Bank account in Switzerland
Renowned for its banking industry and the extensive level of anonymity it offers to its customers, Switzerland is the ideal destination for anyone looking to open an account. There are various factors that come into play when planning to open a Swiss bank account prior to actually doing so.
It is good to know the nuisances that occur with opening an account. Each bank has its own procedures, depending on individual requirements and financial status, which further varies by location; however, there are basic ideas consistent across most organizations operating within the set boundaries of the country’s regulatory framework.
It is important to appreciate these standard requirements in place; after all, while Swiss banks have various procedures in place, there are general laws that all financial institutions have to follow when extending services within the country. From this respect, the account opening procedure generally adopts a standard pattern of requirements quite familiar throughout these institutions.
The optimal choice for initiating a Swiss bank account (streamlined process and competitive service fees):
- CIM Banque
- Julius Baer&Co. LTD
- Falcon Private Bank Ltd.
- Bank Vontobel AG
- Banque Internationale in Luxembourg
- BSI AG
- Credit Suisse
- USB
- Swiss post office
- Raiffeisen
- cantonal banks
- Post bank
- Migros bank
Important! For non-residents, some banks set a small bank contribution of 500 euros, depending on the bank.
Can an account be opened online?
In Switzerland, online banking is sufficiently advanced that documents for opening an account can be submitted online, though original documents will have to be produced at some point in the future.
Who can open a Swiss bank account?
- Swiss banks provide services for foreigners.
- It is possible to open accounts in Swiss francs or in other currencies.
- Minimum deposit required to open an account: every bank does have such a requirement, and the money one possesses should be able to attain such an amount.
What other documents will I need?
- All banks request an official document proving identity, normally a passport.
- For those cases where attending to the account opening in Switzerland in person is impossible, mail-orders are allowed, and they require a notarized copy of a passport.
It is illegal for Swiss banks to accept money that is suspected of being related to illicit activities. Proof of the source of funds, therefore, has to be done through documentary evidence upon opening the account.
Documentation accepted as satisfactory in the process includes a statement showing regular salaries or documents proving the sale of property.
The team from Regulated United Europe is ready to assist all those who want to start a business bank account in Switzerland. Drawing from an extensive network of trusted partners throughout the European financial service industry, we pride ourselves on being able to offer customized, affordable services that help our clients optimize the way they run their business.
7 Advantages of Opening an Account in Switzerland
The word “Switzerland” is almost synonymous with “Reliability” for many. As a rule, the task of opening an account in Switzerland—even independently or with professional help—appears simultaneously with the understanding of why it is necessary. If the latter is not yet available, then our article will help you.
It is amazing that, situated between large and powerful states and practically devoid of natural resources, the country managed to become one of the most prosperous in the world. This was possible thanks to effective work on the part of public administration and investment in the following sectors: mechanical engineering, the watch industry, agricultural industry, energy, education, and the labor market.
We won’t dwell on each in detail; we will only note the fact that it would seem even such trifles as chocolate or watches make a great contribution to the development of the country. And this is not accidental because 95% of all produced watches are exported outside the country, and chocolate is valued all over the world.
Also, the banking sector is a kind of hallmark of the jurisdiction. Having decided to open a deposit, get a bank card, or open another product, you can count on the following 7 advantages:
- Stability of the banking system;
- High level of service;
- Very strict observance of bank secrecy;
- Minimal financial risks;
- The possibility of opening multi-currency accounts, including in rubles;
- Individual approach to each client of the bank;
- A great variety of banking institutions with long history and high status in the international arena.
Behind this beautiful picture, there is one saddening fact—if you are a foreigner who does not have a residence permit in Europe, or you own a foreign company offshore, for example in the UAE, then not all banks will open their doors to you.
What about Swiss banks? How confidential are they?
It is not allowed for any employee of the Swiss banks to disclose the details of their customer accounts. This secret is the reason behind the success of the Swiss banking industry; therefore, you can be quite sure of total discretion.
It has to be stated, though, that in recent years numerous agreements were signed between Switzerland and countries such as the USA, Germany, and the UK in an effort to combat tax evasion. This means that while Switzerland guards privacy tightly, in some cases banks are forced to disclose information with foreign authorities.
How do I set up an anonymous account?
In fact, no such thing as a fully anonymous account exists in Switzerland; the bank is under obligation to identify you before opening an account.
However, if you are seeking the bank with the highest level of discretion, you will be interested in opening a numbered account. You will still need to show your ID document, but transactions on the account will be kept in the name of your account number, not your name.
Opening a business bank account in Switzerland might be an excellent idea for your firm if you are serious about money safety. If you would like to open a business bank account in Switzerland, our employees here at Regulated United Europe will be happy to assist you through this process. Operating here at Regulated United Europe, we have already gained eight years of experience in bank account opening in Europe for our customers. That means we can draw from an extensive network of reliable partners across the European financial services sector to provide the most fitting and affordable solutions to enhance operational performance for the businesses we serve.
Requirements to Open an Account in Switzerland
Switzerland has always been regarded as one of the most reliable and secure financial centers in the world. Due to strict privacy policy and a high level of banking services, Swiss banks attract lots of foreign clients willing to open accounts here. However, opening an account in Switzerland is under strict regulations and requires strict observance of all rules and conditions.
