Opening Swiss Bank Account For Non-Residents [Full Guide]

Switzerland is known for its banking sector for its stability and privacy with a highly developed personal services. For non-residents interested in opening a Swiss bank account, understanding the procedures, benefits, and potential hurdles is essential.

Why Open A Swiss Bank Account?

There are several reasons why one might consider opening a bank account in Switzerland:

1. Privacy: Swiss banking laws are known for protecting the privacy of their clients.

2. Stability: Switzerland’s political and economic stability makes it a safe haven for those that want to protect their wealth and assets.

3. Wealth Management Expertise: Swiss banks offer high-level expertise in wealth management and investment services, which is also a very great addition to the corporate banking.

4. Multicurrency Accounts: Many Swiss banks provide the option to hold funds in multiple currencies, as well as receive and send payments using multiple payment methods.

5. Asset Protection: Swiss accounts are often used for asset protection and risk diversification.

6. Crypto Friendliness: Swiss banks are openly friendly with crypto businesses and clients that wish to send and receive funds from and to crypto exchanges.

What Is Needed To Open A Non-Resident Account In Switzerland?

Before attempting to open a bank account in Switzerland, non-residents have to prepare for the onboarding, which can vary between banks but generally include the following:

- Age: Most banks require account holders to be at least 18 years old.

- Minimum Deposit: Swiss banks often require a substantial minimum deposit, which can range from CHF 5,000 to CHF 1,000,000 or more, depending on the bank's focus and service type.

- Documentation: Valid personal and corporate identification, proof of address for both individual accounts and corporate, and sometimes proof of income or wealth are typically required.

- Industry Specifics: Banks will try to understand the risk profile of your business therefore you should prepare some brochures or presentations (or have a website) on your business operations, flow of funds, typical transactions.

What Type Of Bank Accounts Are Available In Switzerland?

 Swiss banks offer a variety of account types to suit different client needs:

- Personal Accounts: For individual private use, handling day-to-day money management and savings.

- Corporate Accounts: For companies looking to benefit from Swiss banking advantages.

- Investment Accounts: For those interested in securities trading and investment services.

- Private Banking: Tailored wealth management services for high-net-worth individuals.

 -Crypto Friendly Accounts: Nowadays crypto is mainstream in Switzerland and many banks offer crypto-friendly accounts with on/off ramps.

Steps To Open A Bank Account In Switzerland

Opening a bank account in Switzerland as a non-resident generally involves the following steps:

Step 1: Choosing a Bank

Choose a bank that will understand your industry specifics and will be able to cater to your specific business or personal needs. Make sure the bank is able to onboard your entity remotely, without need to visit a branch. Moreover, make sure that all currencies and services required are available to your account.

If you would like us to send you a list of non-resident friendly banks in Switzerland, fill out our contact form and we will share it by email.

Step 2: Documentation

Gather the required documentation, mainly business incorporation certificates, IDs for the UBOs and directors, POA (proof of address), financial statements, business operations overview, example invoices if possible and business website.

Step 3: Application

Many Swiss banks now offer the option to start the application process online. Fill out the application forms with accurate information and submit them along with your documents. Make sure you are connected with an account manager for additional requests on documents or explanations. A good account manager can play a pivotal role in account onboarding.

Step 4: Verification

Once the application is submitted, the bank will review your documents and conduct due diligence. Upon approval, you will be required to deposit the minimum balance stipulated by the bank. Moreover, you may ask to open currency sub-accounts or investment account for your portfolio management.

Step 5: Daily Banking

After the deposit is made and all formalities are completed, your accounts will be activated. Make sure you have access to the online platform and email notifications or 2FA. Moreover, you should be in touch with your account manager for managing any of your banking matters efficiently.

Banking Fees In Switzerland

Swiss banks are known for their fees, so it’s important to be aware of the charges associated with maintaining an account. These can include:

- Account Management Fees: Regular charges for account maintenance, 100 to 500 CHF.

- Transaction Fees: Make sure you understand your commercial schedule and try to negotiate the rates if your volumes are high.

- Conversion Fees: If managing multiple currencies, conversion fees will apply. Aim to get a fixed spread on your FX trades and consider FX hedging tools.

- Wealth Management Fees: Applicable if you avail of investment or wealth management services.

-Investment Fees: If you also added an investment account, check your custody, trading, holding and management fees. Make sure you have access to all important markets.

How Swiss Bank Deposit Protection Safeguards Your Money in Case of Bank Failure

In Switzerland, money held with banks is protected through a robust deposit protection scheme and strong regulatory oversight, designed to safeguard both private individuals and corporate clients.

For retail customers, deposits of up to CHF 100,000 per person, per bank are guaranteed by esisuisse, the Swiss deposit insurance organization. While this protection applies mainly to individuals, corporate accounts also benefit from the same guarantee up to the same limit, provided the entity qualifies under the scheme’s terms. In the rare event of a bank failure, Swiss law ensures the swift return of protected deposits, typically within seven working days.

Recent events underscore the system’s relevance—most notably, Credit Suisse, one of Switzerland’s largest banks, faced a dramatic collapse in 2023 and was acquired by UBS under pressure from regulators to avert systemic risk. Earlier, smaller institutions like Kaiser Partner Privatbank and Bank Hottinger & Cie also ceased operations or were acquired, highlighting ongoing consolidation in the Swiss banking sector. These examples demonstrate that while bank failures remain rare, Switzerland’s framework ensures clients’ funds are shielded through a combination of insurance, regulation, and market intervention.

Conclusion

Opening a Swiss bank account requires careful evaluation of banking needs, gathering of documents and working with the compliance department. By following the steps outlined in this guide, you can smoothly navigate the process of opening and maintaining a Swiss bank account.