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New Bank in BVI for offshore companies launched.

Martin Everson

Offshore Retiree
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Jan 2, 2018
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Hi All,

There is a new that has been established in the BVI to address the needs of offshore companies and their owners. Just in case you are a high value person or business and have connections with Asia in particular this bank has opened up for you. The bank is called Bank of Asia. The bank is offering personal accounts and corporate accounts with a focus on opening accounts for BVI companies but will in future support trusts, brokerage services etc. They are not cheap so if the fees are too much you are probably not their target customer....see fee link below. Currently the bank only offers USD currency accounts and services are really limited to wires it seems. The bank was licensed last year but is now taking on clients on a limited basis since last few weeks. You can open an account from anywhere as long as you have internet access and a smart phone or computer with camera and video functionality.

I am not affiliated with the bank but understand this maybe of interest to people considering setting up a BVI company and needing a bank. Please direct any questions you have directly to them and let us know how you get on.

Bank of Asia


Their fees are below

Bank of Asia

Faq Page

Bank of Asia
 
I can imagine they got endless queries from crypto investors from Asia. ;)
 
Nice found i ll give a try .
They are expensive an i appreciate it . All those emi almost without fees are non trustable. Their business is to take a lot of customers and then F.... them. ( it s understable since they havent eaten on you , no bank/emi will live with free transfers, free cards etc... )
 
Nice found i ll give a try .
They are expensive an i appreciate it . All those emi almost without fees are non trustable. Their business is to take a lot of customers and then F.... them. ( it s understable since they havent eaten on you , no bank/emi will live with free transfers, free cards etc... )

Glad you get it. Basically I agree 100% with what you say. If I use an EMI or bank and cannot workout how they make their money as they are offering no monthly fees and low cost SEPA wires etc then be very worried. nai¤%

Companies like Revolut, Mistertango are all running at a MASSIVE loss....lol. MisterTango at least has taken steps to address this with new fee structure. Revolut however is making no money if you look at their last UK filing in 2017. They made a near £7m loss annual loss in 2016 up from £1.7m in 2015.ja334¤¤# None of these EMI's including Transferwise are making any real money while people enjoy free banking. Yes it maybe the usual J curve in startups but deliberately running your business at a loss just to get freeloading customers is not sustainable over the long term....lol.

Revolut Filing
REVOLUT LTD - Filing history (free information from Companies House)

Transferwise Filing
TRANSFERWISE LTD - Filing history (free information from Companies House)

There is no such thing as free banking - just companies running their business at a loss to get market share. Then they either later raise more capital, sell the business it or go bankrupt....rant over. smi(&%
 
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right Martin, or sale of business or bankrupcy but you know.... there is no a lot of miracles :)
I have never felt so good when cyprus bank 6-7 years go was taking from me 1500-2000 euros per wire transfer, i knew that if they eat they will not F.... and they never F... me.
 
News? Somebody opened successful account with them?

I see they have still the remittance issues mentioned on their website like couple of months ago.

I think about trying to open account with them because of the waived 1,000$ opening fee.
But I'm not sure what to think about there USD loss within the first weeks of start.

Any thoughts?
 
They have no currency processing ability I believe as they only offered USD. Anyone opening an account will have an account you can neither send money too or send money from. However it will be free of charges until June.
 
I'm afraid that will never happen. Almost anytime a bank or emi lost some of their facilitated services they never come back.
 
The picture is bleak for them. Chances are the bank will be sold to another banking player who already has correspondence relationships available.
 

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