SwissQuote.ch may seem like a good bank on the surface, but be aware before applying for an account that they can discriminate against you for any reason without telling you the reason. The bank no longer opens accounts for Americans for example. This would be OK, except they will let you go all the way through the application process, which costs hundreds of dollars. Then they will pre-approve you and send you a nice little card, with your password on it. Then once you apply, they will deny you and send you this...
"Please be informed that we do not provide clients with any explanation regarding the non-opening of an account. The decision thereof is strictly confidential, and therefore cannot be communicated to clients. As Banking relations are subject to Swiss Private Law of Contracts, both parties can decide not to enter into a business relation for any reason. Therefore, if a client wishes to open an account, he can apply or contact any other Bank. We will give the instruction to send back to you the original corporate documents."
So I did some digging, and I got someone on the phone, to say it was because I was American, I have this recorded and I have the employee's name, but don't want to slam the employee. These applications take weeks, and hundreds of dollars, and furthermore, I went above and beyond what they asked for, and not only provided the corporate docs and my apostilled passport, but also several bank references and a 20 page detailed business plan. Also I currently have 8 bank accounts in several jurisdictions, so I'm not one to be denied for other purposes, like terrorism or something like that.
Trust me, I have an account at Barclays, so if I cannot get an account here, you cannot either, don't bother. Now we get to the real dark stuff at SwissQuote. After calling some people and venting my anger with this lack of respect for peoples time and money, and doing some twitting, I have personally spoke to one person who is sure he was denied for being a Muslim. Also I am yet to find a black person that was given an account, especially ones from Africa, but I have found lots that were denied.
Swiss law does not allow for this type of discrimination, but because the bank does not have to say why they are denying you for an account, we cannot prove that they are openly discriminating. To put it in prospective, if you walk into a store with no shirt, and they deny you service, fine. But if you walk in to the store dressed fine, and they deny you service, you are going to want to know, in the least, why?
Now let's say you made a reservation at a fancy restaurant, and they asked for proof of nationality notarized and several other documents to make that reservation. They pre-approved you and you drove 2 hours to the restaurant. When you arrived, they denied you service, and said we have the right to deny service to anyone, without telling them why. You would be pretty upset, but then let's say one of the waiters on the way out told you it was because you were American. Why did they allow you to make the reservation to begin with? Now you can see how absurd this bank's policy is. It's borderline scam!
Apparently this bank claims to be a tax haven, ¨Swiss bank¨ but I can confirm that an account at the IRS itself would be more secret. Look what happened to UBS. Also their trading platform sucks! I have a friend who opened an account, for a few weeks, but then closed it because it took ages to withdraw money, and invoices for every little transfer. Think twice before applying at Swissquote. Is Swissquote a real bank?