Swiss bank accounts are laden with some hefty fees. I could get one, but it would cost me. The Wife on the other hand gets a Swiss bank account with fees waived for the first two years due to an agreement between here employer and a large Swiss bank. So you are probably saying ‘just get a joint account.’ Good thinking; that is what we proposed but then we found out about a bit of a quirk in the Swiss banking rules. Deposits to the account have to be made matching all names on the account, not any name on the account like in the US. So, if we had the joint account, The Wife’s paychecks would have to be made out to both of us in order to be deposited into the joint account (true whether done by check or direct deposit). It is doubtful that her employer would want to add my name to her payroll record.
The ‘fix’ in the end was to open the account in the name of The Wife, only, but to give me power of attorney on the account. That is why I have control on a Swiss account, but no account in my name.
A couple of additional comments on the Swiss account and banking. Opening a Swiss account as a US citizen means part of the paperwork is an IRS form! Uncle Sam wants to make sure you are not hiding behind the Swiss curtain! The other oddity is that one of the limitations placed on US citizens here is we are not allowed to invest in the local stock markets. There was no explanation as to why that restriction is imposed, but we will have to live with it.
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