The Best Private Banks for Wealthy People
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- Опубликовано: 7 окт 2019
- www.nomadcapitalist.com/
What are the best private banks for wealthy people and which ones should you avoid?
When choosing a bank, most people tend to go for the brand rather than the actual service. I've seen this happen many times in the last decade, where people go for the big banks in the US or Switzerland before doing any real research.
I'm not saying that these banks are necessarily bad but they`re just not for everyone, especially if you are a high net worth global citizen, working with old school and established banks will most definitely cause you a lot of headaches down the road because they are just not set up to serve your international needs.
What you should do instead is focus on more specialized private banks that already have systems in place for serving an international clientele and who generally focus on providing the best service instead of brand building.
#nomadcapitalist #internationalbanking #bankingadvice
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0:37 Introduction
1:50 Reasons for avoiding US Banks
3:00 Reasons for avoiding Swiss Banks
4:30 Reasons for avoiding Liechtenstein Banks
5:09 Reasons for avoiding Megabanks (HSBC, Citi, Chase)
5:49 Recommendations
(Eur: BNP Paribas, Credit Suisse)
(Asia: Bank of Singapore, DBS, KEB Hana)
(Middle East: Lebanon banks)
7:50 Book ad
Extremely helpful thanks 🙏
@@Bambotb 😂😂😂
CREDIT SUISSE TOP KEK
Good good good 👍
Thank you, the video doesn't have text on screen nor chapter timestamps, so it was hard to find what I actually opened it for
That Lebanon comment just didn’t age well .
Lol I stopped watching the video when he said Lebanon
Was just about to post the same thing. Goes to show no one knows what they are doing.
The problem in itself were not lebanese banks, they were conservative and provided good services. The problem was bad government and a war that tanked the lebanese pound that gave these banks the advantage they were leveraging. I don’t think you can blame lebanese banks or somebody who said they were good for an economy that failed for external reasons.
Thanks for mentioning Lebanon, as a Lebanese person who grew up there and lived in the western world banking was the pride of the country for the longest time, service reliability stability and secrecy were top notch. Unfortunately now it is a disaster so be careful from approaching our banks.
I think this is a GREAT video...but...Please...same video for mid-wealthy...or light-wealthy....500k to 2M
Thank you Lorenzo, I might do that in the future, stay tuned
Yes please Andrew
I was seriously following your great content and truly surprised of what I heard coming across this video; Lebanese banks?!! So strange that the video is posted 8th of October just 9 days before the total collapse of the whole Lebanese banking sector. Objectively and based on some previous facts the Lebanese banking sector showed remarkable risk indicators for the few past years before witnessing what happened in October 2019
Good video Andrew. Keep it up!
Thank you R, a lot more coming up in the future so stay tuned!
Excellent!
THANK YOU SO MUCH FOR SHARING US 💙💫🌎
"I have three dollars" - Patrick Star
.... and me. But I'm watching this video so that's cool
Good quality information no nonsense advice well done ...
I think the main question you need to ask is your needs. If investment products, corp set up. handling of corporate stock is important. Hard to beat caymans or Ireland still.
Nicely explained
Another great video Andrew, Such a professional, Thanks again as always
Thank you for your kind words Blacc, much appriciated as always!
One of your best videos! I share your view. However we are quite satisfied with BOG. As you know there wealth department moved in a magnificient ancient building on Liberty Square Tbilisi. Their welcome is warm and service is very high level (at least for the private bankers we have there). In Europe we like Austria and Luxembourg.
Thank you Financial Privacy!
@@Captain_Tiger In our opinion, yes. Do not forget that Georgia ranks 6th in the worldwide "ease of doing business" index. The country is doing pretty well. Good luck!
"Like building a Luxury Car in a Ford Chassis"
Jags and Volvos from 00" drop a tear.
From personal experience there are a lot of Juice in Swiss banks, have to avoid them as much as you can because they sell you twice in a split second
"If everyone can get an account there then no one can get an account there..."
What an outstanding way of describing it! Commonness for all.
Hey buddy. Great vid! Thanks for the info. I appreciate it. I have just one question. What are your thoughts about Morgan Stanley?
Good morning Prof. I see I was quite early with only 24 viewers in class so far😁. I have saved this video in my playlist. One day Prof......one day.
Well I wish you the best of luck Margy 😀 and thank you, your feedback is always appriciated!
@@nomadcapitalist Hello again Prof. How possible is it to open a bank offshore online?
@@nomadcapitalist Hello again Prof. Still remaining motivated. Thank you
So what do you recommend for people that reside in the U.S. and have no desire to bank offshore?
How about Asian branches of Swiss banks?
does credit Suisse still do private banking
What about the Monaco private banks?
Hi Andrew. I have been using this lockdown for a lot of research after finding this channel. I have your book on order too. What are your thoughts on opening an account with Maybank to start the process of residency in Malaysia? Could this be used as a bank for salary deposits which would help towards the bulk amount needed for residency and furthermore buying property in KL and having a higher chance for loans? I am South African, work in the maritime industry and have offshore accounts however i want to make a base in Asia and KL seems like an incredible option which could work. Thanks
If you are opening an offshore account, the first thing you need to understand is your tax obligations, in other words, be sure you know the country/countries you are deemed to be a tax resident. Very wealthy ppl have footprint in many countries and they normally have a tax advisor who understands international tax laws.
