Best Easy & Safe EU Bank to park $100K

[reelay]

Need to diversify. Looking to park 6 figure number in a low-fee AAA bank (Poilsh citizen & resident) previous USA resident

Current savings are in USD parked in the USA bank at 4% APY. (which is awesome, however I'm worried that I'm not a resident there anymore and can't really keep it like that)

No need debit card. No need transfer or recieve funds from 3rd parties or customers.

Looking for cheap banking fees to park cash for future real estate purchases. Looking to add an additional $20-30K a year to that bank.

Please, preferably no bank in Switzerland, Italy, France, Spain, UK : fees too expansive.

Thoughts on Andorra? Mora Banc Grup? Any other options, in Germany, Holland, Sweden?

Willing to travel to the country to open it.

Thanks for any advice

 

[jafo]

previous USA resident

Never ever disclose this to ANY bank or Financial Institution. It's the Kiss of Death!
That's all I have to add for now.

 

[reelay]

Noted! I heard that EU banks don't like Americans and it's hard to open.

 

[jafo]

I heard that EU banks don't like Americans

and US residents!

 

[Sols]

Please, preferably no bank in Switzerland, Italy, France, Spain, UK : fees too expansive.

Thoughts on Andorra? Mora Banc Grup?

Andorran banks want at least 500,000-1,000,000 EUR minimum deposit. It used to be possible with 100,000 but that doesn't cut it anymore, AFAIK. If it does, it might be on condition that you reach a higher sum within a period of time.

Any other options, in Germany, Holland, Sweden?

Germany: N26, maybe DKB.
Netherlands: Bunq.
Sweden: Intergiro (EMI, not a bank).

As for traditional banks, you can ask around but it's going to be difficult, especially if you can't provide a good reason for banking there. Banks don't make much money on just having a five-figure sum sitting there.

If you look at Nordic banks, they might open to non-residents. But they want six or seven figure deposits, and they'll place you with their subsidiaries somewhere else (for example Luxembourg).

Banca di San Marino (BSM - Banca di San Marino: servizi bancari per privati e aziende | BSM - Banca di San Marino) is or at least has historically been quite easy to open an account with as a non-resident if you're EU citizen/resident. Reasonable fees.

Swissquote has very low (if any?) fees for transactional banking. Just make sure you only conduct first-party transfers (i.e. to/from your own accounts at other banks). Flow Bank is another, similar option.

The identity-crise-ridden bank BluOr Bank (its third or fourth name within the last 15 years) accepts online applications and doesn't have any noteworthy minimum requirements last I checked.

Mano.Bank in Lithuania is still young but licensed as a bank (special banking license).

Have you considered non-European options? In Mauritius, you would qualify as a wealthy client with some banks (such as AfrAsia, Bank One, ABSA). Transacting in and out isn't as fast and cheap as SEPA, but it's pretty fast and cheap for being SWIFT.

 

[Jbb1]

If you are willing to open an account outside of EU, HSBC expat is offering very good interest on fixed-term deposits.

You can also open a HSBC UK account remotely, and the bank is connected to SEPA.

 

[JohnLocke]

You can also open a HSBC UK account remotely, and the bank is connected to SEPA.

How can you do that? That would surprise me if it is possible without personal visit. Do you mean for UK resident people only or for foreigners too ?

 

[Jbb1]

How can you do that? That would surprise me if it is possible without personal visit. Do you mean for UK resident people only or for foreigners too ?

You can open a HSBC UK bank account remotely if you are already a premier customer.

I have an HSBC UAE Premier account and I was able to open remotely an account in the UK and SG in just 3 days.

Non-EU resident and no visit to the UK was needed, all online.

The SG account was opened instantly through the phone app and later they asked you for some documentation. But the account was usable instantly.

 

[Paul Tudor Jones]

4% APY isn't awesome when you can buy treasuries and make 5.25% risk free, without having to lock your money in a time deposit.

When you put/deposit your money in a bank all you're doing is letting your bank gamble (=loan your money to strangers), giving you nothing in return. Why do that?

It's much better to open a broker account and buy EUR money-market fund or some liquidity ETF which pays you better (even higher than your 4% on USD) and even in the worst scenario that the broker/bank goes under you're protected because your bonds/equities are segregated away from bank assets.

You can open in almost any brokerage since your residency/citizenship is low risk: Saxo, IB, Degiro, and there are dozens more options but they are all about the same.

