Private Account outside EU

[GlobalConsult]

Hi all,

I am looking for an account opening at Banks/EMI outside EU, e.g. Switzerland, Serbia, Montenegro, Albania, etc.

It should be a serious and safe solution!

 

[daniels27]

Plenty of options. Have you checked other posts? Maybe Swissquote would be good for you?

 

[churumbelo]

Plenty of options. Have you checked other posts? Maybe Swissquote would be good for you?

Do the like if you use the account as a checking account for day-to-day expenses or only as an investment account?

 

[GlobalConsult]

For day-to-day expenses.

 

[daniels27]

You can use it for that. What annual turnover are we talking about? Is it all legit?

 

[churumbelo]

You can use it for that. What annual turnover are we talking about? Is it all legit?

I guess you were answering me. Yes, legit. Just curious about whether they let you use it as a checking account or they don't like if you don't invest and only use it to pay things. I will look into their product and I might open an account.

 

[daniels27]

Of course all banks want you to put 1 Mio without interest and not touch them. But as long as there are no suspicious transactions, they normally won't close it.

 

[churumbelo]

Of course all banks want you to put 1 Mio without interest and not touch them. But as long as there are no suspicious transactions, they normally won't close it.

Yes, but this specific bank advertises its account as for trading, forex, commodities,... That's why I asked. Because their business seems to be different to a regular bank.

 

[Forester]

Do the like if you use the account as a checking account for day-to-day expenses or only as an investment account?

You can use it for that.

I guess you were answering me. Yes, legit. Just curious about whether they let you use it as a checking account or they don't like if you don't invest and only use it to pay things. I will look into their product and I might open an account.

As I assume that we are talking about Swissquote, I cannot agree with @daniels27. Swissquote do not allow the account to be used for day-to-day transactional banking and if you try this, they will object very soon. TBMK. They are quite fine when you do not invest or trade and the card you have from them is used for payments, though.
@daniels27, do you have some different experience?

Of course all banks want you to put 1 Mio without interest and not touch them. But as long as there are no suspicious transactions, they normally won't close it.

Well, if we talk about an account with some “classical” private bank, then unless the account balance gets under the minimum amount that is requested, they are usually OK with this (exceptions exist, e.g. all LI banks but LLB); the problem is that the fees for transactions are very often so high that using this account for transactional banking makes no sense.
But SQ is another game. TBMK.

 

[churumbelo]

As I assume that we are talking about Swissquote, I cannot agree with @daniels27. Swissquote do not allow the account to be used for day-to-day transactional banking and if you try this, they will object very soon. TBMK. They are quite fine when the card you have from them is used for payments, though.
@daniels27, do you have some different experience?


Well, if we talk about an account with some “classical” private bank, then unless the account balance gets under the minimum amount that is requested, they are usually OK with this (exceptions exist, e.g. all LI banks but LLB); the problem is that the fees for transactions are very often so high that using this account for transactional banking makes no sense.
But SQ is another game. TBMK.

That's why I asked, because I thought it would probably be the case. Thanks.

 

[Forester]

Hi all,

I am looking for an account opening at Banks/EMI outside EU, e.g. Switzerland, Serbia, Montenegro, Albania, etc.

It should be a serious and safe solution!

Well,
1) What's your current residence and citizenship?
2) What's your motivation, what do you want to achieve by having an account outside the EU?

Generally, there have already been discussions here about opening such accounts, try to search, too...

 

[Sols]

Swissquote can indeed not be used as a day-to-day bank, unless you consider your day-to-day banking needs by having a bank account that can only be used for first-party transfers and a debit card (that can be used freely like a regular debit card). You couldn't pay rent with Swissquote nor can you receive your salary/dividends directly into the account (although they have been known to make exceptions in some cases).

If your country is supported, you could combine a Swissquote account with a Yuh account. Open a Swissquote account first and then Yuh. Yuh functions more like a day-to-day bank where you can use the account for third-party transfers.

If you can part with at least 50–100,000 EUR/USD, you can try banks in Mauritius. They all have public financials, so you can do your own assessment of which ones are safe.

At 100,000 EUR/USD and up, you can try premium/wealth banking in Singapore or Hong Kong. They tolerate third-party transfers but overall your profile should be keeping the minimum deposit (or more) in investments or as cash balance on the account. Most will give you a debit card by default, but it's almost always SGD or HKD only. Credit cards can be discussed, but are also usually limited to SGD and HKD. Some have no FX fee, but it's still not ideal if you transact mostly in other currencies.

There are also some options in Panama and the Caribbean. Minimum usually in the 10–50,000 USD (or higher...) range.

 

[JackAlabama]

If you can part with at least 50–100,000 EUR/USD, you can try banks in Mauritius. They all have public financials, so you can do your own assessment of which ones are safe.

Do you know by chance which ones in Mauritius have been particularly open to non-resident foreigners?

 

[Sols]

Do you know by chance which ones in Mauritius have been particularly open to non-resident foreigners?

I can't think of one that isn't open to non-resident foreigners. Mauritius has a long history of being an international financial center and AFAIK every bank has a whole business unit dedicated to just non-residents.

