How to open a bank account in Switzerland

5 min readDec 8, 2022

Written by Jing Shen

Swiss banks have a great reputation for safety and protecting clients’ personal information. The major banks in Switzerland are Swiss National Bank(SNB), UBS, Credit Suisse, Private Bank and Cantonal Bank.

Different types of bank accounts:

There are many kinds of banks in Switzerland, and each of them serves different purpose:

Current accounts:the most common type that majority of people choose, you could get your salary, pay for the bills, save and invest money into the account.

Joint accounts: the name indicates it has two holders. Usually the two hold the same proportion, 1:1 for this account; with both holder’s agreements, the proportion they hold could be changed.

Savings and investment accounts: savings and investment are actually two different concepts. In a savings account, you could save your money for a long time and get some low return with no risk. On the other hand, an investment account will bring more return with higher risk.

Common Documents required to open a bank account in Switzerland (Residents/Non-residents):

Like many other countries, Switzerland requires you to provide some valid paper documents :

Valid passport or government issued ID

Verification of income

Confirmation of the address inside or outside Switzerland you listed

Requirements for opening a bank account for residents:

For Switzerland national or permanent residents, you need to provide valid documents listed before. The good thing about living in Switzerland is you can walk into the bank and fill out the application form, and the bank staff will guide you through the whole process.

Requirements foropening a bank account for non-residents:

Swiss banks accept residents from almost any country to open a bank account. However, because of the strict tax policy in the U.S, for the U.S. citizens, many banks require more paperwork. Even if you do not have any tax in the Swiss bank account, you have to report to the Internal Revenue Services about your account. Therefore, the recommendation for a U.S citizen is to go to the Swiss major banks, which are located in big cities, so you could find the most professional bank staff to help you open an account.

Read more here: A note for U.S citizen

Compared to a resident of Switzerland, it is more complicated for a non-resident to open a bank account.

For a non-resident:

You are at least 18 years old.

You have to fill out an application request form. (some banks prefer a face to face meeting)

If you are overseas, Swiss banks may not have everyday services, you need to contact online services for further information.

Opening a bank account in Switzerland as a student:

Students are welcome to open an account, and you can enjoy some special offers from the banks. As a student, you can open private/savings accounts. Student private accounts have lower fees than typical private accounts. Besides, student saving accounts have higher interest rates. Once your education is complete or you reach the maximum age to open a student account, (some banks set the age at 25, the others set at 30) the special offers will be ended.

Opening a bank account in Switzerland as a tourist:

Swiss banks would like to accept foreign customers, and they usually do not require a student visa or permanent resident to open a bank account. As a tourist, you can open a bank account as long as you have all the valid paper documents ready and your age is over 18.

Opening an account for your children:

Swiss banks also provide services for children under 18. Parents could open saving accounts, gift saving accounts for children, and make deposits, and get interests in that account. When children reach legal age, with their parents’ administration, they could use the money from the accounts.

Cost of opening a bank account:

As for the cost of opening an account, according to your age and location, the fee will be different. Many banks do not charge non-residents who are under 18. For non-residents whose age is over 18, you may waive your fee if you meet one of following conditions: you have a large amount of assets/mortgage, use asset management services, but it depends on the bank’s regulations. If you live in European countries like Austria, France, Germany, or Italy, the bank will charge lower fees.

The annual fee also varies depending on banks. Taking one of the most common bank SNB as an example, it charges 360 CHF for those who live outside of Switzerland and Liechtenstein. As for someone who lives in Austria, France, Germany, or Italy, if you put at least 500 CHF into deposit every month, the annual fee will be waived. The cost of opening a bank account varies from CHF10 to CHF30 for monthly maintenance fees. If you switch to online banking and have a large amount of deposits, you could reduce or waive your maintenance fee.

In short, the best bank for a foreigner is a traditional bank. For example, UBS’s “package for cross-border commuters” is a great choice. It charges CHF10 per month with relatively good conditions, such as providing a free debit card, and other benefits.

How long the whole process will take:

When a debit card is activated depends on how much time you spend filling out the application form and additional documents that the bank requires. Usually it takes 48 hours to three weeks to open an account as the bank receives your application.

Read more here: How to Open a Swiss Bank Account

This article was written by Jing Shen, a graduate student at NYU.

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About me. George Benaroya

How to open a bank account in Switzerland

Written by George Benaroya

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