The CIM is scam for me, the prices for SEPA transfer is rip off.
10'000 ”“ 99'999 = 40€, 100'000 ”“ 499'999 = 150€ etc.
Swiss bank account that a Canadian could open remotely
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10'000 ”“ 99'999 = 40€, 100'000 ”“ 499'999 = 150€ etc.
They know that they are the only altenative for all the offshore businesses that can't open a CH bank account.
The rate for 10'000-99'999 of 40 Euros would be comparable to wire rates for Canada but it is capped at that rate so the rate for >100'000 is quite high
Prices are in CHF. Also the limits in that table are also in CHF.
If you don't have CHF they'll automatically do FX conversion from EUR/USD and deduct the charges.
SEPA transfers are either cheap: like €1 to €5 at most banks, and there are some that offer this for free. No limits or rate brackets.
SWIFT payments are bit more expensive in €20 - €40 EUR range.
At CIM bank SEPA costs like SWIFT and SWIFT is even more expensive: sending 20k USD would cost you 105 CHF.
This is probably not the issue for most users as this is something you won't use every day (like for eg. companies that do use this more often).
But there are other fees associated. I think the worst fees are associated are their debit/credit cards.
Swiss banks are way too expensive for non residents (even for residents sometimes) and 100K is too low.
If you have 100M and you want to diversify and park a few M in Switzerland, that's when you should ask these questions.
If you have 100M and you want to diversify and park a few M in Switzerland, that's when you should ask these questions.
As often mentioned before, it is quite difficult and costly to open an account in Switzerland on your budget. Perhaps Lichtenstein is also a possibility for you, the two countries are relatively comparable. Lichtenstein offers a cheaper and comparably secure solution for you. I think with the planned 100-200k you have more realistic chances here. Unfortunately, I can only speak for an EU resident.
Can you be more specific as to what banks in Liechtenstein are willing to do business with private EU clients who have similar amount to park with them? I hope it's okay to ask publicly. Thanks
A few Cyprus banks could also be able to onboard you in their private banking for similar amounts.
There was this: 2012”“2013 Cypriot financial crisis. Has the CB there fixed the past issues? How safe is it? Still €100K?
Thanks!
If nothing changed lately I believe it's the same amount all over the EU. All deposits up to €100K are protected through national deposit guarantee schemes.
The crisis has caused an inevitable improvement and strengthening of the financial system in Cyprus although all systemic risks ( like everywhere ) are still there. The safety of a private banking account though, is not linked to the financial stability of a bank. The 100k deposit guarrantee scheme does apply for cash holdings but a private banking account investing in stocks and bonds is a separate matter. In the event of a bank going into default of its financial obligations such stocks and bonds holdings are not affected as the bank is merely acting as custodian to them, sort of like a broker providing a platform with access to the financial markets. You are money are essentially placed with the bond issuer or the company the stock of which you are buying. That is where your financial risk is. Having said that though there is an administrative risk if such a bank goes bust as you still will have to go through the administrative hassle of getting access to your portfolio and transferring it to another bank/broker which coud take time and cost but normally your holdings shouldn't be affected per se by the arduous finacial position of a bank.
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