General Criteria for Bank Account Opening in Switzerland
| Requirement | Details |
|---|---|
| Personal Identification | A valid passport or other official document of identity is required. For some countries’ nationals, a visa or other documents proving legality of staying abroad may be needed. |
| Proof of Address | The client should provide proof of residence address, which can be in the form of a utility bill, bank statement, or any other official letter from the authorities. The documents should not be older than three months. |
| Origin of Funds | Swiss banks have strict rules for AML policies. Each client must be informed about the source of their funds. It may include statements from salaries, sales of property, inheritance, and/or other forms of income. |
| Minimum Account Balance and Fees | The minimum account balance, which most Swiss banks require, is many thousands or even millions of Swiss francs. Besides, one can be charged for the opening and management of the account. |
| Personal Presence | Some banks allow only the preliminary steps to be performed online, while the customer often has to be present in person at the bank to complete the account opening. |
| Bank Interview | Many banks, as part of the Know-Your-Customer process, provide for personal interviews with new customers to understand their needs and financial goals better. |
Complementary Information
- Tax Information: The customer looking to open an account in Switzerland should be ready to provide information on their tax status, including the tax identification number (TIN) of their country.
- Consult a Financial Advisor: Consult a professional financial advisor or lawyer if the sum of investment is large or if there are any complex sources of funds or tax issues.
Opening a bank account in Switzerland is very interesting for many foreign investors because of the great security, stability, and confidentiality of banking there. However, prospective clients need to get ready to face strict requirements and procedures predetermined not only by Swiss but also by international regulations.
Business Bank Account Opening in Switzerland
One of the best strategic decisions made by entrepreneurs willing to use the stability and high level of service typical for this country is opening a business bank account in Switzerland. The banks of Switzerland are considered highly trustworthy, discreet, and a novelty in a range of financial products. The following article will outline the most essential issues and procedures pertaining to opening a business bank account in Switzerland.
Advantages of Opening a Business Account in Switzerland
- Financial Stability: Switzerland has gained the reputation for financial stability and sound banking system. Therefore, Switzerland is an ideal market for investment and business.
- Privacy: Swiss banks are very serious regarding the principles of confidentiality and personal data protection of their customers.
- Wide Range of Financial Services: Swiss banks render a great variety of financial products and services, starting with corporate accounts and ending with investment possibilities, asset management, etc.
- Professional Experience and Competence: Banking experts of Switzerland are of high qualification and great experience; thus, they can provide a highly professional service and consultation for the clients.
How to Open a Business Account in Switzerland
| Step | Details |
|---|---|
| Step 1: Bank Selection | First, you will need to choose a highly appropriate bank for opening a business account. Learn about the reputation of various banks, their specialization, terms of service, and tariffs. |
| Step 2: Preparation of Documents | Prepare all necessary documents to open an account: your ID card, company registration certificate, business plan, extract from the shareholder register, among other documents that your chosen bank may require. |
| Step 3: Visit a Bank | Call the representative of the bank and discuss this with him, pay a visit to him. Then, present yourself to the bank for opening an account. Bring all the required documents, fill in the account opening form, and sign it if needed. |
| Step 4: Application Review | The bank will review the submitted documents and verify your application to open the account. This may take days or even weeks. |
| Step 5: Account Activation | Once your application is approved, your business account will be activated and you will have access to banking services. |
Opening a business account in Switzerland is a strategic step for entrepreneurs seeking a high level of financial stability, confidentiality, and professional service. Given the attractive conditions that Swiss banks offer, as well as the high level of service, such an account will become a reliable tool for doing business and managing your finances. When selecting a bank, it is worth considering the reputation of the bank, its specialization, and the level of service for better satisfaction of your needs and requirements.
Personal Bank Account in Switzerland
Opening a personal bank account in Switzerland is a strategic decision for those seeking the highest level of financial security, privacy, and quality service. The reputation of Swiss banks is impeccable – they are considered reliable and stable, with high levels of service that attract international clients. In this article, we look at the key aspects and procedures for opening a personal bank account in Switzerland.
Advantages of Opening a Personal Bank Account in Switzerland
- Financial Stability: Switzerland is well-recognized for its financial stability and the reliability of its banking system, which ensures that clients’ assets are kept safe.
- Confidentiality and Privacy: Swiss banks duly respect the confidentiality and protection of personal data of their customers and grant them a high level of privacy.
- Wide Choice of Financial Services: Personal bank accounts in Switzerland allow access to a wide range of financial products and services, including debit and credit cards, online banking, savings programs, investment opportunities, etc.
- Personalized Approach: Swiss banks more often than not have a personalized approach to every client, giving an opportunity for them to meet their particular financial needs and goals.
How to Open a Personal Bank Account in Switzerland
| Step | Details |
|---|---|
| Step 1: Bank Selection | First of all, the appropriate bank should be selected for opening a personal account. Learn about the reputation of various banks, their specialization, terms of service, and tariffs. |
| Step 2: Preparation of Documents | Prepare the documents needed to open this type of account, including proof of your identity that may come in the form of a passport or any other identifying document, address proof, and sometimes financial documents. |
| Step 3: Bank Visit or Online Application | Call the bank or fill up an online application on its website for opening the account. Attach all the necessary documents and give a signature on an account opening application form to complete it. |
| Step 4: Check Application | The bank will examine the authenticity of the submitted documents and scrutinize your application for opening an account, which may take several days or even weeks. |
| Step 5: Account Activation | Once your application is approved, your personal bank account will be activated and you will have access to banking services. |
Opening a personal bank account in Switzerland is a strategic step to ensure financial security and manage personal finances at a high level. At the same time, such an account, thanks to good conditions and qualitative service of Swiss banks, will become a reliable tool for money storing, execution of financial operations, and realization of your own financial goals. Choosing a bank, it will be worth paying attention to its reputation, specialization, and level of service for the purpose of maximum satisfaction of your needs and requirements.
| Bank account opening in Switzerland | 2,000 EUR |
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Additional services for Switzerland
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