Question Can I trust BlackCatCard with €80k ?

[flashbang]

Their support is insanely good and responsive, providing accurate replies in a very short time frame - this seems way too good to be true.

I do not have an account with them yet, is it because they are trying to convince me creating one and be with them ?

They offer everything I need, at a reasonable price, however I am afraid they will rob me out or just will freeze my funds / accounts for a very very long time .......

Please help

 

[Silvio]

Just wondering, why do you need the service? What's your goal with them?

 

[flashbang]

Just wondering, why do you need the service? What's your goal with them?

To have a primary spending wallet for myself ??

 

[uplana]

they have been mentioned a few times on this forum already. There are divided opinions around them!

Just wondering, why do you need the service? What's your goal with them?

what else would you suggest, wise ?

 

[John Spectre]

Trusting 80k for any EMI is bad idea.
What a sense for trust any reasonable amount of funds for FI that usually live few years and do not covered with any deposit protection scheme?

 

[flashbang]

Trusting 80k for any EMI is bad idea.
What a sense for trust any reasonable amount of funds for FI that usually live few years and do not covered with any deposit protection scheme?

You are probably right. From my own list, only Revolut Bank is covered by depsoit protection scheme - but I am afraid that they would end up freezing my account for a year before letting me withdraw my own funds .. and then they will just simply ban me , just like bunq did previously, with no questions asked.......

I do not believe that I should try it with Revolut Bank, do I ....

they have been mentioned a few times on this forum already. There are divided opinions around them!

what else would you suggest, wise ?

Yeah I trust wise 100% and I do bank with them for approx. 8 years but their card's spending limitation isn't enough for me, unfortunately.
That is maxxed out at €10k / transaction / 24 hours - which isn't enough for my online payments...

Thanks for the help guys !!

 

[Marie Manila]

Trusting 80k for any EMI is bad idea.
What a sense for trust any reasonable amount of funds for FI that usually live few years and do not covered with any deposit protection scheme?

Honestly, why is trusting 80 k for an European EMI a bad idea?
European EMIs are supervised and have to safeguard the money. They are not allowed to touch it or use it for their daily expenses.

So, what are possible scenarios?

1. Nothing happens -> You can access your funds normally
2. The EMI goes bankrupt -> The money is still there and you will get a payout sooner or later
3. The licence gets revoked or restricted -> The money is still there and you will get the payout after a few years (2 years in case of epayments)
4. They block your account because of DD -> You will get the money paid out after some time. Same risk applies to a bank account.
   
   Now come the real risks:
   
   
5. The EMI is a theft and steals your money (I think it happened to an European DinersClub subsidiary once) -> Money is lost
6. The bank where the money is safeguarded gets bankrupt -> Most money is lost, I think

If you go for Lithuanian EMIs the safeguarding bank is usually the central bank of Lithuania. The risk of a failing central bank is Europe is very very low.

If you put your money to an offshore bank account which is not covered by any deposit protection scheme the risk is much higher than keeping it with an European EMI.
Compare Loyal Bank from SVG with ePayments from UK. The money was safer at ePayments at all times.

Of couse, EMIs are well knows for freezing funds, but the money is not lost (except case no. 5 from the list above).
So, if I don't need the funds in the next 2 or 3 years, I do trust EMIs with higher amounts of money.

 

[John Spectre]

Honestly, why is trusting 80 k for an European EMI a bad idea?
European EMIs are supervised and have to safeguard the money. They are not allowed to touch it or use it for their daily expenses.

So, what are possible scenarios?

1. Nothing happens -> You can access your funds normally
2. The EMI goes bankrupt -> The money is still there and you will get a payout sooner or later
3. The licence gets revoked or restricted -> The money is still there and you will get the payout after a few years (2 years in case of epayments)
4. They block your account because of DD -> You will get the money paid out after some time. Same risk applies to a bank account.
   
