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This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 9 references cited in this article that you can view at the bottom of the page.
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Switzerland is famous for its banking system, which has excellent security policies. In Switzerland, it is a crime for a bank employee to reveal a customer’s private information. In the past, it was a big loophole if someone wanted to hide money or illegal valuables. Today, however, concerns about terrorism and smuggling have led Swiss authorities to refuse to serve customers they believe are involved in illegal activities. [1] X Source of Research Several Swiss banks have now refused to serve US customers due to extensive investigations by the US Department of Justice. [2] X Source of Research While Swiss banks may not be as great as portrayed in spy or action movies, they are very well run and secure. Each bank has its own account opening process, but knowing the general information and required documents can make it easier for you to start opening an account at a bank in Switzerland.
Steps
Choose a bank and service
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Find out if you are eligible to open a bank account in Switzerland. Many banks, including in Switzerland, are required to confirm the identity of the account holder and any earnings. This is to prevent funds stemming from illegal activities being kept in Swiss banks. And due to the US Department of Justice’s tax evasion investigations, some Swiss banks refuse to work with US customers for fear of legal consequences. [3] X Research Sources Where you live and what you do may influence opening a checking or savings account with a Swiss bank.
- Citizens of certain countries are prohibited from opening accounts in Swiss banks. This can have many causes, such as embargoes (for countries like Russia and Iraq, for example) and other political exceptions. [4] X Research Sources
- Regardless of your nationality and the source of your income, your application to open an account may be denied if you are considered a “political influencer” – someone who has been involved in involved in a scandal or scandal. The bank feared that if such a person became a customer, that person would be at great risk of damaging the bank’s reputation.
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Find a bank that meets your needs. There are around 400 banks in Switzerland, however, two banks, UBS (Union Bank of Switzerland) and Credit Suisse Group, hold almost half of the investments in Swiss banks. [5] X Research Sources One of the most important factors when choosing is what you look for in a bank. Comparing policies and investment opportunities at a number of major banks can help you assess the pros and cons of each and find the best fit.
- If security is important, consider looking for a bank that doesn’t have a branch in your country. Most banks are governed by the law of the place where they open a branch rather than the law of the place where they have their headquarters. [6] X Research Sources
- Note that if a bank is not rated a “Qualified Intermediary” (QI), it will be required to report the account holder and any funds received from the US to the Internal Revenue Service – if The account holder is a US citizen. [7] X Research Sources
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Select the account type. There are many different types of accounts in banks in Switzerland. Some accounts require a minimum initial deposit, a minimum balance and a few other factors. [8] X Research Resources Compare the requirements for each type of account you plan to open to find the one that best suits your financial needs.
- Some banks require customers to use Swiss francs (CHF). Some other banks allow the use of USD, EUR and some other currencies in the world. Ask the bank you plan to work with to find out what currency they accept if you are concerned about having to convert to another currency.
- One of the most secure account types is called a “numbered account”. These accounts are not “secret” or “anonymous” accounts. Senior bankers will know the identity of the account holders, but those accounts still have a certain level of security, as banks are only allowed to use the account number in all relevant transactions. . [9] X Research Sources However, these accounts have many limitations, and maintaining a numbered account can incur an annual fee of up to 2,000 Swiss francs. [10] X Research Source
- You must also note that some Swiss banks are generally unwilling to offer savings accounts to foreign nationals. Swiss banks will instead focus on providing foreign nationals with investment opportunities and wealth management products.
Open an investment account
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Go to a bank branch or representative office. Customers wishing to open an account with a Swiss bank need to visit a branch of that bank, either in person or through a representative. If you send an agent, that person must provide documentation for both himself and the person he represents. Due to strict banking regulations, account opening cannot take place online, as confirmation of the identity of potential customers and their source of income cannot take place online.
- Certain banks may allow you to complete this process by mail. A copy of the official state/government issued passport needs to be authenticated by a competent authority and sent to the bank with which you wish to open an account. [11] X Research Source
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Provide necessary documents. Like most banks in the world, banks in Switzerland must also verify the identity and source of funds of the customer who needs to open a new account in their place. Therefore, most banks require customers to meet face-to-face with a bank representative to complete the verification.
- Customers may be required to provide a valid passport for verification. [12] X Research Source
- The bank representative can request documents to verify the source of income. For example, a bank representative may ask you for a copy of the contract to show that you sold your home for the money, or securities sales receipts, or certified statements. of a bank you have dealt with in the past.
- Banks can verify a customer’s address by sending a letter to that address.
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Fill in the required documents. As with other account types, customers will have to fill out forms and applications. Due to the secrecy of Swiss banks and international pressure on tax evasion, the paperwork can be quite lengthy. A Swiss banking expert said that foreign visitors can have to process up to 100 pages of important documents if they want to open an account with a Swiss bank. [13] X Research Source
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Meet the minimum investment needs. Each bank has different minimum deposit/investment requirements that each individual must meet. Sometimes, different account types within the same bank have very different requirements. Some banks (and account types) require a minimum deposit/investment amounting to millions of dollars. [14] X Research Source
- Many private banks will not serve a customer who cannot invest at least 250,000 CHF (equivalent to 265,896.64 USD, or 230,704.37 EUR, or 5,599,724,116 VND). However, a few other banks, including UBS and Credit Suisse, will accept investments below 50,000 CHF (equivalent to 53,179.33 USD, or 46,140.87 EUR, or 1,119,944,823 VND). [15] X Research Resources Check with your preferred investment bank to learn about their minimum requirements.
