How to Open a Swiss Bank Account as a Foreigner
Learning how to open a Swiss bank account allows foreigners to establish a financial foothold in Switzerland. For many, Swiss bank accounts represent banking secrecy, financial stability, and a secure haven for their assets. This can become a reality for foreign individuals who meet the eligibility criteria, present the required documentation, and choose the bank that best meets their needs.
Steps to Open a Swiss Bank Account as a Foreigner
The Swiss bank account opening process is as follows:
1. Do Your Research
It’s important to do the groundwork when researching banks in Switzerland for foreigners to find one that meets your needs. There can be significant variation from bank to bank in terms of the services they offer, the minimum deposit, fees involved, and customer service.
Most banks in Switzerland only allow Swiss citizens or permanent residents to open accounts. However, cross-border commuting is common in Switzerland, meaning many citizens from bordering countries earn their salaries in CHF. These workers have some options in Swiss banks.
Types of Swiss Banks for Foreigners
Foreign nationals have three options when opening a bank account in Switzerland:
- Traditional Swiss banks: Generally speaking, only Swiss residents can open an account in a traditional Swiss bank. An exception is if you work in Switzerland but live in a bordering country. Many people feel most comfortable dealing with traditional banks as they provide extensive banking services in a familiar atmosphere.
- Swiss neobanks: Neobanks offer lower-cost digital banking.
- Multi-currency accounts: This could be a great option for foreign workers in Switzerland who are paid in CHF. The main advantage of multi-currency accounts is that you can hold, transfer, and receive money in a range of currencies. Multi-currency accounts have a central dashboard where you can control all your transactions. They also remove the need to open multiple accounts in different countries.
2. Reach Out to Your Chosen Banks
Once you’ve shortlisted the best banks for your needs, contact the bank. You can do this online, by phone, or in person if you’re already in Switzerland.
3. Present the Required Documents
Some traditional banks may require the account holder to present a valid passport to open an account. Others may accept official government-issued documents like ID cards or a driver’s licence.
4. Fill in the Paperwork
The required paperwork will differ from bank to bank. You’ll need to complete an application form and provide details like your full name, date of birth, nationality, occupation, and address as well as the type of account you wish to open.
5. Make an Initial Deposit
Banks will ask for a minimum initial deposit. Check the minimum deposit requirements as part of your research. The amount may differ between banks and also depending on the type of account you open. For example, a personal account will likely have different requirements to opening a corporate account.
6. Start Banking
When your bank has processed your application and deposit, you will receive your account details. This will include access details for online banking services.
Corporate Banking in Switzerland
You will require various financial services if you wish to set up a business in Switzerland. In most cases, this means a business bank account and a separate merchant account for your payment processing needs.
A traditional bank or the neobank Yapeal can provide you with a business bank account. You will then need to partner with a merchant services provider to open a merchant services account. This will give you access to an integrated global payment gateway so you can accept payments in a range of currencies. This is particularly important in Switzerland due to its location and close business ties with its bordering countries and the wider EU.
Can Non-Residents Open Swiss Bank Accounts?
Non-residents can open a Swiss account depending on their circumstances. Even though many Swiss banks require their customers to be Swiss nationals or permanent residents, some have made accommodations for residents in Switzerland’s five bordering countries. This is because cross-border commuting is common. Commuters who work in Switzerland (and receive a salary in CHF) but live in one of its neighbouring countries have options in some banks.
Opening a Swiss Bank Account Online
Some banks in Switzerland allow you to open a bank account online, but only if you can prove Swiss residency. You may need to show your Swiss B or C residence permit and be physically present when you apply for your bank account.
There are some exceptions to this. For example, you may be able to open an account in a branch office even if you don’t live in Switzerland yet.
Very few Swiss banks allow non-residents to open a bank account online. The ones that do generally limit non-resident customers to individuals from countries bordering Switzerland:
| BANK | ACCEPTED COUNTRIES |
| Traditional Banks | |
| CA next bank | France and Germany (Must have a FR or DE IBAN). Designed for commuters who receive salaries in CHF but live in France or Germany. |
| Neo Banks | |
| Yapeal | Bordering countries whose citizens work in Switzerland and Swiss citizens living in neighbouring counties. |
| Yuh | Austria, France, Germany, Italy, Liechtenstein, Switzerland |
Can Foreigners Open a Bank Account for Their Children?
Yes, foreigners can open a savings account for their children. These accounts are set up in the child’s name but are administered by their parents until the child comes of age.
Some Swiss banks also offer gift-saving accounts. These are often opened by family members like grandparents on behalf of a minor. Gift savings accounts involve investing in a fund and the return will depend on the fund’s performance.
Are Major Swiss Banks or Neobanks Better for Foreigners?
Neobanks potentially offer better prospects for foreigners. That said, the Swiss banking sector offers a wide range of options and prospective foreign account holders should research all the possibilities according to the services they require.
Neobanks differ from traditional banks in the following ways:
- Neobanks tend to offer a cheaper alternative to traditional banks.
- Neobanks only offer online services.
- They don’t require a large opening deposit.
- Some neobanks offer account options both for Swiss residents and residents in neighbouring countries.
Which Are the Top Swiss Neobanks for Foreigners?
Yuh and Neon are two excellent options for foreign nationals. Yuh is an option for non-Swiss residents who work and earn their salary in Switzerland but live in another EU country. This is because it offers multi-currency functionality.
Neon is a 100% digital bank. It offers free accounts and nominal fees. Though foreigners can open an account, you must be a resident of Switzerland.
What Advantages Do Swiss Bank Accounts Offer?
Swiss banks have long been associated with discretion, security, and stability. Here are some key advantages of opening a Swiss bank account:
- Privacy and security: Swiss banks are known for their strict privacy laws, offering a high level of confidentiality for account holders.
- Financial stability: Switzerland boasts a robust and stable economy, making it a secure location for your assets. For example, Switzerland takes measures to avoid currency appreciation. As a result, at the peak of the energy crisis in Europe in 2022, inflation reached 3.5% in August 2022 (page 1391 of the linked PDF) compared to 9.1% in the EU.
- Access to global markets: Many Swiss banks offer access to a wide range of investment opportunities and financial services.
- Asset protection: In some cases, a Swiss bank account can provide an additional layer of asset protection.
While Swiss banks offer numerous benefits, it’s essential to be aware of the costs, regulations, and reporting requirements associated with foreign bank accounts.
Meet Your Financial Goals with a Swiss Bank Account
Opening a Swiss bank account as a foreigner requires careful planning and adherence to specific regulations. While it may present challenges, the potential benefits (such as financial privacy and stability) make the process worthwhile for many individuals.
Ultimately, a Swiss bank account can be a valuable addition to your financial portfolio, offering a secure haven for your assets. However, it’s essential to weigh the costs, benefits, and your specific financial goals before making a decision.
