Union Bancaire Privee Ebanking Review part 2 – Part one is here.

Services Rendered By Union Bancaire Privee Bank

Union Bancaire Privee is a modern Swiss private bank that offers a wide range of financial services. For instance, it allows clients to invest their money through portfolio management and offers private banking services for high-net-worth individuals.

Thanks to the partnership with various prestigious companies worldwide, Union Bancaire privee can access more than 15 000 financial instruments, making it a very reliable partner for investors. As such, the company offers different services. Without further ado, check it out below.

●        Asset Management

UBP offers both advisory and custody services for the asset management department of its clients. The firm has a strong presence in international investment research, as it possesses offices worldwide. In addition to providing independent advice, UBP also provides brokerage services.

●        Financing

UBP’s financing division is one of its key services. The firm provides developers of property projects and asset managers with financing solutions for their clients. Also, the firm offers loan servicing, real estate brokerage, and restructuring services.

That’s why; the services rendered by UBP in this sector span a wide range of activities: development and structured finance, retail servicing and real estate brokerage, asset management, and financing.

●        Pensions & Insurance

UBP is very active in the pension arena. Thanks to specialists who can offer advice across various business sectors such as banking, insurance, and industry. UBP can thus provide a global service. The firm is particularly well known for its expertise in the insurance sector, as it provides consulting services and offers creative solutions for private clients’ investment portfolios, investment funds, or life insurances.

●        Banking & Payment Services

UBP’s key banking activities include custody, brokerage, lending to private clients, high net worth individuals, and institutions. The firm offers efficient, flexible, and secure banking services for its clients by offering flexibility in structuring financial products. UBP has 60 correspondent banks that enable the firm to offer efficient, fast, and competitive payment services.

●        Investment Funds

UBP’s investment funds are designed for private individuals, legal entities, and professional investors who want to invest in equity-based investments with the possibility of an allocation in alternative investments. The funds provide access to a broad range of security types and can be adapted according to the client’s needs. UBP works alongside other financial services professionals (stockbrokers, asset managers, banks) to ensure optimal service.

●        Private Banking

UBP offers private banking services to high-net-worth individuals and their families. The firm’s experts possess unparalleled expertise in personal finance management, covering all aspects of wealth-building: investments, tax planning, insurance products, etc., while also offering advice on family governance.

By offering a global view of financial services, UBP meets the high standards required by its private banking clients.

●        Investment Consulting & Research

UBP has a team dedicated to investment consultancy and capital market research. The firm offers objective, independent and innovative solutions to help investors achieve their aims thanks to its expertise in the financial markets.

Union Bancaire Privee Products and Service Offering

UBP Thematic Investment

UBP Thematic Investment is an investment fund that invests in companies along the green, clean and responsible technology value chain at various stages of growth. It aims to generate long-term values by adding value to the companies it invests in by offering them strategic support, injecting capital, and actively involving its professionals

UBP Alternative Strategies

UBP Alternative Strategies are for investors seeking absolute returns or additional diversification to their equity portfolios. Not only is that, but they are also looking to generate income from their investments as well as participate in special situations.

UBP Dynamic Asset Allocation

UBP Dynamic Asset Allocation is a multi-asset investment solution that offers investors access to a range of mandates, each with different risk/return characteristics, all managed by the same team of investment professionals. Their objective is to combine a proven alternative-benchmark theory with a dynamic asset allocation framework.

UBP Impact Investing

UBP Impact investing is a new form of responsible investment that integrates standard financial objectives with other social and environmental impact-related objectives. UBP focus on the key factors determining an investment’s success, potential risks and returns, as well as its social and environmental impact.

UBP Risk Management and Quantitative Overlay

UBP risk management helps clients quantify and monitor their investment risks as well as manage those exposures. They provide overlay managers with a toolkit to design the right tailor-made solution for each client’s specific needs, based on his or her appetite for risk.

Requirements to Open Union Bancaire Privee Bank Account

While it might sound like an account that is difficult to open, this is not the case. Indeed, there are several requirements you need to meet in order to open a Union Bancaire Privee bank account. If you are interested in finding out what they are, here are the six requirements to open a UBP Bank account.

1.    Be a UBP Client

One of the requirements to open an account is with Union Bancaire Privee. Indeed, in order to open an account (including deposit accounts such as checking or savings accounts), you need to be a client of this financial institution.

2.    Be Over 16 Years Old

Accounts can be opened by individuals only if they are over 16 years old. Besides, this minimum age requirement may be lowered to 14 years old if the account will be for a minor child.

3.    Have a Fixed Abode in Switzerland

UBP bank accounts can only be opened by clients who have a fixed abode or residence in Switzerland. If you come from another country, you cannot open an account with UBP unless you have a fixed abode in Switzerland.

4.    Have a Valid Identification Document

Identity documents must have a photo, date of birth, and name. These documents must not be photocopies but original documents or true certified copies legalized by the French embassy/consulate in your country of residence.

