Two lists of countries: Where you would bank/Where you wouldn't bank

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This topic contains 9 replies, has 3 voices, and was last updated by Profile photo of NewLife NewLife 1 month, 2 weeks ago.

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  • #3203
    Profile photo of NewLife
    NewLife
    Participant

    This thread is inspired by the fact that I wouldn’t consider serious banking in countries with such weak standards as

    Malta: think Leupay and Nemea Bank exist there
    Lithuania: think Payseara and SpectroCoin/SpectroCard exist there

    These operations, and the jurisdictions allowing for these operations are substandard to me. So I need to set some minimal standards, right? Let’s go to http://reports.weforum.org/global-competitiveness-report-2015-2016/competitiveness-rankings/ and for the sake of simplicity, just stick with the basic GCI Global Competitiveness Index.

    (Alternatively, you could select 2. Accountability or 1.18 Strength of auditing and reporting standards but these alter the listing in unfavorable ways. South Africa at the top? Give me a break. So just let’s stick with the basic GCI Global Competitiveness Index.)

    Countries that would make to my hypothetical top list:

    1 Switzerland 5.8
    2 Singapore 5.7
    3 United States 5.6
    4 Germany 5.5
    5 Netherlands 5.5
    6 Japan 5.5
    7 Hong Kong SAR 5.5
    8 Finland 5.5
    9 Sweden 5.4
    10 United Kingdom 5.4
    11 Norway 5.4
    12 Denmark 5.3
    13 Canada 5.3
    14 Qatar 5.3
    15 Taiwan, China 5.3
    16 New Zealand 5.3
    17 United Arab Emirates 5.2
    18 Malaysia 5.2
    19 Belgium 5.2
    20 Luxembourg 5.2
    21 Australia 5.1
    22 France 5.1
    23 Austria 5.1
    24 Ireland 5.1
    25 Saudi Arabia 5.1
    26 Korea, Rep. 5.0
    27 Israel 5.0
    28 China 4.9
    29 Iceland 4.8
    30 Estonia 4.7
    31 Czech Republic 4.7

    You have to draw the line somewhere. I made up two arguments where to draw the line, both being completely unscientific.

    Argument one. Estonia is everyone’s favorite, it must be included. If it reached only 30th place, we have to include 30 countries at least. And the Czech Republic scored the same. You have to draw the line somewhere. Lists are never perfect.

    Argument two. The top country, Switzerland scored 5.8 points. 80% of 5.8 is 4.64, so countries scoring over 4.64, that is, 4.7 and over are on the list, countries scoring below 4.64, that is, 4.6 or below, were cut off:

    32 Thailand 4.6
    33 Spain 4.6
    34 Kuwait 4.6
    35 Chile 4.6

    After all, who would do non-resident banking in Thailand, Spain, Kuwait, and Chile, if you can bank elsewhere? I’m not talking about doing business locally.

    How do you like my list? How would you put together a similar list, what would you change? Who would make it to your list, who wouldn’t? Of course, you also have to take into account that some countries are more open to non-resident banking, than others.

    Island banking. I’m interested especially in UK Crown Dependencies and the Channel Islands (I always mix those), namely the Isle of Man (Neteller), Gibraltar (card issuers), Guernsey and Jersey (something was there, too).

    Let’s take Neteller. the footnote says:

    Copyright © Paysafe Group Plc. All rights reserved. Paysafe Financial Services Limited (FRN: 900015) is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and payment instruments. Paysafe Merchant Services Limited is licensed by the Financial Services Authority of the Isle of Man (Ref. 1357) to carry out money transmission services. NETELLER is a registered trademarks of Paysafe Group Plc. Optimal Payments Merchant Services (Mauritius) Limited is licensed by the Mauritius Financial Services Commission as a Payment Intermediary Service.

    It has some UK oversight, some island oversight. Is it as safe as a UK entity? Good question. If you have anything to do with gambling, companies like Neteller are indispensable, though they got horrible customer ratings.

    Is WeSwap FCA Approved? – No, it’s Gibraltar. But they don’t even mention Gibraltar in this FAQ section. Maybe it doesn’t sound good for the customer.

    #3309
    Profile photo of NewLife
    NewLife
    Participant

    This thread is inspired by the fact that I wouldn’t consider serious banking in countries with such weak standards as

    Malta: think Leupay and Nemea Bank exist there
    Lithuania: think Payseara and SpectroCoin/SpectroCard exist there

    These operations, and the jurisdictions allowing for these operations are substandard to me.

