How to Open a Swiss Bank Account - Studying in Switzerland (2024)

Swiss banks are known worldwide. Alongside their delicious food, beautiful places, and quality watches, the Swiss are also known for their banking system. While that fame mostly comes from investment banking and accounts holding millions, if living in Switzerland has sparked an interest in you, or you want to open a Swiss bank account, then you would like to know how their banks work.

Why Are Swiss Banks Famous?

Swiss banks have a reputation for providing anonymity, safety, and have earned the tax haven name. However, the days when Switzerland banks served for providing top-secret accounts are gone. It’s not that all banks in Switzerland swore off of offshore clients. Nevertheless, now they’re more cautious and much more regulated when it comes to non-Swiss residents who want to open Swiss bank accounts.

Switzerland now has a law—which was first an agreement between Switzerland and the U.S.—that makes tax evasion highly improbable. This law is called the Foreign Account Tax Compliance Act (FATCA), which requires the country to provide information about U.S. accounts in Switzerland.

Swiss bank account advantages

Swiss banks offer economic security, confidentiality, and asset protection. Mobile Device Management software, much like these banking services, provides crucial security for digital assets. Apart from being the most capitalized and safest, swiss banks offer accounts in all major currencies, and they include low levels of financial risk. The Swiss economy is known for its stability and neutrality when it comes to conflicts.

These benefits make swiss banks the most economically stable and secure place where you can store your money. Given that, Swiss bank account opening may seem a bit tricky at first, but once you get the gist of the essential requirements, it will ease up.

Types of Bank Accounts in Switzerland

There are numerous types of bank accounts in Switzerland, and they all serve specific purposes.

Current accounts

A current account is the simplest type of bank account you can open in Swiss banks. You can receive your salary, pay your bills, save money, and invest through this account. Moreover, you can also withdraw cash in both Swiss francs and euros.

Current accounts usually require a monthly fee, which varies from CHF 5 per month for standard accounts and up to CHF 15 per month for premium accounts. In addition, if you withdraw cash from ATMs that other banks manage, you may be required to pay additional processing fees.

Joint accounts

True to their name, joint accounts can be used by two parties, and both have full access to any funds. Most usually, joint accounts are held 50:50 between the two parties; however, if both named holders agree, they can also hold the account in different proportions.

Savings and investment accounts

If you’re looking to put money aside or even invest them, saving and investment accounts are the best choice for you.

Though they sound similar, saving and investing are two different concepts. On one hand, saving accounts allow you to save your money for long periods and eventually earn a lower return, but with no risk. On the other hand, investing allows you to make much more in return, but you also risk losing a considerable amount of money.

Numbered Swiss bank accounts

Numbered accounts are high-security accounts that some Swiss banks offer so that the account holder has an extra layer of privacy.

These accounts, however, include significant fees that can go up to CHF 2,000 a year. For such accounts, banks are allowed to ban international payments as well as monitor large payments for money laundering purposes.

How to Open a Swiss Bank Account for Non-Resident or Foreigners?

If you’re moving to Switzerland or just someone interested in owning a bank account in Switzerland, you probably want to tackle the account opening issue head-on. Wherever you’re trying to open an account, this task is bound to meet you with its challenges.

First, we have to mention that Swiss Law enables non-residents to open a Swiss bank account at least 18 years old. Apart from this, there aren’t a lot of limitations.

Opening a Swiss bank account is challenging for non-residents trying to open accounts overseas, where they won’t seem to find everyday services of Swiss banks in other countries. Nonetheless, they can contact a Swiss bank online and resort to transactions via correspondence (the latter is usually done by post and rarely online).

To start things off, a non-resident would have to contact a Swiss bank and request an application package—which, to a resident, is the equivalent of walking into a bank and asking to open a bank account. After taking these steps, you will be provided with an account manager to guide you through the process.

Requirements for opening a Swiss bank account

Whether you’re in Switzerland or abroad, there are some ground requirements that you’ll have to meet in order to settle this. Those being your documentation and eligibility. So, prepare for a lot of paperwork, some more, and some more.


