Opening a bank account remotely

[n4x]

Hello everyone,

I'm trying to move some of my money out of the country as it's becoming more and more unsafe to keep money in the banks here with every passing day.

Since I'm not an EU resident, I noticed that my options are very little to actually be able to open a remote bank account.

I'm not planning to move a lot of money, (around $20K) and I was wondering if there are any banks which would just let me make a savings account without having to trade or anything.

So far the banks I've managed to find are Dukascopy, Swissquote, and Strateo/Keytrade, which I believe allow applications from non EU residents.

I've read a lot of the threads about this matter on this forum, but I'm still not quite sure so it would be very helpful if anyone has information about this.

What I'm mainly looking to know is whether Swissquote (in Swissquote application form there is an option for Savings but I'm not sure if they actually accept these requests) or Strateo allow accounts only for savings purposes, and more bank alternatives that I can look at.

This forum already has helped me to learn a lot, so thanks to everyone already hap¤#"

 

[Fajosst]

I'm in the same boat, I've been approved and I have bank accounts at Swissquote‌ and Dukascopy.

So far I don't know where I could get other bank accounts remotely.‍ We will probably have to travel to Europe and open an account personally, but I⁠ am willing to hear about other alternatives.

I know it is possible to create a⁤ bank account with the help of an introducer in Mauritius for example, but I personally⁣ prefer Europe.

 

[n4x]

How much did you have to deposit to⁢ make an account at Swissquote (if it's not private) and did you only check the︀ box for Savings when you made the application or are you also trading?

 

[Fajosst]

I made it clear⁠ it was a savings account. I don't use it for trading purposes, but I have⁤ this option available.

They didn't ask me for any deposit, I created the account in⁣ January 2020 and made my first deposit in June 2020, they never said anything about⁢ it.

It's a personal account.

 

[n4x]

Thanks for all the information 🙂

I will be sending in an application soon and see how⁤ it goes then, Swissquote is my primary choice because they look like the biggest/safest bank⁣ out of the three I listed, and Dukascopy feels like more of a last resort.⁢

I've been looking over Dukascopy financial reports and the bank is barely turning a profit︀ (they actually ended in the - in 2018) which makes me wonder if they'd go︁ into insolvency at some point.

Would you happen to know if we are protected by︂ the 100K CHF deposit guarantee in the case the bank goes bust as non-EU residents?︃

 

[aquarius]

If you just want to park some funds you can do Interactive Brokers. Account opening‌ online.

 

[Fajosst]

As far as I know, we're protected by the︁ 100K CHF deposit guarantee.

Dukascopy is my secondary bank too, unfortunately there are very low︂ limits. I cannot receive more than $4K USD per quarter and it took weeks to︃ approve a transfer.

Swissquote has no limit and no questions asked.

 

[n4x]

I've been reading about them as well, not a‍ real bank I think but they're quite big so it should hopefully be safe.

@Fajosst Which option did you choose⁣ when you made the account? Just trying to make sure I go down the right⁢ path hap¤#"

I tried to post a picture but it told me the post needed moderation︀ approval or something, the options are Trading / Robo-Advisory / Forex account when you go︁ to the account opening page in their site.

I've heard about the Dukascopy limits, supposedly︂ they lift the limits if you show them proof about your income or something, but︃ not exactly sure if they actually stick to their word on that.

 

[Fajosst]

It's been months since I opened the account, I'm really not sure what I︂ selected at the time. But I remember selecting some option regarding the savings account, I︃ always made it clear that this was one of my goals in using SQ.

From what I see in my account, I believe I selected 'Trading' among the options you︄ mentioned.

 

[Garret Gates]

Swissquote is a good if you plan trading/forex and etc, it’s not good option for︈ saving account. If you park 20k, Dukas is good option, they are almost free in︉ maintenance + 100% security cover up to 100k. Last option is CIM Banque, their service︊ is excellent like any private banking, but fees are around 90€ per quarter and no︋ questions, love them!

Btw, Keytrade doesn’t open bank account if you’re Russian or CIS citizen,︃ they are not retail bank and they are focusing for trading/forex and etc. as well!!︄

 

[CaptK]

Crypto, no questions asked, no CRS, FACTA or anyone else in your business. A steady‌ appreciation if your looking to park it long term.
Or good old gold bars under‍ your mattress you can check on it every night.

 

[n4x]

Why do you think they're not⁣ a good option for saving?

As far as I know they don't have any maintenance⁢ fees or anything so it should be alright.

I've also checked CIM Banque but not︀ sure if I want to be paying 90eur/quarter for practically nothing, but it's a good︁ option to have if push comes to shove.

Not a Russian or︄ CIS citizen, hopefully I should be fine hap¤#"

 

[n4x]

Crypto is too volatile though, unless you go with a fixedcoin like Tether I guess. Not⁠ sure if it can be trusted in the long run honestly, you never know.

Gold bars are definitely an option 😀

 

[clemens]

possible solution, convert your money to Crypto, for instant Tether, USDC or similar, I know‌ very well some people here sya it's a big no go, but for now it's‍ some of the most valid options around. Once you have the money in crypto you⁠ can move it as you like, for instant into AdvCash or other EMI like Transferwise.⁤

 

[Garret Gates]

I was visiting them in GVA while my vacations (btw Swissquote and CIM are‍ located 10 mins by walk to each other) and I was told that they’re (Swissquote)⁠ interesting in trading or any investments in bank product. But anyway I know exactly they⁤ maintenance about 20€ per month for saving account. Check their website, maybe any updates occurred.⁣

 

[n4x]

@Garret Gates Maybe they changed that because I haven't heard⁣ anyone talk about fees with Swissquote. I will try to find information about it.

@Fajosst Do you happen to know anything about the fees?

 

[Fajosst]

in my account I have no⁠ maintenance fees
you will have to do an identity check via video call, you can⁤ ask this to make sure there will be no monthly maintenance fees for you either.⁣

 

[Garret Gates]

Sorry for question, do⁠ you use current account in Swissquote? i.e no any trading/forex and etc.

I just want to understand if they⁢ open a current account now without any fees.

 

[reesek]

i vouch for euro stable coin in this setup
and you can buy it with‌ your card and keep it

 

[Clip]

US Treasures, German Bunds in a reputable broker like IB.⁠
If you want to be safe but having some volatility risks, then buy physical gold⁤ or virtual store in Singapore. Ensure to buy it with bank transfer as the moment⁣ you sell it back they could start asking questions about where you got the gold⁢ from.