Setting Up a Swiss Account

Confidentiality in Swiss banking does not mean anonymity.

Shrouded in a mystique fostered by spy thrillers, Swiss bank accounts are associated with the ultra-rich, ultra-private or shady underground operations. In truth, it is reasonably easy to open a Swiss bank account and Switzerland's famed tradition of bank-client confidentiality is not absolute in the cases of criminal activity. The Swiss Bankers Association attests that compared with other nations' financial institutions, Swiss banks' anti-money-laundering practices make these banks one of the world's cleanest. Setting up a Swiss bank account can be as uncomplicated as contacting a local Swiss bank to begin the process.

Things You'll Need

• Certified copies of official photo-bearing documents
• Additional documents, as requested
• Minimum deposit, if applicable

Instructions

1. Contact the branch of the Swiss bank in which you are interested that is nearest to you. Or, contact the bank directly in Switzerland. Follow the due diligence procedures of the bank, which will involve verifying your identity and obtaining certified copies of official documents.

2. Provide a certified copy of an official form of identification, such as a passport or other identification card with a photo. Give this to a branch of the bank, or a financial intermediary approved by the bank, or through a notary public.

3. Expect to answer questions from the Swiss bank. Answer the routine questions that the bank is legally obligated to ask, including information about your identity or that of the person on whose behalf you are setting up the account. Tell them, upon request, about where the funds you are opening the account with come from, the nature of your business, the types of financial transactions you normally do and the general state of your financial affairs.

4. Submit other documents, as necessary. These may include contracts involving the selling of a house, receipts of securities sales or statements from other banks.

5. Ascertain whether there is a minimum deposit to open a Swiss account. Deposit at least the minimum for certain types of private banking or wealth management accounts; otherwise, for regular savings accounts without minimums, deposit the amount you wish.

Tips & Warnings

• Swiss banks reserve the right to refuse to enter into banking relationships with those they may believe pose a political risk to the bank or whose funds stem from dubious sources.

• "Anonymous" accounts do not exist in Swiss banks. If you choose to get a numbered account, you will still need to verify your identity, and the numbered account will not have greater confidentiality than other accounts except for the fact that fewer personnel will know to whom the account is linked.

References

• Swiss Banking: Opening a Bank Account
• FINRA