Of the top of my head, I can think of recently opened personal accounts for non-residents with Bank One, MCB, Absa, AfrAsia Bank, ABC Bank, MauBank, and SBM. I think most accept direct applications for personal accounts, but you may be told to go via an introducer instead.

 

[daniels27]

That's why I asked, because I thought it would probably be the case. Thanks.

I never had issues with them. They even have no transfer fees now. Probably depends on how much you transfer and where. If it is a lot transactions, you can still add Yuh or Ibani.com in between.

But guys, a bit more information about what you want to do would be quite useful to get useful answers! How about asking like this:

I am from Transnistria but spend a lot of time in France. My brother sells SSL certificates and pays me 2000 EUR monthly that I spend on rent and utilities for me apartment in Metz. I need a bank account outside the EU to keep about 20k and receive 1 payment per month from Turkey and send 3 to France to pay rent and utilities.

You would immediately get better answers and the discussion would not divert into a Swissquote discussion.

 

[GlobalConsult]

For those who don't know yet.

The EU has founded the AMLA: AMLA

This new authority will then have access to ALL accounts of all EU citizens within the EU, starting in 2029!

The bad thing is that EVERY domestic authority will then be able to see all transactions on all accounts 5(!) years BACKWARDS - so from 2024.

That's why I and you should look for accounts outside the EU!!!

 

[JackAlabama]

I can't think of one that isn't open to non-resident foreigners. Mauritius has a long history of being an international financial center and AFAIK every bank has a whole business unit dedicated to just non-residents.

Of the top of my head, I can think of recently opened personal accounts for non-residents with Bank One, MCB, Absa, AfrAsia Bank, ABC Bank, MauBank, and SBM. I think most accept direct applications for personal accounts, but you may be told to go via an introducer instead.

good to know. Thanks.

For those who don't know yet.

The EU has founded the AMLA: AMLA

This new authority will then have access to ALL accounts of all EU citizens within the EU, starting in 2029!

The bad thing is that EVERY domestic authority will then be able to see all transactions on all accounts 5(!) years BACKWARDS - so from 2024.

That's why I and you should look for accounts outside the EU!!!

shocking thing (but expected).
crs and the endless never-ending aml reforms are not enough. They want more.

 

[jafo]

Swissquote can indeed not be used as a day-to-day bank, unless you consider your day-to-day banking needs by having a bank account that can only be used for first-party transfers and a debit card (that can be used freely like a regular debit card). You couldn't pay rent with Swissquote nor can you receive your salary/dividends directly into the account (although they have been known to make exceptions in some cases).

If your country is supported, you could combine a Swissquote account with a Yuh account. Open a Swissquote account first and then Yuh. Yuh functions more like a day-to-day bank where you can use the account for third-party transfers.

If you can part with at least 50–100,000 EUR/USD, you can try banks in Mauritius. They all have public financials, so you can do your own assessment of which ones are safe.

At 100,000 EUR/USD and up, you can try premium/wealth banking in Singapore or Hong Kong. They tolerate third-party transfers but overall your profile should be keeping the minimum deposit (or more) in investments or as cash balance on the account. Most will give you a debit card by default, but it's almost always SGD or HKD only. Credit cards can be discussed, but are also usually limited to SGD and HKD. Some have no FX fee, but it's still not ideal if you transact mostly in other currencies.

There are also some options in Panama and the Caribbean. Minimum usually in the 10–50,000 USD (or higher...) range.

Thank you for sharing this! It gives us a starting point when considering Mauritius and banking. NGL, before this I knew 0 about Mauritius.

PS. I actually had to check and double-check its spelling.

Bank One, MCB, Absa, AfrAsia Bank, ABC Bank, MauBank, and SBM.

Thank you!

ALL accounts of all EU citizens within the EU,

Would this include residents and non-residents' accounts too?

 

[daniels27]

Ok. I see but for example on Germany the utility service providers typically won't do sepa direct debit from non-EU accounts. Hence you will still have to rely on your old account for these.

Also, many banks charge high fees for incoming transfers from Switzerland. Hence it may not be very practical to pay your eBay purchases to some dude in Germany that way.

Hence, you are probably best of with some EEA account or maybe Switzerland and then line with the limitation on the selection of service providers in the EU.

But will EEA accounts also have to comply with the regulation?

Also note that living in the EU and not having the transactions in the Alma may create suspicion too. I personally would use your German account for day-to-day transactions while keeping the big junk off money on Swissquote or some other bank.

 

[jafo]

crs and the endless never-ending aml reforms are not enough. They want more.

They ALWAYS do! Very few people have the mental strength and IQ required to "check into their brain," be self-aware, reflect on their unjust and unreasonable acts and demands, and then adopt and abide by self-imposed limits and boundaries that will NOT violate the space and rights of others.

This is absent-minded and totally entitled human behavior. I have so many of these people as "relatives" that it's shocking. This is an excellent article on one of the many complicated human complexities regarding this issue:
When Doing for Others Is Really About Doing for Yourself. The complicated motives that sometimes underlie giving.

I think Voltaire said it best: