Swiss is Known worldwide for its stability, privacy, and confidence in protecting assets, and the Swiss banking system has acquired a legendary reputation in many people’s minds today. To open a Swiss bank Account, you need to read this article.
Open a Swiss bank account in Switzerland.
Although there is truth in these stereotypes, Swiss banks are more transparent than ever, and their seizure-proof and anonymous status is no longer necessarily actual.
Most non-residents who want to open a bank account in Switzerland today are only interested in getting paid by their Swiss employer rather than dark tycoons trying to hide their money from the tax authorities in Switzerland.
This article dispels some of the most common misconceptions about Swiss banking. Next, we will introduce you to your choices when opening a bank a/c in Switzerland, regardless of whether you have obtained a residence permit.
Many Swiss residents need help opening a bank account in Switzerland. Swiss banks require you to be a citizen, permanent resident, or a cross-border traveler to accept your application.
Types of Bank Accounts
Current Accounts and Joint Accounts
Current accounts present you to receive your salary, pay bills, and save and invest money. Some versions also allow you to withdraw cash in Swiss francs or euros.
You usually have to pay a fee for your current account in Switzerland. National banks typically charge up to CHF 5 monthly for standard reports and up to CHF 15 for premium accounts.
If you make cash withdrawals from ATMs operated by other banks, you will usually pay an additional processing charge. Banks may show you lower account fees if you keep a large amount in a linked savings account or have a mortgage.
In addition to individual accounts, many banks offer all-inclusive banking services. These packages include current accounts, savings accounts, and credit cards, all for a monthly fee of around CHF 15.
Most primary Swiss banks also offer joint accounts on a one-off or all-inclusive basis. With a joint statement, both parties are usually provided with their bank card and have full access to funds.
Savings and investment accounts
The Savings accounts allow you to put money aside temporarily or regularly.
Opening a savings account is usually free, but if you want to withdraw money outside the terms of the agreement (e.g., making additional withdrawals in a restricted version or starting money within a fixed period), you may have to pay an administration fee.
Several Swiss bank accounts
Some Swiss banks offer high-security accounts called numbered accounts, but these aren’t as secretive as you might think.
These accounts offer the holder an extra layer of privacy but have substantial fees of up to CHF 2,000 per year. International payments may be prohibited, and large amounts may monitor for money laundering.
How to open a Swiss bank account in Switzerland?
The easiest way to open a Swiss bank account is to visit the bank in person. Generally, it takes a week to a month for funds to be activated.
You usually don’t need to make an appointment to open a bank account. Any credit or debit cards requested can expect to arrive within a week to 10 days.
Opening a Swiss bank account from abroad
Opening a bank account before you move to Switzerland is possible, but it is laborious and time-consuming. Most national banks present you to view their official websites in English, making it easy to research your options and ask for an application pack.
If you are willing to open your account from abroad, choosing a bank with a branch in your home country or a connection with one of your local providers may be more accessible.
Banks ask for more extensive documentation from foreign applicants. You must verify your identity by providing a passport, residency card (if applicable), and address. You will also ask to give details about your personal and employment history.
Any documents you provide should authenticate by providing a notarized copy, apostille stamp, or visiting the bank branch in person.
Opening a corporate account in Switzerland
Setting up a Swiss corporate account is essential to start a business in Switzerland.
Setting up a business account is more complicated than a personal account. You may be required to follow a meeting at the branch or conduct a video meeting before opening your account.
You must also provide documentation, including personal identification and business registration details. Overall, the whole process can take a few weeks. Some biggest banks even waive business account fees for the first year to entice customers.
Opening an account abroad is sometimes possible, but most require banks to contact Switzerland.
International money transfers in Switzerland
International bank transfers from Switzerland may incur fees from the issuing and receiving bank.
Swiss banks usually charge CHF 5–20 for sending payments (which always excludes receiving bank charges) but typically do not charge for receiving funds.
As banks charge a fixed rate, they are usually cheaper than Money Union for more significant amounts and more expensive than online payment systems for smaller pieces. Some banks may not send funds to some countries, such as Somalia.
For international money transfers, banks have alternative solutions that can prove cheaper and more convenient, namely:
- Currency Fair
- Moneycorp
- remitly
- intelligent
- WorldRemit
You can use Monito’s online comparison mechanism to save on fees, get the best exchange rates and find the easiest option for international money transfers.
Maintaining your bank account in Switzerland
You can manage your Swiss bank account in person, online, and over the phone.
In major cities, most banks have English-speaking staff available. Banks are generally open from Monday to Friday from 9:00 to 17:00, although some branches are closed during lunch.
You can manage your bank account anytime through your provider’s online banking service or app. In the unlikely event of losing your bank card or suspecting fraudulent transactions, you can contact your bank on its 24-hour crisis phone number.
Switching banks or closing your bank account in Switzerland
The biggest banks in Switzerland offer changing services, where you can supply details to your new bank, and it will deal with your current provider accordingly.
Banks usually need you to fill out a form that includes your previous account details, additional cards, and regular incoming and outgoing payments. Closing a bank a/c in Switzerland is usually a straightforward process. You should check with your bank to ensure any outstanding fees are paid.
If you have already opened your new account, you can transfer your assets directly, and your bank may only close your account partially once all direct debits and standing orders had canceled.
FAQs
Yes. In regulation, Swiss bank accounts are perfectly legal for non-Swiss residents. However, as a non-resident, it is highly illegal to attempt to hide any income in your Swiss bank a/c from the tax authorities in your native country.
Yes. Among the securest bank accounts in the world, Swiss bank accounts offer the lowest level of financial risk and the highest level of security and privacy. Moreover, promises in Swiss bank accounts are insured by the government up to CHF 100,000, making them a safe option for bankruptcy.
No, Swiss bank a/c is generally not seizure-proof.
As in most of Europe, Swiss banks use the IBAN process to identify individual banks a/c. A Swiss IBAN is separated from other IBANs by the first two letters of ‘CH’ in Switzerland. To use a fictional example, a typical Swiss bank a/c digit might look like CH93 0096 1997 6238 5295 7.