Switzerland is known for its huge banking system, including legendary secrecy policies. Swiss banks may not be as exciting as they are portrayed in spy films and action thrillers, but they are extremely well managed and privacy is impressively guaranteed. Although each bank has its own procedure for opening an account, we present some guidelines for creating a Swiss bank account, explaining what information and documents are needed.
Steps
Method 1 of 2: Choose the Bank and Services
Step 1. Learn about banking options
According to SwissBanking.org, at the end of 2011 there were 312 banks in Switzerland with 3,382 branches. This means that you have several offers to choose from.
- The two largest Swiss banks are UBS AG (Union Bank of Switzerland) and Credit Suisse Group. There is also the Raiffeisen Group, which owns over 1,200 locations across the country. All of these banks offer standard accounts.
- Regional and local banks in Switzerland focus on loans and traditional deposit accounts.
- Switzerland is divided into 26 cantons (or states) and there are 24 cantonal banks. These banks are concentrated in their specific canton, whose legislation they are subject to.
- Switzerland also has 13 private banks. These banks are some of the oldest in Switzerland and generally do not offer publicly to manage savings deposits. They mainly focus on managing the assets of private clients.
Step 2. Find out about the standard account types
Regardless of the type of account, the application is submitted in the same way (explained in detail in the second section of this article).
- Personal account: used to deposit salaries, to make payments (e.g. invoices) and for secure transactions. It is also possible to apply for a personal account for private clients, with which you can control the largest personal transactions and have access to the full range of banking services, including Wealth Management.
- Savings Account: Used when you plan to set aside money to generate interest. In general, savings accounts are not risky financial assets.
- Investment account.
Step 3. Learn what numbered accounts are
To be clear, numbered accounts are not anonymous. The bank must know who you are and must have proof of your identity. They are, however, the type of account with the highest level of privacy and are generally the ones you hear about in spy movies and thrillers. With the numbered account, once subscribed, the transactions and other business you have with the bank are registered by number or code, but not with your name.
Swissbanking.org states that numbered accounts should not be used by those who intend to make international wire transfers. When an international transaction of this type occurs, the customer's name, address and account number must be in the clear for the transaction to occur
Step 4. Know that anonymous accounts no longer exist
Under Swiss law, you must provide the bank with proof of your identity. This cannot be done over the Internet and banks prefer to open the account in person. However, if you cannot open it yourself, the procedure will take place through correspondence with the bank.
Method 2 of 2: Opening an Account
Step 1. Make sure you are eligible to open an account
Any adult at least 18 years of age can generally open a Swiss bank account. However, keep in mind that banks reserve the right to refuse customers. You can be rejected if:
- You are a "politically exposed" person, so you have been involved in a scandal or have a publicly dubious reputation. Such a customer could adversely affect the bank's reputation.
- The bank suspects that the money may come from an illegal activity. Swiss banks are prohibited by law from accepting illegally obtained money.
Step 2. You need to know what basic information you will be asked for
Swiss banks are required by law to verify the identity of any potential customer by checking an official identity document of some kind (usually a passport). In addition, you will be asked to provide your name, address, date of birth, profession and all the information to contact you.
The identification you provide to the bank must be certified by a public office in your country, by a branch of the same credit institution, by a correspondent bank or by someone, such as a company or official, who is appointed by the bank. The institution you contact will give you specific instructions on how to obtain the certification of your identity in the correct way
Step 3. Learn about Swiss banks and the IRS (US only)
If you are a US citizen, you will need to sign a document by which you will agree to notify the IRS of any monetary transfers exceeding a certain amount.
- Form 1040, Appendix B, Part III must be completed stating that a foreign bank account is being opened.
- Form TD F 90-22.1 must be submitted by June 30 of each year to notify the IRS of the location of foreign "financial accounts" with a combined value of $ 10,000 at any time in the preceding calendar year.
Step 4. Know that you cannot open an account entirely on the Internet
Since Swiss banks need to have confirmation of the identity of any potential customer, part of opening a Swiss bank account as a foreigner (someone who does not live in Switzerland) is done through correspondence (for example through the postal service).
Step 5. Familiarize yourself with the questions Swiss banks may ask you
As you begin the process of opening an account, each Swiss bank will ask you several questions. However, they will be quite similar. In addition to your ID, banks will ask you questions like this:
- Are you making a deposit in someone else's name? If the answer is yes, the bank will ask you to reveal the identity of the beneficial owner of the assets (who owns the money / assets you are depositing).
- How can you prove the origin of the funds? As stated earlier, Swiss banks cannot legally accept a client whose funds have been or appear to have been obtained illegally. The bank, if you have a chance to prove it, may ask you to produce documentation proving the origins of your money (for example, a statement from a foreign bank, a contract for the sale of a property, etc.).
- What is the nature of your professional activity?
- What is your general financial situation?
- What are your usual monetary transactions?
Step 6. Be aware that most Swiss banks require a minimum deposit
Each bank differs on the minimum amount of money that must be deposited when opening a new account. Check this information with the bank of your choice.
Step 7. Contact the bank of your choice
Each bank has its own private procedure to follow to access an account.
Advice
- If you have a liquidity of € 250,000 or more, you would do well to investigate further the Swiss “private” banking system as, for the considerable amounts, it offers a wide range of additional services.
- For a list of Swiss banks, visit
