BluOr Bank - Reliable?
- Thread starter Nemama
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MontgomeryClift
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It's currently 3.25% AER for a 6 month term.
BluOr are offering 4% for 6 months via Raisin.
I began opening an account on Friday, direct with Blue Or. Smooth enough process, uploaded a pdf of my passport. Got an email today to review the application. It seems I did not put my name in exactly as stated on passport. Awaiting approval from them.
Yip I got a similar query and another query about the quality of passport scan both of which I went back to them on last week. I started the process last Monday.
Does BluOr bank offer assistance in reclaiming Latvian withholding tax ?
I don't see any information about this on their website.
Latvia are fussy regarding tax documents. I have an account with BluOr through Raisin.
My Irish revenue signed tax documents were rejected as they were a photocopy of the original. Irish revenue tend to keep the original documents and return photocopies.
I don't see any information about this on their website.
Latvia are fussy regarding tax documents. I have an account with BluOr through Raisin.
My Irish revenue signed tax documents were rejected as they were a photocopy of the original. Irish revenue tend to keep the original documents and return photocopies.
Unfortunately, it seems like the bank puts the focus on the customer to do it correctly. It would be worth talking with Revenue in case they withhold the full 20%, as I think then you can get a credit from Revenue regarding this and paying DIRT on it. I would double check with them in case I am wrong though.
You´re not the first person I´ve seen posting this about Revenue sending photocopies. I´m surprised Irish Revenue aren´t aware they should send the original withholding tax form back, you´d think they´d keep the copies themselves.
Yes, it's bad practice.
I had to include a note to Irish revenue to return the original signed Latvian tax document.
Did they take long to come back to you?
My latest communication from BluOr. I'm on the naughty list by the looks of it. Anyone else run into this issue and was it possible to resolve it?
Hello!
We inform you that, unfortunately, in accordance with the General Terms and Conditions of Transactions, we are forced to refuse you the product of our Bank "a Standard Deposit".
We look forward to successful cooperation!
Hello!
We inform you that, unfortunately, in accordance with the General Terms and Conditions of Transactions, we are forced to refuse you the product of our Bank "a Standard Deposit".
We look forward to successful cooperation!
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They were reasonably quick. 4 or 5 weeks.
I was refused last year via Raisin. I'm not too bothered if they refuse again.
Not too bothered either. Their latest reply was this when I asked for a reason.
Currently, due to technical reasons, we cannot provide deposit placement.
I might chase them again so. Raisin came back this morning to advise of a new lower rate on renewal with BluOr, down to 2.7%. A sign of things to come.
I've been looking into them as well, but struggling to find data which points to their bona fides. I did come across an assessment from a German website.
...It is therefore often more meaningful to look at the BluOr Bank itself, because the central question for you as an investor should of course be whether the deposit insurance would have enough money to fully compensate all investors in the event of the BluOr Bank going bankrupt. For 2022, BluOr Bank reported customer funds amounting to 577.71 million euros (source: Annual Report 2022 ). If you put this value in relation to the assets of the deposit protection fund (175.81 million euros), the coverage ratio for BluOr Bank is 30%. Loosely translated, this means that, at least based on the latest publicly available figures, the Latvian Deposit Insurance Fund would have far too little money available in the event of bankruptcy to fully compensate all of BluOr Bank's investors on its own.
https://www.kritische-anleger.de/blueor-bank/festgeld-weltsparen/#Sicherheit
BluOr Bank Rating
We currently do not have a rating for BluOr Bank and therefore no assessment of its creditworthiness from a rating agency. However, this is not unusual, as banks like BluOr Bank have to pay for the creation of such ratings themselves, which can quickly become very expensive. Therefore, almost only larger banks afford this luxury, as they may achieve greater savings when refinancing via the capital market through a rating. The fact that BluOr Bank does not have a rating from Fitch, Moody's or S&P is not automatically a sign of the bank's low security......It is therefore often more meaningful to look at the BluOr Bank itself, because the central question for you as an investor should of course be whether the deposit insurance would have enough money to fully compensate all investors in the event of the BluOr Bank going bankrupt. For 2022, BluOr Bank reported customer funds amounting to 577.71 million euros (source: Annual Report 2022 ). If you put this value in relation to the assets of the deposit protection fund (175.81 million euros), the coverage ratio for BluOr Bank is 30%. Loosely translated, this means that, at least based on the latest publicly available figures, the Latvian Deposit Insurance Fund would have far too little money available in the event of bankruptcy to fully compensate all of BluOr Bank's investors on its own.
https://www.kritische-anleger.de/blueor-bank/festgeld-weltsparen/#Sicherheit
Yikes! There's a limit to the Deposit Guarantee Fund? I did not know that!
It's a good website actually, I had a look at a few more banks, and even the German deposit scheme apparently isn't 100% funded.
According to the European Banking Supervision, the German Deposit Insurance (Compensation Facility for German Banks GmbH) had liquid assets of EUR 4.48 billion at the end of 2022. At the same time, this amount was offset by a balance of EUR 710.88 billion in all banks protected by deposit insurance. At the level of the German banking sector, this corresponds to a coverage ratio of 0.63%, or to put it another way: If all of Germany's banks were to go bankrupt today, the German deposit insurance would only be able to cover 0.63% of the insured deposits from its own financial resources to be paid back to investors. Doesn't sound like much? It is, but this is not so much a problem with Germany's deposit insurance, but rather a general problem with all deposit protection systems.
I also had a look at the link they've included from the European Banking Authority. Given the stated target for this year, perhaps the situation has improved since 2022 for each country.
...It should also be noted that in all circumstances, and regardless of the current level of available financial means of the DGS, the level of deposit protection available to depositors remains €100,000.
According to the European Banking Supervision, the German Deposit Insurance (Compensation Facility for German Banks GmbH) had liquid assets of EUR 4.48 billion at the end of 2022. At the same time, this amount was offset by a balance of EUR 710.88 billion in all banks protected by deposit insurance. At the level of the German banking sector, this corresponds to a coverage ratio of 0.63%, or to put it another way: If all of Germany's banks were to go bankrupt today, the German deposit insurance would only be able to cover 0.63% of the insured deposits from its own financial resources to be paid back to investors. Doesn't sound like much? It is, but this is not so much a problem with Germany's deposit insurance, but rather a general problem with all deposit protection systems.
I also had a look at the link they've included from the European Banking Authority. Given the stated target for this year, perhaps the situation has improved since 2022 for each country.
Illustrative funding path under DGSD
The DGSD requires Member States to raise funds into their DGSs equivalent to at least 0.8% (or in certain cases down to 0.5%) of covered deposits in that Member State. The DGSD, which was enacted in 2014, gives Member States until 3 July 2024 to raise this target level amount. This means that Member States which relied on a different funding model in the past will gradually increase the level of available financial means of their DGSs by raising levies from banks each year. In 2015, many Member States raised these levies for the first time, but others only began raising them in 2016......It should also be noted that in all circumstances, and regardless of the current level of available financial means of the DGS, the level of deposit protection available to depositors remains €100,000.
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