Whenever there’s a banking fraud reported or a political scandal, there’s likely a Swiss bank connection.
Swiss banks are always portrayed as some place where all the loot is kep—a hidden place where everything is kept a secret. Well, not quite.
Here are five interesting facts about the Swiss banking
Some of them we bet you didn’t know.
The bank will never let the world know you have an account with them
The reason? They’ll be prosecuted if they do. Such are the rules.
When money is deposited into a Swiss account, the bank is not supposed to even acknowledge that your money is with them. So, unless when there is a case filed against you for drug trafficking, organized crime or insider trading, your money is safe and nobody will know it exists.
Should something happen to your money, you’re fully compensated—no questions asked.
In the unfortunate event of a natural calamity or fire, there is a full guarantee that your money will be safe and returned in full. No questions asked. Such is the security of the bank and such is the agreement with the Swiss Banker’s Association you make when you open an account.
You’re backed up by the safest currency in the world: the Swiss Franc
The Swiss Franc is one of the safest currencies available. There is virtually zero inflation with this currency and the currency is backed up by at least 40% in gold reserves at all times.
Backed up by a rock-solid economy
Moreover, Switzerland has a pretty rock solid economy which is not affected by any problems that are common to other countries. This is one place you can literally bet your money on!
Anyone can open an account—not just the wealthiest
It’s a misconception that Swiss accounts are only for the super-wealthy–False! The basic requirements for opening an account are that you have to be 18+ and that you should have a valid passport. Some banks may have additional requirements like proof of earnings, and a minimum deposit, but they are not only for the ultra-wealthy.
Which are the top Swiss bank accounts out there?
Many, but here are the top five, just in case you want to open an account.
United Bank of Switzerland
UBS is the largest Swiss bank and has a major global presence.
Credit Suisse Group
Credit Suisse Group is a world-leading financial services company. It advises clients in all aspects of finance, around the world, around the clock.
Bank Julius Baer
Bank Julius Baer is another leading private bank in Switzerland focused on mostly wealthy clientèle.
Pictet and Cie
Pictet and Cie is Switzerland’s largest bank catering to high-end clientèle and focused completely on asset management.
Cantonal banks are government-owned commercial banks, which the cantons guarantee for the assets held there.
So, considering opening a Swiss bank account for your riches yet?
Wondering how good your bank is? Read about the best and worst banks in the USA.