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Old 12.04.2007, 19:11
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Need a safe bank

Aloha,
I am a newbie here. Sorry if my question is a repeat of previous topics. Here is my situation: I am looking for a safe bank for some of my savings. The US Dollar is getting pretty weak so I would like to get into a more stable currency, possibly Swiss Francs. I can't do that from my US bank account so I started looking into opening up a Swiss bank account. I am not talking 7 figures or anything and I have no intention of cheating the IRS nor am I looking for secrecy. I just want a bank that will still be standing if the S*#! hits the fan for any reason. I found a company online that helps foriegners set up swiss accounts by mail. They sent me an application for Banque Coop (Cantonal Bank of Basel). Overall, I am pretty under-whelmed by this bank. It doesn't seem a whole lot better than my present bank. Just curious if anyone has experience with this bank, pro's, con's, problems, etc.
Thanks.
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Old 12.04.2007, 21:06
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Re: Need a safe bank

Hi,
my thoughts, any place that sells food shouldn't get into banking....., but don't expect any interest accumulation in Switzerland. You need to invest.

Last edited by PC_Advisor; 12.04.2007 at 21:36.
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Old 12.04.2007, 21:19
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Re: Need a safe bank

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Aloha,
I am a newbie here. Sorry if my question is a repeat of previous topics. Here is my situation: I am looking for a safe bank for some of my savings. The US Dollar is getting pretty weak so I would like to get into a more stable currency, possibly Swiss Francs. I can't do that from my US bank account so I started looking into opening up a Swiss bank account. I am not talking 7 figures or anything and I have no intention of cheating the IRS nor am I looking for secrecy. I just want a bank that will still be standing if the S*#! hits the fan for any reason. I found a company online that helps foriegners set up swiss accounts by mail. They sent me an application for Banque Coop (Cantonal Bank of Basel). Overall, I am pretty under-whelmed by this bank. It doesn't seem a whole lot better than my present bank. Just curious if anyone has experience with this bank, pro's, con's, problems, etc.
Thanks.
You can use google to find out about this bank. However, unless you have substantial sums to invest, Swiss banks will not open an account for you unless you legally live here. And the company offering to set up an account will make more out of the deal than you will.

If you are worried about the dollar, why not have a foreign currency account at your present bank?

BTW, the dollar will be on the way up again in a few years- it's done this before and if you only need to buy and sell in dollars it makes no difference anyway...
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Old 12.04.2007, 21:23
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Re: Need a safe bank

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Aloha,
They sent me an application for Banque Coop (Cantonal Bank of Basel). Overall, I am pretty under-whelmed by this bank. It doesn't seem a whole lot better than my present bank. Just curious if anyone has experience with this bank, pro's, con's, problems, etc.
Thanks.
I doubt they will open an account for you, but if they will you can be sure that they are reliable as they belong to the Cantonal Bank of Basel. Most Cantonal Banks have the state garantie, so you don't need to worry about your money if something happens (unless of course something really really major happens and the government is suddenly totally gone - but then your money will probably be your last worry).
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Old 12.04.2007, 22:26
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Re: Need a safe bank

you think Dubya will let the $ hit rock bottom? you're mad.
if you want to get into the FX game then now is maybe the time. But you need to research that a little - but the US banking system is not going to collapse
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Old 12.04.2007, 22:45
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Re: Need a safe bank

I dunno, the whole idea of opening an account by mail seems sketchy to me. In whose name would the account be? If yours, how would the bank authenticate you? I think you're better off making a trip over here - it's a great place to visit anyway! Walk into one of the big banks with your passport and as many Swiss Francs as you can muster, and tell them you want to open an account. This is what I did before I moved here, and it was no problem. They required a minimum of CHF 10,000. This was in 2002 and the amount might be higher now, but if you show up in person and make the right impression, chances are they'll be happy to take your money.
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Old 12.04.2007, 22:46
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Re: Need a safe bank

http://en.wikipedia.org/wiki/KYC and http://en.wikipedia.org/wiki/Anti_Money_Laundering btw, jclay
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Old 13.04.2007, 11:20
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Re: Need a safe bank

My advice is to come over here to Switzerland (make it a vacation) and while you're here walk into one of the many banks. They will be more than happy to open the account for you.
Then, when you get back home, you wire the money to the new account. Or find alternative means to move it.
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Old 13.04.2007, 11:30
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Re: Need a safe bank

They ask for a copy of your residence permit to open a regular Swiss account, so this would not work.

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My advice is to come over here to Switzerland (make it a vacation) and while you're here walk into one of the many banks. They will be more than happy to open the account for you.
Then, when you get back home, you wire the money to the new account. Or find alternative means to move it.
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Old 13.04.2007, 12:03
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Re: Need a safe bank

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They ask for a copy of your residence permit to open a regular Swiss account, so this would not work.
It's not entirely true.
You either have a permit and you can open the account with 0 money
OR
you present your passport and they will ask you to have a 5-figure opening balance.

It's Switzerland! As long as you keep bringing the money you are king.
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Old 13.04.2007, 12:20
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Re: Need a safe bank

Anyone who has read Tom Bower's Blood Money might have a slightly different view that you will always get your money whatever happens....
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Old 13.04.2007, 12:40
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Re: Need a safe bank

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The US Dollar is getting pretty weak so I would like to get into a more stable currency, possibly Swiss Francs.
See Andrew Tobias (US financial "guru", author of The Only Investment Guide You'll Ever Need) 21-Jan-05 item on "AVOIDING THE DOLLAR" at

http://www.andrewtobias.com/newcolumns/050121.html

He discusses using a (US) foreign bond fund or EverBank to "place your bets".
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