    Okay, where can I find the full pricing structure for LeuPay, who just made it onto Streber’s Best of 2016 list? In normal EU countries, this information should be available to everyone, without becoming a customer first. It is called the summary of fees table or something like that. Shouldn’t it be the case for all EU countries?

    If you want to submit a complaint to the Arbiter for Financial Services in Malta, that costs you 25 euros. What? In normal EU countries, it’s free. Shouldn’t it be the case for all EU countries?

    #3310
    Profile photo of LP
    LP
    Participant

    This thread is inspired by the fact that I wouldn’t consider serious banking in countries with such weak standards as

    Malta: think Leupay and Nemea Bank exist there
    Lithuania: think Payseara and SpectroCoin/SpectroCard exist there

    These operations, and the jurisdictions allowing for these operations are substandard to me.

    Okay, where can I find the full pricing structure for LeuPay, who just made it onto Streber’s Best of 2016 list? In normal EU countries, this information should be available to everyone, without becoming a customer first. It is called the summary of fees table or something like that. Shouldn’t it be the case for all EU countries?

    If you want to submit a complaint to the Arbiter for Financial Services in Malta, that costs you 25 euros. What? In normal EU countries, it’s free. Shouldn’t it be the case for all EU countries?

    It’s literally in a link at the bottom of their homepage that says fees…

    https://leupay.eu/en/legal/doc:fees

    It used to be inside their legal documents area, which you don’t need an account to see. I had to google it the first time but the link came up right away.

    #3313
    Profile photo of NewLife
    NewLife
    Participant

    It used to be inside their legal documents area, which you don’t need an account to see. I had to google it the first time but the link came up right away.

    Thanks! They must have put this page there recently. And this isn’t the full information, as with these online banking products you always have various transfer and balance limits associated to your verification level.

    The Maltese regulatory framework is still not my favorite for the above reasons, this has nothing to do with LeuPay.

    #3377
    Profile photo of Napoleon Dynamite
    Napoleon Dynamite
    Participant

    https://www.leupay.eu/en//downloadLegal/data:eJyrVipRsqpWMjAwNDAwcQ0NMrAAcUsSizLT0pSsUMR1lHIyczNLoKLGYFEzpVodINfIwMAMxDVC04wQR9ZsZGBsCRI1VaqtrQUAa9ghaA==

    Insert coin []
    DASH : XhzCLq6wYgZngALTJyFPa1aFM3WceHWAQi
    BTC : 13BDsb1Np8S7YgAhxdV4DBLXQ3L8pTydSw
    #3395
    Profile photo of NewLife
    NewLife
    Participant

    https://www.leupay.eu/en//downloadLegal/data:eJyrVipRsqpWMjAwNDAwcQ0NMrAAcUsSizLT0pSsUMR1lHIyczNLoKLGYFEzpVodINfIwMAMxDVC04wQR9ZsZGBsCRI1VaqtrQUAa9ghaA==

    Nice. But I guess, this secret link is not available publicly on the company’s website. As it should be, in case of normal companies, in normal countries. This is my pet peeve. Less to LeuPay, and more to Malta itself, to let the mess what LeuPay (and Nemea Bank, separate story) possible in the first place.

    #3396
    Profile photo of LP
    LP
    Participant

    https://www.leupay.eu/en//downloadLegal/data:eJyrVipRsqpWMjAwNDAwcQ0NMrAAcUsSizLT0pSsUMR1lHIyczNLoKLGYFEzpVodINfIwMAMxDVC04wQR9ZsZGBsCRI1VaqtrQUAa9ghaA==

    Nice. But I guess, this secret link is not available publicly on the company’s website. As it should be, in case of normal companies, in normal countries. This is my pet peeve. Less to LeuPay, and more to Malta itself, to let the mess what LeuPay (and Nemea Bank, separate story) possible in the first place.

    It’s definitely not a secret, I also linked you the other page, they’re both pretty visible. Feel free to complain about Nemea, but this seems like a really bizarre thing to worry about…

    #3407
    Profile photo of NewLife
    NewLife
    Participant

    You know what? Maybe I’ m challenged. I’m on the main page, LeuPay.eu. From here, how do I navigate to Napoleon Dynamite’s PDF, step by step?

    #3410
    Profile photo of LP
    LP
    Participant

    LeuPay.eu
    Scroll to the bottom of the page
    Click fees
    Click download as PDF in the top right hand corner

    #3435
    Profile photo of NewLife
    NewLife
    Participant

    LeuPay.eu
    Scroll to the bottom of the page
    Click fees
    Click download as PDF in the top right hand corner

    I compared this PDF with Napoleon’s PDF. File names are the same. File sizes differ. File content text is different, too. Am I missing something?

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