When you open an account in Malaysia or any country that has committed to the CRS framework, aka Common Reporting Standards, you have to sign a CRS form to declare the country/countries where you are liable to pay taxes and provide your tax number. If Malaysia has an automatic exchange agreement with SA (you have to find out) your offshore account will be reportable to SA if your govt request for it for whatever reasons. Of course, this is only a concern for those that try to evade tax or those that are unfamiliar with tax matters. For example, AUS or US imposed tax on all sources of income, both locally and globally, not declaring these overseas assets is a crime. Tax reporting can be a complex matters. To know more, just google CRS and Automatic Exchange of Information at the oecd website. Even better, speak to a tax advisor before making major decisions.
@@bathsalt79 thanks for all that info, appreciate it!
What type of bank would I go for if I am doing a Tier one investor visa for UK.
What about for South Africa and Africa? Investec or RMB?
I'm not surprise Andrew mentioned a few banks in the Middle East. I would think they would give you top service for little fanfare. I mean when was the last time a bank in that region defaulted? Like never. 😉
Lebanese bank??? 😂😂😂 What about Madagascar or Haiti private banks? What a joke
I wonder what he thinks of Northern or Bessemer Trust.
Northern Trust is top and proper. Up there. Top 5 in US easily.
Are big banks good for business credit cards?
thanks,
whats the problem with hsbc private bank singapore?
You got married Congratulations!!
Thank you Jimbo 67
congratulationd.. but ya
@@nomadcapitalist Married With a prenuptial agreement, and asset protection trust and LLC ?
DBS is great, I use it for lower-level stuff though...
What about Mitusbushi Bank?
I know I'm going out on a limb here but Julius Bär?
good health and wealth for my family and myself! Insha Allah And to see my grandchildren grow up!
Yeah see where Lebanon banks are now
I don’t even have the money to buy a switch lite 😔
Hahahaha
Same
BNP Paribas bought Bank of the West a few years ago. Would you say they are better than banking with US mega banks
yes. personally, I have friends that are billionaires (family) they work with paribas... thats the best. USA BANKS are shitty.....you know and I know the USA is going to collapse in this decade...
@@AA-ji2my you don’t know any billionaires little man; if you do you’re not apart of that inheritance so don’t talk about them like they’re your best friends!
How is JP MORGAN private bank?
If you want to pay huge bank charges then go with private banking. If you actually want to make some money then you need to be with a broker.
Lebanon….😢
CITI... mehhh :P
उत्तर बिहार ग्रामीण बैंक
सबसे बढ़िया बैंक।
Private closed ?
Lebanon?!
Julius Bär?
julie's bear is a good bank for high net worth individuals.
What is a good bank to put a few billion in?
Federal reserve where politicians put there's
If I or virtually anyone else with above a certain level of financial literacy(American) were to magically come into $2-7 billion in after tax, legally certifiable cash,We would use a mix of banks.The banks that we would choose would largely depend on how large of a public presence we have.Assuming we managed to stay anonymous(which the bulk of us would VOLUNTARILY part with with anywhere from 20-90 percent of that amount to do).If we’re interested in maintaining our citizenship and connections to America,you’re looking at a multi family office like institution like Bessemer or Northern Trust(at least during the initial stages of adjusting to our wealth) with a sprinkling of regional and bulge bracket banks like Wells Fargo,Citibank and JP Morgan Chase.The banks we choose will largely depend upon our age and other demographic factors(I’m in the 18-30 group and have no serious romantic attachments or children) and the relationships that various members of our core team have with the various private banks in the country(If I magically came into that amount of money out of nowhere,I’d retain an attorney like William J Butler of McDermott Will and Emery so quickly your head would spin and wouldn’t stop at him).This group people will have a network of individuals and businesses that they can refer someone in this situation to.We then move to Switzerland (which at that level of wealth becomes damn near a bargain for the quality of expertise and experience that you can get.).It gets really wonky here.I’m reasonably certain that I would establish relationships with at least 4 small to mid sized Swiss banks and one or two major ones if not a multi family office without US Branches and that would be HIGHLY resistant to any attempt by my government to unethically freeze or confiscate my assets.BNP Paribas and Coutts would probably have a few million in them as well just for the sake of convenience(you’re about to run in VERY different circles).That would more or less rap it up for European banks(with the exception of some Austrian banks I might be interested in).I’d have relationships with at least 3 Singaporean banks (there is simply too much potential there).Australia also has a handful of private banks that I might be interested in.The Cook Islands and New Zealand would also have some money in them.All of this will be determined after dozens of meetings that I would be having with my core team and over a period of at least 3.5 to 5 years.
The juice is not worth the squeeze...😂😂😂
Does he manipulate his accent?
No Latin Banks?
No private bank for Africa people?
Crédit Suisse 😂
Just pay your taxes guys. You can afford to.
I don’t trust this guy.
Credit Suisse 😂😂😂😂😂😂 this guy is a clown
This video is 3 years old
@@Fourtune1 3 years ago, CS was having several problems with its investments in very risky countries om Africa and other stories that was sending the bank to the status that has today. This is just a video made by a person that does not know what he is talking about, just that
It's hard for a non-gay to watch this flamboyant production. Cringe.
Why? What's wrong with his production? Some of the best content on RUclips actually. Not that it's any of your business but Andrew is happily married so your comments are way off base.
Not sure you're the target audience, sir.
Also, "El Matador" is the cringiest alias in the world.
What kind of an insecure comment is this. Lmao. You sound like you’re struggling with your inner homosexuality and so you lash out at anyone who doesn’t fit your archetypical bro. Get well soon! 🤣
Dumb
Kenneth The intro is terrible, they should just ditch it...