IUBank Puerto Rico

[Giorgiogori]

Hi, does anybody knows anything about this bank? IUBank
It was in Panama since 1981 previously and from 2017 moved to Puerto Rico.
Accounts in USD-EUR, debit card in USD.
Have asked them statements but never got them.
Any hints on reliability etc?

Thanks

 

[latindev]

I haven't use it but just so you know, it's a international financial entity not a bank. You can see it here https://ocif.pr.gov/Consumidores/Lista Concesionarios/Entidades Financieras Internacionales.pdf

Financial entities have less regulations and Puerto itself has pretty low regulations in terms of banking

 

[Giorgiogori]

Thank you, i know it is a financial entity, i am wondering if it could be reliable, as i have opened an account and asked for financial statements but they are not sending them at all. So this makes me think they are not in good shape..

does Anybody has a clue?

 

[Piano]

Almost 40 years in business , you would expect them to be reliable….

 

[latindev]

Almost 40 years in business , you would expect them to be reliable….

You mean like the ~40 years Madoff Investment Securities LLC?

Thank you, i know it is a financial entity, i am wondering if it could be reliable, as i have opened an account and asked for financial statements but they are not sending them at all. So this makes me think they are not in good shape..

does Anybody has a clue?

Well being fair... Why would they send data to a random client?

 

[csp dubai]

is public information i think you can find them on line

 

[Giorgiogori]

Almost 40 years in business , you would expect them to be reliable….

Thats a good point but never know now ..

is public information i think you can find them on line

Nothing at all online, the only one is from 2016

You mean like the ~40 years Madoff Investment Securities LLC?


Well being fair... Why would they send data to a random client?

They do investments, loans and deposits, also payment oriented, have SEPA and accounts in EUR-USD.

I think banks should disclose their financial data like quarterly statements, audits etc to their clients ..
Should not they? Honestly i dont know but i think they should send them to clients who have a deposit already.

Hiding them alerts clients on their reliability no?

 

[Clearsky Network]

What makes this bank so interesting for you? There are plenty of other options...

 

[latindev]

They do investments, loans and deposits, also payment oriented, have SEPA and accounts in EUR-USD.

Credit Suisse and Silicon Valley Bank too, but unfortunately that says nothing of how reliable a bank currently is.

I think banks should disclose their financial data like quarterly statements, audits etc to their clients ..
Should not they? Honestly i dont know but i think they should send them to clients who have a deposit already.

I think the same, but one thing is what we think and another one is what others will do and let's be real... If they don't publish the statements/audit they won't send it to some random client.

Hiding them alerts clients on their reliability no?

Yes and no

 

[Giorgiogori]

What makes this bank so interesting for you? There are plenty of other options...

Hi, it is the only one i could find in Puerto Rico offering eur accounts and usd card with reasonable rates.
I like Italbank but their correspondent bank is in my country so i think it could be a risk.

Do you see other options?

Thanks

Btw, the question is also about Puerto Rico now.. After EPB, SIB etc, how safe it is to open accounts at international banks/entities when the regulator is tightening control so much ?

 

[Piano]

Hi, it is the only one i could find in Puerto Rico offering eur accounts and usd card with reasonable rates.
I like Italbank but their correspondent bank is in my country so i think it could be a risk.

Do you see other options?

Thanks

Btw, the question is also about Puerto Rico now.. After EPB, SIB etc, how safe it is to open accounts at international banks/entities when the regulator is tightening control so much ?

In which country does Italbank have the correspondent bank ?

does Italbank offers an IBAN account for euro ?

have a look at www.zenusbank.com and www.fvbank.us

 

[Clearsky Network]

Hi, it is the only one i could find in Puerto Rico offering eur accounts and usd card with reasonable rates.
I like Italbank but their correspondent bank is in my country so i think it could be a risk.

Do you see other options?

Thanks

Btw, the question is also about Puerto Rico now.. After EPB, SIB etc, how safe it is to open accounts at international banks/entities when the regulator is tightening control so much ?

FV Bank? Bank DIB? I have a few clients using this bank and they are happy. I dont think its cheap though...

 

[Giorgiogori]

In which country does Italbank have the correspondent bank ?

does Italbank offers an IBAN account for euro ?

have a look at www.zenusbank.com and www.fvbank.us

Hi, Italbank correspondent for Eur is Intesa (Italy).
Has debit cards in Eur which is very difficult to find right now in Puerto Rico.


I did have a look at Zenus and FV but they operate in USD only.

Thanks

FV Bank? Bank DIB? I have a few clients using this bank and they are happy. I dont think its cheap though...

They are USD only, i need an account in Eur.

Do you think it could be a problem getting some income (no big deal) over Italbank being resident (and with registered address) in the same country of their correspondent?

Bank DIB has Eur, will ask for cards..
Thanks

 

[Clearsky Network]

Hi, Italbank correspondent for Eur is Intesa (Italy).
Has debit cards in Eur which is very difficult to find right now in Puerto Rico.


I did have a look at Zenus and FV but they operate in USD only.

Thanks



They are USD only, i need an account in Eur.

Do you think it could be a problem getting some income (no big deal) over Italbank being resident (and with registered address) in the same country of their correspondent?

Bank DIB has Eur, will ask for cards..
Thanks

DIB bank has EUR.
I think it should work, but always good to check directly with them.

I have a contact of one of the partners, get in touch with me, can check the details for you if interesting.

 

[Giorgiogori]

DIB bank has EUR.
I think it should work, but always good to check directly with them.

I have a contact of one of the partners, get in touch with me, can check the details for you if interesting.

Thank you, DIB offers accounts and cards in EUR, confirmed from their customer service.
They look very responsive

Reliable entity as far as you know?

 

[Clearsky Network]

Thank you, DIB offers accounts and cards in EUR, confirmed from their customer service.
They look very responsive

Reliable entity as far as you know?

Yes to the best of my knowledge they are very good and they are very customer service oriented.

 

[Piano]

Bankdib fees look like a complete ripoff

https://www.bankdib.com/wp-content/uploads/2023/06/Account-Fees-EUR_Personal_Deposit-DIB.pdf

 

[Giorgiogori]

Bankdib fees look like a complete ripoff

https://www.bankdib.com/wp-content/uploads/2023/06/Account-Fees-EUR_Personal_Deposit-DIB.pdf

They are expensive compared to IUBank and Italbank (both latam oriented) . What i dont like most is the 80 Eur monthly service.

What was your question about client's banking? I did not understand if question was for me or @Clearsky Network

Btw, if somebody has info about IUBank reliability or any other reasonable/ reliable bank/entity/emi that offers EUR accounts and cards please share ..
I am trying to avoid getting into an interstellar tax bracket keeping some leftovers from being exchanged automagically.
So Puerto Rico would do even if i have still got some 8k stuck in EPB but i am considering also other solutions.

Thanks to everyone discussing

 

[Giorgiogori]

What about CBIBANK or EURO EXCHANGE BANK?
They are both EUR

Anybody has a clue?

 

[Piano]

What about CBIBANK or EURO EXCHANGE BANK?
They are both EUR

Anybody has a clue?

do they offer your own IBAN account or is it a euro sub-account ?