How to open a bank account in EFG (Zurich) SA

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

November, 2008

Last contact

October, 2022

Last update

October, 2022
  • savings (investment) accounts;
  • requirements for the minimum account balance - 2,000,000 USD;
  • an account can be opened without leaving Switzerland, but a meeting with a banker who regularly visits Moscow is required.

We all work with people rather than organizations, don’t we? The banking sector is no exception. This is why it was a human factor that defined our choice of yet another Swiss bank. This one is more than 150 years old, investment- and savings-oriented, it has standards terms, slightly higher bank fees, clear requirements and well-known products – a bank of which Switzerland has dozens.

After the first wave of the world’s 2008 economic crisis, the Alpine Republic developed a tendency for the experienced well-educated staff, usually Swiss citizens of ‘non-Russian origin’, to leave their long-occupied working places at first-rate banks which have been affected by the crisis greater than the others and therefore have cut down social benefits, salaries, and bonuses.

This is how we got acquainted with BSI Bank and met again a banker who speaks excellent Russian and understands Russian mentality, whom we had long known since she worked at the Moscow representative office of a major foreign bank and from whom we could expect an individual approach and some departure (for the better) from the classic Swiss banking standards.

In July 2014, the bank changed hands: Italian insurance company Generalli sold its shares in BSI to BTG Pactual, a Brazilian financial group

GSL rating
Beginning of cooperation
November, 2008
Last contact
October, 2022
Last update
October, 2022
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General information and rating

752
Global rating
17
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1873
History
Established in 1873 as Banca della Svizzera Italiana. The name changed to BSI-Banca della Svizzera Italiana in 1988 and to the existing one – in December 1998. The bank took over Banca Unione di Credito (founded in 1919) in January 2007 and Banca del Gottardo (founded in 1957) in July 2008. In July 2014, the bank changed hands: Italian insurance company Generalli sold its shares in BSI to BTG Pactual, a Brazilian financial group
Personnel
The bank has over 2300 staff, including Russian-speaking officers
Bank’s shareholders
The bank’s major shareholder is EFG Bank European Financial Group (EFG Group) - 56%. The shares in EFG International are listed on the SIX Swiss Exchange
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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    Minimum requirements

    2 000 000
    Minimum balance, €
    10
    Transactions permitted per month
    2 000 000
    Initial deposit of funds, €
    2
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance requirement - 2,000,000 USD
    Transactions permitted per month
    There is a right to transactions, however, for each of them, supporting documents are required, and it is desirable to open a personal account
    Initial deposit of funds, €
    The down payment must be equal to the minimum account balance
    Deadline for the initial deposit, month
    The down payment must be paid within the first few months
    How fast payments are executed
    Payments are executed same day or next day

    Tariffs and services

    30
    Outcoming transfer, €
    0
    Incoming transfer, €
    150
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee is about 30 EUR
    Incoming transfer, €
    The Bank does not charge commission for crediting
    Account maintenance, €/year
    Account maintenance fee is 15 CHF per month
    Distant access to the account
    eBanking
    Financial products
    The bank does NOT work with main banking products, offering traditional financial instruments in this area: money market, stocks, bonds and their combinations
    Credit/debit cards
    American Express, MasterCard

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Savings
    Visit to the bank
    Account opening process requires a visit to either London or, if agreed with the banker, any other European country. The bank officer does visit Moscow, but only a couple of times a year
    Required
    Photocopy of passport, business card, standard set of corporate documents
    Types of accounts
    Savings
    Opening procedure and Due Diligence
    It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker
    Chances to open an account
    Predictable
    Business description
    Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed

    Banks of Switzerland

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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