In Switzerland, one must be over 18 years old to open a bank account. Although if a bank suspects any illegal activity they can refuse to open an account. Banks can also refuse to open an account if the origin of funds destined for the account is questionable or the owner is "politically exposed" as that could affect the bank's reputation. Certified identification information is also required.
To open a Swiss bank it is preferred that the future owner open the bank account in person, but if it is not possible there are other options, which includes correspondence with the bank.
The following bank types are available to clients:
- Personal accounts: A simple standard account which can be used for salary deposits, payments and secure transactions.
- Investment accounts
- Savings accounts: used for saving money and acquiring interest.
Bank accounts can be opened with all major currencies including the Swiss franc, US Dollar, Euro or Sterling. Once a bank account is opened, there are no requirements for a minimum balance, although once the bank holder begins to deposit cash, there are minimum balances which are required to be met depending on the bank.