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SATABANK someone tried

Discussion in 'Offshore Bank Accounts' started by David97255, Apr 16, 2018.

  1. David97255

    David97255 Trusted Member Business Angel

    Hi,

    Just applied for a personal account with SATABANK Malta. ( www.sata.bank )
    Wanted to know if someone got experience with them.
     
    Admin and diablo like this.
  2. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Used them for two years with no complaints. Not put any substantial funds with them just a couple of thousand here and there. Very straight forward bank so far.
     
  3. diablo

    diablo Banned Users Business Angel BANNED MEMBER

    If you get your account please let us know. I'm interested :)
     
  4. Admin

    Admin Forum Moderator The Forum Cleaner

    I just applied to test them, sounds like a good solution and alternative.
     
  5. David97255

    David97255 Trusted Member Business Angel

    Let s see how much take their compliance take and if they accept at all.
     
  6. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Just remember sata bank accounts are e-money accounts and hence you have no EU (100k euro) deposit insurance. Sata account are no different than an EMI account. Also sata is considered in Malta an international bank i.e it is no importance to Malta if anything happens to it. Just don't keep more than you are willing to lose. This bank will NOT be bailed out if anything goes wrong.
     
    auric likes this.
  7. auric

    auric Offshore Agent Mentor Group Business Angel

    Do they accept crypto currency business ?
     
  8. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    No crypto business and no gray business im afraid. They are very strict and more so than Leupay.

    btw there real time euro wires is excellent. Sending a euro sepa payment to a sata account and seeing it arrive and credited in 3 seconds beats is very nice.

    However if you want EU deposit insurance and a bank in Malta try Ferratum Bank. 8 minutes to open an account online - but not all countries accepted :-(

    Open a Free European Bank Account | Ferratum Bank
     
  9. bountymounty

    bountymounty Trusted Member Mentor Group Business Angel

    wow not bad.

    are they as good as satabank also with the fast transfers?
     
  10. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Never used Ferratum bank personally. DO NOT keep more than 100k Euro there if you do!!!! They are a lender of small unsecured consumer loans. They take your cash and lend it to some bum while offering you an attractive fixed deposit rate for the high risk you undertake.

    However, EU deposit protection (100k) means you can largely ignore risky business model if you have less than 100k to deposit and need an easy account opening.

    btw as a Malta bank it does not offer banking services to Malta residents.
     
    bountymounty and Admin like this.
  11. ssldn

    ssldn New Member

    Interesting that you think about the way a bank earns money when giving loans
     
    bountymounty likes this.
  12. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Yes I think about everything before I park money in a bank :) Remember what happened to Nemea bank in Malta last year when the ECB took away their license :-(
     
    bountymounty likes this.
  13. bountymounty

    bountymounty Trusted Member Mentor Group Business Angel

    they seem to be a lender much more than a bank. They are not good!
     
  14. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Seems MFSA is already onto the risky practices of this bank that lends to bums.

    Notices | Ferratum Bank

    Notification Received by Ferratum Bank p.l.c. from the Malta Financial Services Authority
    04.04.2018

    Malta, 3 April 2018 – Ferratum Bank p.l.c. has received notification from the Malta Financial Services Authority (“MFSA”) of a decision to impose an administrative penalty of EUR 188,445 for breaching the provisions of Article 17B. (1) and (2) of the Banking Act (Cap. 371 of the Laws of Malta), and the technical criteria on Governance Arrangements and Treatment of Risks specified in paragraphs 1(a)(i), 5(a), 8(a), 14(a), 14(b) and 15(a) of Annex 2B of Banking Rule 12 on The Supervisory Review Process Of Credit Institutions Authorised Under The Banking Act.

    The decision concerns certain shortcomings relating to internal governance and treatment of risk that were identified by the MFSA in July and August 2016, as part of the MFSA’s Supervisory Examination Programme for Less Significant Institutions. Ferratum Bank p.l.c. has been in active dialogue with the MFSA since the time of the findings, and none of these required any changes to the financial statements or risk provisions of Ferratum Bank p.l.c. Furthermore the MFSA’s findings have not resulted in any losses for third parties, and in its decision the MFSA took into account that there were no previous breaches by the Bank and its cooperative attitude in addressing the MFSA’s concerns.

    The Bank regrets that the MFSA has determined to impose an administrative penalty and will continue to cooperate fully with the MFSA.