Showing posts with label General Knowledge. Show all posts
Showing posts with label General Knowledge. Show all posts

Swiss Banks- myth and reality

Posted: Friday, September 4, 2009 by MuddassirShah in Labels:
1


Situation:
James Bond in The World is not enough
 The movie opens with Bond walking the street in Bilbao, Spain, next to the Guggenheim museum. He enters a building with the doorplate reading “La Banque Suisse de l’Industrie (privée) Bilbao”. As he enters the banker's office, Bond is searched by three Armani-clad thugs who looked more like professional wrestlers than bankers
Then he moves on to meet the swiss banker
Next,A lady banker, Giulietta, comes in with a suitcase of fifty-pound sterling notes and hands Bond a receipt for a total of £3,030,003.03.
That is how we all know Swiss Bank. Huge sums of money deposited by millionaires, billionaires, governments for international operations or by some vile politicians who have hoarded illegal money, the figures of which contain more zeroes than you can even imagine.
Thanks to novels, movies and other media.
But what is the truth…?
Want to know the truth about Swiss bank accounts?
Are you ready to shatter the magnanimous image you hold of the Swiss banks?….
Then Read further.
 Swiss Banks are not very different from the regularly operating banks in our vicinity.
They are not only meant for people with huge sums of money but also for a common man who can afford a  minimum account balance.
Their clients are not just multi billionaire super rich folks but common people also.
 I have dug out few Q&A’s which answer our questions in this regard.
These questions were raised to the CEO of Micheloud & Cie, a Swiss company which offers to open accounts at Swiss banks for local populations.
 So here we go.
1. Swiss bank accounts are only for millionaires
This is not true. The majority of our clients are not major manufacturers or movie stars, but everyday people (business people, computer engineers, civil servants, etc.). Swiss banks are no longer only for stars.You can open a Swiss bank account with a deposit of only 5,000 Swiss francs. We even offer accounts with no minimum balance.
2. Money invested in Switzerland yields no interest
Nothing could be more untrue. You can invest your money worldwide from your account inSwitzerland through investment funds, bonds, the stock market, the purchase of metal values, raw materials, derivatives and many other types of investments. Swiss bankers are among the best finance managers in the world, so it comes as no surprise that they manage over 35% of offshore holdings.
3. It's impossible to open an account in Switzerland by correspondence
This is not true. Most of the accounts that we offer can be opened by correspondence as long as you comply with our opening procedures and provide us with the necessary documents. What is more, your banking relations can be conducted by correspondence, using the telephone, Internet banking, bank transfer and credit cards. That said, we encourage our customers to meet with their banker at least once in order to get acquainted and see where their money is held.
4. Swiss bank accounts are very expensive to maintain
This is not true. Most of the accounts we open don't charge a cent in annual fees. Even if you would like additional services such as retained correspondence or numbered banking relations, the annual fees are very reasonable.
5. It is difficult to close a Swiss bank account
On the contrary. You can close your account in Switzerland whenever you wish and without any restriction. You will pay no financial penalty. If need be, you will just have to realize your investments. Contrary to many onshore banking practices, your money is not held hostage by Swiss banks.
6. Swiss bank accounts attract only criminals and dictators
Not true! The vast majority of Swiss bank account holders are honest people who want to keep their savings in a country renowned for its stability. Swiss banks are extremely cautious regarding politicians who wish to open an account and they systematically refuse to accept any money that is of dubious origin or poorly founded.
7. Numbered accounts are anonymous
There are no anonymous accounts in Switzerland. A numbered account is an account that is identified solely by a number, rather than a name, in order to preserve the strictest confidentiality possible during teller transactions or bank transfers. Only the bank manager and a few select people know the identity of numbered account holders