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Where to open a bank account for ''reasonable amounts'' ?

DarkMonza

New member
Hey, guys,
I am reading about opening bank accounts and I am trying to set a country to open a bank account.

I don't want to open a bank account in an unreliable country or with banks that may face problems in the future (remote islands, unsafe countries, etc.).

But I have not yet reached the level to open an account in a country like Switzerland, Luxembourg, HK, Liechtenstein, which require high deposits or have many fees.

What would be the "middle ground" (intermediary countries) ? A country with a reasonable level of privacy, but with reasonable fees and initial deposit? I have read many topics in the Forum, I think Cyprus or Austria might be a good option.

At first I would like to use the bank account for amounts between $10K and $50K. I intend to open other bank accounts to split the money, but I want to open accounts in safe countries.

If anyone can help I would appreciate it.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
What country are you resident in firstly?

I don't want to open a bank account in an unreliable country or with banks that may face problems in the future (remote islands, unsafe countries, etc.).
Any low cost EU bank will do as long as they offer EU deposit protection. Choice is endless really.

A country with a reasonable level of privacy,
Banking privacy doesn't exist any more if you are a resident member of CRS country.
 

DarkMonza

New member
What country are you resident in firstly?
I'm a digital nomad, but I'm Brazilian. I don't stay anywhere long enough to be a resident.

I'm looking to open a remote bank account, hire a provider to help me open an account without so many fees, but secure. I was trying Switzerland, but the rates are too high for my current budget. So I'm looking for intermediate alternatives.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Are you moving your residency around Europe (EEA) or outside Europe? This makes a big difference in terms of how you are seen by EU banks and may be better of with a non-EU solution.
 

Sols

Entrepreneur
If it's a personal bank account, Cyprus might work. I could see Bank of Cyprus and Hellenic Bank accept this, provided that the source of funds is legitimate and can be substantiated, and that you can provide all necessary documents. You will need an introducer, but there are hundreds of them so it shouldn't be too hard to find one.

Another option might be banks in Isle of Man, Jersey, Guernsey, and Gibraltar. Look into the the international branches of major UK banks, and Standard Bank. Minimums are often around 25 to 50,000 GBP. No introducer needed with those banks (although it can help in some cases). Just give them a call.

Whatever you go for, you're going to have to provide some sort residence, though, and at least one tax ID which matches your country of residence and/or country of citizenship.
 

DarkMonza

New member
Are you moving your residency around Europe (EEA) or outside Europe? This makes a big difference in terms of how you are seen by EU banks and may be better of with a non-EU solution.
Unfortunately not. I would really be considered non-European resident. I think some banks in Cyprus wouldn't see a problem with that, for example. But most banks would really reject me.
 

DarkMonza

New member
If it's a personal bank account, Cyprus might work. I could see Bank of Cyprus and Hellenic Bank accept this, provided that the source of funds is legitimate and can be substantiated, and that you can provide all necessary documents. You will need an introducer, but there are hundreds of them so it shouldn't be too hard to find one.

Another option might be banks in Isle of Man, Jersey, Guernsey, and Gibraltar. Look into the the international branches of major UK banks, and Standard Bank. Minimums are often around 25 to 50,000 GBP. No introducer needed with those banks (although it can help in some cases). Just give them a call.

Whatever you go for, you're going to have to provide some sort residence, though, and at least one tax ID which matches your country of residence and/or country of citizenship.
Thanks for the suggestion. I'm thinking about Cyprus, I might look for a provider like ICO Services or something to help me open an account at the Bank of Cyprus. I hope I can get something 100% remote...
 

DarkMonza

New member
What about Swissquote in Switzerland?
It's good that you mentioned it.
I've been trying to open a Swissquote account, apparently it's a good option.
But I'm a little confused, I don't know if I can use the account as a savings account. I wouldn't use it for trading. So I think it's not an option for me. But I'd like to hear more about people who have an account at Swissquote, possibly I'm wrong.
 

Uillians

New member
It's good that you mentioned it.
I've been trying to open a Swissquote account, apparently it's a good option.
But I'm a little confused, I don't know if I can use the account as a savings account. I wouldn't use it for trading. So I think it's not an option for me. But I'd like to hear more about people who have an account at Swissquote, possibly I'm wrong.
Hello, I'm brazilian, I work with forex and dropshipping, I have swissquote and Dukascopy accounts, but these banks are better for investments, they are not day to day banks, if I were you I would look at 3 options Cim Bank, great bank with 5k deposit , but they will ask you for a tax return, another option in Hong Kong to startup Neat Business or an account with a power of attorney in the USA, all of these you open without the need to visit.
 

DarkMonza

New member
Hello, I'm brazilian, I work with forex and dropshipping, I have swissquote and Dukascopy accounts, but these banks are better for investments, they are not day to day banks, if I were you I would look at 3 options Cim Bank, great bank with 5k deposit , but they will ask you for a tax return, another option in Hong Kong to startup Neat Business or an account with a power of attorney in the USA, all of these you open without the need to visit.
I am also Brazilian, I was in need of a day-to-day solution. Thanks for your suggestions, but CIM Banque would be a problem, has high rates and couldn't present a tax return.

Is Neat Business safe for large amounts?
 

Flatworld

Active Member
I am also Brazilian, I was in need of a day-to-day solution. Thanks for your suggestions, but CIM Banque would be a problem, has high rates and couldn't present a tax return.

Is Neat Business safe for large amounts?
Neat Business is not safe...as it's not a bank but a EMI~so there's no deposit protection
 

Cetme308win

Entrepreneur
It's good that you mentioned it.
I've been trying to open a Swissquote account, apparently it's a good option.
But I'm a little confused, I don't know if I can use the account as a savings account. I wouldn't use it for trading. So I think it's not an option for me. But I'd like to hear more about people who have an account at Swissquote, possibly I'm wrong.
In the old times they used to offer saving accounts...
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
I don't want to open a bank account in an unreliable country or with banks that may face problems in the future (remote islands, unsafe countries, etc.).
So Cyprus turns out to be best option after you said the above :rolleyes:.
 
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