Which bank for a deposit around 1.2-1.5 million USD?

[Fred]

why is CIM good compared to other swiss banks? and, do they offer the "special treatment" people spoke about here in the forum, to HNWI?

They are charging private bank fees for having a retail bank service and for this they serve you even with more compliance intensive background.

While you have close to zero chance to get a Tier 1 Offshore Company like Dubai Freezone Company banked with let's say UBS, Credit Suisee etc. - CIM Bank is still very open when it comes to Business Accounts. Most other Swiss Banks showing only interest if you want to open a personal account starting from 1M+ and then try to charge you as much as possible for investment products.

So CIM Bank can be a nice diversification for having a Business Bank Account for lets say a Dubai Freezone Company - however don't expect real Private Bank service - just see it more as a bank that charges you intensive for considering you as a compliance intensive client.

 

[troubled soul]

Best option will be
https://www.schwab.com/https://en.swissquote.com/https://www.interactivebrokers.com/
Three of them are Listed broker on stock exchange, 99% chance nothing bad happen.
Just buy low cost ETF or mutual fund and enjoy life.

I do not have UBS, Credit Suisee etc. account .
If you find online review, Most people give swiss bank negative review.

Recently I see video on CNBC

In the world of banking and finance, Swiss bank account opening is like owning a vintage Ferrari. It’s flashy, rarefied, and makes a clear statement about the owner. It’s more than a private bank account, it’s a Swiss private bank account. And to many, that’s a distinction that they are willing to pay more for

By opening swiss bank you only have bragging right nothing more.

 

[Golden Fleece]

I do not have UBS, Credit Suisee etc. account .
If you find online review, Most people give swiss bank negative review.

Recently I see video on CNBC

That video was actually quite fair and, by the end, gave a very accurate and positive view of the Swiss banking system. They are correct that many wealthy people are still willing to pay a premium for banks that benefit from Swiss neutrality, enhanced privacy, and act as a buffer from increasingly socialist EU mandates. Most Swiss banks are still financially sound and quite conservative, which is what you want for asset preservation.

Just stay away from UBS and Credit Suisse, which are highly leveraged just like their EU and American counterparts. They rest of the Swiss banking system works just fine. Of course, you must be are willing to pay a premium for all those benefits. But, just like most other things in life, you get what you pay for.

 

[Martin Everson]

why is CIM good compared to other swiss banks?

For many its one of the only Swiss banks that will open them a business account. Plus lets face it people just want any bank based in Switzerland and CIM know this...lol.

Just stay away from UBS and Credit Suisse, which are highly leveraged just like their EU and American counterparts.

Interesting news is that UBS and Credit Suisse may merge. CS reputation these days is garbage following failed risk management, screwing clients (including me), endless criminal cases, lawsuits and hardcore criminal activities spanning decades. Credit Suisse is a pureplay criminal organization in Swiss banking scene with no competitive way forward by doing non-criminal banking. So yes stay away .

P.S I am in process of exiting the criminal organization now as I was given my 4th new banker in as many years. How quick my view of a bank can change .

 

[troubled soul]

For many its one of the only Swiss banks that will open them a business account. Plus lets face it people just want any bank based in Switzerland and CIM know this...lol.



Interesting news is that UBS and Credit Suisse may merge. CS reputation these days is garbage following failed risk management, screwing clients (including me), endless criminal cases, lawsuits and hardcore criminal activities spanning decades. Credit Suisse is a pureplay criminal organization in Swiss banking scene with no competitive way forward by doing non-criminal banking. So yes stay away .

P.S I am in process of exiting the criminal organization now as I was given my 4th new banker in as many years. How quick my view of a bank can change .

If you just deposit lump sum amount to CS, live on monthly income . What can go wrong ?
Really interesting to know about how they harass their client ?
What precaution one should take to avoid screwing by bank ?

 

[kkein]

What precaution one should take to avoid screwing by bank ?

But especially, what is THE goto swiss bank for private accounts these days? For let's say a EU citizen that isn't blacklisted (so as in: no restriction in choosing the bank). Meaning the bank that offers the most for the fees charged (most reliability, most services, highest quality services, most privacy, etc)

 

[Martin Everson]

If you just deposit lump sum amount to CS, live on monthly income . What can go wrong ?

There is no real income on cash deposits sadly - in fact yields in some cases are negative.

