THE SWISS BANK

There are many Swiss banks in spy novels and adventure movies. How realistic are they? Can you really send a ransom to a Swiss bank account, or use your fingerprints to open your Swiss safety deposit box? Only a Swiss banking insider could tell for sure. We are exactly that. Our company, Micheloud & Cie, is in the business of opening Swiss accounts for international clients. We work with many Swiss banks, some established for more than 200 years, and have served clients in more than 100 different countries. We are a Swiss company, based in Switzerland and owned and managed by Swiss citizens.

The goal of this project is to review a number of movies and novels with Swiss bank accounts and assess in details the realism of the way Swiss bank account are depicted and used in the plot.

Clearly, an author or screenwriter must be allowed some creative license, after all movies are not documentaries and the audience wants entertainment more than it wants facts. But our knowledge of the world also comes from what we see in movies or read in novels. We thus believe it a fair endeavor to study those work of fiction with the cold eye of the Swiss banker and help you tell fact from fiction.




7 myths about Swiss bank accounts


-Swiss bank accounts are only for millionaires.
-Money invested in Switzerland yields no interest.
-It's impossible to open an account in Switzerland by correspondence.
-Swiss bank accounts are very expensive to maintain.
-It is difficult to close a Swiss bank account.
-Swiss bank accounts attract only criminals and dictators.
-Numbered accounts are anonymous.

1. Swiss bank accounts are only for millionaires
This is not true. The majority of our clients are not major manufacturers or movie stars, but everyday people (business people, computer engineers, civil servants, etc.). Swiss banks are no longer only for stars.You can open a Swiss bank account with a deposit of only 5,000 Swiss francs. We even offer accounts with no minimum balance.

2. Money invested in Switzerland yields no interest
Nothing could be more untrue. You can invest your money worldwide from your account in Switzerland through investment funds, bonds, the stock market, the purchase of metal values, raw materials, derivatives and many other types of investments. Swiss bankers are among the best finance managers in the world, so it comes as no surprise that they manage over 35% of offshore holdings.

3. It's impossible to open an account in Switzerland by correspondence
This is not true. Most of the accounts that we offer can be opened by correspondence as long as you comply with our opening procedures and provide us with the necessary documents. What is more, your banking relations can be conducted by correspondence, using the telephone, Internet banking, bank transfer and credit cards. That said, we encourage our customers to meet with their banker at least once in order to get acquainted and see where their money is held.

4. Swiss bank accounts are very expensive to maintain
This is not true. Most of the accounts we open don't charge a cent in annual fees. Even if you would like additional services such as retained correspondence or numbered banking relations, the annual fees are very reasonable.

5. It is difficult to close a Swiss bank account
On the contrary. You can close your account in Switzerland whenever you wish and without any restriction. You will pay no financial penalty. If need be, you will just have to realize your investments. Contrary to many onshore banking practices, your money is not held hostage by Swiss banks.

6. Swiss bank accounts attract only criminals and dictators
Not true! The vast majority of Swiss bank account holders are honest people who want to keep their savings in a country renowned for its stability. Swiss banks are extremely cautious regarding politicians who wish to open an account and they systematically refuse to accept any money that is of dubious origin or poorly founded.

7. Numbered accounts are anonymous
There are no anonymous accounts in Switzerland. A numbered account is an account that is identified solely by a number, rather than a name, in order to preserve the strictest confidentiality possible during teller transactions or bank transfers. Only the bank manager and a few select people know the identity of numbered account holders.

THE WORLD BANK

Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Our mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present day mandate of worldwide poverty alleviation in conjunction with our affiliate, the International Development Association.

Once we had a homogeneous staff of engineers and financial analysts, based solely in Washington, DC. Today, we have a multidisciplinary and diverse staff that includes economists, public policy experts, sector experts and social scientists, and 30% of our staff is now based in country offices.

Reconstruction remains an important focus of our work, given the natural disasters and post conflict rehabilitation needs that affect developing and transition economies. We have, however, broadened our portfolio's focus to include social sector lending projects, poverty alleviation, debt relief and good governance. At today's World Bank, we have sharpened our focus on poverty reduction as the overarching goal of all our work.

For more on the World Bank's history, visit the Archives.

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