Swiss banks often require higher minimum balances than other banks, (as much as US$1 million), and they also charge higher fees. What you get for that is sophistication, experience, safety and privacy. For example, custodian banks carry all accounts in the name of their clients. Securities are traded and held in the bank’s name but on behalf of client accounts, segregated from the bank’s own assets. There are no anonymous accounts—banks have to know who you are and that your money is legitimate. But knowing that, they’ll protect that information tooth and nail. For asset protection purposes, these banks are excellent. No information about these accounts can be released to anyone, foreign governments included, unless a court first authorizes it; and then only after notice of a hearing is given to the account holder. Contrast that with the United States where accounts can be frozen with no notice.
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