In the first part of this guide, you learnt about
some of the main benefits of Swiss banking. You also discovered how to
open a Swiss bank account, and how to use it for savings and investment
purposes. In this second part, we deal with making deposits and withdrawals.
Deposits & Withdrawals
How can I deposit money in my Swiss bank account?
How can I deposit money in my Swiss bank account?
Once your account has been opened, you can deposit money to your account in several ways:
- Cash deposit
- Traveller's check deposit
- Securities deposit
- Transfer from another account
- Receive a bank transfer
- Personal checks
- Bank checks
Selecting the most appropriate method of deposit depends
on the amount deposited, the degree of confidentiality desired and the
level of convenience.
Can traveller's checks be tracked?
The
issuing bank can discover where traveller's checks were cashed. In
fact, you are always required to reveal your identity when making a
purchase with traveller's checks. Since each check is identifiable by a
unique number, it is possible to trace it. However, in practice this
type of search is rarely conducted.
Can I make a deposit with a postal order?
At
the time of writing this, there are no known restrictions in
Switzerland regarding receiving deposits in the form of postal money
orders to your Swiss bank account. However, you should verify that the
postal system you are using allows you to send money to a foreign bank
account.
Can I make a deposit to my Swiss bank account via Western Union?
Western
Union's services are only for individuals wishing to transfer money
to other individuals. At the time of writing this, it is believed not
to be possible to use Western Union to deposit money to a Swiss bank
account.
How can I withdraw money from my account in Switzerland?
There are several ways you can withdraw money from your Swiss bank account:
- Credit card
- Cash withdrawal
- By traveller's checks
- Bank transfers
- Checks
Selecting the most appropriate method of deposit depends on
the amount deposited, the degree of confidentiality desired and the
level of convenience.
Which credit cards can I use with my Swiss Bank Account?
For
the fastest access to your Swiss bank account, a credit card offers
the freedom to access your funds, 24 hours a day. Wherever you are, you
can withdraw cash discreetly from ATMs.
How can I get a credit card?
You
can acquire a credit card as long as you make a security deposit.
Swiss banks do not conduct credit inquiries: the security deposit is
considered to provide the security the bank requires.
Which credit card offers the most confidentiality?
Most banks offer credit cards without the bank logo. Nevertheless, experts can identify your bank by the first four digits of your credit card number.
If
you wish to avoid any connection to the bank, you can, in some cases,
request a card be issued by an institution other than your bank.
It
is illegal for credit card companies to provide any information on
cardholders. Just like the banks themselves, credit card companies are
bound by Swiss professional secrecy.
How do I use a credit card discreetly?
Discreet cardholders will:
Use their credit card exclusively at ATMs
Avoid using their card in shops, restaurants and abroad*
Never pay for services in their country of residence*
The
credit card slip issued during transactions contains information about
your account: identification of the bank (or at least the country),
your first name and last name.
Bank transfers
Generally,
it takes two or three working days to transfer money from your Swiss
bank account to an account in another industrialised country. However,
this timeline may vary due to reasons beyond the control of your Swiss
bank.
These delays may arise from a number of reasons:
The nature of your transfer
The
way in which you transmit your request for payment to your bank
affects the time it takes to complete a transaction. If you send your
request to your bank by regular post, it should take two or three
working days to process your order. Using online banking services
though significantly reduces this delay.
SWIFT*
Currently,
90% of all banks worldwide use the SWIFT network to carry out
international bank transfers. SWIFT is a computerised system which
allows banks to exchange internationally recognised messages that
indicate credited amounts and authorise debits.
Some banks in
developing countries are not affiliated with the SWIFT network and
transmit this kind of information by telex. As a result of this, the
time taken to transfer your money can be greatly delayed.
Affiliated Banks
SWIFT
only transmits a message. In order for the operation to be completed
efficiently, the receiving bank must have an account at the head office
of the issuing bank. Generally, every major bank holds direct accounts
at the head offices of other major bank and thus an interbank transfer
can easily and quickly be made.
If the receiving bank does not
have an account with the issuing bank, the wire transfer must go through
an affiliated bank that can link the two banks. Sometimes, it is
necessary to call upon several affiliated banks in order to transfer
the money to the final receiving bank. This may take longer and each
intermediary may also charge a commission for their services.
Currency
A
wire transfer must take place through one of the countries which
issues the currency. For example, a wire transfer in US dollars paid to
an Italian bank must pass through an intermediary in the United States.
As a result of this, the operation may take longer, depending on the
currency being transferred.
*SWIFT
(Society for Worldwide Interbank Financial Telecommunication) is a
company incorporated under Belgian law, whose headquarters is located
in Brussels. Its role is to facilitate international banking operations
through a very powerful computer network. SWIFT was founded in 1973 by
239 banks in 15 different countries and now more than 7,125
institutions in 192 countries subscribe to it.
Check books
Checks
and check books are very rarely used in connection with a Swiss bank
account. Your bank can prepare bank checks on your behalf, but this is
rarely wise. The reason for this is that a check issued by your Swiss
bank informs a number of people that your Swiss account exists, which
imperils your confidentiality. Furthermore, it takes several weeks for a
check to be completely processed.
If you wish to withdraw funds
from your Swiss bank account, we would recommend using your credit cards
as this is faster, more efficient and a more discreet.
Confidentiality
All Swiss banks are obliged to ensure that any information held about you or your account is strictly confidential.
Swiss
bank secrecy is one of the strictest in the world and is part of an
ancient Swiss tradition of privacy. Under Swiss law any banker who
reveals information about you without your consent runs the risk of a
prison sentence.
Privacy
The only
exceptions to this rule are in regard to serious crimes such as arms
smuggling and drug trafficking. In the event of accusations of tax
evasion, your privacy is still guaranteed in Switzerland as failure to
report income or assets is not regarded as a criminal offence in
Switzerland. This means that neither the Swiss government, nor any
other government, can acquire information about your bank account.
Should they wish to obtain any such information, they must first
convince a Swiss judge that you have committed a serious crime
punishable under the Swiss Penal Code.
Private Matters
Bank
secrecy will not be lifted for private matters such as inheritance or
divorce as long as your banking information is held in strict
confidence as is the case with nearly all Swiss bank accounts. Your
account must be proven to exist if a judge wishes to pursue the case.
This is why a numbered Swiss bank account provides the maximum level of
confidentiality.
John Gaines
Article Source: http://EzineArticles.com/106955
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