Migom Bank (Dominica)

[MrTony]

Hi, guys!

I received the proposal by the opening of a bank account in another Dominica`s bank - Migom Bank Ltd.

Do you have any experience with account opening or working with this bank?

 

[Sols]

I have had some but very limited dealings with them. Can't comment on how they are on a day-to-day basis.

On the plus side, they have more than just a Dominica banking license. They have a wealth management business in Switzerland and other types of licenses/sublicenses in UK and Luxembourg as well. On the other hand, they are Russian, which unfortunately has proven problematic in past when it comes to banking.

I'd be careful but I wouldn't rule them out. Treat them like other Dominica-style offshore banks.

 

[Martin Everson]

On the other hand, they are Russian, which unfortunately has proven problematic in past when it comes to banking.

Russian?

Well good luck to anyone using them....lol.

 

[sullyferdinand]

I have had some but very limited dealings with them. Can't comment on how they are on a day-to-day basis.

On the plus side, they have more than just a Dominica banking license. They have a wealth management business in Switzerland and other types of licenses/sublicenses in UK and Luxembourg as well. On the other hand, they are Russian, which unfortunately has proven problematic in past when it comes to banking.

I'd be careful but I wouldn't rule them out. Treat them like other Dominica-style offshore banks.

Just to add

The name Migom is not trademarked in most of the countries where some companies (possibly not connected at all) are offering the ''bank account services'' using the same name such as Migom Advisory Group, Migom Limited, Migom LLC, Migom Investments , etc...

I would be extremely careful

And if they are really russian, best of luck....

 

[Marie Manila]

I cannot find any information about the fees on their homepage.
How much will be the account opening and maintenance for personal accounts?
And what's about SEPA or WIRE transfer costs?

 

[Gediminas]

 

[sullyferdinand]

View attachment 1363

where did you get this ''ecosystem chart''?
As per the official website migom.com, this are the affiliated companies

• DiMM International OÜ
• Migom Verwaltung AG
• General Capital Brokers Ltd

Migom Advisory group Migom Group | Международное финансовое консалтинговое агентство as far as i know, is just an introducer bringing customers to the real bank
This bank doesnt require any introducer, you can do it directly contacting Migom Bank

 

[Gediminas]

where did you get this ''ecosystem chart''?

From the bank.

 

[sullyferdinand]

Its really confusing that the bank shared that chart with you and at the same time their info@ email account confirmed

Migom Bank Ltd. is not connected with Migom Advisory Group by any contractual or ownership means with the exemption of an introducer fee arrangement. Migom Advisory Group is not managed or supervised by Migom Bank and we expressly disclaim any responsibility for the content of such websites and/or activities of Migom Advisory Group

At the same time, Migom Advisory Group is offering their assistance for other bank accounts as well, not only Migom in Dominica

As I was expecting, Its just another introducer and service provider, just using the same name of the bank and their logo in the website

Grey area...

 

[FinTech Avenger]

Its really confusing that the bank shared that chart with you and at the same time their info@ email account confirmed

Migom Bank Ltd. is not connected with Migom Advisory Group by any contractual or ownership means with the exemption of an introducer fee arrangement. Migom Advisory Group is not managed or supervised by Migom Bank and we expressly disclaim any responsibility for the content of such websites and/or activities of Migom Advisory Group

At the same time, Migom Advisory Group is offering their assistance for other bank accounts as well, not only Migom in Dominica

As I was expecting, Its just another introducer and service provider, just using the same name of the bank and their logo in the website

Grey area...

I don't think so. From what you've quoted it seems that they just want to distance in legal terms from their Russian consulting thinktank (and as a matter of a fact, those guys are Russians - I've seen their CEO on one of the crypto-related conferences).

From the point of the group arrangements they've made - well done, they've bought what they could out of budget of approximately 2-2,5 mil USD for the whole setup:
- Dominica banking license (they've acquired an existing one) for 1,2-1,5 mil USD - pretty useless, but what an old-fashioned romantic way to call themselves a banking group;
- Swiss financial intermediary company with SRO permit - more useful than offshore banking license In my opinion, but of course such entity can't provide "private banking services" - only a licensed bank can;
- EMD Agent status from a British EMI - that's the heart of their day to day payment ops, shielded by bank and SRO licenses;

I'm pretty sure that this scheme would allow them to be more flexible in terms of potential relationship terminations/correspondent account closures etc.

