Any interesting banks in Puerto Rico besides Fvbank ?

[Piano]

Looks like an interesting bank to me , anyone has experience with this bank or otter banks ?

www.fvbank.us

 

[apres777]

Looks like an interesting bank to me , anyone has experience with this bank or otter banks ?

www.fvbank.us

I tried onboarding with them quite a while ago. Process went pretty smooth till some point since then it got stuck. There was no communication at all from their side even after a few attempts from my side .

I have heard that Zenus Bank - Banking Beyond Borders | Apply to Open a US Bank Account is pretty common but can't share any personal experience with them.

 

[jafo]

What are the advantages of these vs. a US mainland FDIC-insured bank?

 

[latindev]

What are the advantages of these vs. a US mainland FDIC-insured bank?

Easy to open, I feel that's the only benefit

 

[EuroKiss]

PR banks are FDIC-insured too.

 

[latindev]

PR banks are FDIC-insured too.

Not all of them

 

[jafo]

PR banks are FDIC-insured too.

NGL, you made me go check and this is what I came up with...

and

Next questions are:

(1) How often do these banks collapse?
(2) What happens when they do collapse?
(3) Are there ANY guarantees?

Looks like an interesting bank to me , anyone has experience with this bank or otter banks ?

www.fvbank.us

There was this OTC post about it: Puerto Rico’s first crypto bank puts island in exclusive club

 

[EliasIT]

Process went pretty smooth till some point since then it got stuck.

where in the process did it stopped ?

 

[Piano]

I tried onboarding with them quite a while ago. Process went pretty smooth till some point since then it got stuck. There was no communication at all from their side even after a few attempts from my side .

I have heard that Zenus Bank - Banking Beyond Borders | Apply to Open a US Bank Account is pretty common but can't share any personal experience with them.

Why you dont try with Zenus if it did not work out with FVbank ?

 

[jafo]

Why you dont try with Zenus if it did not work out with FVbank ?

I don't know about OP, but for me, it is that my info would be floating out there and the last thing I want is my personal data all over thousands of computers waiting to be hacked. Once hackers lay claim to my data, the number of problems and expenses I would have to go through to wipe these off servers would be a task worthy of Sisyphus. I would love to know if anyone has a solution to this.

 

[Piano]

What to think about this reviews on Zenus Bank ?

Zenus Bank is rated "Poor" with 2.7 / 5 on Trustpilot

Do you agree with Zenus Bank's TrustScore? Voice your opinion today and hear what 6 customers have already said.

www.trustpilot.com

 

[jafo]

What to think about this reviews on Zenus Bank ?

Zenus Bank is rated "Poor" with 2.7 / 5 on Trustpilot

Do you agree with Zenus Bank's TrustScore? Voice your opinion today and hear what 6 customers have already said.

www.trustpilot.com

This one called my attention as I am also an atypical entrepreneur.

 

[Radko]

Stay away of PR or you'll regret it, the Regulator (OCIF) closed my bank and appointed a useless Receiver, here I am over a year later still waiting to get my money back (5 other banks have been closed by the OCIF during the last years without a warning )

And no, 99% of the financial institutions that are located in PR are not FDIC as they are not banks as such, they are online financial institutions but not a proper bank, there are only 5 banks FDIC in PR as of today.

 

[jafo]

the Regulator (OCIF)

It would be helpful if we knew his/her name. Anonymity backed up by the state's monopoly on violence gives these unproductive and easily bribed "people" the delusion that they are untouchable.
This person can someday show up at any of my friends' coffee shops. Wouldn't it be nice to know...

 

[Piano]

Stay away of PR or you'll regret it, the Regulator (OCIF) closed my bank and appointed a useless Receiver, here I am over a year later still waiting to get my money back (5 other banks have been closed by the OCIF during the last years without a warning )

And no, 99% of the financial institutions that are located in PR are not FDIC as they are not banks as such, they are online financial institutions but not a proper bank, there are only 5 banks FDIC in PR as of today.

Your bank is Europacific ?

what other 5 banks closed down ?

 

[Radko]

It would be helpful if we knew his/her name. Anonymity backed up by the state's monopoly on violence gives these unproductive and easily bribed "people" the delusion that they are untouchable.
This person can someday show up at any of my friends' coffee shops. Wouldn't it be nice to know...

Her name is Natalia Zequeira Diaz, Commissioner of the OCIF in Puerto Rico, a fake woman only interested in her imagine that has no problem lying about the facts to the Press.
Puerto Rico is the Mecca of corruption, once they get you your money is stranded in that island and they will drain you for as long as they want (I would happily tell her all these things in her face if she gave me the chance.)

Your bank is Europacific ?

what other 5 banks closed down ?

Yes, EuroPacific.

The other banks that have been closed are listed in the OCIF website, all closed by the Commissioner.

 

[latindev]

Her name is Natalia Zequeira Diaz, Commissioner of the OCIF in Puerto Rico, a fake woman only interested in her imagine that has no problem lying about the facts to the Press.
Puerto Rico is the Mecca of corruption, once they get you your money is stranded in that island and they will drain you for as long as they want (I would happily tell her all these things in her face if she gave me the chance.)



