Are you thinking about moving to Switzerland, working or studying there? It’s simple to see why so many expats migrate to the country: it boasts beautiful scenery, a very high standard of living, and plenty of skiing options on its snow-capped mountains.
If you plan to spend any significant amount of time in Switzerland, having a Swiss bank account can be beneficial. This will make it easier to get paid by your company and meet all of your payments and living expenditures.
In this article, you’ll learn all you need to know about opening a bank account in Switzerland. The process is relatively simple, provided you have the necessary papers, and it is significantly simpler if you have already moved to Switzerland and have a Swiss address.
Let’s start with the documentation required to open a Swiss bank account.
What documents do I need to open a Swiss bank account?
The documents necessary to create a bank account in Switzerland differ per bank. However, here’s what you should have ready in case¹:
- Valid, up-to-date passport.
- Proof of Address
- Proof of your residency status (such as a B or C permit)
- A letter from your employer proving that you are solvent.
One of the challenges you may experience is obtaining certified copies of your documents. Unfortunately, you cannot always send copies to the bank by scanning and emailing them.
In many circumstances, you may need to have a lawyer authenticate the copies of your documents. Before sending your documents to your Swiss bank, they will affix an apostille stamp¹ certificate.
Some Swiss banks now allow you to prove your identification using video.
How to open a bank account in Switzerland online²
It is possible to open a Swiss bank account online before moving to Switzerland, however, the process varies depending on the bank. Many national banks have English-language versions of their websites, allowing you to conduct research on the process and required paperwork.
If you don’t yet live in Switzerland, keep in mind that banks will likely require additional documentation from you. For example, some banks want information about your career and personal history, as well as your passport and residence, and you must have all documents certified before sending.
This can make the procedure time-consuming, requiring a lot of back and forth. It’s not always as straightforward as filling out an application pack and waiting for your new account to be created.
Some banks allow non-residents to open specific products online, while others need you to visit a Swiss branch in person to complete the process.
How to open a non-resident bank account in Switzerland?
By far the most convenient way to open a bank account in Switzerland is to visit a local branch and finish the process in person. Contact the bank or visit their website ahead of time to determine what papers you will need to bring with you.
You should not need to book an appointment; a customer care professional should be available to assist you through the necessary processes. Most banks in major Swiss cities employ English-speaking customer care representatives.
After you’ve completed this, your new account should be open within 7-30 days. After creating the account, you can expect to receive any related debit or credit cards in the mail within 7-10 days.
Which Swiss bank is best for my needs?
Switzerland is well-known for its financial sector’s privacy and stability.
Switzerland has two types of banks: national and cantonal. National banks offer consumer bank accounts and products to everyone, but cantonal banks solely serve citizens of a certain canton (member state of the Swiss Confederation).
If you want to open a bank account in Switzerland, one of the national banks is your best option. This is especially true for expats who wish to relocate to different parts of Switzerland. If you create an account with a cantonal bank, you will need to switch accounts if you relocate to another canton. A national bank offers more flexibility.
Here are a few of the greatest options:
UBS
UBS is a multinational investment bank and financial services corporation based in Zurich. While it has many financial clients, it also offers a variety of personal banking services to both natives and foreigners.
UBS’s Personal Account³ is ideal for making and receiving regular payments. It provides free withdrawals from UBS Bancomat ATMs, a modest monthly maintenance cost, and a debit card (for an additional annual fee). You must be at least 20 years old to open this account, however.
You can also choose a UBS banking package, which allows you to select the services you require (current account, savings account, debit/credit card, retirement savings, etc.) and pay a fixed monthly charge for everything.
Students can also choose the Banking Package UBS Campus⁴. If you are studying in Switzerland, you will receive free account management, free withdrawals from any bank’s ATM, and a free ‘cash you’ subscription with access to over 2000 special offers.
PostFinance
PostFinance, part of Swiss Post, is one of Switzerland’s largest national banks. It provides a variety of current and savings accounts for persons who live, work, and study in Switzerland.
The PostFinance Private Account⁵ is a simple current account for adults aged 20 and higher. It provides online and mobile banking via the PostFinance app, free cash withdrawals from post offices and other locations, and a free PostFinance card. Account maintenance is free if you invest CHF 25,000; otherwise, there is a minor monthly fee.
The Smart and Smart Plus Accounts⁶ provide more flexibility and benefits, such as free international cash withdrawals, while the Student Account⁷ is targeted to students. This is for people aged 18 to 30 who are studying or training in Switzerland and includes free account management, a PostFinance Card, and a reasonable interest rate.
Credit Suisse
Credit Suisse is well-known for its leadership in global wealth management, but it also offers a wide range of ordinary banking options.
The Credit Suisse Private Account⁸ is a basic account for daily banking and salary deposits. You’ll receive a Debit MasterCard (for an annual charge) and access to mobile banking while paying a monthly account management cost.
If you wish, you can select a Credit Suisse banking package. The Bonviva Banking Package⁹ includes a current account, a savings account with advantageous rates, and a card for free ATM withdrawals in Switzerland.
For those who like to bank on the go, there’s the CSX digital banking package¹⁰, which is administered using a mobile app and has a straightforward pricing mechanism where you only pay for the services you require.