Is paxumbank reliable?

yektayargi

New Member
I want to open an account at Paxumbank. Are they reliable? Does anyone work with them? mobile apps are currently closed. I live in Turkey. Can you suggest another virtual bank where I can get my money from porn? give me some word :)
 

Flatworld

Building Trust
Entrepreneur
depends on how much money you want to keep with them...usually this kind offshore bank is using as transfer account, not to keep money~as there's no deposit insurance
 

Sols

Trusted Member
Business Angel
There are a lot of threads and posts here asking about PaxumBank. But it seems that no one is actually going so far as to opening an account with them.
 

happyjohn

Corporate Services
Business Angel
Entrepreneur
Mentor Group
There are a lot of threads and posts here asking about PaxumBank. But it seems that no one is actually going so far as to opening an account with them.
I will try it as the next one in my chain tomorrow, but how would I find out if I can trust them without to risk my own personal money there?
 

Sols

Trusted Member
Business Angel
There is always a risk when you use a bank. The only actually safe way to store money would be in cash in a vault with impenetrable security. Banks fail. However, you typically have more protection and stability in larger banks and larger jurisdictions.

It's an offshore bank registered in a dodgy jurisdiction that barely regulates - let alone supervises - its banking sector, and Paxum Bank has very strong ties to cryptocurrency, and accepts high-risk businesses.

All the signs point to Paxum losing correspondent accounts quickly once they grow in volume, at which point the bank can't operate smoothly anymore. Fees will start going up as they resort to desperate, expensive solutions.

Offshore banks such as Paxum are a dying breed.
 

Marie Manila

Building Trust
Entrepreneur
Some month ago I wanted to open an account with them.
I sent them an email before applying because I had some questions regarding their fee table.

They have never responded.
So be careful.
 

joseph15

Building Trust
Entrepreneur
Some month ago I wanted to open an account with them.
I sent them an email before applying because I had some questions regarding their fee table.

They have never responded.
So be careful.
yup, they never responded to me either. What's up with these offshore banks?
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
I would say to avoid paxumbank now. I was optimistic about them but they seem like a waste of time. Just imagine having money there and they don't get back to you :oops:.
 

Admin

Forum Moderator
Staff member
I would say to avoid paxumbank now. I was optimistic about them but they seem like a waste of time. Just imagine having money there and they don't get back to you :oops:.
Whar would be your suggested alternatives if a real bank account isn't an option :) ?
 

Martin Everson

HNWI Offshore Consultant
Business Angel
Mentor Group
Plenty of other legit Caribbean offshore banks such as CIBC FirstCaribbean etc. Paxum Bank is new and I cannot see how they will compete in the space with poor customer service or failing that no legitimate banking background.
 

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