Question Is Fidor Bank legit ? Would you trust them with €70k ?

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flashbang

Active Member
Hey guys

I was wondering if you had any experiences with Fidor Bank ?

They are trying to convince me opening a bank account with them .. they say I can fund my account up to €250k with no problems whatsoever ... should I believe them ?

Maybe they lie to me and once they got my €70k - they would immediately freeze my account asking for SOF etc.. and a year later banning me for no reason , like bunq or Revolut lol..
 

Forester

Silver Member
Well. I have no personal experience with them – just thoughts:
A. It is a German fully licensed bank, furthermore in 2020 buyed by Ripplewood – it does not sound bad. Definitely it is not a dubious EMI.
B. Very probably, you were talking to some front-office guys. It is quite common that they say you something that is not in line with the following opinion of the compliance guys (I experienced it personally).
So, according to A, I do not think that your funds can be frozen for an undefinite time for unclear reason; and according to B, I think that it can pretty happen that after funding your account with €70k you will be asked for a kilos of papers...
 

Remoddy

New member
I was talking to them just a few days ago. Asked what would be the procedure, KYC requirements in my case. Could not get a satisfactory answer. It was in the line "We are a licensed bank, we follow all the laws, if the compliance department will want something they will ask you after you deposit the money". No option to discuss before I send them the money. I've decided to take my business elsewhere.

Please report if you have good experience. Cheers.
 

headlight

New member
Revolut or Bunq are good for shopping at supermarket only :D I want to say that I would not use them for any transactions involving higher amounts and I can't recommend any of these services.

Fidor is a decent bank, crypto friendy, but they can still close your account if does not fit their risk profile.
 

flashbang

Active Member
Revolut or Bunq are good for shopping at supermarket only :D I want to say that I would not use them for any transactions involving higher amounts and I can't recommend any of these services.

Fidor is a decent bank, crypto friendy, but they can still close your account if does not fit their risk profile.

How likely is that they are going to freeze an account with a balance of €70k ?
or to close it... ?
 

headlight

New member
Many scammers these days open new bank accounts just to scam other people and then they run away with cash and never used that account again, when bank finds out it's already too late.

If you open up an account and transfer 70k to your account, they might inquire about origins of funds. For security reasons. And AML.

But if you have solid proof that it's your money, then I would not be worried, in worst case (assuming that you provided SOF) they close the account and ask you to provide other account where they can send the remaining funds.
 

suzy

Corporate Services
Mentor Group Gold
Business Angel
Many scammers these days open new bank accounts just to scam other people and then they run away with cash and never used that account again, when bank finds out it's already too late.
now sure if SCAM is the right word for these operations. Their are more like a ponzi scheme where the one lasting longest will loose :D
 

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