The modern world is run by money. Anything a man needs can be bought. From food to shelter, money is involved. This is why people of today need to strive hard to have the things they want. In the old days, the use of money was not required for subsistence. Today, money is the source of everything. People have developed a monetary system covering the whole world, and banks are the primary agencies that take care of this system. Even governments depend on banks.
Banks are for storage. The primary purpose of banks is securing your money. Keeping it away from robbers is a challenge for them. In turn, while they keep your money for you, they are using it to generate income. To be more productive, banks engage in businesses that will surely generate profits. This is why banks are interested in your deposits.
The annual interest on your deposit lets your capital grow. One of the countries with impeccable reputation in banking is Switzerland. Famous stars, wealthy businessmen, powerful politicians deposit their money in Swiss banks. A Swiss bank is one of the banks in the world that has the best organized money system. But how safe is it to deposit your money in a Swiss bank account?
How to Open a Swiss Account
Switzerland is well-known for its stability as well as excellent services and the banking system isn't an exception. However, you may ask a question: is it easy to create a bank account for foreigners in this wonderful country? It turned out, that local banks are more security-conscious when they work with people who don't live in Switzerland. Moreover, setting up an account can be more challenging, if you wish to do this from abroad. Starting an account is particularly difficult if you wish to do it remotely. Online services aren’t something common. To start the process, you need to approach a bank and then ask it to fill an application form.
Requirements for Opening a Swiss Bank Account
Whether you come to Switzerland several days ago or you wish to establish an account from your homeland, believe us, it won’t be a simple process. That’s why it is a great idea to take your time and do your research before starting an account. First of all, you have to meet the number of requirements, regarding your documentation. Moreover, there are some requirements, concerning your eligibility. The general recommendation is to be patient as you will go through tons of paperwork. Piles of documents are required to prove that you are a reliable customer for a bank.
Similar to almost every financial institution in the world, Swiss banks want some documentation from you to establish a bank account. This paperwork is necessary as the banks should be sure that you aren’t engaged in illegal activities. If you are planning to create a bank account in Switzerland, you need to prepare: · a passport, that should be valid; · proof of the income (for instance, a document from your previous bank); · proof of the residency you mentioned (the bank may even send a paper letter to check it). You may also need to authorize all your papers if you are a foreigner. Sometimes you are required to notarize your docs or verify them through the Apostille certification.
You may have a great set of documents, but Swiss banks won’t work with you anyway. It happens because they choose their clients on their own. Due to the Embargo Act or other political eliminations, some people may lose their eligibility. Another reason is much common. If a person was involved in the controversial public events, the banks would also refuse to provide services to them. Make sure you can be proud of a clean background before contacting a bank.
Having a Swiss Bank Account
As cited, the most recognized personalities in the world are the ones who first laid their trust on Swiss bank accounts. But even if you are not as influential and powerful as them, you will be assured of their good services. The first step is to open an account with them. The procedure of opening a Swiss bank account is similar to that of a regular bank. To have your application processed, you should supply some infromation. The process will not last longer than a week. Actually, if you are ready with all the pertinent documents and information, an account for you will be opened within a day.
If you encounter some problems on opening your account, it is not difficult to complain about that. In fact, even your expenses will be refunded. Moreover, all the information you provide and the money you deposit will be confidential. Privacy and credibility are among the advantages of a Swiss bank account.
Swiss banks do not limit their services even when it comes to ordinary people. They offer the same services and types of accounts to all their customers, whether rich or not. Important is that they offer their clients the best services, satisfy their needs and meet their expectations.
