PNB Banka (former Norvik Banka) anyone ?

[Evidence Alpha]

I need to prepare a few plan B ahead of time.

Used to be recommended by <<snippet>>. Could it be the “best” option from Latvia ?

Remote account opening not possible, but can meet representatives abroad like in London.

Fees a bit on the pricey side...

Сharges - AS "PNB BANKA"

pnbbanka.eu

Otherwise, are they reliable ?

 

[lookingforward]

Any option from Latvia is not the best right now. Latvian banks get investigated and PNB will be in that list as well, as owner is Russian guy

 

[Evidence Alpha]

I don’t plan on keeping sleeping money there, only use it as a temporary hub between other accounts.

It’s just I can’t make up my mind to work with partners such as CIM Bank (fees all over the place, even worse) or EuroPacificBank (not enough functional)

 

[Suzy Emerald]

If you use it as a hub, why dont you use an EMI? Reading PNB fees and charges it reminds me very much of Rietumu, even the wording.

 

[Evidence Alpha]

Indeed, same zone, approximate look-a-like. Their service + e & mobile banking are reported to be efficient. They’re also an InteractiveBrokers white label (+MetaTrader) for trading purposes.

I have been using PaySera & LeoPay with satisfaction, but I plan to scale up and transfer in & out amounts of 10 thousands now, and I read that EMI’s cannot bear this level of activity without asking much documents, freezing transactions or even closing accounts.
Actually, I’d like to find out before testing it out (was already banned from TransferWise, I’m not sure why).
If anybody can comment with precision what to expect from PS & LP regarding high volume, it would be much welcomed to help me take a decision...
I’m okay to pay a little more than usual (EMIs) as long as the business remains hassle free when building it up

 

[Martin Everson]

Stay away from PNB Banka and Latvia in general.

When the head of a countries central bank is accused of wanting to be paid a bribe then the country is lost .

Reuters | Breaking International News & Views

Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage.

uk.reuters.com

 

[Mr Magoo]

Rietumu was also efficient and had was white label with IB... EPB loves to see your money coming in but doesnt like money leaving the account and will start complaining about this an may close your account for it. I would trust CIM more than PNB with my money, so it may be worth the extra costs.

 

[Evidence Alpha]

Okay, thanks for the warning notices. I escaped the Nemea Bank failure so I can understand this argument.

I used to be a client of UBS when I lived in CH, but mistakenly closed it, now much harder to reopen from abroad. Between UBS and CIM, the conditions are night and day, so I’m having a bit of a hard time to admit the downgrade.

 

[Martin Everson]

EPB loves to see your money coming in but doesnt like money leaving the account and will start complaining about this an may close your account for it.

Thats because they probably convert your cash to USD and stick it in overnight deposits with correspondence bank to earn income. Then they complain when they have to break the deposit and convert it back to make a payment out as they lose interest income . Otherwise it is a straight ponzi as a non-fractional bank should not complain when you want to make outbound payments .

 

[Mr Magoo]

Well, in general, people go to banks like EPB, CIM, PNB if they are not able to go to UBS and similar A rated banks. So I assume the jurisdiction of your company or type of business has somehow to do with this?

EPB makes you feel it is almost a crime if you want access to your money.

 

[Martin Everson]

I used to be a client of UBS when I lived in CH, but mistakenly closed it, now much harder to reopen from abroad. Between UBS and CIM, the conditions are night and day, so I’m having a bit of a hard time to admit the downgrade.

I kept my UBS after I left CH . I told them the move abroad was temporary but never went back.

 

[Evidence Alpha]

@MrMagoo

EPB loves to see your money coming in but doesnt like money leaving the account and will start complaining about this an may close your account for it.

This comment could have been made about the andorran banks. Exactly that. They want to be the end destination instead of serving as a “bridge” account. They all asked me to leave after performing a simple transfer (sometimes even before, just speaking of it) to good reputation forex brokers. The last one was more tolerant, then crypto killed it (once).
In general, they become extremly paranoid about any movement just a tiny bit unusual, even regarding regular trading business, since they’re more private than corporate banks after all.
I am unable to suffer from this behavior anymore, hence why I’m searching an escape.

 

[Evidence Alpha]

EPB makes you feel it is almost a crime if you want access to your money.

In Andorra, I felt this way, “monitored” by preying eyes, anxious about my own actions, which I was doing just fine in France or Switzerland, without questions asked.

 

[Evidence Alpha]

The collapse of BPA, due to the US acting based on corruption allegations, even made things worse.

 

[Martin Everson]

The collapse of BPA, due to the US acting based on corruption allegations, even made things worse.

I know I was customer with numbered account with BPA

 

[Mr Magoo]

well, maybe open multiple EMI's and bank accounts in order not have to many transactions with one bank. Doing a high number of transactions for high amounts will attract attention anywhere in 2019....

 

[Mr Magoo]

regading CIM: for the extra costs compared to PNB at least you have a 100.000 CHF deposit insurance in case things go south

 

[Evidence Alpha]

Okay, understood, heard you.

Unfortunately, I don’t have access to much EMIs accepting Andorra (non EEA country) are very few to my knowledge : PaySera (but now they got an issue with SMS codes not being received to mobile phones here, that they cannot fix, blocking actions), LeoPay & MisterTango.
bunq, Revolut, N26 (all crypto friendly more or less, by the way, Revolut a little less with some exchanges’ restrictions due to their partnership with Bitstamp) don’t service Andorra.
Banks are more opened, but certainly not the french ones (tried and tested, first they agree then they kick you out really quick, fricking out)

 

[Mr Magoo]

sorry all my messages, I have not much to do this Saturday. I personally use my IB account to transfer money to and from and stash away considerable amounts. Works for me a bit like a bank account. IB is used to work high amounts.

 

[Evidence Alpha]

regading CIM: for the extra costs compared to PNB at least you have a 100.000 CHF deposit insurance in case things go south

Indeed. Also, I’d have more faith in this swiss protection scheme than the FSCS european one. But again, I won’t let money sleep at CIM at all, just a hub used as transition to trading brokers in Europe principally (1 in the USA), so not much a selling point for me Some trading brokers (Darwinex) already offer me 500k GBP protection on deposits with insurances from Lloyds

edit : yes, I should consider IB as hub more in depth, but my trading really happens at Tradovate to even save further on volume than IB. Maybe if I use IB a little, maybe