Are you planning on opening a Swiss bank account as an indigene or a foreigner? Want to know the requirements, cost, and minimum balance? If so, we’ve got you covered in this article.
For several decades, Swiss bank accounts have been the most sought-after bank accounts in the world, whether private or business. This is due to the great service they offer, access to send and receive money from anywhere on the globe and ease of banking.
Actually, Swiss bank accounts have been made easy to open for foreigners and indigenes. Either way, you can like it once you have your complete documents and you are qualified to own one. You just have to visit your bank of choice with the appropriate documents, fill in the application, and you are good to go. But, if you really don’t want to stress yourself by booking appointments with bank and doing all the other stuff that you feel is stressful, then there are options for you to own an online Swiss bank account.
There are different Swiss banks that allows you to open an account with them online. You don’t need to show up before you open the account. What you need is just your minimum deposit, country documents, e.t.c.
Opening A Swiss Bank Account As A Foreigner
Switzerland has over 400 banks and is known as the richest banking country in the world, with most countries and filthy rich individuals storing their wealth in Swiss banks.
So, if you are a foreigner thinking of moving to Europe for your education or settling down, Swiss bank accounts should be your go-to option.
Their banks offer the best services worldwide. Plus, it doesn’t matter where in any country in Europe you are, banking with the Swiss is easier.
It doesn’t mean people residing in non-European countries cannot open one for themselves or their organizations, just that it’s easier to open in Europe than in any other continent or country.
However, it’s the norm that for you to open a bank account with the Swiss, as a foreigner, you have to book an appointment with your choice bank, meaning, you have to fly down to Switzerland.
Note that Swiss banks charge extremely high fees for non-indigenes due to the risk and other expenses involved. Actually, whether you have to go to Switzerland to open a bank account depends on the source of money and the circumstances attached to it.
Why Should I Have A Swiss Bank Account?
Have you ever wondered why Swiss bank accounts are the most talked about in the world? Now you should know.
Owning a Swiss bank account has numerous advantages, whether you are Swiss or a foreigner.Her banks are considered the most secure for storing wealth and assets globally. It also allows you to operate with free IBAN, which allows reduced service swift transfer charges.
Some of the benefits of owning a Swiss bank account include:
- Allows bank overdraft;
- No extra-charges when making payments.
- Allows you to withdraw money from anywhere in the world; •Allows you to send, earn, and receive money quickly.
Switzerland is home to about 400 different banks, with Credit Suisse and UBS owning half of the bank branches all over Switzerland. As a customer, you have the opportunity to choose between a big bank, a private or regional bank.
Before now, Swiss banks were reputable for keeping money anonymously, securely, and without taxation. But now, Russian rich men don’t store their money anymore in Swiss banks because they don’t offer anonymous accounts any longer.
Switzerland has a new law named FACTA (Foreign Account Compliance Act). This requires the Swiss to profer information about the bank information of US citizens owning bank accounts in the country. This is because many people want to evade tax in their country of residence, but this law makes it impossible.
However, banks in Switzerland provide maximum security, low risk, trustability, and stability for funds kept with them. Another great service is that you can store money in different major currencies, such as US Dollars, Japanese Yen, Pounds, Euro, Swiss Francs, and a few others.
All of these have made Swiss banks the safest place in the world to keep and manage your money and assets.
But still, they are very careful when opening accounts for foreigners, and there are strict rules for foreign accounts. Frankly, opening a Swiss account is almost an impossibility for most people, and partially possible for some.
Requirements For Opening a Swiss Account
Whether you are a resident or a foreigner, before you can own a Swiss bank account, there are certain criteria and requirements that you are supposed to meet before you can open one.
Every Swiss bank has its own secondary requirements you have to meet, but the basic requirements are the same. One important basic requirement is that you should have a valid identity and be at least 18 years of age.
That aside, some Swiss banks will ask for the following:
- Proof of residence (for both Swiss and foreign residents)
- Residence permit type G, B, or C
- Employment proof: For neighboring countries, a G permit plus employment proof is permitted.
- Demonstration of Income Source.
The fight against money laundering has prompted them to ask each prospective customer to possess valid proof to back up their source of income.
Most banks in Switzerland might not allow you to open an account with them if you can’t provide these. Also If you are a foreigner, your documents needs to be authorised and certified.
Opening a Swiss Bank Account as a Foreigner
Like we said earlier, your presence at your bank of choice before you can open a Swiss bank account is mandatory. But if you are not able to come down to Switzerland to do so, you should consider opening a Swiss account online.
Actually, some Swiss banks allow online applications and account opening. After a few days or a month, your account will start running.
You should follow these procedures.
1) Select your preferred bank.
2) Complete the online application.
3) Verify your ID
For those residing abroad who want to own a Swiss bank account, our team advises you to use a digital banking platform called Vivid Money.
This is due to the fact that it works not only in Switzerland but also in most European countries. Just go to their site and apply. It takes only a few minutes to fill out your application with the listed documents and verify your identity.
Furthermore, you should also note that the documents you are bound to submit must be 100% certified. However, Swiss banks sometimes reject applications from some countries.
Swiss Bank Account Opening Minimum Balance
For some banks, you are required to deposit a minimum sum within one month of opening an account. This sum might be up to 10,000 francs.
Actually, in most Swiss bank accounts, you don’t need to deposit any minimum balance, according to the country’s banking site, Swiss bank.org.
Even so, some private banks will ask you to deposit a minimum balance before you can start banking with them officially.
So, if you want to open a Swiss bank account you need not worrying about the minimum balance, all you have to do is submit the necessary documents and you’re good to go.