Banking starting 500 Euro

Our valued sponsor

EmiratesSetup
SWISSMONEY Iban Accounts with Sepa
EmiratesSetup

Euro Pacific Bank Ltd

#63
Do they have any withdrawal limit at all?
 
#64
For saving account it is a great idea to go through the entire process of opening an account with Euro Pacific Bank but for day to day banking it is not worth it at all! I see they have a Trading platform to trade stocks and metals that's cool since I haven't seen this before with other offshore banks yet! That said, I'm more into these "new" financial services like WorldCore, Xapo etc. where it is possible to keep at least your online privacy.
 
#69
cutmetwo said:
Can someone explain to me what makes this bank good to save up money compared to an online service like xapo, worldcore or Cyprus bank?
Click to expand...

Well, some things I can think of off the top of my head...1. the bank is founded by Peter Schiff, who is a well respect economist in the US and head of a brokerage company. Peter is very well versed in economics. He stakes his reputation on his companies. 2. It is a transaction only bank, which means they make no loans or do not leverage client funds...as a result everyone's money that is on deposit is still on deposit. They make their money on transaction fees. As such they don't pay interest, but that is a good tradeoff for mitigated risk. 3. They do not accept US clients, which keeps them away from US government and IRS and FATCA and all the compliance headaches. 4. There is a brokerage platform available so that you can invest your money instead of just parking it. They have other things like gold backed debit card and buying physical gold but I don't have experience with either so can't comment.
 
  • Like
Reactions: dirtyharry
#70
thegazelle said:
Well, some things I can think of off the top of my head...1. the bank is founded by Peter Schiff, who is a well respect economist in the US and head of a brokerage company. Peter is very well versed in economics
Click to expand...
Sorry does not count. We have seen even people with a higher status in the banking industry turn into bankruptcy even Deutsche Bank is in troubles now! :D Got your point anyway.

thegazelle said:
They do not accept US clients, which keeps them away from US government and IRS and FATCA and all the compliance headaches.
Click to expand...
That's a big + but how about all the other regulations that hits the banks TIEA, AIO and what else they are called?

thegazelle said:
They have other things like gold backed debit card and buying physical gold but I don't have experience with either so can't comment.
Click to expand...
Thats another big + I agree.
 
#72
Awesome reading. Does someone know if it is strictly necessary to get a bankers reference letter for this bank to open the account? Are there other documents I can provide to get an account there?
 
#77
Well, I can provide you all an objective update. 1. The bank account portion is great. Wires go in and out no problem. Support is good. Fees are a little high given that you earn no interest so consider it a means to just park cash.

Now the brokerage - my opinion of it has changed to the point that I may actually close my brokerage account. Reason why is twofold: 1. aside from the high commissions, they have a high withholding tax for dividends. That really kills the attractiveness of any gains. 2. The way they figure out the cash portions of the remaining dividend that is not reinvestible is not intuitive. However, the prime concern I now have is that I have not gotten some of the dividends (at all) for some of the stocks and no one in their support system can explain why and neither can my personal banker. We are talking two months after the payout date. That is not good.

However the bank portion is solid and I would recommend it.
 
  • Like
Reactions: CoinMaster
You must log in or register to reply here.
EmiratesSetup

Forum Announcement

Latest Threads

Offshore Bank Accounts
The KingDom Bank
SWISSMONEY Iban Accounts with Sepa
Top Bottom
Back