Opening a bank account in Switzerland with little money :)

[Butcher82]

why not holding physical in switzerland which can be exchanged anytime into cash and having a small account with swissquote and their card?

I am now dealing with cash only in this particular case. I got some other assets elsewhere. Don't want to put more fiat into gold or else than my personal strategy limits.

in these days and clear for everyone to see, any state guarantees are gone faster than you can count to 3.

There were a couple of cases when I used those state guarantees, so... it is better to have them than not to have them.

 

[JohnLocke]

It's quite ironic and paradoxical that on one hand, people prefer to avoid authorities, especially the tax agencies, with their hard-earned money, but on the other hand, they rely on the same authorities to guarantee deposits in banks and neobanks.

As you mentioned, this viewpoint might seem very black and white, but it highlights a complex relationship between individuals' financial autonomy and the security provided by regulatory bodies. This contradiction underscores the balance between seeking privacy and independence in financial matters and the reassurance of government-backed security for financial assets. It's a reflection of the broader debate on the role of government in regulating and protecting financial systems while respecting individual freedoms and privacy.

 

[Butcher82]

It's quite ironic and paradoxical that on one hand, people prefer to avoid authorities, especially the tax agencies, with their hard-earned money, but on the other hand, they rely on the same authorities to guarantee deposits in banks and neobanks.

As you mentioned, this viewpoint might seem very black and white, but it highlights a complex relationship between individuals' financial autonomy and the security provided by regulatory bodies. This contradiction underscores the balance between seeking privacy and independence in financial matters and the reassurance of government-backed security for financial assets. It's a reflection of the broader debate on the role of government in regulating and protecting financial systems while respecting individual freedoms and privacy.

I think governments just use people as another resourse, just as oil or grain or else. They need us to work and pay taxes, so the government machine works, we feed the monster, otherwise it will bite.
As for the money, I just understood from life experience it needs to be diversified to the fullest as much as possible. One rich man once told me that if you do that, you will definitely lose part of your money sometimes, but will never lose all of it.

 

[TheCryptoAnt]

Don't have 1 million or 3 millions CHF to open up a normal account in Switzerland at the moment.

come on g why would u need a swiss bank acc?

Just trying to diversify and put some little funds in CHF in a safe place. Looks like the whole world is boiling, you never know where to run.

Diversify... exactly what? Youre still trying to make it man theres absolutely no need to go this route at this time.

Getting flashy things sounds cool but what are you gonna do when they charge you 200CHF for account maintenance pm? Or when their card has an issuance fee of 100CHF?

 

[Butcher82]

come on g why would u need a swiss bank acc?

Because CHF is a very strong currency and swiss banks are strong.

no need to go this route at this time

which route is better?

they charge you 200CHF for account maintenance pm

Not going to take those kind of banks, at D (not to promote) it is 15 CHF per card and free maintenance.

 

[TheCryptoAnt]

Because CHF is a very strong currency and swiss banks are strong.

Yeah I understand this but why the need for a swiss bank acc now when u're still broke

which route is better?

Hold CHF in a brokerage acc like IBKR. If IBKR goes down we are gonna have bigger problems than 'government guarantees'

Not going to take those kind of banks, at D (not to promote) it is 15 CHF per card and free maintenance.

send link its ok, they are a public bank anyway.

 

[Butcher82]

when u're still broke

what is "broke" for you?

Hold CHF in a brokerage acc like IBKR.

I don't care about problems, I want money back. In sw bank they are backed by sw government.

send link its ok, they are a public bank anyway.

https://www.dukascopy.bank/swiss/fees-limits/

 

[TheCryptoAnt]

what is "broke" for you?

under 1.5M

https://www.dukascopy.bank/swiss/fees-limits/

I dont think u want to 'bank' with this g, for real. Id personally focus on increasing nw before trying any of this.

 

[Butcher82]

under 1.5M

ok, so under 1.5m one just stacks cash in the pillow? I will spread it even if I have spare 50 bucks left per month. Just my personal way.

Id personally focus on increasing nw before trying any of this.

working on that too

 

[369]

Because CHF is a very strong currency and swiss banks are strong.


which route is better?

