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Old 05.02.2019, 13:42
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Student Visa Financial Proof

Hi!

I've been admitted to the University of Bern but had my student visa denied. This money must be deposited at a bank approved by FINMA. I've received conflicting information from FINMA and the International Office at the university. Which banks did people use when applying? I'm in the United States and already have an account at Chase. JP Morgan Chase is on the list, but only locations in Switzerland? How about UBS?

Thanks for any advice!
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Old 05.02.2019, 14:16
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Re: Student Visa Financial Proof

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Hi!

I've been admitted to the University of Bern but had my student visa denied. This money must be deposited at a bank approved by FINMA. I've received conflicting information from FINMA and the International Office at the university. Which banks did people use when applying? I'm in the United States and already have an account at Chase. JP Morgan Chase is on the list, but only locations in Switzerland? How about UBS?

Thanks for any advice!



They ask you for a deposit into a bank account in Switzerland and approved by FINMA, this shouldn't be too difficult to understand.



UBS in Switzerland will certainly be approved, but as you are in America it may be difficult as Swiss banks not so keen on clients with anything American about them.


Why not speak with JP Morgan in the US and see if they can do something to help you open a JP Morgan account in thier Swiss office.


If you explain why you need to do this, sign lots of paper giving them authorisation to give what they want to the IRS and show your university admission papers, it should be too difficult.
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Old 05.02.2019, 14:39
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Re: Student Visa Financial Proof

ETH Handbook says:
"Financial evidence (bank statement): Even large, internationally active banks are not acceptable if they have no branches in Switzerland! Examples of acceptable banks are Citibank, China Construction Bank, HSBC, Deutsche Bank (etc.)" (See p.3/8):


https://www.ethz.ch/content/dam/ethz...-master-en.pdf


Also see the FINMA list at the same link.
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Old 05.02.2019, 15:03
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Re: Student Visa Financial Proof

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They ask you for a deposit into a bank account in Switzerland and approved by FINMA, this shouldn't be too difficult to understand.
No. Fortunately they do not as that would be virtually impossible.

I think they rejected Chase as it is not the same name as JPMorgan Chase Bank, N.A. Although the former is just a trademark of the later.
Either go with Citibank. Or get a statement from Chase that Chase and JPMorgan Chase Bank, N.A. or even better JPMorgan Chase Bank, National Association (as listed on the FINMA list) are one and the same bank.
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Old 05.02.2019, 16:17
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No. Fortunately they do not as that would be virtually impossible.

I think they rejected Chase as it is not the same name as JPMorgan Chase Bank, N.A. Although the former is just a trademark of the later.
Either go with Citibank. Or get a statement from Chase that Chase and JPMorgan Chase Bank, N.A. or even better JPMorgan Chase Bank, National Association (as listed on the FINMA list) are one and the same bank.

My understanding is that Citibank doesn't offer consumer services to US citizens. Do you know about UBS or Credit Suisse?

Also, I didn't have my money in a Chase account the first time around, so it wasn't Chase that was denied. I called FINMA directly and they're telling me it has to be a bank in Switzerland. The school told me it is impossible to open a Swiss bank account outside Switzerland. Sounds like a Catch-22.

Last edited by 3Wishes; 06.02.2019 at 21:25. Reason: merging consecutive replies
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Old 05.02.2019, 16:43
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Re: Student Visa Financial Proof

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My understanding is that Citibank doesn't offer consumer services to US citizens. Do you know about UBS or Credit Suisse?
AFAIK Citibank in Switzerland does not offer consumer service to any one.
also AFAIK UBS or Credit Suisse do not offer standard consumer services in the U.S.A.

Opening a bank account at a Swiss branch without being a resident here is very, very hard. Specially if we talk about about petty cash like a few 10 thousand Francs. Also, to open an account you would have to come here first, which seems to be possible in your case, but would still be prohibitiv expensive for the job. For other prospective student it would be a catch 22: For a visa they need money in a Swiss bank account running on their own name, but to be able to put money in the account on they must be in Switzerland for which they need a visa.

All you need is an account with a bank in your country which has a FINMA approved branch in Switzerland. This is Citibank and Chase. Just that in case of Chase it is not listed on the FINAM list under C as in Chase but under J as in JPMorgan Chase Bank, N.A.

As said, either get a statement from Chase that their real full name is actually JPMorgan Chase Bank, National Association so that the government clerk which process your application will find it on the list and does not stop at C as in Chase wehre it is not listed or simply open account in your name with Citibank in the USA.
To make it really, really perfect go to:
CITIBANK, N.A.
701 EAST 60TH STREET NORTH
SIOUX FALLS, SD, UNITED STATES 57104
and open the account there.

FINAM list: https://www.finma.ch/en/~/media/finm.../beh.pdf?la=en
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Old 05.02.2019, 16:52
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Re: Student Visa Financial Proof

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I called FINMA directly and they're telling me it has to be a bank in Switzerland..
FINMA (Swiss Financial Market Supervisory Authority) has nothing to do with visa applications. FINMA just regulates and licenses banks, traders, insurances etc.

Better contact the SEM (State Secretariat for Migration)
https://www.sem.admin.ch/sem/en/home...s/kontakt.html
or the migration office of the canton (like a State back in the US) you will study. In your case Bern
https://www.bern.ch/politik-und-verw...denpolizei-emf
specially as you are not from a countrz on the "watchlist" https://www.sem.admin.ch/dam/data/se...dierende-d.pdf

That the money can be with a branch outside Switzerland is mentioned in section 5.1.1.4 (page 71) of the relevant SEM guidelines
https://www.sem.admin.ch/dam/data/se...ngen-aug-d.pdf
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