Thank you for any advice.
We have branches of UBS Bank here in the US. Should I open an account here before moving to Switzerland? Trying to figure out the easiest way to transfer funds from our US account (Bank of America) to our new Swiss bank account.
You can try but I think that most of the branches abroad are for wealth management or corporate banking so it depends then whether you are the right customer for that?
You can always transfer funds with e-banking when you are here and have opened an account here.
It's impossible to open an account from the US. You have to do it in person, given all the tax issues and being what the banks call a "US person." Also, I've been told that the US branches of the Swiss banks are completely separate entities.
No Swiss banking institute will open an account without a physical visit (thanks largely to the US).
I doubt the branches of UBS in the US deal with retail banking, so it will almost certainly have to wait until you arrive here.
Normally opening an account is pretty quick, but most Swiss banks are now paranoid about US citizens opening accounts. You'll probably have to show up with an inordinate amount of paperwork concerning your taxes in the US.
The Swiss and US branches of UBS (and the other major banks) are now separate entities, so you will have to go to a Swiss branch to open an account. However, it is extremely hard for a US citizen to open an account with any Swiss bank. I have many US friends working for Swiss companies who found it near to impossible. I can only advise the following gleaned from them, and I'm talking mainly Ticino and Zurich here:
UBS was the most amenable but only after an introduction from the employer who also banked with them. This was also the case with Banca dello Stato in Lugano.
Your US tax affairs must be fully up to date, paid and compliant with a letter from the IRS confirming this.
You must also agree that all information pertaining to your account can be shared with the US IRS.
Many also needed a letter from a Swiss accounting firm confirming they are acting on your behalf in preparing your tax declaration copies of which again may be submitted to the US.
Don't expect to have the account open is a day as is usual for most other nationalities. It took some people 3 months and they had to arrange for payments such as rent to come from their US accounts. Spending was done on their US credit cards.
One final pointer, UBS will give you a credit card but expect them to block your account to the amount of the credit limit you want. This is generally reviewed after a year.
I would recommend opening an account at:
You can do it by joining: https://www.americansabroad.org
They can issue you a bank card and credit card for international usage until you get around to opening an account here, which doesn't take long.
Most important, they are also set up to serve Americans overseas.
Ok, say i am looking to move to Switzerland. if i go to UBS here in America (Florida) and put my money in an account, when i get to Switzerland will i be able to access it? If that is even a possibility.
No - as per the post two above yours, the two are separate legal entities.
We are with both the US and Swiss entities. Unfortunately, moving money between the two has proven to be, shall we say, not seamless.
understood, thank you.
So-
I'd like to note that my experience opening a bank account was pretty easy.
After my initial registration I walked across the street to a Credit-Suisse branch, and asked to open an account. I was told to come back 2 hours later. I only showed them the slip of paper I received from the registration office.
About 30 minutes later after a a few questions and alot of signing I was all done. With that said, without having the actually permit in hand, they only opened a basic account with a checking and savings account along with a debit card. Once I have my B Permit in hand I can upgrade to one with a credit card, or additional currencies, etc.
Also- my account was open the same day. WebLogin and Ebanking login came 2 days later, and my ATM card arrived the same week (and there was a holiday that week!). All in all very quick!
Langstrasse branch?