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.but FlowBank only allow transfer in from the exactly name of the beneficiary, not from third party. That is the cons
Not really. Look at some privately own banks like Lombard Odier. They are 225 years on the market. They are not going anywhere "tomorrow".All privately held bank are very risky.
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.
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. €25.0.15% commission is still a lot. I checked my broker in NL he charges 0.08% on average
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 SFr100,000This 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
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.Can you elaborate? Why is that exactly?
Here are some references about both: multi-currency account and card: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)?
In what sense wiring in is cumbersome?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.