If the documents are not in French, they must be translated into French by a sworn translator. The following personal status document can be used for this purpose:

• Birth certificate
• Extract from the register of births (attestation de dereglement de l’etat civil)
• Passport
• Permanent residence permit.

5.    Have a Current Address

 You need to provide your home address so that Union Bancaire Privee can send you bank statements and official correspondence about your account. You do not have to be a French resident to open an account.

6.    Have a Bank Reference

In order to complete the account opening process, you will also need a letter issued by your current bank that confirms that you are or have been their customer. This is necessary in case of any questions about the authenticity of your identity.

7.    Have an Income or Proof of Assets

The final requirement to open a Union Bancaire Privee account is having proof of your income, either through salary receipts or documents about other sources of income. If you are self-employed, you will need to send invoices for work done over three months.

8.    Be Ready To Make an Initial Deposit

Besides the six requirements, you need to be aware that UBP requires all clients to make an initial deposit of CHF 400’000. If no transfer is made within three months of opening the account, the account will be blocked.

Conclusion

Having discussed what Union Bancaire Privee EBanking has to offer, you need to understand the pros and cons of living in Switzerland as a foreigner. Would you love to know more information about Switzerland? Refer to our previous post.

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.

Introduction

UBP Ebanking is a Swiss e-banking service offered by one of the oldest and largest banks in Switzerland, Union Bancaire Privée (UBP). UBP itself had a long history going back to 1959. Today it has assets of more than USD 50 billion.

The bank holds numerous awards for its business practices and is considered one of the finest Swiss banking institutions. Because UBP e-banking is an internet bank, it has no physical location with 24/7 customer service found in traditional brick & mortar banks.

However, this doesn’t mean that there are any less features or services available to users. Right from the outset, clients can enjoy a free checking account with unlimited check writing and debit cards. They can make transfers online, set up automatic recurring payments, and even pay their bills directly through the e-banking website.

Additionally, UBP’s accounts offer customers unlimited reimbursements on all ATM fees incurred using either an affiliated bank or a non-UBP ATM. As far as UBP security is concerned, the bank has gone above and beyond industry standards to ensure that its customers’ information remains secure.

The website uses 256-bit encryption issued by GeoTrust, one of the leading authorities on internet trust and security. Not to talk much, we have compiled this article to meet your need. Today, you don’t have to keep surfing the web to know the services rendered by Union Bancaire Privee. Let’s take a look!

Unique Features of Union Bancaire Privee Ebanking

Union Bancaire Privee (UBP) is an international banking group based in Geneva, Switzerland. The Group provides global wealth management and asset management services, including investment advisory and fund administration.

Its subsidiary, Union Bancaire Privee S.A., which was founded in 2002, serves individual clients for account opening and custody as well as asset management and institutional clients with fund administration services.UBP launched its ebanking service in May 2009, which is currently serving client accounts that are 100% held electronically.

This means the client only has to provide his or her identification number and an email address to open an account. Clients may transfer funds into their UBP accounts via wire, check, SEPA-Lastschriftmandat (Germany), or transfer from another bank.

The following are the features that make Union Bancaire Privee ebanking stand out among competitors:

• 2 Factor Authentication for Client Login Protection
• Digital Security Guarantee
• Foreign Exchange Trading Commission Free
• International Diversification of Investment Portfolios
• Unlimited Banking with No Minimum Balance Requirement
• Lowest Foreign Exchange Spread of 0.5%
• Commission Free Forex Trading
• Quick Multi-device Access
• Investment analysis and corporate news from UBP

2 Factor Authentication for Client Login Protection

UBP’s eBanking login is protected by two-factor authentication (2FA) and relies on the user having access to a second device that has enabled 2FA. Not only is that, but the 2FA device can be something as simple as a smartphone or SMS-capable phone. This empowers clients to access their accounts even when they are traveling away from home.

Digital Security Guarantee

UBP has implemented several levels of security for its eBanking platforms, such as digital certificates and encryption algorithms that protect the transactions and data of the account holder. They also monitor accounts for suspicious activity and attempt to stop any possible cyber-attacks or pick up on their aftermath.

Foreign Exchange Trading Commission Free

UBP supports commission-free foreign exchange trading for all clients who trade forex online through its platform. Furthermore, the UBP Foreign Exchange Policy allows clients to take advantage of exchange rates offered to institutional clients.

International Diversification of Investment Portfolios

UBP offers a wide range of products and services to its clients, including Swiss franc deposits, bonds, structured products, foreign currency accounts, and derivatives. UBP’s investment committees have the ability to build customized portfolios based on client risk profiles. These portfolios are then used to diversify the funds, which UBP’s fund managers professionally manage.

No Minimum Balance Requirement

UBP clients have access to unlimited banking when using its eBanking platform. UBP does not require a minimum balance, nor do they charge any service fees for transacting via internet platforms.

