Are all online "banks" EMIs?

[bankingeuropean]

I've read that it's not safe to keep money long-term in an EMI, so I was wondering if all of the banks that I could create an account online are EMIs, and my only real option is a bank anyway, transferring money to EMI only when I need to pay for something? What are the risks associated with EMIs? Is it them just going under? I have read some posts about some providers just blocking you for apparently no reason. That interestingly includes Paypal in some cases.

As a side note, I am interested in EMI without video call or selfie verification, cheap or no transfer fees, open to Europeans and in EUR currency, secure, that doesn't use my personal purchase and such information for data analysis or sell it to third-parties, with a debit card and IBAN (so I could make bank transfers without fees except a cheap one from my bank), and that doesn't have insane initial deposits or monthly fees. But of course this topic is about the former, this is just a side note if you have something in mind.

 

[JohnLocke]

No, for instant you can open a bank accoun in Cyprus with one of the major banks therer i.e. Bank of Cyprus they are not an EMI!

There are lot's of banks around and also mentioned on the forum, you may use Google to search offshorecorptalk.com for better results. What business are you into and is this a personal- or business bank account you are looking for?

 

[bankingeuropean]

No, for instant you can open a bank accoun in Cyprus with one of the major banks therer i.e. Bank of Cyprus they are not an EMI!

There are lot's of banks around and also mentioned on the forum, you may use Google to search offshorecorptalk.com for better results. What business are you into and is this a personal- or business bank account you are looking for?

I will do that another day. I have to try to fall asleep to wake up in the night, and tomorrow I have a rather long appointment. I have went through threads today, but a lot of the information seems to have changed recently though, so I'm not sure how trustworthy it should be? I could perhaps compile a list of EMIs and create a thread asking about them, if I cannot find recent information myself here or elsewhere.

Anyway, I don't run a business, in fact I don't even have much income, I mostly live off of very light savings, so I live on extreme budget. I have some health conditions that there I cannot get medicine for, so I cannot work until I manage to fix them. So my goal is to just have a place to keep my money, use it for grocery shopping with a card, make withdrawals at ATMs within Europe (so good exchange rates preferable), and to make online purchases (cheaper stuff on eBay from China than in supermarkets, though you gotta wait a couple months for shipping). And if it cannot be used to store money, then at least transfer money from my bank as I need it (so some for rent + 50 or so for food). I am simply not comfortable with the idea of my personal data being used for analysis, statistics and shared with third-parties. I do not agree with that.

Also, local banks here have really high fees for pretty much everything, and another bank I have has low rates but I have no debit card for it (and I want to keep my address unlogged on their systems, so I don't want to ship a debit card from them here either - they do not have a branch in this country).

I have created another thread specifically for choosing a bank, but I think I phrased it wrong - EMIs - as long as they are safe - fit me just fine, and so do banks as long as I do not have to travel and they are trustworthy. There you actually recommended EuroPacific bank and cyprus banks, so perhaps you could give me more information about it? I.e. which Cyprus banks you have in mind, and if they adhere to my "requirements," including my money being safe and sound? I probably should've asked it there, I don't know why I didn't, so I apologize for a kind of a "double post" or rather not investigating on a good advice.

Oh, and that thread: Secure and private bank with these requirements?

I'll go try sleeping now for my "night morning."

 

[void]

Mistertango will cost you almost nothing - if you can live with ATM withdrawal of 200eur/month then really nothing
don't know about their verification process nowadays but I guess it's your only option with this budget I know about

 

[void]

also Monese might work for you but I don't have a personal experience and also don't like this "modern" app-based approach

 

[JohnK]

also Monese might work for you but I don't have a personal experience and also don't like this "modern" app-based approach

I have read about Monese a few times on the forum already and it seems to be great.. still I have no approved account, waiting....

 

[bankingeuropean]

Mistertango will cost you almost nothing - if you can live with ATM withdrawal of 200eur/month then really nothing
don't know about their verification process nowadays but I guess it's your only option with this budget I know about

It's a Lithuanian bank, and I have a lot of very bad experience with Lithuanian services as well as its government, and I don't want anything to do with that country. I lived there for awhile at one point, and I just don't get the system or mentality there, but everybody else seems to be fine with it. I could rant about it, but I think I need to stop typing before that happens, hahaha.

also Monese might work for you but I don't have a personal experience and also don't like this "modern" app-based approach

How about their verification? I don't want to register at the registry here, but I could open a local bank account (free or maybe a few euros), get a statement with bank's signature and my address, and close the account perhaps? Do you think that could work?

 

[footlocker]

@bankingeuropean what business are you in since you hate this country that much ?