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A Guide
to Swiss Banking – Part 1
by Fiorenzo Fontana
In this guide, you will learn about
the benefits of Swiss banking. You will also discover how to open a
Swiss bank account, and how to use it for investment and savings
purposes.
Introduction
Swiss bank accounts provide strict privacy, total confidentiality and
are also tax-free.
With a Swiss bank account you can also earn interest in the currency
you wish to hold your account in (USD, CHF and EUR). You can also
receive an international credit card and a numbered account if you
choose.
Typical Swiss bank account clients
Typical Swiss bank account clients come from all walks of life, from
international consultants and sales representatives to expatriates and
computer programmers. In fact, anyone seeking to gain financially
(possibly through trading in the capital markets, the sale of real
estate, inheritance, or an insurance policy), or who wants to protect
their estate in the event of divorce or inheritance, can take advantage
of the benefits of Swiss banking.
Does it cost anything to open my Swiss
bank account?
Opening a Swiss bank account is often free of charge.
Which documents do I need to open a
Swiss account?
Opening a Swiss bank account has never
been easier.
Before you arrive in Switzerland, you will be asked you to bring with
you some of the following documents:
Passport
You might also be asked to send an authenticated copy of your
passport’s photo page, showing your passport number, before you arrive.
Financial background
These documents show what you do for a living, for example a copy of a
current bank statement, contract of employment or tax return. The exact
documents required depend on the nature of your professional life.
Origin of deposits
These documents show the financial origin of your deposit. For example
if you are depositing funds from the sale of a house, you might be
asked to send proof of the sale, a copy of the real estate agent’s
listing, or similar.
Personal Information
You are usually requested to provide only basic personal information.
This information is required in compliance with Swiss
anti-money-laundering laws and to understand your banking needs. All
your information should be held in strict confidence.
Swiss bank accounts for US residents
If you live in the US you can still open a Swiss bank account. However,
there are some considerations.
You should not invest in any US securities from your Swiss bank account
if you want to keep this account private. Also, you cannot invest in
most investment funds such as mutual funds.
Security deposit
To obtain a credit card for your Swiss bank account, you will be
required to make a security deposit. Depending on the bank you choose,
this deposit can be as much as 1.5 to 2 times your monthly credit
limit. For example, if you have a maximum monthly limit of USD 5,000,
you will be asked to deposit anything from USD 7,500 to USD 10,000.
This security is held in another account at the bank and invested in a
fund. Your deposit will be returned to you when you cancel your credit
card and pay any outstanding bills.
Question 1: Can I get a credit card
without a security deposit?
No. No bank will agree to issue a card without a security deposit.
Question 2: Can the security deposit be used to pay credit card bills?
No. Bills are sent to you, and you must pay them separately. If this is
inconvenient, you can always authorise your bank to debit the amount
from your account and they will hold the bill until the next time you
visit the branch.
In the next installment, we deal with
making deposits to and withdrawals from your Swiss bank account.
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A Guide to Swiss Banking - Part 2
by Fiorenzo Fontana
In the first part of this
guide, you learnt about some of the main benefits of Swiss banking. You
also discovered how to open a Swiss bank account, and how to use it for
savings and investment purposes. In this second part, we
deal with making deposits and withdrawals.
Deposits & Withdrawals How can I deposit money in my Swiss bank
account?
Once your account has been opened, you can deposit money to your
account in several ways:
- Cash deposit
- Traveller's check deposit
- Securities deposit
- Transfer from another account
- Receive a bank transfer
- Personal checks
- Bank checks
Selecting the most appropriate method of deposit depends on the amount
deposited, the degree of confidentiality desired and the level of
convenience.
Can traveller's checks be tracked?
The issuing bank can discover where traveller's checks were cashed. In
fact, you are always required to reveal your identity when making a
purchase with traveller's checks. Since each check is identifiable by a
unique number, it is possible to trace it. However, in practice this
type of search is rarely conducted.
Can I make a deposit with a postal
order?
At the time of writing this, there are no known restrictions in
Switzerland regarding receiving deposits in the form of postal money
orders to your Swiss bank account. However, you should verify that the
postal system you are using allows you to send money to a foreign bank
account.
Can I make a deposit to my Swiss bank
account via Western Union?
Western Union's services are only for individuals wishing to transfer
money to other individuals. At the time of writing this, it is believed
not to be possible to use Western Union to deposit money to a Swiss
bank account.
How can I withdraw money from my
account in Switzerland?
There are several ways you can withdraw money from your Swiss bank
account:
- Credit card
- Cash withdrawal
- By traveller's checks
- Bank transfers
- Checks
Selecting the most appropriate method of deposit depends on the amount
deposited, the degree of confidentiality desired and the level of
convenience.
Which credit cards can I use with my
Swiss Bank Account?
For the fastest access to your Swiss bank account, a credit card offers
the freedom to access your funds, 24 hours a day. Wherever you are, you
can withdraw cash discreetly from ATMs.
How can I get a credit card?
You can acquire a credit card as long as you make a security deposit.
