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Old 15.09.2015, 15:05
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Re: UBS blocked my bank account

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Look it up if you don't believe me, or pick up the phone and talk to your local bank.
I just spoke to my relationship manager at UBS. She had never heard of any prohibition on banking relationships with residents of Australia, so she checked and confirmed that indeed there is no barrier whatsoever.

Are you confusing Australia with America?
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Old 15.09.2015, 22:21
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Re: UBS blocked my bank account

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I just spoke to my relationship manager at UBS. She had never heard of any prohibition on banking relationships with residents of Australia, so she checked and confirmed that indeed there is no barrier whatsoever.

Are you confusing Australia with America?
I know where I live, 22 yards, and your banking relationship manager is possibly confused between Australia and the U.S.

Ask her to speak to Alex Haldner at the Australian desk, UBS Zurich. Or better yet, do so yourself. Or follow this link to the UBS announcement on this page https://www.ubs.com/au/en.html

I came here to give a heads-up for Australian residents who keep accounts in Switzerland after leaving. You clearly don't fit that category (do you live in/know of Australia?), and not to be interrogated by someone who should know better. This is happening to 2 other families we know here too.

I'll leave you to find out for yourself. Or don't and take the risk.

Last edited by BHBT; 15.09.2015 at 22:36. Reason: Link
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Old 15.09.2015, 22:52
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Re: UBS blocked my bank account

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I just spoke to my relationship manager at UBS. She had never heard of any prohibition on banking relationships with residents of Australia, so she checked and confirmed that indeed there is no barrier whatsoever.

Are you confusing Australia with America?
As an aside, there are no prohibitions on banking relationships with America either.

"Prohibitions" and "private clients are not worth the hassle to the bank" are two very different things. The latter might be what's happening with Australia too.
Not surprised.
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Old 16.09.2015, 03:40
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Re: UBS blocked my bank account

Sure, there are no legal prohibitions -- just internal barriers erected by Swiss banks (voluntary prohibitions, if you will) when it comes to American clients. But not Australian. There are no such issues there. Australia doesn't have anything like FATCA, for a start.

Of course, as everyone here knows, I know pretty much nothing about Australia (although I loved The Sound of Music), so I guess I should stop commenting now. I wish I knew what this means, though:

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... and not to be interrogated by someone who should know better
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Old 16.09.2015, 04:38
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Re: UBS blocked my bank account

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Sure, there are no legal prohibitions -- just internal barriers erected by Swiss banks (voluntary prohibitions, if you will) when it comes to American clients. But not Australian. There are no such issues there. Australia doesn't have anything like FATCA, for a start.

Of course, as everyone here knows, I know pretty much nothing about Australia (although I loved The Sound of Music), so I guess I should stop commenting now. I wish I knew what this means, though:
Oh 22 yards, it's getting embarrassing.
Just call the name I've given you and ask - there are no prohibitions, just a commercial decision by UBS and CS that private clients who are domiciled in Australia with accounts in Switzerland are no longer of interest to them unless they can be classed as wholesale clients, e.g., have significant assets with the bank (over CHF 2 million).
I would like to ask why you think you know better, as you are clearly not currently a resident of Australia (unlike me) and clearly deal with a sub-par UBS banking relationship manager.

Oh well, you know what they say about arguing with an idiot...I'll step out of this discussion now.
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Old 16.09.2015, 09:15
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Re: UBS blocked my bank account

OK, goodbye, BHBT, bye-bye.



I guess I'm just lucky to have one of those sub-par UBS relationship banking managers who doesn't know her job, so she unwittingly gave me phenomenal sub-market rates on my mortgage and cravenly continues to allow my NSW-resident mother to operate a range of UBS accounts with slightly less than CHF 2 million in them. Phew, good thing I'm not dealing with one of those on-the-ball types who have recognized the inherent danger to order and peace that Australian-resident bank account holders represent!

Oh, and if you took the time to read your own link to the UBS Australia web page, you'd find the following (emphasis mine):
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UBS Group AG has made the decision to withdraw from the domestic Australian wealth management market.
Care to explain how this affects "Australian residents who keep accounts in Switzerland after leaving" (your words, not mine, but my emphasis)? How about "private clients who are domiciled in Australia with accounts in Switzerland" (your words, etc.) -- do you still think UBS' withdrawal from the domestic Australian market affects them?

Comprehension fail, BHBT. UBS is retreating from the "domestic Australian wealth management market", not from the domestic Swiss wealth management market where they couldn't care less where you're from or where you live, as long as it's not the USA.

Yes, I imagine you are feeling embarrassed now.

Last edited by 22 yards; 16.09.2015 at 09:28.
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