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Banking on the Swiss Beat

Separating Fact from Fable

By Karina L. Arrue

(page 1 of 6)

The allure of a Swiss bank account seems to be universal, but when most of our knowledge comes from thrillers involving James Bond or Jason Bourne, it’s hard to separate facts from fables. Here’s everything you’ve ever wanted to know:

FABLE #1:
Only millionaires can have one.

FACT #1:
Virtually anyone can have a Swiss bank account. They don’t all require a $100,000 minimum balance. According to the Swiss Banking Association, most Swiss high-street banks do not require a minimum deposit for an ordinary current or savings account. However, banks offering private banking and wealth management services do require a minimum deposit. Check with the individual bank. There are different types of accounts: retail, private, named and numbered. You can even get a Swiss postal account with no minimum balance and no fees, but it comes with few amenities, and no checkbook. For more info, go to: http://www.postfinance.ch/pf/content/en/seg/priv/prod.html.

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