Interview with Ludwig Karl, press spokesperson for Swiss Gold Safe, about non-bank private safe deposit boxes.
Swiss Gold Safe offers private safe deposit boxes. How do these defer from the safe deposit boxes offered by banks?
Demand for storage which is independent of banks has grown significantly since the last financial crisis. Many consumers have lost faith in banks. We offer high security storage which remains accessible in times of crisis.
In the event of a bank failure, assets held in safe deposit boxes in banks remain your property, but you may not be able to access them. Your assets may remain inaccessible for long periods of time before the bankruptcy overseer grants you access to them.
Another benefit for our customers is that our safe storage facilities are located outside of urban centers. Bank safe deposit boxes are normally located in urban areas.
What type of consumer would benefit most from renting a private safe deposit box?
Private safe deposit boxes are best suited to consumers who hold physical assets such as precious metals or banknotes. Using a safe deposit box is an appropriate security measure even for those with a relatively small fortune. The risk of theft alone is reason enough to consider a professional storage service.
How does Swiss Gold Safe screen its customers?
We have high internal standards with regards to due diligence. We know all of our customers and have established their identity. We do not offer anonymous safe deposit boxes.
Full identification is required just to enter our high security storage facilities. Our reputation is our greatest asset.
Do you require declarations of deposit box contents from your customers?
We do not list items held in safe deposit boxes. The contents are known only to the customer.
Are your services available to individuals who reside outside of Switzerland?
Yes, individuals residing outside of Switzerland can rent a safe deposit box from us.
Which current trends would you consider relevant for you as a safe storage service provider?
We have established that demand has grown since the last financial crisis. People have become more uneasy. Developments like the seizure of assets in Cypriot bank accounts have had a strong impact and consumers are looking for ways to protect their assets.
You also offer full insurance: What does this insurance cover and how much does it cost?
We make it very easy to insure the contents of our safe deposit boxes. The customer simply states how much insurance coverage they need. We then take out an insurance policy for their safe deposit box with the specified sum insured. The customer does not need to declare the contents of their safe deposit box. Insurance premiums are clearly listed on our website – as are safe deposit box rental fees. Banks, on the other hand, normally either do not provide insurance for safe deposit boxes or only offer low-coverage insurance.
Cryptocurrencies like bitcoin and ether are all the rage. Are the days of safe storage for precious metals and banknotes numbered? How are you responding to this trend?
Quite to the contrary. Safe physical storage plays a decisive role in cryptocurrencies as well. We are currently witnessing the new phenomenons of cold storage and deep cold storage. The private keys which are necessary to complete cryptocurrency transactions are printed on paper or stored digitally on DVDs, UBS storage devices or other digital media. These are then placed in safe storage. This insures that cryptocurrency cannot be stolen from a computer during hacking attempts. We have recently begun accepting bitcoin and ether as payment for safe storage services.
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