Review of FlowBank, New Swiss Bank

[Martin Everson]

@Martin Everson what are your thoughts? I thought you will already be all over this as an addition to the 100+ bank accounts
Plus their custody fee is only 0.10% and they offer free shareholder registration. Not too bad. The only concern is that it's brand new ..

Thats the concern they are brand new and unknown quantity. They have like 36m CHF in capital and plan to offer trading in FX and other instruments and pay 40 staff? A strong market movement can bankrupt them if not expenses. They are also a foreign controlled bank in Switzerland. So who is behind it all then (not whose fronting it)?

 

[Mr Magoo]

They are also a foreign controlled bank in Switzerland

Interesting. Where did you find they are foreign controlled? Are the Russians coming here as well?

 

[rowena]

Just because they're Swiss-based doesn't mean they're safe. Flowbank is a new, micro size bank and it is a high-risk bank in my opinion.

If a Swiss-based solution is a must and you don't have min $1M then go with SwissQuote. At least they're known and publicly traded bank.

 

[BlueMist]

My understanding is that they do have a Swiss banking license and deposits up to CHF 100.000 are insured, so they should be safe up to this amount. Their customer service is very responsive for the time being.

 

[EliasIT]

SwissQuote

are they accepting foreign businesses, small size?

Swiss banking license and deposits up to CHF 100.000 are insured

that's a very good point and make them valid up to this amount, indeed.

 

[rowena]

are they accepting foreign businesses, small size?

If your intention is really trading something then they should accept.

 

[Mr Magoo]

Q1 2021 they come with their banking functionality they say. But being able to transfer in/out funds with a dedicated IBAN would be enough for me.

 

[Martin Everson]

Interesting. Where did you find they are foreign controlled?

Finma website.

 

[dragodrago]

Q1 2021 they come with their banking functionality they say. But being able to transfer in/out funds with a dedicated IBAN would be enough for me.

They will be releasing their mobile banking app in Q1. All banking functionalities are already in place. Payments are fast as I tested.

Apart from this, customer service is good so far. At least you can reach a dedicated person on the phone, rather than waiting days for a copy-paste email from Swissquote or the like.

 

[Edge]

Looks like It is foreign controlled indeed ..

The front guy however, Charles-Henri Sabet, swiss lebanese, is a very well known guy in the banking sector ..

 

[EliasIT]

Looks like it is a bank build to take all the customers the owners can't take. Not bad!

 

[Martin Everson]

I would proceed with caution with this bank for now as it could be another Pilatus Bank .

 

[Martin Everson]

The front guy however, Charles-Henri Sabet, swiss lebanese, is a very well known guy in the banking sector ..

I would proceed with caution with this bank for now as it could be another Pilatus Bank .

 

[BlueMist]

Q1 2021 they come with their banking functionality they say. But being able to transfer in/out funds with a dedicated IBAN would be enough for me.

It is unclear if the IBAN is dedicated though? They ask to include a unique payment details reference number, however I can see this reference number is kind of already included in the CH IBAN.

 

[Sir Gelato]

I've been trying to open bussiness account for a georgian llc and they refused, after speaking many times over the phone. If it is not for investment, at least with me, they do not accept.

 

[BlueMist]

I've been trying to open bussiness account for a georgian llc and they refused, after speaking many times over the phone. If it is not for investment, at least with me, they do not accept.

Yes. They are looking for high turnover companies it seems, e.g. €100k+ per month, ideally with forex or investment needs.

 

[22kay]

US-residents/tax payers - no go, no account creation. Asked via live chat on FlowBank website.

 

[lacomaco]

I would proceed with caution with this bank for now as it could be another Pilatus Bank .

Agree to be cautious, but at this moment I am quite sue that FIMA checked them thoroughly and they do not want another Hasheminejad in their banking sector

 

[lacomaco]

are they accepting foreign businesses, small size?


that's a very good point and make them valid up to this amount, indeed.

Why should they accept low-margin, high-risk small sized foreign business?In fact they would be stupid to allow banking services to be used with no securities trading income

 

[jakonda]

Agree to be cautious, but at this moment I am quite sue that FIMA checked them thoroughly and they do not want another Hasheminejad in their banking sector

C'mon Man ... gnomes of Zürich don't care about this ... or do they? Didn't know that Ali Sadr Hashemineiad was a serious businessman before he was knocked down by uncle Sam.