Top 7 Banks in Switzerland for Foreigners
Switzerland is famous for its banks and as a result, there are many to choose from as an expat, investor, or worker in Switzerland. Foreigners will find a host of large international banks and smaller, regional banks to choose from that offer different services and functions.
Choosing the right bank will depend on whether you’re looking for a personal account or require more services like business banking, asset management, or investment advice. Fortunately, the Swiss banking industry has a host of options that will cater to your requirements.
Swiss Banks: An Overview
Switzerland is world-renowned for its strong banking sector which plays a vital role in its economy. Many Swiss banks are investment banks that focus primarily on wealth management for global investors. Many other banks offer everyday financial services for individuals and businesses.
Swiss banks and other financial services contributed around 9.4% to the Swiss economy in 2022. There are currently 242 banks in Switzerland, with 143 banks dedicated to private banking. Of these, there are four major high street banks and 24 cantonal banks. In addition, there are many other investment banks, regional banks, and international banks. FinTech is also on the rise in Switzerland.
Currency in Switzerland
Unlike most countries in Europe, Switzerland has its own currency: the Swiss franc (CHF). Because of its central European location and close links with the EU, some traders will also accept euros.
ATMs in Switzerland
There is no shortage of ATMs in Switzerland. You’ll find ATMs both at bank branches and at other locations in big cities and small towns. ATMs typically dispense CHF, but many will also offer euros. However, you might not get the best exchange rate if you take euros straight from an ATM.
Most machines will accept Visa and Mastercard and others will also accept American Express. You’ll almost certainly be charged a fee for using a foreign card at a Swiss ATM. Therefore, it’s best to open a bank account with a Swiss bank if you’re staying long-term.
Opening a Swiss Bank Account as a Non-Resident
Many Swiss banks require their clients to be Swiss citizens or permanent residents to approve their applications. However, Switzerland borders five countries and cross-border commuting is commonplace. Commuters who work in Switzerland will find that many banks will let them open an account.
Foreigners have three main options when opening an account in Switzerland:
- Traditional Swiss banks: You’ll need to prove Swiss residence unless you can show significant investments in the country or work in Switzerland. This option is best for people who need comprehensive banking services.
- Swiss neobanks: This is an option open to people living in a country neighbouring Switzerland. The advantages are low-cost digital banking services.
- Multi-currency accounts: If you’re paid in CHF, you can hold them as an online balance and also hold, send, and receive other currencies. This works for foreigners who want to control everything from one account instead of opening several bank accounts in different countries.
These three options are very different and offer distinct sets of services at different price points.
How to Open a Swiss Bank Account
You can open a Swiss bank account in person with all the relevant documents in hand or apply online (in some cases) and fulfil the bank’s requirements for proving your identity using digital, physical (by mail), or alternative in-person methods. Refer to each bank’s website for the specific process and documentation requirements.
Best Traditional Banks for Foreigners in Switzerland
The following Swiss banks offer services for clients with a range of different banking needs. If you’re opening a personal account or wish to start a business in Switzerland, you will find an option with the services you require.
1. Raiffeisen Switzerland
Raiffeisen is one of Switzerland’s biggest banks with around 3.6 million clients and 788 locations across the country. Raiffeisen offers a wide range of products and services to make life in Switzerland easier for newcomers. Customers can take advantage of any of the following services:
- Everyday and savings accounts
- Online banking
- Memberships
- Insurance
Raiffeisen also provides advice for clients on pensions, investments, insurance solutions, and home ownership. Opening a private account is free, but annual fees will set you back around CHF 60.
2. Banque Cantonale de Genève (BCGE)
BCGE is the main cantonal bank of Geneva and has 21 branches in the region. It assists individuals as well as companies and institutions. The BCGE is a solid option for everyday banking as well as mortgage financing, financial management, and business loans.
Opening a personal bank account is free, but clients will pay a 36 CHF maintenance fee. BCGE’s main services include:
- Everyday banking
- Savings
- Online banking
Setting up an account with BCGE is a great option for students studying in Switzerland. Their Youth Portal offers free accounts with free debit and credit cards for customers up to 25 years old. Customers also have access to the BCGE Twint app, which is one of the main payment methods in Switzerland.
3. Credit Suisse Group AG
Credit Suisse is one of the best-known Swiss banks, with branches in around 50 countries worldwide. The bank serves individuals, corporations, and institutions, and deals with banking, mortgages, savings, and investments.
Many foreigners go with Credit Suisse as it’s a large, international bank with an established international reputation. It could be the best choice for many expats due to its flexibility. Credit Suisse offers various account options at different price points.
Customers may be offered debit cards, credit cards, savings accounts, private accounts, and insurance options depending on the account they choose.
Opening any personal account is free of charge and maintenance costs range from CHF 7.50 to CHF 40 per month.
Business Banking in Switzerland
If you intend to start a business in Switzerland, you will need to open a business bank account with a traditional bank as well as a separate merchant account for processing payments.
An international merchant account provider can help you open a merchant account and give you access to a global payment gateway. This allows your business to accept payments via many different payment methods and in a wide range of currencies, which is essential in Switzerland given its geographical location and close relations with its neighbours.
The Best Swiss Neobanks for Foreigners
Neobanks can offer a cheaper alternative to traditional banks for individuals if you don’t mind an entirely online option. Neobanks don’t require a large minimum deposit and are perfect both for Swiss residents and EU citizens in neighbouring countries.
4. Yuh
Yuh offers a Swiss franc IBAN account plus multi-currency functionality that allows you to hold balances in as many as 13 currencies. These include EUR, USD, and GBP. Yuh also provides a built-in trading platform for stock and crypto.
Yuh is an excellent option as it’s available in Switzerland and its neighbouring countries. This makes it especially convenient for EU citizens living in surrounding countries who earn their salary in CHF.
5. Neon
Neon is an entirely digital bank that offers a free account with low fees for residents in Switzerland. Neon operates via a mobile app and doesn’t have any physical branches. This keeps the fees minimal.
This a great account for standard operations like withdrawals, direct debits, and card payments. Deposit processing is also possible via a TWINT top-up purchased at Coop or with a QR-generated deposit slip at the post office.
Though foreigners can open a Neon bank account, you must be able to prove Swiss residence for approval.
Multi-Currency Accounts in CHF for Foreigners
If you’re interested in holding CHF but don’t live in Switzerland or one of its neighbouring countries, a multi-currency account could be the way forward. This gives you an option to manage CHF without spending an excessive amount of money on fees.
6. Revolut
Revolut gives customers the option of using CHF as an account currency. This allows you to make payments in Switzerland without additional fees. However, because it’s not functional in all European countries, it might be best used as a spending tool alongside your main bank account.
7. Wise
Wise is a money transfer platform that offers economical international transfers. This platform allows you to open accounts in 12 different currencies, including EUR. You can also receive and hold CHF in your Wise account with a GBP Swift/global account and convert money between more than 50 currencies in your account at the real exchange rate.
Switzerland residents who have a Wise account can also get a Wise card, which functions like a regular debit card. The availability of cards makes Wise a full-service option for foreigners living in Switzerland.
Choose a Bank that Meets Your Needs
Banking is a very personal service that must meet your own specific needs. Researching the options to find the best fit is time well invested. Look for a bank that offers excellent service—whether you are looking for personal, business, or investment banking.
Many expats may prefer to go with a well-known international bank. However, several regional Swiss banks and neobanks also offer excellent service for non-Swiss residents. Whichever kind of bank you ultimately choose, do your research and select a bank that will meet your personal and business needs both now and in the years to come.
