Swiss bank recommendation [for US citizen]
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Swiss bank recommendation [for US citizen]
I am looking to keep some cash in a Swiss bank for diversification (located in Switzerland with NO locations in the US). I am fine reporting it to the IRS. Any recommendations for high quality, low cost in this regard - for a US citizen based in the US? Much appreciated.
Re: Swiss bank recommendation [for US citizen]
This thread is now in the Personal Finance (Not Investing) forum (bank). I retitled the thread for clarity.
Re: Swiss bank recommendation [for US citizen]
I recall quite a change in the access to Swiss banks by US citizens quite a few years ago due to tax evasion, etc.
I found something more recent on the topic via the link below:
https://abovethelaw.com/2021/03/america ... iss-banks/
You did not provide any reasons for your interest in such a setup. I suspect you will need to do some research to see what may be available to you (if anything) and whether or not it meets your needs.
I found something more recent on the topic via the link below:
https://abovethelaw.com/2021/03/america ... iss-banks/
You did not provide any reasons for your interest in such a setup. I suspect you will need to do some research to see what may be available to you (if anything) and whether or not it meets your needs.
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- Posts: 185
- Joined: Sun Nov 22, 2009 9:44 am
Re: Swiss bank recommendation [for US citizen]
Thanks invest4. The purpose is just sovereign diversity for cash holdings - so hedging risk. As noted, I dont need secrecy. What I am looking for is a credible bank, good history, no branches in US, and capability for US citizens to enroll online. Thanks again.
Re: Swiss bank recommendation [for US citizen]
I have used Vontobel: https://www.vontobel.com/en-int/ They do have a presence in New York, although I did not interact with that office, and a minimum account size of $1M USD.
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Re: Swiss bank recommendation [for US citizen]
How much money? Switzerland has negative interest rates and not many banks will allow you to hold a lot of money and as an American you can not really invest easily.
IBKR allows you to hold up to 100k in CHF before they hit you with negative interest. Does not fill your need for no US presence though. Most / all Swiss banks will also charge you a monthly fee. Don’t forget FACTA reporting yearly.
If it’s really just holding Swiss Francs Revolut or Wise also work or as written above Interactice Brokers (also best exchange rate).
IBKR allows you to hold up to 100k in CHF before they hit you with negative interest. Does not fill your need for no US presence though. Most / all Swiss banks will also charge you a monthly fee. Don’t forget FACTA reporting yearly.
If it’s really just holding Swiss Francs Revolut or Wise also work or as written above Interactice Brokers (also best exchange rate).