Not going to take those kind of banks, at D (not to promote) it is 15 CHF per card and free maintenance.

Swiss CHF is not strong compared to EUR or USD.
The only diffrence is the direct democracy which provides some kind of protection against seizure.However CHF will suffer like EUR and USD just not in the beginning.
If you want to hold a foreign currency longterm its AUD or CAD because of their natural resources

 

[Butcher82]

Swiss CHF is not strong compared to EUR or USD.

I am just looking at the charts.

the rise is 100+% in the last 24 years, so you can make 4-5% pa in USD just holding CHF.

AUD and CAD are also rising to USD but not as much. Might put some funds there too.

 

[369]

You are making a big mistake comparing history for the future.
First you need to understand is that BRICS is bringing out soon their currency.
This and a high negative interrest rate CBDC will create a BIG commodity cycle and USD same as EUR and CHF will lose value as USD is losing its role as the "sole(most relevant)" world reserve curreny.
Since there will be a BIG Commodity cicle currencies like RUB,AUD,CAD will gain a lot against USD,CHF,EUR.
I would say AUD will gain nearly 60% against USD over the next 3-5 years.

 

[TheCryptoAnt]

ok, so under 1.5m one just stacks cash in the pillow? I will spread it even if I have spare 50 bucks left per month. Just my personal way.

good luck g

 

[uplana]

I completely disagree with the notion that one must have at least 1.5 million euros to not be considered poor; that's utter nonsense. In some countries, you can live well for an entire year on 30,000 euros, whereas in others it requires 100,000 euros - so if you live in a country where you can comfortably live on 30K euros a year and you earn 400K euros a year, then you have more than enough reason to look for opportunities to invest the remaining money and spread your risk.

Based on the above example, I would say that you should already be looking for investment opportunities once you exceed 50K euros - what I mean to say is that you don't need to have 1.5M euros before you start looking to invest your money, that would be brainless, thoughtless, yes, and stupid.

 

[Marshal]

You can only open this if you are France, Austria Germany, Italy, Switzerland or Liecthenstein resident

Yes, unfortunately. Perhaps you know another swiss neo bank that is open to all EEA residents?

 

[Yrybak08]

Make sure you keep docs of source of funds. They’re known to freeze accounts until your convince them the money is clean and where it’s coming from

 

[daniels27]

Yes, unfortunately. Perhaps you know another swiss neo bank that is open to all EEA residents?

I think Yuh and Yapeal are open to all Swiss regardless of residence. Otherwise the usual brokerage neo banks Alpian, Duka, Seba, Flow and Swissquote, if which only the latter is used by Swiss.

 

[wellington]

in these days and clear for everyone to see, any state guarantees are gone faster than you can count to 3.

Switzerland isn’t safe nor private.

It is/was a direct democracy, in 2018 the electorate voted to have restrictions on bailing out banks - to be illegal basically - the state in discarded that when CS went under quicker than a pole dancers twirl.

In addition since Switzerland decided to void its history of being a state that is neutral with the Russian/Ukraine war the safeguards for wealth preservation there also disappeared.

If looking for something akin to what Switzerland was in a manner of speaking but following international laws/agreements but predominantly trying to be neutral - that in my opinion would be Singapore, unlike Switzerland who’s geographical positioning during WW2 and prior wars worked in its favor - today being a hindrance as a land locked state - in the Centre of the the European Union - who it’s reliant on for trade and labour, Singapore still is very much a important trading route - in addition its ability to protect its sea ways (check out their air force/naval) means it can’t easily be bullied.

Singapore has a a huge set of industries and these industries are born around commerce and finance - as well as its trading post meaning it works with East and West.

It has a strong currency which it manipulates to be within breath of the $ but unlike the CHF which is debased based on the activities of the Government's, and tied to the demographic decline in Europe - reliant on energy issues within the European land mass - Singapore purposely manipulates its currency, has a form of common energy security, youthful demographics within the ASEAN zone it operates, good checks and balances on the state, privacy enshrined, access to all markets and a non debt based economy if you dig into the numbers properly.

