Opening A Swiss Bank Account

When telling our friends and families that we were moving to Switzerland, we typically received one of three responses: 1) "Why?" 2) "So you're going to eat a lot of chocolates?" and 3) "Oh awesome! You will get to open a Swiss bank account!" For those of us who grew up in the states, Swiss bank accounts bring to mind millionaires and spy movies. Or perhaps millionaires in spy movies. Whatever the origin, we think of them as secure and (come on, just be honest here) awesome.

Now in the third week of the process of opening out account, I can at least vouch for the first.

To start with, all of those millionaires from spy movies who hid money and guns here have made it very difficult for the rest of us non-tax-evading-non-spies. Most banks here won't even open accounts with Americans. The bank we chose has a standing relationship with the university and is used to dealing with foreign clients. That being said we still had to sign multiple forms that we have paid and will pay all necessary taxes, otherwise they have rightful claim to our the souls of any of our offspring. It may not have said exactly that, but I can't be sure. The forms were in French and the manager was being quite severe.

After signing the forms, handing over our passports, and filling out a stack of papers in duplicate, we had an account. We just couldn't access it. First we had to wait one week for a notice to arrive in the mail. This notice sent us to the post office to pick up a letter with photo ID. The letter contained a password, an account number, and instructions for how to register your cellphone with the account. We entered the account number, password, and phone number on the website and received a text with a second password. Upon entering that password we received a message telling us to wait three days for a confirmation code to arrive in the mail. Once that code arrived we were able to enter the original password, account number, and confirmation code to activate our online banking. Now, any time we simply enter the password and account number, wait for a text, and then enter the text code to receive access. Voila! Now that the online account is activated, we should receive an ATM card in the mail in a matter of days.

In talking to the other postdocs we've found that this procedure isn't unique to our bank. One postdoc was given a card scanner with a keypad to hook to his computer. To access his online banking he has to hook up the scanner, scan the card, enter a code on the keypad, and enter a code on the website all within a given time limit. I cannot speak to whether these accounts are awesome, but I can assure you the security is intense.

So the next time you are watching a spy movie and hold your breath as some spy has to access his Swiss bank account and transfer money with 15 seconds counting down on the box of dynamite, know that in reality everyone in the room would have died waiting for a text message.