Why did LeuPay stop countries?

[K12AN]

Sorry to go on and on, but does anyone know why LeuPay has stopped opening accounts for many many countries?
They're still servicing current clients, so don't think it's a regulatory reason.
I think there are 2 things which might happen:
1. They stop servicing existing clients in these countries
2. They reintroduce these countries after their analysis (if there is any).

Anybody know anything more about any of this?

 

[Martin Everson]

You mean Leopay

You need to ask them directly.

 

[K12AN]

I have asked them I'm multiple channels (email, Facebook, Twitter)...the only response I keep getting is that it's because they want to serve their current clients better now and I'm the future.
I think there has to be more to it though...why would you turn away customers?
Maybe Sata Bank has something to do with it?

 

[David97255]

What I will say is only my opinion
I guess Leupay/ Leopay now after years of accepting bulls**t , anything anywhere anytime, tries to be more clean than clean ( it's happened with a lot of different businesses ).
Maybe something in relation with the license...
Let's wait and see

 

[K12AN]

Problem is that legitimate business is lost to them.
There are lots of new entrants to the emoney market now, so hoping someone will meet my requirements soon

 

[David97255]

Problem is that legitimate business is lost to them.
There are lots of new entrants to the emoney market now, so hoping someone will meet my requirements soon

It's what I meant in another post.
We are usual to Leupay and it s hard to break the usuals.
But already now there is emi's that provide exactly same services as Leupay and maybe with more motivation cuz they are new.

 

[K12AN]

Just waiting for one with multicurrency debit card including GBP. All are Euro

 

[Martin Everson]

Leopay has shifted focus from sketchy business to legit business now and left sata issues behind. They have now team up with Estonia E-residency program as an official provider.

Banking & Fintech Archives | e-Residency
Payment Account for e-Residents

I think they are preparing themselves for the new reality.

 

[bountymounty]

Leupay seems to be the only valid option as I read the forum, at least if we are looking for nothing not just out of the box i.e. multi currency accounts and swift payments!

 

[K12AN]

Yes, but not all non EEA is sketchy business.
Hopefully they will honour existing customers at least.
Still a shame to lose them

 

[Martin Everson]

Yes, but not all non EEA is sketchy business.
Hopefully they will honour existing customers at least.
Still a shame to lose them

No they won't honor jack all. They bounced from Malta and shafted every Malta customer that have a Malta company and needed a Malta Iban in order to get the tax refund. So those who had accounts have moved from a 5% tax rate to 35%. At the time they said they would refer those customers to Satabank. Now satabank gone tits up and waiting for result of audit over AML issues.

 

[Martin Everson]

btw anyone notice leopay is not offering USD to Estonia companies . Is this deliberate or are they de-risking and winding down USD business.

Payment Account for e-Residents

 

[KJK]

btw anyone notice leopay is not offering USD to Estonia companies . Is this deliberate or are they de-risking and winding down USD business

They don't "offer" USD to anyone right now. I tried to make a withdrawal in USD and it is blocked, only EUR is possible.

I wonder what was the real reason behind moving from Malta to Bulgaria. I'm not sure if the reasons suggested here and in other topics are the real reasons.
And yes, it must suck if you have a Maltese company and you banked with Leupay...

 

[K12AN]

I think they moved to separate themselves from Satabanks problems.
Satabanks still advertise their e-banking on Facebook and Twitter...bit aren't accepting clients

 

[Martin Everson]

They don't "offer" USD to anyone right now. I tried to make a withdrawal in USD and it is blocked, only EUR is possible.

Wow I didn't know this. They kept this quiet or did I miss something as I have only a EUR account with them?

I wonder what was the real reason behind moving from Malta to Bulgaria.

Everyone is thinking what it maybe but no one wants to say it


@David97255 What happened to the 5 frozen accounts in below thread?

Leupay blocked account

 

[David97255]

3 have been paid back we speak about 17.000 Euros.
2 are still blocked at sata we speak for more than 300k Euros
@Martin Everson

 

[David97255]

Leupay seems to be the only valid option as I read the forum, at least if we are looking for nothing not just out of the box i.e. multi currency accounts and swift payments!

Not agree with you, why do you think like that

 

[Martin Everson]

3 have been paid back we speak about 17.000 Euros.
2 are still blocked at sata we speak for more than 300k Euros
@Martin Everson

300k still frozen but at least something is coming back.

 

[myhand]

btw anyone notice leopay is not offering USD to Estonia companies . Is this deliberate or are they de-risking and winding down USD business.

Payment Account for e-Residents

this is the same as LeuPay ?

 

[myhand]

3 have been paid back we speak about 17.000 Euros.
2 are still blocked at sata we speak for more than 300k Euros
@Martin Everson

I don't believe you at all, sorry!