Wondering whether you can open a Swiss Bank Account From Australia? The answer is yes. Now let’s show you how you can open Swiss bank account from Australia. Many people, especially those migrating to Switzerland from Australia, may desire to open Swiss bank account from Australia; this service is offered by banks in Switzerland.

Reasons to Open a Swiss Bank Account From Australia

Switzerland is a country reputable for its efficient banking system; among several amazing aspects of the Switzerland banking system, one of the best features of banking over there is the extra layer of protection for customers. The Switzerland banking system doesn’t expose customer details; several desire a Swiss bank account to enjoy these benefits.

Regarding banking, Switzerland has made a name for itself in the sector. Swiss banks are reputable around the globe; several individuals worldwide desire to open bank accounts in Switzerland. Apart from Swiss banks’ reputation for privacy protection, the Swiss currency is one of the most stable currencies in the world, thereby adding another value to the entire banking outlook of Switzerland.

Among other reasons prompting the need to open a Swiss bank account from Australia is the desire to move to Switzerland. Several Australians move to Switzerland yearly. Preparing to move to Switzerland could start with opening a Swiss bank account while still in Australia. Although it is easier to open a Swiss bank account in person while in Switzerland, it could be a little challenging. If you are traveling to Switzerland, starting the bank account opening process while still in Australia would give account owners a chance to focus on other things while in Switzerland. Even for people migrating from Australia to Switzerland, it is a great step to utilize the overseas customer account opening option offered by banks in Switzerland.

Among international customers aiming to open a Swiss bank account are several Australians. To open a Swiss bank account from Australia takes a similar step to opening other bank accounts elsewhere. Given the situation that the would-be account holder is not present in Switzerland, the vital account opening document may need to be delivered to such bank of interest in Switzerland. These documents are not soft copies that can be sent over electronic mail. They are real-time copies of required documents sent through the post. Depending on the bank, these documents can be sent through a representative in Switzerland.

Few Details You Must know before Starting Your Account Process

Banks in Switzerland are generally reputable; not all banks in Switzerland are equal. Doing your due diligence before choosing the bank to operate in Switzerland is important. You need to ensure that the bank you choose will offer the features you desire. Your desire to open Swiss bank account from Australia should embody critical research. Contact the bank you choose and ask more questions concerning what they offer. Going for the bigger banks may be sensible if you are not experienced in how banking in Switzerland works.

Documents Required to Open Swiss Bank Account from Australia

As stated earlier, the option to electronically mail your document is not available when you begin to process your Swiss bank account opening from Australia. We are making a list of documents you must send to the bank by post. If the bank allows account opening via a representative, then through your representative in Switzerland. Before going further in the process of opening a Swiss bank account from Australia, note that you need to be up to 18 or 20 years old to be able to hold a Swiss bank account. For some account types, the minimum age maybe 20 years.

The Primary documents you will need to open a Swiss bank account as a non-resident may include the items listed below. Sometimes, different banks may ask for more information. These documents must be tendered to open a Swiss bank account from Australia. The documents fall under three different categories.

Document Categories:

Means of Identification:  This aspect can be verified with the use of an international passport

Proof of connection with Switzerland: Indicates the justification for holding a Swiss bank account. This may require proof through the tendering of Visas, Residence permits or work permit documents.

Address Validation Document: This requires proof by tendering a recent utility bill.

For those who are migrating or are still in Australia and are yet to secure Switzerland residence. You may need to make provisions for other proofs and verification methods. This can be done by providing pieces of evidence. These pieces of evidence may include proof of source of income and subsequent verifications. A possible requirement of a deposit as proof of not being in debt is requested by most Swiss banks. This aspect may also be verified by tendering evidence in the form of a letter from your employee indicating affluence. You could also be required to sign a tax notification back in Australia notifying the authority of running a bank account in Switzerland.

Do I need to Open Swiss Bank Account From Australia?

This is a vital question to ask yourself if you intend to open a Swiss bank account from Australia. This is because the banking system is changing in Switzerland and not exactly what it used to be. Despite its global fame, the Switzerland bank is not exactly something you wish to get into without a clear understanding of what it entails. The Swiss bank for non-residents is not designed for ordinary people but for elites. Sometimes, opening a Swiss bank account for foreigners may require up to 1,000,000.00 USD or About 1,519,526.00 Australian Dollars (This is using the USD/AUD exchange rate as at the time of creating this content). This is such a huge amount for regular people.

Switzerland banks gained global fame given their earlier strict secrecy. The 1943 Switzerland banking law made exposing a bank account holder’s name a criminal act. This strict adherence to secrecy has some positive impact. In the past, it also made Switzerland banks a haven for some corrupt politicians and other money laundering moguls with voluminous financial movements. Recent anti-money laundering reforms by Switzerland have improved banking transparency. If your priority is strict privacy, you must know that Australia is an OECD nation. Switzerland, an OECD country, is obliged to exchange some banking information with other OECD members. Even with this reality, Swiss banking laws still earn account holders high secrecy and anonymity.

Account Operating Balance and Fees

To keep your bank account operational in Switzerland requires a certain amount in bank balance depending on the customer class, type of account and bank. This is an addition to the high account opening deposit. Knowing this would make you re-examine if you can afford a Switzerland bank account in the long run; also, operating fees are required periodically among banks in Switzerland. This operating fee can cover yearly maintenance and transaction processing fees. There are other fees; they may vary between banks in Switzerland.

Banks in Switzerland are very selective in their choice of customers. We believe that if you can pass the scrutiny of the account opening stage, these numerous fees may not be a problem. Regular people may be unable to afford such fees as they could sometimes be high. Sometimes, this fee reaches the tune of about three thousand Australian Dollars. This is not a small amount for average to low-income earners. As we have maintained throughout the article, the Swiss bank account is not for low-income non-residents.

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