Postfinance termination

[Martin Everson]

You can open a box at a freeport in Geneva etc. Only issue is you would need to take your funds out of Switzerland first and then re-enter the freeport in Switzerland to deposit them.

So as a new user you just took what i said below on this thread and reposted it again...lol

https://www.offshorecorptalk.com/threads/postfinance-termination.26174/post-98101

 

[Martin Everson]

I don't think private banking is what people are looking for here. They want Swiss retail banking and I thought CA was a good option but seems not . Swiss private banking is a different kettle of fish than wanting to store money and make payments. Swiss Private banking is purely about investment, investment, investment. If your not investing money with them as a foreigner then banking in Switzerland with a private bank is not for you period!!!

Take it from someone who used to live in CH and has many Swiss accounts and battles quarterly every year to continue to keep them open with every review or compliance change. Trust me visiting a banker in person makes zero difference as a banker decides NOTHING in terms of accepting you. Handshaking and eye contact with some German speaking CFA student private banker in an oversized gray suit with bad conduct of English brings nothing. The compliance department of the bank and the market rules officer drives and decides every client the bank is willing to accept. Not even turning up with $500m will get you an account if you are not investing or don't fit their global market segment for clients they are interested in.

Also Swiss private bankers earn their money from the fees they charge clients for investments. If you want to impress a Swiss banker and get them salivating then don't tell them you want to open an account to put in $50m. Tell them you want to open an account and put in $1m in a fund that has an obscenely high entry fee (i.e 4%). The banker will rush to service you quicker than a $5m cash only client because they will typically get up to 30% of the fees they generate each annum as a bonus. Bottom line is you need to invest to stand a good chance with a Private bank otherwise keep looking for alternatives.

 

[andres33]

By other hand,
If in your first visit with the bank you do not convince to open an account, you will become part of a blacklist that will be shared secretly within the other banks and you will have the vetoed entry to the paractical totality of the banks. A simple mistake during the KYC questioning will catapult you directly to the blacklist. This is how they work in CH although this is not public or notorious. The simple fact of saying that you live in a country (with prooves like utility bills) and giving a contact phone or a detour from another country to receive mail is more than enough to be blacklisted. Useless re-enter any other branch of the bank. Very complicated open account in CH. You must to contact previously by email with full name, address and phone number. If they do not answer the email, (which is the most provable in 60% of cases), you have to call them by phone to ask if they have received the email. Then they will see if your call corresponds to what you say you have written. They will answer you and tell you to send them information about what you are looking for and who you are ( copy passport, residence proof, etc.., When you send all this, you will have to take an appointment and go to visit them personally taking with you all the proof of the money you want to enter. After a few weeks or months they will contact you to tell you if they accept your case or not. In the interrogation of the KYC take a prostate ecography in case you are asked. Tetal bank don'tinterest them because each no swiss resident account it's a big cost for the bank

 

[andres33]

I rectifity tetal bank. I wanted to write Detail bank in my previous post

 

[AND2]

Yeah I'm not looking for private banking, neither would they accept me as I only want to park, not invest. Neither I want to 'pretend' anything in CH as it's a place I might go back in a few years and I want a clean record. At least I got introduced in Andorra and got an account there :shrug:

 

[inty]

hey @AND2 any insights on the Andorran bank? would be interested!

 

[rowena]

SQ don't accept that you use the trading account as deposit. Only to trade. You must show that the deposit is to trade and it can't be used as parking for money. You need to move it

SQ is for not only trade. They have a savings account(with multi currency IBAN) but maybe is for only UAE resident only.

https://www.swissquote.ae/expatriate-banking-services

 

[mrau]

SQ is for not only trade. They have a savings account(with multi currency IBAN) but maybe is for only UAE resident only.

https://www.swissquote.ae/expatriate-banking-services

Yes, it's almost just for trade. I used to have an account there until last year and they only allowed to have about 15% of your trading position in cash. If you had more, you were expected to invest or withdraw such excess within 2 weeks aprox.

 

[rowena]

Yes, it's almost just for trade. I used to have an account there until last year and they only allowed to have about 15% of your trading position in cash. If you had more, you were expected to invest or withdraw such excess within 2 weeks aprox.

