CIM Banque experience lately?

[marty2522]

Hello,

Please let me know if somebody experienced after their late 2020 economical substance update-
down with quality of support and lengthy KYC requests to keep an account active( the EU company)?
If anyone noticed that change and worthy to use as before.

For account closure- how smooth is procedure - if anyone had that experience - in details?

 

[uplana]

For account closure- how smooth is procedure - if anyone had that experience - in details?

why would you like to close the account with them? the answer to this question is important.

Otherwise they run their operation smooth as usual, nothing to note here.

 

[bizniz]

It basically works fine still, though as you say they got stricter and stricter on substance

 

[marty2522]

Thank you for replies.

Well, it is about long time to reply and update from compliance, after their 2020 changes -
getting similar to Wise style-in communications and time to solve.

If anyone had that in 2021 for services and account KYC maintenance?

Yes, it worked fine before ,I can agree.

 

[Mark Rucken]

Apparently they did not close accounts for existing customers, but they stopped onboarding new entities that can not prove physical presence in the country of incorporation (office + local employees).

 

[MikeRoss]

Apparently they did not close accounts for existing customers, but they stopped onboarding new entities that can not prove physical presence in the country of incorporation (office + local employees).

I have an account with CIM and they say that "we are changing its policy and does not work with offshore companies any more, so we are asking our clients to become onshore if possible..."

Now they ask me to provide an employment contract with a director and a real office address.

How do I keep my account without renting a real office and employing a director to work in that office?

 

[Ilapin]

Hi,

today received the letter from so called "Director" of CIM bank Uliana GLINSKAYA that CIM bank does not work with WISE anymore "Yes, you are correct, as per our internal policy, we no longer work with WISE."

has anybody heard about it already?

 

[Sols]

It's not so much that CIM Bank doesn't work with Wise. It's more that Wise started blocking nearly all transactions to/from CIM Bank about a year ago now. It started small and turned into a near total ban.

 

[Ilapin]

It's not so much that CIM Bank doesn't work with Wise. It's more that Wise started blocking nearly all transactions to/from CIM Bank about a year ago now. It started small and turned into a near total ban.

Never had problems/questions with business transfer from CIM to WISE until last Friday, and the problem came from CIM, not from WISE.

Do you have any ideas why WISE would block the transfers to CIM?

 

[wellington]

It's not so much that CIM Bank doesn't work with Wise. It's more that Wise started blocking nearly all transactions to/from CIM Bank about a year ago now. It started small and turned into a near total ban.

Interesting this reminds me of Liquid after it was acquired by FTX, almost immediately funds would be rejected coming into commercial accounts (even via a Merchant Bank), then of-course the rest is history but around the same time was the FTX issues in China.

I imagine where Wise is concerned is perhaps CIM is flagging up for laundering (can't see how) as CIM are absolutely anal.

Having said that, Peter Schiff bank was accused of the same, and i'd hazard on the anal scale they are about the same based on my reading into it.

 

[dragosaurus]

What a shithole this bank is. So they choose the banks they work with. Lets say you want to send money to an account held with bank X and you get this message "Sorry, as per our internal policy, we no longer work with bank X".

I wouldn't put a penny there.

 

[Ilapin]

First time CIM tried to tell me that payments to WISE will not go was in March 2023,. That time we solved the issue and now again.

 

[wellington]

Though i do know for a fact CIM was still working with Rubles, and Russians up until last year, as i see that just as i decided to close an account i'd forgotten i had with them (discussed on here previously).

First time CIM tried to tell me that payments to WISE will not go was in March 2023,. That time we solved the issue and now again.

I paid them from wise (fees) once and was closing the account and they said they don't accept funds from wise at the time, but accepted them as the account was being closed and reportedly i owed them fees.

 

[Sols]

Do you have any ideas why WISE would block the transfers to CIM?

Russians. CIM Bank is disproportionately popular with Russians and has nearly zero clients who are resident in Switzerland. CIM Bank has nearly zero "normal" customers. They try to market themselves as a Swiss bank, but has no Swiss clients. They also try to market themselves as a private bank, yet has very modest minimum balance requirements (10 to 100 times lower than other Swiss private banks). It's a bank that just doesn't make sense. It looks and acts unusual.

My gut feeling is Wise got tired of seeing too many suspicious transactions to/from CIM Bank relative to how many appeared legitimate.