Swiss banks do not conduct credit inquiries: the security deposit is
considered to provide the security the bank requires.
Which credit card offers the most
confidentiality?
Most banks offer credit cards without the bank logo.
Nevertheless, experts can identify your bank by the first four digits
of your credit card number.
If you wish to avoid any connection to the bank, you can, in some
cases, request a card be issued by an institution other than your bank.
It is illegal for credit card companies to provide any information on
cardholders. Just like the banks themselves, credit card companies are
bound by Swiss professional secrecy.
How do I use a credit card discreetly?
Discreet cardholders will:
Use their credit card exclusively at ATMs
Avoid using their card in shops, restaurants and abroad*
Never pay for services in their country of residence*
The credit card slip issued during transactions contains information
about your account: identification of the bank (or at least the
country), your first name and last name.
Bank transfers
Generally, it takes two or three working days to transfer money from
your Swiss bank account to an account in another industrialised
country. However, this timeline may vary due to reasons beyond the
control of your Swiss bank.
These delays may arise from a number of reasons:
The nature of your transfer
The way in which you transmit your request for payment to your bank
affects the time it takes to complete a transaction. If you send your
request to your bank by regular post, it should take two or three
working days to process your order. Using online banking services
though significantly reduces this delay.
SWIFT*
Currently, 90% of all banks worldwide use the SWIFT network to carry
out international bank transfers. SWIFT is a computerised system which
allows banks to exchange internationally recognised messages that
indicate credited amounts and authorise debits.
Some banks in developing countries are not affiliated with the SWIFT
network and transmit this kind of information by telex. As a result of
this, the time taken to transfer your money can be greatly delayed.
Affiliated Banks
SWIFT only transmits a message. In order for the operation to be
completed efficiently, the receiving bank must have an account at the
head office of the issuing bank. Generally, every major bank holds
direct accounts at the head offices of other major bank and thus an
interbank transfer can easily and quickly be made.
If the receiving bank does not have an account with the issuing bank,
the wire transfer must go through an affiliated bank that can link the
two banks. Sometimes, it is necessary to call upon several affiliated
banks in order to transfer the money to the final receiving bank. This
may take longer and each intermediary may also charge a commission for
their services.
Currency
A wire transfer must take place through one of the countries which
issues the currency. For example, a wire transfer in US dollars paid to
an Italian bank must pass through an intermediary in the United States.
As a result of this, the operation may take longer, depending on the
currency being transferred.
*SWIFT (Society for Worldwide
Interbank Financial Telecommunication) is a company incorporated under
Belgian law, whose headquarters is located in Brussels. Its role is to
facilitate international banking operations through a very powerful
computer network. SWIFT was founded in 1973 by 239 banks in 15
different countries and now more than 7,125 institutions in 192
countries subscribe to it.
Check books
Checks and check books are very rarely used in connection with a Swiss
bank account. Your bank can prepare bank checks on your behalf, but
this is rarely wise. The reason for this is that a check issued by your
Swiss bank informs a number of people that your Swiss account exists,
which imperils your confidentiality. Furthermore, it takes several
weeks for a check to be completely processed.
If you wish to withdraw funds from your Swiss bank account, we would
recommend using your credit cards as this is faster, more efficient and
a more discreet.
Confidentiality
All Swiss banks are obliged to ensure that any information held about
you or your account is strictly confidential.
Swiss bank secrecy is one of the strictest in the world and is part of
an ancient Swiss tradition of privacy. Under Swiss law any banker who
reveals information about you without your consent runs the risk of a
prison sentence.
Privacy
The only exceptions to this rule are in regard to serious crimes such
as arms smuggling and drug trafficking. In the event of accusations of
tax evasion, your privacy is still guaranteed in Switzerland as failure
to report income or assets is not regarded as a criminal offence in
Switzerland. This means that neither the Swiss government, nor any
other government, can acquire information about your bank account.
Should they wish to obtain any such information, they must first
convince a Swiss judge that you have committed a serious crime
punishable under the Swiss Penal Code.
Private Matters
Bank secrecy will not be lifted for private matters such as inheritance
or divorce as long as your banking information is held in strict
confidence as is the case with nearly all Swiss bank accounts. Your
account must be proven to exist if a judge wishes to pursue the case.
This is why a numbered Swiss bank account provides the maximum level of
confidentiality.
Fiorenzo Fontana
online trading, currency
trading, financial service
About the Author
Fiorenzo Fontana
Fiorenzo has held several senior positions in the financial services
industry as a trader and analyst at UBS. Fiorenzo has built a career
spanning more than 25 years in investment banking and capital markets
trading. Mr. Fontana is a citizen and resident of Switzerland and a
graduate of the Chiasso Business School, Switzerland.
Fiorenzo has held several senior
positions in the financial services industry as a trader and analyst at
UBS. Fiorenzo has built a career spanning more than 25 years in
investment banking and capital markets trading. Mr. Fontana is a
citizen and resident of Switzerland and a graduate of the Chiasso
Business School, Switzerland.
Fiorenzo Fontana may be contacted at http://www.forextrading-system.com
or admin@forextrading-system.com
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