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Opening and transferring Money to a Swiss Account

  • 28-09-2011 8:23pm
    #1
    Cian92
    Registered Users, Registered Users 2 Posts: 827 ✭✭✭


    Hi,

    How would a person living in Ireland go about opening a Swiss Bank account? And subsequently transferring money into it, I presume this part can be done by Internet Banking? I also plan on converting Euros into Swiss Francs.

    Thanks in advance, need to be safe.


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    In order to open an account at a reputable Swiss bank, you'll need to meet several criteria:
    • You need to be a Swiss resident or be willing to place at the very minimum €500,000 on deposit with the bank (for most banks the figure is much higher)
    • Confirm that you are not an US citizen and that you do not hold, nor have you ever held, a green card for the US
    • Provide full documentation of the source of your funds
    • Present yourself in person at the bank

    A few things you should know:
    • We do not have a state guarantee system for money on deposit with the banks
    • With the exception of UBS & CS, the so called too big to fail banks, the government has a history of letting banks go to the wall
    • The Franc is over valued right now and it is the policy of the SNB to push it down, people have already lost considerable amounts as a result of the decision to peg the Franc to the Euro a few weeks ago. As things stand it is very likely that the rate will be pushed down again in the coming months, so expect to loose a packed on this if you go with the Franc
    • Swiss banks are a wash with money and they are having difficulty placing it to get a return, so there are discussion to impose penalties on clients who place money on deposit, rather than investing it in the banks products = funds etc...
    • Swiss banks are not as tightly regulated as Irish ones, in fact UBS, one of the largest banks in Switzerland, will for the first time issue terms & conditions to it's customers next month!

    A word of caution, I've seen a few different advertisements suggesting that various companies are in a position to open Swiss accounts for clients, but in every case I've looked at, I've found them to be operating in a grey area.

    As I have said before, I can't see anything attractive about the Franc for Irish people.

    Best Regards,

    Jim2007 (Switzerland)


  • #3
    adr
    Registered Users, Registered Users 2 Posts: 67 ✭✭adr


    Jim2007 wrote: »
    • We do not have a state guarantee system for money on deposit with the banks
    Maybe that is why the country didn't default?
    Jim2007 wrote: »
    • With the exception of UBS & CS, the so called too big to fail banks, the government has a history of letting banks go to the wall
    That could be a reason why an average taxpayer didn't spent 50k euro on banks bailouts...
    Jim2007 wrote: »
    • The Franc is over valued right now and it is the policy of the SNB to push it down, people have already lost considerable amounts as a result of the decision to peg the Franc to the Euro a few weeks ago. As things stand it is very likely that the rate will be pushed down again in the coming months, so expect to loose a packed on this if you go with the Franc
    Yet Franc is still considered to be a safe haven on the money markets. So far no signs of the currency disappearing in a few years time as opposed to the Euro. Who said Euro isn't going to depreciate?
    Jim2007 wrote: »
    • Swiss banks are a wash with money and they are having difficulty placing it to get a return, so there are discussion to impose penalties on clients who place money on deposit, rather than investing it in the banks products = funds etc...
    In the current climate it is not only the problem of Swiss banks. All banks are having difficulties getting a return, maybe except the banks operating / investing in Asia. Besides if you ask me I think it's better to have too much money rather than ask the government for a few bn euro of extra capital.
    Jim2007 wrote: »
    • Swiss banks are not as tightly regulated as Irish ones, in fact UBS, one of the largest banks in Switzerland, will for the first time issue terms & conditions to it's customers next month!
    It's incredible how some people see regulation as a solution to all evil in this world while in vast majority of cases it's regulation that is the problem. How could it then happen that so tightly regulated Irish banks got the country into such mess? All those rich bast.ards must be mad transferring billions from all over the world to Swiss banks.
    Jim2007 wrote: »
    As I have said before, I can't see anything attractive about the Franc for Irish people.
    Well, I'm just quite the opposite


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