SataBank Closed

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

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.
 

Martin Everson

Offshore Consultant
Business Angel
BTW. As it stands, there may be no banking options for foreigners who moved themselves or their business to Malta at all. From what I'm reading, Satabank was the only one who opened accounts for foreigners?
You maybe not far off. I guess this is how the Malta government plans to grow its economy :confused:.
 

Admin

Forum Moderator
Staff member
I'm currently (happly) using non maltese EMIs without any problem. As long I can receive/do SEPA transfers I'm fine. I also have some friends that could use German Handelsbank. If you want to operate in Malt as a foreigner, I recommend not using a Maltese bank. For my kind of business at least (IT-Consulting). There maybe other businesses where you are required to have a local bank account.
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#"!
 

mbj

Active Member
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#"!
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.
 

Admin

Forum Moderator
Staff 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.
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.
 

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....!
 

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.
 

Bmw850

Trusted Member
Business Angel
Mentor Group

mbj

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

Bmw850

Trusted Member
Business Angel
Mentor Group
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.
 

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.
 

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.
 

Bmw850

Trusted Member
Business Angel
Mentor Group
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.
So right but ridiculous from them
 

xzars

Building Trust
Entrepreneur
@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.
 

xzars

Building Trust
Entrepreneur
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.
 

Bmw850

Trusted Member
Business Angel
Mentor Group
@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.
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
 

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