LeuPay.EU - Review please is it a good offshore bank?

[JohnLocke]

What was the answer if I may ask? maybe you can copy / paste it here?

 

[K12AN]

I phoned them...as they didn't respond to my online request

 

[Educate]

Does both LeuPay private and corporate accounts report to beneficiaries / owners tax authorities?

Do they report incoming / outgoing sums or only end balance at end of the year?

 

[Tamarind]

Depends what country you are in and does Malta have agreements with sharing info. Reporting is total annual in/out, not every single transaction, unless requested by your Tax Authorities.

 

[Internationaloff]

Does both LeuPay private and corporate accounts report to beneficiaries / owners tax authorities?

Do they report incoming / outgoing sums or only end balance at end of the year?

Hello.
Leupay reports automatically clients and account information to the tax authorities.
Account balance as of the end of the previous year.

 

[Educate]

You sure they report only balance? Seems super easy to circumvent. Just keep the balance 0$ at end of year. Is it really that simple?

 

[Tamarind]

As far as I can remember chatting to a staff there, its annual income/outgoings and balance, agree that balance looks like a joke, spend or remove it all on Dec 30, report 0 on Dec 31, return everything Jan 1.

 

[Educate]

I'm pretty sure they will report incoming/outgoing balance of the account. Otherwise it would be way too easy to circumvent.

 

[Kumar Shrimali]

Leupay now wants video verification for account opening, is there any other EMI which gives virtual card + add fund through credit card without verification documents ? Please help

 

[Tamarind]

Why would anyone let you use them with no docs? They have rules too to operate. They are not a car garage.

 

[Meister]

Leupay now wants video verification for account opening, is there any other EMI which gives virtual card + add fund through credit card without verification documents ? Please help

Hello,

Can you confirm again, that Leupay now have Video verification?
Thanks.

 

[Kumar Shrimali]

Yes , leupay now requires video verification.

 

[jryan54]

Hello,

Can you confirm again, that Leupay now have Video verification?
Thanks.

I managed to get in just before they changed that but my friend had to undergo video verification so not a good option for other methods anymore.

 

[Dimitris]

I have personal and business account in Leupay.
Leupay (Satabank PLC platform for MT IBAN or UniCredit Bulbank for BG IBAN) is a very good service (SEPA, SWIFT, Mastercard, Merchant, Internal Transfer and other services). Leupay is based in Malta and reports automatically clients and account information to the tax authorities (CRS).
Leupay don't accept Panama as country.

Hi my friend, your replies were extremelly helpful and thank you!

I need to ask you if you know, if they can block your money in case that you have issues with your countries tax office. For example, I have a debt for a car that I didn't pay Circulation taxes from 2012. This debt, along with the fines came up to a total of 8000€. And they started taking money from my bank account here in Greece.
So the only reason that I'm starting a Leupay account is to avoid loosing money that I send form Paypal to my account.
Will I be safe with Leupay or thay can also take my money on behalf of Greek tax authorities?

Thank you in advance!

 

[Tamarind]

If your country issues a block request and asset seizure to LeuPay once they get a report form your account, of course LeuPay will block you, they have to comply, especially for a Gov. request, its part of a compliance Banking Law.

 

[pug1]

HI there, interesting information. I am awaiting confirmation of account set up with LeuPay. I am not that concerned with hiding the money from my local tax authorities but am concerned about the withdrawal limits.

I read that these can be increased. I am expecting large sums to be deposited. Although initially I wouldn't withdraw, eventually I would want to. Let's say I have more than USD 1 million (ad it could be more) and I want to use it for a new business venture. I wouldn't want to wait 10 months to withdraw the funds. Is there a way around that?

 

[mrau]

HI there, interesting information. I am awaiting confirmation of account set up with LeuPay. I am not that concerned with hiding the money from my local tax authorities but am concerned about the withdrawal limits.

I read that these can be increased. I am expecting large sums to be deposited. Although initially I wouldn't withdraw, eventually I would want to. Let's say I have more than USD 1 million (ad it could be more) and I want to use it for a new business venture. I wouldn't want to wait 10 months to withdraw the funds. Is there a way around that?

I wouldn't trust LeuPay with any significany amount of money. They were proven (in this and other forums) not to be reliable or trustworthy for that purpose (they are indeed great handling very small amounts). LeuPay is said to overnight freeze the accounts for any reason/allegation they want, do not reply e-mails or calls (while keeping the funds), then say that they will hold the money frozen for at least 6 months for "investigations", and after those (or more months) if you are lucky and aquitted from their accusation, they offer to return the funds only to an EU based account and only in your own name.
Be careful

 

[pug1]

So what to do, where to go? I need merchant and bank services for a totally legit raffle. I'm selling artwork and with the purchase of art the purchaser is entered into a draw to win a prize valued at USD 1 million.

Who knows where to go for this? If Luepay doesn't work I'm wasting my time.

@mrau are you speaking from personal experience? Has anyone had similar experience? Has anyone dealt with them with higher amounts?

 

[Tamarind]

If your business is clean and legit, you would go to a normal Bank with $1M turnover. You think LeuPay or any other EMI will not smell what you are doing? No one buys here the concepts of prizes, winnings, draws and other "dreams", let alone a Bank, get real.

 

[mrau]

So what to do, where to go? I need merchant and bank services for a totally legit raffle. I'm selling artwork and with the purchase of art the purchaser is entered into a draw to win a prize valued at USD 1 million.

Who knows where to go for this? If Luepay doesn't work I'm wasting my time.

@mrau are you speaking from personal experience? Has anyone had similar experience? Has anyone dealt with them with higher amounts?

No, I'm not speaking from personal experience. After all the worrisome reviews I've read everywhere about "LeuPay + considerable amounts of money", I never trusted them more than a few bucks. As far as I see, most (if not all) EMIs are quite the same. Wonderful for paying your home utilities and tiny daily expenses but to fear for handling transactions over a very few thousands.