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Banif Bank

iamharibo
#1
I would love to hear from anyone who is using or has used Banif bank. I've been using them since January and have had nothing but problems.

* They take 4-5 working days to clear a payment that most other banks would do in 3 days.

* When I pay for something they automatically 'freeze' that money so it is deducted from my 'available' balance. But if the merchant doesnt complete the payment within 2 days, they release the funds back to my available. This doesn't show on my statement so all I will see is that I have money available which I will then spend/withdraw. However most merchants take 3+ days to process payments so the funds are released back to me, spent and then removed again. I've gone overdrawn (only a few euro but it's the principle!) 3 times because my available balance isn't true. I now withdraw all my money on payday which defeats the object of having a bank!

* This month they 'lost' my wages. BOV paid my wages and a week later they hadn't arrived. After 5 days I was already calling Banif, sending them the transfer receipt. They ignored every single email I sent them and whenever I called said 'we have not received instructions from BOV, the fault is with them'. After getting our accountant to speak to a contact they have at banif, it transpired that they had received the funds but just no one had realised and I was paid days after my contractual payday. I've since emailed them asking for a full report on HOW the funds were able to go missing and how they are going to prevent this in future... to no reply!

To open an account with BOV they require a reference letter from a bank I had been with for a year, however as my company have an account there BOV agreed to let me have an account as long as I provided a reference from Banif (I have only been with them seven months) and a reference from my employer. This all seemed fine, so I toddled along to banif to ask about obtaining a reference- 'we don't do references'.

I can't get a reference from my old bank in the uk because we had a charges dispute and my debt got considerably cut and they will refuse a reference, I can't go with HSBC out here because it was them I had the dispute with. I have been told that HSBC in different countries is entirely independent of each other but to be honest after the trouble in the UK I never want to use them again!

So basically Banif are entirely useless but I am stuck with them because they "Don't do references". I can't believe that they can just refuse to give a reference when asked for- does anyone have any knowledge on this, surely they know it's something other banks need, BOV asked for it, so it must be pretty standard procedure?

Has anyone else had any problems with their customer service team just ignoring emails?

I'd like to know I'm not the only one having problems!!
See also
Toon
#2
In my experience email is a waste of time to companys traders and shops here in malta i have used this method many many times and am yet to get a reply.

but to be honest we had no problems with HSBC here and we been here and with them for three years now.
melium
#3
I've applied for business banking facilities with APS Bank, and they asked for a reference from Banif who I have been with for a few years. Banif refused and when challenged they advised me that it is bank policy. I asked them for a reason and I was blanked. I asked them to show me the clause in their terms and conditions in a document that I had signed that would indicate that I had agreed to be bound by such anti-customer terms.
Sounds to me that you are stuck and they will not budge. I will let you know here if they do manage to show me the terms and conditions as I have asked for it.
Added to this I discovered recently that I am bound by early repayment penalties on my mortgages such that I am penalised 5% of the mortgage value if I repay in the first year and 3% if it is within the first 5 years! They have lot me as a client that's for sure.

I suggest that you talk to APS Bank by the way. A really decent bank without any of these nonsenses!
michael78
#4
I am with HSBC in Malta and I am happy with them. BoV I used to have business wise and they are also good.

How can you have a charge dispute with a bank? They usually have everything written down and you almost anytime know what what service costs.

Maybe you should to get a reference letter from a lawyer or something that sometimes works. The Maltese bank must be really ignorant if they want a reference letter from Banif when this bank never provides one.

Also you could try to get a bank account through an introducer which would be a laywer or a good customer.

I think there are some threads about Banks here in the Forum also with contact numbers.

Good luck.
mantonas
#5
I have opened my acc with BOV at Mellieha's branch and to be honest, couldn't be happier with them. It only took them about 3 weeks from the time I applied for it, to get all sorted out, including bank references from my previous bank in Ireland, cashlink card and online banking. As for HSBC, I am still waiting for a reply in regards to the references they have requested from my previous bank...and this was about 3 months ago.

Regarding the service via email, no complaints whatsoever. Every time I send an email to BOV, they reply me back within an hour or so. I even managed to update my bank address details, only by email.

I am sorry to hear about the issues you're having with your bank at the moment and I really hope you manage to get them sorted ASAP.

Best of luck!

Antonio
GuestPoster566
#6
I understand that Banif are a Portuguese bank with a 'junk' rating.
How do you know that your ex UK bank will not give a reference?
Have they told you or is it an assumption on your part due to your dispute with them? Have you asked them?
mantonas
#7

redmik wrote:

I understand that Banif are a Portuguese bank with a 'junk' rating.


Well, I do not want to be the devils advocate here, but I wonder were you got the "junk" ratings from? This article might be from few years ago, but still gives some sort of credit to the Portuguese Bank, as you wanted to make clear where the bank was original from.

