Yet another bank that converts all deposits into USD. Same thing with Xapo. I like almost everything about that bank, but the ability of only holding USD currency is a big downside.
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Complete List of MULTI-CURRENCY Emis and Banks?
- Thread starter banafinfodafuggiano
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Nice, thanks for sharing!
Correct, this is not a true multicurrency account as I can see, hence perhaps not qualified for this thread; nevertheless, FV Bank has another undisputable pros, like crypto-friendliness and non-AEOI/CRS location... (not very cheap, though)
Both interesting; I admit that never heard of (that means nothing).
They are silent about pricing at webpages – are you aware, @xeathk?
Yes, they are good, have already been named above.
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Both are fintechs with a Chinese capital background, and both have opaque pricing that requires talking to sales.
It is in regards to Amnis. They have unique CH IBANS since March 2024. They only work for local SIC transfers.
To be honest, I do not like this business model very much. Yet, apparently, it is working for some...
What's wrong with this business model?To be honest, I do not like this business model very much. Yet, apparently, it is working for some...
To be honest, I do not like this business model very much. Yet, apparently, it is working for some...
Well, I have not said that it is wrong, just that I do not like it very much. See, I believe in transparency in many (not all!) cases and a simple retail banking is one of them. It is fully understandable that e.g. in private (U)HNWI banking all the conditions are negotiable, as every business case can be (an many times is) different, therefore (almost) nothing is published. Similarly with the banking focused at high-risk businesses. But they present themselves (at least I understand it so) as a general platform; and in such a case I welcome when I can see immediately the pricing and TOS and am able to evaluate whether it is worth some further effort or not... But this is just my position.
I generally keep our rails private rather than public - due to the fear every bob and his uncle will start using and then it gets used for massive scale laundering and then the accounts get frozen and you loose funds and rails.
Same happened with a virtual card crypto hook up for vendor payments recently after mainstream heard of it.
Same happened with Union pay crypto hook up.
Same happened with Taiwan merchant banking hookup
Etc etc
Loose lips sink rails
Exactly! Some people are unaware of their own absurdities, and we don't want to risk having (yet-to-be convicted) "criminals" like, e.g., ransomware gang members, using our solutions to wreak havoc on us. Every time someone uses a system/platform and brings attention to it by doing it the wrong way, the "regulators" (I only use this term because others are "used" to it) shut it down and start justifying their salaries by scribbling more limitations that FIs monkeys follow religiously.
Even using solutions as intended and agreed upon, we have people who, in their personal lives, suffer with adversities, trials, and tribulations on the other side who can't comprehend or identify with our "lives." Hence, their self-preservation solution is to "freeze funds & close accounts" and report the account to "regulators" to absolve themselves of responsibilities or hide their OWN misdeeds!
Based on my experience of the late 1980s and early 1990s, the latter was the #1 reason accounts were frozen and closed then.
Things may have changed since then. I wouldn't know nowadays.
Why not Xapo?
I think with Xapo you can only send USD to US banks and SEPA transfers are limited to €100K per transfer. But nothing stops you from making 10 transfers, or as many as you need.
P.S. I never transfer such amounts, so can't say how reliable they are with 6 figures. Frankly speaking I would try to avoid if possible from holding more than $100K in any bank at any one time. But that's me.
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