Yes, EuroPacific.

The other banks that have been closed are listed in the OCIF website, all closed by the Commissioner.

I mean, whoever has been in the offshore space for a few years knew that Euro Pacific was the place where every business who couldn't bank anywhere else went. There are even comments in this forums from years ago predicting what was going to happen to that bank sooner than later... And that's what happened, I don't believe an experience business person in this forum is surprised about the current state of that bank

 

[Radko]

I mean, whoever has been in the offshore space for a few years knew that Euro Pacific was the place where every business who couldn't bank anywhere else went. There are even comments in this forums from years ago predicting what was going to happen to that bank sooner than later... And that's what happened, I don't believe an experience business person in this forum is surprised about the current state of that bank

What about all the other banks that have been closed by the OCIF, could you have predicted those as well? And what about other banks that have closed down voluntarily during the last year citing lack of clarity by the OCIF to be able conduct regular businesses in Puerto Rico, in other words they fear the actions that OCIF can take at any time.

The fact is that the Commissioner agreed to the sale of EuroPacific to another institution just a few months prior, the other financial institution (Qenta) was ready to inject millions in working capital to the bank as she had agreed to the terms of the sale back in 2021, suddenly the Commissioner changed her mind and closed the bank. The owner of the bank (Peter Schiff) tried to inject more working capital into the bank but she didn't allow him, he then asked to liquidate the bank himself in order to return costumer's deposits immediately, but once again she said "no" and she appointed a Receiver with no prior experience who has been charging the bank an average of $10K-$20K per month and dragging the process indefinitely, here we are, more than a year later and customers are still penniless.
What about the press conference she gave saying that EuroPacific was insolvent, and that's why she closed the bank "to protect the interest of the costumers" however it turned out that all deposits were accounted for and the bank had 3 million in working capital at the time it was shut down, closing EuroPacific was completely unnecessary and not allowing the sale of bank, or Peter Schiff to liquidate the bank was just evil, completely the opposite of what's happened to all those regional banks that have collapsed in the main land where the Regulator has done everything possible to save the banks, not to destroy the banks as the OCIF has done.

Puerto Rico as financial jurisdiction is finished.

 

[latindev]

What about all the other banks that have been closed by the OCIF, could you have predicted those as well? And what about other banks that have closed down voluntarily during the last year citing lack of clarity by the OCIF to be able conduct regular businesses in Puerto Rico, in other words they fear the actions that OCIF can take at any time.

The fact is that the Commissioner agreed to the sale of EuroPacific to another institution just a few months prior, the other financial institution (Qenta) was ready to inject millions in working capital to the bank as she had agreed to the terms of the sale back in 2021, suddenly the Commissioner changed her mind and closed the bank. The owner of the bank (Peter Schiff) tried to inject more working capital into the bank but she didn't allow him, he then asked to liquidate the bank himself in order to return costumer's deposits immediately, but once again she said "no" and she appointed a Receiver with no prior experience who has been charging the bank an average of $10K-$20K per month and dragging the process indefinitely, here we are, more than a year later and customers are still penniless.
What about the press conference she gave saying that EuroPacific was insolvent, and that's why she closed the bank "to protect the interest of the costumers" however it turned out that all deposits were accounted for and the bank had 3 million in working capital at the time it was shut down, closing EuroPacific was completely unnecessary and not allowing the sale of bank, or Peter Schiff to liquidate the bank was just evil, completely the opposite of what's happened to all those regional banks that have collapsed in the main land where the Regulator has done everything possible to save the banks, not to destroy the banks as the OCIF has done.

Puerto Rico as financial jurisdiction is finished.

Puerto Rico as a financial Jurisdiction finished years ago, it's been predicted for years and like I said any serious business owner who has been in the offshore space for years knew that and Euro Pacific was the example of a bank where people went when no other serious bank will touch their businesses. This forum is full of alert about avoiding Puerto Rico, Belize, Dominica... You name it, it's hard to trust such jurisdictions because as soon as an scandals goes on then deposits won't be safe because everybody will want their cut.

 

[Radko]

Puerto Rico as a financial Jurisdiction finished years ago, it's been predicted for years and like I said any serious business owner who has been in the offshore space for years knew that and Euro Pacific was the example of a bank where people went when no other serious bank will touch their businesses. This forum is full of alert about avoiding Puerto Rico, Belize, Dominica... You name it, it's hard to trust such jurisdictions because as soon as an scandals goes on then deposits won't be safe because everybody will want their cut.

Unfortunately I didn't know anything about EuroPacific when I went there back in 2014, I needed a bank that allowed me to have multiple currencies and a brokerage account, at the time I was banking with UBS and they didn't offer any of those two things. EuroPac was the first bank I tried to open an account with and it worked perfectly for years, the KYC was pretty standard and you were only allowed to transfer money to another bank account under your name, so no third party wire transfers, and if the OCIF had not acted the way it did I would have carried on banking with EuroPac, and by the way, I had to submit a CRS form as they reported those who had a brokerage account.