There are usually two types of Swiss banking services i.e. private and retail. Both of these banking systems are somewhat different from one another. Private banking is mostly reserved for the extremely wealthy individuals. These accounts can only be opened with the large investments. While as, retail banking is somewhat similar to the general banking system. However, some banks are now offering investment services with retail banking as well.We are now going to describe these banking services and their comparison in details.
There are many features of private banking. Some of these features we are now going to describe here.
1. Overview of Private Banking
The services of private banking are usually favorable for the private individuals. Private banking operates with the investment of large assets. Level of private banking services is much more personal for the individual customers, therefore it is known with the name “private”.
2. Assets Required For Private Banking
There is usually more than $1 million investment required for private banking services. However, deposits up to $50000 are now also considered to operate the services of private banking.
3. Services of Private Banking
There are many services offering in the private banking. Private counseling with tax concerns, management of wealth including investment and estate planning are the most promising services of private banking.
Most of the private banks need a referral or special invitation by existing customers.
There are many features of retail banking also. These features, we are now going to describe here in detail.
1. Overview of Retail Banking
Retail banking is usually related with general banking system. This belongs to the traditional mass market banking system. However, personal level of retail banking services is somewhat less than private banking.
2. Assets Required For Retail Banking
As the name “retail” shows that this is including in a general banking services. Therefore, retail banking services can be operated with ordinary amounts. Large assets are not required like private banking.
3. Services of Retail Banking
In retail banking many services are offered. Retail banking usually offers the traditional banking services like savings, mortgages, checking, and personal loans etc. Most of the banks also offer the investments services in retail banking. Customers are usually operated their accounts in the local branches of the commercial banks.
by Gemma Maddock