Status of Loyal Bank in SVG

Discussion in 'Offshore Bank Accounts' started by Leomor, May 15, 2018.

  1. Leomor

    Leomor New Member

    What is the status of this bank? I know they are under audit (investigation) since two months but a month ago I was still lucky to wire the money out.
    Anybody recently used them? Do they transfer money in and out?
     
    lostguy likes this.
  2. mrau

    mrau Active Member Entrepreneur

    It seems they continue to allow outward transfers. A friend of mine did so about 2 weeks ago. I don't know about inward wires.
     
  3. Martin Everson

    Martin Everson Offshore Consultant Business Angel

  4. Leomor

    Leomor New Member

    Thanks!
     
  5. Leomor

    Leomor New Member

  6. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    Yes the bank was implicated in the FIFA scandal and others. However those were cases of client criminality and not bank criminality. This however is different, the CEO and CBO of Loyal bank are both personally charged with conspiracy to defraud the U.S. government. This time it is no joke this charge....this is not no AML lapse, a slap on the wrist and do better next time but a conspiracy charge under 18 U.S.C. ยง 37 which carries a prison sentence. They are looking at a large fine and up to 5 years in prison on each charge. I don't think a bank can remain credible if its Chief Executive Officer and Chief Business Officer will be sat in a US prison cell.

    Nb. Everyone is innocent until proven guilty in court....but it does not sound good for them.
     
  7. cristiansilva33as

    cristiansilva33as New Member

    Outgoing transfers are working. They took about 3 weeks to process my transfer. But despite the delay, they are not creating many difficulties to take money from the bank.

    The bank's credit cards are no longer working and I do not think they will work anymore. I noticed that they modified the website last week, they removed a lot of information. I think the bank should close in the next few months.
     
  8. mrau

    mrau Active Member Entrepreneur

    I agree. I also have some acquaintances that didn't have any issue withdrawing their funds but had to convert their accounts to EUR.
    Were you able to wire out USD or had to do it in EUR?
     
  9. cristiansilva33as

    cristiansilva33as New Member

    Yes, I had to convert the funds into EUR to transfer.
     
    mrau likes this.
  10. lostguy

    lostguy Active Member Entrepreneur

    What's the problem to convert the money into EURO it is also much more stable compared to the USD !
     
  11. mrau

    mrau Active Member Entrepreneur

    Loyal Bank charges about 3~4% for the conversion ;). So you loose that share of your USD deposit in the blink of the eye if you need to wire it out. Not to say the amount the receiver bank charges to convert it back to USD in case you need to make payments in that currency and prefer not to keep the Euros (regardless if you think it's stable or not)
     
    lostguy likes this.
  12. lostguy

    lostguy Active Member Entrepreneur

    but isn't that the price we have to pay for it in order to keep our banking offshore?