Where can I hold my savings?

[carlob]

Hello there

I would like to open a bank account where I can hold my savings. In case of need, I must be able to have back my money via SEPA wire.
I would like to open it remotely.

I live in Italy.

Any reliable bank that you'd like to suggest?

Best,
Carlo

 

[Gediminas]

Hey,

The options depend on your networth. If it's high, I would suggest one of the banks in Swiss or Liechtenstein (CIM, Bendura) , but if it's on the lower side - find a reliable European EMI (Bankera, Verifo).

The retail banks what you see on the street, won't work, because they open accounts to residents only.

Of course you can always find an offshore bank that supports SEPA. So it totally depend on your wishes and preferences.

 

[carlob]

Hey,

The options depend on your networth. If it's high, I would suggest one of the banks in Swiss or Liechtenstein (CIM, Bendura) , but if it's on the lower side - find a reliable European EMI (Bankera, Verifo).

The retail banks what you see on the street, won't work, because they open accounts to residents only.

Of course you can always find an offshore bank that supports SEPA. So it totally depend on your wishes and preferences.

Hey


Thank you for your reply. I will deposit like €3 to 5k. I would like a bank outside Italy, preferebly outside EEA.
Switzerland would be nice, but CIM is pretty expensive.

 

[Gediminas]

For the low volume, I would only look at EMI's.

 

[carlob]

For the low volume, I would only look at EMI's.

May I ask you why?

I actually have more money. I would just like to hold aside this portion of my money.

 

[Gediminas]

May I ask you why?

Because it will be too costly.

 

[Sols]

Very few banks, especially outside of EU/EEA, are going to be interested in you for that little money. Even 10x that amount isn't interesting enough. And as @Gediminas mentions, even if you do manage to open an account, the costs are going to eat up your balance quickly.

Most Swiss banks require 250,000 CHF/EUR minimum, usually 500,000 – 1 million CHF/EUR. There are only five exceptions I can think of:
- CIM Banque: minimum 5,000 CHF/EUR required, IIRC.
- Postfinance: sometimes opens accounts for Italians if you contact them or visit in person (maybe not right now though due to coronavirus), low minimums/fees.
- Dukascopy: can be opened online with their app, no minimum required.
- Swissquote: only good for transfers to/from your own accounts, they don't like third-party transactions, no fixed fees or minimums.
- Strateo: same deal as Swissquote.

If you are content with EU, you can try Bitwala (using solarisBank's license), N26, and Bunq. Keep an eye on Revolut. They are beginning to transition EU customers over to Lithuania, first the EMI and then eventually to their special banking license.

 

[kkein]

how about N26? it has a license, ECB protection upto 100k, SEPA, card, free withdrawals up to 12500€/month or 5 withdrawals/month whatever you hit first.
Note that, for you who live in italy, this will be exactly the same as having an account with, say, ING, that has also a plan free of charge.
Of course keeping money in italy will cost you some account-keeping taxes if you have >5000€.
I don't know how much that is, but iirc it was around 50€/year

 

[carlob]

Thank you guys for your support.

I would like to have a physical bank which I can rely on holding my money.

If the amount of money that I would like to hold is too low, I may be interested in some digital banks like Bunq.
N26 must be excuded as it has a branch in Italy.

I can go for Bunq, and what else?

 

[Martin Everson]

N26 must be excuded as it has a branch in Italy.

Why is it important to have no branch in Italy?

 

[carlob]

Why is it important to have no branch in Italy?

N26 provides its upcoming clients residing in Italy with an IT iban code. That means they undergo Italia law. I want to avoid that because I'm a big fan of The Flag Theory

 

[JustAnotherNomad]

@Sols wrote a nice list here:
https://www.offshorecorptalk.com/th...opening-without-introducer.26634/#post-102399

 

[Martin Everson]

N26 provides its upcoming clients residing in Italy with an IT iban code. That means they undergo Italia law. I want to avoid that because I'm a big fan of The Flag Theory

Ok

You can open an account online for the Germany bank kt-bank.de. They are a bricks and mortar bank in expansion phase. They offer safety deposit boxes at their Frankfurt branch also and counter services. It is a Sharia compliant bank so if you don't like that stuff it aint for you. However there are no monthly costs to have an account and you get 100k deposit protection.

 

[JohnLocke]

There are better solutions....

mind to mention one or more?

 

[Sir Gelato]

mind to mention one or more?

A cash handling solution for example

 

[carlob]

As said CIM Banque requires a first deposit of 5k for personal accounts, but you have to do the deposit via bank transfer from your country of residence because of crs. This way the italians know that you have a bank account in Switzerland. I guess that is out of your interest. There are better solutions....

Cim banque would be great for me. Despite all, they charge too high fees.

 

[carlob]

Hey guys

Just to let you know that HSBC UK welcomes me as non-resident client and will provide me with a EUR account as well.

Do you have any experience with this bank?

Best,
Carlo

 

[Garret Gates]

Hey


Thank you for your reply. I will deposit like €3 to 5k. I would like a bank outside Italy, preferebly outside EEA.
Switzerland would be nice, but CIM is pretty expensive.

Try Dukascopy Bank in Switzerland. No maintenance fees and 1 eur per month for debit card. Free incoming Sepa and 2.30€ for outgoing Sepa. Ideally for that

 

[carlob]

Depends for what you use it. But it's not bad. HSBC UK is one of few bank in the U.K. which accept non-residents. You will have to make an appointment, bring a lot of papers, proof of address and answer many questions.

I will use it to hold money, not for my day-to-day expenses. I will Aion Bank and Bunq, I guess, for my daily expenses.

 

[JohnLocke]

Just to let you know that HSBC UK welcomes me as non-resident client and will provide me with a EUR account as well.

for me this sounds to be the best solution you may get, regardless of paperwork and questions they ask, as long as they will accept you as a new customer I would not look any further. It's a stable solution that you possible could connect with the Dukascopy if that is required at all.