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Should You Consider Opening A Swiss Bank Account?

swiss bank account
July 9th, 2014

Of all the banks in the world, Swiss banks are probably the most famous. Having a Swiss bank account has always been a sure sign of wealth. But actually, many of the popular beliefs about Swiss bank accounts don’t turn out to be true. They’re only true in spy fiction.

As long as you’re 18 years old, you can open a Swiss bank account if you are not Swiss. You can then have an account in any currency, although the vast majority still prefer the US dollar, the British pound, the Euro, and the Swiss Franc. You usually just have to prove your identity, and then the minimum balance will depend on the particular bank you choose.

So now that you know you can open a Swiss bank account, the question is: should you open a Swiss bank account?

Here are some common situations when you actually should seriously consider it:

  1. You’ll be living in Switzerland for a significant period of time. If you’re in Switzerland, everything’s much easier when you have a bank account in the country. This is common sense. There will be times when you will need cash, and a local bank account can get you that. This is much more convenient and less expensive than having to rely on your old bank in your home country.
  2. You want absolute stability for your money. If you don’t really care anymore about growing your money because you think you already have enough, then you may want to stash your money in a bank that’s absolutely secure. And Swiss banks are the epitome of stability and security.

For one, the country is unabashedly neutral. It doesn’t really want to involve itself in various military disputes. So any threat of instability caused by war is automatically reduced. What’s more, the country has been safe from invasion for hundreds of years. Not even Hitler dared to point his tanks toward the country. That’s because of the Alps, which protects the country physically. But the country also makes sure that its citizens are all militarily trained.

The country is also extremely stable politically. There are no upheavals, no revolutions, and no political instability. You can’t say the same for countries in the Middle East, Africa, and Asia.

Swiss banks are also very stable too, as the government and the law requires high capital availability. Depositors are also protected, and in the rare case of a bank failure they can quickly get their money back.

  1. Confidentiality is important for you. Before anything else, you need to know that the secrecy of Swiss banks is not absolute. If you are involved in any crime (including tax evasion) then your bank may disclose details about your account to the government of your country.

Still, when it comes to confidentiality the Swiss are notoriously touchy. By law, a Swiss bank is not allowed to disclose financial info to others.

In the end, the decision to open a Swiss bank account depends on you. Of course you can choose to do so just because you can. And besides, wouldn’t it be nice to tell your friends you have one?


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