What's the maximum you would keep with CIM Banque (CH)?
- Thread starter response67red
- Start date
- Status
Zero.
It used to be the expensive fee bank all the Russians and Eastern European shady folk used to go to. Always made be nervous about using them. But they stopped serving Russians etc a few years ago after Ukraine war started and kicked out a lot of the dirty clients I believe.
https://www.cimbanque.com/ru/
It's probably today a far cry from what it used to be. Maybe someone who still uses them may have a better up to date opinion on them.
Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
If I had some spare capital to park, I'd always go with ZKB in Switzerland. Account opening is straightforward, and the service has been excellent in my experience. Just pop into their Bahnhofstrasse branch in person””smooth process.
Take your money out of Switzerland until you can.
Toggle signature
Toggle signature
@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
CH=EU nowadays. Only more expensive.
Therefore, avoid.
Toggle signature
@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
I agree it is not what it used to be. No one can sell me the Swiss banking illusion any more.
Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
It's a bank without any connection to the Swiss market. It has ties to high-risk jurisdictions like like Russia and Tunisia.
FINMA has no reason to step in an rescue the bank if it ever goes belly-up. To the extent Swiss banks can be considered stable, that stability is largely contingent on societal integration and high-value clients with large deposits. CIM Bank has neither.
I'm not sure if it's publicly verifiable information, but FINMA has privately expressed concerns to CIM Bank regarding the bank's appetite for high-risk, offshore companies and clients in a way that no other Swiss bank does or ever did. For a long time, you could open a bank account with CIM Bank for your run-of-the-mill Seychelles IBC with a minimum deposit of 5,000 or 10,000 EUR/CHF. They have stopped that now, and that has made the bank stagnate.
I don't mean to imply CIM Bank is doing poorly or that they're about to lose their license. These are just factors that contribute to why I don't touch the bank, while recognizing that it has some use cases for some people sometimes, probably. For example, they have certain card products that might be attractive.
CIM Bank is for people who want to bank in Switzerland but don't meet the capital expectations of Swiss banks.
Toggle signature
This is the probably the answer to your question.
FINMA has no reason to step in an rescue the bank if it ever goes belly-up. To the extent Swiss banks can be considered stable, that stability is largely contingent on societal integration and high-value clients with large deposits. CIM Bank has neither.
I'm not sure if it's publicly verifiable information, but FINMA has privately expressed concerns to CIM Bank regarding the bank's appetite for high-risk, offshore companies and clients in a way that no other Swiss bank does or ever did. For a long time, you could open a bank account with CIM Bank for your run-of-the-mill Seychelles IBC with a minimum deposit of 5,000 or 10,000 EUR/CHF. They have stopped that now, and that has made the bank stagnate.
I don't mean to imply CIM Bank is doing poorly or that they're about to lose their license. These are just factors that contribute to why I don't touch the bank, while recognizing that it has some use cases for some people sometimes, probably. For example, they have certain card products that might be attractive.
CIM Bank is for people who want to bank in Switzerland but don't meet the capital expectations of Swiss banks.
Toggle signature
This is the probably the answer to your question.
FINMA is a completely useless bunch of brainless monkeys. They only act for political reasons when instructed to do so. A complete joke of a regulator, today even subjugated to the U.S.
Toggle signature
Toggle signature
@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
I don't think the Swiss banks are a problem in fact without them so many would have the rear overdraft. If we then say that Tessin is worse than Italy this, by hearsay, I can confirm. Jungle!
interesting, thanks for the hint.
Toggle signature
If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.
I met them 3 Years ago in the Lugano Branch and I can recommend everyone who actually thinks to bank with them the same - visit them in person and you get an understanding about the Bank.
It has nothing to do with a Bank Branch someone is imagine when he thinks about a Switzerland Branch Bank - the lady at the reception was even shocked that someone was actually visiting the Bank and it took 20 Minutes till a Banker showed up - normal and friendly guy can't say anything bad.
Back then they still did open (Ukraine - Russia War started already) for Russian Residents with the EU Sanction Limits of 100,000 EUR per Year - they offered clients to move Securities under the Banks Name so they don't have to kick them out.
They did de-risk already heavily at this point when it comes to Corporate Accounts however the Banker admitted they still have a lot of classic Offshore Companies onboard and the keep them as long as they are making decent amount of money and that's the point - the CIM Bank Pricing makes sense if you have a Seychelles, Belize or BVI Company Account with them but for sure not if you run a UK LTD or some other low risk EU Company.
I did open @no1d a Personal Bank Account with them and he has been happy since - maybe he can provide and latest insights and experience.
For Personal Accounts they are still very open for discussion - even for Offshore Residences like Panama and UAE.
If it has to be Switzerland simply look at SWISSQUOTE they have a relative high risk appetite as well, some presence in the domestic Switzerland Market and reasonable fees - there Business Model is not just to market the Switzerland Banking illusion to non-residents.
For simple international Banking - proper transactional Retail Baking without questions for every transfer after the Account Opening - you can take a look at Barclays International Isle of Man as well they are one of the few Channel Island Banks having proper SEPA access and not only SWIFT.
Toggle signature
It has nothing to do with a Bank Branch someone is imagine when he thinks about a Switzerland Branch Bank - the lady at the reception was even shocked that someone was actually visiting the Bank and it took 20 Minutes till a Banker showed up - normal and friendly guy can't say anything bad.
Back then they still did open (Ukraine - Russia War started already) for Russian Residents with the EU Sanction Limits of 100,000 EUR per Year - they offered clients to move Securities under the Banks Name so they don't have to kick them out.
They did de-risk already heavily at this point when it comes to Corporate Accounts however the Banker admitted they still have a lot of classic Offshore Companies onboard and the keep them as long as they are making decent amount of money and that's the point - the CIM Bank Pricing makes sense if you have a Seychelles, Belize or BVI Company Account with them but for sure not if you run a UK LTD or some other low risk EU Company.
I did open @no1d a Personal Bank Account with them and he has been happy since - maybe he can provide and latest insights and experience.
For Personal Accounts they are still very open for discussion - even for Offshore Residences like Panama and UAE.
If it has to be Switzerland simply look at SWISSQUOTE they have a relative high risk appetite as well, some presence in the domestic Switzerland Market and reasonable fees - there Business Model is not just to market the Switzerland Banking illusion to non-residents.
For simple international Banking - proper transactional Retail Baking without questions for every transfer after the Account Opening - you can take a look at Barclays International Isle of Man as well they are one of the few Channel Island Banks having proper SEPA access and not only SWIFT.
Toggle signature
If they open for Russians, why do they have Russia removed from "country of birth" when you fill in the application?
E.Mail them and ask - as mentioned visited them 3 Years ago.
Since then nothing changed in terms of sanctions so if they were able to onboard Russian Residents in 2022 they should be able to do so nowadays as well - maybe they have been swamped from so many requests that this is a way of pushing back and manually getting requests instead of the Online Application Process.
Toggle signature
Their team gave me the link to a private link for filling the application. It's not the public application flow.
Speak with them if they require special conditions in terms of fees or balances, investments for clients with ties to Russia.
Toggle signature
- Status