Really interesting to know about how they harass their client ?

Hard sells pitch with investment ideas, newsletters, followed by follow up calls and finally threat of reviewing banking relationship, investment suitability and appropriateness forms etc etc. Plus endless reminders they are a private bank and hence seek investment clients etc etc. You will just find yourself thinking up endless excuses about why you cannot invest right at this moment. I once ignored my banker for half a year and then tried to sneak in a small outgoing payment. The f*ckers held up my payment from being released till I called them .

What precaution one should take to avoid screwing by bank ?

Yeah read carefully the fees guide and always watch your bank statements carefully and manually calculate the charges to verify they are correct .

 

[darkox]

salam . There is nothing wrong in banking in morocco as you can prove the source of the income . after 100 k the bank will call you to ask you source of the income ; You just have to talk and proof no thing . You can bring 100 k each mounth to bank as its a wire and legit then no thing to worry . You can divercity the banking bissness if you want europ or dubai .

1 The problems you will have if want part of money to send it outside morocco .

2 Some moroccan banks as they know you have money and outside country start to send you lettres and charge you extra service (compound effect)

3 Morocco is good place to put your money as your money is legit

 

[omar28112]

For many its one of the only Swiss banks that will open them a business account. Plus lets face it people just want any bank based in Switzerland and CIM know this...lol.



Interesting news is that UBS and Credit Suisse may merge. CS reputation these days is garbage following failed risk management, screwing clients (including me), endless criminal cases, lawsuits and hardcore criminal activities spanning decades. Credit Suisse is a pureplay criminal organization in Swiss banking scene with no competitive way forward by doing non-criminal banking. So yes stay away .

P.S I am in process of exiting the criminal organization now as I was given my 4th new banker in as many years. How quick my view of a bank can change .

I managed to open a bank account with CIM. Just wondering if they are trustworthy and can go ahead and deposit about 500k+ with them.
Before they open an account for me, i gave them both my french and moroccan TINs. In terms of CRS, I believe they will declare funds to both countries.

another thing, are they easy to deal with when it comes to making large transfers to my personal accounts or businesses I own?

 

[Fred]

I managed to open a bank account with CIM. Just wondering if they are trustworthy and can go ahead and deposit about 500k+ with them.
Before they open an account for me, i gave them both my french and moroccan TINs. In terms of CRS, I believe they will declare funds to both countries.

another thing, are they easy to deal with when it comes to making large transfers to my personal accounts or businesses I own?

Yes they are trustworthy - just expensive.

They will report you for sure to Morocco and France as they have a very high pressure and monitoring from the OECD. Thy were already in 2019 on the edge to not accept any UAE company as the OECD required from them as a Switzerland based bank to ask for things that technically even don't exist.

They focus meanwhile on personal accounts only - even the latest update from 2020 is laready again outdated for certain jurisdictions (https://www.offshorecorptalk.com/threads/cim-bank-demanding-substance-any-advices.31268/#post-152491)

Malta, Cyprus etc. get's a flat no even with having your apartment next to the office on the island.

They are easy to deal with when you pay yourself a dividend or salary - in this case they don't ask too many questions but as soon as you do some transactions with your personal account that could potentially have som business ties they won't bother with giving you an account closure notice.

CIM Bank is good for personal accounts even with more exotic non-EU residence however if you observe there evolution over the past 3 years it seems like they will be sooner then later an relict from the past.

They accept less and less new clients - changing USD correspondence banks quite often - and are getting much more picky on who they work with and reject 90% of companies applications.

So the conclusion is they will soon be like every private bank in Switzerland only accept personal accounts till you bank several millions with them - they charge you like a private bank with having commercial bank type of service - as there core business (banking offshore companies) seems to go down the draine maybe they will improve there actually non-existing wealth management, asset protection etc. service.

 

[csp dubai]

open a free zone company in tanger it should work there is citibank there

 

[uplana]

why is CIM good compared to other swiss banks? and, do they offer the "special treatment" people spoke about here in the forum, to HNWI?

they are easy to open an account with compared to most other banks. Beside that, they are stable and have no negative reviews at all.

 

[Martin Everson]

another thing, are they easy to deal with when it comes to making large transfers to my personal accounts or businesses I own?

Been some years since I communicated with them. However back then a large client to them was someone with $600k if I remember and they didn't have many clients above that.

Definitely speak to them before sending any large amount in.