How to open a bank account in Switzerland
Swiss luxury watches and tasty chocolate are certainly what you instantly think of at any mention of Switzerland. Yet, a third speciality is characteristic of this country: its banks, of course.
Are you planning to relocate to Switzerland? Plan for an important step right away: opening an account with a Swiss bank to ease all your banking operations (receiving your salaries, paying your bills and rent, etc).
Are you wondering how to open an account with a Swiss bank? We’re here to show you.
WorldRemit Content Team
• 6 mins read • Updated
Is it possible to open an account with a Swiss bank online?
It is possible to open an account with a Swiss bank online. However, be aware that the procedures for opening a bank account online are generally longer compared to the normal in-person procedure.
In Switzerland, the regular procedure to open an account involves going to a bank branch, where a consultant will guide you through to complete the entire process. You will often find that it takes more time to open a bank account remotely.
Each Swiss bank has a unique procedure for opening a bank account online. Once you have chosen a bank, request a candidacy file to start the procedure. The candidacy file is specific to every bank. It is provided alongside a list of documents you must submit to launch your application.
When opening an account with a Swiss bank online, you’re expected to provide your bank with these documents. You’re advised to send documents by mail instead of email.
Once the candidacy file is completed and returned with the required documents, you will have to wait for a period ranging between two weeks to one month for your file to be processed. You’ll have to exercise some patience before your bank account is opened, and wait a little longer before all your cards are issued.
Which bank to choose to open an account in Switzerland?
Your bank preference will depend on your needs and expectations. Several criteria must be considered:
What are the services offered? It is in your interest to choose the bank with the best offers in terms of services you're looking for (savings account, current account...).
What are the costs of a bank account in Switzerland? Bank charges and international transfer fees can be very high in Switzerland. It’s important to compare offers before making any choice.
What is your language preference for communications with your consultant? Switzerland has four official languages. The language used in any institution is generally that of the canton in which it is established.
What are the terms and conditions for contact? Can you easily reach out to a consultant by telephone or by mail?
Which is the most straightforward Swiss bank to open an account with? If you are in a hurry, in the event of relocation for example, the speed for opening a bank account could be something to consider.
Keeping all the above in mind, you’ll easily be able to decide which Swiss bank to choose. Across your search, it is very possible that three names appear more often than others in your results.
UBS
UBS is arguably the world's most popular Swiss bank. With several branches abroad, it is a bank you must have certainly heard of. Voted "Best Swiss bank" for the eighth time, UBS can be a safe choice.
This bank has branches across Switzerland. You will be able to speak to consultants in your preferred language. UBS further offers several banking services online.
Credit Suisse
Credit Suisse is a banking institution offering all types of banking services. The group has a strong reputation at international scale as a highly-profitable investment bank.
As an age-old institution, this bank has made a routine of collaborating with expatriates. An important fact to reckon with: at account creation stage, a consultant helps you to choose most suitable services and packages that correspond to your status.
Raiffeisen Group
Raiffeisen Group operates as a cooperative. Their branches make up Switzerland's most dense banking network. This is an important feature to consider, as you can easily find a branch with a French-speaking consultant.
The institution's rootedness in the local area builds the reputation of a bank close to its customers; a bank with which communication is easy.
Online banks
Opening a bank account in Switzerland with an online bank may come with lots of advantages, especially for expatriates and non-residents as cross-border workers. In traditional banks, the online procedure is often long and complicated.
The costs of banking services are generally higher for non-residents. Using an online bank to open your account may be the way out. Of course, with online banking, operations fees are lower, or even absent. As an example, below is a list of a few Swiss bank that allow you to open your bank account online:
What about the security in online Swiss banks? Switzerland holds a strong international reputation as a global leader in terms of bank security. This also applies to online banks.
Ultimately, you may feel more comfortable knowing that bank licenses are issued to make sure that your funds are safe. Make sure to carry out research on each bank's license before choosing your bank.
Ultimately, the most important when choosing a Swiss bank is to compare available offers, to find the best fit to your needs.
Types of bank accounts in Switzerland
Which services do you intend to benefit from, when you open a bank account in Switzerland? Current account, savings account; many possibilities remain available to you. However, should you be a non-resident, keep in mind that your range of possible options may be limited.
Current account
A current account is an absolute necessity. It allows you to carry out expenditures and transactions on a daily basis.
Some current accounts allow you to manage your balance in Swiss francs and in other currencies concomitantly. Keep this in mind when choosing your bank, if you might need to use multiple currencies.
Savings account
Opening a savings account with a Swiss bank is the perfect move to support your current account. A savings account lets you save some funds while taking advantage of a profitable interest rate, depending on the service you choose.
Just as some current accounts, a few savings accounts allow you to keep funds in various currencies.
A fact to keep in mind: in most cases, you will be required to open a current account in the bank with which you intend to open your savings account.
Swiss bank accounts for foreigners, non-residents and cross-border workers
For foreigners, opening a bank account with a Swiss bank is subject to a few conditions. Not all banks will be accessible to them, and operations fees will generally be higher.
Many non-residents consider the benefits of opening an account with a Swiss bank, especially to gain from profitable tax policies. Tax pressure is almost absent in Switzerland. However, note that several countries compel you to declare your foreign bank accounts. It is the case with France, where part of the revenues from your foreign bank accounts may be taxed.
How to open a bank account in Switzerland for cross-border workers
For clear convenience purposes, several cross-border workers choose to open a bank account in Switzerland. Unfortunately, as cross-border workers are considered non-residents, they are subject to the same rules as foreigners.
Cross-border workers who consider opening a bank account in Switzerland must accept higher operation fees. Also, the number of banks accessible to them will be limited.
Which Swiss bank should one choose as a cross-border worker? As a non-resident, to open a bank account in Switzerland, it is generally preferable to go for online banks and other neobanks.
Which documents do I need to open a bank account in Switzerland?
When opening a bank account in Switzerland, you’ll need to provide some documents. In some cases, these documents must be certified.
Documents to provide vary from one bank to the other. Among the most commonly requested are:
A valid proof of identity, your ID card or passport for example
A proof of address issued no later than three months ago
An evidence of resident status, a work permit, a visa or a residence permit
A proof of income or a proof of employment, to justify the source of the funds you will credit your account with
Of course, the above list is not exhaustive. Depending on the bank you choose and your status, you may be required to provide other documents.
Sending money from your new Swiss bank account
If you are considering opening a bank account in Switzerland, it may be that you are about to relocate there. Once in Switzerland, you will certainly need to send money abroad, to family members or to your home country for example.
WorldRemit takes away the hassle of international transfers and allows you to send money from Switzerland to over 98 countries worldwide. There are many solutions to choose from for money transfer. All you have to do is to choose the most convenient for your status:
Bank transfers: to send money directly to another bank account abroad.
Airtime top up: to remain in touch with your family and friends, by making instant airtime mobile recharge.
Cash pickup: to send cash speedily to your family and friends, including to those at the extreme end of the world .
Mobile money: to send money instantly to e-wallets.
Do you want to enjoy your first three free transfers? Try WorldRemit right now with the code 3FREE!
This article has been provided for informational purposes. It may not be considered as legal or financial advice. If you require financial or legal advice, consult an advisor or specialised lawyer.
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