How do people transfer money to their Swiss bank account? and Bank of Cyprus' former Toronto Representative Office

How do people transfer money to their Swiss bank account?

I hear lot's of rich people or businessmen hold their money in Swiss (offshore) bank accounts. But no one ever mentions how do these people get their money to those bank accounts in the first place.

Obviously they don't travel there with $ 100,000 in their pockets, and Credit cards seem unlikely. A bank wire also seems strange as that would beat the purpose of their offshore bank accounts (the logs would have everything on file).

Any ideas?


bank best answer:

Answer by person
they just wire the money throught the bank which has high military grade security and encriptions guarding it

bank

Bank of Cyprus' former Toronto Representative Office


Image by Canadian Pacific
Cyprus's banking collapse has been in the news lately, and indeed I've even posted a BBC news screenshot, which led to a lively discussion on the sorry state of Cyprus, Greece, Eurozone, EU and global banking regulation and monitoring, or the lack thereof.

While riding the subway (metro) home this afternoon, I suddenly remembered that I took photos of the two Cypriot banks' Toronto offices back in 2009 but never posted them.

Toronto has a large Greek community made up of immigrants who came to Canada after World War II. Bank of Cyprus and Popular Bank (Laiki Bank) maintained representative offices in Toronto's Greektown district for a number of years. By the time I took these photos in 2009, they had been shut already even though their signs hadn't been removed.

Following the collapse of the banking sector in Cyprus in March 2013, Popular Bank (Laiki Bank) has been shut down by the Cypriot government. Its insured deposits were transferred to the Bank of Cyprus, which remains in operations but only barely and on "life-support" provided by the EU rescue fund.

Individual deposit accounts with up to Eur 100,000 (about USD 8,500) held at the Cypriot banks are insured but access to the money will be restricted for an unknown period of time. The amount of deposit over Eur 100,000 is not insured and not guaranteed and now frozen. It's likely depositors will suffer 40% loss or more on the amount over Eur 100,000.

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