Advantages and Disadvantages of Swiss Bank Account
In this article we briefly discuss what are some of the advantages and disadvantages of having a bank account in Switzerland are as this a question that has been brought up quite often.
Switzerland and Swiss Bank Account have unparalleled secrecy laws which are by far the strictest in the world. This is making Switzerland increasingly attractive for people with bigger financial assets.
The fact that Switzerland has stayed politically stable and historically neutral makes it an ideal place for a private banks and financial services.
Historically Swiss Accounts have been paying higher yields than their foreign counterparts and most money markets.
The Swiss Banking System is the most secure in the world. In the implausible event of a collapse of the banking system the holder`s funds are backed in full by the Swiss Bankers Association depositors agreement.
Before it was believed that these accounts were reserved only for the wealthiest individuals as their minimums were extremely high. Thanks to internet security advances and higher competition this is no longer the case. An Account can now be opened with a minimum of CHF 5000 making a favorable competitor to local foreign banks.
As it plays a very big part by contributing to the Nation’s economy, it is known for its upmost professionalism.
Compared to commercial banks their fees might be slight higher because of the security protocols that the bank needs to maintain
Although the client has access to his/her funds through e-banking, mobile app, token and a private banker that can take direct money orders, for some clients not being able to have the convenience of a local bank branch near them might be considered a disadvantage.
Does this sound like something that you may be interested in? Let us help you make the best financial decision!