Same as any other bank in the world, Swiss banks require a certain amount of paperwork and documentation. This serves for verification of identity and sources of income, whose purpose is separating them from any illegal work their potential client might have in their portfolio. If you’re looking to open a bank account in Switzerland, the documentation you’ll need is:

  • A valid passport,
  • Verification of the origin of your income (this could be a statement from your last bank),
  • Confirmation of the address you listed (they might choose to send some mail to your address to verify this).

However, if you’re looking to open a Swiss account from abroad, you’ll need to get your documents authorized. You can do this by getting notarized copies or an Apostille stamp, or you can visit either a local branch of your Swiss account or the correspondent bank they chose for you.


No matter how great you may be on paper, there are some countries Switzerland won’t do business with. Whether that happened due to the Embargo Act or other political exclusions, that automatically loses your eligibility.

Say this isn’t one of your problems, you can still be estimated as ‘politically exposed’, and that essentially means they think of you as sketchy or you have some public scandals behind you. In this case, your legal income and nationality won’t do much for you, and you’d still be unable to open a Swiss bank account.

Make sure you have nothing of the sort in your background, and you can get started with your account.

Swiss bank minimum balance

The minimum balance for Swiss bank accounts depends on the account type and can vary from free of charge up to millions of dollars.

Generally, Swiss banks may require you to deposit at least 10,000 CHF ( $9,000 or EUR 6,800) within a month of opening your account. However, as previously mentioned, that may vary. For example, the UBS Group requires a minimum balance of up to 5,000,000 USD; whereas, Raiffeisen Switzerland Bank requires no minimum balance.

How to Open a Swiss Bank Account for Your Children?

Your children’s future is important, and Swiss banks know that. That’s why these banks offer savings accounts from children to which parents can make deposits and earn interest for their children’s future.

Such accounts are in the children’s name; however, only their parents can administer them until they reach legal age. They pay varying amounts of interest and provide the best rates up to certain limits (e.g., CHF 20,000).

Besides children’s accounts, Swiss banks also offer gift-saving accounts. These types of accounts can also be opened by other family members, like grandparents. In gift saving accounts, you can invest your savings in a fund, and if that fund does well, you can make a high return on cash. However, if the fund performs poorly, you may end up losing money.

When you’re choosing a bank for your children’s account, make sure to select the bank that offers the best services, such as cross-border payments, cash advances, and applying for a loan.

Transferring Money from & to Switzerland

If for any reason, you or someone you know are in immediate need of money but are afraid that the transfer is going to cost an arm and a leg, you can always turn to money-transferring services like Transferwise to make transfers to & from Swizterland* at any time, and chances are that they will be more affordable to you.

Such services tend to have more optimized processes in place that will save you time and money. In fact, Transferwise services are provided online, which means that you can use the said services from the comfort of your house. All you need to do is create a Transferwise online account, and from there, everything will go smoothly. If you need to access your bank account from another country then be sure to make sure your bank allows access from that country and don’t try to in any risky locations like internet cafes, airports or hotel lobbies

Choosing a Swiss Bank and Cards

How to Open a Swiss Bank Account - Studying in Switzerland (2)

Choosing the right bank for you is an important step that will save you time and cut the chances of you having to go through different banks. However, whichever bank you end up choosing, you’ll have a guaranteed safety that comes with it.

Swiss Banks

Your option is to open an account at cantonal banks, private banks, and the two big Swiss banks (UBS Group AG and Credit Suisse Group AG). These have their differences in size, requirements, and what they provide.

The two major banks operate throughout the whole country and have headquarters in many international cities, so you won’t have to worry about moving and not being able to access your bank account.

As per Financial Times, a private bank is a term that refers to private banking services and they are often private banks that are usually shared corporations.

Cantonal Banks operate in cantons—meaning they don’t mix with residents of other cantons. So, if you tend to move often, and are moving from a canton to the other, they will ask you to change banks. Furthermore, if you happen to leave Switzerland, they will ask you to close the account altogether.

Another Swiss bank is the Swiss National Bank; however, you can’t open an individual account here. SNB’s role is to supply the Swiss economy with Swiss banknotes and is in charge of coin distribution.

National Swiss retail banks

National Swiss retail banks typically have branches across the country. They’re usually open Monday to Friday from around 8 am to 7 pm and offer walk-in services that allow you to withdraw and deposit cash, ask questions, and make appointments with your advisors.

