I need an extra account for my Switzerland AG for banking?

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EliasIT

Corporate Services
Mentor Group Gold
I have already a Wise account for my Switzerland AG - everything is going well. However, there is too much money in there now and I would like to follow the evergreen saying, "don't put all your eggs in one basked" !

What is the best alternative to Wise, if possible also not with reporting for now. I'm well aware of that CRS is unavoidable but I'm in a stage in the middle of my journey to completely disappear in a few months. After that, I don't care about CRS any longer.
 

azb1

Mentor Group Gold

May be this also works
N26,Neon,Revolut

Crypto friendly
SEBA Bank
Sygnum



 

EliasIT

Corporate Services
Mentor Group Gold
klarpay is also in the resource of mentor group gold. Does anyone has experience with them ?
 

JackAlabama

Entrepreneur
I have already a Wise account for my Switzerland AG - everything is going well. However, there is too much money in there now and I would like to follow the evergreen saying, "don't put all your eggs in one basked" !

What is the best alternative to Wise, if possible also not with reporting for now. I'm well aware of that CRS is unavoidable but I'm in a stage in the middle of my journey to completely disappear in a few months. After that, I don't care about CRS any longer.
Don't get the issue with crs.
Can't you open a local account for your corp? Normally your agent should be able to help, substance all kind of compliance is already done by them.
 

EliasIT

Corporate Services
Mentor Group Gold
Unfortunately it is not possible, they are not skilled enough. I also don't need any advanced solution, KLARPAY, if they take our business, could be an option. But I am open to more good suggestions.

I'm waiting for KLARPAY to respond, could be a good match if they can be trusted.
 

Forester

Silver Member
Unfortunately it is not possible, they are not skilled enough.
Surprising; but let's put it aside.
I also don't need any advanced solution, KLARPAY, if they take our business, could be an option. But I am open to more good suggestions.
I guess that the key factor can be your business. Can you share what business are you in? (Feel free to PM me if you do not like to go public.)
I'm waiting for KLARPAY to respond, could be a good match if they can be trusted.
I have no personal experience with them, I must admit. AFAIK, they are used e.g. by some crypto exchanges to open fiat accounts with dedicated IBANs for their customers. Also Swiss regulation is quite strong (they are regulated by FINMA as a deposit-taking financial institution). But it is worth doing further due diligence.

Re: CRS.
Be advised that any institution with a banking licence in an AEOI/CRS state reports now inevitably – i.e., forget about N26, Revolut, SEBA Bank, Sygnum, Alpian, Yapeal. I personally would be afraid even about Fiat24, Klarpay and Neon, as they have Swiss deposit-taking fintech licence. Switzerland is not Lithuania. The safe bet is (IMO) to go with a bank in non-(AEOI/CRS) country, it is still possible.
 

JackAlabama

Entrepreneur
Unfortunately it is not possible, they are not skilled enough. I also don't need any advanced solution, KLARPAY, if they take our business, could be an option. But I am open to more good suggestions.

I'm waiting for KLARPAY to respond, could be a good match if they can be trusted.
Revolut is supposed to be easy for Swiss AGs, I know of folks who could get it with even crypto related activities.
No idea about CRS tho, but I would not could count on evading this inside europe.
 

EliasIT

Corporate Services
Mentor Group Gold
Switzerland is not Lithuania. The safe bet is (IMO) to go with a bank in non-(AEOI/CRS) country, it is still possible.
Thank you so much for your response, what bank would you suggest - are there any Neobanks like Wise or similar that would accept Switzerland AG's ?

Revolut is supposed to be easy for Swiss AGs, I know of folks who could get it with even crypto related activities.
I know Revolut, but they are not for me, I don't like them.
 

Forester

Silver Member
Thank you so much for your response, what bank would you suggest - are there any Neobanks like Wise or similar that would accept Switzerland AG's ?
I would personally prefer North Macedonia, where I am not aware of any neobank – so personal visit is probably necessary. Halkbank (English - Home) or Silk Road Bank (https://silkroadbank.com.mk/index.php?lang=en) would be my options. AFAIK, they accept foreign legal entities. (Silk Road Bank even claims to be backed by a Swiss capital, so might be really open to Switzerland AG ;) but I guess there is some Chinese capital behind :) )
Disclaimer: I have no direct experience with abovenamed banks yet, just some reference from the past and I am thinking about opening an account there in the short- or mid-term future... If there is someone with last-time experience here, I will be happy to read.
I know Revolut, but they are not for me, I don't like them.
Neither I do ;) (Furthermore, it is a bank /with licence/ in the AEOI/CRS country.)
 

JackAlabama

Entrepreneur
Thank you so much for your response, what bank would you suggest - are there any Neobanks like Wise or similar that would accept Switzerland AG's ?


I know Revolut, but they are not for me, I don't like them.
Have you tried at your "friendly" statebank in your canton?

You can also hold cash btw. If you keep your paperwork in order, they have nothing against this and you will be able to pay it back into your business bank account.

I would personally prefer North Macedonia, where I am not aware of any neobank – so personal visit is probably necessary. Halkbank (English - Home) or Silk Road Bank (https://silkroadbank.com.mk/index.php?lang=en) would be my options. AFAIK, they accept foreign legal entities. (Silk Road Bank even claims to be backed by a Swiss capital, so might be really open to Switzerland AG ;) but I guess there is some Chinese capital behind :) )
Disclaimer: I have no direct experience with abovenamed banks yet, just some reference from the past and I am thinking about opening an account there in the short- or mid-term future... If there is someone with last-time experience here, I will be happy to read.

Neither I do ;) (Furthermore, it is a bank /with licence/ in the AEOI/CRS country.)
Better than to keep good old cash than dealing with such a bank ;)
 

Forester

Silver Member

EliasIT

Corporate Services
Mentor Group Gold
That's very good advise, I will pay them a visit next time I'm around. Will be in January, will update here.
 

JimBeam

Entrepreneur
You can also give CIM Bank a try.
Small Swiss bank and they can open remotely (no personal visit needed).

They are a bit higher on the fees and don't have mobile banking app but eBanking works well.
Never had any major issues with them.
 

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