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BankONE mauritius vs OCBC Singapore

macthaiver

Active Member
Hi to all,

is BankONE Mauritius safe??? In the past I was looking to open to Euro Pacific Bank and I stopped after @Martin Everson 's and most of other users here, comments.

My question is: I have a company in Marshall islands (nominee director, myself as shareholder 100%). I need a SAFE account that they will not block it and chase them. The transactions are all clear and from EU, Singapore, HK. Nothing bad, nothing fraud etc...

I don't want to get any account block and chase the bank as in Euro pacific.

So 1) is bankone mauritius safe or is like Euro pacific?
2) is UCBC singapore safe?

I prefer the 1 as I will save my time and money from flying to singapore. Also i understand that bankone is cheaper and require less money inside.

Can you please advise>

thank you
 

BTCNG

Active Member
And I know few offhsore company holders and that spent time, efforts and money with OCBC that closed their accounts almost without prior notice. They had also a legitimate business.

Go with Bankone and dont think twice.
 

Sols

Entrepreneur
How do you define safety?

In terms of financial security, just look at the numbers and how they develop over time. If I'm reading their latest annual reports right, both banks are profitable and have been for several years in a row, and both have Capital Adequacy Ratios (CAR) of around 13%.

Bank One's assets grew from 31,712,000,000 MUR in 2017 to 40,006,000,000 MUR in 2018. On the one hand, that's a 29% increase. On the other hand, that's still only about 1 billion USD equivalent.

OCBC's assets from 452,693,000,000 SGD in 2017 to 467,543,000,000 in 2019. While that's only a 3.3% increase, it's over 340 billion USD equivalent.

There are more numbers to look at, but we're talking about banks at entirely different scales. OCBC is a much, much larger bank.
 

macthaiver

Active Member
Hi to all
thank you for answering!

Safe i mean not be like Euro Pacific that blocks the amounts for no reason and makes business owners suffer asking them to send proofs, invoices, etc etc and they end up having EPB keeping their money for ever.

I want a bank reliable and NOT block my amount for any reason, and chase them etc.

Of course, not to close also... But i dont believe these banks will ever close.

So getting back to the discussion, I mean that I want a reliable bank, not to block my account like EPB (as i heard that are doing), been able to work my account properly having my customers paying me and I will be able to pay my customers plus a simple debit card to use paypal or card only payments.

What you suggest?

thank you
 

Sols

Entrepreneur
Whether a bank closes your account, blocks amounts, or refuses transactions has just as much to do about you as it does the bank. While it's true that some banks are stricter than others, no bank wants to take on a client if they turn out to be dodgy.

With OCBC, you might be able to fly under the radar for longer than with Bank One. On the other hand, Bank One is smaller and might therefore be less picky than OCBC.

Both banks will block you if they find out you are doing something illegal or something which violates the banks terms and conditions.

Best would be to discuss your business model with both banks and get their opinion on whether it would be a good fit.

Have you considered opening accounts with both?
 

macthaiver

Active Member
as for Euro Pacific, thats not the case.

They block for no reason etc; at least this is what i read around the forum.

If it's not true please let me know somebody and I will open it there.

So getting back to BankONE what is the suggestion? Or OCBC singapore?

thank you
 

macthaiver

Active Member
Whether a bank closes your account, blocks amounts, or refuses transactions has just as much to do about you as it does the bank. While it's true that some banks are stricter than others, no bank wants to take on a client if they turn out to be dodgy.

With OCBC, you might be able to fly under the radar for longer than with Bank One. On the other hand, Bank One is smaller and might therefore be less picky than OCBC.

Both banks will block you if they find out you are doing something illegal or something which violates the banks terms and conditions.

Best would be to discuss your business model with both banks and get their opinion on whether it would be a good fit.

Have you considered opening accounts with both?

I'm not doing anything illegal, that's the point. And also, I want to be safe meaning IF they block my account, just let me move the money out and close it. Not lose my money or take for ever to release them.

How I can discuss my business model with them? I assume I need some contacts, right?

thank you
 

macthaiver

Active Member
Dear all,

what about the Belize Bank International or the Caye International Bank in Belize ?

Anyone knows? thank you
 

libertycity

New member
Dear all,

what about the Belize Bank International or the Caye International Bank in Belize ?

