Banks are an integral part of everyone’s life. Be it to store finances as savings or be it receiving loans or credentials. Banks not only help a person financially, but also increase the person’s assurity of a secure financial future not only for the person, but also for its coming generations. One such bank that is well known for its reputation and trust is “The Swiss Bank”.
The Swiss Bank is not one particular bank but refers to all the banks present in the landlocked country “Switzerland”. Switzerland is known to be one of the richest countries and most stable economies in the world. Although a part of Europe, Switzerland is not a part of the European Union. Not to mention, its inflation rate mostly remains negative! Where countries struggle during wars, the Swiss banks witness the complete opposite and observe a significant rise in the number of account registrations for financial certainty.
Source: Credit Suisse, the quint
The Swiss bank sets apart in the chart due to its trustworthy system, rules and restrictions. The first Swiss bank, “Bank Lombard Odier & Co.” founded in 1796, now holds the prestigious tag of being the oldest bank in Geneva and one of the largest in Switzerland and in Europe. Currently, there are 236 Swiss banks in Switzerland.
Rules that attract people to open accounts in Swiss bank
As per Article 47 of the Banling Law of 1934 in the Swiss constitution, no Swiss bank is permitted to share any information regarding the account holder. If found guilty, can witness serious charges including 5 years imprisonment, revoking of bank license and a hefty fine.
Types of accounts in the Swiss bank
There are usually two kinds of accounts a person can apply for in a Swiss Bank:
- Normal Account
- Can be opened by anyone
- Minimum deposit requirement: 1 million Swiss Francs
- Numbered Account
- Can be opened only after a physical visit to the bank
- Minimum deposit requirement: 1 million Swiss Francs
- Known for high level of secrecy
Set of condition and criteria to open a Swiss Bank Account
- Minimum age: 18 years
- Valid passport with a minimum validity of 6 months
- Resume or CV
- Proof of source of funds
- Minimum deposit: 1 million Swiss Francs
Advantages of opening an account in Swiss banks
- Due to Switzerland’s stable and rising economy, people trust the bank and open bank accounts in the banks.
- Additionally, numbered accounts maintain the secrecy of the account holder, whose information belongs to only a few officials of the bank.
- Information and money of the account holder remain safe, and there is no possibility of any kind of fraud or theft.
In a nutshell, the Swiss bank’s trustworthy system walled by strict rules and laws, make it just the right choice for people to keep their hardly earned money, gold and diamond in vaults.