FAQ - Opening a Swiss Bank Account
This FAQ is compiled by The Swiss Bankers Association. You can visit Swiss
Bankers Association website at
www.swissbanking.org
Over the past several hundred years Swiss banks have acquired an excellent
reputation for stability, competence, efficiency, and discretion and these
qualities
have attracted a loyal domestic and international clientele. Every day the Swiss
Bankers Association receives inquiries from all over the world from members of
the public asking how to open a Swiss bank account. Here we give answers to
some of the more common questions:
1. Can anybody open a Swiss bank account?
In principle, any private individual or a company or corporation can open an
account at a bank in Switzerland. However, banks reserve the right not to
enter into a banking relationship in some circumstances. For example, a
bank might refuse to offer banking services to a so-called "politically exposed
person" who the bank believes would pose too great a reputational risk if he
or she were to become a client. A bank might also refuse to start a banking
relationship if it has doubts about the origins of the potential client's funds
because Swiss banks are forbidden by law to accept money which they know
or must assume stem from crime.
2. Do I physically have to come to Switzerland to open a bank account, or
can I open it from my home country?
You do not physically have to come to Switzerland to open an account with
a Swiss bank. You can open an account by contacting the bank's
representative office in your country (if there is one) or by writing to the
bank in Switzerland which will then advise you what to do next.
3. How can I open an account from my home country?
First of all it must be understood that Swiss banks have very strict
procedures concerning the opening of accounts, no matter whether the
potential client is Swiss or foreign. The bank must comply with strict Swiss
legal requirements concerning what is known as "due diligence". Amongst
other things, the bank must verify the identity of the customer on the basis
of a conclusive document. If the Swiss bank you are interested in has a
subsidiary, branch or representative office in your country you should make
contact with this office and the staff will advise you on the correct
procedure. If the bank is not represented in your country, please write
directly to the bank in Switzerland stating what sort of account you wish to
open and what other banking services you require. Some banks will send
an official to meet and identify you and provide you with the necessary
forms to fill in. Other banks will send the necessary forms by post along
with instructions on how to certify your signature. Again, please check with
the bank.
4. Can I open an account via the Internet?
The strict requirements governing the opening of conventional accounts also
apply to online Internet accounts. In Switzerland, Internet banks refer to
the procedure for opening accounts by correspondence laid down by the
Swiss Bankers Association in its Due Diligence Agreement with member
banks. The bank verifies the identity of the customer by obtaining
confirmation of the domicile indicated through an exchange of
correspondence. In addition, for persons resident outside Switzerland the
bank requires a notary’s certification or some other official authentication of
the customer’s signature. It is therefore not yet possible to complete all
account opening formalities exclusively via the Internet. (For more
information on this subject please consult the “Frequently Asked Questions”
on the website of the Swiss banking regulator www.cfb.admin.ch )
5. What questions will the bank ask me?
The bank will ask for proof of your identity. The bank may also ask you to
sign what is known as a “Form A” declaring that you are the beneficial
owner of the assets or identifying the beneficial owner if you are depositing
funds on behalf of someone else. The bank's staff may also want to know
about the origin of the funds and the nature of your professional business
and they will also want to get an idea of your usual financial transactions.
In order to offer you the best advice, the bank will also ask about your future
plans, for example whether you intend to buy a house, start a business, send
children to school, retire, etc. If you are asking the bank to manage an
investment portfolio they will also want to know how much risk you are
willing to accept. In short, the more the bank knows about you, the more
suitable will be the advice and service they can give you.
6. What documentation will the bank want to see?
As mentioned above, Swiss banks are obliged to verify the identity of a
client. For this reason a bank would very much prefer to meet you face-toface
for an initial discussion. The bank will certainly want to see official
identification papers such as a valid passport or an equivalent official
identification document containing a photograph. The bank may also ask
for documentation that can prove the origin of your funds, such as the
contract for a house sale, a statement from a foreign bank, a receipt from
the sale of securities, etc. In the course of the banking relationship the bank
may also ask to see documentation connected with specific transactions.
7. Can I open an "anonymous" account?
No. There is no such thing as an "anonymous" account in Switzerland. By
Swiss law, the bank must know who you are. Anonymous accounts at Swiss banks
exist only in the imagination of thriller writers!
8. What about "numbered" accounts?
The procedure for opening a “numbered” account is exactly the same as for
any other type of account. The bank must verify your identity and establish
the identity of the beneficial owner. With a “numbered” account your
business at the bank is carried out not under your name but under a number
or code. This is simply an internal security measure to restrict knowledge of
the customer's identity to a small group of employees and apart from this a
“numbered” account enjoys no additional privileges in terms of
confidentiality.
9. Is there a minimum opening deposit?
Most Swiss high-street banks do not require a minimum deposit for an
ordinary current or savings account. However, some of the private bankers
and other banks offering private banking services (such as portfolio
management) do require a minimum deposit. The bank itself will tell you
about this.
10. Does the account have to be in Swiss francs?
Many banks offer accounts in US dollars, euros and other currencies besides
the Swiss franc, but please check with the bank first.
11. How much interest will the bank pay on my money?
The amount of interest you receive will depend on market conditions
governing interest rates in general and the type of account you have at
the bank. Please do not forget that any Swiss-domiciled entity paying
interest or dividends is legally obliged to deduct withholding tax at
35%. This can be claimed back if your country has a double taxation
agreement with Switzerland.
12. What fees will the bank charge?
Fees will vary according to the bank, the account and the type of banking
relationship you establish. Please check with the bank.
13. Can the Swiss Bankers Association recommend any particular bank?
The Swiss Bankers Association is the professional body representing
the interests of the Swiss banking industry as a whole. We have several
hundred member banks and it is not our policy to recommend any
particular bank nor to act as intermediary for any potential client or
business transaction. A full list of our Association’s members are
listed here.
14. How “secret” are Swiss banks?
In Switzerland we have traditionally had great respect for an individual’s
privacy, and this has always included financial privacy. Surveys consistently
show that the vast majority of the Swiss people want to maintain this
privacy. However, the high level of confidentiality Swiss banks offer both
their domestic and foreign customers is not absolute and certainly does not
shield criminals. The rights to privacy can be suspended when a criminal
investigation is underway, and Switzerland extends international legal
assistance in cases where the crime in question is punishable under Swiss
law. Our aim is to protect the privacy of the honest bank customer while
exposing criminals to the full force of the law.
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