Transactional bank in CH / LIE

[inector]

Hey,

After being told to have $1 billion to open SC, $100 million for Citibank, and being profesionally referred to as "beggar" by Swiss banks - makes me believe I am a street hotdog seller.

Are there any big banks left that offer transactional banking in good jurisdictions like Swiss or Lie?

...i'm probably asking for too much, but worth a shot, it's an EU company, no crypto / adult / etc.

 

[Konstanz]

what business and nationality are you if they request 1b 🙂 This is nonsense

 

[inector]

Konstanz said:
what business and nationality are you if they request 1b 🙂 This is nonsense
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EU nationality & business, it's like a repair service.

When I asked SC if they have small business accounts, they replied:

Thanks for your mail, kindly note we would require to confirm on the below criteria and we can then help to take this forward.

3 times...a joke of a bank

The best part was when I called Citibank in Switzerland (in LU they were nice), and I told him about what my business does, and mid-way conversation he goes "Sorry, we only onboard clients with 10$ million revenue", so I told him "But I never actually told you how much I make", and he literally asked me "Ah, how much is your business making?"...

 

[Sols]

Ask yourself: why would a CH/LI bank want you as a client? Do you run a local Swiss or Liechtenstein company?

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This is the probably the answer to your question.

 

[inector]

Sols said:
Ask yourself: why would a CH/LI bank want you as a client? Do you run a local Swiss or Liechtenstein company?
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That's fair, but apart from a local company the rest is fine. Just nothing absurd like $10M-$1B.

 

[Konstanz]

why not just do simple EMI? Do you really need high street bank in EU?
In most cases simple EMI is enough..

 

[jafo]

inector said:
After being told to have $1 billion to open SC, $100 million for Citibank, and being profesionally referred to as "beggar" by Swiss banks - makes me believe I am a street hotdog seller.
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Welcome to the CLUB, partner! smi(&% rof/%

Two years ago while exporting beaucoup PPE products from China to the world in the middle of the pandemic with huge accounts at ICBC in China, the ICBC Zürich Branch (a Chinese state-owned bank) told me to go pound sand smi(&%rof/%. See for yourself:

I've been in business LONGER than ICBC! smi(&% And they still told me I needed >2 billion CHF *and* a proven track record, which means to them a turnover of >2 billion CHF per year for at least 5 years, preferably 10 years doh948""

I tucked my tail between my legs, checked my ego at the door, wrapped my ego in osmium, and threw it to the bottom of the deepest lake in CH, Lake Geneva. They basically called me a POS beggar too 😛

Oh well..... C'est la vie! 😎

Don't take it personally! Remember: those who wrote that email or told you that, don't possess what they require YOU to possess 😉

Don't let bank monkeys discourage you! 😎

Up, up & above! coo-:!y

inector said:
$1 billion to open SC
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SC = Standard Chartered?

 

[inector]

jafo said:
I've been in business LONGER than ICBC! And they still told me I needed >2 billion CHF *and* a proven track record, which means to them a turnover of >2 billion CHF per year for at least 5 years, preferably 10 years
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Ahaha, banks get better and better.

jafo said:
SC = Standard Chartered?
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Yep

Konstanz said:
why not just do simple EMI? Do you really need high street bank in EU?
In most cases simple EMI is enough..
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The business is 7-figures, EMIs are risky, but are in place.

 

[jafo]

inector said:
The business is 7-figures, EMIs are risky, but are in place.
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In the course of my business, I do have EMIs also, but as my third option. Stablecoins are my first option and my second option is regular brick-and-mortar banks.

I'm on OCT to learn about as many EMIs, neobanks, and regular banks as I can. I spread the risk evenly to all the EMIs. I can't sleep well if I have all my eggs in one basket. 😉

 

[Alexmorgan]

inector said:
Ahaha, banks get better and better.

Yep


The business is 7-figures, EMIs are risky, but are in place.
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My main and only business account is on Mercury and its 7 figures and i trust them on 8 figures and they are EMI and they deserve to be a bank really while some banks in US do problems to some people on Monkey way

anyway check with Dukascopy Bank its real bank and open a business account with them

As personal account they are really having bad reviews and a lot had very bad experince with them but try the business they may be good

 

[inector]

Alexmorgan said:
anyway check with Dukascopy Bank its real bank and open a business account with them
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Indeed it is a good one. There are many similar like SEBA, Sygnus, Saxo etc.

Do those banks want clients that are not related to trading though?

 

[Meta]

Sounds like "we really don't want to work with you for some reason", not "everything < 1B is too small". ICBC is probably there just to facilitate business for Chinese corporations and people, but it would look hostile to just say that (racist or maybe even illegal), so they present this impossible requirements. Any reasons why they wouldn't want to / can't work with you?

Forgot to add: Bank Frick in LI maybe? I remember talking to them and they mentioned they don't want "asset management", they earn fees on transactions. Also they didn't look too interested when I mentioned 1M, but later said that 5M was plenty, even if not transferred to them. It's still very high limit, but not something ridiculous like above. They are very blockchain-oriented though. Good luck with that.

Last edited: Aug 31, 2023

 

[Clearsky Network]

I don't understand why would you need a Swiss bank account for your business? Just because Switzerland sounds prestigious?
Go for a Swiss EMI. If your monthly volumes are high, open 2 EMI accounts.

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[inector]

Clearsky Network said:
I don't understand why would you need a Swiss bank account for your business? Just because Switzerland sounds prestigious?
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Outside of EU, and banks there have presence in foreign countries with which we do business.

Clearsky Network said:
Go for a Swiss EMI.
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For EMIs there are better options in HK, US, etc. but not for banking options

 

[Martin Everson]

Meta said:
ICBC is probably there just to facilitate business for Chinese corporations and people, but it would look hostile to just say that (racist or maybe even illegal), so they present this impossible requirements.
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Exactly. It's constructive rejection 😉.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[lacomaco]

Without a local company banks in many countries will not talk to you”¦ If you have no Swiss company they do not want to work with you anymore, only if you generate a lot of income to compensate for taking a risky foreign client. If you have a 7 figure turnover, that is nothing in Switzerland

 

[2fire]

I struggle a lot with CH banks. So, far Amnis worked good for me. Best service I ever had.

 

[daniels27]

inector said:
Hey,

After being told to have $1 billion to open SC, $100 million for Citibank, and being profesionally referred to as "beggar" by Swiss banks - makes me believe I am a street hotdog seller.

Are there any big banks left that offer transactional banking in good jurisdictions like Swiss or Lie?

...i'm probably asking for too much, but worth a shot, it's an EU company, no crypto / adult / etc.
Click to expand...

Yes. but honestly, what do you expect. They are not offering retail banking in Switzerland. They just offer institutional banking. BCG also has an office in Hong Kong, where they do not open accounts for local Hong Kong companies. Yes, unless millions.

Just go to a Swiss bank which has retail banking.

 

[Forester]

Clearsky Network said:
Go for a Swiss EMI. If your monthly volumes are high, open 2 EMI accounts.
Click to expand...

Could you specify what particular EMI did you have in mind?

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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...

 

[csp dubai]

ch bank are pain in axx, i think with the funds you have any bank in a decent juridiction will take you company , try deltech for example, or you can talk to bank of georgia , singapore also is good , why not a free zone company in turkey there is plenty of exlent banks there