[P2P] Mintos


  • Community Manager

    Starting this topic since we're seeing interest in Mintos from few of us, within the topic on P2P platforms open globally 🌍 to foreign investors.

    Folks investing on Mintos, do share your experiences -- may not limited to the investing experience, but also the procedures you undertook in remitting funds to and fro / filing for tax!


  • Community Manager

    In @StatsCollection's own words:

    "

    A big shout out to those who champion cross-border platforms, and mention Mintos - @antoniomc27 @Gaudente, among others.

    In hindsight, it seems so simple to set up and fund my Mintos account.
    But being an old fogey with a crystallized ‘bricks and mortar’ mindset ( IBAN?), it took me a few weeks to accomplish this simple task after some few trials and errors.

    Here are the final steps to success :

    I’m Malaysian, btw.

    1. Mintos account activation: About a week, after some persistent emails from me.

    2. InstaRem account activation: 4-5 days including KYC (some minor hiccups after KYC)

    3. TransferWise Borderless account activation: No issues here - about 2 days.

    4. Test transfer from my local bank account to IR. (1day)

    5. Test transfer from IR to TW (1 day)

    6. Full transfer from my local bank account to IR (a few hours )

    7. Full transfer from IR to TW (few hours - still working hours over there)

    8. Test transfer to Mintos through TW (1-2 days to reach there)

    9. Attach my TW deposit receipt and email to Mintos a few times. Here is their final auto-email response:
      0_1550681276402_81c75315-4739-4aa6-a6d6-4b03780ffc99-image.png
      It’s just a wordy message suggesting that they are under-staffed.
      Anyone should be hanged for using the word ‘proactive'.

    10. Finally, type “DPS” in the email subject, copy and paste the TW deposit receipt text.
      They fund my account after a few hours.
      All right, I’m all set to ‘go and grow’ my 40 Euros.

    PS: My 40 Euros got invested right away. I forgot to turn off the default auto-invest.
    Probably some agriculture loans.

    "


  • Community Manager

    @jomni said in 1.1.4: Which P2P platforms are open globally 🌍 to foreign investors?:

    Why InstaRem to Transferwise? Why not just use one to fund Mintos?

    @statscollection said in 1.1.4: Which P2P platforms are open globally 🌍 to foreign investors?:

    @jomni

    TW does not support MYR outflow (at the moment) unlike SG.

    I didn't even give a second thought about sending funds directly to Mintos using IR , since repatriation back to MYR would still incur the same traditional exorbitant exchange rates cost.

    Besides, using the borderless account is such a breeze. I have just funded PeerBeery within minutes. Balance transfer cost is 0.8 Euro.



  • Latest loan originator ratings by The Coin Magnet:

    https://thecoinmagnet.com/mintos-lender-ratings/



  • I have transferred SGD to my TransferWise EUR account. The process was to add EUR amount in TW, then they will tell you how much SGD it is worth and the account details. I was a breeze. I used PayNow and the EUR was credited in less than 5 minutes (even on a Sunday). Now the next step is to send the funds to Mintos.


  • Community Manager

    @jomni Sounds great! Looking forward to hearing from your experiences from then on!



  • GREAT NEWS!

    Mintos has just announced they are making their Referral Program permanent! This makes so much sense, as Mintos' available loans have skyrocketed in the last 12 months, adding originators all around the world.

    For a 500 EUR investment (RM 2300) we would be talking about 10 EUR (RM46), or 2% cashback.

    Same 2% cashback if the amount invested is 1000 EUR.

    You can follow this link to register (typical Know Your Customer registration, including ID screenshot) and start investing: www.mintos.com/es/ref/SYGA9U

    0_1554767778136_bb5dac49-018b-4d40-8c50-12969b1a7b45-image.png



  • Money sent to Mintos via TransferWise this morning. Let’s see how long it takes.

    For those already investing, what’s your auto invest setting? Mine is the following: EUR | rate from 8% | tenor to 12M | originator raring A to B+ | EUR 20 - 30 per loan.

