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Old 03.05.2015, 22:22
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Returning to America - Bank question

HI everyone
I have seen many posts stating that swiss bank accounts held by americans must be closed if they are no longer residents. This part i understand with respect to the laws between US/CH, but my question is how long do we have to close them?

the reason i am worried is because i will leave the country the day after i hand my apt keys over. I will need to be reimbursed the deposit. I also travel for work and sometimes it takes more than one month to be reimbursed. All of these transactions are linked to my account here in basel.

Id appreciate any advice, thanks.
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Old 03.05.2015, 22:33
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Re: Returning to America - Bank question

Hello,
I wish I could help you with this but don't have the exact answer. My husband actually works for a bank and said that our account will remain open after we leave but not sure if that goes only for an american that is a bank employee. He will ask around and I will get back to you.
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Old 03.05.2015, 22:38
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Re: Returning to America - Bank question

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HI everyone
I have seen many posts stating that swiss bank accounts held by americans must be closed if they are no longer residents. This part i understand with respect to the laws between US/CH, but my question is how long do we have to close them?

the reason i am worried is because i will leave the country the day after i hand my apt keys over. I will need to be reimbursed the deposit. I also travel for work and sometimes it takes more than one month to be reimbursed. All of these transactions are linked to my account here in basel.

Id appreciate any advice, thanks.
Doesn't your bank know? Just ask them...
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Old 03.05.2015, 23:03
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Re: Returning to America - Bank question

Thanks horgenexpat!!

@abfab. I will meet with my bank, but haven't yet. I just wanted to know before walking in the door the maximum amount of time allowed by law. My account is with kantonalbank, not a larger bank like UBS which may handle situations like this more frequently. I think they will want me to close the account as soon as possible based on how difficult it was for me to open the account to begin with. (I was required by my employer to use this bank)
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Old 03.05.2015, 23:21
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Re: Returning to America - Bank question

Mine always stayed open till I asked them to close it. MY post one stayed and I retook it after 2.5 years.... Also went to the US. (No Citizen though) So I would leave it and keep it open till you get your money....
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Old 04.05.2015, 00:24
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Re: Returning to America - Bank question

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Thanks horgenexpat!!

@abfab. I will meet with my bank, but haven't yet. I just wanted to know before walking in the door the maximum amount of time allowed by law. My account is with kantonalbank, not a larger bank like UBS which may handle situations like this more frequently. I think they will want me to close the account as soon as possible based on how difficult it was for me to open the account to begin with. (I was required by my employer to use this bank)
Nothing is regulated by law, the bank only will know you have left when you tell them, why complicate matters ?
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Old 04.05.2015, 10:17
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Re: Returning to America - Bank question

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Nothing is regulated by law, the bank only will know you have left when you tell them, why complicate matters ?
Yup.

OP, you will need to have your mail forwarded anyway(google "Post Nachsendeauftrag"), which will automatically include mail from the bank. Have the account balance transferred and the account closed once you've opened the new account abroad, and that's it.

It may also be a good idea to give somebody you trust the power to sign for/accept registered mail, not sure how that would be handled otherwise.
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Old 20.05.2015, 11:55
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Re: Returning to America - Bank question

So I checked with my bank (kantonal).


If you are a US citizen (only), according to this bank, you have to close your bank account when you leave - meaning giving up your residency. She didn't state it as a law, but claimed it was the banks policy.


but as fatmanfilms mentioned, they have no way of knowing you left, they expect you to inform them.


therefore you could keep your bank account open as long as they don't find out you have left. The bank teller mentioned that they usually find out when they try to mail tax information and its returned to sender because the address is no longer valid.


In any event, I told her I only needed it open for a few months after I leave, to receive some payments from my company and apartment deposit etc. She said that if that was the case, I should just notify them via online banking message once those transactions have been completed. Once they are notified they will close my account and transfer the contents to an account I specify in the US at a cost of 4 CHF.
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