Till 1920, swiss bank was an investment bank and financial services company like others located in Switzerland. During the time of first world war, the german economy went down and the jews decided to shift all their money to a safe place where the bad economy could not affect their income and they chose to transfer their german currency to swiss francs. This lead to the rise of swiss bank.
This is now you know and we have come with some interesting facts about swiss banks.
1. Swiss banks don't reveal your identity
In 1934, they came with a law to not reveal the identity of account holders and if they do, swiss government can prosecute them and they will have to pay a fine of 50,000 swiss francs and jail for 6 months. The only exceptions are for criminal activities.
2. Accounts cannot be opened online
Due to strict procedures while opening the account. Swiss bank accounts cannot be opened without visiting the bank.
3. No anonymous account
Swiss bank opens numbered accounts like a regular bank account. Under this account, all the transaction are not done under your name but under the number provided to you. There is no such thing as anonymous accounts.
4. Not owned by swiss government
Normally, Governments own their central banks but swiss bank is owned by Swiss cantons, some private companies and individuals. no shares are owned by The Swiss Federal Government . some special laws in the Federal Constitution controls The Bank.
Do you wish to open an account in swiss bank?