Some people say Dubai, Others British overseas territories, Lichtenstein, Swiss etc

I’d say the safest place whilst holding a currency that can rapidly be de-pegged from its manipulated peg to the $ whilst having a rule of law and a eye to both sides to rapidly move wealth if exposed to geopolitical collapse to be Singapore

 

[JackAlabama]

Switzerland isn’t safe nor private.

It is/was a direct democracy, in 2018 the electorate voted to have restrictions on bailing out banks - to be illegal basically - the state in discarded that when CS went under quicker than a pole dancers twirl.

Indeed but thats kinda everywhere. At the end of the day, rules are made behind the curtain and certain elements are exempt while most arent.

In addition since Switzerland decided to void its history of being a state that is neutral with the Russian/Ukraine war the safeguards for wealth preservation there also disappeared.

If looking for something akin to what Switzerland was in a manner of speaking but following international laws/agreements but predominantly trying to be neutral - that in my opinion would be Singapore, unlike Switzerland who’s geographical positioning during WW2 and prior wars worked in its favor - today being a hindrance as a land locked state - in the Centre of the the European Union - who it’s reliant on for trade and labour,

In ww2 Switzerland was in a similar state surrounded by an wanting-to-be-empire gone crazy like today, and like times before that. So nothing changed and after 80 years its again the same situation.

Singapore still is very much a important trading route - in addition its ability to protect its sea ways (check out their air force/naval) means it can’t easily be bullied.

Singapore has a a huge set of industries and these industries are born around commerce and finance - as well as its trading post meaning it works with East and West.

It has a strong currency which it manipulates to be within breath of the $ but unlike the CHF which is debased based on the activities of the Government's, and tied to the demographic decline in Europe - reliant on energy issues within the European land mass - Singapore purposely manipulates its currency, has a form of common energy security, youthful demographics within the ASEAN zone it operates, good checks and balances on the state, privacy enshrined, access to all markets and a non debt based economy if you dig into the numbers properly.

Id be with you up until 2019. But today not keen on Singapore at all, it has clearly seen its top and crazy rich asians movie marked the top of it.

They had none of these checks present during the 2020 crisis. Had some frist hand stories which lets me come to the conclusion my wealth there could be gone in a heartbeat similar to physical rights. After all what they do to humans they do to your digits. Afaik they also took side in the russian/ukraine war so its on par with switzerland here who also froze russian wealth.

But one could think it was a mishap?
Sadly not, and it seems to double down as even today (quite freshly introduced) they demand updated medical experiments as a perquisite to getting residence visa hence continuing the road taken in 2020.

https://www.ica.gov.sg/enter-transit-depart/entering-singapore
COVID-19 Vaccination for Permanent Residence and Long-Term Pass

• Up-to-date COVID-19 vaccination is required for new Permanent Residence, Long-Term Pass and Work Pass applications, as well as the renewal of Work Permit holders in the construction, marine and process sectors or residing in dormitories.
  • Refer to MOH's FAQs on how to keep your COVID-19 vaccination status up-to-date in Singapore.
  • Work pass holders should refer to MOM's website for details on vaccination requirements, and are advised to take their COVID-19 boosters before entering Singapore to avoid delays for their pass issuance.
• From 1 Apr 2023, persons who recently recovered from COVID-19 will no longer enjoy temporary exemption from COVID-19 vaccination requirements.

Some people say Dubai, Others British overseas territories, Lichtenstein, Swiss etc

I’d say the safest place whilst holding a currency that can rapidly be de-pegged from its manipulated peg to the $ whilst having a rule of law and a eye to both sides to rapidly move wealth if exposed to geopolitical collapse to be Singapore

I'm way more keen on Dubai than Singapore. They played 2020s very well to come out ahead and dont demand to bow down to medical experimentation.

 

[koohl]

in these days and clear for everyone to see, any state guarantees are gone faster than you can count to 3.

I can only agree with this, and one should not feel safe in any way just because the state guarantees something today, as it could be the complete opposite tomorrow. We have not yet seen this with guarantees for deposits in banks, but I'm sure what we haven't seen yet will come.