14 Jan 2023
How would you feel about going to Switzerland from Pakistan for a better job opportunity? That, too, is when you are reeling from poverty along with your family and essentially have to go abroad to earn a decent living to support your family financially by a money transfer to Pakistan.
You cannot put a value on your excitement. And being driven by the sheer excitement about going to Switzerland, you are prone to ignore some of the basic requirements of becoming an expatriate.
With your focus sharply pointed at the passport, visa processing, and other important documentation, you usually cannot ascertain the importance and benefits of opening a bank account in your destination country.
The process of doing so has become easy because many online windows are open for account opening. But it is not about the ease of doing it or the benefits it offers. It is simply about not giving due consideration to something that deserves to be placed toward the top of your to-do list while preparing to travel abroad.
If you are confused about whether to have a bank account or not after moving to Switzerland from Pakistan, this guide can help you decide.
Switzerland is the world’s 18th largest economy with a nominal GDP of $900 billion and is famous worldwide for its exceptionally beautiful landscape and serene environment. The country is a big appeal to people from outside for relocation, jobs, education, etc.
Similarly, the people of Pakistan find Switzerland to be one of their most preferred expatriate destinations, offering them the following few benefits.
You will hardly hear about Switzerland participating in any regional or international conflict. It is a peaceful country with a sharp focus on the welfare of the people and their financial prosperity. As a result of this, the country’s work-life balance is one of the best worldwide. Both the natives and expatriates, including Pakistani, enjoy an excellent work-life balance.
In Switzerland's robust economy, job-seekers hardly get disappointed in getting jobs. Most Pakistani expatriates get better employment opportunities than they think they will get after they arrive in the country. After settling in Switzerland, most Pakistanis send money to Pakistan to support households back home.
Education in Switzerland is one of the best worldwide. Since good quality education in Pakistan is in short supply, seeking education in Swiss institutions is worthwhile and ensures a financially secure future, given the global recognition of its degrees.
It is not about opening a bank account in Switzerland only. Having a bank account is extremely important in all developed countries as financial matters are almost completely digitised. Therefore, with a bank account, processing salaries, paying bills, covering all your living expenses, etc., become easy and smooth, provided you have the right documentation.
Every bank has varying requirements for documents to open a bank account. A slight change in this requirement can also be caused by whether you are a native or non-native. But the following documents, however, are what are known as the basic requirements. These include:
One of the challenges in the process is to get your documents verified. Of course, you cannot submit your original documents, nor are these required, except the verified copies. You will have to get a lawyer who will provide a certificate known as the Apostille Stamp for verification.
Some of the Swiss banks use video calls for an identity check.
Having a bank account in Switzerland can benefit you manifold with a low-level financial risk and high-level privacy. You can receive salaries, make bill payments and save through your bank account. You can also send money to Pakistan online using internet banking, albeit several Pakistanis trust ACE Money Transfer owing to its credible, matchless, and secure services.
In this tech-driven era, wanting to open an online bank account in another country is not asking for too much. It is well within your reach and, depending on the bank, can be simple and easy.
As for Swiss banks, opening a bank account online is a fairly simple process. Several banks in Switzerland have translated their websites into English to make you understand the requirement to open an account there.
The purpose of translating is to cater to the needs of non-natives so that they can learn about the requirements and necessary documentation.
Remember that, as mentioned before, be it an online bank account or one in person, documentation requirements differ substantially except the basic ones stated above.
Given the wide range of services to choose from for cross-border money transfers, a bank account is not necessarily required to transfer money but for routine financial matters discussed briefly above, the importance of having a bank account cannot be overemphasised, for which considering the following is a must.
Suppose you transfer money to Pakistan with ACE Money Transfer. In that case, you will get live currency exchange rates, safety, and the unbelievable speed of receiving funds in just 7 seconds in Pakistan from Switzerland, and much more in exchange for a low fee. So, don’t hesitate to make an online money transfer to Pakistan via ACE’s services and benefit from the lowest transfer fee, the highest exchange rates, and the most secure transactions.