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Which bank for a deposit around 1.2-1.5 million USD?

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omar28112

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Jun 25, 2021
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#1
Hi,

I’ve just joined the group and this is my First time post.

I am in the process of selling my ecommerce business for more than a million.

I am looking for a multi currency bank(or at least a US dollar account) where i can store these funds for a while.

what are your suggestions? I was thinking about CIM banque in switzerland but couldn’t find anything related to account closure and funds freezing.

- I am based in Morocco and have french & moroccan citizenships.
- Legit money(selling the business to a big firm)
- I can fly to any EU country to open an account.
 
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#2

Individuals

BGL BNP Paribas, the bank for a changing world. Explore our range of products and services for individuals and businesses in Luxembourg.
www.bgl.lu www.bgl.lu

Banking For Expats Including Savings & Mortgages - HSBC Expat

Moving or living abroad? Discover international banking, loans, foreign exchange and investment solutions with HSBC Expat.
www.expat.hsbc.com www.expat.hsbc.com

International Bank Account | Barclays International Banking

Barclays International Banking offers you products and services to help you manage and grow your wealth across countries.
international.barclays.com international.barclays.com
 
#3
omar28112 said:
what are your suggestions? I was thinking about CIM banque in switzerland but couldn’t find anything related to account closure and funds freezing.
Click to expand...

If you mean fund freezing and closure related to your residency in a third world African country then yes its a real risk. Hence I would bank outside the EU i.e Switzerland or Channel Islands or be treated like a second class citizen :(. You may want to select a smaller bank where a banker will look at your situation rather than a bigger fully automated bank ready to reject you at the door based on just your residency.
 
#4
Martin Everson said:
If you mean fund freezing and closure related to your residency in a third world African country then yes its a real risk. Hence I would bank outside the EU i.e Switzerland or Channel Islands or be treated like a second class citizen :(. You may want to select a smaller bank where a banker will look at your situation rather than a bigger fully automated bank ready to reject you at the door based on just your residency.
Click to expand...
Any bank suggestion?
 
#10
Hi @omar28112 ,

you can give CIM Banque a try for at least a personal account they are still following a timeline of about a month to get the account opened however for Business Account they need a month or more to get even back to you and need 3-6 months to get the account up and running. If you are a new customer at all they have much more requirements in place since this year compared to the past. If you already had an account with them in the past you have some more chances to get the account opened with less requirements but still the timefram to expect is insane. Even calling them directly doesn't speed up anything when it come to Business Bank Accounts.

As you have a Maroccon Citizenship this is an advantage to keep EU off the map and still have some good possibilities to setup Dubai Company with Residence Visa and local UAE Business Bank account under your non-EU passport as Marocco isn't considered high risk from the UAE Banks.
 
#11
omar28112 said:
Hi,

I’ve just joined the group and this is my First time post.

I am in the process of selling my ecommerce business for more than a million.

I am looking for a multi currency bank(or at least a US dollar account) where i can store these funds for a while.

what are your suggestions? I was thinking about CIM banque in switzerland but couldn’t find anything related to account closure and funds freezing.

- I am based in Morocco and have french & moroccan citizenships.
- Legit money(selling the business to a big firm)
- I can fly to any EU country to open an account.
Click to expand...
Im not a one country guy, and beem with CIM for 4-5 years now with large amounts.
I have 0 trust in banks but its the only bank that never done any problems to me, so while I don't recommend banks in general, if any, then CIM it is.
 
#12
#13
#18
azb1 said:

Individuals

BGL BNP Paribas, the bank for a changing world. Explore our range of products and services for individuals and businesses in Luxembourg.
www.bgl.lu www.bgl.lu

Banking For Expats Including Savings & Mortgages - HSBC Expat

Moving or living abroad? Discover international banking, loans, foreign exchange and investment solutions with HSBC Expat.
www.expat.hsbc.com www.expat.hsbc.com

International Bank Account | Barclays International Banking

Barclays International Banking offers you products and services to help you manage and grow your wealth across countries.
international.barclays.com international.barclays.com
Click to expand...
For Barclays basically every country that I select (except UK) results in:

Unfortunately, we can’t help you today​


Do I miss something?
 
#19
FixieHartmann said:
For Barclays basically every country that I select (except UK) results in:

Unfortunately, we can’t help you today​


Do I miss something?
Click to expand...

They no longer serve EU countries I believe since brexit....don't ask.

But if you are in UAE, Nigeria, Ghana, South Africa, India, Pakistan etc or countries where the UK has a large expat community from those countries they will serve you.:confused:. Blame brexit and pure economics.
 
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