"Banif Bank named Best Banking Group - Malta

Banif Bank (Malta) has been judged as being Best Banking Group in Malta for 2010 has been presented with an award by World Finance magazine and website.

The award was granted in recognition of the bank's financial performance, sound corporate governance and provision of innovative customer solutions that provide added value.

The World Finance Award Selection Panel used a wide range of criteria in order to shortlist the nominees for the 2010 awards. The WF-ASP has a total of 175 years experience in business journalism and its research team has managed to gather an exhaustive amount of information over the years.

Joaquim F. Silva Pinto, CEO of Banif Bank (Malta) said that the award was a clear demonstration that Banif was doing things the right way and was succeeding in its business.

"This important achievement would have been impossible without the trust shown in us by our clients, employees and shareholders. Trust is the cornerstone of our relationship with our customers and is also a reciprocal value."

"We at Banif Malta are convinced that we are moving in the right direction and it is immensely rewarding for us to see that others are acknowledging our success...This is an important landmark in our short history that will inspire us to work even harder to be even more successful in the future," continued Mr. Silva Pinto.

"We are today being acknowledged as the alternative Maltese bank and this to us means that we are succeeding," concluded Mr Silva Pinto.."
Source:

I can understand that some people have issues with different banks as I also had previously, but that does not necessary makes the bank bad to everyone else or with "junk" ratings. The same way Banif might have very unhappy customers, I am sure they also have very happy customers.

And if the general ratings of Banif aren't that good at the moment, it's not because they are a bad bank, but more related with the economical and financial situation that Portugal is going through. Many other Portuguese banks with a higher reputation than Banif, have also been affected.

GuestPoster566
#8
I'm aware of all that :huh:

I would have said the same had it been British, American etc. etc. but it was the bank being discussed.
You made a few assumptions there about my intentions I think.
maltaangel
#9
Unfortunately I have problems with Banif now waiting over 5 weeks no debit cards, no written details even though I was informed the account was opened on my initial meeting. References sent through
from my UK bank etc.聽 My contact there does not update me when I email, I now have work and no where to bank salary....
Myrkur
#10

mantonas wrote:
redmik wrote:

I understand that Banif are a Portuguese bank with a 'junk' rating.


Well, I do not want to be the devils advocate here, but I wonder were you got the "junk" ratings from?


Probably from
:)

mantonas
#11

Myrkur wrote:

Probably from
:)


Hi Myrkur,

I have also read similar reviews as the one you posted. But then again, as I stated on my previous post, that is also to do with the poor financial and economic situation that Portugal is going through at the moment. As I have also mentioned, not only Banif has been downgraded by Moody's rating agency, but many other Portuguese banks too. I am not trying to defend Banif or the Portuguese banks, but from what I read, they were previously considered one of the best banks in Malta.

holgerMalta
#12
>This all seemed fine, so I toddled along to banif to ask about
>obtaining a reference- 'we don't do references'.

This is nearly funny if it was not so sad. Banif does require references to open an account (if one does not have an ID yet), but does not give them themselves. Consistency is clearly not their strong point.
MikoHassing
#13
Thanks for the heads up, I'm shopping for a bank here and now I definitely know where NOT to go.
Myrkur
#14
Well Mantonas to tell you the truth I never heard good things about Banif even a few years ago so dunno how it turned out to be the best bank! But anyway not trying to invalidate your point or anything :)
mantonas
#15

Myrkur wrote:

Well Mantonas to tell you the truth I never heard good things about Banif even a few years ago so dunno how it turned out to be the best bank! But anyway not trying to invalidate your point or anything :)


That's fine Myrkur and I don't doubt about that! I am also not trying to defend Banif as I don't even have an account with them :D

KimberleyT
#16
Hi can anybody point me in the right direction of any banks in Malta who do not require ref from a previous bank in the UK? I closed my accounts in the UK because of dispute about charges after a lot of tooing and froing, thinking it would be easy to open one here and it seems that all banks need a ref from past banks which I dont want to go into. Is there a bank which doesnt need to do this? Or any suggestions such as offshore banking etc going through an intermideatry etc.. I am going to be self employed ( Limited Company)with a business partner in the UK so will eventaully need a business account as well,I went to the HSBC and was told I needed a personal account in order to open a business account and I cant open a personal account without having a job and having refs checked from the UK... seeing as though I'm going to be self employed they basically said well you cant have an account . I have a rental agreement and UK passport etc ... Help I'm tearing my hair out :)
maltaangel
#17
Hi

As far as I am away they all request UK references....if you have a residency card it may make things a bit easier. I am 7 weeks down the line and still no account open, although Banif have informed me this morning they now have all the information require, which included a bank statement from my UK account plus references, plus proof of address for here and the UK !!

