One recurring concern we hear practically every day in the wealth management service is “How Can I Open a Swiss Savings account?” Whilst a minority of those asking the concern may actually be candidates for Swiss private banking, the majority appear to have actually watched too many Bond movies! This post is a short intro to Swiss banking to help you decide which of these classifications you suit.
Firstly let me explain that if you are searching for a secret checking account, there are locations that are a lot more discreet, far more under the radar than Switzerland. However what if you have your heart set on a genuine Swiss account? Opening a checking account in Switzerland is in theory not too difficult – but like all banks throughout the world, Swiss banks do book the right to refuse customers. Needless to say the current hoo-hah from the G20 and the OECD has actually not made it any easier to open Swiss checking account. All banks are frightened of being accused of loan laundering and this has actually made it much harder, specifically for non Swiss locals, to open savings account.
Then, you need to choose a Swiss bank according your requirements. If you desire standard personal banking service and a free lunch each time you visit your banker, expect to invest a minimum of a million as your opening deposit. A few of these real Swiss private banks are so discreet they don’t even have indications outside their offices, let alone websites.
You can, however, open accounts at more run-of-the-mill Swiss banks with an extremely low opening deposit or minimum figure to open accounts. Swiss banks like Migros or Swissquote Bank (which is truly more of a discount brokerage, E-Trade design) have no minimum opening deposits whatsoever and you can begin the process all by yourself – no have to pay an intermediary. The disadvantage is that, well, there is no particular advantage if you see exactly what I mean … this is not standard Swiss banking at all! There is absolutely nothing personal about these banks. Swissquote, for instance, will require you to waive bank secrecy before you can even open account!
If you have a Swiss work authorization and dream to open a regional Swiss bank account, that alters things substantially. In order to pay your salary in, your employer will probably require that you have a bank account. But Swiss working documents make all the distinction. Some of the files you will need are:
* Passport or identity card
* Current utility costs (electrical energy is best).
* Home license.
* A copy of your work contract.
* Cross border workers from France or Germany, a copy of your permis frontalier (cross border work permit).
It is not essential to make a consultation to open a current account. Opening an account can be carried out in a day and methods of payments (like cash cards) will normally get here within a week to ten days of the account being opened.
In general banks all over Switzerland are open from Monday to Friday from 08:30 to 16:30, and are closed at weekends and on public holidays.
You may, however, not need a Swiss checking account at all. Household costs and invoices are more frequently paid through the post office, with a so-called Bulletin de Versement (expense slip). Expense slips are connected to each bill that you receive by the post.
Below are some connect to major Swiss retail banks. Keep in mind these are not the same as Personal Banks. If you are a non-resident aiming to open a Swiss checking account, you have to be taking a look at Private Banks since they are the ones that accept non-resident service.
Significant Swiss Banks:.
* Banque Cage.
* Banque Migros.
* Banque Raiffeisen.
* Crédit Suisse.
* UBS SA.
Englishman Peter Macfarlane is an author and lecturer on overseas financing, investment, due diligence and wealth production matters. After fifteen years advising high net worth customers on offshore property protection structures such as companies, trusts and private interest structures, he selected a career change and now coaches people who are interested in producing, preserving and growing wealth in a safe and secure offshore environment.
Mike Baur, , specifies wealth in the broadest sense, thinking that loan is worthless if you do not have health and joy. He is now joint editor of The Q Wealth Report, a publication devoted to releasing flexibility, wealth and personal privacy information for a select audience.