My Experience with Rietumu Bank please read!!!

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by cosmo, Jan 23, 2015.

  1. ak2000

    ak2000 Member

    Same here. All of my USD balances were transferred into EUR overnight with to prior authorization and then all funds frozen the next day by "compliance" (cannot make inbound nor outbound payments)

    They sent a couple of hastily written messages in very bad English. Been them for 5+ years, it's very unlike them. Spoke to a them on the phone, they didn't really know what was going on, there was a lot of noise and shouting in the background, my account manager's phone line (previously very available when called), was allegedly always "engaged"

    They allegedly need to perform "enhanced due diligence" on the account. Provided all required documents (within 24h) to get the funds out ASAP, no reply so far.

    There is something going on with this bank, and it's NOT good things........
     
  2. Admin

    Admin Forum Moderator The Forum Cleaner

    Do you still communicate with them or did you leave them and headed towards another bank?
     
  3. GlobalAdvertising

    GlobalAdvertising New Member

    Do not use this bank, they having big issues and froze all my funds.
     
  4. ak2000

    ak2000 Member

    I have to communicate with them (including hiring some badass lawyers) as they froze multiple six figures of my funds and heading somewhere else the second I get the money out
     
  5. ak2000

    ak2000 Member

    @GlobalAdvertising how long ago did it happen for you? last couple of days?
     
  6. The24

    The24 VIP Member Mentor Group Sponsor

    I have 3 desperate customers,
    all three had the following and identical problems:

    1. It is no longer possible to pay in USD
    2. USD accounts converted into EUR
    3. Account closure
     
  7. ak2000

    ak2000 Member

    @The24 Identical situation here. All in the last couple of days.
     
  8. The24

    The24 VIP Member Mentor Group Sponsor

    For now the solution to get the money is:
    A - transfer to one of your current accounts
    B - Send the money to one of your customers who has paid
     
  9. ak2000

    ak2000 Member

    They froze my accounts unfortunately. Cannot make ANY outbound or inbound payments to ANYONE :(

    Crazy.
     
  10. call2vn

    call2vn New Member

    Same with me :)
     
  11. ak2000

    ak2000 Member

    To all those impacted by this: can you pls PM / follow me so we can bust their b**s together until the release our f*** money?
     
    Frank Delano likes this.
  12. call2vn

    call2vn New Member

    How long you already Due Diligence with Rietumu?
    We need take out the fund ASAP.
    THank you!
     
    Frank Delano likes this.
  13. ak2000

    ak2000 Member

    We all do my friend :)

    A couple of days, sent them pretty much as soon as they sent me that message...and you, how long since you sent the documents?
     
  14. diablo

    diablo Banned User Business Angel BANNED MEMBER

    I feel sorry for all of you guys that lost money with Rietumu Bank it seems they are on the way Down!

    Can anyone of you confirm that they provide all requested documents to them exactly as per their request and they still don't pay out the money to you?
     
  15. alex salc

    alex salc New Member

    Guys please contact me via PM to coordinate accounts openings at another bank and transfer the money.

    As the process is not so easy we will need to work togheter to find the best bank.

    Thanks
     
  16. call2vn

    call2vn New Member

    Anyone successful on closure account of Hong Kong company and received all money to another bank account.
    I am waiting for Rietumu enhanced-KYC than transfer all money to another bank account.
     
  17. pseud0

    pseud0 New Member

    @call2vn Where do you have another bank account? We still wait for the due diligence to be finished, however we are BZ company and looking for an alternate bank
     
  18. call2vn

    call2vn New Member

    I have another bank account in Hong Kong. But due diligence take so long time. I don't know how many days they will keep our money.
     
  19. pseud0

    pseud0 New Member

    Well, too many accounts are frozen. They clean up Latvian bank sector from so called shell companies. I guess it would take a couple of weeks, but truly hope they won't get broke and take our money with. I'd appreciate if other guys could share their experience, although this forum is public, so it would be better to share it in private but I do not see any PM solution.
     
  20. Flxy

    Flxy New Member

    ak2000, how is your Rietumu account?

    We are in a similar situation, after providing all requested documentation. Our income is very traceable and clean.

    I have a suspicion that they are deliberately holding accounts frozen as long as possible due to liquidity problems. It's a real "bank run" for them, if all shell-companies, as they call them now, would leave altogether.

    However, after 2 months notice of account termination, they are contractually obliged to release funds.. By 21st of May we shall see whether they go bankrupt (and we'll have to claim from deposit protection fund up to 100k EUR) or we are able to withdraw full amounts..
     
    ak2000 and call2vn like this.