Anyone knows? thank you
I had bad experience with the Chioce Bank Ltd in Belize,anyway I do not trust these small Caribbeans countries anymore.
But recently my offshore account in China also been closed because my bank does not want to operate offshore business anymore.
Bankone a few years ago I remmeber they can not send USD to US.
The bank industry in Cyprus is also a bad choice like Greece.
I suggest you not keep the money sleeping in the bank account,it is not safe in any banks.Investing and enjoying ,only this way the money is yours or it is the bank's money.
 

GiGoGo

I make things happen
Entrepreneur
I suggest you not keep the money sleeping in the bank account,it is not safe in any banks.Investing and enjoying ,only this way the money is yours or it is the bank's money.
It's time for a Plan B
Buy Bitcoin
 

xzars

Entrepreneur
OCBC is safer. A blanket statement, because I don't see points over which to argue here. Maybe the Chinese influence, perhaps a pseudo-topic when it comes to bank's safety metrics, could be a bigger point of concern with OCBC Singapore.

But from your posts, you seem to be quite concerned, if not more so, about usability, payments monitoring, and what I like to call "AML harassment". I refrain from an opinion because I never used BankOne Mauritius.
 

macthaiver

Active Member
Hi

The business I do is extremely clear and Everything is clear including my tax related things. The only concern is if bankone is reliable or no.. I read about euripacific that is very bad blocking accounts etc. Not in the right way (I accept to get account reviews if I do something bad but I don't do).

So main concern is the reliability and low costs of course as my budgets are very low


Thank you
 

Davis123

New member
I had bad experience with the Chioce Bank Ltd in Belize,anyway I do not trust these small Caribbeans countries anymore.
But recently my offshore account in China also been closed because my bank does not want to operate offshore business anymore.
Bankone a few years ago I remmeber they can not send USD to US.
The bank industry in Cyprus is also a bad choice like Greece.
I suggest you not keep the money sleeping in the bank account,it is not safe in any banks.Investing and enjoying ,only this way the money is yours or it is the bank's money.
This is one big nightmare for me too opening up a bank ac in a reliable bank. If anyone can help let me know please. Thanks.
 

macthaiver

Active Member
@Davis123 thanks that's a big discussion I assume
Where to invest clear 100% legal money rather than sitting in the banks ...?

What is 100% safe investment as whenever I invested I lost a fortune
..,

Thank you
 

Davis123

New member
@Davis123 thanks that's a big discussion I assume
Where to invest clear 100% legal money rather than sitting in the banks ...?

What is 100% safe investment as whenever I invested I lost a fortune
..,

Thank you
I think better strategy is to open a multifaceted income generation from various sources. Best is to open up brokerage accounts like stocks, Forex. Take some classes online for it or learn for hours and hours on YouTube for safe forex income strategies. Please don't trade with bigger lot sizes and manage your trades. If your learn stocks, forex etc for 2 years and study hard with fundamental and current news I guarantee you will make far more money than any of income by keeping in bank accounts for safer returns as there isn't any safer returns anymore. Please study the market for at least 2-3 years before you take the final plunge. Real estate is good only if you are buying at depressed times but right now I wouldn't advise any as Covid 19 is simply destroying economies of the world. For US stock market also learn techniques and again manage your trades. I am looking for bank account offshore from UAE at the moment as UAE bank accounts are frozen after one's death and your beneficiaries have a hard time in court to open them up.
 

Davis123

New member
OCBC is safer. A blanket statement, because I don't see points over which to argue here. Maybe the Chinese influence, perhaps a pseudo-topic when it comes to bank's safety metrics, could be a bigger point of concern with OCBC Singapore.

But from your posts, you seem to be quite concerned, if not more so, about usability, payments monitoring, and what I like to call "AML harassment". I refrain from an opinion because I never used BankOne Mauritius.
OCBC bank is by far superior to any other banks as Singapore banks are much safer than any other banks in the world. I wish I could get an ac remotely there as Covid 19 has made life difficult for anyone to go visit also.
 

maxmmm

Active Member
OCBC is one of the strongest banks in the world, very transactional and ultra solid. Compliance is very streamlined as well.

Bank ONE is a bank in Mauritius, I haven't researched it but 90% sure that it's more expensive then OCBC when it comes to fees. A positive note is that it's a retail bank that allegedly locals also use, so the govt MAY care about it enough to bail it out in case it crashes, something they will probably not do for the regular offshore-only Mauritius banks.
 
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