Is it safe to keep funds in EMI accounts?

[jonage]

I wonder how safe is to keep funds in EMI accounts and for how long. Any opinions and experience please ?

 

[void]

I'd say that keeping significant money spread across many EMI account (well established and/or with good references) for a long time is perfectly fine - at least works for many people I'm in touch

on the other hand keeping all your money in one bank/EMI account is a long term fault

as everything, it's about probability and proper risk management and not about certainty (nothing like this exists)

 

[diablo]

Not for long term purpose. However, I had aprox 15K in an EMI for the last 8 month no problems so far. But hey, 8 months is not long.

 

[void]

Not for long term purpose

Do you think it's safer in the bank?
Or you just don't hold fiat money at all?

 

[diablo]

I would say so.. but I role the money around and also do large cash withdrawals in ATM's around when I travel.

So far I cashed aprox 800K euro and keep them in a safe place somewehere.

 

[curiousmarv]

I think it depends. EMIs are working usually with another bank or their country's central bank together to store the money. So theoretically they are at least as safe as a bank and in some cases even safer.

For example: I mean in no way I would get a Lithuania Central Bank account but through a Lithuania EMI I basically get that indirectly. We are speaking here of the central bank... the security for deposits is endless there and more than normal banks (unless Russia is invading Lithuania or Lithuania the whole state is going bankrupt). EMIs also cannot invest with their clients money because they do not possess it (in comparison with banks).

I mean if you really have so much money you really care where you store it you should diversify your assets always.

 

[Martin Everson]

Keep what you are willing to loose and no more.

 

[void]

do large cash withdrawals in ATM's around when I travel.

So far I cashed aprox 800K euro and keep them in a safe place somewehere

I perfectly understand your position here...
I'm just not happy holding fiat cash since it cannot be trusted to keep the value in the mid-term. Looking for another options like many others.

 

[void]

I mean if you really have so much money you really care where you store it you should diversify your assets always.

what would you suggest? how to diversify, make it efficient but still more or less care about privacy?

 

[Spinat]

No one want to have a lot of money into any EMI regardless if it is PayPal, Skrill, Transferwise or any other online financial service. I would don't even like to have millions at my regular bank account for that sake. You want to split up your money into different EMI's and even paper's to avoid to lose everything at once should something go wrong.

You never know if PayPal or Transferwise suddenly decide to close your account, so if you have several options around you may not get hurt that much.

 

[aplusbangla]

CASH is KING. don't trust any EMI with alot of money, I have bad experience losing money parking my money in EMIs.

 

[Gediminas]

I think the OPs question itself is wrong. You can not group all EMIs and say "don't trust them, keep only small amounts there". There are EMI's which I could trust my life. On the other hand, there are EMI's where I wouldn't keep even 100 EUR.

 

[aplusbangla]

I think the OPs question itself is wrong. You can not group all EMIs and say "don't trust them, keep only small amounts there". There are EMI's which I could trust my life. On the other hand, there are EMI's where I wouldn't keep even 100 EUR.

which EMIs you can tust them for your life. that is too much depending on EMIs.

 

[Gediminas]

which EMIs you can tust them for your life. that is too much depending on EMIs.

The name won't change anything there, but if you still want to know it - send me an email or check my posts history to see which EMI is mentioned the most. I could trust my life because I know them personally for many years.

 

[Spinat]

There is no EMI you would trust your life nor is there any bank, if you are stupid there is or if you have interest in promoting a EMI there is otherwise forget it. No of the financial services in this world is worth to trust your live. Never erver do that!

 

[Gediminas]

There is no EMI you would trust your life nor is there any bank, if you are stupid there is or if you have interest in promoting a EMI there is otherwise forget it. No of the financial services in this world is worth to trust your live. Never erver do that!

Well, in a sense, I agree with you. I meant I could trust some EMI's as much as I could trust any major bank. If that makes sense to you.

 

[Dmitrii]

No. PSP do not guarantee refund to you. European banks can make refund 100 000 EUR

 

[Dmitrii]

You can find necessary PSP or bank with LAVR"dot"INFO

 

[Martin Everson]

There is no EMI you would trust your life nor is there any bank, if you are stupid there is or if you have interest in promoting a EMI there is otherwise forget it. No of the financial services in this world is worth to trust your live. Never erver do that!

Exactly.

Banks and EMI's have ZERO respect for the client at the end of the day. You are just a number and a P/L figure to them. They will drop you in a second even if you have been with them a life time. Never ever ever ever ever trust a bank or EMI. Spread your risk around.

 

[Gediminas]

Banks and EMI's have ZERO respect for the client at the end of the day.

Yes and no. From a neutral point of view, there are businesses that care about its clients too. For that kind of business owner, EMI would be just like any other business. I understand you had a horrible experience with some of them, but you can not generalize the whole world.