Is it complicated to open a Swiss Bank Account?

Is it complicated to open a Swiss Bank Account? This is a question that has become more popular in recent times. This was also something that was in the past covert in mist and uncertainty. In this short article we would like to show what has changed. 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 most native languages are accommodated. This was done in order to provide you with the best service possible and to make sure they receive your business.

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. So that they do not need to ever 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 send to the bank for verification to, to conduct due diligence and finally the compliance process. Afterwards a simple 5 minute video conference call is scheduled between the bank and the client. This is for identity proof and set-up possible security questions.  After the account is activated and the foreign national has access (over e-banking, relationship manager, mobile apps etc.). Now he can access the Swiss Banking System 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?

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