Review of FlowBank, New Swiss Bank

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Thdusainc

New member
but FlowBank only allow transfer in from the exactly name of the beneficiary, not from third party. That is the cons
 

azb1

Mentor Group Gold
In any jurisdiction, Any country Bank which is publically traded are safe bet .
All privately held bank are very risky.
If something happen particular country will take strong action against the Publicly traded bank to save investor money.

There is low chance of publically traded bank shut the door overnight, When private bank it has a higher chance.

Listed bank are safest bet.

Saxobank and swissquote are both good bank.

But when you compare them both swissquote is safe bet as it is listed on stock market .
If something happen , You can get info about that from Main stream media.

If small bank shut and run away with money. I do not think that It get more Media attention than listed bank.
 

BlueMist

Entrepreneur
but FlowBank only allow transfer in from the exactly name of the beneficiary, not from third party. That is the cons
Only the first account funding has to come from your other bank account or EMI, e.g. TransferWise is okay. Next transfers can come from third party. Same for withdrawals, can be sent to third parties.

All privately held bank are very risky.
Not really. Look at some privately own banks like Lombard Odier. They are 225 years on the market. They are not going anywhere "tomorrow".
 

dirtyharry

Mentor Group Gold
Not really. Look at some privately own banks like Lombard Odier. They are 225 years on the market. They are not going anywhere "tomorrow".
that's before Internet and cars, they used to go to reach a town and hunt a cow to get foot.
 

BlueMist

Entrepreneur
0.10% custody is high for a newcomer bank. Also trading fees of foreign stocks trigger Swiss stamp duty of 0.15%. So buying ETF on e.g. XETRA will cost 0.3% total. SwissQuote Lux trading fees are 0.1% and custody fees max EUR 15 per month. Even SQ CH is cheaper as the custody is capped at CHF 50 per quarter.

Keeping €1M invested at FlowBank will attract €1000 annual fees vs max €180 / CHF 200 at SQ.

They seem to have changed their pricing policy lately. I have anyway opened account with them more than 6 months ago (remotely from UAE, the account was opened same day!). Received personal unique CH IBAN for multi-currency deposits. What has changed is:
  • the custody fees are 0.1% but max CHF 50 per quarter (vs unlimited before) - I guess to be in line with competition e.g. SQ CH.
  • they have decreased EUR SEPA transfers fees from €10 to €2. Before it was €2 only within CH/LI, now it is €2 in all SEPA zone.
  • Trading commission on popular exchanges is 0.15% min. €6.50. The interesting thing is that the min. fees are inclusive of Swiss stamp duty.
  • the account is free if nothing is invested
You can receive 3rd party transfers and send payments to 3rd parties.
They were loud about cards launching soon but nothing so far.
 
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Mr Magoo

Active Member
0.15% commission is still a lot. I checked my broker in NL he charges 0.08% on average. But custody fees of 0.1% p.a. is a bit lower than the 0.12% p.a. at my broker. But using them solely as a bank is maybe not a bad option.
 

BlueMist

Entrepreneur
0.15% commission is still a lot. I checked my broker in NL he charges 0.08% on average
I would absolutely never compare a broker to a licensed BANK in a first place. I also did not say Flowbank is cheap or good for investing. But it can be cheaper than SQ CH due to min. €6.50 trading fee vs SQ CH min. fees. €25.

For now I use it as a spare bank account to keep some odd EUR. For the reference it took me a good few weeks to open Internaxx / SQ LU account from UAE, so getting free CH IBAN licensed BANK account (not EMI) within one day is really something.
 

csp dubai

Active Member
this non sense, to get a licence in ch fimna will check your grand mother, and they will not got bankrupt in ch banks get absorbed form for other banks but never bankrupt, the coments of our expert are usual commets of invidoius people sitting on their couch on social security , evething is new is bad.
i will try open account with them for sure they better than some poor emi in lithiuania
 

csp dubai

Active Member
This website is owned and operated by FlowBank S.A, a company regulated by the Swiss Financial Market Supervisory Authority (FINMA) and a member of esisuisse. The list of banks and securities firms authorized by FINMA can be accessed here. Depositor protection in Switzerland is provided by esissuisse for a maximum of CHF 100,000.- per client. Details concerning this protection system are explained at www.esisuisse.ch/en
you are safe till 100000, so you saving on social security money are safe
 

lacomaco

Mentor Group Gold
This website is owned and operated by FlowBank S.A, a company regulated by the Swiss Financial Market Supervisory Authority (FINMA) and a member of esisuisse. The list of banks and securities firms authorized by FINMA can be accessed here. Depositor protection in Switzerland is provided by esissuisse for a maximum of CHF 100,000.- per client. Details concerning this protection system are explained at www.esisuisse.ch/en
you are safe till 100000, so you saving on social security money are safe
Also, your securities are segregated from the bank’s assets, so in the case of potential bankruptcy it is only your cash balance which is at risk, above SFr100,000
 

csp dubai

Active Member
this bak is a very safe option , what ever they say this so called expert of our forum , i think s they should h get a real job
 

Edge

Active Member
Haven't looked at them since they launched .. They started marketing as a "Swiss bank" now since the Robinhood fiasco and online trading phenomenon they changed their schtick to "trade the markets" in their homepage and products page .. I can't find any info about their banking services ..

So I'm assuming you can use them like a regular bank (CIM banque) unlike other websites (like Swissquote) ? (mainly sending and receiving from third parties)?
 

Sols

Staff member
Mentor Group Gold
Can you elaborate? Why is that exactly?
Wiring money in and out is cumbersome and clearly intended to be for trading. Nothing about Flow Bank is inviting to be used as a regular retail bank.

Support is good. Account opening is easy. But it's just a glorified trading platform.
 

BlueMist

Entrepreneur
Haven't looked at them since they launched .. They started marketing as a "Swiss bank" now since the Robinhood fiasco and online trading phenomenon they changed their schtick to "trade the markets" in their homepage and products page .. I can't find any info about their banking services ..

So I'm assuming you can use them like a regular bank (CIM banque) unlike other websites (like Swissquote) ? (mainly sending and receiving from third parties)?
Here are some references about both: multi-currency account and card:

1st deposit needs to come from your personal bank account or EMI, I sent from Wise (when they were still working for UAE residents).

I agree with what @Sols wrote. It is not particularly tailored to use as a bank account, but you can definitely receive and send 3rd party transfers including the ones from/to crypto exchanges (which Flowbank confirmed). They just have a simple form for making wire transfer instructions, you can't save the beneficiaries.
 

Suzy Emerald

Entrepreneur
Flow may work well just to stash some money for a while. Within SEPA its easy to send/receive funds. They give you a random swiss stock when opening an account which is a nice gesture.
 

lacomaco

Mentor Group Gold
Wiring money in and out is cumbersome and clearly intended to be for trading. Nothing about Flow Bank is inviting to be used as a regular retail bank.

Support is good. Account opening is easy. But it's just a glorified trading platform.
In what sense wiring in is cumbersome?
 

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