Is it complicated to open a Swiss Bank Account?
This is a question that has become more popular in recent times as it was in the past covert in mist and uncertainty.
In this short article we would like to show what has changed with regards to Swiss Bank Account.
Before, opening of an account in Switzerland was very difficult for several reasons. First one being the language barrier and the second one being regulations.
With more and more international employees working in the financial sector in Switzerland it is almost certain that your native language will be accommodated. This is in order for them to provide you with the best service possible.
The second issue was regulations which were (and of course to a certain extend still are) very strict for foreign nationals. However with the advancements in internet security and the fierce competition banks are now able to open a bank account for foreign nationals remotely without them ever needing to visit Switzerland.
Therefore for an individual account all one needs is a notarized copy of his/her passport and a proof of residence. These are sent to the bank for verification to, to conduct due diligence and finally the compliance process. Afterwards a simple 5 minute video conference call is held between the clients personal relationship manager. In line with regulations to prove their identity and set-up possible security questions.
After this the account is activated. The foreign national has access (over e-banking, relationship manager, mobile apps etc.) to the Swiss Banking System. And this was done without ever having visited the country.
This proves the principle described by many renowned economists that “Competition drives innovation”. It also shows that even one of the historically most conservative industries in the world, the Swiss Banking System, were forced to adjust to times, demand and most importantly competition.
Does this sound as something you may be interested in?