Any Euro Pacific Bank Review?

I can provide some feedback based on personal experience:

1. It is a basic bank for a personal account. No interest but monthly maintenance fee. Transfer in and out is OK, but it is a bit convoluded. I do not like how it seems to be a bit clunky in terms of having to enter capcha phrase on login, and some of the buttons look primitive. To transfer funds in you have to send them a message advising them first. There is no web app, and the website is pretty basic. Fees for transfers are pretty high compared to other banks.

2. EPB Brokerage account - I would not recommend. Transaction details are confusing, going through the log - it reads more like a technical log rather than a financial one. Fees are high, and I swear the handling of dividends is not terribly accurate...it is hard to reconcile numbers. Also no mobile app. Access to the world's markets are good, but price refresh is slow. Based on SaxoBank platform, which personally does not really wow me.

3. Much more intrusive application process including phone/skype interview. But once it is approved, you are assigned a personal banker. So nice personal touch.

Personally, I think there are other better options out there with regards to interface, ease of use, fees, etc. But as for a first offshore bank, you can apply remotely, the minimums are pretty low and for the safety of your money, it is assured that the bank won't go under based on risky leveraging, etc.

actually you can find many reviews about them on this forum.

I recently heard a whisper that they are moving their bank/license from SVG to Puerto Rico.

aplusbangla said:

what is the difference?

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Puerto Rico is a U.S. dependency and likely has.very different information disclosure rules.

Moving to Puerto Rico will mean the bank does not have to report account ownership under the CRS rules (new OECD rules). This makes it more attractive for those people who would rather not have all of their information passed to the tax revenue of the country they are resident in

john Ashby said:

Moving to Puerto Rico will mean the bank does not have to report account ownership under the CRS rules (new OECD rules). This makes it more attractive for those people who would rather not have all of their information passed to the tax revenue of the country they are resident in

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For the time being at least...I have no doubt, given the recent assault on offshore banking, that they will eventually fall into line.

jryan54 said:

I recently heard a whisper that they are moving their bank/license from SVG to Puerto Rico.

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Here is some more information Euro Pacific Bank moves to Puerto Rico

Is anyone aware of any "work-arounds" for US citizens to develop a relationship with Euro Pacific Bank? Do offshore LLC/IBCs work?
Please excuse me if this has been addressed in another post. I'm new to OCT and haven't found this item specifically. Thanks.

The Euro Pacific Bank will not accept applications from US or Caribbean citizens… this includes where the directors or beneficial owner of a LLC/IBC are US/Caribbean. If you want a work-around you would be better getting a formation agent who offers a "fully managed" package where your name does not appear anywhere… you could add in a hybrid or foundation to own the company (or be a guarantor) to distance you further, in which case the company could probably get a EPB account but, to be honest, a US citizen would find it easier to get an account with another account

john Ashby said:

The Euro Pacific Bank will not accept applications from US or Caribbean citizens… this includes where the directors or beneficial owner of a LLC/IBC are US/Caribbean. If you want a work-around you would be better getting a formation agent who offers a "fully managed" package where your name does not appear anywhere… you could add in a hybrid or foundation to own the company (or be a guarantor) to distance you further, in which case the company could probably get a EPB account but, to be honest, a US citizen would find it easier to get an account with another account

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It was that way from the very beginning when they started offering their banking service! NO US CITIZENS!!! it's a little overkill with such a huge setup just for an Euro Pacific bank account don't you think so?

I'm not using that bank any longer. Not because of troubles just to expensive and complicated to use!

I just opened an account with them (activation confirmed, waiting for login details now).

Now I see that ALL kinds of bank transfer INTO my account needs an intermediary bank.
Most of my banks dont support this.

So far I thought, their SWIFT is good for at least one currency (direct transfer).

OK ... in their guidelines they say, it is possible to transfer directly but with a risk:

"If for any reason you cannot specify our Intermediary Bank, you may omit our Intermediary Bank, and thereby acknowledge that the sending bank must retrieve the correct intermediary route from the SWIFT system. By omitting our Intermediary Bank, you risk that your funds are routed to an incorrect or outdated Intermediary Bank"

In addition, one need to fill a form and send beforehand, if you have third party payments.

Now I understand why people say, this bank is complicated to use.

I am thinking if I should try another bank.
By family conditions, I cannot travel at the moment, so I can only remotely open an account.

Any hint?

Thanks

aplusbangla said:

intersting, did you make an account as a individual or business and what other banks do you have in mind?

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It is an individual account.

aplusbangla said:

which bank do you use for now?

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Have several accounts around. RCB Bank Cyprus, ABC Bank Mauritius and many more.

They suck for normal day to day banking! I have switched to BoC and to some of the many EMI accounts around. I have all what I need for banking and my setups now.