Peter Schiff’s Euro Pacific Bank Introduces a Silver Backed Debit Card

The Euro Pacific Bank is located in St. Vincent & the Grenadines which has established banking secrecy in statute making it one of the most private and secure places to do business and protect your assets.

Mr Schiff opened the bank to better serve his non-US investors as the current U.S. regulatory environment has made it very costly to assist international clients. Unfortunately, this means if you are an American citizen or resident you cannot open an account with the bank.

The new silver backed debit card is offered in conjunction with the banks silver backed accounts. With the Allocated Silver Account you can…

  • Buy and sell your silver 24hrs/day from the comfort of your own home
  • Spend your silver with the silver-backed debit card at millions of vendors and ATMs worldwide
  • Feel secure knowing that your metals are 100% physically backed and stored privately offshore

Like the banks’ gold backed accounts, the custodian for the Allocated Silver Account is the Perth Mint, which operates under a government guarantee. The backing silver is stored in a “Pool Allocated” account with the Perth Mint.

Euro Pacific Bank Ltd. has a corporate Pooled Allocated Silver account at the Perth Mint, which is segregated for clients on their end.

To use the card you do need to have a USD account with the bank and the conversion from Silver Account to Cash Account to Debit Card is done manually, in advance. Silver is 2-4% to buy and sell and the Silver Account has a .95% annual fee. There are also a few associated card and account fee’s.

(Update: Selling fee reduced to 0.5%)

The Debit Card is valid in over 210 countries worldwide.

The Bank’s Mr Vincent Le was nice enough to send me this information and answer my questions. Should you be interested in obtaining a silver backed debit card for yourself, you can reach Vincent at this address, Vincent.le@europacbank.com

 

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3 thoughts on “Peter Schiff’s Euro Pacific Bank Introduces a Silver Backed Debit Card

  1. Pingback: realmoneynews.com | Peter Schiff's Euro Pac Bank Introduces a Silver Backed Debit Card …

  2. Great, this gives a convenient way to save in silver but spend in dollars — without taking a huge hit for the conversion.

    This is kind of what BitInstant has promised but instead of gold or silver, the commodity that the debit card account is denominated in is bitcoins.

    This lets you save in bitcoin but spend in dollars, conveniently and inexpensively.

    Oh, and they say it won’t be restricted — even those in the U.S. can use them.

  3. Pingback: Euro Pac Bank Reduces its Gold and Silver Selling Fee | DGC

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