Swiss Bank Accounts: 6 Must Know Facts

Opening any form of accounts in Swiss Bank is considered and counted amongst the safest in the world as they maintain high level of privacy with both their domestic and foreign customers.

We often hear politicians, millionaires, criminals or government officials holding money in Swiss Banks.

This is because of the high-security feature of the Swiss Bank. They might refuse to divulge information of account holders. 

Here are 6 must know things on Swiss Bank Accounts.

1) Who can open Swiss Bank Account?

Individuals, who have attained the aged of 18 can open a Swiss Bank Account.

However, Swiss Bank has all the rights to reject the application if the bank has doubts on the origin of the funds or may reject a politically exposed person.

The bank takes utmost care so that the banks reputation is not at risk. This is interesting because many individuals may not want to reveal the sources of their income.

2) Documentation

Opening a Swiss Bank account is not very different from opening a regular bank account which involves filling out an application and providing documentation.

However, the scrutiny and authentication level will be done at the higher level where you need to submit all your originals along with the passport.

3) Account cannot be opened online

Swiss Banks follow strict procedures while opening the account, with due diligence. One cannot open the account without visiting the bank.

4) Privacy and Safety

Swiss banks are considered and counted amongst the safest in the world. Swiss Banks have always maintained clients financial privacy.

However, it does not mean that Swiss supports criminals and other illegal activity. The bank policy rights will be suspended in case of criminal proceedings or tax offences.

5) Numbered Account

There is no such thing as an "anonymous" account. Swiss bank strictly follows 'Know Your Client' guidelines.

One can open numbered account which is not, much different from a regular bank account. Under this account, all the transaction are done under the number provided to you and not under your name.

This does not mean the bank will not know the transaction made under this number.

6) Closing an Account

One is free to close the account anytime without restriction and charges.