Good luck :)
G
#18
Quite a few of them dont require a reference once you have your eResidence card
Toon
#19
e-residency appears to be the key - but getting one quickly will be聽 and is a problem
KimberleyT
#20
Hi
thanks for your reply聽
HSBC told me they dont accept residency cards anymore do any of the others? I have an appointment with the residency people in Sept as you probably know they have a backlog because they are chaging the cards over to e ones so you have to apply for an appointment and mines not until September..
KimberleyT
#21
Hi
thanks for your reply could you point me in the direction of the ones who accept eresidency cards as HSBC told me they no longer accept this many thnks in advance :)
G
#22
not the residency card, but the eResidence card, which is the new card that replaces the residency cards and the ID card
maltaangel
#23
Try BOV alot of people seem to recommend them, there is only BOV, HSBC, APS and Banif that I am aware of, but some else may have more info...
G
#24

KimberleyT wrote:

you have to apply for an appointment and mines not until September..


you don't have to wait til then - you can now apply for the card by post (if you are EU citizen)

1 member reacted to this post
Toon
#25
no need to prolong the wait apply by post now
Toon
#26
there is also Lombard FCM bank Izola Bank, Mediterranean Bank and Credit Europe too but not sure what accounts are available - but may be worth looking
pgl
#27
I an account with BOV, after attempting for nearly two months to extract a reference from my UK bank. Eventually they gave me a form for my employer to sign, that confirmed my salary, UK address, and a couple of other basic details.

I took it to work, made a version on company-headed paper, and got it signed. I then took my rental agreement, employee contract, and passport to the bank, and they gave me an account on the same day. One week later and I picked up my bank card and security key for Internet banking.

Apparently the form is a "last resort" thing. I don't understand it personally - if they can open an account with that, why bother with the reference; I can prove I'm getting an income. But, hey, where would we be without pointless bureaucracy.

Good luck.
1 member reacted to this post
KimberleyT
#28
Hi thanks ... only problem is I'm going to be self employed but I'll give it a try :) You mentioned they wanted confirmation of your Uk address ? Sorry to be a pain but didi you mean your Maltese address?
Many Thanks
KimberleyT
#29
Hi
thanks for that I've looked online and it says if its your first time for a card then you have to make an appointmrnt .. I went to the offies and they told me the same thing am i missing a link somewhere any help would be appreciated
KimberleyT
#30
Thank You :)
KimberleyT
#31
Hi
thanks for that I've looked online and it says if its your first time for a card then you have to make an appointment .. I went to the offies and they told me the same thing am I missing a link somewhere any help would be appreciated
pgl
#32
Kimberley, no, it was confirmation of my UK address. Apparently for tax purposes they wanted my address to be in the UK - at least until I get my Maltese eResidence card.

They might accept your Maltese address if you can show some proof that you're paying tax in Malta, though?
maltaangel
#33
I found I had to provide proof of both my GOZO adddress and my last UK address.....they accepted a tax notification form for my UK address
K
#34
Howdie guys...

just wondering how people have fared in the last 6 months or so ?
i see that most have been negative towards banif... or banif has been negative towards most... :((
Darrylv
#35
unfortunately a big negative from me so far - took 4 weeks before they sent out debit card to a wrong address then insisted they couldn't waive the fee to reissue a new card.聽 Currently in a standoff with them on the point and threatening to close my account.聽 Not a great start.
F
#36
Very poor service crappy internet banking I have decided to actually move banks as the service has now become intolerable it's invconvemient to move but it's much more convenient to change now I ve had enough
F0xgl0ve
#37

Flixstar wrote:

Very poor service crappy internet banking I have decided to actually move banks as the service has now become intolerable it's invconvemient to move but it's much more convenient to change now I ve had enough


Been with Banif for around 2 years and found them very easy to deal with.
ATM's good as you can also deposit cash which it counts and issues a receipt for, (the money is credited and available immediately)
Set up account in 1 hour and had cards in less than a week.
Internet banking has been spot on and easier to use and more secure than our UK bank accounts.

Tried BOV twice but walked out each time as none of the staff聽 wanted to bother until we had got a reference from the UK (UK banks said the request had to come from BOV) and didn't even try HSBC having seen the daily queues at the branch in Victoria.
Just my experience and maybe they are better here in Gozo!

Ray

1 member reacted to this post
Samantha oreilly
#38
What exactly did you need to take with you to open your Banif account? We don't yet have a permenant address but should have within two week but need to get the ball rolling now. Thanks, Samantha
robpw2
#39
You'll need the permanent address , e residence card and work contracts or banif will apply for a reference though different staff have different suggestions of what you need or when so if you don't get it first time try another branch another day
Samantha oreilly
#40
Thanks Rob.
My partner has his work contract but we don't currently have a permanent address, still looking although we think we have found somewhere, second viewing tonight to decide. As for residency cards we haven't even applied, how do we apply? Thank you

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