Best Banks For Expats In Switzerland part 1 – that will be the topic of today’s article.
Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here.
The best time to consider your financial situation is when you are moving to a new country.
Nobody said relocating to another country was going to be easy. Sure, it may sound exciting and fun, but practical aspects should not be overlooked. One of them is banking services. It may seem obvious that you would use the same bank where you had your accounts before moving abroad.
However, if you happen to change countries, it is better to go with a bank that is most likely going to follow you wherever your career may take you – and the best option would be one that provides international services.
Getting an international bank account in Switzerland has its perks. For one, you don’t have to worry about currency conversions or excessive transfer fees, which could be costly – especially if money comes into your account in different currencies all the time. Another benefit is that it makes financial planning easier when paying for expenses abroad since you can do that with your local currency.
Switzerland has a lot of great banks that cater to international clients. Some banks might be more interested in keeping you as a client, while others might be more interested in helping you reach your financial goals. If you’re confused, ask yourself the following questions: Does my account require a minimum balance? Are there any fees associated with withdrawals from a non-home branch?
Well, with so many factors in play, narrowing down your choices can be difficult. Today, we are keen to explain the best banks for expats in Switzerland. That being said, we will walk you through the benefits of using the best banks in Switzerland and the requirements to open one. Does that sound interesting to you? Read further to get the details of what we’ve unleashed.
Benefits of Opening a Bank Account in Switzerland
As an expat living in Switzerland, you will want to open a bank account. Switzerland is known for its high quality of lifestyle, friendly culture, and low crime rates, thanks to the fact that they do not have any army.
However, it’s not easy to find the right bank for your needs. Without further ado, here are some benefits of opening a bank account in Switzerland as an expat.
1. Your Money Will Be Safe
There are several different reasons to keep your money in a Swiss bank, not just for its safety. Switzerland has the highest rate of direct foreign investments in Europe and 6th place worldwide. Moreover, each year $2 trillion is transacted through Swiss banks, which makes sense because, in Switzerland, banks are highly regarded and have a great reputation.
2. Bank Account Will Be Protected From Seizure
In the event of bankruptcy, your assets located abroad cannot be seized for repayment of debts owed by a Swiss company or individual.
In addition, bank secrecy is guaranteed by the Federal Act on Data Protection which states that “Swiss law forbids employees or officers of a bank from informing their superiors or anyone else about its clients’ affairs. Breach of the secrecy is punishable by a fine, imprisonment, or both.”
3. Your Privacy Will Be Maintained
Switzerland’s policy of banking secrecy ensures that you can enjoy a high level of privacy because your financial details cannot be shared with other parties. Even if you decide to open your bank account in your home country, it is still beneficial to choose a Swiss bank because they will not share any details with local banks and ask for additional documentation.
4. Your Deposits Will Be Protected
The Swiss National Bank (SNB) was established over 100 years ago and has existed through two world wars and several economic challenges. The bank is also committed to protecting the Swiss franc from excessive fluctuation. As a result, it uses the exchange rate as a last resort to influence monetary policy, which means that your money will be safe from fluctuations in the currency market.
5. You Will Have a Better Service
Switzerland has a federal banking system, so banks prioritize their customers. This means that you will receive better service because most Swiss bank employees are recruited from the top ranks of universities and must go through extensive training before they are allowed to work at a bank.
6. Multiple Banking Services
Not only will you be able to open a bank account, but also deposit and withdraw money from ATMs or pay bills on the internet if that’s more convenient for you. There is no need to visit your bank every time because Swiss banks offer multiple services at your convenience, such as having a bank statement delivered to you by e-mail instead of visiting the bank.
When you open a bank account in Switzerland, there is no need to worry about choosing just one type of account. Many Swiss banks offer several different types of accounts through which you can manage your assets and savings, all from a single bank. Besides, you can combine different accounts to match your needs. This provides increased flexibility, meaning you will get the most out of your Swiss bank account.
Many people like using Swiss banking services because their money is always safe when deposited. Swiss banks are required to follow strict regulations on how they hold client funds, so you can always be sure that your money is safe. The government also regulates how much interest you will receive on your savings, so there is no need to worry about rates being altered by the banks.
9. Comprehensive Services
Many Swiss banks offer a wide range of services, some of which can be very useful to expats. Perhaps you need to send some money abroad regularly, or you want to apply for an international credit card? Whatever your needs, having some expert knowledge on hand can help you get the most out of your banking experience.
10. Experience the Swiss Banking Culture
Switzerland is often viewed as one of the world’s big financial centers, which has helped create a unique bank culture. In order to be a Swiss banker, you must have a great deal of experience and knowledge within the industry.
This means that banking in Switzerland is different from other countries. Expats should consider opening a Swiss bank account as a unique chance to access this culture and learn more about how financial transactions are handled here.