I am using them with 100% position in cash also they offer fixed deposit options. Do you have UAE expat account or different?

 

[mrau]

I am using them with 100% position in cash also they offer fixed deposit options. Do you have UAE expat account or different?

Yes, I've heard they offer that option/flexibility for EU/EEA residents (like most EU banks) but not for customers living outside Europe

 

[rowena]

Yes, I've heard they offer that option/flexibility for EU/EEA residents (like most EU banks) but not for customers living outside Europe

Interesting, I have UAE expat account like yours and I am in UAE but so far no issues for holding money(6 digits) with zero trading transactions. Actually, they offered term deposit options several months ago. I am attaching the details.

 

[AND2]

@inty I use Credit Andorra as they also have offices in Panama. If you ever set up a PIF there for asset protection it could come in handy. What do you want to know?

 

[inty]

so personal account in andorra was opened remote or in panama? i'm often there so this would be handy.
are you EU citizen?
so you were able to open one for the PIF as well? that's super relevant to my interests.

 

[AND2]

Account was opened in person and I am EU. I haven't looked into Panama yet besides on-line reading on PIFs etc. I'd like to do sthg along those lines but still researching.

 

[inty]

do you have ties or business in Andorra? what did the bankers ask you?
did you just walk into the branch and opened the account? did you have previous comunication with them before going there? thanks @AND2

 

[AND2]

Mmm Dukascopy might be worth taking a look.

@inty I was 'introduced' by a friend lawyer. But I was under the impression you could call/walk in and arrange things. Iirc went there one day and got an appointment. On that other day we went to a room and got 'interviewed' politely in a casual conversation on business, background, income, investment products I would like, etc So basically they wanted to know who I was and if they could sell me sthg already even better. Signed lots of docs, provided full ID, proof of income etc.

Nothing shady at all if that is what sbdy wants. They ask all q's, you have to disclose in full everything and account opened.

Regards

 

[Runway]

Mmm Dukascopy might be worth taking a look.

Dukascopy is only for trading, I had tried registering for an offshore company:

"Our trading accounts can only be funded from other accounts of the company. Also, we do not offer business accounts other in exceptional circumstances and never to domiciliary companies.
....
Assuming this is a commercial company a ) Please describe in detail the business activity of this company and the purpose of a speculative trading account in the context of this activity and b ) Does this company have employees, how many where are they located. Does it have functioning offices? What evidence can it provide demonstrate its commercial activity contracts, advertising etc.)"

 

[Elve]

I get a swiss bank account with dukascopy Current Accounts :: Dukascopy Bank SA | Swiss Forex Bank | ECN Broker | Managed accounts | Swiss FX trading platform
take a look at this

I have a verified Dukascopy account (Mobile Current Account) for several months and in all that time I have not been able to increase my deposit limit of USD 1500 per quarter.

Never in my life have I seen such a ridiculous limit for a real bank. They do not answer emails. I hope you have more luck than me.

 

[AND2]

Well I reviewed online and it's regulated by the Swiss banking stds. Also the 100K protection apply and so far, from my best efforts (I'm no expert), looks like a a decent place (aka not a scam). You can stay away from their trading and just consume their banking products, also they confirmed they would open an account for me being non-resident with video confirmation. So far so good.

I am EU and with verified income I can go to 40K€ limit per quarter. Sgtm. Also I can have one account in several currencies where each FX operation offsets against account fees. This vs Postfinance where I was paying fees per account per currency no matter what.

So I want to research more and I will probably pull the trigger :shrug:

 

[Andrew Gooden]

Well I reviewed online and it's regulated by the Swiss banking stds. Also the 100K protection apply and so far, from my best efforts (I'm no expert), looks like a a decent place (aka not a scam). You can stay away from their trading and just consume their banking products, also they confirmed they would open an account for me being non-resident with video confirmation. So far so good.

I am EU and with verified income I can go to 40K€ limit per quarter. Sgtm. Also I can have one account in several currencies where each FX operation offsets against account fees. This vs Postfinance where I was paying fees per account per currency no matter what.

So I want to research more and I will probably pull the trigger :shrug:

Great! Continue to test the water and let us know how hot or cold it is. Cheers!