What questions will the bank ask me?

First of all, the bank’s staff will certainly ask questions to fulfill the bank’s legal obligations with regard to due diligence. This will include asking for proof of your identity and also establishing the identity of the beneficial owner of the assets if you are depositing funds on behalf of someone else. The bank's staff might also ask about the origin of the funds and the nature of your professional business and they will also want to get an idea of your usual financial transactions. In order to offer you the best advice, the bank will also ask about your future plans, for example, whether you intend to buy a house, start a business, retire, etc. If you are asking the bank to manage an investment portfolio they will also ask how much risk you are willing to accept. In short, the more the bank knows about you, the more it can tailor its advice and service to your individual needs.

What documentation will the bank want to see?

As mentioned above, Swiss banks are obliged to verify the identity of a client. For this reason a bank would very much prefer to meet you face-to-face for an initial discussion. The bank will certainly want to see official identification papers such as a valid passport or an equivalent official identification document containing a photograph. The bank may also ask for documentation that can prove the origin of your funds, such as the contract for a house sale, a statement from a foreign bank, a receipt from the sale of securities, etc.

Can I open an "anonymous" account?

No. There is no such thing as an "anonymous" account in Switzerland. Under Swiss law, the bank must know who you are. Anonymous accounts at Swiss banks exist only in the imagination of thriller writers!

What about "numbered" accounts?

The procedure for opening a “numbered” account is exactly the same as for any other type of account. The bank must verify your identity and establish the identity of the beneficial owner. “Numbered” accounts are certainly not anonymous! With a “numbered” account your business within the bank is carried out not under your name but under a number or code. This is simply an internal security measure to restrict knowledge of the customer's identity to a small group of employees in the bank and apart from this a “numbered” account enjoys no additional privileges in terms of confidentiality.

Is there a minimum opening deposit?

Most Swiss high-street banks do not require a minimum deposit for an ordinary current or savings account. However, some of the private bankers and other banks offering private banking and wealth management services do require a minimum deposit.

Does the account have to be in Swiss francs?

No. Swiss banks offer accounts in US dollars, euros and other currencies besides the Swiss franc.

How much interest will the bank pay on my money?

The amount of interest you receive will depend on market conditions governing interest rates in general and the type of account you have at the bank. Please do not forget that any Swiss-domiciled entity paying interest or dividends is legally obliged to deduct withholding tax at 35%. Swiss taxpayers have the tax credited against their tax bill. Foreigners can claim a tax refund if their country has a double taxation agreement with Switzerland.