Jump to content

Opening bank account with Euro Exim Bank


Recommended Posts

6 minutes ago, Ylod said:

 

10 minutes ago, Magickarp said:

What are you implying?

What does the FCA say?
What does that mean for their(Euro Exim Bank) services?
What does that mean for Ripple?
What does that mean for XRP? 

@Ylod I was also curious what was being implied. I appreciate you providing a link so we can better understand the significance of this partnership with Ripple. 

If I understand correctly, in the UK they have permission for Money Remittance by way of the Payment Services exclusion. Which is great! 

Relating specifically to accounts, as stated in the documentation provided in the OP, the accounts are under the jurisdiction of St. Lucia. 

Have I missed anything? 

Link to post
Share on other sites
  • Replies 46
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Thank you for your interest in Euro Exim Bank.   I trust you are well, and in order for us to open your account please would you send us the following:-   IF YOU NEED A BUSINESS AC

What's wrong with the thread, it gives you more info and insight about the first bank to use xRapid? There are some nice follow up comments and links. Or we should just open up threads and hype l

Posted Images

2 minutes ago, LordVetinari said:

 

@Ylod I was also curious what was being implied. I appreciate you providing a link so we can better understand the significance of this partnership with Ripple. 

If I understand correctly, in the UK they have permission for Money Remittance by way of the Payment Services exclusion. Which is great! 

Relating specifically to accounts, as stated in the documentation provided in the OP, the accounts are under the jurisdiction of St. Lucia. 

Have I missed anything? 

From what I gathered, I don't think they should be calling themselves a bank and/or offer bank accounts while being based in the UK. I'm unsure what to think of it, I'll check directly with the UK FCA and will post my findings here.

Link to post
Share on other sites
12 minutes ago, Ylod said:

From what I gathered, I don't think they should be calling themselves a bank and/or offer bank accounts while being based in the UK. I'm unsure what to think of it, I'll check directly with the UK FCA and will post my findings here.

http://caribbeanelections.com/education/independence/lc_independence.asp

I'm not so sure the UK FCA has any jurisdiction over their banking services.

And please do post your findings. 

Edited by Guest
Link to post
Share on other sites
Because other banks charge reasonable monthly fees (3 EUR/Month) for functionalities that most consumers desire. I guess as suggested above, I am indeed not their target audience. 

It all depends how they have set up the buss plan and what market they target. Most common users like we are not international trading or doing import/export. Thist can come with high costs in some “difficult” regions. Expensive accounts may even still look interesting when the offered payment corridors on average go fast and cheap....
Link to post
Share on other sites
2 minutes ago, swanny86uk said:

They were based in Gambia in 2016 then moved to St. Lucia by the looks of it.

image.png.4fc343dc2efacb707ba5ffc4cbb11bf7.png

https://ibsintelligence.com/ibs-journal/ibs-news/euro-exim-bank-to-beef-up-kyc-processing-with-igtb/

Also seem to be keen on being first at new tech

image.png.9b6e8ee1393c6a45edc8c8855f729ade.png

Agreed. As I said before, doing away with the overhead of the back office. 

https://www.ddiq.com/wp-content/uploads/2017/05/DDIQ-Euro-Exim-Case-Study.pdf

Link to post
Share on other sites

To  be a fully accredited bank compliant with all regulations doesn't really allow to run a bank - so this EEB goes kind of sideways.

Hell every financial institution globally is scared of the U.S. - doesn't mean by not submitting to all U.S. demands for compliance these more agile FIs have bad ulterior motives.

Link to post
Share on other sites

Just a side note I can't seem to find them anywhere in the commercial registry of St.Lucia (not sure if they should be there or not) nor in the members list of the Caribbean Association of Banks, which they say on their website they are a member of -

Euro Exim Bank is an associate member of the Caribbean Association of Banks Inc (CAB). Being a member of CAB offers us opportunities and knowledge sharing with industry giants that are applied to modernise our operations and customer service.

If somebody can provide a link to where their banking licence can be verified or where the Association lists them as a member, that would be really helpful.

Please don't see this as an attack on anybody, I'm just trying to get my facts straight here.

Link to post
Share on other sites

Dude, its pretty clear that they are based in St. Lucia for money laundering and tax evasion. That is why the fees are so high. This is a bank with a total of 500k in assets and 150k in net assets.

 

Not really sure if I want Ripple to be associated with such a bank, seems shady.

Edited by Archbob
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.