Best bank in switzerland for personal use

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Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
There are other banks like Dukascopy etc that have been discussed in other threads.

Yes i will be there anyways at the end of the month

The bank I had in mind (Credit Agricole Next Bank) for you to visit has recently tightened its rules even more sadly for non-residents. Before you could open if you could show you had family/friends you were supporting in CH or just bills you had to pay in CH and needed access to ISR Payments :(.


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If you live outside Switzerland, additional conditions are required:

  • Provide proof of address with the following documents:
    • Utility (electricity, water, ...), Internet, or telephone bill within the last 12 months
    • Tax notice within the last 14 months, or rent payment receipt within the last 12 months
    • In addition, if you are hosted by a third party: Identity document, proof of residence, and a certificate of honour from the host
  • Provide proof of economic ties with Switzerland with the following documents:
    • If you are employed: signed employment contract, salary statement, or letter from the employer within the last 3 months
    • If you are self-employed or retired: AVS statement or proof of retirement

--- quote end
 

MiltonStone

Corporate Services
Mentor Group Gold
I have contacted ALL the banks in Geneva for opening an account with $5m+. I am making progress only with CBH.
Geneva is the the entire Switzerland?

As I said, personal emotional are going to hit this thread hard.
 

MiltonStone

Corporate Services
Mentor Group Gold
I don't know. But if someone reading this thread, and has the time and the little amount it costs to take a flight to Switzerland and speak with a few people around there, I'm sure they will find what they are looking for.

The world is not black and white! If you really want to find a solution for your problem, you will find it by keep searching.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Swissquote or Dukascopy have a full fledged Swiss banking license approved by FINMA and all, you funds are protected as any other swiss bank if I am not mistaken, right ?

Yes they protected. And as per over a decade ago all Forex dealers in Switzerland were forced to obtain a banking license to continue to operate in Switzerland.

So if you have less then 100k then these banks are effective as any other bank despite my criticism of Dukascopy - which is unrelated to operations and more to ownership (discussed in another thread).
 

Freeman111

New member
OP is looking for a decent bank.
I am not sure, looks to me like he only wants to benefit from the swiss banking rules and protection, also he doesn't seem wealthy so that would fit perfectly.
With Swissquote, you just move a few dozen thousands of your investment to sit there and you have all the benefit of a swiss bank and swiss regulations, for instance you can transact up to 100k chf a month without them asking anything, quite valuable these days if you ask me ...
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Yes they protected. And as per over a decade ago all Forex dealers in Switzerland were forced to obtain a banking license to continue to operate in Switzerland.

So if you have less then 100k then these banks are effective as any other bank despite my criticism of Dukascopy - which is unrelated to operations and more to ownership (discussed in another thread).
For “protection” of funds with fx brokers in Switzerland, Google “Crown Forex” :rolleyes:
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
For “protection” of funds with fx brokers in Switzerland, Google “Crown Forex” :rolleyes:

Are you talking about something that happened over a decade ago before Forex dealers where forced to become banks. I am not familiar with the story. Enlighten me please?
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Are you talking about something that happened over a decade ago before Forex dealers where forced to become banks. I am not familiar with the story. Enlighten me please?
Crown Forex had a fx license and marketed itself as “highly regulated” in Switzerland.
The story is simple: the owner, a Pakistani guy, pocketed the clients’ money and fled the country. Dimes were left for distribution after the liquidation (and of course the liquidator earned big money from the process).
The same can happen with any bank. When this happens, the regulator will come out with new requirements for a “banking super license” and all will be good until the next scandal.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
Crown Forex had a fx license and marketed itself as “highly regulated” in Switzerland.
The story is simple: the owner, a Pakistani guy, pocketed the clients’ money and fled the country. Dimes were left for distribution after the liquidation (and of course the liquidator earned big money from the process).
The same can happen with any bank. When this happens, the regulator will come out with new requirements for a “banking super license” and all will be good until the next scandal.

Don't avoid the question. When did all this happen? What year please? Was it a decade ago before Forex dealers had to become banks?
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
I think around 2012.

Try 2009



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The Swiss Financial Market Supervisory Authority (FINMA) has rendered on May 18, 2009 a decision opening the bankruptcy of CROWN FOREX SA as of Tuesday May 19, 2009 at 08:00 am (Swiss time). The decision will be published on May 29, 2009 at 10:00 am (Swiss time).

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Have good evening all.
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Check crownforex.info, the liquidation ended in 2013.
Is anything better today with the banking licenses? I don’t think so.
 

Forester

Silver Member
Is anything better today with the banking licenses? I don’t think so.
Under 100k – simply yes. IMO. Generally – well, it is a question :( (IMO, the answer depends on the particular situation/institution heavily.)
 
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