   Now come the real risks:
   
   
5. The EMI is a theft and steals your money (I think it happened to an European DinersClub subsidiary once) -> Money is lost
6. The bank where the money is safeguarded gets bankrupt -> Most money is lost, I think

If you go for Lithuanian EMIs the safeguarding bank is usually the central bank of Lithuania. The risk of a failing central bank is Europe is very very low.

If you put your money to an offshore bank account which is not covered by any deposit protection scheme the risk is much higher than keeping it with an European EMI.
Compare Loyal Bank from SVG with ePayments from UK. The money was safer at ePayments at all times.

Of couse, EMIs are well knows for freezing funds, but the money is not lost (except case no. 5 from the list above).
So, if I don't need the funds in the next 2 or 3 years, I do trust EMIs with higher amounts of money.

Remembering saga with epayments, nothing more need to be added to the question of safeguarding any EMI(EU, not EU, whatever).
You could trust to EMI because of supervising, but its don't matter to question of customers relationships when EMI observe problems.
Returning money to clients is a one of latest tasks and how it would be actually implemented - big and long question.
Sorry, i would like to avoid such unclean cases and situations comparing to straight process where returning money covered with banks protections schemes.

 

[flashbang]

Remembering saga with epayments, nothing more need to be added to the question of safeguarding any EMI(EU, not EU, whatever).
You could trust to EMI because of supervising, but its don't matter to question of customers relationships when EMI observe problems.
Returning money to clients is a one of latest tasks and how it would be actually implemented - big and long question.
Sorry, i would like to avoid such unclean cases and situations comparing to straight process where returning money covered with banks protections schemes.

Yeah simple as that. I have decided to trust Wise only.

Even bunq, as a bank, has ripped me off with lots of money sadly....

 

[Flatworld]

Trusting 80k for any EMI is bad idea. +1

 

[Silvio]

Even bunq, as a bank, has ripped me off with lots of money sadly....

How did bunq rip you off?

 

[GlobalConsult]

Trusting 80k for any EMI is bad idea.
What a sense for trust any reasonable amount of funds for FI that usually live few years and do not covered with any deposit protection scheme?

What kind of bulls**t are you telling here?

Unlike with classic bank accounts which covers you up to a maximum of 100.000 EUR at EMI your deposit is 100% protected regardless of the account balance you maintain!

 

[flashbang]

How did bunq rip you off?

Had a personal EASY GREEN METAL CARD annually paid plan with them. (so basically the most premium one paid annually in-advance)

I have always transferred funds from my Wise to my Bunq. One day I have transferred €50k from my Wise to Bunq ---> 72 hours later, account is banned and the money was frozen for a very long time

That is how bunq dealt with me , while I had their most premium plan LOL

They have never asked me for documents like SOF , they have just simply banned me with no reason given.

I have never done any dodgy stuff , nor did business on my personal account......

The only EMI I trust is Wise ...

 

[Forester]

Honestly, why is trusting 80 k for an European EMI a bad idea?
European EMIs are supervised and have to safeguard the money. They are not allowed to touch it or use it for their daily expenses.

So, what are possible scenarios?

1. Nothing happens -> You can access your funds normally
2. The EMI goes bankrupt -> The money is still there and you will get a payout sooner or later
3. The licence gets revoked or restricted -> The money is still there and you will get the payout after a few years (2 years in case of epayments)
4. They block your account because of DD -> You will get the money paid out after some time. Same risk applies to a bank account.
   
   Now come the real risks:
   
   
5. The EMI is a theft and steals your money (I think it happened to an European DinersClub subsidiary once) -> Money is lost
6. The bank where the money is safeguarded gets bankrupt -> Most money is lost, I think

If you go for Lithuanian EMIs the safeguarding bank is usually the central bank of Lithuania. The risk of a failing central bank is Europe is very very low.

