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The banking network is highly developed, and Swiss banks are among the world’s leaders in specialized fields such as private banking and asset management. Switzerland is one of the world’s foremost banking and financial centers, with 232 banks as of 2020 according to the Swiss National Bank. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide. If debt collection cannot be settled amicably, the matter may be brought before the Debt Collection Office (Betreibungsamt) of the appropriate canton, which will initiate legal action.įor information on routine monetary transactions and accepted credit cards, please refer to the “currency” section of the Business Travel chapter. Domestic agencies or international agencies that regularly operate in Switzerland possess thorough knowledge of customary practice and applicable laws and remain unaffected by language barriers. Should an entity fail to pay its debts, however, debt collection agencies can help with contacting a debtor and providing advice throughout the collection process. Swiss companies behave reliably when it comes to payment, and usually pay in advance or within 30 days. Best Rating Services Inc., DBRS, fedafin AG, Fitch Ratings, Moody’s Investors Service, Scope Ratings, and Standard & Poor’s Ratings Services.
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The following credit-rating agencies have been recognized by the Swiss Financial Market Supervisory Authority (FINMA): A.M.
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When conducting business with Swiss banks, the most common trade finance instruments offered will be letters of credit (sometimes referred to as documentary credit), documentary collections, and bank guarantees. For B2C transactions, payments through postal pay-in slips, online banking, and various mobile applications are also widely used. companies are available, including open account, letter of credit, cash in advance, documentary collection, and factoring. Switzerland has a sophisticated system of banking and finance, in which most methods of payments familiar to U.S. Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?.