Open a personal account
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Go to a bank branch or representative office. Anyone new to Switzerland who wants to open a bank account needs to meet with a bank representative. It’s best to get organized and open a bank account as soon as possible. You should visit a Swiss bank branch before closing an old account in the country you are leaving, if possible. Some expats may have difficulty finding a home without a bank account, but they may have difficulty opening an account without a home address. [16] X Research Source
- Customers living outside of Switzerland who want to open a bank account in Switzerland but cannot visit a bank branch in person can request to receive an account opening application by mail. Documents provided by the client need to be authenticated, either by a notary public, an employee of a Swiss bank, or an employee of a partner bank with which the Swiss bank may work. [17] X Research Source
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Assign an account manager to work with. Most Swiss banks will appoint an account manager to work with each client, and it is important that you remember who your account manager is for future transactions. Ask for the account manager’s contact information, including email and direct phone number at the bank. [18] X Research Sources
- Bank branches in big cities usually have at least one account manager who can speak a foreign language, including English. Otherwise, the person will also be fluent in one of Switzerland’s four main languages: German, French, Italian, and Romansh. If you need to meet someone who speaks a foreign language other than the four above, call ahead to make arrangements. [19] X Research Source
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Provide necessary documents. Like most banks and other financial institutions in the world, customers who want to open a bank account will have to provide documents to prove their identity and source of funds. [20] X Research Source
- New customers will be asked to confirm their identity and residential address. [21] X Research Sources If your ID card does not show your residential address in Switzerland, you will need to provide a copy of your tenancy agreement.
- Some banks will ask customers to confirm employment status. Banks may also require clients to present an employment contract and a personal income tax return to complete the employment confirmation process. Showing proof of employment will help banks know that the money you deposit in the bank is not stemming from illegal activities. [22] X Research Source
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Find out state requirements. There are more than 20 Swiss banks that are cantonal, meaning they only work with citizens of the canton in which the bank is located. If you open a personal account with a state bank and move to another state, you may have to transfer your account to the respective state. For customers who open accounts in national banks, this is not a problem. [23] X Research Sources
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Willing to pay the service fee. Most banks charge a monthly personal account maintenance fee, and may charge additional fees for credit cards or Cart Maestro (debit cards). [24] X Research Sources
- The monthly fee for an individual account typically ranges from 10 to 30 CHF, however, this can be reduced or waived when customers switch to an electronic statement, have a mortgage with a bank, or deposit a large amount of money in that account. [25] X Research Sources
- Credit cards and Carte Maestro cards typically have an annual fee of up to CHF 3. [26] X Research Source
Use money in a Swiss bank account
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Learn tax requirements. This is especially important for U.S. citizens opening a bank account in Switzerland, and possibly citizens in other countries as well. U.S. citizens, whichever account they choose, need to:
- file Form 1040, Appendix B, Part III, stating that you intend to open a bank account abroad.
- file Form TD F 90-22.1 by June 30 of each year to notify the IRS (Internal Revenue Service) of offshore accounts that have exceeded $10,000 at any time during the previous year.
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Recommend to issue Carte Maestro card. A Carte Maestro card is a debit card issued by your bank. It can be used to withdraw cash or make purchases at most stores, although small-town outlets may only accept cash. [27] X Research Source
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Offer to issue a credit card. Many Swiss banks may issue credit cards to interested customers. However, the customer may have to provide the bank with a security amount, usually equal to or greater than twice the monthly credit limit, in case the customer is late in payment. That amount will be returned to the customer when the customer cancels the card, provided that he or she has paid all the amounts arising from the card. [28] X Research Sources
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Use traveler’s checks. Traveler’s checks often don’t offer the best exchange rates, but they are very useful for foreign visitors, as they can be easily replaced if lost or stolen.. [29] X Research Source In addition, for those worried about security, travelers checks also allow them to do business and make transactions without revealing their bank account information. [30] X Research Source
- Investors with their own bank accounts in Switzerland may not want to use debit cards or checkbooks if security is their concern. Whenever you write a check or use a debit card, you leave a clear trail leading to your bank account. If you want to keep your account secret, issuing a debit card or checkbook will make detection easier. [31] X Research Source
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Feel free to close the account. For whatever reason you have to close your account or withdraw your investment, most Swiss banks allow you to do so with no restrictions or fees. [32] X Source of Research It gives clients peace of mind knowing that their investments are available in the event of an emergency.
Advice
- For a list of Swiss banks, visit http://www.swconsult.ch/cgi-bin/banklist2.pl
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This article was co-written by Michael R. Lewis. Michael R. Lewis is a retired Texas executive, entrepreneur and investment advisor. He has over 40 years of experience in Business & Finance, including the position of Vice President of Blue Cross Blue Shield of Texas. He holds a BBA in Industrial Management from the University of Texas at Austin.
There are 9 references cited in this article that you can view at the bottom of the page.
This article has been viewed 31,836 times.
Switzerland is famous for its banking system, which has excellent security policies. In Switzerland, it is a crime for a bank employee to reveal a customer’s private information. In the past, it was a big loophole if someone wanted to hide money or illegal valuables. Today, however, concerns about terrorism and smuggling have led Swiss authorities to refuse to serve customers they believe are involved in illegal activities. [1] X Source of Research Several Swiss banks have now refused to serve US customers due to extensive investigations by the US Department of Justice. [2] X Source of Research While Swiss banks may not be as great as portrayed in spy or action movies, they are very well run and secure. Each bank has its own account opening process, but knowing the general information and required documents can make it easier for you to start opening an account at a bank in Switzerland.
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