Swiss Bank Accounts- Some Misconceptions and Clarifications

You must have heard of the “Secret Numbered Accounts with Swiss Bank”. The following are some misconceptions about Swiss Bank Accounts and the Clarifications/Truths.

Swiss Bank accounts are only for millionaires
The majority of Swiss Bank’s clients are ordinary business people, computer engineers, civil servants, etc. Swiss banks are not for cine-stars, politicians and millionaires. Anybody can open a Swiss bank account with a deposit of only 5,000 Swiss francs.

Money invested in Swiss Bank yields no interest
Anybody can invest money worldwide from Swiss Bank account through:-

  • investment funds,
  • bonds,
  • the stock market,
  • the purchase of metal values,
  • raw materials,
  • derivatives and
  • many other types of investments and earn income from their deposits with Swiss Bank.

Swiss bankers are among the best finance managers in the world, and they manage over 35% of offshore holdings.

It is impossible to open an account in Swiss Bank by correspondence
Most of the accounts offered by Swiss Bank can be opened by correspondence complying with the account opening procedures and the with the necessary documents. Even the banking relations can be conducted by correspondence, using the telephone, internet banking, bank transfer and credit cards. However, Swiss Bank encourage the customers to meet with their banker at least once in person, in order to get acquainted and see where and how their funds are held.

Swiss Bank accounts are very expensive to maintain:-
For most of the accounts opened by Swiss Bank, they do not charge any annual fee. For additional services such as retained correspondence or numbered banking relations, the annual fees are very reasonable.

It is difficult to close a Swiss Bank account
The Account holder can close the account in Swiss Bank at any time without any restriction or penalty. However, the account holders will have to realize their investments.

Swiss Bank accounts attract only criminals and dictators
Swiss Bank account holders are all honest people who wish to keep their savings in a country renowned for its stability. Swiss banks are extremely cautious regarding politicians who wish to open accounts and they systematically refuse to accept any money that is of dubious origin or poorly founded.

Numbered accounts in Swiss Bank are anonymous
There are no anonymous accounts in Swiss Bank. A numbered account is an account which is identified solely by a number, rather than a name, in order to preserve the strictest confidentiality possible during teller transactions or bank transfers. Only the bank manager and a few selected people will know the identity of numbered account holders.

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