Opening a bank account in Switzerland
Opening a bank account in Switzerland

It will be fair to say that the banking sector in Switzerland does not require an introduction. The popularity and prestige of its financial institutions go back in centuries and have long established themselves on the global leadership board. When it comes to quality and service diversification, Swiss banks do not leave room for much else to be desired. Their financial institutions offer every imaginable banking service from highly competent commercial corporate banking to complex credit instruments, enhanced security precious metal holding vaults, private asset management facilities, and full- serviced brokerage accounts. Unlike many other financial institutions around the globe, they also maintain a very positive and welcoming approach to non-resident account holders and businesses. This however, all comes at a very high price. Swiss banks are known to have the highest fees on the market and some implement very high initial deposits for bank account opening. Maintaining a bank account in a local bank, may provide the ultimate protection, security and confidentiality due to the jurisdiction’s unique account holder protection legislations, but may become a heavy financial burden without the right revenue to support it. Furthermore, it is worth noting that Switzerland really values its impeccable reputation and thus enacts very strict and diligent compliance checks on every transaction conducted through its financial institutions. As such, having a professional legal and financial consultant is ever so poignant for Swiss bank account holders in order to ensure full compliance and immaculately drafted supporting documentation.

Due to the country’s economic stability and thriving financial sector, it is hard to point out the leading banks as each is catered to a different industry sector, clientele portfolio and service specialization. However, as size, popularity and revenue go the top 10 are as follows: UBS Group AG, Credit Suisse Group AG, Raiffeisen Schweitz, Zurich Cantonal Bank, Julius Baer Group, EFG International, Banque Cantonale Vaudoise, Basler Kantonalbank, Basler Kantonalbank and Galler Kantonalbank.

It is worth noting, however, that the above is but a small list from more than 245 outstanding financial institutions operating in the country. In fact, due to the immense variety, it can be quite overwhelming to pick the best suited bank for your particular business and personal needs. This is where our banking experts can be of invaluable assistance. Our firm has worked and built trusted relationships with a variety of Swiss banks over the years and can help prepare you for the particularities, pricing schedules and opening requirements of different institutions. Furthermore, our banking and legal team can help you build a precise compliance portfolio, substance profile as well as get you ready for any potential interviews with the bank officials.

For more information on our services and alternative cost-effective banking solutions, please contact us at any time.

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