SataBank Closed

Discussion in 'Offshore Bank Accounts & EMI Accounts' started by nitehawk, Oct 21, 2018.

  1. mbj

    mbj Active Member

    Transferwise, I told everyone in the thread already. I also opened (but never used) a revolut account with success. But I put it on ice for now as I'm quite happy with transferwise. Savings I'll store elsewhere.
     
    Tamarind likes this.
  2. Tamarind

    Tamarind Building Trust Entrepreneur

    Thanks, sorry I missed it. TW seems ok for now, have Revolut too, somehow just forgetting it there, but will use it this month to see how it is.

    Cheers.
     
  3. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    You maybe not far off. I guess this is how the Malta government plans to grow its economy :confused:.
     
  4. Admin

    Admin Forum Moderator The Forum Cleaner

    How does this fit in with the thread title and the rest of the discussions here? please stick to topic or I will have to delete posts which is an annoying task ca#"!
     
  5. mbj

    mbj Active Member

    As you have to wade through lots of posts you probably missed that I was directly asked what I use instead of the Satabank. And how my answer is directly connected to the fact SataBank is closed right now:

    For Maltese businesses there are not many options, and I listed TW and Revolut as "read to use and actually tested by myself" alternatives. The other Maltese Banks currently do not accept, or make it very painful to open accounts. So listing alternatives outside Malta that I tested by myself is a valid contribution to this thread.
     
  6. Admin

    Admin Forum Moderator The Forum Cleaner

    Sorry to say so, NO it is not valid! Next time I will give warning points and delete posts! You can open a new thread and post about what you want to post there as long as it has relevance to the thread title and the topic itself, but not here.
     
  7. mbj

    mbj Active Member

    okay, your call. its not my forum.
     
    Admin likes this.
  8. sp00k

    sp00k Member

    They are talking about it in parliament. But that's a well-known place where lots of useless talks are made. :(
     
  9. Tamarind

    Tamarind Building Trust Entrepreneur

    Haha true, maybe EU can force this joke of a country Malta to cough up the money to users or some serious punishment....!
     
  10. sp00k

    sp00k Member

    I am afraid there is EU's initiative in it all. EU have planned such practices some time ago, proposing a possibility of a temporal complete freeze of all bank accounts.
    It didn't get a positive reaction of course but looks exactly like what they planed.
     
  11. mbj

    mbj Active Member

  12. Bmw850

    Bmw850 Active Member

    No it is not, because on the Facebook group, some others guys say that they have not been contacted too
     
  13. mbj

    mbj Active Member

    k, thx. I suspect its misreporting by the media than. Too bad Malta times does not link to official statements.
     
  14. Bmw850

    Bmw850 Active Member

    Leopay mail of today, made me laugh


    We would like to inform you that after many attempts to find a solution with Satabank PLC (“Satabank”), on the 6th of December 2018 iCard AD filed an official complaint against Satabank in the Maltese Financial Services Authority (“MFSA”) regarding the blocked inbound SEPA transfers, such as your transfer. In your case, Satabank, not iCard AD, is in breach of the European rules on SEPA transfers and Satabank is in breach as a result from the acts of the competent authorities in Malta towards Satabank.
    If we do not receive an official reply from the MFSA on our complaint we shall file a new complaint in the European Central Bank and the European Banking Authority and other European authorities.
    It came to our knowledge that Satabank started the processing of requests for return of the blocked inbound SEPA transfers for their own customers. Satabank have to do so also for our customers and all customers of other financial institutions, which they serviced.
    Restoring the functionality to our customers to again execute SEPA transfers is not related to the situation with Satabank. We restored the SEPA transfers via another payment service provider, from a “A” rated EU country, not Malta.

    We apologize for your inconvenience and would like to assure that we are doing all possible for the return of the blocked SEPA transfers to the original payers or the crediting of these transfers to our account, so that we can issue e-money to our customers.
     
  15. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Well its exactly as a described below ;).

    SataBank Closed

    The joke with icard is that although satabank ownership is no longer with the Bulgarian mafia dude who owns icard it was owned by him just prior to this....lol. It's a bit like selling someone your car that is broken down and then calling the police on them when they refuse to move it from your driveway ns2. It is totally unfair of them to disown any responsibility for satabank when they created the mess in the first place :D.
     
  16. sp00k

    sp00k Member

    European authorities were contacted pretty long ago, and gave 0 fcks.
    Just proves the point they are implementing the practices they were planning some time ago, no matter receiving a very negative feedback.
     
  17. Bmw850

    Bmw850 Active Member

    So right but ridiculous from them
     
  18. xzars

    xzars Active Member

    @Bmw850 Just to clarify again, are you waiting for passive funds held on Leopay account or funds that really were inflight via Satabank due to unlucky timing of your inbound/outbound SEPA transfer?

    Again, passively held funds on Leopay have nothing to do with Satabank. Their storage bank changed (in April already?). This use of language suggests a fraudulent attempt at socializing the losses of Satabank to other accounts in their crooked group of companies.
     
  19. xzars

    xzars Active Member

    Bulgaria and Malta are just dumpsters for those guys. Next they will probably move around in between Baltics and Balkans as long as possible, and once they really have nowhere to go, they will come up with a new brand FluffyTigerPay and start all over again.

    Perhaps complain to UK authority? That's where they have some concerns about keeping a clean face.
     
  20. Bmw850

    Bmw850 Active Member

    I have personal frozen account at Satabank.
    Business at Leopay. It s not in-flight payment blocked at Sata.
    Since it s the same group, I don't feel to open a thread for Leopay and satabank.
    Just forwarding info's that I got