How to Open a Bank Account?

Since 1934, Swiss banks cannot reveal the names of the account holders. This kind of confidentiality protection has made them extremely secure and respected all over the world. Let’s discover more about the ways to obtain a bank account in Switzerland, its advantages and benefits.

The peculiarities of opening a bank account in Switzerland

Despite its huge popularity, it’s not very hard to open such an account. The procedure is very much alike to opening a standard bank account.

First of all, a client fills out the forms and hands in the needed documents. They prove who a person is (with an official passport) and what he does. However, unlike opening standard accounts elsewhere, the documentation is thoroughly checked. Just make sure all your documents are in order.

The minimum balance also differs. It depends on the account type. This sum may start from thousands to millions of dollars.

A bank account in Switzerland for non-residents

The only restriction for non-residents is the age. One needs to be 18 and older. Then a person needs to deliver the authenticated copies of the passport (sometimes the original, too) and documents that describe the profession, the source of funds, etc. It may include tax returns forms, professional licenses, etc.  

A client may pick the currency. The most popular options are

  1. Swiss francs;
  2. US dollars;
  3. Euro;
  4. British Pound Sterling.

One of the peculiarities a client should consider is that there are typically no minimum deposit requirements to open an account. However, depending on the initial deposit the type of account is defined and verified by the bank.

Useful tips you should know

  • The Swiss bank is very strict and thorough when checking the documents.
  • Non-residents must be 18 or older.
  • The biggest advantage is the low financial risk including funds protection.
  • Without the depositor’s permission, the bank cannot disclose any data about the account. The only exception is the suspicion in severe criminal activity.
  • The law preventing money-laundering makes the depositors deliver proof of the origin of the funds a client deposits.

The advantages of having a bank account in Switzerland

As it was mentioned earlier, the best benefit is the low financial risk. Switzerland has a strong economy and is politically stable minimizing the risks of depositing money in bank accounts. It’s one of the most stable countries in the world. The Swiss law also protects the funds from financial crisis and conflict.

We have prepared this material thanks to specialists from swissfirma.com

Also, the high level of privacy makes bank accounts in Switzerland very alluring. Without the depositor’s permission, the bank won’t disclose any information about the account. Keeping the money in Swiss francs will earn some interest but this also requires paying taxes. That’s why most foreigners prefer other types of currencies.

Conclusion

It turns out that opening a bank account in Switzerland is very simple. As long as you have the right documents and meet the requirements, you may get a very safe bank account in no time.

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