I can personally say that Migom is all about money (that is, getting it into their hands). When applying for an account, they requested an account opening fee of 4000 euros but I'd previously seen documentation elsewhere where their account opening fee was 2500 euros - see page 13 of Migom's overview
here. I later discovered that they have an affiliate program and pay their affiliates huge incentives. So if I paid the 4K, 1500 would have gone into the pocket of some unknown affiliate at my expense. That was not a good first impression for me but it explained why the representative kept trying to contact me.
I later discovered through a friend that Migom easily onboards unregulated institutions without question so they can cash in on the account opening fee. However when payments start coming in, the account is suspended and Migom then requires the account to have a deposit/balance of 250K. Either that, or use their sub-license for a huge monthly fee, which can run up to 20K per month.
I don't think they are really a bank either, otherwise they would be able to issue IBANS in the name of the account holder. This was not my friend's experience with Migom. Simply put, he said that Migom is not a good institution to bank with.
I have been contacted by their representatives many times
And I have as well. It's certainly not the norm for a bank to pursue applicants so aggressively, but I now understand why. My understanding is that Migom will take your money first, then ask questions later.
