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What is going on with First Choice?
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Something new. Could you please ask him about wire currency? Will it still be in euros?
For sake of ease and reference will post the text from that page here:
Choice Bank Limited ready to begin paying depositors on July 2
Choice Bank Limited (hereafter “Choice”) is pleased to announce that beginning Monday, July 2, all depositors will be able to withdraw up to US$25,000 from their respective accounts. Choice expects that later in July, all depositors may withdraw an additional US$25,000 to US$75,000. Choice further expects that all depositors will be able to withdraw US$100,000 before the end of August 2018. Finally, by the end of the year all depositors are projected to have full access to 100% of their funds should they wish to close their accounts.
Choice is able to do this because it has made significant progress over the last 60 days in monetizing its assets and is confident that, it will continue to make significant headway in further liquidating its remaining illiquid assets and paying out depositors.
Choice had developed a plan which it presented for approval to its regulators, the Central Bank of Belize and the Prime Minister on or about June 15, 2018. The plan would have allowed all depositors to withdraw up to US$100,000 of their funds by the end of June and all remaining depositors to withdraw the entirety of the balance of their funds by the end of September 2018. Delays in the regulatory approval process led to a reduced access to liquidity for Choice. In the interest of depositors, Choice’s Board and management have nonetheless decided, to seek to implement a more conservative plan which will result in the immediate availability of US$25,000 to all depositors and will offer additional redemption of depositors on a pari passu basis as soon as assets are monetized. Specifically, further funds will be made available when Choice receives two large deposits from foreign financial institutions both of which are expected to be paid in July.
Based on the success which Choice has had over the past two months, it is confident that it will be successful in liquidating its remaining assets in such a way as to return all funds to all depositors by year end.
Choice, its board, officers and employees regret that depositor funds have been frozen for the past 2 1/2 months. These past two months have been very difficult. They have, however, given Choice the opportunity to make certain that it will have the ability to repay all depositors in an equitable manner. We would like to thank our customers for their patience and understanding. Choice has endeavored to act at all times in good faith only in the best interests of its customers and depositors. Choice is confident that with the support of its regulators, all depositors will be satisfied.
He told me the local bank curency must be in Euro. Some here said about USD....
If it is true that is great news. I donot mind to wait few more monts for the rest of money if it will come for sure. If it will be in euros great again...more possibility to receive it.
I just wonder how and where they will make notes of it since fcp site will not work any more and we do not have real accounts...especially if they do it in euros(conversions etc.):/
i just hope that text include us too from fcp...
I just wonder how and where they will make notes of it since fcp site will not work any more and we do not have real accounts...especially if they do it in euros(conversions etc.):/
i just hope that text include us too from fcp...
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Well, i guess that Fcp being a customer/partner/same company with Choice Bank, somehow they should be able to give us the money back 
I only want to see my money in my account, then I'll be sure. it's a good news anyway after 2 and a half months waiting.
This official update from Choice Bank is certainly great news. However, doesn’t this mean they should immediately start collecting wire transfer information from all accounts, not just the smaller account holders? So can someone please ask Ad Kees how they will gather that information? July 2nd is coming up really soon.
At some point they were saying they were going to use the bank account information we had in our accounts on FCP for the wire, that was long before they requested the wire transfer information however it is possible that the FCP site will stay up and you will just have to update your bank account info there.
Marvelboy is right. They didint even start to ask us for bank infos...so real account holders will have privilegies over us...so nothing will happend for us soon...
I think only few had account info on fcp site, and in order to add it, you have to write them directly...so it is the same...
I think only few had account info on fcp site, and in order to add it, you have to write them directly...so it is the same...
I think they aren't going to pay our money in different parts. So I think the following:
For smaller amounts (less than $25k): beginning Monday, July 2, all depositors will be able to withdraw up to US$25,000. They already have the account details of those people.
Unfortunately, there is no concrete date for larger accounts: Choice expects that later in July, all depositors may withdraw an additional US$25,000 to US$75,000
And if they see FirstChoicePay as one big account, then we are f*cked. But I don't expect that.
It looks like FCP / Payoneer is f****ng us over again by refusing to even help or represent us now in this matter even though we trusted our money with them.
We will not be able to withdraw anything next week, this is only for depositors. We have accounts with FCP, we never opened an account with Choice Bank....
It's shocking how FCP/ Payoneer turns their back on us even though all 3 companies are related through Mr. Yuval Tal.
Yes, but the money will be unfrozen and the people from Choice Bank can transfer the money to us. They have no excuses anymore. Anyway, FirstChoicePay is a special case.
angelika
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I got this email yesterday from Kendra Garbutt at First Choice after I was chasing for a status update on the wire transfer she promised me three weeks ago. It is a different tone to what she usually sends out, note that it is addressed to a Sir whereas she always used Miss Angelika before, so I get the feeling this is a new standard email they're sending out. It is directly in line with the official statement from Choice Bank regarding depositors receiving their funds after 2nd July, so once again my hopes have been restored, hopefully this time they won't be crushed again!
