Review of FlowBank, New Swiss Bank
- Thread starter dragodrago
- Start date
- Status
I assume this is based on your personal experience? How big was the "symbolic" amount? Did they force you to sell the stocks or did you transfer it to another broker?
I and another friend of mine lost our accounts as we were using them as a bank. It's not designed to be used as a bank, despite the name.
I'll skip the specifics for privacy reasons.
They don't force you to do anything. They disable deposits into your account, send you a snail mail letter of termination and kindly ask you to sell/transfer out assets so they can fully close the account afterwards.
Flowbank seems like a very small operation. Their mobile app is riddled with bugs. Their website is often experiencing technical issues and downtimes. There are no good reasons to use them at the moment. Unless you really need a yet another non reliable Swiss brokerage.
Wow, Monaco really? Then you have made it in life. No one can open an account in Monaco without residency. I would like to. 🙄
problem with most of these verification / KYC services. Indians just can't understand how it works in European countries or other parts of the world. Things are smarter, things are faster, things are just different.
Toggle signature
I'm proud to become an Elite Lifetime member of the Mentor Group Gold.
The secret of being happy is accepting where you are in life and making the most out of every day
Is there one or more person that has an up to date review for this bank?
Toggle signature
Toggle signature
Latest Video Interviews, Offshore Company Resources, Payment Processing Tips & Tricks, Articles and Anonymity Hints only a click away!
Support the Freedom of Speech of our Community
Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
Support the Freedom of Speech of our Community
Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
From another thread, I see that people have had their accounts frozen and some even encountered problems because they left their money with this bank! I don't quite understand the criticism or the issues from the bank's side. The essence of running a bank should be to have people leave as much money with them as possible, right?
It depends, if interest rates are negative in the currency you deposited then bank would not be happy at people just parking money as they would be losing money. Also banks need to maintain capital ratio related to the amount of deposits they hold etc. If your not generating money for them then your costing them money you see in terms of capital and also in terms of compliance costs etc. Compliance is not cheap at all. Each sanction check lookup and a world-check lookup costs money so do adequate number of staff etc.
Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
I opened an account with them selecting "savings" as the reason for opening it. Why would they even put this option (and accept you as a client) if they don't want you to use them as a bank?
Yes, I opened an account with them. I used my US virtual phone number. After a while, they sent me a W8 form to fill out and send back, I completed and sent back. After two weeks again, I sent back. After two more weeks again, I sent back. After two more weeks, they closed my account. I called them and they said that the person doing the W8 has moved to another position and nobody was reading the emails. Hence, they closed me account. They even took back the welcome bonus as my account was not "open long enough."
I hope the bank gets better one day.
A bank with the Swiss licence. OMG. Probably worth complaining to FINMA.
Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------
I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
I think they are like Seba, which is now called Amina. They do not really know their business model but have some idea and some investment money from the low interest rate days. They then attract customers. The customers come, but they figure out it is not the ones they like. They guys working there are recent immigrants from neighbouring countries, just trying to follow the rules. And once the business is running, they find out that they are losing money and close accounts. It is hard to make money with any infrastructure business nowadays. The customers look at pricing and if you offer 0% FX but fees on SWIFT, people come with local transfers from Postfinance for the FX and then back to Postfinance for 2 CHF SWIFT. Of course, people use each service for the part they are cheap and not the other way round.
We earn money and we let it in the companies account and cant risk withdrawing it to our personal accounts because of these games
Swiss banking services used to be the best and now its the worst
Starting fromt the Email Dukascopy sent me last week saying they will send all my financial activities to my country of residence by April as they made my limits with 20k per quarter they just shut it down for no reason
Yes, you can write a letter to Obama and the EU. It would still be good without him.
- Status