How to Open a Bank Account Abroad
Overseas bank accounts are no longer just for the fabulously rich. Today, individuals of just about any tax bracket can enjoy the benefits of banking in countries renowned for their governmental stability and respect for privacy. Many Swiss bank accounts come with online banking, yield interest at competitive rates and can be opened entirely by mail. Read below for instructions on how to open an account.
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Things You'll Need
- Initial deposit (usually at least $3,500, but check individual banks for details)
Instructions
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Decide which overseas bank you want to affiliate with. Switzerland isn't the only place where you can keep your money safe overseas, and your options are nearly limitless. For a start, look at Barclay's Bank in the Isle of Man, Credit Suisse and the Union Bank of Switzerland (UBS).
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Request documents to open a bank account. Call your bank of choice and let them know that you need an application to open an account. They will mail the documents to you in a few weeks.
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Send an application to open an account to your bank. This application will include your information, the amount of your initial deposit, and some other basic questions. This can typically be done by mail or fax.
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Get your signature verified with a Swiss consulate or at a local affiliated bank. This is done to verify your identity and let you sign for transactions on your account, and should only need to be done once.
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Make your initial deposit. If possible, do this at a local affiliate of your bank. If not, then send a money order to the bank for the amount of your initial deposit.
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Verify that you aren't Swiss. The Swiss government taxes all interest gained on accounts at a rate of 35 percent, but by proving that you aren't a resident, you may be entitled to much of that money back. However, that might require you to give up any anonymity you wished to gain with the account.
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Tips & Warnings
If you are looking to open a hyper-private "numbered account," you will not be able to open your account by mail. An appearance in Switzerland is required for all numbered accounts, as is an initial deposit of at least $100,000. United States law requires that you disclose any overseas accounts you hold, as well as the numbers to those accounts. Swiss bankers will not divulge the contents of your account for anything less than a criminal investigation so you might be safe even after revealing your investment.
