Swiss bank account – How to open and what does it offer?

You do not have to maintain a bank account in the Czech Republic. You can also open it abroad, which has many interesting benefits for many citizens. The topic of this article will be a bank account in Switzerland. In the promised land, where they can draw a number of pleasant benefits thanks to their local system.

You may ask, why even focus on opening an account in Switzerland? How will it benefit you to own an account abroad? There are relatively simple answers to such questions.

  • You work in Switzerland, so you want to logically own a bank account in that country where you will be paid.
  • You want to diversify currency risk.
  • Would you like to gain more anonymity thanks to the current banking system of Switzerland?

Offshore bank account in Switzerland

The latter group, private accounts, ie collateral safekeeping, falls under the name anonymous bank account. However, this type of account is currently in jeopardy because Switzerland has an agreement between the European Union and Switzerland on the automatic exchange of bank account information. This agreement should come into effect in May 2018.

Private accounts are also tricky in terms of inheritance to which they do not primarily fall. Therefore, it is necessary to select privileged persons for whom you must provide accurate identification data. Any mistake may not pay off, so if you plan to deposit more assets in offshore Swiss accounts it is advisable to consult an expert. Do not hesitate to contact us, we will be happy to share our experience.

When you find the answer to the question of how to open an account abroad, or in Switzerland, you will come across a relatively simple solution. And through an online journey. In any case, you do not have to visit one of the branches of your chosen banking company.

It is interesting that you can also visit Swiss banks in the Czech Republic, which certainly include Lombard Odier Darier Hentsch & Cie (Prague 1) or UBS AG (Prague 5).

You should definitely count on the fact that the main currency in which the bank account will be kept in the Swiss Franc.

Prepare to submit a few important documents when applying.

  • The need to present a passport, ID card and sometimes even a residence permit.
  • Some banks also require a confirmation from the employer.
  • Certain banks, on the other hand, want a statement that you do not own US citizenship.

You can meet other requirements in this respect, but these are not a common standard and will only apply to less known and selected Swiss banks.

Of course, a bank account in Switzerland gives you the same options like a bank account in the Czech Republic.

  • Express money transfers within 30 minutes.
  • Modern and well-arranged Internet banking, in which you set up all services.
  • There are also plenty of free Swiss accounts free of any management fees on the market.

Savings account in Switzerland

Hand put coin in blue piggy moneybox, which stay on other coins

In connection with a bank account in Switzerland, the question arises whether to buy a savings account in Switzerland as well? Does this mean a product that will generate interesting interest and generate corresponding profits? You must have experience with this segment in order to appreciate your money and pay off this step. Before you create a savings account, think about the following.

  • Money is usually not insured with funds.
  • It is a savings account, so the interest rate will not be excessive.
  • You must take into account transaction fees and savings account maintenance.

When you think about it, the question is whether saving in CHF will pay off at all.

How to send money to Switzerland

If you open a bank account online, then use the online bank transfer. However, compare the TransferWise service before sending money from your internet banking, as it is often cheaper than a transfer from a Czech bank.

However, if you want to preserve as much anonymity in your Swiss account as possible, we recommend that you visit the bank personally and deposit cash in cash. Of course, there are limits, and you may be asked not only for an ID card but also for an explanation of the origin of the money.

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