SataBank Closed

[Tax Cow]

Big difference between brave and bravely stupid. The best his writings can accomplish is to push a little bit of laundering outside Malta, to other countries, and only for a little while. At the risk of losing an arm or a leg, if not more.

Laundering and laundry banks can be viewed as country's export article. If it's going to happen somewhere anyway, why not cash in on it? What else is there to do on an island of 500K outside the tourist season?

On moral grounds, it's hardly misconduct to grant everyone access to payments and the money system. I'd rather say the opposite of not granting everyone access to banking is wrong on moral grounds. The underlying crimes is the problem not the payments that follow.

 

[Martin Everson]

Laundering and laundry banks can be viewed as country's export article. If it's going to happen somewhere anyway, why not cash in on it? What else is there to do on an island of 500K outside the tourist season?

Very sad in 2020 to think this way.

 

[nitehawk]

Seems like SataBank was closed this morning with Ernst & Young to safeguard the assets.

Finally collected my money last week. Was a large sum. f*****g naysayers scared me.

 

[Martin Everson]

Finally collected my money last week. Was a large sum. f*****g naysayers scared me.

So how long did you have to wait in total?

 

[nitehawk]

Since October 21, 2018. It was good while it lasted. You guys were all saying we would never recover our money.

 

[Spinat]

Since October 21, 2018. It was good while it lasted. You guys were all saying we would never recover our money.

Yes, did you get any money from them yet?

 

[Martin Everson]

Since October 21, 2018. It was good while it lasted. You guys were all saying we would never recover our money.

So your happy to get back your blocked money after 1.5 years?

 

[rey skywalker]

i have to take 7000 eur from them , they ask me to copy the bible by hand , i did that but i received no answer hope is not like fmbe where money was stolen by cy central bank

 

[rey skywalker]

emi are much worst than banks , at least in bank i can talk to branch with someone

 

[JohnLocke]

i have to take 7000 eur from them , they ask me to copy the bible by hand , i did that but i received no answer hope is not like fmbe where money was stolen by cy central bank

What does that mean, sorry don't understand it?

 

[nitehawk]

Sata was sneaky from the beginning. I still remember the application asking do I want an ebanking or corporate account. I even emailed them to clarify. They were sneaky fucks from the beginning. But in the high risk industry it was great while it lasted.

 

[Tecno]

What do you guys make of Maltese Banks: FIM BANK (Easisave.com) and MeDirect Bank ? Are they reliable / trustworthy ?

@Martin Everson: you seam knowledgable about maltese banks, what are your thoughts?


Thanks

 

[Martin Everson]

What do you guys make of Maltese Banks: FIM BANK (Easisave.com) and MeDirect Bank ? Are they reliable / trustworthy ?

MeDirect is a core bank in Malta. However that is not saying much really. They now have mobile banking I suppose. However Maltese banks are no place to keep money or at least nothing above deposit protection.

FIMBank Maltese Bank....lol? It is a middle east owned bank and a non-core bank in Malta that specialises in trade finance. I suppose easisave is just to raise deposits to use for trade finance. Just make sure there is deposit protection on your money if you use them.

 

[reesek]

Banks will slowly die in the current environment. Most of their business models are unsustainable and they totally cannot compete in payments.

 

[DGTLOTC]

Reesek - please share your reasoning?

that’s a very big statement

 

[reesek]

Very simple.
What is a banking business model? Bank is a company, in a simple terms, that puts up 100 units of capital with central bank and can issue 1000 units of credit. It is also allowed to attract deposits at short end of the curve and allocate to long term paper or credits at the long end of the curve. In simple terms its a buy low sell high trading business where product is money. Using leverage.
The concept perfectly profitable when short term interest rates are much smaller than long term interest rates. In economics it's called steep interest rate curve.

In reality its not even flat. Its inverted. You got a situation when banks have to pay depositors for short term deposits 0.5% and cannot allocate at a much better rate (price) even for long term durations (look swiss negative 1% rates). Per year. US was a safer haven last decade but finally things will crack there too as 5 year rate is approaching zero. And payments bring in nothing but headache. All those overheads of sales/branches/compliance are totally impossible to finance from 5 euro / payment order price. Don't forget about potential risk of AML related fines (some banks ended up paying hundred years worth of operating profit in fines).

So in the end of the day we got a situation here in 2020 that +1 retail customer is a NEGATIVE cashflow contributor for a bank. What happens with those disincentives you can witness already. Even credible individuals residing in EU sometimes cannot get a bank account opened. For people outside of the EU it is not just worse. It is almost impossible to get a EU bank account.

 

[Marie Manila]

I have been at FIMBank recently.
The building was existing and we could enter there. You could compare the size of the building to SATA bank somehow, but a bit bigger, if I remember corretly.
In the entrance hall there was a janitor. She wanted to know, what we want there.
Told them, that we wanna go do Easisave to open another account there.
She called someone in the same building, but refused to enter. Easisave is an Online bank and we are not supposed to open an account in person.
So we got a business card and went out again.

I think, if we would liked to open an account at FIM directly, we could proceed.


So far my experience are quite well with Easisave and also with MeDirect. But I always stay much lower than 100.000 €.

 

[Tecno]

I have been at FIMBank recently.
The building was existing and we could enter there. You could compare the size of the building to SATA bank somehow, but a bit bigger, if I remember corretly.
In the entrance hall there was a janitor. She wanted to know, what we want there.
Told them, that we wanna go do Easisave to open another account there.
She called someone in the same building, but refused to enter. Easisave is an Online bank and we are not supposed to open an account in person.
So we got a business card and went out again.

I think, if we would liked to open an account at FIM directly, we could proceed.


So far my experience are quite well with Easisave and also with MeDirect. But I always stay much lower than 100.000 €.

Interesting!

I'm a client of Easisave myself...

Do you own a EUR or USD Savings Account with them?

I own EUR, but can't seam able to find an European Bank that has a USD Account with IBAN, that I can use as a reference account for easisave's usd savings account...

Do you know of one? Thanks for the help!

 

[JohnLocke]

Okay, guys, could you please open a new thread with everything not relevant to the topic?! If not I will delete each and every post here which don't belong in this thread, that won't help anyone. Thank you

 

[reesek]

Okay, guys, could you please open a new thread with everything not relevant to the topic?! If not I will delete each and every post here which don't belong in this thread, that won't help anyone. Thank you

done

European bank with USD correspondent accounts

this is slowly but surely becoming a rare thing, only available to big league banks (systemically important) Please post a name of a tier3-tier4 bank that has the subj requirements: IBAN + direct USD correspondent (not through intermediary aka Raifaisen etc)

www.offshorecorptalk.com