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Review of FlowBank, New Swiss Bank

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dragodrago

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Jan 8, 2020
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Just a quick review of FlowBank SA, a new Swiss bank opened last year.

Similar to Swissquote, it mainly focuses on trading, but it also provide a multi-currency Swiss IBAN. Account opening has been pretty easy, just a passport scan and address proof, no video or call. Their mobile app is also pretty decent.

One point to note is that they seem to have problems with USD deposits, they require you to gain approval prior to any USD payments. They also do not have any cards available yet.

If anyone have any feedback and review, feel free to share.

FlowBank.com
 
for now Flowbank only offers a trading platform, banking services are pending.
 
They already gave you a Swiss IBAN and you can do bank‍ transfers through their online banking. There isn’t a mobile banking app yet though, only trading.⁠

Thanks for sharing, I guess they have different onboarding procedures for different countries.⁤
 
That's not bad, really not bad, they will be floated with new customers from all‌ over the world that want a Swiss bank account.
 
@Martin Everson what are your thoughts? I thought you will already be all over this‌ as an addition to the 100+ bank accounts 😉
Plus their custody fee is only 0.10%‍ and they offer free shareholder registration. Not too bad. The only concern is that it's⁠ brand new ..
 
0.10% custody is high for a newcomer bank. Also trading fees of foreign stocks trigger‌ Swiss stamp duty of 0.15%. So buying ETF on e.g. XETRA will cost 0.3% total.‍ SwissQuote Lux trading fees are 0.1% and custody fees max EUR 15 per month. Even⁠ SQ CH is cheaper as the custody is capped at CHF 50 per quarter.

Keeping €1M invested at FlowBank will attract €1000 annual fees vs max €180 / CHF 200⁤ at SQ.
 
You're resident in Switzerland that you didn't had video call? Or they don't have it for⁤ whole EEA?
 
Good points. But Saxo charges 0.20% custody fee⁢ (can get lower if you keep more funds) and min 5 EUR / position.
SwissQuote can indeed be cheaper but it depends on the amounts, you need to keep at︀ least 200K at SQ CH for the custody fees to be 0.1%.

Stamp fee is︁ charged by all CH brokers but you can buy on a cheaper broker (IB), transfer︂ the stocks to Flow and they reimburse up to 750 CHF transfer fees.
 
I am not from Switzerland/EEA. No video‍ identification for me, just uploaded passport scan and address proof. It just depends on risk⁠ levels of the country I guess.
 
I am not a⁢ fan of Saxobank. They are constantly changing something. Also what you see for your country︀ of residence is different from what I see for another country. The custodian fees can︁ vary a LOT depending on the country. They don't have standard pricing for everyone like︂ SQ, so to me they are not transparent. They have also increased their VIP tier︃ requirement from $1M to $1.25M.

Yes with SQ CH / LU you need to have︄ at least €200k for the custody fees to be 0.1% but with SQ LU there︅ is another way looking at it. If you invest e.g. once a month, then essentially︆ there are no maintenance fees at all, because the min. trading fee is almost equivalent︇ to monthly maintenance fee.

However if we are talking about bigger amounts €1M+, then with︈ SQ you are paying still the same vs % at Saxo or FlowBank.
 
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