Experiences with Swiss Banks?

TripleAceIRL

Registered User
Hi,

I am looking to open an account with a Swiss Bank - there is obviously a long list of them. I was looking for some advice on how long does it usually take to get an account setup and if it is really hard and which bank makes life the easiest? A few months ago it took me 2 months to open an account with Barclays Wealth in the UK that I then closed immediately as they changed the interest rates at the last minute - I want to avoid too much waste of time if possible.
I was looking to possibly split the money between Swiss Francs and USD, so potentially two separate accounts.

If you have some good/bad experiences and advices I would really appreciate your help :)

Thank you.
 

Jim2007

Frequent Poster
Hi,

I am looking to open an account with a Swiss Bank - there is obviously a long list of them. I was looking for some advice on how long does it usually take to get an account setup and if it is really hard and which bank makes life the easiest? A few months ago it took me 2 months to open an account with Barclays Wealth in the UK that I then closed immediately as they changed the interest rates at the last minute - I want to avoid too much waste of time if possible.
I was looking to possibly split the money between Swiss Francs and USD, so potentially two separate accounts.

If you have some good/bad experiences and advices I would really appreciate your help :)

Thank you.
The basic requirement to open a standard account at a Swiss bank is that you hold a Swiss residents permit, are not an American citizen and do not hold a green card for the US.

Alternatively, if you are in a position to place at least €1m on deposit, then some of the smaller banks may be willing to take you on as a private client.

You should also be aware that we do not have a government guarantee system here like you have in Ireland or the EU. The banks themselves operate a system which provides for up to CHF100K per customer, but is capped at about CHF9b per bank. What this means is that should a bank go broke you are very unlikely to get any thing near the CHF100K back. And the Swiss government has a long history of letting banks go bust, unless that bank is UBS or CS!

You should also be aware of the fact that the Franc is over priced right now and the Swiss National Bank is doing it's best to push it down, it has already pegged the Franc to the Euro and you can expect that it will reduce the rate even further if the situation persists to the end of the year.

Best Regards,

Jim (Switzerland)
 

Tuttlinghorn

Registered User
how to open an account with UBS

Call them from the airport in Geneva, or better still the day before you plan to be there. bring a passport. that is it. apart from a free coffee and chocolate, there is zero interest and you pay them if the deposit is under .. not sure - 20k ? (from experience, about 3 or 4 months back). And you don't need a million or anything close.

The warm feeling of security might suddenly vanish however, when one of their traders goes on a binge ..... not sure if anything is secure really ...
 

Jim2007

Frequent Poster
Have you actually opened an account with UBS at a branch office in Geneva without presenting a residence permit and background check, while placing an amount of less than 20k on deposit with them. Can you please provide the address of the branch office?

Jim2007
 

Tuttlinghorn

Registered User
Have you actually opened an account with UBS at a branch office in Geneva without presenting a residence permit and background check, while placing an amount of less than 20k on deposit with them. Can you please provide the address of the branch office?

Jim2007
I have, as posted above, on rue rhone (#8 ?) But more than 20k - less than 100.
 
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