# Keytrade - Switzerland - opening an account



## Jiblet-run (13 Jul 2011)

Folks,

I'm in the process of opening an account with Keytrade Switzerland.
I've filled out everything so far and have come to the "DECLARATION OF IDENTITY OF THE BENEFICIAL OWNER" section.

I'm unsure to what I should put in here?
Should it be my own name and address? Plus my account bank account number in the "Account/securities account number :" section?
The form states that I am required to fill this in....

Anyone manage to open an account with them? Perhaps you could let me know what I should be entering?

Also as for documentation to be sent - certified passport copy and utility bill okay?

One other question - did folk open an euro account or CHF account?

Cheers,
JR


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## Jim2007 (14 Jul 2011)

Jiblet-run said:


> Folks,
> 
> I'm in the process of opening an account with Keytrade Switzerland.
> I've filled out everything so far and have come to the "DECLARATION OF IDENTITY OF THE BENEFICIAL OWNER" section.
> ...



OK, I had a quick look at this - leave it blank as the bank will file it in if they decide open the account.  All you need to do is sign it.

Section 3 is very important because it will be the only way to get money out of the account!!!  You will be able to transfer money out of the keytrade account back to the account you enter in this section and that is about it!!!  So make sure the details you supply are correct.



Jiblet-run said:


> as for documentation to be sent - certified passport copy and utility bill okay?


As you are outside Switzerland, you will have to get the documents signed by a Public Notary.  You could try the Swiss embassy, they might be able to do it for you.

Having said all of that you should realise that this broker mainly targets Swiss customers and foreigners hold special Swiss work permits who live in France and Germany, so don't be at all surprised if they reject your application.  If you have not already done so I'd check with them to see if they will accept your application before you go to the hassle and expense of have the documents done.

Jim.


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## Jiblet-run (15 Jul 2011)

Thanks for the reply Jim2007
I'll leave it blank then.

Cool I'll make sure section 3 is completed.

I'm going to get a copy of my passport certified by a Garda. This is what I have done for Belgium and Luxembourg Keytrade accounts - and both were opened successfully. 
If they doesn't suit them well I won't be too disappointed.
Just trying to open several European bank accounts and then decide where I think the safest place is for my money.

Although strangely when I applied for the Belgium keytrade account - they rejected my application with no reason. So I applied again - exact same details - and it was opened 2nd time around!


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## dec1892 (15 Jul 2011)

A few questions:

1. to get the passport certified, is it just a case of photocopying the passport yourself and bringing to it somewhere to get signed by a Public Nortary? So there is no template as such for the passport to be put on?

2. the application doesnt specify what currency the account being opened is?? Is it a EUR account or a CHF account?

Cheers


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## riddles (15 Jul 2011)

*exchange rate*

I opened an account but delayed transferring the money - the slide of the euro -  I figure its too late -also the Swiss have a property bubble and potentially may devalue the CHF.

Have a look at the XE Currency charts.


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## Jiblet-run (15 Jul 2011)

@dec1982 - Re passport certified - Yes photocopy it and bring it to a Garda station (they say it has to be your local one) and bring your passport with you. Also a utility bill with your address to prove to the Garda that you're from the area (though I've never needed this) 
If you look under the Banking section tab from the main site - it mentions both euro and CHF - so I'm guessing these are the two currencies - correct me if I'm wrong.

@riddles - Do you not have the option to have a EURO account? Or did specially choose a CHF account?


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## Jim2007 (15 Jul 2011)

Jiblet-run said:


> I'm going to get a copy of my passport certified by a Garda. This is what I have done for Belgium and Luxembourg Keytrade accounts - and both were opened successfully.



A Garda is what they are looking for and in Switzerland they are very strict in following the rules, so you'll be reducing your chances right away of being accepted....

Jim.


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## Nermal (15 Jul 2011)

They accepted one certified by AIB for me...


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## Jim2007 (15 Jul 2011)

riddles said:


> I figure its too late -also the Swiss have a property bubble and potentially may devalue the CHF.



While it is true that house prices have gone up about 50% over the last 10 years, the reality is that home ownership is not a high priority with the Swiss, only about 35% own their own home.  Also these price jumps have been restricted to a few city areas like Geneva and Zurich and are mainly accounted for by the strict planning laws which has kept home construction at very low levels.  So most people don't even know it is going on since they don't own a house nor have they any desire to do so. Also, when it comes to lending, you are required to pay 25%-30% of the price in cash and can usually only borrow about 1.2 to 1.5 times your annual salary, so nobody is going to go to crazy on that! 

The reason the Franc is so high is very simple, it's a considered a safe haven currency in these kinds of market and just about everyone wants to own the Franc so it goes up.  Once things get back to normal it will go back down.  In the mean time we will have to live with it!  It is true that it has a bad impact on our exports and that the SNB has entered the market a few times to try and drive it down without success.  But a devaluation is not on the cards as we would loose too much credibility.

Jim.


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## OReilly (27 Jul 2011)

Planning on opening an account with Keytrade Switzerland. One question, about getting identity certified has anyone had success with this by getting a Garda to sign a passport copy or does one have to visit the Swiss embassy and get them to sign it? There seems to be mixed opinions about this.


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## Jim2007 (27 Jul 2011)

If memory serves me correctly, I think they state that the documents should be signed by a notary.  However I have found that the Swiss embassy in Dublin is often acceptable in this type of situation.  You could try other options, but there is no requirement on them to accept it - a document signed by a notary must be accepted.

Jim.


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