9 Reviews
1 784 485 6705
cbo@loyalbank.com
from day one i knew it was going to be a struggle after i opened the account after the digi pass and password would not work. i called and after 3 hours i got a customer support person yes we can reset the digipass and password they said. what they did not say was that it was going to cost me US$50 fo no fault of my own, which i only realised after receiving my monthly statement. Then of course i could not send money in or out in US$ as they lost their routing. so we can send it using Euros they said so i set up a Euro bank account in my home country to receive money. what they dont then tell you is that they cripple you on the conversion rate and bank charges from Loyal bank. it was incredible what they charged to send money almost 9% of what i sent i paid to Loyal bank. for a fault that i had nor caused. the worst was yet to come, my debit card was cloned and used at several ATM in Canada and India on the same two days i live in the Dominican Republic and the card was in my possession. several thousand was taken before i was able to stop the card and report it. i filled out forms and was told that i had to wait 120 days before they could give me an answer on when they would refund the stolen money along with the large fees charged for the fraudulent withdrawals after 140 days they emailed me saying that there was no fraud and thus no refund! i argued the case but they sent me their conditions saying that if a card is used at a ATM with the correct pin its not fraud even when i had my card in my possession which i showed them. then of course the fact that it would be physically impossible for any one to be in Canada and both North and South India on the same days. They said sorry no refund i spoke with mastercard and they said that it was fraud but its nothing to do with them your bank should refund you. well of course they wont i would implore any one to never use this bank and take your money out as soon as possible especially due to the current investigation see an excerpt below And I will tell you that the FSA has taken a number of steps to deal with some matters internally with the bank before the indictment, after the indictment and they have cooperated with the US authorities and I can tell you that the relevant authorities in the United States have written to the Attorney General thanking the authorities in St. Vincent and the Grenadines for their cooperation and they have done so face to face, word-of-mouth the people at the FSA and at the FIU, the prime minister said. Loyal Bank, an off-shore bank with offices in Budapest, Hungary and SVG; and Loyal Agency and Trust Corp. (Loyal Agency), an off-shore management company located SVG, are among six individuals and four corporate defendants indicted in New York. Prosecutors say they proposed that an undercover law enforcement agent purchase a Pablo Picasso painting to launder fraudulent profits from a stock manipulation scheme. The other individual defendants are: Panayiotis Kyriacou, also known as Peter Kyriacou, 26, Aristos Aristodemou, 49, and Matthew Green, 50, residents of London, England; Arvinsigh Canaye, also known as Vinesh Canaye, 30, a resident of Mauritius and Adrian Baron, 63, a resident of Budapest, Hungary. The other corporate defendants are Beaufort Securities Ltd., of London, England and Beaufort Management Services Ltd., of Mauritius. The charges include conspiracy to commit securities fraud and money laundering conspiracy.
by The Viking
very improfesionales, a horrible service, extremely expensive, take more than 3 days to answer "by email", you do not have access to talk with a manager, all by mail, the phone is only with customer service. They do not have access to bank cards, they do not have options to make transfers in USD and GBP, but they still charge you for the opening of the accounts and for the exchange of currencies every time you have to withdraw your money. Customer service, again, very poor quality, people who seem to be always sleeping, where you should ask to repeat things, as they talk with a lot of tiredness. The website, a disaster, the worst option I've seen, unclear, unattractive, complex and with many flaws. If you have the need to open a bank account, please go with other than this one. Without a doubt the worst bank I have ever met.
by beedes
I have been with Loyal Bank for almost a year and I'm a very satisfied client. They have great customer service who are very friendly and helpful. I'm definitely going to be a loyal client with this bank. I would like to commend their online service as well. Secure and safe fund transfers at all times.
by Priorksmu
It was my first time to open an offshore account and I'm glad I chose Loyal Bank. I have been with them for almost a year and everything has been doing well. I like their online service, reliable and secure. Their customer service team are polite and always willing to help. Definitely worth choosing this bank!!!
by Syphiant
I have several accounts with Loyal Bank for my offshore company in the BVI for several months and I'm glad to choose this bank. I'm confident that my funds are safe and secure even with their online services. They also have nice customer service -- polite and helpful.
by Oxcravro
We set up a British Virgin Islands company with Mark at ABM Corporate Services in the BVI. They did a great job. Then we used the offshore BVI company to set up an offshore bank account and offshore gold account at Loyal Bank. The paperwork was pretty simple and once we got everything to them they opened up the account in three days. We were expecting a much longer turnaround time so that was good. The paperwork seemed a little bit extensive but I guess that's just to be expected nowadays. Once the account was approved we sent a wire transfer to deposit into the account and after a few days we then got confirmation that everything had been received and we got our online banking set up and the debit card was sent to us by DHL. So it all worked pretty much as advertised. Other then a bit of paperwork to start it was all pretty much a seamless and pretty simple process. If you don't mind jumping through all the initial hoops then setting up an offshore account is a pretty good idea. And we found that using Loyal Bank in St. Vincent and the Grenadines actually worked out pretty well. We may open up accounts at some other banks that we have seen listed in different places, it can't hurt to have more than one account. But we are happy with what we got from Loyal. So we will keep that account open and keep using it as long as things are good.
by TheDrIsOut
Very decent services for a Caribbean offshore bank. It only took a few days to open my offshore bank account and they don't require a bank reference, which is nice. Fees a little higher than I'd like, but you get what you pay for. Their offshore debit card works well. I may at some point even use them for storing gold and silver offshore.
by boricau555
Loyal Bank in St. Vincent has been good to me. I've had an offshore bank account with them now for a couple of years and everything has gone very smoothly. The account was opened quickly and easily. Their online banking is the best of the best for offshore banks. Overall a very positive experience and I plan to keep my account there for many more years.
by CowboySailor
Loyal Bank has a lot of services – regular accounts, debit cards, precious metals storage, online investments, their own branded mutual funds, etc. So they have a lot of services to choose from. They actually have a real debit card that is actually linked directly to the account as well. Most Caribbean banks just have a prepaid card that has to be loaded each time. So this is a better option. They can be a little pricier than other Caribbean banks. They have had some issues having to change correspondent accounts numerous times, but so far as I am aware this is not their fault, and is common with offshore banks – especially in the Caribbean. Overall, Loyal Bank offers good services, their online banking is as good as it gets for an offshore bank and their customer service, which is located in Hungary, is open during North American business hours which makes it very convenient.
by BillW