If you put your money to an offshore bank account which is not covered by any deposit protection scheme the risk is much higher than keeping it with an European EMI.
Compare Loyal Bank from SVG with ePayments from UK. The money was safer at ePayments at all times.

Of couse, EMIs are well knows for freezing funds, but the money is not lost (except case no. 5 from the list above).
So, if I don't need the funds in the next 2 or 3 years, I do trust EMIs with higher amounts of money.

I understand your point of view – but I have two amendments.
A. (major)
To have the funds frozen for 2-3 years I consider a big problem for many. It can affect the business and/or the life fatally.
B. (relatively minor)
Re: Lithuanian EMI's, I must admit I do not trust the (economical and political) environment in Lithuania (as well as in another post-soviet countries) very much. Maybe it is, in this particular case, just a prejudice, but... I am sorry .

Unlike with classic bank accounts which covers you up to a maximum of 100.000 EUR at EMI your deposit is 100% protected regardless of the account balance you maintain!

Could you be, please, more specific? About what protection scheme you are talking about?
(I am not aware about any, I must say – the obligation to safeguard the clients' funds separately from the operation funds is not a protection, of course.)

 

[flashbang]

I understand your point of view – but I have two amendments.
A. (major)
To have the funds frozen for 2-3 years I consider a big problem for many. It can affect the business and/or the life fatally.
B. (relatively minor)
Re: Lithuanian EMI's, I must admit I do not trust the (economical and political) environment in Lithuania (as well as in another post-soviet countries) very much. Maybe it is, in this particular case, just a prejudice, but... I am sorry .


Could you be, please, more specific? About what protection scheme you are talking about?
(I am not aware about any, I must say – the obligation to safeguard the clients' funds separately from the operation funds is not a protection, of course.)

I am on yours side.

However, I am not quiet sure about Fidor Bank - what do you personally think about them ?

Would you trust them with huge amounts on a personal bank account ?

I am afraid that they would be the same sh*t as bunq: that everything goes smoothly for a whole but then they suddenly ban me for no reason..... just because of handling >€50k on my acc...

 

[Silvio]

Had a personal EASY GREEN METAL CARD annually paid plan with them. (so basically the most premium one paid annually in-advance)

I have always transferred funds from my Wise to my Bunq. One day I have transferred €50k from my Wise to Bunq ---> 72 hours later, account is banned and the money was frozen for a very long time

That is how bunq dealt with me , while I had their most premium plan LOL

They have never asked me for documents like SOF , they have just simply banned me with no reason given.

I have never done any dodgy stuff , nor did business on my personal account......

The only EMI I trust is Wise ...

Sounds awful.

But overall I wouldn't even transfer 50k to a retail bank without asking them first or at least testing the waters for a while with smaller payments, making sure they don't freeze or do anything crazy. It's 2022, you can't go crazy wire mid 5-figure payments to shitty EMIs and expect it to work properly.

 

[EliasIT]

It's 2022, you can't go crazy wire mid 5-figure payments to shitty EMIs and expect it to work properly.

that will be one of the biggest issues with all this electronic money. It's not possible to transfer larger amounts without lot's of documents. Crypto will so far be the solution to avoid frozen accounts and documentation. The issue may still remain to be cashing out the money or transfer it to an bank account.

 

[Forester]

However, I am not quiet sure about Fidor Bank - what do you personally think about them ?

Would you trust them with huge amounts on a personal bank account ?

I am afraid that they would be the same sh*t as bunq: that everything goes smoothly for a whole but then they suddenly ban me for no reason..... just because of handling >€50k on my acc...

Frankly – I possess no representative information; I only heard about them some time ago, in a neutral manner. I have noticed that you established a new thread devoted to this – well done, perhaps you will hear more there.

 

[EliasIT]

you can't go crazy wire mid 5-figure payments to shitty EMIs and expect it to work properly.

for everyone to research more, admin posted this article
https://www.offshorecorptalk.com/th...th-–-a-dream-pushing-to-become-reality.36104/