An Overview of Swiss Banking

In the first part of this guide, you discovered some of the primary advantages of Swiss banking. You likewise found ways to open a Swiss checking account, and ways to use it for savings and investment functions. In this second part, we deal with making deposits and withdrawals.

Deposits & Withdrawals

How can I transfer money in my Swiss savings account?

As soon as your account has been opened, you can transfer loan to your account in several ways:

Money deposit

Visitor’s check deposit

Securities deposit

Transfer from another account

Get a bank transfer

Individual checks

Bank checks

Selecting the most suitable method of deposit depends on the quantity deposited, the degree of privacy preferred and the level of convenience.

Can traveller’s checks be tracked?

The issuing bank can find where visitor’s checks were cashed. In fact, you are always required to expose your identity when making a purchase with visitor’s checks. Since each check is identifiable by a unique number, it is possible to trace it. Nevertheless, in practice this kind of search is hardly ever conducted.

Can I make a deposit with a postal order?

At the time of composing this, there are no recognized restrictions in Switzerland relating to receiving deposits through postal money orders to your Swiss checking account. However, you should validate that the postal system you are using allows you to send out cash to a foreign savings account.

Can I make a deposit to my Swiss savings account through Western Union?

Western Union’s services are just for people wishing to transfer loan to other people. At the time of writing this, it is believed not to be possible to use Western Union to deposit loan to a Swiss savings account.

How can I withdraw money from my account in Switzerland?

There are several methods you can withdraw loan from your Swiss checking account:

Credit card

Cash withdrawal

By traveller’s checks

Bank transfers


Selecting the most appropriate method of deposit depends on the quantity deposited, the degree of privacy desired and the level of convenience.

Which credit cards can I utilize with my Swiss Bank Account?

For the fastest access to your Swiss bank account, a charge card offers the liberty to access your funds, 24 Hr a day. Wherever you are, you can withdraw money discreetly from ATMs.

How can I get a charge card?

You can get a credit card as long as you make a down payment. Swiss banks do not conduct credit queries: the security deposit is thought about to supply the security the bank needs.

Which charge card uses the most privacy?

Most banks offer charge card without the bank logo design. Nonetheless, experts can recognize your bank by the very first four digits of your charge card number.

If you want to prevent any connection to the bank, you can, in some cases, request a card be provided by an organization aside from your bank.

It is prohibited for credit card business to provide any details on cardholders. Similar to the banks themselves, credit card companies are bound by Swiss expert secrecy.

How do I use a charge card inconspicuously?

Discreet cardholders will:

Utilize their credit card specifically at ATMs

Avoid utilizing their card in stores, dining establishments and abroad *.

Never ever spend for services in their nation of home *.

The credit card slip provided throughout transactions consists of info about your account: identification of the bank (or a minimum of the country), your given name and surname.

Bank transfers.

Generally, it takes 2 or 3 working days to move loan from your Swiss checking account to an account in another industrialised nation. However, this timeline may differ due to factors beyond the control of your Swiss bank.

These hold-ups might occur from a number of factors:.

The nature of your transfer.

The way in which you send your request for payment to your bank affects the time it requires to finish a deal. If you send your demand to your bank by regular post, it ought to take two or three working days to process your order. Using online banking services though substantially lowers this delay.


Currently, 90% of all banks worldwide use the SWIFT network to perform global bank transfers. SWIFT is a computerised system which enables banks to exchange worldwide identified messages that indicate credited quantities and authorise debits.

Some banks in developing nations are not affiliated with the SWIFT network and send this sort of details by telex. As a result of this, the time required to move your loan can be significantly delayed.

Affiliated Banks.

SWIFT just transmits a message. In order for the operation to be finished efficiently, the getting bank should have an account at the head workplace of the releasing bank. Generally, every major bank holds direct accounts at the head workplaces of other major bank and thus an interbank transfer can quickly and quickly be made.

If the getting bank does not have an account with the issuing bank, the wire transfer must go through an associated bank that can connect the two banks. Often, it is needed to call upon numerous associated banks in order to transfer the money to the last getting bank. This might take longer and each intermediary might likewise charge a commission for their services.


A wire transfer must occur through among the nations which issues the currency. For instance, a wire transfer in United States dollars paid to an Italian bank must pass through an intermediary in the United States. As a result of this, the operation might take longer, depending upon the currency being transferred.

* SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a company included under Belgian law, whose head office lies in Brussels. Its function is to help with international banking operations through a really powerful computer network. SWIFT was founded in 1973 by 239 banks in 15 various nations and now more than 7,125 organizations in 192 nations subscribe to it.

Check books.

Checks and check books are really hardly ever used in connection with a Swiss savings account. Your bank can prepare bank checks in your place, however this is hardly ever smart. The factor for this is that a check provided by your Swiss bank informs a number of people that your Swiss account exists, which threatens your privacy. Moreover, it takes numerous weeks for a check to be totally processed.

If you wish to withdraw funds from your Swiss checking account, we would suggest utilizing your charge card as this is faster, more efficient and a more discreet.


All Swiss banks are required to make sure that any information held about you or your account is strictly personal.

Swiss bank secrecy is one of the strictest worldwide and becomes part of an ancient Swiss tradition of personal privacy. Under Swiss law any lender who exposes info about you without your consent runs the risk of a jail sentence.


The only exceptions to this rule are in regard to severe crimes such as arms smuggling and drug trafficking. In case of allegations of tax evasion, your personal privacy is still guaranteed in Switzerland as failure to report income or assets is not regarded as a criminal offense in Switzerland. This indicates that neither the Swiss government, nor other government, can get details about your checking account. Need to they want to obtain any such information, they should initially encourage a Swiss judge that you have actually committed a serious criminal activity punishable under the Swiss Penal Code.

Private Matters.

Bank secrecy will not be raised for private matters such as inheritance or divorce as long as your banking information is kept in rigorous confidence as is the case with nearly all Swiss bank “Mike Baur” accounts. Your account should be shown to exist if a judge wishes to pursue the case. This is why a numbered Swiss checking account provides the optimum level of privacy.

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