Swiss bank accounts - demolishing the myths

James Nason, Australian Banking and Finance Law Bulletin, December 2003/January 2004

In this article, the Head of International Communications at the Swiss Bankers Association in Basel answers questions frequently asked about Swiss bank accounts.

James Nason notes that "beloved by thriller and James Bond script writers, the so called 'secret Swiss bank account' - opened of course by shifty characters clutching attaché cases stuffed with cash - is perhaps the source of more myths, misunderstandings, clichés and sheer nonsense than any other aspect of contemporary retail banking".

This article separates fact from fiction by answering the following frequently asked questions:

• Who can open a Swiss bank account?
  
  
• How can an account be opened from another country?
  
  
• Is it possible to open an account via the internet?
  
  
• What questions will the bank ask?
  
  
• What documentation will the bank want to see?
  
  
• Is it possible to open an 'anonymous' account?
  
  
• What about 'numbered' accounts?
  
  
• Is there a minimum opening deposit?
  
  
• Does the account have to be in Swiss francs?
  
  
• How much interest will the bank pay on the investment?
  
  
• Can the Swiss Bankers Association recommend any particular bank?
  
  
• How 'secret' are Swiss banks?

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