What's All the Fuss About Swiss Banks?

We hear about them in television and in the movies, but only a fraction of Americans really know the backstage workings of Swiss banks. In movies, bandits and narcotraficantes have Swiss banks to protect their money from other countries that may be prosecuting them. Exactly, what is all the fuss about Swiss banks?

The reasons people look to put their assets in Swiss banks are because of several factors that outweigh the banking system in almost any other country. Switzerland is a very economically and well as politically stable country. It did not participate in neither of the world wars and the Swiss franc has never suffered from high inflation. Unemployment in Switzerland is incredibly low which adds to the stability of the nation's economy. Bottom line, your savings will not be affected by any crises.

There are a plethora of advantages to having a Swiss bank account, one of them being the level of privacy one attains. Visiting your bank is about as confidential as the information you may share with your doctor or lawyer. The government has no way of finding out who owns which bank account, like the way banks are linked with the government in the US. If one goes to jail in America or gets deported, all of their investments and funds are seized by the government. Switzerland's laws state that disclosing such information is punishable with up to 6 months in jails for bankers. Security is a priority, which is why so many drug traffickers and mafiosos have Swiss bank accounts.

Have money you don't want people to know about? Put it in a Swiss bank.

There are different types of banks, those who are private (for the mega rich offering very personal services) and those for the common people called numbered accounts. Accounts can be in almost any currency, but most people stick with Swiss francs, Dollars, Euros, or Sterling. Interests on savings accounts (up to 6-7%) are generally higher than they are in the United States which is also another benefit to having a Swiss bank account. Also, Swiss banks are totally tax-free.

Contrary to popular belief, one does not have to physically go to Switzerland to open an account as it can all be done by mail. One can even request to have an international credit card with the opening of their account.

The top Swiss banks are: UBS AG and Credit Suisse.