A safe deposit box for cash
Store banknotes securely and discreetly in Switzerland or Liechtenstein
Alongside tangible assets like precious metals and jewellery, cash is also used for asset security. However, secure storage is essential because banknotes are acceptable almost anywhere, and can be used by anyone. Home safes and bank safe deposits are convenient and accessible. But if discretion, independence from banks, and guaranteed property rights are important to you, then you should explore alternative storage solutions. A private safe deposit box for cash in Switzerland or Liechtenstein then becomes an attractive option.
High-net-worth individuals in particular like to put cash aside so they can access it during economically challenging times. And likewise, the advent of high inflation can trigger cash deposits in currencies where the inflation rate is much lower. Numerous bank failures in the recent past have also helped to erode trust in central capital management. These are all logical reasons for accumulating cash independently, but the days of stockpiling money under your mattress are long gone. In fact, such methods have always been a questionable solution in view of the security risks involved. Meanwhile, home safes have taken on this role and at least help to deter or prevent opportunist theft. However, only professional safe deposit boxes held within a secure vault system can offer any real protection. Nevertheless, the various criteria you should consider before choosing a safe deposit box will always depend on your requirements and personal priorities.
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Large cash sums in a home safe are not insured
Many house and apartment owners are thinking about installing a home safe within their own four walls. This is perfectly understandable, because a wall- or furniture- safe is indeed a convenient way to store savings or valuable assets. But whether a home safe is actually suitable for this purpose will depends on its resistance to burglary attempts and on the nature of its contents. In addition, most home safes will only have small compartments which can fill up all too quickly.
Most home contents insurance will provide some cover for the theft of safe contents. But before this benefit applies, any wall or furniture safe must first meet the insurer’s specifications and strict security terms. In addition, an insurance policy will generally specify an upper limit for cash contents, though this particular sum insured may vary between different insurance companies. So if the amount stolen from a safe exceeds this limit, the homeowner will immediately be at a disadvantage.
How discreet is a bank safe deposit box?
Insurance coverage is just as relevant for bank safe deposit boxes. Where insurance cover can be included, banks will also have their own upper limits. Your home contents insurance may also be extended to cover theft in a bank vault or strongroom up to a specified sum insured determined before your policy cover takes effect.
These days, it is important to understand that renting a bank safe deposit box is no longer a private matter. To create this facility, any customer will need to open a bank account for collection of the rental fees. Almost everywhere in Europe, banks are then required to enter customer data, including your safe deposit box number, into a central register which can be remotely accessed by the authorities. This is a European Union (EU) measure designed to curb money laundering. But since Switzerland is not a member of the EU or the European Economic Area (EEA), it remains exempt from this obligation. This EU measure also applies to Liechtenstein because, even though it is not an EU member, the country has joined the EEA trade agreement.
High-net-worth individuals should also note that a safe deposit box could be inaccessible for a very long time (sometimes up to several years) in the event of a bank failure and throughout the associated liquidation procedures. A bank insolvency may therefore prove to be significant disadvantage in more ways than one. The good news for prospective customers is that there are practical alternatives to a bank safe deposit box.
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Advantages of a private cash safe deposit box
High-net-worth individuals who wish to store their savings securely and with maximum discretion can choose a cash safe deposit box outside the banking system. These high-security facilities run by private storage companies are ideal for storing all kinds of assets, including banknotes. For example, Swiss Gold Safe is a specialist provider that can offer bank-independent safe deposit boxes in Switzerland for both domestic and international clients. An alternative to Switzerland is a bank-independent safe deposit box in the Principality of Liechtenstein, where clients can also open a safe deposit box with no need to open any associated bank account. This is made possible by offering a choice of alternative payment methods such as cash, cryptocurrency or bank transfer.
Unlike every bank, as a private provider, Swiss Gold Safe is not subject to any financial reporting obligations, and can thus guarantee maximum discretion for its safe deposit box facilities. Furthermore, in both Switzerland and Liechtenstein, the protection of privacy and personal property is a fundamental right deeply rooted in the history of these two independent states. This inclusive privilege is extended to both citizens and international visitors alike.
Last but not least, the political and economic stability of both Switzerland and Liechtenstein means they are renowned safe havens for the protection of material assets. With its highly secure safe deposit box systems accompanied by a wide range of services, Swiss Gold Safe can guarantee to meet the individual needs of the most demanding clientele.
Store Swiss francs in a bank-independent safe deposit box
A safe deposit box for cash is suitable for storing all types of currencies. Nevertheless, in addition to its high stability, the Swiss franc has other advantages over different national currencies. This particularly so as regards the choice of denominations available, a crucial element with implications for the space required inside any safe deposit box: Currently, the 200 euro note is the largest banknote printed in the euro area, US dollar notes are only produced in denominations of up to 100 dollars, while British pounds sterling are available in denominations of up to 100 GBP.
The Swiss franc has a clear advantage here. Banknotes of 100 and 200 CHF, and especially 1,000-franc notes, are particularly suitable for asset protection purposes. The Swiss one thousand franc note is the most valuable banknote in the world, so a bundle of these notes will take up very little space inside a safe deposit box. Even a sum of one million Swiss francs will weigh just 1,000 grams with a bundle height of only 10 centimetres. Learn more about the advantages of using Swiss francs to protect against inflation.
Safe deposit box insurance for cash deposits
Swiss Gold Safe provide safe deposit boxes which employ state-of-the-art high security measures as standard. Nevertheless, certain unforeseen events such as earthquakes, natural disasters, fire or other elemental forces may yet challenge even these robust precautions. Thus a safe deposit box insurance is always automatically included in the service package for private safe deposit boxes.
The basic insurance has a sum insured of 25,000 Swiss francs and already covers the most important risks. If a customer wishes to deposit larger amounts of cash in a safe deposit box, this coverage can be extended to include a comprehensive insurance based on the value of the deposit and charged at 0.3% on the amount of cash stored per annum. And to maintain the highest standards of discretion for the provision of safe deposit box insurance, the insurance contract is held in the name of Swiss Gold Safe.
Summary: Safe deposit boxes for cash
- In addition to precious metals and jewellery, cash is now often used for asset security.
- Home safes only offer limited protection against theft, so a safe deposit box is generally recommended for cash storage.
- Because of the current financial reporting obligations designed to prevent money laundering, bank safe deposit boxes can no longer guarantee the discretion customers may prefer.
- In the event of a bank failure, bankruptcy proceedings may deny access to a safe deposit box for a long time.
- Nevertheless, a privately managed safe deposit box for cash in Switzerland or Liechtenstein remains independent of banking systems and is not subject to any reporting obligations to government agencies.
- For international clients with cash savings, Swiss Gold Safe can offer a large selection of bank-independent safe deposit boxes outside the EU and guarantee maximum discretion.
- A safe deposit box rental includes basic insurance, which can be extended to full insurance cover based on the value of the contents.
- The high-denomination 1,000-CHF note gives the strong Swiss franc an advantage over other national currencies.
