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

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omar28112

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Hi,

I've just joined the group and this is my First time post.

I am in the process of selling my ecommerce business for more than a million.

I am looking for a multi currency bank(or at least a US dollar account) where i can store these funds for a while.

what are your suggestions? I was thinking about CIM banque in switzerland but couldn't find anything related to account closure and funds freezing.

- I am based in Morocco and have french & moroccan citizenships.
- Legit money(selling the business to a big firm)
- I can fly to any EU country to open an account.
 
omar28112 said:
omar28112 said:
what are your suggestions? I was thinking about CIM banque in switzerland but couldn't find anything related to account closure and funds freezing.
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If you mean fund freezing and closure related to your residency in a third world African country then yes its a real risk. Hence I would bank outside the EU i.e Switzerland or Channel Islands or be treated like a second class citizen 🙁. You may want to select a smaller bank where a banker will look at your situation rather than a bigger fully automated bank ready to reject you at the door based on just your residency.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Martin Everson said:
If you mean fund freezing and closure related to your residency in a third world African country then yes its a real risk. Hence I would bank outside the EU i.e Switzerland or Channel Islands or be treated like a second class citizen 🙁. You may want to select a smaller bank where a banker will look at your situation rather than a bigger fully automated bank ready to reject you at the door based on just your residency.
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Any bank suggestion?
 
....and finish with money freeze and infinite KYC.
Small banks in east europe for big deposits, huh.
 
Hi @omar28112 ,

you can give CIM Banque a try for at least a personal account they are still following a timeline of about a month to get the account opened however for Business Account they need a month or more to get even back to you and need 3-6 months to get the account up and running. If you are a new customer at all they have much more requirements in place since this year compared to the past. If you already had an account with them in the past you have some more chances to get the account opened with less requirements but still the timefram to expect is insane. Even calling them directly doesn't speed up anything when it come to Business Bank Accounts.

As you have a Maroccon Citizenship this is an advantage to keep EU off the map and still have some good possibilities to setup Dubai Company with Residence Visa and local UAE Business Bank account under your non-EU passport as Marocco isn't considered high risk from the UAE Banks.

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omar28112 said:
omar28112 said:
Hi,

I've just joined the group and this is my First time post.

I am in the process of selling my ecommerce business for more than a million.

I am looking for a multi currency bank(or at least a US dollar account) where i can store these funds for a while.

what are your suggestions? I was thinking about CIM banque in switzerland but couldn't find anything related to account closure and funds freezing.

- I am based in Morocco and have french & moroccan citizenships.
- Legit money(selling the business to a big firm)
- I can fly to any EU country to open an account.
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Click to expand...
Im not a one country guy, and beem with CIM for 4-5 years now with large amounts.
I have 0 trust in banks but its the only bank that never done any problems to me, so while I don't recommend banks in general, if any, then CIM it is.
 
azb1 said:
azb1 said:
This two bank allowed remote opening???
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With covid they should make an exception in 2021.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Open a private banking account anywhere you feel comfortable with and keep the funds in tripple A corporate or governmental bonds. This way you eliminate the bank's risk.
 
FixieHartmann said:
FixieHartmann said:
For Barclays basically every country that I select (except UK) results in:

Unfortunately, we can't help you today​


Do I miss something?
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They no longer serve EU countries I believe since brexit....don't ask.

But if you are in UAE, Nigeria, Ghana, South Africa, India, Pakistan etc or countries where the UK has a large expat community from those countries they will serve you.😕. Blame brexit and pure economics.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
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?
 
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