Euro Pacific Bank sucks... but why?

Discussion in 'Offshore Bank Accounts' started by joelb, Aug 9, 2018.

  1. joelb

    joelb International Pirate ;-D BANNED MEMBER

    I see people telling that Euro Pacific Bank sucks, but they don't say why.
    I guess I am not the only one who would like to know.
    So please, share your experiences why does this bank suck?
  2. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Have you ever used them? If you did then you would immediately remove the "but why?" from the subject line. EPB is not a bank but a beta phase EMI run out of someones bedroom in Puerto Rico with a $5 banking license.

    The bank is completely manual and cumbersome in its operations. It is also non-transparent. They claim 100% reserve banking but will not prove this by publishing any financial report. To send money in and get it credited takes time and takes constant reminders to staff in slow-banking sorry I mean e-banking. You also constantly get new wire instructions https://files.europacbank.com/docs/EPB_MT103.pdf

    You constantly get clueless teenagers working as sales staff calling you trying to sell you, gold or some BS overpriced investment fund to invest in. By the way it is AGAINST THE LAW in 99% of countries to offer financial services into that country without being registered to offer financial services in that country - they do not understand they are BREAKING THE LAW and I told my banker at the time I would report him if he ever called me again.

    The banking platform is the cheapest platform I have ever used coming from NexorOne Home | NexorONE® - The Online Banking Software Solution The staff are clueless and compliance not too far behind. They offer no dedicated mobile app. If you put money into the bank it is a 50/50 chance you will be able to send it to a thirdparty even if it is one of the biggest brokers i.e IBKR without jumping through hurdles and asked to send endless paperwork and explain the relationship etc. It means sending and receiving wires has a huge overhead even for first party wires and it becomes a hit and miss affair. Internal FX between own accounts is manual and a shot in the dark as your not told what rate you will be given beforehand. It can take hours before an FX is done as everything is manual meaning an employee in background has to put down their beer can and click buttons.There is no straight through processing (STP) at all in this bank. This is just the beginning points. Anyone who has used Transferwise, Leupay or any post 1990's banking platform in India or any third world country like Kenya or Nigeria will be shocked at how advanced their platforms are compared to EPB :(

    Their only selling point and the only reason people use EPB now is because they accept the sort of offshore companies that other banks refuse in 2018. They also moved to Puerto Rico to avoid AEOI/CRS and losing 99% of their clients who want to avoid having their account automatically reported. The bulk of their customers are criminals who spend all day writing fake invoices. ns2 It is the bottom of the barrel in terms of banking experience and best avoided.

    But don't take my word read the feedback below:

    Europacbank is rated "Poor" with 3.3 / 10 on Trustpilot
  3. joelb

    joelb International Pirate ;-D BANNED MEMBER

    Thank you for this detailed reply. I will avoid them.
  4. cptproto

    cptproto New Member

    I agree on all points with Martin. I used EPB some years ago, someday they decided to close my bank account because I violated their ToS. Guess what, they haven't told me what was wrong. I only made some small wire-transfers, and the business was cleaner than clean with invoices ready for every wire.

    Luckily I wired out the most of my funds 1 week before the closure, but they still owe me 500 euro sitting on the account.