FBME Accounts

Customers of Cyprus and Tanzania based Federal Bank of the Middle East are experiencing difficulties to touch their financial assets on FBME accounts. Since July 2014, the bank is under strict regulatary resultion by the Central Bank of Cyprus. Card Services, like VISA and MasterCard but also the regular debit cards to use in ATM machines, stopped working. The two ways to transfer funds from an FBME account is by internal wire to another FBME account or by bank check to another bank account in Cyprus. 

Although the presented solutions sound easy to accomplish, it is tedious. As we can read in the FBME Bank News, the bank check must have the exact same beneficiary as the account holder at FBME in Cyprus. Leaving only one solution for customers who don't have an account in Cyprus, open one! 

Opening of a new bank account is not as easy as it used to be. Especially when the beniciary or the Ultimate Beneficial Owner does not live in Cyprus. The account holder must be identified and a copy of a passport alone will not do. 

Difficulties all around, but fortunately there are some solutions for FBME customers. Customers who can proof that their assets are earned with regular business activities are invited to start a safe process to transfer funds from their FBME account to another account. The main issue with FBME accounts is that the funds are not accessible. When the funds are at another account in Cyprus, they are. 

If you are in a situation where you're not able to transfer your funds, you owe it to yourself to find a solution. Nobody knows what the future will bring but we do know that it doesn't look promising...