    Since you have to set a portfolio cap per strategy, I also left some extra money for manual investment. Looking to go through the secondary market for nice deals.

    Anyone have experience buying defaulted debt? It’s potentially lucrative when you know what you’re doing.

    Another one is betting on the originator guarantee kicking in. Check for those guaranteed loans selling at a discount. Then bet on them going into default and earn the difference. If they don’t turn to default, you can still earn a bit more than normal. Though this strategy is pretty much known so the discounts are tiny.



  • Hi guys, I have jsut got the change to have a quick read on Mintos. Interesting. What is the lowest cost for online funding of Mintos account? TransferWise - how much do they charge?

    I don't have an EU bank account, so I guess e-money would be suitable? Which one has the least costs? Maybe I should look into virtual banks, still very new though.

    What I like about Mintos:

    • originator buyback guarantees for >10% yield loans
    • no fees
    • many loans

    Thanks.



  • @wjchay said in [P2P] Mintos:

    Hi guys, I have jsut got the change to have a quick read on Mintos. Interesting. What is the lowest cost for online funding of Mintos account? TransferWise - how much do they charge?

    I don't have an EU bank account, so I guess e-money would be suitable? Which one has the least costs? Maybe I should look into virtual banks, still very new though.

    What I like about Mintos:

    • originator buyback guarantees for >10% yield loans
    • no fees
    • many loans

    Thanks.

    I open a EUR account in TransferWise. And transferred funds to Mintos’ own TransferWise account (e-money). I think there are no fees for this transfer. TransferWise only charged me for converting the SGD and transferring to my TransferWise EUR account (SGD 4 for amount of SGD 2000+)

    On the other hand, why didn’t I just send directly to Mintos using TransferWise and skip a step? Lol! Something I just realised.



  • @jomni Hi, thanks for the feedback. I compared rates online between Transferwise & Instarem, seems like Instarem is cheaper by EUR1 for every SGD1k.

    How about withdrawal from Mintos to Singapore bank? Does Mintos tranfer directly via TT or do they do it via e-Money accounts? Will there be any fees to withdraw from e-Money to bank account? I am newb in funds transfer ;)



  • @wjchay haven’t done withdrawals. For sure there will be fees. Is your base currency MYR? There’s a post above about the flow (Instarem to TransferWise to Mintos). Something about MYR recognition.



  • @wjchay Have done withdrawals before for testing. I withdraw into my virtual bank in Transferwise. There are no fees charged by Mintos. For transfer from virtual bank to Singapore bank accounts, I changed it back to SGD and there are the usual charges for converting EURO to SGD and a small fee to withdraw to Singapore bank.



  • Mintos got the funds. So that’s within the day. Yay!

    Auto invest not kicking in. Is it instant? There are thousands that meet the criteria.



  • Hi @jomni, yes, I think autoinvest takes more than 24 hours to realize, that is why I ended up investing manually. After all, you can save different filters (which would be similar to autoinvestment criteria) and in a couple clicks you can get your money reinvested.



  • @bigboiboi correct, Mintos do not charge any fees any time to investors, except for the currency conversion fee in case you decide to invest in other currencies instead of Euro. I think @jomni meant for sure will be fees in the whole process of repatriating your money back to SGD/MYR account.

    I believe Transferwise charges same fees in any direction one way or the other.
    I.e: same fee to convert SGD to EUR and EUR to SGD.
    Can someone confirm?



  • @antoniomc27 said in [P2P] Mintos:

    Hi @jomni, yes, I think autoinvest takes more than 24 hours to realize, that is why I ended up investing manually. After all, you can save different filters (which would be similar to autoinvestment criteria) and in a couple clicks you can get your money reinvested.

    Thanks. Actually manual investing looks to be fun. :D



  • Mintos auto invest started investing.

    Something I don’t like is it recognises premium and discount from secondary market purchases as instant loss or gain. I guess it’s easier to understand and track. But actual profit/ loss is materialised only when you sell or the principal gets paid off (originator buy back too).