Regarding the currency of the payouts, from a logical standpoint Choice Bank is an International Bank in Belize and uses USD as it's base currency. It would not wire in Euros, just as it wouldn't wire in British Pounds or Polish Zloty or any other local currency. Any wire transfers would therefore be initiated in USD from Choice Bank to any bank internationally, and it is the local receiving bank that would make the automatic conversion into the local currency. So if you have a Euro account your funds will likely arrive as USD and be converted by your local bank into Euros. I have many times received monies from international wire transfers in a variety of currencies, which have always automatically been converted by my bank into my local currency. There is nothing to suggest that the Choice Bank transfers would be any different to that as it is a standard international banking process.
Regarding the currency of the payouts, from a logical standpoint Choice Bank is an International Bank in Belize and uses USD as it's base currency. It would not wire in Euros, just as it wouldn't wire in British Pounds or Polish Zloty or any other local currency. Any wire transfers would therefore be initiated in USD from Choice Bank to any bank internationally, and it is the local receiving bank that would make the automatic conversion into the local currency. So if you have a Euro account your funds will likely arrive as USD and be converted by your local bank into Euros. I have many times received monies from international wire transfers in a variety of currencies, which have always automatically been converted by my bank into my local currency. There is nothing to suggest that the Choice Bank transfers would be any different to that as it is a standard international banking process.
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That is indeed the most logical. However, Choice Bank confirmed a number of times that the wire transfers were going to take place in Euros. So wait...
Maybe because they use an intermediary bank?
Yes they are using probably more than one intermediary bank or even payment processors.
angelika
Cam Model
You're misinterpreting the situation here. Firstly, Payoneer has no responsibility toward FCP card holders, or indeed any ability to intercede on our behalf, as FCP was set up as a completely independent legal entity. The banking industry is the most heavily regulated in the world, and they can't interfere with a very complex regulation compliance issue in a foreign country (Belize). Secondly, FCP is not a bank and has never actually been the holder of funds, that has always been Choice Bank in Belize as the backing bank. Since Choice Bank is now under the authority of a Central Bank of Belize administrator, FCP is powerless to do anything on our behalf, even if it wanted to. We're stuck in the middle of banking industry red tape, regulations and processes, but the information I posted earlier about the procedures and protections in Belize imposed by the Central Bank should reassure everyone that any depositors, which actually includes us (it's a generic bank term for anyone with funds in the bank), will eventually get their funds back. The latest statement by Choice Bank shows that it is disposing of assets in order to pay EVERYONE back, as is mandated by the Central Bank. In any event, why would someone from Choice Bank have been regularly corresponding with me and asking for wire transfer information if we were not considered a relevant part of this payout action? It's just process and we have no choice other than to sit tight and wait.
angelika
Cam Model
The intermediary bank only applies to depositors who's local bank uses a third party bank to effect international wire transfers, this applies to a relatively small number of banks. If you had an IBAN from your local bank, then there is no intermediary bank. What Choice Bank is likely referring to is that you can receive your money in Euros, however in reality the issuance from Choice Bank will be in USD and the local bank will convert it to Euros. USD is the principal International trading currency that all international banks use, and Choice Bank is registered and operates as an International Bank.
Today from Kendra.
Good Morning Sir,
Yes transfer will be in Euro and should be completed within the next week.
Regards,
Good Morning Sir,
Yes transfer will be in Euro and should be completed within the next week.
Regards,
Haha 2 differnt replies from one person in same day! Its a win.
As far as i know no bank automaticly converts anything. Payment details are different for dollar and euro payments. I donot see it why they would send it in euros and how they would be allowed to.
So it will be in usd we are in the problem again...exept they will split it this time...
Perhaps we could ask them again if we can make real account and transfer it there...so we can withdraw it slowly when they are open again....
As far as i know no bank automaticly converts anything. Payment details are different for dollar and euro payments. I donot see it why they would send it in euros and how they would be allowed to.
So it will be in usd we are in the problem again...exept they will split it this time...
Perhaps we could ask them again if we can make real account and transfer it there...so we can withdraw it slowly when they are open again....
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Not sure if its the same for euros but when my Canadian CAD account received a wire in USD it auto converts it to CAD. Now I receive them to my USD account but when I didn't have one it auto converted to CAD at my banks market rate.
Ad Kees told me they plan to send to all FCP clients full amount if less than 25000, or 25000 first and then the rest later, when is on choice site.
When they send first 25? Soon!)
When they send first 25? Soon!
)In my country banks can not convert transfers. If the transwer is sent in Euro is must be sent on Euro acct and if it is sent in USD - then on USD acct
Neither is my local currency
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