Find a safe deposit box for unbanked customers
The advantages of bank-independent asset storage
The safest way to store precious metals, jewelry, watches or cash is in a safe deposit box. Bank safe deposits are suitable for this because they offer better theft protection than a home safe and are usually available locally. However, in reality, these facilities are scarce and often restricted to existing customers. Safe deposit boxes for non-banking clients are thus in demand for the storage of valuables.
For many banks, safe deposit box rentals no longer forms part of their core business, often being very much a legacy of the past. And, unfortunately, their protection standards often date from a similar period. As many media reports confirm, this can often mean their specifications no longer meet current theft-protection requirements. As a result, many vaults, or even entire branches, may be forced to close and or withdraw their safe deposit box facilities. And though it is a thankfully rare occurrence, bank customers may also have to deal with safe deposit box issues if a bank should become insolvent.
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A safe deposit box facility is thus both difficult to secure for unbanked customers, and often triggers higher fees than those charged to regular customers. In most cases, the first requirement is to open a bank account with the appropriate financial institution. Of course, this also means recording and storing personal address data and will include a note of the safe deposit box number, which banks are now legally obliged to make available. Government authorities can access this data for any financial account via CRS (common reporting standard) protocols – a common practice worldwide. This is a measure designed to prevent money laundering and inhibit the financing of terrorism. Similar safe deposit box account initiatives apply in Germany and many other EU countries.
Alternative options for bank-independent safe deposit box storage facilities
However, it is still possible to rent a safe deposit box with no bank involved. For instance, anyone who has invested in precious metals can store their coins or bars direct using the dealer’s own safe. This would enable investors to save the cost of specialist security transport to their chosen storage facility. However, in such circumstances the precious metal dealer will usually have a minimum purchase limit and/or include a stipulation that the storage facility on offer will only apply to investment products purchased in-house. Furthermore, rental fees are usually payable via direct debit from a bank account. Many dealers also act as financial intermediaries on behalf of their customers, which means they might then be subject to compulsory reporting obligations – just like the banks. For all these reasons, using safe deposit box facilities provided by precious metal dealers can leave the customer at a considerable disadvantage.
Private storage providers in Switzerland or the Principality of Liechtenstein offer a very practical alternative to a bank safe deposit box or a precious metal dealer’s safe facility. This is an attractive option for unbanked customers who value safe deposit facilities guaranteeing privacy and security. Unlike banks or dealers, these companies specialise in asset storage, which represents their core business. That’s why such genuine safe deposit box specialists can provide state-of-the-art security supported by detailed emergency plans. Taking Swiss Gold Safe as an example, their facility in Altdorf / Switzerland also includes an advanced air conditioning and ventilation system, which makes their private safe deposit boxes an optimal choice for the long-term storage of luxury watches and similar temperature-sensitive assets.
Operating a safe deposit box without an associated bank account
Another special feature of such arrangements is they are totally independent of banks and dealer restrictions. Investors who opt to store their precious metals in a Swiss Gold Safe bank-independent safe deposit box can purchase gold bars or gold coins from any dealer of their choice. No bank account is required to set up a safe deposit box facility with Swiss Gold Safe in Switzerland or Liechtenstein. And in addition, the annual rental fee can be paid using a choice of different payment methods – in cash, for example, or using cryptocurrency. Furthermore, because Swiss Gold Safe is a private storage provider not offering financial services, there is no requirement for any reporting obligations, which means all client storage can be implemented with maximum anonymity and discretion.
For non-banking clients, this means they can store their assets securely without details concerning their use of a safe deposit box facility being automatically passed on to government agencies. In addition, the nature of the stored contents will be known only to the safe deposit user, which means no declaration of contents is required. Furthermore, client property is never included in the company’s balance sheet, which means it would remain unaffected by any possible bankruptcy procedures.
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Advantages of bank-independent safe deposit boxes
Private safe deposit boxes at specialist storage companies offer even more advantages over traditional bank safe deposit facilities. Swiss Gold Safe only uses buildings located well away from large cities and busy urban areas. In addition, the facades of these high-security vaults do not betray the fact that they are storage facilities. Each one features a neutral design with no conspicuous company signage. The address of such buildings is never publicised, and thus known only to those registered clients who have rented a safe deposit box.
International customers have a choice: They can use a bank-independent safe deposit box in Switzerland, or, alternatively, they can opt to use a bank-independent safe deposit box in Liechtenstein. Safe deposits are available in different sizes to enable clients to adapt a safe deposit facility to meet their own particular needs. Service contracts also include safe deposit insurance cover appropriate for the contents. This is arranged and managed centrally, so the insurers do not require a client’s personal details. While every contract includes standard insurance cover, this can always be extended to offer comprehensive cover when required.
Last but not least, Switzerland and Liechtenstein are two independent nations with a global reputation for economic and political stability. In each case this is further underpinned by the Swiss franc, internationally recognised as a strong currency, which is used in both countries. Each state also has a long-established tradition which shows great respect for the preservation of individual property rights.
Safe deposit boxes for non-bank customers – a summary
- Bank safe deposit boxes are no longer easy to acquire. This is due to branch closures or to the withdrawal of safe deposit box rentals. Modernising facilities to current security standards is often just too costly for banks.
- It is not uncommon for a bank safe deposit box facility to be closed down. So many investors are looking to rent a safe deposit box without a bank to securely store precious metals, cash and jewelry.
- Private storage providers can offer safe deposit facilities in Switzerland or Liechtenstein for unbanked customers.
- These two independent states provide the highest levels of economic stability and protection of property, making them ideal for the long-term, secure storage of all kinds of assets and valuables.
- Swiss Gold Safe's bank-independent safe deposit boxes are housed in modern, high-security facilities. Located far away from large cities and urban areas, their external appearance disguises the fact that they are storage facilities.
- Safe deposit boxes are primarily used by private investors and institutional customers from Europe and across the world.