  • @jomni

    I have a lot of proportionally late notes with Credius. The loan originator ratings are good though.
    Comes with buyback guarantee and interest income on delayed payments
    Don't know what to make of it.
    Just take note.

    0_1554916091716_90df7481-780d-4d23-b7e6-b74193537015-image.png
    0_1554916450542_c0ed51a2-2f32-4103-9fe0-ffa10bc2bb82-image.png


  • Community Manager

    @statscollection said in [P2P] Mintos:

    @jomni

    I have a lot of proportionally late notes with Credius. The loan originator ratings are good though.
    Comes with buyback guarantee and interest income on delayed payments
    Don't know what to make of it.
    Just take note.

    0_1554916091716_90df7481-780d-4d23-b7e6-b74193537015-image.png
    0_1554916450542_c0ed51a2-2f32-4103-9fe0-ffa10bc2bb82-image.png

    Hey @StatsCollection thanks for sharing! This is a screenshot of your entire portfolio or just the loans funded through Credius?



  • I don’t have any with them.



  • @kaeley-wn

    It's part of my portfolio. I diversify among the loan originators, using this website - https://thecoinmagnet.com/mintos-lender-ratings/ as a guide.

    0_1555481589494_18875b32-11c0-4046-b8a7-e6e9e1a4746c-image.png

    Here's a screenshot of my portfolio with Iutecredit (also personal loans).
    0_1555482083176_f3115394-b3ed-4c8f-a90b-99416f2adacf-image.png



  • Well if the rating is to be trusted then maybe they can buy it all back.



  • One qn I have for everyone is... How do you boost your returns and manage risk on the secondary market on Mintos ?


  • Community Manager

    @statscollection said in [P2P] Mintos:

    @kaeley-wn

    It's part of my portfolio. I diversify among the loan originators, using this website - https://thecoinmagnet.com/mintos-lender-ratings/ as a guide.

    0_1555481589494_18875b32-11c0-4046-b8a7-e6e9e1a4746c-image.png

    Here's a screenshot of my portfolio with Iutecredit (also personal loans).
    0_1555482083176_f3115394-b3ed-4c8f-a90b-99416f2adacf-image.png

    Interesting stuff! Thanks for sharing, @StatsCollection!

    How did you chance upon coin magnet?



  • @chekmeng said in [P2P] Mintos:

    One qn I have for everyone is... How do you boost your returns and manage risk on the secondary market on Mintos ?

    I’m gaming here so follow at your own risk.

    1. I buy those with 1% and more discount. Of course should be good fundamentals. Problem is most of those with this sort of discount are non-guaranteed.

    2. I buy loans more than 60 days overdue with buy back guarantee (good originator rating) at a discount. The bet is that they will default and originator buys back the loan. Not sure if the small discounts are worth this strategy though. So far I have earned 1% from a defaulted deal in my 2 weeks of being in mintos. Depends on how frequent I can find deals like this.

    I also post sales of the loans about to default with 1% premium just in case someone bites. So far no one is crazy enough to buy from me. Maybe I’ll change my strategy. I will still sell at discount but at lower than my buying discount.



  • @jomni My Mintos account verified and transferred to TW just now. in 15 mins i received it in my TW aacount. So maybe from this week, my journey with mintos starts...excited to understand and earn.. Thanks all for introducing another avenue for earning...



  • @jomni thanks for sharing man!

    I refer us back to what @antoniomc27 said in another topic:

    Many people thought Mintos was a risk-free investment until Eurocent happened! Wrong idea guys, there is no free lunch in this world, an investment with 10-12% can never be risk-free.

    Links:
    https://blog.mintos.com/the-current-situation-with-eurocent/
    https://www.p2phero.com/2017/09/11/what-the-quasi-default-of-eurocent-means-for-mintos-and-us/?lang=en

    It might be really risky to buy loans more than 60 days overdue with buy back guarantee on Mintos?


 

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