 

[tevalerie]

I cannot find any information about the fees on their homepage.
How much will be the account opening and maintenance for personal accounts?
And what's about SEPA or WIRE transfer costs?

I am also inquiring about them.. they emailed me their fees yesterday... if its ok with the moderator i will share them here but a corporate account is 2500 Euro. I like in St. Kitts and Nevis but i am also skeptical... seems like a new Fintech Company really but my business partner wants to give them a try for payment processing because we are launching a jewelry exchange which would be deemed high risk. So just to underwrite merchant banking services and use plugnplay as the main processor.

 

[Gman1141]

I have an account with them. So far it's actually the best offshore account I have, I am using them for my corporate account which I started with little until the comfort level was there and now I have my personal private and corporate. Can't complain, seems they have a good reputation and do what banks do, hold my money and allow me to transfer it where it needs to go. Pretty nice setup.

 

[Silvio]

I have an account with them. So far it's actually the best offshore account I have, I am using them for my corporate account which I started with little until the comfort level was there and now I have my personal private and corporate. Can't complain, seems they have a good reputation and do what banks do, hold my money and allow me to transfer it where it needs to go. Pretty nice setup.

Gotta love new users whose first message is praising some new obscure bank ...

 

[Martin Everson]

Gotta love new users whose first message is praising some new obscure bank ...

An obscure Russian one as well.....lol.

 

[Arish]

Hello everyone, my name is Arish, wanted to share my experience with Migom bank. Have had my corporate account with them for a number of months now and can only complement them on the versatility and crypto friendliness. The manager I was assigned was actually from Switzerland himself and always provides the best service including very timely responses, discounts and management tips. If anyone is interested message me and I would be happy to share his details.

 

[Gman1141]

Gotta love new users whose first message is praising some new obscure bank ...

I don't understand the negative response, my bad I do business with the bank that is being discussed. I apologize for speaking the truth instead of conspiracy theories of people guessing if the bank is good or bad, I am definitely pleased. I have been screwed by an offshore bank so when a new one does a good job it stands out, considering it looks like they have more licensed groups than any other offshore group I have seen in quite some time and it also means there is a good chance my money isn't going to just vanish, if I payed attention to actual licenses previously I would still have the 250k that vanished like David Blane...

 

[Martin Everson]

Hello everyone, my name is Arish, wanted to share my experience with Migom bank. Have had my corporate account with them for a number of months now and can only complement them on the versatility and crypto friendliness. The manager I was assigned was actually from Switzerland himself and always provides the best service including very timely responses, discounts and management tips. If anyone is interested message me and I would be happy to share his details.

....and we have yet another new user and first time poster gushing over this obscure bank like the the forced/fake EPB reviews on trustpilot. You can't make it up .

P.S I know your watching this thread Migom Bank as this thread ranks 2nd only to migom.com itself in search results. I know you want to protect your reputation or SCAM from your MOSCOW office but this aint the way to do it my friend. Creating accounts with obviously fake over the top gushing praise doesn't work. Just open a genuine account here and defend yourself....lol.

I would advise anyone to STAY AWAY from Migom bank.

 

[Sols]

And of course @Arish just liked @Gman1141's post. That's certainly not suspicious at all.

If anyone was on the fence about Migom Bank before, this should tip the scale.

Next time, try to be a little more subtle. Put more effort into your fake accounts.

 

[Arish]

Offshore banking is not a black and white industry and I don't want anyone to encounter the problems I had in the past. Therefore as their client all I can do is recommend them, also unless you actually have an account with them your badmouthing is unsubstantiated. So @Sols how can you criticise a company never having tried their service?

 

[Sols]

Offshore banking is not a black and white industry and I don't want anyone to encounter the problems I had in the past. Therefore as their client all I can do is recommend them, also unless you actually have an account with them your badmouthing is unsubstantiated. So @Sols how can you criticise a company never having tried their service?

I'm not criticizing your services. I'm criticizing this dodgy way of marketing you've chosen.

The bank that you represent might be fine. But you know what's not fine? Fake reviews from fake customers.

Focus on normal business development instead of this deceptive method which is clearly just backfiring. It always backfires when companies do this, at least this poorly.