Review of FlowBank, New Swiss Bank

[Martin Everson]

Thats the concern they are brand new⁤ and unknown quantity. They have like 36m CHF in capital and plan to offer trading⁣ in FX and other instruments and pay 40 staff? A strong market movement can bankrupt⁢ them if not expenses. They are also a foreign controlled bank in Switzerland. So who︀ is behind it all then (not whose fronting it)? ca#"!

 

[Mr Magoo]

Interesting. Where did you find they are foreign controlled? Are the Russians coming here as‍ well?

 

[rowena]

Just because they're Swiss-based doesn't mean they're safe. Flowbank is a new, micro size bank‌ and it is a high-risk bank in my opinion.

If a Swiss-based solution is a‍ must and you don't have min $1M then go with SwissQuote. At least they're known⁠ and publicly traded bank.

 

[BlueMist]

My understanding is that they do have a Swiss banking license and deposits up to‌ CHF 100.000 are insured, so they should be safe up to this amount. Their customer‍ service is very responsive for the time being.

 

[EliasIT]

are they accepting foreign businesses, small size?

that's a very good point and make them valid up to this amount, indeed.

 

[rowena]

If your intention‌ is really trading something then they should accept.

 

[Mr Magoo]

Q1 2021 they come with their banking functionality they say. But being able to transfer‌ in/out funds with a dedicated IBAN would be enough for me.

 

[Martin Everson]

Finma website.

 

[dragodrago]

They will be releasing their mobile banking app in Q1. All banking functionalities‍ are already in place. Payments are fast as I tested.

Apart from this, customer service⁠ is good so far. At least you can reach a dedicated person on the phone,⁤ rather than waiting days for a copy-paste email from Swissquote or the like.

 

[Edge]

Looks like It is foreign controlled indeed ..

The front guy however, Charles-Henri Sabet, swiss lebanese, is a⁤ very well known guy in the banking sector ..

 

[EliasIT]

Looks like it is a bank build to take all the customers the owners can't‌ take. Not bad!

 

[Martin Everson]

I would proceed with caution with this bank for now as it could be another‌ Pilatus Bank ca#"!.

 

[Martin Everson]

I would proceed with caution with‍ this bank for now as it could be another Pilatus Bank ca#"!.

 

[BlueMist]

It is unclear if the IBAN is dedicated though? They ask to include‍ a unique payment details reference number, however I can see this reference number is kind⁠ of already included in the CH IBAN.

 

[Sir Gelato]

I've been trying to open bussiness account for a georgian llc and they refused, after‌ speaking many times over the phone. If it is not for investment, at least with‍ me, they do not accept.

 

[BlueMist]

Yes. They are looking⁠ for high turnover companies it seems, e.g. €100k+ per month, ideally with forex or investment⁤ needs.

 

[22kay]

US-residents/tax payers - no go, no account creation. Asked via live chat on FlowBank website.‌

 

[lacomaco]

Agree to be cautious, but at‍ this moment I am quite sue that FIMA checked them thoroughly and they do not⁠ want another Hasheminejad in their banking sector

 

[lacomaco]

Why should they accept‍ low-margin, high-risk small sized foreign business?In fact they would be stupid to allow banking services⁠ to be used with no securities trading income

 

[jakonda]

C'mon Man ... gnomes of Zürich don't care about this ... or⁠ do they? Didn't know that Ali Sadr Hashemineiad was a serious businessman before he was⁤ knocked down by uncle Sam.