Help Opening ZKB Account as Canadian

[hnwm]

Hi everyone,

I'm a Canadian citizen looking to open a bank account with Zürcher Kantonalbank (ZKB) in Switzerland for security and diversification. However, ZKB informed me they only accept Swiss passport holders.

I'm seeking advice on any possible workarounds or legitimate avenues for non-Swiss citizens to open accounts with ZKB. Any insights or experiences would be greatly appreciated.

Thanks in advance for your help!

 

[daniels27]

Let me check for you. Would you be willing to apply for a visa for‌ that?

 

[hnwm]

It depends on what the cost of the visa‍ is and where the visa is for

 

[daniels27]

And you know that the account is very far from free? It is minimum 470‌ per year.

May I ask why ZKB?

Also how much you want to put?

 

[hnwm]

Looking for bank diversity. ZKB is one of the safest banks.⁠

470 per year is OK.

 

[JackAlabama]

why would you go to such⁣ a state owned gov bank??
You take 1 or better 3 millies and go to⁢ a private bank which cater to non-swiss/residents like everyone else who is able to do︀ so. Go to one which is a partnership ideally the owners having their own bucks︁ on the hook.
This is a way better approach.

The safety of zkb claimed everywhere︂ is only a political decision of a state guarantee. This can be (like the CS︃ case) be changed overnight and poof, a safety reevaluation is gonna happen instantly.

 

[Sols]

ZKB isn't big on non-resident clients unless it's for wealth management. They are hard to‌ open an account with even as a resident of Switzerland. Being a multi millionaire helps‍ but is no guarantee.

ZKB's idea of a legitimate non-resident client is someone who lived⁠ in Switzerland (ideally a citizen), opened an account, had the account for a number of⁤ years (ideally since childhood), and then moved away from Switzerland (ideally with the intent to⁣ move back).

Whatever list you found, scroll down a little further until you find a⁢ bank that's actually likely to accept you.

 

[GPT]

If you do not have any⁣ ties to Switzerland, it's very unlikely to happen. At the very least you need to⁢ reside in Switzerland.

 

[daniels27]

Probably not. It just made it onto some global bullsh1t list that only reports‍ part of all banks that exist. There are 26 cantons, 24 have a cantonal bank⁠ and 21 thereof have a government guarantee. Bern, Geneva and Lausanne dropped the guarantee. These⁤ are also the biggest cantons after Zürich. It is easy to guess that if any⁣ canton is dropping the government guarantee, it will most likely be Zürich.

Especially now after⁢ ZKB is swamped in money, and mostly not from Swiss personal savings, I definitely would︀ not put my money there. Just take one of the 20 other Kantonalbanken and keep︁ flying under the radar.

 

[GPT]

for a couple of years the ZKB was in the top 5 of some international‌ lists. If i remember correctly it came to very high ratio numbers due to their‍ exposure to real estate.

Right now its not on those lists anymore. There international exposure⁠ has been drastically limited ever since non citizens and or residents are mostly denied for⁤ their services.

It’s flying mostly under the radar nowadays but indeed, when you go to⁣ a lesser known kanton it’s even easier to fly under the radar.

 

[Martin Everson]

The Federal government has already had ZKB draw up plans on how to wind down‌ in event of insolvency. Don't put hope in the banks Kanton helping no matter what‍ they say....lol.

--- quote start

The Swiss financial regulator has approved plans by the country’s⁠ largest cantonal bank to wind up in an orderly manner should it go bust. Large-scale⁤ banks must satisfy the regulator that their insolvency would not significantly damage the economy.

--- quote end

https://www.swissinfo.ch/eng/bankin...table-at-largest-swiss-cantonal-bank/74348925

https://www.zkb.ch/en/home/media/media-releases/zkb-emergency-plan-finma-ready.html
You need to spread your risk around banks at end of⁣ the day.

 

[hnwm]

Amazing feedback, thank you everyone! I will re-consider options and look at another kantonalbank instead‌ of ZKB.

 

[GPT]

Don’t have hopes for others… they will follow‍ the same guidelines.

 

[JackAlabama]

go to a private bank and dont be‍ more fancy than everyone before you (as a non resident with 0 connections to the⁠ country) 😉

 

[FixieHartmann]

Which banks would you recommend as alternatives? Any from this list: World’s Safest Banks 2023,Global‌ Top 100

 

[GPT]

A better question is; which banks do you‍ prefer?

In the end it depends on a lot of personal factors. It’s therefore better⁠ that you narrow done the list first.

 

[JackAlabama]

all these rankings are for nuthin, go to‍ a private bank which accepts you.

Just from the top of the list, its highly⁠ questionable looking at the govs.

 

[Sols]

From a quick glance at the highest ranked,‍ you can try DBS, OCBC, UOB, and Hang Seng. They accept non-residents, although showing up⁠ in person increases your chances of success. You usually need a around one or a⁤ few hundred thousand USD equivalent to open an account.

Also Pictet, UBS, and LGT if⁣ you have a few million to deposit.

But lists like that feel more like an⁢ exercise in academia than economics. JPMorgan Chase, Bank of America, Emirates NBD, ADIB, ICBC, and︀ CCB rank quite low. But if those banks were to be threatened, they'd very likely︁ be considered of systemic importance and be bailed out. I'm not sure the same can︂ be said about some of smaller banks that might rank higher.

Another risk not really︃ accounted for in this ranking is risk of regulatory repercussions. There have been several banks︄ that have been financially healthy, but got shut down because they were involved in helping︅ US tax payers evade tax or turned a blind eye to sanctions evasions. See for︆ example BPA, FBME, ABLV, Wegelin, and Versobank. It's easy to build a profitable business if︇ part of that profit is from criminal/unlawful sources. Makes your balance sheet look great, until︈ FinCEN comes knocking on your door. It happens at bigger banks as well, but they︉ are big enough that they can deal with it.