| There is a common misconception that people | | | | wherein they are expected to refrain from |
| who cannot store their unaccounted wealth in | | | | making any business transaction through their |
| their own country open accounts in Swiss | | | | Swiss accounts, to keep their account privacy |
| banks. Even though this may be true to an | | | | intact.DepositA security deposit is needed in |
| extent, Swiss banks are well known for their | | | | case the customer wants to obtain a credit |
| sophisticated and discreet banking | | | | card. Approximately 1.5 to 2 times the |
| services.Many of the rich and famous like | | | | monthly credit limit is demanded, depending |
| film stars, business entrepreneurs, top | | | | on the bank the customer chooses. This |
| government officials, presidents, etc, are | | | | deposit is returned when the customer decides |
| reputed to have Swiss bank accounts. Then | | | | to discontinue the credit card, and has paid |
| again, it is also said one need not be a | | | | all outstanding bills.ConfidentialityThere |
| multi-millionaire to open a Swiss bank | | | | are legends about mysterious numbered |
| account.Brief Background of the Swiss Banking | | | | accounts in Swiss banks. Some high security |
| SystemOne of the most prosperous and | | | | bank accounts are given pseudonyms or special |
| economically advanced nations, Switzerland | | | | names instead of issuing them in the name of |
| has the world's largest gross domestic | | | | the customer, to preserve the anonymity of |
| product (GDP). There are nearly 400 banks in | | | | the customer. This number or name is used |
| Switzerland, which range from the "Two Big | | | | wherever the customer is referred. Moreover, |
| Banks", to smaller banks, serving single | | | | even bank employees are expected to respect |
| communities or selective clients. Considered | | | | the customer's privacy, the failure of which |
| as the world's largest offshore financial | | | | could land them in prison for several |
| center, the Swiss banking sector is renowned | | | | months.However, Swiss banks, being very |
| for its privacy, stability and protection of | | | | particular about preventing money laundering, |
| their customer's information and assets. The | | | | crosscheck the authenticity of the |
| Federal Banking Commission (FBC) regulates | | | | information provided by the customer. If, |
| these banks.Opening a Swiss AccountOften | | | | during the scrutiny, the bank finds the |
| freely available, a Swiss bank account | | | | information of a potential or existing |
| provides total confidentiality, strict | | | | customer connected to some criminal activity, |
| privacy, and is tax-free. However, certain | | | | a Swiss judge or prosecutor issues a lifting |
| documents are required as proof to open a | | | | order. These investigations could include |
| Swiss account. For example, people who are | | | | international criminal investigation for tax |
| not residents of Switzerland need to furnish | | | | fraud, insider trading, or the infamous |
| their passports, along with a passport size | | | | terrorist financing of recent times.Closing |
| photograph. Depending on the profession, a | | | | of an AccountDespite a few negative notions |
| current bank statement would be required to | | | | about Swiss banking, closing an account is |
| determine the client's current financial | | | | said to be easier than expected. No financial |
| condition. Along with this, certain personal | | | | penalty is demanded, and neither is the money |
| information, like the date of birth, country | | | | held hostage, like it is done in other off |
| of origin, etc., is also required.A useful | | | | shore banking.To conclude, the secrecy and |
| feature of Swiss banking is that it can also | | | | discreet nature of Swiss banking makes them |
| be done via correspondence as long as the | | | | convenient and dependable. This not only |
| customers follow bank rules and regulations. | | | | helps customers to save money, but also is a |
| The bank and customer could interact through | | | | viable means of attaining economic |
| the Internet, telephone or snail | | | | superiority in the business world and society |
| mail.However, a drawback of Swiss banking is | | | | as a whole.Joe Kenny writes for the Credit |
| that non-residents are expected to pay a | | | | Card Guide, offering the latest UK credit |
| hefty amount as deposit, and, the smaller | | | | cards, visit today for introductory 0% |
| accounts are more expensive to maintain. | | | | balance transfers and start clearing credit |
| There is a clause especially for US citizens | | | | card debt today. |