We’ve recently been on a whirlwind tour of Switzerland, meeting with a number of Swiss bankers, financial professionals, wealth managers and precious metal businesses. This reinforced our existing perception: despite the upheavals in terms of private banking confidentiality, Switzerland is still a good place to manage your money.

In our opinion the bankers in Switzerland are the most professional in the world. Switzerland may no longer be a place to hide your money (they don’t want that business any more) but it’s still a great place to manage your wealth in full compliance with your local laws. And despite what you hear about Europe’s financial problems, walking past the stores and banks on the Bahnhofstrasse you would never realize that much of the world is in the midst of a global depression.

It was therefore interesting to read in BFI’s Mountain Vision newsletter this week their comments on the future of the Swiss Franc. The Swiss franc has confirmed its safe haven currency status over the past year, gaining 14% against the Euro and about 10% against the US dollar. Swiss politicians, and exporters, have been whining about this… but ultimately, as Frank Suess says. “… in the long-term, a strong currency is good for a country; it´s the reflection of a strong economy. Countries with strong currencies are forced to be innovative, cost-efficient and offer high quality products and services.”

We agree wholeheartedly with this statement.

So… How to open a Swiss private bank account? For US citizens, this has become extremely difficult. If you’re not a US citizen, it’s easier than ever – you don’t even need to travel to Switzerland, since some banks are now opening accounts via video-conferencing (see the 2011 Practical Offshore Banking Guide for further information)

You can, however, still benefit from Switzerland’s safe haven status in a number of ways even without opening a Swiss bank account. One way is to buy and hold Swiss Francs (currency code CHF) through a financial institution outside Switzerland. US residents, for example, can open Swiss Franc bank accounts at Everbank. Everbank also offer many other flavors of foreign currency bank account as well as non FDIC insured gold or precious metals accounts (gold and silver)

Of course, Everbank is still a US bank. One of your reasons for seeking to protect your assets internationally may well be that you don’t trust the US banking system. You would be right. Even Alan Greenspan is now talking about how ‘some mechanism has got to be in place that restricts the amount of money which is produced’ in this video.

In this case, why not consider buying gold in Switzerland? In our members area you will find some very specific and disconcerting information on what we call ‘digital gold’ – for example the GLD exchange traded fund. Basically, it’s a fraud. If you want to keep your wealth in hard money, completely outside the financial system, we will give you the right contacts and recommendations to get this done. Switzerland is the ideal place to do it. And, since this is not a financial account, it’s accessible to everybody – including Americans – and there is no reporting obligation.

Q Bytes, our free newsletter, will be back tomorrow with an update on our recent trip to South America, taking in Uruguay, Paraguay and Panama. If you are not yet on the list to receive it, sign up here for Q Bytes. Remember, it’s free and without obligation.

When it comes to protecting your assets and wealth against devaluation, we’ve been saying for a long time that no major fiat currency is safe. The only long term solution is gold bullion.

Just about ten days ago I wrote in What They Don’t Want You to Know About the Euro Crisis that the real crisis is with the US dollar. Things, I wrote, don’t get hyped this much by accident. The powers that be are keen for the dollar, the euro, and the yen to go down in unison. I suggest you read that article first if you haven’t already.

As I expected, the Euro bounced back slightly once the furor over ‘PIGS’ had passed, rather than collapsing further as some expected. In purchasing power parity the dollar and the euro are about one to one: my general rule is that something that costs a dollar in the Americas costs a Euro in Europe. So there is no doubt the Euro is overvalued in that sense. But the dollar is equally overvalued.

What’s interesting now, is that – exactly on cue – the media are hyping down the Yen. Now, according to the BBC, Japan’s new Prime Minister has announced that the country is at risk of collapse.

What can we learn from all this from an asset protection standpoint?

We’ve never recommended forex speculation. Most people I know who try their hand at forex trading lose money. By forex trading I mean highly geared speculation on ‘pips’ that move by the second.

On the other hand, having easy access to foreign currency exposure is not only less risky, but is completely prudent. A multi-currency bank account allows you to do this.

For those not familiar with multi currency accounts, this is basically one bank account, with one bank account number, in which you can hold many currencies. When you log in via your internet banking to check your balance, you will see not just one balance, but several: you might have for example a US dollar balance, a euro balance, a yen balance and a Singapore dollar balance.

By default, incoming wires or cheques you deposit are retained in their original currency. If you want to change currencies, a few click of the mouse are all that is needed.

Where can you open a multi currency bank account? This is not so easy. In some countries, notably the USA, it’s hard to open a foreign currency account in the first place. They are simply not set up for customers who don’t want to be in dollars.

One notable exception in the US is EverBank. I have previously written a review of EverBank – basically these guys are good at what they do, but our focus here at Q Wealth is specifically offshore investing. As EverBank tend not to accept as account holders international clients who do not have US social security numbers, nor foreign corporations, they are not really on our radar. We also think to achieve international diversification, an account at a foreign bank is better. I just mention them here because some US readers may be interested, especially if the amounts are smaller and they don’t want the hassles involved with Foreign Bank Account Reporting.

In other countries, like UK and Australia, it’s quite easy to open a foreign currency account, but each currency requires a separate account. Sure you can place buy and sell orders but there are fees, minimum balances to consider etc. In other words, you don’t have the simplicity and freedom of one account that can hold numerous currencies.

The same problem exists in offshore and private banking centers like Panama. In Panamanian banks, if you want to switch from say Euros to Yen, you have to give 72 hours notice! And the range of currencies is typically limited to 4 or 5.

That said, we deal with offshore banks in the best offshore banking jurisdictions in Europe, as well as Singapore, that offer much more attractive multi-currency account facilities. Switching currencies is instant, there are no requirements for minimum balance, and best of all you can access a range of more than thirty (30) currencies within one account, from the dollar and euro through to the yuan and the real.

If you are interested in opening such an account, remember that Q Wealth readers are entitled to a free referral to one of our recommended best private banks. Full details, including the application form for this service, are included in our Best Offshore Banking Guide.