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Where to open a bank account for ''reasonable amounts'' ?

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DarkMonza

New member
Jan 24, 2019
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#1
Hey, guys,
I am reading about opening bank accounts and I am trying to set a country to open a bank account.

I don't want to open a bank account in an unreliable country or with banks that may face problems in the future (remote islands, unsafe countries, etc.).

But I have not yet reached the level to open an account in a country like Switzerland, Luxembourg, HK, Liechtenstein, which require high deposits or have many fees.

What would be the "middle ground" (intermediary countries) ? A country with a reasonable level of privacy, but with reasonable fees and initial deposit? I have read many topics in the Forum, I think Cyprus or Austria might be a good option.

At first I would like to use the bank account for amounts between $10K and $50K. I intend to open other bank accounts to split the money, but I want to open accounts in safe countries.

If anyone can help I would appreciate it.
 
#2
What country are you resident in firstly?

DarkMonza said:
I don't want to open a bank account in an unreliable country or with banks that may face problems in the future (remote islands, unsafe countries, etc.).
Click to expand...

Any low cost EU bank will do as long as they offer EU deposit protection. Choice is endless really.

DarkMonza said:
A country with a reasonable level of privacy,
Click to expand...

Banking privacy doesn't exist any more if you are a resident member of CRS country.
 
#4
Are you moving your residency around Europe (EEA) or outside Europe? This makes a big difference in terms of how you are seen by EU banks and may be better of with a non-EU solution.
 
#5
If it's a personal bank account, Cyprus might work. I could see Bank of Cyprus and Hellenic Bank accept this, provided that the source of funds is legitimate and can be substantiated, and that you can provide all necessary documents. You will need an introducer, but there are hundreds of them so it shouldn't be too hard to find one.

Another option might be banks in Isle of Man, Jersey, Guernsey, and Gibraltar. Look into the the international branches of major UK banks, and Standard Bank. Minimums are often around 25 to 50,000 GBP. No introducer needed with those banks (although it can help in some cases). Just give them a call.

Whatever you go for, you're going to have to provide some sort residence, though, and at least one tax ID which matches your country of residence and/or country of citizenship.
 
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#6
Martin Everson said:
Are you moving your residency around Europe (EEA) or outside Europe? This makes a big difference in terms of how you are seen by EU banks and may be better of with a non-EU solution.
Click to expand...

Unfortunately not. I would really be considered non-European resident. I think some banks in Cyprus wouldn't see a problem with that, for example. But most banks would really reject me.
 
#7
Sols said:
If it's a personal bank account, Cyprus might work. I could see Bank of Cyprus and Hellenic Bank accept this, provided that the source of funds is legitimate and can be substantiated, and that you can provide all necessary documents. You will need an introducer, but there are hundreds of them so it shouldn't be too hard to find one.

Another option might be banks in Isle of Man, Jersey, Guernsey, and Gibraltar. Look into the the international branches of major UK banks, and Standard Bank. Minimums are often around 25 to 50,000 GBP. No introducer needed with those banks (although it can help in some cases). Just give them a call.

Whatever you go for, you're going to have to provide some sort residence, though, and at least one tax ID which matches your country of residence and/or country of citizenship.
Click to expand...

Thanks for the suggestion. I'm thinking about Cyprus, I might look for a provider like ICO Services or something to help me open an account at the Bank of Cyprus. I hope I can get something 100% remote...
 
#8
Cetme308win said:
What about Swissquote in Switzerland?
Click to expand...

It's good that you mentioned it.
I've been trying to open a Swissquote account, apparently it's a good option.
But I'm a little confused, I don't know if I can use the account as a savings account. I wouldn't use it for trading. So I think it's not an option for me. But I'd like to hear more about people who have an account at Swissquote, possibly I'm wrong.
 
#10
DarkMonza said:
It's good that you mentioned it.
I've been trying to open a Swissquote account, apparently it's a good option.
But I'm a little confused, I don't know if I can use the account as a savings account. I wouldn't use it for trading. So I think it's not an option for me. But I'd like to hear more about people who have an account at Swissquote, possibly I'm wrong.
Click to expand...
Hello, I'm brazilian, I work with forex and dropshipping, I have swissquote and Dukascopy accounts, but these banks are better for investments, they are not day to day banks, if I were you I would look at 3 options Cim Bank, great bank with 5k deposit , but they will ask you for a tax return, another option in Hong Kong to startup Neat Business or an account with a power of attorney in the USA, all of these you open without the need to visit.
 
#11
Uillians said:
Hello, I'm brazilian, I work with forex and dropshipping, I have swissquote and Dukascopy accounts, but these banks are better for investments, they are not day to day banks, if I were you I would look at 3 options Cim Bank, great bank with 5k deposit , but they will ask you for a tax return, another option in Hong Kong to startup Neat Business or an account with a power of attorney in the USA, all of these you open without the need to visit.
Click to expand...

I am also Brazilian, I was in need of a day-to-day solution. Thanks for your suggestions, but CIM Banque would be a problem, has high rates and couldn't present a tax return.

Is Neat Business safe for large amounts?
 
#14
BoC works great if you can get an account there. You may face problems to get an account opening for personal use but it is worth to try. You may open a business account with them, this may require you to setup a company in Cyprus to work.
 
#15
DarkMonza said:
I don't want to open a bank account in an unreliable country or with banks that may face problems in the future (remote islands, unsafe countries, etc.).
Click to expand...

So Cyprus turns out to be best option after you said the above :rolleyes:.
 
#18
DarkMonza said:
Hey, guys,
I am reading about opening bank accounts and I am trying to set a country to open a bank account.

I don't want to open a bank account in an unreliable country or with banks that may face problems in the future (remote islands, unsafe countries, etc.).

But I have not yet reached the level to open an account in a country like Switzerland, Luxembourg, HK, Liechtenstein, which require high deposits or have many fees.

What would be the "middle ground" (intermediary countries) ? A country with a reasonable level of privacy, but with reasonable fees and initial deposit? I have read many topics in the Forum, I think Cyprus or Austria might be a good option.

At first I would like to use the bank account for amounts between $10K and $50K. I intend to open other bank accounts to split the money, but I want to open accounts in safe countries.

If anyone can help I would appreciate it.
Click to expand...

Hey, where did you end up creating bank accounts? It would be great if you could share
 
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