How safe is Bank Frick?

[inector]

Bank Frick is a really popular option here.

In 2019 there was a thread touching that the pivot to crypto is a red flag, but not much on the safety of the bank.

Do they have the same destiny as Fidor Bank?
https://www.offshorecorptalk.com/th...rent-accounts-closed-beginning-of-2023.39382/
How do their financials look from your pro eye?
https://www.bankfrick.li/sites/default/files/documents/Annual-Report-Bank-Frick-2022.pdf

Better look elsewhere?

 

[JohnnyDoe]

There is no reason to choose Frick. My brief dealings with them showed incompetence and arrogance.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[stronco]

I doubt they are very popular.

Relatively high requirements for deposits to open bank account, and they are quite picky.

I don't think they are in danger to go bust, but would chose them only if there is a real reason to work with them.

 

[jafo]

JohnnyDoe said:
There is no reason to choose Frick. My brief dealings with them showed incompetence and arrogance.
Click to expand...

Hypothetical 😉 : You have crypto (e.g. BTC) *and*
If you must have a FIAT account with €5M or equivalent currency (which currency would be your choice?) at a bank that will NOT play games of blocking/freezing or any other chicanery. Which bank*** would you choose?

*** Assuming you must choose a bank because you have old relatives who are literally too old (+85 and not very mobile) and "almost" brain-dead (meaning they can't handle a bank account, much less crypto) in Italy, Portugal, Spain, and Genève and Lugano, CH and you have to pay for them to be well taken care of at retirement homes.

 

[stronco]

Sygnum

Maerki Baumann if your source of crypto is not too complicated and you don't plan doing lots of txes

 

[JohnnyDoe]

jafo said:
Hypothetical 😉 : You have crypto (e.g. BTC) *and*
If you must have a FIAT account with €5M or equivalent currency (which currency would be your choice?) at a bank that will NOT play games of blocking/freezing or any other chicanery. Which bank*** would you choose?

*** Assuming you must choose a bank because you have old relatives who are literally too old (+85 and not very mobile) and "almost" brain-dead (meaning they can't handle a bank account, much less crypto) in Italy, Portugal, Spain, and Genève and Lugano, CH and you have to pay for them to be well taken care of at retirement homes.
Click to expand...

Cité Gestion, UBS.

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[Sols]

Quick glance at their finances:

• Profitable two years in a row. That's good.
• Deposits dropped from 3.19 billion CHF to 1.79 billion CHF 2021 to 2022. That's strange. Where did 1.40 billion CHF go? Did they throw out a bunch of customers? Did customers leave them?

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This is the probably the answer to your question.

 

[blancmon229]

JohnnyDoe said:
There is no reason to choose Frick. My brief dealings with them showed incompetence and arrogance.
Click to expand...

I had similar experience. Very cocky and straight up assholes even though the deposit was large. Find a different bank.

Sols said:
Quick glance at their finances:

• Profitable two years in a row. That's good.
• Deposits dropped from 3.19 billion CHF to 1.79 billion CHF 2021 to 2022. That's strange. Where did 1.40 billion CHF go? Did they throw out a bunch of customers? Did customers leave them?

Click to expand...

If you're talking about UBS, then it is all the Russian money that went out of Swiss banks as soon as CH lost their neutrality and starting taking sides. They were also contemplating giving Ukraine the frozen Russian funds which were in Swiss banks. In that case, Swiss bank laws were purposefully forgotten. But ultimately they didn't hand it over to Ukraine like other countries did. So when you see large outflows, keep in mind a large portion of the money in Swiss banks is RU and Ukranian money.

Last edited: Sep 11, 2023

 

[Sols]

blancmon229 said:
If you're talking about UBS
Click to expand...

No, I'm talking about Bank Frick. @inector posted a link to their 2022 financial statements above.

UBS is several orders of magnitude bigger than Frick.

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This is the probably the answer to your question.