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Which bank for a deposit around 1.2-1.5 million USD?

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omar28112

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Jun 25, 2021
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Hi,

I've just joined the group and this is my First time post.

I am in the process of selling my ecommerce business for more than a million.

I am looking for a multi currency bank(or at least a US dollar account) where i can store these funds for a while.

what are your suggestions? I was thinking about CIM banque in switzerland but couldn't find anything related to account closure and funds freezing.

- I am based in Morocco and have french & moroccan citizenships.
- Legit money(selling the business to a big firm)
- I can fly to any EU country to open an account.
 
If you‍ mean fund freezing and closure related to your residency in a third world African country⁠ then yes its a real risk. Hence I would bank outside the EU i.e Switzerland⁤ or Channel Islands or be treated like a second class citizen 🙁. You may want⁣ to select a smaller bank where a banker will look at your situation rather than⁢ a bigger fully automated bank ready to reject you at the door based on just︀ your residency.
 
....and finish with money freeze and infinite KYC.
Small banks in east europe for big‌ deposits, huh.
 
Hi @omar28112 ,

you can give CIM Banque a try for at least a personal‌ account they are still following a timeline of about a month to get the account‍ opened however for Business Account they need a month or more to get even back⁠ to you and need 3-6 months to get the account up and running. If you⁤ are a new customer at all they have much more requirements in place since this⁣ year compared to the past. If you already had an account with them in the⁢ past you have some more chances to get the account opened with less requirements but︀ still the timefram to expect is insane. Even calling them directly doesn't speed up anything︁ when it come to Business Bank Accounts.

As you have a Maroccon Citizenship this is︂ an advantage to keep EU off the map and still have some good possibilities to︃ setup Dubai Company with Residence Visa and local UAE Business Bank account under your non-EU︄ passport as Marocco isn't considered high risk from the UAE Banks.
 
Im not a one country guy, and beem︁ with CIM for 4-5 years now with large amounts.
I have 0 trust in banks︂ but its the only bank that never done any problems to me, so while I︃ don't recommend banks in general, if any, then CIM it is.
 
No.

There are several Private Banks in Switzerland opening remote -‍ at least personal accounts.
 
Open a private banking account anywhere you feel comfortable with and keep the funds in‌ tripple A corporate or governmental bonds. This way you eliminate the bank's risk.
 
For Barclays basically every country that I‌ select (except UK) results in:

Unfortunately, we can’t help you today​


Do I miss something?‍
 
They no longer‌ serve EU countries I believe since brexit....don't ask.

But if you are in UAE, Nigeria,‍ Ghana, South Africa, India, Pakistan etc or countries where the UK has a large expat⁠ community from those countries they will serve you.😕. Blame brexit and pure economics.
 
why is CIM good compared to other swiss banks? and, do they offer the‌ "special treatment" people spoke about here in the forum, to HNWI?
 
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