There are many benefits of Swiss banks. Swiss banking can be an attractive option for individuals who value privacy in their economic life. Because of the way laws are structured in Switzerland, information about bank customers is deeply protected. Non-residents, including the rich and famous, outside of Switzerland often opt for the top Swiss banks as their financial institutions of choice.
Many wealthy businessmen choose Swiss bank accounts, leading to controversial views within the public. Swiss banks can be controversial because they protect information that could incriminate customers involved in fraud, tax evasion, and other monetary scandals.
Overall, there are many benefits to overseas banking in Switzerland. There are many things that make Swiss banks famous. Protection of identity, account insurance, and the location of Swiss banks make them the most preferred in the world. Switzerland operates on a solid economy that is backed up by its currency, the Franc. The Franc has extremely low rates of inflation and is supported by an incredibly steady national economy.
Rankings of the top 10 largest Swiss banks
1.The Zurich Cantonal Bank (ZKB)
The ZKB is the largest cantonal bank in Switzerland, it is also one of the top Swiss banks overall. It has been in operation since 1870. In October 2009, Global Finance Magazine ranked ZKB within the top five safest banks in the world. The ZKB market value is currently $83.00. Also, many accounts that they offer can be opened free of charge. The ZKB offers checking and savings accounts, mortgage options, and many investment banking services. Their overall net worth is roughly $141.5 billion.
2.UBS Group AG
This bank is one of the biggest and top Swiss banks in the area and is a popular choice for both Swiss citizens and international clients. They provide services far beyond just banking, offering their clients top-tier wealth management tools. The UBS Group AG market value stock price is currently around $16.62. They offer many different account options; some have no minimum deposit amount. Their total net worth is roughly $1.1 trillion.
3.Julius Baer Group
The Julius Baer Bank is a big Swiss bank and one of the oldest and most prestigious banks in Switzerland. If you are looking for a traditional top Swiss bank, Julius Baer Group is a great choice. It is an international superpower of banking, with representation in 20 countries. Julius Baer’s market value currently sits at $63.60 and has seen steady growth throughout the year 2021. To open an account with Julius Baer Group, you will need a minimum deposit amount for JBG of $500. Also, the net worth of the bank overall totals roughly $416 billion.
This bank is preferred by many clients because it is one of the largest top Swiss banks, and it offers common banking services free of charge. The market value of Raiffeisen Switzerland is $18.88 per share currently. Raiffeisen Switzerland has a total net worth of roughly $7.67 billion. With 3.5 million customers and 1.9 million customers who co-own the bank, it is one of the leading banks in customer experience.
5.Banque Cantonale de Genève (BCGE)
BCGE is a regional banking option in the city of Geneva. As a regional bank, it still offers many of the services that the international top Swiss banks do. The bank is well known for its commitment to customer service and transparency with its customers. The minimum deposit for a standard BCGE is roughly $1060. The market value of BCGE stock is currently 168 CHF. BCGE is a great option for small and mid-sized companies. The total net worth of BCGE is roughly $13.5 billion.
6.Migros Bank AG
Migros Bank is one of the most popular leading banks in Switzerland. With 67 branches and over 800,000 customers, it is no surprise that Migros Bank AG makes the cut for the ten top Swiss banks. The market value of Migros Bank AG is currently 186.84 CHF. Many of their common banking accounts require no minimum deposit. However, the price of their regular checking account is free if your account has over 7500 CHF. If you have less than that, there is a monthly charge of 3 CHF. They have a net value of roughly $45.7 million.
Neon Bank is a modern digital bank that differs from traditional banking experiences. There are no minimum deposit rates to open an account with Neon. This bank is 100% digital, meaning that all banking transactions occur online, and there is no in-person office. The best thing about Neon Bank is the convenience of its services. Everything that Neon Bank offers can be managed from the convenience of a digital device.
The only downside to banking with Neon is that you need cell data service or WiFi in order to access your account information. When it comes to digital banking, Neon is the top swiss bank to choose from. Because of its new technology and it is managed by Hypothekarbank Lenzburg, its net worth is not revealed.
Credit Suisse offers investment banking, private banking, asset management, and a shared services group. The minimum investment amount for an account with Credit Suisse is CHF 250,000. The high rates of minimum deposit make Credit Suisse a less attractive option. However, they are experts in global investment. The market value of Credit Suisse stock is currently $10.72. The overall net worth of Credit Suisse is roughly $27.09 billion.
Vontobel Bank is headquartered in Zurich, but it operates internationally in over 20 countries. They offer services of wealth management, asset management, and digital investing. The minimum balance you can have with a Vontobel Bank account is 750 euros. The market value of Vontobel bank stock is currently around $75.90. The overall net worth of Vontobel Bank is roughly $8 billion.
EFG International is a Swiss branch of the larger bank EFG Bank European Financial Group. They offer multiple financial services, including wealth management and investment solutions. EFG International is a true international banking solution with over 40 locations worldwide. Because of its international presence, it is one of the top Swiss banks for foreigners.
The minimum balance requirement that must be maintained with EFG International is 1,000,000 euros, making it the priciest option on this list. The market value of EFG International stock is currently $7.78. The overall net worth of EFG International group is roughly $116 billion.
Why choose one of the top Swiss banks?
Overall, Swiss banking can be an excellent option for individuals who value their anonymity and want to work with highly renowned financial institutions. To open an account at one of the top Swiss banks, it is required that you are at least 18 years old. You will also need a passport.
The passport application process can sometimes take a few weeks, so be sure to get that done if you plan to open a Swiss bank account. Also, most of the top Swiss bank accounts tend to vet their customers to make sure that their funds were not acquired illegally. Some people have malicious intentions with Swiss banks’ tax evasion being one of the common instances.
Know that opening a Swiss bank account is for everybody, not just the rich and famous. It is a safe and reliable way to hold your money. Swiss bank accounts are also a great way to grow wealth through their investment options. Swiss bank account secrecy is an added bonus to the already stable institutions.
Read also: The Ultimate Guide to Swiss Banks