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Arival Bank - Anyone Used

S

saum

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Jun 29, 2020
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#1
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Hello,

I have been searching around for a new digital bank for my new e-commerce business and came across arivalbank.com - I have been speaking to an account manager there for several days and have been invited to their Beta access.

Their Beta access started this June.

Has anyone used them before? I am tempted to sign-up and use them.
 
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#2
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#3
Follow martin's advise it most often make good sense ;)
 
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#6
dellvisa said:
Lots of compliance reviews per transaction. Very delayed in sending payments, can take upwards to 1-2 weeks.
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thank you so much for the feedback. 1 -2 weeks is to much.
 
#8
They are a very small operation, 100s of live accounts. They opened an account for me with little due diligence and then closed the account shortly after! Compliance deemed my business an industry they couldn't support but there are no restricted industries in their terms. They advertise themselves as a bank for the underserved, so their decision seemed a bit hypocritical.

As previously mentioned, compliance on transactions is frequent and slow - some of the due diligence should have been done at account opening.

They didn't handle the account closure particularly well. Communication was poor.

The interface was basic but functional and they have some nice features in the pipeline. It was wires only and no fees when I had an account a few months ago.
 
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#10
Do they really want 2500 USD just for onboarding?
Alternatively
Initial required deposit of $100,000.00 is total balance required to activate Premium. Multiple transactions can be done to fund the account.
A minimum average monthly balance of $100,000.00 is required to keep Premium activated.
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wow, also weird English

1679579343846.jpg
 
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#11
tbh one of the most chill banks. Especially for crypto.
But on the other hand also useless for most crypto exchanges since Signature Bank collapse.
You just have an dedicated ACH account.
For all swift transfers USD/EUR you need to add a payment reference.
 
#13
We tried to work with Arival Bank over the last couple of months - however they have heavy infrastructure problems.

We were looking at them for already some time and while they were in fact useless till August 2022 when they got a cooperation setup with Quaint Oak Bank.

They claim to be a Bank for the "Abnormal" - means in fact that they bank high risk - which we thought could be interesting - as not many High Risk Banks / Payment Institutions showing up nowadays.

However what do you require as a High Risk Bank? Right, proper Compliance.

Do they have a proper Compliance? Absolutely not.

While they should focus on there core business which is for sure High Risk Banking - the Pricing just reflects this - they try to have some kind of Fintech Vibe - and even this is not working properly.

SMS Codes can't be received most of the time (being not on Roaming) - a manual call is then required to get things sorted - if it can be even sorted at all.

As mentioned already earlier here this thread - all payments are very manual and every single payment requires supporting documents - which is not unusual at all for a High Risk Business but while they were earlier doing this manual by Email they now have a "fancy looking" Supporting Documents Interface which again - you guessed it - isn't working properly and based on bugs in there Interface they can't read agreements linked to invoices to understand the nature of the transaction - which ends in payment rejection - no one reaches out to ask further clarification - as obviously there Compliance Interface puts things together in a weird and wrong context - every human should see that there is something wrong - especially if you have over and over again the same nature of transactions - not so the Compliance Monkeys at Arival Bank.

So while it earlier was just a 3-5 emails work to get payments pushed through - it's now due to infrastructure problems not possible at all and you can wait for returned wires for weeks - begging them for a WIre Tracer.

Hands down - for normal Business outside the US - Arival Bank Details are useless due to being a Pooled Account with FFC details - so the only thing left is Crypto and as earlier mentioned here already a due to them having only dedicated USD ACH Accounts - there is not really any use for it after the Signature Bank and Silvergate Collapse.

@ Jeremy CEO of Arival - I know you gonna read this (at least you should) - I literally have a 44 E-Mails length conversation with your Team Lead Mark - how to get more dedicated Support and how to improve couple of things on the Infrastructure side - not even on the technical side were you have your Correpondence Bank Limitations anyway.

We didn't asked much - just that the things you positioned yourself in the market are working - not more and not less.

For all Crypto interested people - Bank Frick in Liechtenstein is working more and more with Payment Institutions, so a couple of other US Banks do as well - there is absolutely no need to waste your time with a Institution like Arival Bank nowadays.
 
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#15
5K1PP3R said:
Too bad....
Any other business banking options to buy crypto?
Click to expand...
Yes - as you are existing client just PM me or the Team via Messenger.
 
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