but I do receive a small 'reward' every month. 2-3% of the balance, but I think there may be a minimum balance required. I do not use Blackcat very often but today I checked my account in the app.
It is very strange. The last SEPA into Blackcat was from another EMI card, in April. According to my calculations and the balance of both cards, the SEPA was successful, BUT does not show in the Blackcat list.
It is a lesson to me that I should watch these things more closely. It still works online and I used it to make a small purchase from Amazon yesterday.
However, I will not transfer any more money into Blackcat until we have a clear idea of what is happening.
Can you not transfer another way? Card to card? But I think that there is a charge for this.
Good luck,
Steve
PS I originally opened a Blackcat account simply to obtain a Maltese IBAN number. We were planning to retire to Malta and a Malta IBAN can be very useful. Sadly, those plans changed, but I still keep the card.
Marie,
I apologise, but I checked again and in fact, the SEPA transfer did not go to Blackcat in April. It was returned. So the last SEPA transfer to Blackcat was in February. However, as I said, the card still works online.
Steve
Hi Steve,
thank you for your replies.
Card2card transfer can be an option.
On the other hand, I do not really trust blackcatcard any more.
But, they provide a debit card with a vanity name on it.
I think I will try a small card2card transfer after 5 month of inactivity.
If that fails, I can cancel my account before they charge me anything.
The big problem is, that they won't close the account, if you are in debt (because of inactivity fee).
But at the moment, you cannot pay your debt.
So you will have to pay the inactivity fee again and again.
thank you for your replies.
Card2card transfer can be an option.
On the other hand, I do not really trust blackcatcard any more.
But, they provide a debit card with a vanity name on it.
I think I will try a small card2card transfer after 5 month of inactivity.
If that fails, I can cancel my account before they charge me anything.
The big problem is, that they won't close the account, if you are in debt (because of inactivity fee).
But at the moment, you cannot pay your debt.
So you will have to pay the inactivity fee again and again.
What on earth is a vanity name? I never heard of this.
Yes, best to do a small card transfer, incur a charge and then order something cheap online every 5 months to avoid the inactivity fee.
If you ever want to close the account, best to do it by recorded delivery post: Papaya Ltd, 31, Sliema Road,, Il-Gżira GZR 1637, Malta
I share your concerns about Blackcat and as I said, I will not be adding funds to it, but will still use it online.
For such a small country, they seem to have a large number of banks that go under.
Steve
Many banks that no one heard about and most of them were probably used predominantly for money laundering IMO
I meant that the card can be issued to any nickname (or even someone else's name).
If you ask for a card to be issued to Donald Duck, you may be able to get it.
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