How to open a swiss bank account?

How to Open a Swiss Bank Account

• Answer:

  Being able to say, “Give me a few days and I’ll transfer the money from my Swiss bank account” is one way to make a lasting impression on a friend, relative or business contact. It immediately gives you an air of power and mystique. In reality, you could be living in a modest apartment on the wrong side of the tracks, but being able to brag about your Swiss bank account creates a different impression. Almost anyone can open a Swiss bank account, and the procedure is easier than you might think. Difficulty: Moderately Challenging Instructions Choose your Swiss bank. Hundreds of banks operate in Switzerland; some public banks welcome deposits from Swiss residents and foreigners of modest means, while larger, private banks are more interested in attracting a more elite clientèle. Two of the largest commercial banks headquartered in Switzerland are UBS and Credit Suisse. Obtain the required documents to open your Swiss bank account. All Swiss banks have customer service representatives, just as U.S. banks do, and the agent can acquaint you with the bank’s terms and conditions to establish an account and provide the necessary forms. Despite the allure of secrecy associated with Swiss banks, most bankers will want to get acquainted with prospective new customers. Gather your funds for an initial deposit. Smaller public banks might not require a minimum deposit; on the other hand, most larger banks that cater to elite clients do have this requirement, and the minimum opening balance can run as high as $500,000 or more. You’ll want to open your account with a bank that is willing to accept the amount of cash you are able to deposit. Wire your opening deposit to the Swiss bank or send a certified check via surface mail. In addition, you'll probably be required to submit additional paperwork, such as a signature card, an account agreement and valid identification proving that you are who you claim to be. Because of these requirements, you cannot open a Swiss bank account over the Internet, according to a FAQ published by the Swiss Bankers Association. Watch your mail for documents from the Swiss bank confirming that your account has been funded. File your account papers in a safe place so that you'll be able to access your funds as needed. Tips & Warnings Tip: Swiss banking institutions are known for protecting their customers’ identities and maintaining the secrecy of bank accounts. However, this does not mean that Swiss bankers will condone illegal activities or protect your confidentiality in every situation. The Swiss Bankers Association cautions that secrecy “is not absolute and certainly does not shield criminals…rights to privacy can be suspended when a criminal investigation is underway.”