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Opening Swiss And German Bank Accounts For A Resident British National

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Guest The_Oldie

I would doubt that any major Swiss bank would be allowed to fail. If it came to the pinch, all the others would chip in to bail it out rather than risk the Swiss banking reputation. International banking is the country's main business.

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Open a Swiss Post account (www.postfinance.ch), owned by the Swiss government, so it's solid as a rock (no pun intended!), certainly even more solid that NS&I.

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I would doubt that any major Swiss bank would be allowed to fail. If it came to the pinch, all the others would chip in to bail it out rather than risk the Swiss banking reputation. International banking is the country's main business.

Careful where you point that thing. Come the crunch, the Swiss will split the hair between what is Swiss, and what is a Swiss overseas subsidiary with the best of 'em. Don't get caught on the wrong side of this one, or you'll feel like a SwissAir bondholder.

The walls tell me they like to bootstrap their overseas operations with sizeable "startup" loans on the books too. Which the foreign desk spends the rest of its operational life trying to pay off.

Canny buggers. And less public about policy than London. If you ever found out there was a Swiss banking crisis, it'd be too late - your only recourse would be to go a bit mental with a rifle.

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Guest DissipatedYouthIsValuable
Careful where you point that thing. Come the crunch, the Swiss will split the hair between what is Swiss, and what is a Swiss overseas subsidiary with the best of 'em. Don't get caught on the wrong side of this one, or you'll feel like a SwissAir bondholder.

The walls tell me they like to bootstrap their overseas operations with sizeable "startup" loans on the books too. Which the foreign desk spends the rest of its operational life trying to pay off.

Canny buggers. And less public about policy than London. If you ever found out there was a Swiss banking crisis, it'd be too late - your only recourse would be to go a bit mental with a rifle.

You wouldn't last long. Have you seen their penknives?

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Thanks folks, keep posting

Nor DrBubb - I'll certainly look into that. Thanks

Particleman - 18 years ago when I was postdoccing in Germany I remember having a very similar conversation with a coworker about the ethics of the Swiss banking system.

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Open a Swiss Post account (www.postfinance.ch), owned by the Swiss government, so it's solid as a rock (no pun intended!), certainly even more solid that NS&I.

You have to live in Switzerland or a bordering country to do that it seems:

PostFinance is primarily a nation-wide provider of financial services which focuses on the Swiss market and those of neighbouring countries. For business-policy reasons, we do not offer our services beyond these geographical limits.

OK for those with second homes in France though.

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Careful where you point that thing. Come the crunch, the Swiss will split the hair between what is Swiss, and what is a Swiss overseas subsidiary with the best of 'em. Don't get caught on the wrong side of this one, or you'll feel like a SwissAir bondholder.

The walls tell me they like to bootstrap their overseas operations with sizeable "startup" loans on the books too. Which the foreign desk spends the rest of its operational life trying to pay off.

Canny buggers. And less public about policy than London. If you ever found out there was a Swiss banking crisis, it'd be too late - your only recourse would be to go a bit mental with a rifle.

And don't expect them to let you into the country when you turn up at the border looking to withdraw your cash in an emergency either.

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You have to live in Switzerland or a bordering country to do that it seems:

OK for those with second homes in France though.

I know, but all you need is an address in France, Germany, Italy, Austria or Luxemburg, you don't have to be actually living there and I doubt they would mind if you use the address of friends or family as they wouldn't find out anyway.

If you open the online-set you can easily manage it over the internet and all the statements will be online (so very rarely any mail going to your declared postal address).

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I know, but all you need is an address in France, Germany, Italy, Austria or Luxemburg, you don't have to be actually living there and I doubt they would mind if you use the address of friends or family as they wouldn't find out anyway.

If you open the online-set you can easily manage it over the internet and all the statements will be online (so very rarely any mail going to your declared postal address).

Thanks again not-DrBubb I have plenty of friends in Germany

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If you ever found out there was a Swiss banking crisis, it'd be too late - your only recourse would be to go a bit mental with a rifle.

In fact if more of us would just do that we could put an end to these risky loans. I'm sure the threat of death by crazy would be a good starting point for some effective legislation.

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If its german banks you are interested in don't forget they will usually charge a monthly fee of between approx. 5 and 15 euros for a current account unless you have a certain amount going into the account on a regular basis.

There are a few internet-based banks that offer better interest rates on cash deposits than the likes of Deutsche or Dresdner. Remember to have a look at DIBA, DAB or Consors.

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