Is this a good bank? Does anyone have experience with it?
They seem to be crypto friendly so I'm interested
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They seem to be crypto friendly so I'm interested
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Maerki Baumann Bank
- Thread starter JohnnyDoe
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It seems they are easy to join as they are very often being offered on service provider as addititional bank account when opening a company in caribian.
They are a small and not exactly a hugely profitable bank. Maybe that's why the pivot to crypto. If they can only make 7.7m CHF on 10.2bn CHF of client assets they are desperate in my eyes. That's like a profit margin of 0.00075% on those assets 😕. How can a bank be so unprofitable?
Maybe crypto is a game changer for them. Let us know how it goes 😀.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Maybe crypto is a game changer for them. Let us know how it goes 😀.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Being a privately owned company with 90% of the shares owned by two siblings, they can do whatever they want with it, and it is possible that they don't want to book profits for a variety of reasons. So I wouldn't consider this an indicator that the bank is desperate.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
They inherited the bank from their parents, it shouldn't be a negative indicator. Actually, I prefer a bank that is closely held, so that its owners have real skin in the game and the management cannot play games.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Don't want to book profits...lol? Look at their gross income then doh948"". What they are doing is not earning much money sadly and they are not a startup. If as a bank you attract new assets but are unable to make money of it then what you are doing is being desperate just to win business sadly.
I hope crypto works out for them. They said it has attracted new younger clients to the bank
. Hopefully they can make more margin on crypto.
P.S I think there is only a handful of family owned banks left in Switzerland. I remember two of the family owned Swiss banks I used to use disappeared on me i.e Frey and Hottinger...lol. And Hottinger was around since 1786.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
If I owned a bank I would keep profits low (on paper) and do other things to benefit from operations.
Banking is supposed to be a dull business. We all know where those big profitable banks ended”¦
It's inevitable for banks to deal with crypto, this shows that they are not lagging behind.Martin Everson said:
I hope crypto works out for them. They said it has attracted new younger clients to the bank
. Hopefully they can make more margin on crypto.
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I don't know about those banks.
Last experience I had with a family owned bank was Meinl in Vienna, sad story cry&¤
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
I'm opening an account with them, they have been courteous and responsive so far.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
let us know about your account opening experience. Min deposit amount, wire fees, etc. would really appreciate feedback.
I don't know but I guess like any Swiss bank they won't consider anything below 500k
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
the info i got from another provider they don't look for high depsoit.
Let me know how it goes
I am still in the account opening process, so far no issues.
Can anyone suggest another Swiss bank, possibly in Geneva, that at least answers to its potential customers?
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Can anyone suggest another Swiss bank, possibly in Geneva, that at least answers to its potential customers?
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
I don't need a transaction-focused bank but a classic private bank
I don't think I qualify since I have nothing to do with the Arab world.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
As you mentioned earlier you are Switzerland Passport Holder for sure they will onboard you.
They provide Crypto Custody same like Seba Bank, Sygnum Bank and Swissquote just with the difference being more expensive - initial and ongoing KYC is heavy - Maerki Baumann seems to be the best deal from the Switzerland Private Banks while Swissquote is Retail but at least they leave you alone and not forcing you to invest in some structured products.
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