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My review on Capital Conservator is excellent! If you would have asked me in the beginning of my relations with them I would have said otherwise, as my account had some teething problems, but after working with them for several months, I have to say that I am rather impressed by the way they are operating. The main problem most people have with them I think is that they are not a bank, so we all start off very cautious, however I have done many a few hundred k through them and not any major problems.

One of the first complaints I had was that you must announce incoming wires with the incoming wire form. At first I thought this was a pain, and rather impossible to tell which of our invoices outstanding had paid and when, but now I see this as a useful tool. Anyone who uses offshore banking knows that the for further credit to section swift field 70 is often omitted either by the sender or the sending bank. Therefore payments can be sitting in the bank's pooled account until they are eventually returned, but with CC this is normally not the case. If you use the incoming wire form they will match it to your account.

My second grievance with them was that my card took a little longer than planned. I know now this is because of their card provider sometimes asks for more docs. In my case I had to provide simply a letter that explained my business, which was easy enough, but sure slowed it down. I have since ordered another card and it was very fast, in my box in less than two weeks, and with two cards I am able, and do, pull 20k from the wall a week. Most of the time they answer all my questions within 24 hours, sometimes not, but now that I'm not losing sleep over having 20k plus in their account, it doesn't bother me as much when they take a little longer.

As they are not a bank they do not loan out my money, so they make the same no matter how long I keep it in their account, and therefore don't pull that ** line of possible money laundering like other banks do when I want to withdraw MY money. Think about it, the longer you keep your money with other banks, the more money they make, so with my other offshore accounts I have to have what we call turnover, normally monthly, so the bank can make money with my money, with CC after paying them their 2.5% of course I can take and use my cash right away so the money is in my investments for a month, not the banks.

There are times when I order a wire, and it is in my account the same or next day. I've found if I order the outgoing wire before 1pm, they are the fastest I've ever seen. For now, I would highly recommend them. However things change fast in the offshore world, so of course I will be doing a google search at least weekly, to make sure the climate is still good!!

Update: January 15th. Well it appears they have switched their correspondent account. They have said it is by choice, but I would say it is more likely they lost their account at Commerzbank. The reason I would say that, is they only gave clients two weeks notice. Any transfer that lands in the old account after the 27th will be returned to the sender. Anyone that invoices knows it can be up to two weeks before someone pays and another week for it to land via swift. So if this was planned, then why would they only give a two week cushion?

Secondly, the new account is in the name of their card provider (which I won't list here). Why go from having your own account, to using a sub-account of another firm? And who wants to send money to someone in an account with the name credit card in the account name?.

Now the new bank being in London is good, but I would hope it is temporary, that is I would hope they open their own account in their own name soon. Also not yet able to receive a transfer, although it's only been 6 days. I would be interested to hear from someone else who has an account that has had successful transfers in the new account. Anyway I would still rate them good, just going through to be expected bumps on the road. Customer service still really good.

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Capital Conservator Offshore Services Rating:
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