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Migom bank withdrawal issues

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lots of lizards

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Apr 13, 2023
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#1
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I have used Migom bank since 2021 with no issues, but now I am having major issues with outgoing wire transfers and crypto transfers.

They keep stalling me and telling me it’s ‘with the compliance dept’ (and has been for 6+ weeks). I think they are having issues with their corresponding bank (or just don’t have one at the moment) and wondered if anyone else is having similar issues
 
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#2
Yes, since January everything stopped, and they are doing everything to stall things - "compliance", then "wait a few more days", etc. Then you'll have no communication at all, wait for it :)
They started to have serious problems with their Swiss correspondent bank last October. Now they are disfunctional, and no solution is on the horizon. Jail time is awaiting their management unless they return us our funds.
 
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#3
Thanks for your reply. This is exactly what I have been experiencing and I started this thread having not read the comments posted today on the other thread.

As you say, I am being stalled (please stand by is a phrase used a lot). What makes it worse is that if these issues have been ongoing since October, they accepted a large payment into my account in January, seemingly knowing that there would be no mechanism in place to make outgoing transfers.
 
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#4
Yes, greedy bastards. They do have limited ability to move funds and most probably full ability to move crypto, but they want to keep it to themselves until they unfreeze what they have in Swiss bank. So, they could and should give us our money back (precisely that - not to 3rd parties), correspondent would agree to that, but they CHOOSE not to because they want to survive, greedy bastards. And all that after taking crazy fees for some years. I start to really want to see ALL of their management in jail for all of this, and unless they start doing something, I will do my best to make sure that happens.
 
#6
What Swiss correspondence bank are they using? ns2
 
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#7
I have just read up about Euro Pacific- I really hope this isn’t the case and they can resolve the issues without such a big drama.

I’m pretty sure they don’t have a functioning correspondent bank relationship at the moment….
 
#8
Incore was their corr, when the problems started. I have information about 10 days ago they made a deal with a new corr bank (I do not know which), and were _supposed_ to start functioning again. So far it didn't materialize.

What happened with Euro Pacific and how they handled it is actually an example of how it's _supposed to be handled_. As far as I know, nobody lost their funds.
 
#9
Ah, that’s interesting. I called yesterday and was told that they did have a correspondent bank but that verification was ‘taking longer than expected’. Hopefully they will get this sorted out and all will be well. I have used them without issue since 2021 and was pleased with the service I was getting so fingers crossed they get through this and can start functioning again.
 
#10
I am using them since 2019, always had problems - delayed transactions (in and out), lost payments _every single month_. On top of all that crazy fees - and when we requested for special fees for high value transfers whey stalled response until the moment we couldn't wait. So, crazy greedy people. I wouldn't trust them again. Stay away. And unless they start functioning within the next week or so, they MUST start the liquidation process. If they won't, that's a criminal offense.
 
#11
commonsenseguy said:
Incore was their corr, when the problems started. I have information about 10 days ago they made a deal with a new corr bank (I do not know which), and were _supposed_ to start functioning again. So far it didn't materialize.
Click to expand...

That's a credible Swiss bank. Surprised they were able to use them. Establishing a new correspondence relationships takes time so I wish them good luck.
 
#13
lots of lizards said:
I have used Migom bank since 2021 with no issues, but now I am having major issues with outgoing wire transfers and crypto transfers.

They keep stalling me and telling me it’s ‘with the compliance dept’ (and has been for 6+ weeks). I think they are having issues with their corresponding bank (or just don’t have one at the moment) and wondered if anyone else is having similar issues
Click to expand...
Same here, have used them since 2021 and was functioning more less ok until mid Jan this year. Its looking pretty awful.
 
#16
They mean that I must have a USDT acct with another institute for returning the balance, But that is not so easy to get for offshore co. And for what reason must I only get my money back like this ? I hold normal usd on my acct ! Are they actually trying to confiscate my funds?
 
#20
yes, sure will. If you read what the Migom Ceo wrote as they invested in a Baltic International Bank and soon after , that Baltic Bank was closed down by the Baltic State authoroties for not following regulations . Thats the same dates when Migom stopped working correctly..mid January2023
 
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