Tuesday, March 3, 2009

7 myths about Swiss bank accounts

I thought of opening my salary account there, but not sure of having salary in coming months :P

1. Swiss bank accounts are only for millionaires

This is not true. The majority of our clients are not major manufacturers or movie stars, but everyday people (business people, computer engineers, civil servants, etc.). Swiss banks are no longer only for stars.
You can open a Swiss bank account with a deposit of only 5,000 Swiss francs. We even offer accounts with no minimum balance.

2. Money invested in Switzerland yields no interest

Nothing could be more untrue. You can invest your money worldwide from your account in Switzerland through investment funds, bonds, the stock market, the purchase of metal values, raw materials, derivatives and many other types of investments. Swiss bankers are among the best finance managers in the world, so it comes as no surprise that they manage over 35% of offshore holdings.

3. It's impossible to open an account in Switzerland by correspondence

This is not true. Most of the accounts that we offer can be opened by correspondence as long as you comply with our opening procedures and provide us with the necessary documents. What is more, your banking relations can be conducted by correspondence, using the telephone, Internet banking, bank transfer and credit cards. That said, we encourage our customers to meet with their banker at least once in order to get acquainted and see where their money is held.

4. Swiss bank accounts are very expensive to maintain

This is not true. Most of the accounts we open don't charge a cent in annual fees. Even if you would like additional services such as retained correspondence or numbered banking relations, the annual fees are very reasonable.

5. It is difficult to close a Swiss bank account

On the contrary. You can close your account in Switzerland whenever you wish and without any restriction. You will pay no financial penalty. If need be, you will just have to realize your investments. Contrary to many onshore banking practices, your money is not held hostage by Swiss banks.

6. Swiss bank accounts attract only criminals and dictators

Not true! The vast majority of Swiss bank account holders are honest people who want to keep their savings in a country renowned for its stability. Swiss banks are extremely cautious regarding politicians who wish to open an account and they systematically refuse to accept any money that is of dubious origin or poorly founded.

7. Numbered accounts are anonymous

There are no anonymous accounts in Switzerland. A numbered account is an account that is identified solely by a number, rather than a name, in order to preserve the strictest confidentiality possible during teller transactions or bank transfers. Only the bank manager and a few select people know the identity of numbered account holders.


Aditya NADIG :)

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