Why Is Swiss Banking The Best in the World?

Switzerland is famous all over the globe for its banking. But why is this the case? What's so special about Swiss banks?
Switzerland is known for its global neutrality, wealth hub and home of the best world's banks. Swiss banking is a synonym for quality banking.
Even though times are changing banking secrecy is one of the pillars of banking in Switzerland.

But why is Swiss banking such a big deal anyway? How did Switzerland become a banking hub and a place where wealthy individuals from all over the world store money?

Well, one of the big reasons is Swiss neutrality. Throughout history Europe was quite an unstable and a turbulent place. Constant wars and social unrest meant that the rich could lose their assets practically overnight. So the idea was to store money where it was safe - and you guessed it right Switzerland was a safe place.
And this was only the beginning of the Swiss banking story.
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[kgrace]

As someone living in Switzerland I have been surprised at the complexity of the Swiss banking system. And by complexity, I mean the incredible amount of fees they tag on, everywhere.

Consumer banking products have so many charges, especially if I'm shopping abroad. France is considered abroad, and I can drive there in ten minutes...

Transferring money from the US has also come with very elevated fees. As you say, I'm not sure if it's worth it or not. I am thinking about buying a house in Switzerland, but the fees I'm finding are along the lines of 4-6%, which feels very high for the amount I need to move.

[don_kandon]

For non americans: Cooks island trust + llc + swiss bank that has no offices outside swiss + usa credit card with all those crazy rewards. Just get a card with no FX fees, and use it for daily purchases. For americans, do not want to pay taxes? Buy assets, and borrow against them. If usa citizen, at interactive brokers can borrow at 5%. If usa citizen, can move your stocks to some swiss bank that do take americans, and borrow against portfolio in swiss... at 1.7-2%. You never sell... you do not pay tax. Buy, Borrow, Die tactic.

[tw]

Swiss banking sector is living from it's old fame, I would say. Yes, one can certainly get good quality banking, but nowadays you can get in in many places. All big international banks are safe and efficient. Why go to Switzerland?
I guess if one has large sums of money and wants to park it somewhere Switzerland is still a good option, especially in the private banking sector. But then again fees are high, and you're not necessarily getting something that you can't get elsewhere.

I don't know.. I feel like Switzerland will need to improve and adapt if they still want to keep the title of the ''best banking in the world''. We will see

[adminitnetnews]

You can't open bank account if you are not living in Switzerland and you don't have a Swiss residence permit. You can open wealth management account which is start from 500 000 USD. Dont waste time if you don't have at least 500 K for initial deposit.

[mjwmontgomery]

Swiss banking is good because they invest a lot in information technology and the customer experience is slick.

[georgiadaella]

How much is the interest rate of CD in UBS Bank in Switzerland?

[JDXY]

There is serious debate going on in SWITZERLAND about abandoning its neutrality status.Hope that SWISS people are smart enough not to choose this path!Because if this happens there goes your banking in SWITZERLAND. Neutrality, safety and secrecy-that is bottom line here.

[justingriffin]

If all wars are bankers wars, and Switzerland was where the Banks were, it's funny the only country that was Neutral when it came fighting wars was Switzerland...and the world blindly accepted it....

[ChrisMCP]

Is it the same for information sharing with CRA? Seems it has no reach outside of Canada. Basically a paper tiger unlike IRS. Nobody takes their requests seriously, even the Americans.

[clarkrussell]

thought secrecy was a thing of the past

[nebojsa]

Hello everyone, quick question. As someone how's interested in learning more about international tax systems and how they differ across countries. Could you recommend any resources, courses, or strategies for someone just starting out? Thanks in advance for any advice!

[whitefearlytales]

Fear and uncertainty create major wealth. It's those who take the risk and have strong gut to endure the bloody days. When i notice extreme dips i tend to actually move more money to Bitcoin.

[nonameanon]

Why did you leave out Holland, Gibraltar, Austria, Denmark, Macau and Taiwan?

[AusValue]

Everyone used to think it can be used for tax evasion

[das_fahrer]

The Swiss got rich by riding the coattails of Nazism. Let that sink in.

[richardhuppertz]

Thanks for this video. Do Canadians have it as hard as Americans in trying to get a Swiss bank to accept them?

[darlington]

😂😂😂😂😂😂 you are angry of Switzerland Banks, because you are a Russian Agent...FSB 😂