Loyal bank in liquidation/Icard

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Pup

New member
Hello guys,

Really nice forum ! A quick question: we need to receive a little amount (around 1,7k) from Loyal Bank in Liquidation (it's a dividend from our past current account there), we currently work with Paysera, Icard and some other EMI; till now any problems at all. Due the small amount we don't want to open an other business account, do you think that Icard could be okay ? They'll pay in USD currency.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
USD is high risk for every EMI. Have documentation ready and only use the EMI you are willing to lose access too if things go wrong.
 

Pup

New member
Thank you Martin, yes I know it's too expensive and not convenient open a new account only for this transaction. Take into account that we have some other cost if we accept the dividend from Loyal Bank such as: documents certified and shipping cost.
 

karishi

Active Member
@Martin Everson so I received a mail today from Loyal Bank too I think I have around the same amount of money as Pup. I received a payment there from a client, and I actually didn't even ask to get the funds back. My understanding is that if they don't hear back from me, they will use my data on file for CRS purposes, which I would not want to, but I still don't have all the documents from the UAE as things are taking ages to get done. I also changed the company status from IBC to LLC so it's not the same company anymore, and I would definitely want to avoid issues with TW which is my only bank at the moment, I did all the KYC stuff in january and if you say that a USD transfer is dangerous. Can I simply give them my data and tell them to keep the money?I also don't think it would be wise to get started my relationship with a UAE bank by receiving funds from Loyal bank, what do you think? Should I open an account with advcash or something like that to receive the money?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Can I simply give them my data and tell them to keep the money?

It will most likely then become a dormant account and go to regulator to hold indefinately.

I also don't think it would be wise to get started my relationship with a UAE bank by receiving funds from Loyal bank, what do you think?

Don't bring near that bank then.

Should I open an account with advcash or something like that to receive the money?

Yes
 

Pup

New member
Hi guys from my point of view because I hold not a big amount with them, I give up .....
 

AG Doe

New member
I had 47k there and sent them all the final paperwork in April this year. They have just been blowing me off since.
 

sonato

Offshore Agent
Mentor Group Gold
I had 47k there and sent them all the final paperwork in April this year. They have just been blowing me off since.
still no new update?
 

AG Doe

New member
I have written three times in the past couple of months and got no answer. I already couriered all my original docs long ago so it isn´t looking good.
 

Pup

New member
I think, it's a difficult situation and it will be a really difficult to get a refund from them.
 

karishi

Active Member
Have send endless emails to them, no response any longer. better write off your money.
The funny thing is that when they started, it looked like there was money for everyone. Since I didn't want CRS issues I went above and beyond to tell them to keep my money and update my residence on file to Dubai as I had the EJARI as a Proof of Residence, probably wasted my time doing that
 
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AG Doe

New member
I wrote them over 3 weeks ago for the fourth unanswered time and just got this from Loysl today:
Dear Depositor,



We wish you a safe and happy new year.



Also, apologies for the delayed response.



As the review process of incoming documents from depositors progresses, and other matters continue to be examined, we do express our apologies for the length of time between our correspondence.



We are performing many final reviews of documents and will provide you with an update as shortly.



We thank you for your continued patience during this time.



Kind Regards,
 
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