Any feedback about paypugs.com ?

[a112114]

5000 EUR for account opening for UK LP

Guys, please share your experience with them, as for me 5k for an account opening is crazy

 

[Don]

It's an introducer business (acting as a distributor/agent for EMI/PSP) and they don't have their own license.
Can't really blame them for high fees, as it's a tough market. In my opinion, it's not really a sustainable business model, and some consolidation is bound to happen sooner or later in this market.

Once real banks catch up with digitalization and reduce the number of their physical branches, most EMI-s won't remain competitive, so I would lean towards bigger, more established institutions, which you can verify on the websites of central banks, for example, LCB.

On the other hand, soon we will likely see the end of retail banking as it is today if things go according to plans.
Ever since ECB was established 20 years ago, there has been a net decrease of ~1000 banks, and its heading in the direction of total centralization like Gosbank in the era of Joseph Stalin. This will happen after ECB will release its own cryptocurrency and effectively start competing with retail banks, and we are seeing the same things happening all over the world.

That being said, I would rather invest in some cheap substance and get a real bank account somewhere.

 

[JohnLocke]

5K EURO really... find someone else it sounds like a ripoff - an account opening fee of 500 is already much but rather acceptable then 5K - Personally I would never pay that much, you don't even get a refund if they decline your application or do you ?

 

[Sols]

I have come across PayPugs many times and never found them compelling. 5,000 EUR for opening of a bank account only makes sense in very special situations, and it's then usually only paid upon successful account opening or half upfront, half when successful.

 

[a112114]

5K EURO really... find someone else it sounds like a ripoff - an account opening fee of 500 is already much but rather acceptable then 5K - Personally I would never pay that much, you don't even get a refund if they decline your application or do you ?

Yeah, that what I'm talking about... might be for this amount they allow to accept wires from crypto exchanges and then send funds to Afghanistan without any documents.
No refunds)

 

[mkjongmill69]

i tried open account with them very slow , and painfully forget about it

 

[Jonathan169]

5000 EUR for account opening for UK LP

Guys, please share your experience with them, as for me 5k for an account opening is crazy

I have seen a co that would do a UK bank for non-residents for GBP 800, ($1,050) my budget is $500 TOPS (inc. everything and a few snickers bars) and the $1,000 would cover most of the Caribean/Sey. Or an LLC and I'll fly to the states and DIY it. [Covid!!] Not Sure UK is where you wanna be if your talking $5,500 better off running a company in Singapore for 2 years with a nom-dir. Maybe Barbados will come out with great deals now they are FREE. It's all OK if you have $10k lying around...any offers, just DM me. xoxo.

 

[a112114]

I have seen a co that would do a UK bank for non-residents for GBP 800, ($1,050) my budget is $500 TOPS (inc. everything and a few snickers bars) and the $1,000 would cover most of the Caribean/Sey. Or an LLC and I'll fly to the states and DIY it. [Covid!!] Not Sure UK is where you wanna be if your talking $5,500 better off running a company in Singapore for 2 years with a nom-dir. Maybe Barbados will come out with great deals now they are FREE. It's all OK if you have $10k lying around...any offers, just DM me. xoxo.

Hah, I've heard you. It depends on the angle at which to look at it. Let's say I know some insides of doing business in the UK.

Talking about classic offshore in the beginning they are good, but when you expand business there are tons of problems. As an example, we have several counterparties that are not able to accept or make payments from offshore... Moreover, as soon as the bank closes your offshore company account running an offshore company becomes very expensive because everyone understands what is it and what for it is created.
BTW risks of law changes (as it happened on Belize) are not counted by me)))

Singapore (if I'm not mistaken) is cheap during the first year

The USA... I like the way how you can work in US and etc, but as for me this is too complicated (and potentially risky) to run a company there

P.S. $500-$1500 is sound +- ok....

 

[JohnnyDoe]

Just received a special offer from them!

Christmas and New Year Special has arrived.​

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To celebrate the start of the festive season, apply for a Business IBAN account for only 700 EUR.

Get your hands on a EUR or GBP IBAN account to hold, send, and receive payments using SEPA, Instant SEPA, FASTER Payments, BACS, and CHAPS.



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• 1 business day response time​
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Note: Pricing can be adjusted according to your business needs. The offer is valid until 31.01.22. The offer is for companies registered in the UK/EU. If your are based registered elsewhere, please contact us to receive a custom proposal.​

 

[I'mRobot]

Where do they live? that account opening fee is insane. Even 700 EURO is insane.