The Kingdom Bank, Dominica. Review and real experience :(

[honesttrader]

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 USDT I have withdrawn on 16 May 2022 and the withdrawal successful on 18 May 2022.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 ?

 

[KDX]

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

 

[honesttrader]

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

No, check properly. Thanks

 

[KDX]

No, check properly. Thanks

What is this? I don't quite understand, sorry,

 

[honesttrader]

This is TRC20 and 5000 USDT, their format may be like this

 

[AreebMasood]

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?

 

[Martin Everson]

@The Kingdom Any feedback here on customer service before things snowball out of control?

 

[AreebMasood]

@The Kingdom Any feedback here on customer service before things snowball out of control?

Thank you. Your comment was a nice wake-up call. Now telegram is active and my deposit is approved. But still, I'm curious that how they operate with such a slow system where crypto payment approves after 40 hours. Let' see how it goes.

 

[lostguy]

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

 

[csp dubai]

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

 

[AreebMasood]

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

Trying to learn more about it. They're partnered with Jeton wallet. And I couldn't find SEPA access yet. Just made an initial deposit. I'll hold on a bit.

 

[csp dubai]

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

 

[cuno]

Trying to learn more about it. They're partnered with Jeton wallet. And I couldn't find SEPA access yet. Just made an initial deposit. I'll hold on a bit.

how much did you deposit with them?

 

[AreebMasood]

how much did you deposit with them?

I went with the initial deposit of 500 + Euro. But it doesn't offer SEPA IBAN as they claimed initially.

 

[Moneydoesnotsleep]

They first ask about documents and then they will reveal their prices, for a business account, it will be 2500 EUR for the application fee + 1000 EUR for SEPA IBAN and then 300 EUR/month maintenance. The most expensive "bank" I have discovered so far and can't know how legit they are.

 

[pipona]

What is this? I don't quite understand, sorry,
View attachment 3669

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.

 

[Rick Ross 305]

Any idea who is doing correspondent bank for them?

 

[Martin Everson]

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 .

 

[AreebMasood]

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]

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.