Swiss banks have gained notoriety for providing anonymity, safety, and have earned the tax haven name. However, gone are the days when Switzerland banks are prominent for providing top-secret accounts, now they’re more cautious and much more regulated when it comes to non-Swiss residents who want to open Swiss bank accounts.
Switzerland, a reputed place for excellent private banking
Opening a bank account in a Swiss bank is possible for both residents and non-residents of Switzerland. The distinction only lies in the intricacy of the background checks that a particular Swiss bank conducts before opening an account for an individual.
Now that the days when Switzerland banks served for providing highly confidential accounts are gone, if you are going to open a Swiss bank account for an individual, you should be ready for a variety of questions relating to the details of the source of origin of your funds, especially if you are a non-resident of Switzerland.
Before opening a Swiss bank account for a non-resident, the bank compliance service will review all information provided by such a non-resident for compliance with the rules of local banking legislation.
Your Damalion expert is always ready to help you in this matter, and explain to you the features of how to open a Swiss bank account in 2022.
Swiss bank account advantages
Swiss banks offer economic protection, confidentiality, and asset protection. Aside from being the most capitalized and most secure, swiss banks offer accounts in all major currencies, and they include low levels of financial obstacles. The Swiss economy is known for its stability and impartiality when it comes to conflicts and these benefits make swiss banks the most economically stable and secure place where you can save your money.
Types of Bank Accounts in Switzerland
There are various types of bank accounts in Switzerland, and they all serve specific purposes.
- Current accounts
A current account is the easiest type of bank account you can open in Swiss banks. You can receive your salary, pay your bills, save money, and invest using this account. Also, you can withdraw cash in both Swiss francs and euros.
Current accounts usually require a monthly fee, which varies depending on which accounts you choose (standard or premium accounts). Additionally, if you withdraw cash from ATMs that other banks manage, you may be required to pay other processing fees.
- Joint accounts
Like their name, joint accounts can be used by two parties, and both have complete access to any funds. Generally, joint accounts are held 50:50 between the two parties, but, if both named holders agree, they can also hold the account in different proportions.
- Savings and investment accounts
If you’re looking to put money aside or even invest them, saving and investment accounts are the ideal choice for you.
Although they sound similar, saving and investing are two different concepts. Saving accounts allow you to save your money for long periods and ultimately earn a lower return, but with no risk, while investing allows you to make much more in return, but you also risk losing a significant amount of money.
- Numbered Swiss bank accounts
Numbered accounts are high-security accounts that few Swiss banks offer so that the account holder has an additional layer of privacy.
These accounts include significant fees and for such accounts, banks are allowed to restrict international payments as well as monitor large payments for money laundering purposes.
- Multi-currency account
Banks in Switzerland offer accounts with multiple currencies under the same account number. A multi-currency account can be held with up to 20 various currencies. There is an IBAN – International Bank Account Number for each currency. These accounts are perfect for international payments.
Documents for opening a Swiss account.
Depending on the bank you choose, in order to open an account, different Swiss banks may require a different list of documents/information. Essentially, the documents required in order to open a Swiss bank account for an individual are as follows:
- passport copy of a valid passport
- short CV or resume illustrating the professional career of the applicant
- utility bill showing the residential address of the applicant
- the Tax Identification Number
- origin of funds with conclusive documents,
- detailed description of how the assets were acquired
The bank doesn’t thoroughly check the information in the document, but only confirms the fact of its authenticity.
There are some extra essential and standard requirements that you have to satisfy. Depending on the economic background of the root and history of funds and the identity of the client, including place of residence and nationality, the requirements can vary, but the bank may generally require you to provide the following information:
- documents proving the account beneficiary’s identity
- copies of the constituent documents of the company
- documents verifying that the company has an officially registered legal address
- if there are the requirements for obtaining permits/licenses for the conduct of the company activities – copies of such licenses or permits.
- power of attorney, only if a representative acts on behalf of a legal entity when opening a bank account.
If you need to open a Swiss bank account for an individual or a company, Damalion recommends that you assign the process of collecting and preparing the essential documentation to experts.
Opening a Swiss Bank Account: Important information
When opening an account, Damalion advises paying attention to the intricacy and the duration of the beneficiary’s verification procedure, which will be carried out before opening a Swiss bank account for a non-resident. This is due to the fact that for some time now some Swiss banks conduct a thorough KYC (Know Your Customer) check in order to know the legality of the fund’s origin of each potential bank client. Therefore, one should be morally and documentary ready to explain the legality of the origin of their fund. Additionally, note that there are fees associated with opening an account in Switzerland.
Open a bank account quickly and easily with Damalion
Our team of experts at Damalion has extensive experience in opening bank accounts for individuals and companies in different jurisdictions, including Switzerland, we can help you find the bank that suits your need and assist you with opening an account.
We can explain to you and help you understand the procedures for opening a Swiss bank account, we will advise you on what the most optimal course of action is in order to open a Swiss bank, and will advise you on the cost and the approximate terms of such a service.
To open your Swiss bank account, let’s go ahead together and contact your Damalion expert now.
