How can you open an account in a Swiss bank without residing there permanently? This question intrigues many, whether out of curiosity or genuine intent. Despite the wealth of information available online, detailed and useful articles on this topic remain rare. Moreover, materials written relatively recently are already partially or even completely outdated.

We’ve reviewed the available information and written an article in a Q&A format. We hope that after reading our article, every reader will have a comprehensive understanding of what to consider when a foreigner opens an account in a Swiss bank.

Can individuals living outside Switzerland open an account in a Swiss bank?

Yes, but not in all Swiss banks. If a financial institution is willing to serve non-residents, it has different requirements for the account opening procedure compared to those for residents with a residence permit in Switzerland. Before opening an account, Swiss banks must verify the client’s identity and the source of their funds.

How long does it take to open an account in a Swiss bank?

Global banking regulations require more time for verifying client information when opening an account. While the account opening process in a Swiss bank used to take about seven days, the minimum timeframe can now extend to one month. Properly preparing the necessary documents can help shorten this duration.

Is there a minimum deposit required to open an account? If so, what is the minimum amount?

Depending on the chosen bank, the minimum deposit or balance requirements can vary. Individuals residing in Switzerland and those who regularly cross the Swiss border for work can open accounts in most Swiss banks without a mandatory minimum deposit (for example, in UBS, Credit Suisse, Raiffeisen, Postfinance, and cantonal banks).

For individuals living outside Switzerland, except for those regularly crossing the border for work, the right to open an account in a Swiss bank comes with a minimum deposit ranging from CHF 500,000 to CHF 700,000 (the specific amount is discussed on a case-by-case basis). A few years ago, the minimum amount for opening an account in a Swiss bank increased in many cases to CHF 1 million. Banks like Credit Suisse and UBS only open accounts for non-residents if they have a minimum asset amount of USD 5 million.

Non-residents can also open an account in a Swiss bank for trading purposes. In this case, there are several nuances, such as a reduced minimum deposit.

Can you open an account in a Swiss bank via the internet, mail, phone, email, or fax?

Many banks allow remote applications—electronically. However, the bank will always request the original documents necessary for opening the account. If an intermediary promises to open an account without requiring original documents, it’s best to decline their services.

What documents are required to open an account in a Swiss bank?

You will definitely need your passport, identification card (ID), or another official document to verify your identity. The bank will also ask for a document proving the origin of the funds to be deposited, as well as proof that taxes have been paid on the deposited money. The bank doesn’t conduct a thorough check of the information in the document; it merely confirms its authenticity.

It’s important to note that year by year, financial institutions are imposing stricter requirements on the documents needed to open an account.

In what currencies can accounts be opened in Swiss banks?

All banks in Switzerland offer account opening services in Swiss francs (CHF), as well as in the most commonly used global currencies—euros (EUR), US dollars (USD), and British pounds (GBP). Some Swiss banks may also allow accounts to be opened in yuan or yen.

Many ATMs (especially at airports and train stations) dispense both Swiss francs and euros. However, if your account is in Swiss francs, the bank may charge a fee for withdrawals in euros, which is specified in the account opening agreement. Some financial institutions also offer accounts linked to precious metal prices.

How confidential is the information about opening an account in a Swiss bank?

Switzerland has legally established banking secrecy. Articles 3(2)(c) and 47 of the Federal Act on Banks and Savings Banks of November 8, 1934 (Bundesgesetz über die Banken und Sparkassen) impose an obligation on banks to keep client information confidential. Current and former employees of financial institutions will face criminal liability for disclosing confidential data (Article 47 of the Banking Act; Article 305 of the Swiss Penal Code).

How secure are the funds in a Swiss bank account?

Switzerland has one of the strictest legal frameworks regarding the stability of its banking system. Compared to their counterparts in the US and EU, Swiss banks weathered the global financial crisis quite well.

Swiss banking law also provides other guarantees for the safety of funds in accounts. In the event of a bank’s bankruptcy, deposits up to CHF 100,000 (up to CHF 30,000 before December 22, 2008) per individual fall into a privileged second group. This means that claims for these amounts take precedence over most others, significantly increasing the likelihood that account holders will receive their funds in full. Switzerland is good at insuring your assets, without doubt.

Valuables (precious metals, cash, artworks, etc.) stored in bank safes do not enter the bankruptcy estate in the event of bank insolvency, meaning they remain the property of their owners and can be returned upon request.

Can you use a bank card linked to your account?

All Swiss banks offer services for MasterCard, Visa, and American Express credit cards denominated in Swiss francs, euros, or US dollars. For individuals living outside Switzerland, there is often a requirement to maintain a minimum balance in the account (typically a monthly withdrawal limit). As an alternative to credit cards, clients may be offered a Maestro debit card.

How much does it cost to maintain an account in a Swiss bank?

Swiss banks do not charge a fee for opening an account. However, fees for account maintenance, banking operations (such as transfers and credit card services), and administrative costs (like correspondence) are applicable and vary from bank to bank, ultimately specified in the individual agreement.

Interest earned on deposits, depending on the amount (see below), may be less than the costs of maintaining the bank account.

Are interest payments made on the deposit amount?

Theoretically, all Swiss banks should pay interest on deposits. Interest rates on savings accounts are higher than on current accounts. Since foreigners can also open accounts in Swiss banks for investment purposes, the return on investment may be higher than on regular deposits, but the risk associated with investment accounts significantly increases.

A tax of 35% is levied on interest (not on the account balance). The account holder has the right to claim this amount back when filing their tax return in Switzerland. In cases of negative interest, this tax is not collected, as there is no taxable object.

In summary, opening a bank account in Switzerland involves understanding specific requirements, documentation, and potential costs. With some professional assistance, non-residents can navigate the process and enjoy the benefits of Swiss banking services.