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Open Bank Accounts for "Trading"

Silvio

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Jun 1, 2018
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Few months ago we discussed here about banks that will open accounts if you tell them you want to INVEST- close money in funds with high fees etc ...
It was mentioned that many banks in CH\Liechtenstein\Luxembourg will open IF you tell them you wanna close the money in investment. I called a few in LU and heard the same (ING Bank said they open for non-resident for 100k investment)

Honestly I don't trust all these BS funds and hate closing money in low interest deposits or face high monthly fees, but what if I tell banks I want to use their brokerage services to trade, will they be more open to opening accounts?

I wonder if this same thing may work for more "traditional" banks, not brokers.

I'm looking for something similar to SwissQuote (essentially gives you a bank account in CH with zero fees as long as you trade from time to time) - but a more traditional bank.
It sounds like it should work, after all you are trading so you are paying the bank fees...

Thoughts? Any ideas for such banks?
 
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In theory yes but you’ll be stuck if they want funds locked away or moved into a purpose built trading account

you could play a chicken and egg game and it might work for you just depends on various factors
 
Theoritically it should work. Subject to how much you are bringing into the bank. They will probably get you an RM who will hook you up with their borokerage services while he looks after your basic account. Subject to their terms and conditions. For instance Barclays offshore have a requirement for 25K GBP for international clients. To open an account. So even if you will be using their brokerage services you will still need to maintain 25K in your current account. If you balance goes below this, you will incur some monthly charges anything above this, no fees.
 
Theoritically it should work. Subject to how much you are bringing into the bank. They will probably get you an RM who will hook you up with their borokerage services while he looks after your basic account. Subject to their terms and conditions. For instance Barclays offshore have a requirement for 25K GBP for international clients. To open an account. So even if you will be using their brokerage services you will still need to maintain 25K in your current account. If you balance goes below this, you will incur some monthly charges anything above this, no fees.

are you talking about personal Barclays IOM? for not resident, correct?
 
Found this one so far:

Not sure if they accept non-residents yet.

Yes they do, but their AML/KYC is made in France (it is a branch of a French bank, right now), so it's not the "relaxed" attitude of before. This bank existed to allow Belgians to hide their assets when there was bank secrecy. Otherwise not much to say about "trading" there. There's also Keytrade Belgium (which used to give a debit card, but unfortunately it was in the past and doesn't exist anymore). Also if you just park money there it may not end well. There should be some quasi liquid products to invest in, or you should be prepared to say you are waiting for the market to fall.
 
Yes they do, but their AML/KYC is made in France (it is a branch of a French bank, right now)
Do you know which French Bank they are part of now?
 
Crédit Mutuel Arkea. It's a fintech friendly, dynamic entity, but right now it has some problems at it wants to separate from Crédit Mutuel. Not a very stable situation.

Keytrade Bank Luxembourg | About us (about ownership of Keytrade bank, which is a subsidiary, not a branch like I thought before)

I need an introducer, do you know someone who can help me with these accounts?
 
I have a solid list of banks in the lux/swiss area if you are willing to put 6 figures there
Which "6 figures" banks do you have in mind?
The easiest are Internaxx/SwissQuote.

The top banks like UBS, JuliusBaer are asking for €1 million. UBS also demands 50% of cash to be invested and they will also slap you with 0.5% negative interest for the remaining sitting in the account. BIL is asking for €500,000 to start with.
 
Internaxx/SQ are totally not worth that amount

with half a mil I could get you into the doors of the names that have dozens of billions of assets, almost topping Julius

But....

My clients and I personally have tried multiple banks over the course of the career and pretty convinced they do not have a future in payments.
Primarily because of three reasons:
1. It's the balance sheet risk you are buying with any bank. The money in the bank are not yours. It's the bank's money. Only the bank decides when how and how much to move in your favour.
2. Compliance is partially manual in many banks so you will never be efficient in processing payments.
3. Regulation is much heavier and translates into an unnecessary burden to the customer. As it is the customer that pays for the lights in the bank

is it really worth it?
 
@reesek “Different strokes for different folks”. When it comes to Swiss/Lux I would rather be seeking safety net instead of payment account. It would be nice however if the banks I decide to work with would be willing to open business accounts for my companies, which would definitely be a payment accounts. UBS says they can help those beneficial owners who hold €5 million with them.

Anyway, unless you start talking specifics you won’t have clients here. Probably @Admin let you play around a bit (since you paid) but that won’t be long I hope. I don’t know your business model but trying to sell something without even providing the bank names or country of IBAN from the other thread is ridiculous. It’s even more ridiculous if someone pays you without getting this details first.
 
5mm+ is a totally different universe buddy
its the 0.5mm-1.5mm where people still care for fees and struggling to be banked
I don't think so. People are struggling to be banked for their high risk businesses which banks do not understand or because they are trying to cheat the system using fake documents or Comoros citizenship :) I don't think that any person having legitimate assets of €0.5m would struggle to be banked.
 

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