Opening the swiss bank account – Truth or Myth

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India against corruptionArvind Kejriwal made a statement that opening the bank account in the Swiss bank account is much easier than opening a bank account in the State Bank of India. He also provided the phone number to call upon for opening the Swiss bank account.

Telephonic opening

Team Fraudtoday, tried calling this number +44207865089 however this number was not in service. This number was probably the wrong number. However, the team Fraudtoday found interesting facts about opening the bank accounts in Switzerland.

One of the first finding of the team was the company called Micheloud & Cie. This is a Swiss company specialized in opening Swiss bank accounts for international clients. Their website provides answers to some of the most important questions about the Swiss bank accounts.

Minimum Balances

The bank expects you to deposit at least 10,000 Swiss francs (equivalent to $9,000 or EUR 6,800 or £6,300) within a month of opening the account and maintain this balance for as long as you keep the account. You do not need to make a deposit the day you open the account but it’s a good idea.

Setup Fee

There is a account setup fee of atleast $800 to avail the services of the company which helps you in setting up the bank account. I am not sure if we require to pay any such amounts to the Direct Sales Agents of any of the banks in India.

Rejection of Application

While the majority of applications for Swiss bank accounts are accepted, some get rejected. Usually applications are rejected either because the origin of the money is questionable or unclear, or its origin goes against Swiss regulations. The strict money laundering laws have made scrutiny of money origins and subsequent deposits a high priority.

Opening bank account online

There is a facility to open the swiss bank accounts online and the application form for the swiss bank account opening is provided here

However, I found that there are many Indian banks which facilitate the online account opening. The representative will come to the address provided on the online application to collect the relevant forms.

Myth about Numbered Accounts

It is not as easy as Kejriwal claims to open the Swiss bank accounts from India. numbered accounts are usually not as easy to open. They typically require that you physically go to the bank in Switzerland. They also typically require an initial deposit of at least $100,000 and cost about $300 per year or more to maintain. And remember, they’re still not anonymous since there has to be a connection at some level between who you actually are and your account.

Here are some interesting facts about opening the Swiss Bank Accounts

Whenever the objective of opening the Swiss bank account is to maintain the secrecy, the deposit holders never choose a bank that has a branch in India. Bank branches have to follow the laws in the countries in which they’re located — not where the corporate bank office is located. For example, a UBS branch in India will have no greater privacy capabilities than any Indian bank.

Prima facie the claims of Arvind Kejriwal about the opening of the Swiss bank account are quite exaggerated. There is no doubt that the black money stashed outside India should be brought back, however there is a need to avoid making sensational statements.