The Ultimate Swiss Bank Accounts Quiz

By: Staff

4 Min Quiz

Image: refer to hsw

About This Quiz

Swiss bank accounts are not just for movie stars or money laundering. Accounts are available for all service levels and you may even write checks on your Swiss account. Take this quiz and see how much you know about Swiss bank accounts.

Why would someone want a Swiss bank account?

Many people value the stability and privacy of Swiss banks. If you live in a country with an unstable government or banking system, you may want to deposit your money in a Swiss bank.

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For Swiss residents, how much is the tax rate for interest and dividends?

Swiss residents pay 35 percent tax on their interest and dividend income.

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How long have Swiss banks had a code of secrecy?

The code of secrecy has been in existence for over 300 years.

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What brought about the Swiss Banking Act of 1934?

Germany and France were urging Switzerland to disclose account information.

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The two largest Swiss banks are Credit Suisse and:

Union Bank of Switzerland and Credit Suisse are the two largest Swiss banks.

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Why are Swiss banks not really anonymous?

Although numbered accounts do exist, someone at the banks knows the name associated with the number.

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To open a Swiss account, how old must you be?

You must be 18 years old to open an account.

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What currency must be deposited?

Swiss banks accept many currencies.

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How do you open an account?

Many Swiss banks will allow you to open an account in person, by fax or by mail.

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What is an Apostille?

An Apostille is a seal which guarantees that an official document is a genuine copy.

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How much are maintenance fees on Swiss banks?

For a numbered account with about $100,000 deposited, the bank fees will be about $300.

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How long does it take to access your money?

For a cash withdrawal, you may receive your money immediately.

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What other countries also offer confidential banking?

Including the Cayman Islands, many countries offer confidential banking.

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If you cannot prove the origin of your deposit, what may happen?

If you cannot prove the origin of your deposit, you may not be able to open a Swiss account.

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Where did European Jews deposit money while WWII was brewing?

During the 1930s and '40s, many people deposited money in Swiss accounts.

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What percent of gold backs the Swiss franc?

The Swiss franc is baked by 40 percent gold reserves.

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What is a private Swiss bank?

Private banks are for really rich people and may require an invitation to open an account. Account holders receive more personal service than a retail bank.

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if you close your account, how long will it take to withdraw your money?

You may close your account and withdraw your money anytime. There will be no cost to close an account

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Is it illegal for a U.S. taxpayer to have a Swiss bank account?

On their income tax return, U.S. taxpayers are required to disclose any foreign bank accounts.

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To benefit the most from a Swiss banker's investment advice, what type of account balance do you need?

The higher your bank balance, the higher the level of service you will receive.

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