 

[JohnnyDoe]

The identity-crise-ridden bank BluOr Bank (its third or fourth name within the last 15 years) accepts online applications and doesn't have any noteworthy minimum requirements last I checked.

don’t go anywhere close to them. You will lose your money.

 

[Maitrey]

Need to diversify. Looking to park 6 figure number in a low-fee AAA bank (Poilsh citizen & resident) previous USA resident

Current savings are in USD parked in the USA bank at 4% APY. (which is awesome, however I'm worried that I'm not a resident there anymore and can't really keep it like that)

No need debit card. No need transfer or recieve funds from 3rd parties or customers.

Looking for cheap banking fees to park cash for future real estate purchases. Looking to add an additional $20-30K a year to that bank.

Please, preferably no bank in Switzerland, Italy, France, Spain, UK : fees too expansive.

Thoughts on Andorra? Mora Banc Grup? Any other options, in Germany, Holland, Sweden?

Willing to travel to the country to open it.

Thanks for any advice

Please advise what a problem to open an account in Polish bank? Any of them if you will park 100k will give you a premium account with zero fees till you will have more than +/- 45k USD/EUR on your account.

 

[Martin Everson]

It's much better to open a broker account and buy EUR money-market fund or some liquidity ETF which pays you better (even higher than your 4% on USD) and even in the worst scenario that the broker/bank goes under you're protected because your bonds/equities are segregated away from bank assets.

You can open in almost any brokerage since your residency/citizenship is low risk: Saxo, IB, Degiro, and there are dozens more options but they are all about the same.

You can get all that with Wise account now .

USD 5.09%
GBP 4.87%
EUR 3.42%

Meet Wise Interest.

Safe, smart and earns you a return.

wise.com

They just park your money in below Blackrock MM Funds.

BlackRock ICS US Treasury Fund | Premier Acc

The Fund seeks preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund will invest in US Treasury bills, notes and other obligations issued or guaranteed by the US Government and...

www.blackrock.com

BlackRock ICS Sterling Government Liquidity Fund | Premier Acc

The Fund seeks the preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund invests in Government bonds, notes and bills issued or guaranteed by the United Kingdom Government, as well as...

www.blackrock.com

BlackRock ICS Euro Government Liquidity Fund | Premier Acc T0

The Fund seeks the preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund invests in Government bonds, notes and bills issued or guaranteed by member countries of the European Union as...

www.blackrock.com

 

[reelay]

Andorran banks want at least 500,000-1,000,000 EUR minimum deposit. It used to be possible with 100,000 but that doesn't cut it anymore, AFAIK. If it does, it might be on condition that you reach a higher sum within a period of time.


Germany: N26, maybe DKB.
Netherlands: Bunq.
Sweden: Intergiro (EMI, not a bank).

As for traditional banks, you can ask around but it's going to be difficult, especially if you can't provide a good reason for banking there. Banks don't make much money on just having a five-figure sum sitting there.

If you look at Nordic banks, they might open to non-residents. But they want six or seven figure deposits, and they'll place you with their subsidiaries somewhere else (for example Luxembourg).

Banca di San Marino (BSM - Banca di San Marino: servizi bancari per privati e aziende | BSM - Banca di San Marino) is or at least has historically been quite easy to open an account with as a non-resident if you're EU citizen/resident. Reasonable fees.

Swissquote has very low (if any?) fees for transactional banking. Just make sure you only conduct first-party transfers (i.e. to/from your own accounts at other banks). Flow Bank is another, similar option.

The identity-crise-ridden bank BluOr Bank (its third or fourth name within the last 15 years) accepts online applications and doesn't have any noteworthy minimum requirements last I checked.

Mano.Bank in Lithuania is still young but licensed as a bank (special banking license).

Have you considered non-European options? In Mauritius, you would qualify as a wealthy client with some banks (such as AfrAsia, Bank One, ABSA). Transacting in and out isn't as fast and cheap as SEPA, but it's pretty fast and cheap for being SWIFT.

Thanks for the recommendations!

Swissquote looks interesting, are they solid? Seem like a combination of trading platform offering banking solutions?

I also saw a CIM Banque in Switzerland but has crazy fees...

Perhaps I'm trying to find a unicorn that doesn't exist

Please advise what a problem to open an account in Polish bank? Any of them if you will park 100k will give you a premium account with zero fees till you will have more than +/- 45k USD/EUR on your account.

