BankONE mauritius vs OCBC Singapore

macthaiver

Building Trust
Entrepreneur
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
 

Spondula

Offshore account you can open from your phone
Mentor Group
I know a few with an account at Bankone and never had an issue.
 

BTCNG

Building Trust
Entrepreneur
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

Trusted Member
Business Angel
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

Building Trust
Entrepreneur
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

Trusted Member
Business Angel
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

Building Trust
Entrepreneur
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

Building Trust
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?

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

Building Trust
Entrepreneur
Dear all,

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

Anyone knows? thank you
 
Top