Commission Free Forex Trading

UBP offers commission-free forex trading on all major currency pairs, which allows clients to trade freely while making the most profit out of each transaction. The UBP Foreign Exchange Policy does not charge any spreads for online trading via the eBanking platform.  

Quick Multi-device Access

UBP supports all major platforms and devices for accessing client accounts and performing transactions. Clients can access their accounts through a PC, tablet, or smartphone anytime and anywhere as long as they have an internet connection. The UBP app is available for download on the Apple iTunes Store, Google Play, and Windows Phone Apps.

Investment Analysis and Corporate News from UBP

UBP clients are given access to different financial news that may be useful for their investments, including current international events and market trends. They also receive investment reports, research articles, and market analyses on a regular basis.

Pros

Always Up To Date

With Union Bancaire Privee Ebanking, your browser automatically updates when a new software version becomes available. Also, the browser will notify you when a new version is available. If an update is installed, it will be made available the next time the browser opens. This notification may be turned off in your browser’s preferences if you do not wish to receive it.

New Features Provided Frequently

The bank provides several updates per year to ensure that clients have the latest features to suit their needs. Also, the updates are provided without the need for client installation. Moreover, updates are available immediately after installation with no waiting time, beneficial for the client experience.

Improved Security Features

The bank provides several new features to protect client information and improve security. Some of these include:

• All transactions must be authorized using two passwords-one that the user enters into his or her personal computer and one that the bank sends to the user’s mobile phone
• Using this feature, even if a user’s personal computer has been compromised by malware or is otherwise under an attacker’s control, transactions cannot be authorized unless the user’s cell phone has also been compromised (giving attackers access to SMS messages)
• A confirmation code challenge can be set up for the first transaction of every new account as an additional safety precaution
• The bank provides a report that details all changes to users’ accounts during the previous month so that clients can verify their transactions and detect any unauthorized charges

Multiple Ways to Login

With Union Bancaire Privee Ebanking, users have several different options for logging in. These include:

• Use of the bank’s website on a personal computer
• Use of the bank’s iOS application on an Apple mobile device
• Use of the bank’s Android application on an Android mobile device

A Wide Array of Currencies Supported

Union Bancaire Privee Ebanking supports over 50 currencies, which gives clients many options for managing their assets. With this support of different currencies, the client has more purchasing power while traveling abroad.

Also, it is beneficial because the client does not have to obtain or exchange another currency before making a purchase; he or she can simply make transactions in the merchant’s currency.

A Wide Array of Languages Supported

Union Bancaire Privee Ebanking supports over 20 languages. This feature is beneficial because it allows the client to use the same platform, regardless of where he or she travels. However, if a bank does not have branches in that country, transaction fees may still apply.

Funds Are Protected By the Bank

The bank takes responsibility for managing clients’ money. Therefore, clients do not have to worry about the government shutting down their accounts due to political reasons or another entity seizing control of their funds. Also, clients benefit from FDIC insurance up to $250,000 per client.

With Union Bancaire Privee Ebanking, a client can withdraw his or her money from any ATM in the world with no fees. Moreover, a premium Mastercard is provided for free with this service so that clients can use their money to make purchases at over 32 million locations worldwide.

Cons

The future is digital. If you don’t believe this, all you have to do is take a look at the way we communicate nowadays; we spend most of our time online. And it makes sense, with the rise of smartphones and constant access to the internet – one can only be online as much as possible!

In this day and age, money is not different, and it’s slowly transitioning into the online realm; hence, the emergence of e-banking, or internet banking. It has all the perks of traditional banking with an added layer of security. Below are the cons of using online banking.

Cybersecurity

Cybercrime is on the rise, and e-banking services are not immune to it. More and more internet banking sites (and traditional ones) get hacked every day. The best analogy to put this into perspective is imagining that your online bank account is like a house with just one door, and the keys are stored on some server.

Identity Theft

Identity theft is another common occurrence when it comes to online banking. The only difference between this and physical crime is that you cannot see the perpetrator, making it scarier in a way (but also more convenient). All you need to take over your account is your e-banking ID and password. Sometimes, they do not even need both; using your e-mail is usually enough.

Loss of Privacy

Anxiety over privacy loss is probably not new, but the digital era has magnified it (for good and bad). While you can note that you are online most of the time, anyone who knows how to monitor your behavior on social media sites can draw out information such as the places (and quantities) you shop at and when you transact; which in turn can be used to guess when you get paid.

Inability to regain lost money

This is less of a con and more of an inconvenience. If you lose your e-banking password, there is nothing else to do but create another account or reset the password. This means that you won’t have access to your money until you recover it (which can take days or weeks).

Inefficient Transactions

With a lot of e-banking services today, you would be able to transfer money from account A to B within the banking app. But if you try to do it manually through a bank teller – probably with an irritated look on his/her face – you will realize that there is no difference in the time taken for the transactions.