I thought about it, however, I'm moving to Panama next year, so didn't want to have any ties with Poland. But I'm open-minded for suggestions

 

[reelay]

You can get all that with Wise account now .

USD 5.09%
GBP 4.87%
EUR 3.42%

Meet Wise Interest.

Safe, smart and earns you a return.

wise.com

They just park your money in below Blackrock MM Funds.

BlackRock ICS US Treasury Fund | Premier Acc

The Fund seeks preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund will invest in US Treasury bills, notes and other obligations issued or guaranteed by the US Government and...

www.blackrock.com

BlackRock ICS Sterling Government Liquidity Fund | Premier Acc

The Fund seeks the preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund invests in Government bonds, notes and bills issued or guaranteed by the United Kingdom Government, as well as...

www.blackrock.com

BlackRock ICS Euro Government Liquidity Fund | Premier Acc T0

The Fund seeks the preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund invests in Government bonds, notes and bills issued or guaranteed by member countries of the European Union as...

www.blackrock.com

Yeah, I'm not feeling too secure and comfortable with keeping $100K in Wise account even tho their rates seem pretty good but the risk is not worth it.


Looking for traditional banks, non-fintech

 

[jafo]

don’t go anywhere close to them. You will lose your money.

Thanks! I was just going to ask about fund safety. You beat me to it.

 

[Sols]

Swissquote looks interesting, are they solid? Seem like a combination of trading platform offering banking solutions?

You can see for yourself: Swissquote's Reporting: Financial Reports and Presentations | Swissquote

Profitable for at least the last six years. They are sitting on over 9 billion CHF in deposits, a number which has been growing steadily year on year.

 

[Don]

You can get all that with Wise account now .

USD 5.09%
GBP 4.87%
EUR 3.42%

Meet Wise Interest.

Safe, smart and earns you a return.

wise.com

They just park your money in below Blackrock MM Funds.

BlackRock ICS US Treasury Fund | Premier Acc

The Fund seeks preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund will invest in US Treasury bills, notes and other obligations issued or guaranteed by the US Government and...

www.blackrock.com

BlackRock ICS Sterling Government Liquidity Fund | Premier Acc

The Fund seeks the preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund invests in Government bonds, notes and bills issued or guaranteed by the United Kingdom Government, as well as...

www.blackrock.com

BlackRock ICS Euro Government Liquidity Fund | Premier Acc T0

The Fund seeks the preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund invests in Government bonds, notes and bills issued or guaranteed by member countries of the European Union as...

www.blackrock.com

You can also invest directly into the same funds and earn even more. I believe Lightyear broker provides this option.
Don't forget Wise also withholds 30% income tax on cashback.

 

[reelay]

You can see for yourself: Swissquote's Reporting: Financial Reports and Presentations | Swissquote

Profitable for at least the last six years. They are sitting on over 9 billion CHF in deposits, a number which has been growing steadily year on year.

Will check it out, thanks!

 

[Martin Everson]

Don't forget Wise also withholds 30% income tax on cashback.

Yes they do as thats Belgium for you when it comes to account interest. However are you saying they apply withholding tax on a non-distributing Ireland fund...lol?

 

[Don]

Yes they do as thats Belgium for you when it comes to account interest. However are you saying they apply withholding tax on a non-distributing Ireland fund...lol?

I meant account interest.

You can get all that with Wise account now .

USD 5.09%
GBP 4.87%
EUR 3.42%

Meet Wise Interest.

Safe, smart and earns you a return.

wise.com

They just park your money in below Blackrock MM Funds.

BlackRock ICS US Treasury Fund | Premier Acc

The Fund seeks preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund will invest in US Treasury bills, notes and other obligations issued or guaranteed by the US Government and...

www.blackrock.com

BlackRock ICS Sterling Government Liquidity Fund | Premier Acc

The Fund seeks the preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund invests in Government bonds, notes and bills issued or guaranteed by the United Kingdom Government, as well as...

www.blackrock.com

BlackRock ICS Euro Government Liquidity Fund | Premier Acc T0

The Fund seeks the preservation of principal and same day liquidity through the maintenance of a portfolio of high quality short-term government debt and repurchase agreements. The Fund invests in Government bonds, notes and bills issued or guaranteed by member countries of the European Union as...

www.blackrock.com

It just looks like they are taking their cut, which is more than a regular broker, i think its 0.3-0.5 depending on currency. With USD you're supposed to get 5.54% I believe