Bank Accounts, Company Formations, Tax Planning, Residency Solutions, and more
CALL US ON +971 50 4467827 - TO SETUP YOUR NON-CRS COMPANY STRUCTURE IN DUBAI.

honesttrader

New member
Regarding company account, I had applied to The Kingdom Bank, Dominica (Your Offshore Digital Bank With No Borders | The Kingdom Bank) for my Estonian company, they gave pre-approval and asked for EUR 2500 as application fee, as per their instructions I have transferred USDT to their platform and converted to EUR, then they deducted EUR 2500, still EUR 55 remaining there and I provided all necessary documents. 16 may 2022, they said they can't open my account. They keep in touch by Telegram and said they can’t refund the application fees. They said they can onboard other company without new application fees, normal company with such high operational expenses; no one can bear and accept. Their fees for business bank account PDF attached. Also the emails of pre-approval, refusal and before pre-approval attached.



Regarding personal account, I had opened a personal account with The Kingdom Bank, Dominica (Your Offshore Digital Bank With No Borders | The Kingdom Bank). They required USD 5000 to active the account, I transferred USDT 5000, then they said I need additional EUR 500, then I transferred USDT 600 again, then account activated. They should tell in the beginning that 5000 EUR, not 5000 USD, but they didn’t tell. When I have withdrawal the USDT on 16 May 2022, they charge USDT 55.43 and USDT 0.59 for TRC20. They will charge 1% for crypto withdrawal even its TRC20. USDT I have withdrawn on 16 May 2022 and the withdrawal successful on 18 May 2022. Screenshot attached of 18 May 2022 when the transaction was still pending. If crypto deposit or withdrawal takes 2-3 days, how long they will take for bank transfer ?

Should a real bank like this ?
 

Attachments

  • balance-statement.pdf
    16.6 KB · Views: 66
  • Screen Shot 2022-05-16 at 9.40.51 PM.png
    Screen Shot 2022-05-16 at 9.40.51 PM.png
    58.5 KB · Views: 151
  • Screen Shot 2022-05-16 at 9.41.59 PM.png
    Screen Shot 2022-05-16 at 9.41.59 PM.png
    40.4 KB · Views: 139
  • Screen Shot 2022-05-18 at 1.13.11 AM.png
    Screen Shot 2022-05-18 at 1.13.11 AM.png
    52.1 KB · Views: 144
  • Screen Shot 2022-05-18 at 12.55.34 AM.png
    Screen Shot 2022-05-18 at 12.55.34 AM.png
    88.8 KB · Views: 151
  • The Kingdom Bank Corporation IBAN Account Merchant Pricing List (1).pdf
    270.2 KB · Views: 45

KDX

OffshoreCorpTalk Addict
Entrepreneur
Did I see this correctly? You deposited 200K USD into this bank?
 

AreebMasood

New member
I also signed up based on their advertisement banner in offshorecorptalk and someone recommended it in another post. I feel stuck in a similar situation. Their customer service is not responding to anything even after making an initial deposit. The telegram handle I found shows last seen on 01 July. Is anyone else facing difficulties with this platform?
 

Attachments

  • 291512.jpg
    291512.jpg
    15.6 KB · Views: 31

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
@The Kingdom Any feedback here on customer service before things snowball out of control?
 

lostguy

Mentor Group Gold
They may be slow, but are they stable? they have been active around here too @The Kingdom
 

csp dubai

Active Member
any one have any idea who they use as correspondent bank?

It is rather expesive operation to set up a bank , i not think they would have such a chaep scam, if they have a fulll correpsondent account somewhere , in thins forum there is a lot of garbage info you need to be carefull , it might be some mud from agent from migom bank you never know
 

csp dubai

Active Member
as far as i know jeton have been licence revoked , and for sure is not a real correspondent account , even comoros bank have better correspondent than jeton account
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
The fact that they just give you a USDT-TRC20 wallet address, with basically unlimited deposits possible, and don't ask for proof of source of funds, invoices, contracts etc for that crypto should be a long-term cause for concern. That's what Mistertango was doing.

It could be no due diligence or could be delayed compliance i.e you get searched after you enter the building rather than at the front door. That is a strategy I have seen some banks adopt to save on compliance costs :confused:.
 

AreebMasood

New member
I don't see any value in it. Even the crypto conversions are expensive similar to the usual wire and too slow. Everything is too manual. Like, I was literally asking admin via telegram to give approval for a conversion/transfer.

I am out for the good. All the best to new testers.
 

lostguy

Mentor Group Gold
The bank is a great alternative if you have problems to find an EMI or Neobank that will accept your business. For all others that can apply online with Wise it is not of interest.

You need to see it as an alternative.
 
Top