SWISS BANK ACCOUNTS

Advantages and Disadvantages

Opening a Swiss bank account

For those who didn’t know or might be having the wrong information, opening a Swiss bank account is no different from opening any other bank account. The way you open any other bank account is the same way. You provide your personal documents that show who you’re and what you basically do then you fill in forms for opening the Swiss account. The only difference between opening a standard bank account and a Swiss account is that there is a special and important concerning privacy.

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Documentation

It is stricter when you are providing your documentation that proves who you’re due to the high level of scrutiny. For instance, in the US you only need a driver license to open a bank account but with a Swiss account you will need to provide an official passport to prove your identity. Moreover, there is also a different minimum balance requirement, this depends on the Swiss account type you want to open. It usually ranges from a few thousand dollars and goes all the way up to millions of dollars.

Swiss bank accounts are heavily guarded due to the level of clients they manage and offer their services to. They have sophisticated and complex security systems that are renowned globally. The Swiss Federal Banking Commission regulates all Swiss banks. Swiss banks serve any client from anywhere in the world. The accounts on offer in Swiss banks are regular, postal, numbered, investment and standard accounts.

If a client or a customer to a Swiss bank wants to hold a valuable or possessions, he or she has the liberty. They also offer other exquisite services such as trust company establishment, confidential brokerage accounts, wealth management and investment planning.

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How it Works

A person who is a non-Swiss national should be 18 years and above to open a Swiss bank account. The person must be there in person. The odd thing about Swiss accounts is that they don’t have a minimum balance to open the account but after the person makes transactions, he or she must maintain a certain minimum balance in his or her account. This minimum balance differs from one Swiss bank to another and also on different accounts offered by the Swiss accounts. The awesome thing about Swiss banks is that the account holders have the liberty to withdraw cash in any currency.

An account holder can close his or her Swiss bank account without any fee or restrictions.

Merits of a Swiss Bank Account

Swiss accounts ensure the privacy and confidentiality of their clients’ financial information. It doesn’t amount to any illegal activity or suspicion.

Switzerland is the ideal banker for securing funds due to tit being ideologically a neutral nation and also it is politically very stable.

Compared to other money markets accounts, Swiss bank accounts offer the highest yields.

Swiss bank accounts are known for their professionalism which is a big contributor to the Swiss economy.

Demerits of a Swiss Bank Account

Compared to accounts operated in foreign funds, Swiss bank accounts offer very lower yields.

The convenience of local banking outshines how one can access his or her Swiss bank account online.