Bank accounts are indispensable for registration of a company and its further activities. Individuals and legal entities generally open bank accounts in order to organize non-cash operations and raise funds for business and private use. A bank account gives you the opportunity to carry out a number of operations: credit of funds to the account, debit of money from the account as well as reassignment of funds and interest calculation.
Bank accounts always represent all clients’ operations. Switzerland is among the most advantageous countries for opening a bank account. The choice of location is based on maximum confidentiality ensured for clients by Swiss banks.
Types of bank accounts
Nowadays banks can offer various kinds of bank accounts which are appropriate for certain purposes according to clients’ needs. Here are some of basic types:
- operating account:
- current account;
- savings account;
- loan account;
- foreign currency account;
- debit or credit card account.
You may also want to learn about other kinds of bank accounts. You may either find additional information in a bank branch or contact Goldblum and Partners who will be glad to help you with opening an account in any Swiss bank you might choose.
Use of the most popular bank account types
An operating account is usually opened in order to perform all transactions directly connected to operation of a company. This kind of account mostly serves the following operations:
- placing revenue received from business activities to an account;
- paying to employees (payroll transactions and other payments);
- transferring credits taken by an organization to its account;
- credit clearance (including interest payments and credit service fees);
- payments which are to be fulfilled by a company according to legal decisions;
- other payments transactions.
A checking account is necessary for any company to make cash withdrawal. Checking accounts are widely used by non-profit companies and institutions, as well as subdivisions of legal entities like representative establishments and branch offices.
Savings accounts are also called deposit ones. This kind of accounts is used for keeping idle cash assets. In order to open a deposit account one should sign a bank deposit agreement. A bank is obliged to return the amount of deposit and pay interest rate to depositor in a specified period of time. Interest rate is stipulated by the agreement.
There is a special bank account type that is called foreign currency account. You need this kind of account if you make settlements in foreign currency. Note that foreign currency is money that is recognized as legal tender in a certain foreign country.
There are also accounts named loan accounts. They represent credit allowance and subsequent reimbursement of credit.
A bank usually opens a card account to record client’s transactions made by using a bank card.
You can open a bank account yourself by applying in any department of an appropriate bank. However you can facilitate the procedure of account opening and save your time if you call for professional help of Goldblum and Partners. Our team members will assist you in making most reasonable choice between various banks and take on setting at rest all legal issues connected with account opening.