Switzerland is country number 1 when it comes to banking, and this is the case when popular beliefs and objective truth come together. However, many people believe that you need to be at least a millionaire to open a bank account in Swiss banks as they demand high initial deposits. Is it a myth? Let’s take a look at this fact and other details of banking in Switzerland. The truth is that the country’s banking sector is open to UHNWIs and small business owners alike if you find the right bank – and it would be wrong to miss an opportunity to get bulletproof protection for your assets! You can go to a reliable portal where you will find more information for those seeking financial opportunities in Switzerland.
Banks in Switzerland
The banking community in Switzerland was established more than 500 years ago, and it has turned into a flexible customer-oriented industry today. The local banks offer an extensive range of financial services and use a unique customer model which makes the Swiss institutions a well-recognized brand. Swiss banking has a high reputation and is appreciated for its security, confidentiality, and speed.
Reliability of Swiss Banks
The Swiss laws provide reliable protection to bank customers by keeping an eye on each bank. Each institution is required to maintain the security of customers’ accounts and the overall health of the country’s banking system.
Using a safety deposit box in a Swiss bank comes with a lot of advantages. The banks outside Switzerland that provide safety deposit boxes to their clients usually freeze their contents in times of crisis – for good or until the situation gets better. Switzerland is an exception as the contents of your safety deposit box will be accessible to you at all times as part of the strict security measures and confidentiality policies that each bank is obliged to adhere to.
Amount Required to Open a Swiss Bank Account
It is no secret that maintaining a bank account in Switzerland comes at a higher cost than a similar service in other countries. The minimum amounts required to be deposited sometimes start at 500,000 Swiss francs and may amount to 2 million.
HNWIs are ready to bear the expenses in return for safety guarantees, which brought to life a popular myth that Swiss banking is only suitable for the wealthy. However, this is not true: you can find banks that agree to open accounts for non-residents who make a small deposit of 5,000 Swiss francs. Follow the above link for more related information.
Rates and Terms of Opening an Account
The bank we can recommend provides services to non-residents at affordable fees, and it is a member of the Swiss Bankers Association. One of its major advantages is a worldwide agent network which helps it successfully serve customers in different countries. The bank requires a minimum package of documents and makes it possible to open an account online.
Here are the services offered by the bank:
- Currency exchange
- Securities deposits
- Multicurrency accounts for personal and corporate services
- Safe deposit boxes
- Credit, debit, and prepaid cards
- Trading accounts for precious metals and securities
You can open an account here hassle-free within no more than 10 business days, and you will not need to leave the comfort of your home: you will be able to manage your funds remotely, and the card you need will be sent to you by courier to the address you specify.
Here are the fees payable for the bank’s services:
- A non-resident can open a multicurrency account free of charge
- Terms deposits can be made free of charge as well
- Internet banking comes for free, too
- You will not have to pay anything to get a debit card
- The quarterly account maintenance fee is CHF 90
- The quarterly precious metals account maintenance fee is CHF 80
- The cost of outgoing payments starts from CHF 3.50 (depending on the transaction value and transfer)
- Incoming transfers come at no fee
- The minimum initial deposit is CHF 5,000
- The minimum account balance is CHF 1,000
- If you decide to close the account, you will have to pay CHF 300.
- As for individual transactions and currency exchange, these are paid for on an individual basis and are subject to change.
Sounds interesting? Follow the link above to become one step closer to your Swiss account.
If we take a close look at all the above fees, it becomes clear that the bank is one of the most affordable options possible as it has reasonable deposit requirements, account opening at no charge, and is foreigner-friendly.
Documents Required to Open an Account
The account can be opened remotely by taking a few easy steps, and you will not need to send any hard copies of documents. Here are the documents you will have to submit:
- A high-quality passport scan
- A duly completed application form
- Proof of residence address (a bank statement or a utility bill)
- Your CV
You will need to sign electronically the contract with the Swiss bank to finalize it.
How Much Money Do I Need to Open an Account?
Something that is much for one person may be negligible for another one, so it is simply a matter of perspective. If we talk about a Swiss bank account, many people think that the amounts (including the fees) are exorbitant, but this is just a misconception. You will need a certain initial deposit, the amount of annual maintenance fee, and the fee payable to a professional if you decide to delegate the account opening. Some banks charge a fee for account opening, but this one does not. You can also calculate the approximate running costs if you know how you are going to use your account. This taken together will make up the amount you will need to spend in return for high-quality banking services, unique confidentiality, reliability, insurance, and focus on the customers that are associated with Swiss banking.
Looks good? Click on the link to find out more about the bank we recommend!
You May Also Read: Why Opt for An Ecommerce Accountant Over a Traditional Accountant for Your Ecommerce Venture
