Iban Wallet

Pacoa

Anyone heard of Iban wallet? They do demand deposits at 2.5% but it looks too good to be true so I thought I'd ask for opinions on here before signing up and putting any money in.

JTMan

Keep in mind that it is an investment account product rather than a deposit account.

The J Stands for Jay

It takes a bit of digging on their website to even find out how they make the returns: asset-backed loan investments. No mention of being regulated.

Ten Pin

This is a sponsored "review" which says (scroll down on the linked page)...

Returns and safeguards
Investment returns always carry a risk. It is possible to lose the whole amount of an investment. It also possible to double or triple the amount of the money initially invested.

https://moneybearclub.com/2019/07/24/investing-iban-wallet/


From their own FAQ...

Is my money secured?

Yes, while your funds are deposited in an Electronic Money Institution (EMI). All our accounts have risk management policies and offer investor protection.

So it's just like any asset investment fund where some/all of your investment is at risk.

https://www.ibanwallet.com/how-it-works/

coylemj

When you click on the 'About Us' link, all you get is more marketing BS - there is a no mention of the underlying company's history and track record and who owns it. Although they quote a mailing address of 'Level 39, One Canada Sq., Canary Wharf', the only UK landline numer mentioned actually contains the area code (01202) for Bournemouth. Which means their registered office is a mail drop at a prestigious address in London but their office (if it exists at all) is miles away, at an undisclosed address in Bournemouth.

And as already mentioned, they make no mention of being regulated by any central bank. They claim that your money 'is deposited in an Electronic Money Institution (EMI) regulated by the European Central Bank'. Which is complete garbage - the ECB to my knowledge does not regulate individual banks.

The nearest you get to formal regulation is where they tell you that 'Iban Wallet Corporation Ltd. is registered with the Information Commissioner's Office' Which simply means that they comply with data protection legislation.

Pacoa

I just had a look at their affiliate page. They're paying 5% on what ever your sign up deposits so they are starting to look very suspect to me. I don't think i'll be investing.

Nexo are paying 8% interest (paid daily) on any amount held in euro or dollars etc with no minimum term, far better than Iban wallet even on their long term minimum deposit accounts.

coylemj

Myra Unimportant Backhand wrote: »

Nexo are paying 8% interest (paid daily) on any amount held in euro or dollars etc with no minimum term, far better than Iban wallet even on their long term minimum deposit accounts.

What do they claim they're doing with your money in the background? Because nobody can pay that type of intererest on money that's sitting idly in a deposit account, they have to be investing it in property, stocks or various types of risky business. What are they saying about risk?

coylemj

coylemj wrote: »

What do they claim they're doing with your money in the background? Because nobody can pay that type of intererest on money that's sitting idly in a deposit account, they have to be investing it in property, stocks or various types of risky business. What are they saying about risk?

They are loaning it out, it’s a crypto currency bank.

They say your money is 100% guaranteed, no capital risk. Now I wouldn’t be trusting it with very signicinat amounts of money either but if a person wanted to I think it’s certainly secure enough for a decent punt.

Jim2007

Myra Unimportant Backhand wrote: »

They are loaning it out, it’s a crypto currency bank.

They say your money is 100% guaranteed, no capital risk. Now I wouldn’t be trusting it with very signicinat amounts of money either but if a person wanted to I think it’s certainly secure enough for a decent punt.

Get real, given current rates, nobody offer to pay you 2.5% unless you are taking on significant risk.

coylemj

Jim2007 wrote: »

Get real, given current rates, nobody offer to pay you 2.5% unless you are taking on significant risk.

The OP says that iban wallet are paying 2.5%. The poster you quoted claims to be getting 8% from Nexo and his money is '100% guaranteed, no capital risk.'