7 Myths About Opening a Swiss Bank Account

Mention Swiss bank account and heads turn and people tend to get more attentive. First thing that comes to mind is filthy rich people. Swiss bank accounts are usually associated with drug and corruption money due to popular media and fictional movies. This lead me into a quest for truth among all the myths surrounding Swiss bank accounts. It was only a matter of understanding Swiss people and their legal and banking system. All myths evaporated as facts came forward to clear the mist. let me share what I found about Swiss bank accounts.

Only millionaires can have Swiss bank accounts

This is most popular of the myths. It is not true that Swiss Accounts are only for very rich people. In fact most of the people holding Swiss Bank accounts are not leading industrialists or movie stars. It is everyday people. businessmen, IT professionals, engineers, doctors and government employees etc. Gone are the days when Swiss bank accounts were only for rich.

Barrier to entry are considerably low. Minimum amount to open an account in Swiss Bank is just 5000 Swiss Franc. There are even Swiss accounts available where you don’t need to maintain a minimum balance.

Swiss Banks do not pay good interest rates

There is nothing more true than this one. Swiss banks offer one of the best interest rates around the globe. There are also option of opening investment accounts that give high yields by investing your money in Investment Funds, Govt. Bonds, Stock Market, Commodity Exchanges and Derivatives. Swiss accounts can be used to trade in Money Markets as well.

Swiss bankers are among the best professionals in the world. When it comes to offshore holdings, Swiss bankers manager 35% of it all.

You have to visit Switzerland to open a bank account

Well, going to Switzerland is an experience every one should have. It is a great place to visit and do business. But you are not required to visit Switzerland to open a Swiss bank account. Most Swiss banks offer an option to open an account by correspondence. (provided that you comply will all opening procedures and have required documents). You can also then operate your bank account via correspondence, using phone, fax, email and internet banking. Swiss banks will also issue credit cards and allow you to initiate bank transfers.

But as a matter of prudence and good judgment, I will advise you to meet your banker at least once every two years or more. It also gives you piece of mind to know where your money is being kept…

Swiss bank accounts are very expensive to Operate

Nothing can be farther from truth than the above statement. In fact, if you look at fine print, most of the Swiss banks do not charge a single cent as annual fee. Swiss accounts are basically free. (Wow). But they do charge a reasonable fee if you want other services like a numbered account or retained correspondence etc. Fees are very reasonable in those cases too.

You can not close a Swiss Bank Account

Again a myth. You can close your Swiss bank account without any penalty any time you please. Swiss banks are very liquid and even if you have invested heavily in financial or commodity markets. your positions can be liquidated anytime and money wired to you within one or two working days. This is perhaps the most exciting benefit of having an offshore account in Switzerland.

Only criminals and dictators use Swiss Bank Accounts

Again, it is not true! The vast majority of Swiss bank accounts are kept by honest, working middle class people who want to keep their savings in a country renowned for its stability. Recently due to pressure from public and legal cases, Swiss banks have become extremely cautious regarding politicians who wish to open an account and they have devised methods to  systematically refuse any money which is of unknown origin and especially Tax fraud and corruption money.

Numbered accounts are anonymous

Banking laws have changed a lot since movie makers have last checked the facts. Numbered accounts are bank accounts that are identified only by a number instead of title or name. This protect people’s privacy during transactions and bank transfers. Only the Bank Manager and select individuals know about the person behind the account. There are no anonymous accounts in Switzerland.

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