Choosing a Swiss Bank and Cards
Here is one of the most important steps during your financial journey in Switzerland. There are plenty of banks and financial solutions, but you need to pick what will work the best for you. When we are talking about banks, the popular options are Cantonal Banks as well as the Swiss National Bank. Let’s take a detailed look at these banks as it will help you to make a smart decision. If you don't like to stay in the same place for a long time, it is better to pick the Swiss National Bank as it works nationwide. Unlike the above-mentioned bank, Cantonal Banks work differently: they are in cantons and works only with local residents. That’s why if you are planning to travel a lot, you will have to change your banks. Moreover, if you leave the Swiss Confederation, you have to close your account too. To sum up, you should evaluate your needs in advance to choose the bank that will meet your requirements accurately. The next aspect to think about is a card. There are a lot of various cards in Swiss banks, but not all of these banking solutions are available to foreigners. First of all, you will need a debit card, and this option is available to everyone. You can use your debit card for everyday activities such as purchasing services and products online or paying for your food in restaurants. If you’ve already arranged the bank account, receiving this card won’t be a problem for you. Obtaining a debit card is the simplest way to have a card in Switzerland. However, when it comes to credit cards, getting this card will be a much more complicated process as not all Swiss banks are ready to give credit cards to ex-pats. The requirements can vary from one bank to another, but generally, you have to wait for several months. For example, it may be required to wait at least for two months and during this period you need to deposit enough money to prove your solvency.
Cost of Opening a Swiss Account
Similar to many cool things on the earth, establishing a Swiss bank account isn’t free. However, most banks in the world do the same, so it isn’t surprising. There are some fees you have to pay when you open your bank account. Generally, they are quite affordable, but it also depends on the bank you selected. You are expected to pay a monthly fee up to CHF 30. But when you decide to choose an electronic banking system, get a mortgage with the same bank, or have numerous deposits in it, these fees can be significantly lowered.
How Privacy Works for Banking in Switzerland
The Swiss banking system is famous for its privacy, but how does it work? Does it mean that they don’t provide information about your money to anyone? Not exactly. Well, it worked like that fifty years ago, but now things are a bit different. In the past, wealthy people often used banks in Switzerland to hide their unlawful money as well as avoid taxes. Nowadays there are well-designed policies created to stop that from occurring. Although many years back, banks in Switzerland wouldn’t reveal your funds to international organizations, today they cooperate with the United States government to exchange information. However, even now, Swiss banks provide their customers with a high level of privacy. Moreover, you may find some accounts specifically used for such purposes. For example, they have so-called numbered accounts. What does it mean? They are applied to protect your identity and increase the level of anonymity. How do they work? Number accounts use numbers instead of your personal info, meaning a set of numbers is set where your name would typically be. It is not a simple task to start such accounts as they require a large sum of money to maintain. Swiss banks also have specific restrictions for number accounts that are difficult to meet. That’s why not many people can use them on a regular basis. As for traditional bank accounts, your personal data is secured by the bank. However, your name isn’t hidden and is available in your financial paper trail. Anyway, if you aren't going to do something illegal, it won’t be a problem. Overall, the Swiss banking system works perfectly. Honestly speaking, this country is probably the most protected area across the globe to save your capital. That’s why establishing a bank account in this beautiful country is always a great idea, whether you are going to do business in this country or just store your funds.
When you decide to open a Swiss bank account, you are presented with a number of choices regarding the type of account you want to open. These will include a savings account, which is the best if you do not want to risk your money or invest it. While in the Swiss bank's safekeeping, it will still accumulate interest that will add up to your wealth. You may also choose a current account, which is instrumental in salary schemes. Your salary will be transferred to your account. A custody account and a special account are offered as well. Swiss banks also offer numbered accounts as well as special accounts for legal entities.
If you are not sure what to choose, you may ask experts to know their opinions about opening a Swiss bank account. Thus, you can make the right decision on how to handle your money.
How to Avail the Services of a Swiss Bank
Although a Swiss bank account is said to be ideal for managing money, you still have to consider several things before you actually open an account. The best way to be sure and safe in opening a Swiss bank account is to find reputable and trustworthy agents or agencies that do business with the top Swiss banks. Having them at your side is a smooth journey in having a Swiss bank account. These agents will provide you the things that you have to accomplish plus refer you to trustworthy Swiss banks in the country. You may also get the best deal when it comes to interest rates. Trusted agents will be always at your side and can answer all your questions unlike the crooked ones who will hide and pretend to be busy when you need them.
Advantages of a Swiss Bank Account
The reason why millionaires and influential people have Swiss bank accounts is that Swiss banks are famous for being trustworthy and are good in growing money. They are also known for good organization of the money system Thus you can be sure that the money you deposit will be used properly and bring you profit.
However, the best advantage is their good service. There are lots of people who have opened a Swiss bank account and can prove that it is a worthwhile investment. Try it for yourself and watch your money grow without risking investing it into projects.