The Myths About Swiss Banking

Mention a topic about opening an account in one of the banks in Switzerland and, surely, you will have heads turning in your direction. For one, Swiss banking is often associated with filthy rich people, drugs, and money corruption—thanks to the media and the fictional films. There is clearly some sort of misunderstanding or misconception in this area so, to shed light on the truth, let us take a closer look at the myths surrounding it.

Swiss bank accounts

  • are only for the millionaires

    • This is so untrue. Everyone can have it as long as he meets the minimum deposit requirement. A minimum payment of 5,000 Swiss francs is often enough. And whether you believe it or not, one can actually open an account online for only 199 British pounds. Certainly, you don't have to be a high-paying celebrity or a high-earning corporate exec to get one, right?

  • earn no interest

    • Whoever said this certainly hasn't tried banking offshore in Switzerland. As a matter of fact, Swiss banks offer one of the most attractive rates in the world. The investment options they provide are also varied. Bonds, stocks, funds, and derivatives are just some of the choices.

  • need one to apply personally

    • To make the transaction between Suisse banks and depositors from across the globe easy and fast is what offshore banking is all about. So, you do not have to go to the country to personally submit your application.

  • are difficult to maintain

    • Again, there is no shade of truth to this myth. You don't need lots of cash to maintain an account. As a matter of fact, if you can find a good third party provider online, you might just spare yourself from the monthly maintenance cost or service fees.