Will appreciate if it's mostly from experience. What are their usual requirements? Like min amounts, how long you should keep that balance, what happens if you spend from it and you go below the min balance? How are they different regarding proving SoF from regular banks and whatever else comes to mind.
Explain me private banks like I'm 5 please?
- Thread starter PinkCat
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Minimum balance ranges a lot. Globally, the average starting point is probably around 250,000 to 500,000 EUR/USD/equivalent. But then there are banks that are happy to offer you private banking/wealth management for 50”“100,000, often smaller banks or banks in less wealthy countries.
If you go below, they will usually give you a few months to come back to the minimum, during which they might charge a monthly penalty fee. If you don't return to the minimum, they may eventually close the account.
You're not expected to use a private banking relationship as your spending bank account. They might give you a premium credit card that you can use as you wish, but they expect it to be paid off in full each month. But don't expect to use the account frequent, daily transactions. Ask for a regular retail ac
They are bound by the same regulations, so they still perform the same checks. But because they take the time to get to you know you better, the good ones end up asking fewer questions or at least not ask the same thing over and over.
Because they are generally small, private banks are often reliant on correspondent accounts for most of their currencies and wire transfers. That means they are indirectly bound by bigger banks' risk appetites and compliance procedures, which can affect their onboarding and maintenance criteria.
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This is the probably the answer to your question.
I see. Well then what is the benefit of using private banks?
Can't you just park those amounts in regular bank with the added benefit that you can transact with your money as you see fit?
Basically I need transactional bank but for larger amounts like 6 to 7 figures where I can operate freely without having to answer the same questions over and over again for every wire.
Having card tied to this account where I can spend 5 figures per day without the transaction being blocked or card freezed is an added bonus.
Can't you just park those amounts in regular bank with the added benefit that you can transact with your money as you see fit?
Basically I need transactional bank but for larger amounts like 6 to 7 figures where I can operate freely without having to answer the same questions over and over again for every wire.
Having card tied to this account where I can spend 5 figures per day without the transaction being blocked or card freezed is an added bonus.
Private banks are banks that cater to high-net-worth individuals (HNWIs).
Here are some of the requirements that private banks typically have for their clients:
Private banks are different from regular banks in a few ways. First, private banks typically offer a higher level of service and more personalized attention to their clients. Second, private banks typically have higher minimum account balances and net worth requirements than regular banks. Third, private banks typically charge higher fees than regular banks.
Here are some of the benefits of banking with a private bank:
https://www.offshorecorptalk.com/threads/best-private-banking-options.30266/
Hope this helps
- Wealth management:
- Investment banking:
- Trust and estate planning:
Here are some of the requirements that private banks typically have for their clients:
- Minimum account balance: Private banks typically require their clients to maintain a minimum account balance. This balance can range from $100,000 to $1 million, depending on the bank.
- Source of funds: Private banks typically require their clients to provide documentation of their source of funds. This documentation can include tax returns, investment statements, and other financial documents.
Private banks are different from regular banks in a few ways. First, private banks typically offer a higher level of service and more personalized attention to their clients. Second, private banks typically have higher minimum account balances and net worth requirements than regular banks. Third, private banks typically charge higher fees than regular banks.
Here are some of the benefits of banking with a private bank:
- Personalized service:
- Access to exclusive investment opportunities:
- Higher level of security:
- Discretion:
https://www.offshorecorptalk.com/threads/best-private-banking-options.30266/
Hope this helps
It's about personalized service. If that doesn't matter to you, just go with a normal retail bank.
Private banks often insist on providing wealth management, whereby they manage the money for you. It's rarely better than managing your own money, but some people don't have the time or patience for that. They sometimes offer investment opportunities not available in other banks or to the general public. But if you have an active professional network, you can probably secure good investment opportunities yourself.
Yes.
Private banking or other form of VIP status with a regular retail bank might suffice.
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This is the probably the answer to your question.
Private banks are zoos with spoiled monkeys that indulge in banana splits and other delicacies. In return for such gourmet delights they welcome an array of extraordinary clients, attentively lending an ear instead of spewing nonsensical screams.
However, be wary, for just like their primate counterparts, these monkeys possess a mischievous streak that can catch you off guard. If you're not careful, they might swiftly snatch your lunchbox away.
So, while marveling at the spectacle of this extraordinary banking realm, exercise caution to safeguard your belongings.
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However, be wary, for just like their primate counterparts, these monkeys possess a mischievous streak that can catch you off guard. If you're not careful, they might swiftly snatch your lunchbox away.
So, while marveling at the spectacle of this extraordinary banking realm, exercise caution to safeguard your belongings.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
My friend You should become a writer.....Your book will be best seller of all time......Name should be "How to deal with monkeys in the Private banks"...Your writing skills are just out of this world
I already write books for idiotic readers, and they sell like hotcakes! But fear not, here I can finally unleash my true writing style for a discerning audience like yourself.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Then I definitely don't need private bank, since wealth management is my full time job, it's just that I do it for my own wealth only.
So, next task on my quest is to find bank that is technical enough to be able to understand my crypto SoF so i can prove that once and be left alone to operate with 7 figure amounts as I see fit without someone holding my hand and tripple verifying every wire I do.
If you find a solution to your banking quandary, please share or at the very least, point the rest of us in the right direction.
Citè Gestion + Mt. Pelerin can be good for you, pm me if you want a referral
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Wow just looking at Mt Pelerin, really nice!
I have been looking at private banks in Singapore. I am also a finance professional and know a lot about wealth management, but here are the services that they claim to help with:
- free/private safe in a number of locations in Singapore
- access to international mortgages in London, Australia, Japan, Thailand etc
- they have a treasury desk that can send orders on your behalf with "institutional fees" to purchase FX or large amount of bonds etc
- I am assuming that they will also invest more time in understanding your profile and your SoF, as you have a decent amount to deposit with them (not as lazy as an EMI..)
- "peace of mind" in the sense that you interact with a real person that might run the extra mile to give you access to opportunities or get you finance. I am really tired of online customer support. I guess I am getting old and seeking something more "tailored" to my needs
The advantage is that they closely cooperate with Cité Gestion, which ensures smooth on-off ramping.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
From what I have heard, it can be negotiated to 1.5-2M but not less...
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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...
Everything is negotiable in life, but that would not be a good start to a relationship.
Anyway I don't see the point of using this bank for less than $5m.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
I do not object.
(Just wanted to add an information.)
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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 always thought private banking will unlock very special services... turns out my private advisors try to scam me constantly.
The only big benefit for me are better term/time deposits, free wine free chocolate and the advisor coming to my house whenever he wants to sell me something...
In general I prefer to be my own advisor. Everyone else just tries to make money off me.
The only big benefit for me are better term/time deposits, free wine free chocolate and the advisor coming to my house whenever he wants to sell me something...
In general I prefer to be my own advisor. Everyone else just tries to make money off me.