These banks usually have multilingual staff; however, there isn’t a guarantee that the staff speaks English.

Some of the most known Swiss retail banks are:

  • UBS
  • Migros Bank AG
  • PostFinance
  • Raiffeisen
  • Credit Suisse

Swiss cantonal banks

Swiss cantonal banks are owned by the government and offer similar services to retail banks. Traditionally, they specialize in providing savings and mortgage products, and they tend to provide accounts only to the residents of the Swiss canton they operate in.

Some of the most known cantonal banks in Switzerland are:

  • Aargauische Kantonalbank
  • Appenzeller Kantonalbank
  • Banque cantonale de Genève
  • Banque cantonale du Valais
  • Luzerner Kantonalbank
  • Urner Kantonalbank

Regional savings banks

As the name suggests, Regional saving banks provide services in specific geographic regions. Though they’re similar to cantonal banks, they usually offer more limited services, such as saving accounts and mortgages.

Swiss investment banks

The Swiss banking sector includes numerous investment banks, and some of them only allow wealthy customers who invest huge amounts of money to open their investment accounts. However, this service can also be provided by many retail banks.

Where Swiss investment banks differ from others is that they exclusively cater towards investment activities.

Some of Switzerland’s most prominent investment banks are:

  • Julius Bär Group
  • Bank J. Safra Sarasin
  • EFG International
  • Vontobel

International banks

Similar to Swiss retail banks, international banks are very likely to have English-speaking staff, and you can find them mainly in big cities like Zurich and Geneva.

Some of the most-known international banks in Switzerland are:

  • Banco Santander (Spain)
  • HSBC (United Kingdom)
  • Deutsche Bank (Germany)
  • Barclays Bank (United Kingdom)
  • Citibank (United States)
  • BNP Paribas (France)


As specified by The Balance, non-residents usually don’t use swiss banks for daily activities. Swiss accounts’ main benefits are their privacy and stability; nonetheless, you may get a debit or credit card for spending.

Taking that into consideration, the card you’ll first want to get from a Swiss bank is a debit card; you can use this card for day-to-day things like withdrawing cash or paying in shops. If you’ve set up the account, getting this card should be a walk in the park.

However, as mentioned by Expatica, if you want a credit card, you’ll have to wait for two months, and in those two months, deposit the maximum limit of your credit card twice.

Largest Bank in Switzerland

With more than 280 branches in over 50 countries, UBS Group is the largest bank in Switzerland. This bank offers world-class services to private institutions, corporate clients, as well as retail clients.

Its services consist of, but aren’t limited to:

  • investment banking
  • wealth management
  • asset management
  • capital market financing services

In June 2021, UBS Group had no less than CHF 1 trillion in total assets and CHF 475 billion in deposits.

Cost of Opening a Swiss Account

As is the case with most banks, there are some fees to take care of once you set up your account. These fees are within the normal range, but there’s a way of getting around them. So, you can expect a monthly maintenance fee from CHF 10 to CHF 30. However, if you switch to electronic banking statements, take a mortgage with the said bank, or have a hefty amount of deposits, these fees will be either reduced significantly or waived.

Switzerland interest rate

In Switzerland, the Swiss National Bank (SNB) takes decisions for interest rates. Negative interest has been applied since 22 January 2015 and currently corresponds to the SNB policy rate. Now the actual Swiss bank account interest rates stand at -0.75%.

Most foreign swiss account holders have their bank account in other currencies from Swiss Francs; otherwise, they’ll have to pay the Swiss withholding tax.

Swiss Banks Secrecy

Privacy is a big reason people resort to banks in Switzerland, but as mentioned before, Switzerland isn’t the place for movie-like, top-secret accounts anymore. There’s sound reasoning behind that since, for a long period, America’s wealthy 1% has used it for tax evasion and hiding illegal money in the past.

How Privacy Works for Banking in Switzerland

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Now there are strict policies in place to prevent that from happening. While a few decades back, Swiss banks wouldn’t disclose your wealth to international authorities now they have an agreement with the U.S. that makes that possible.

Although Swiss banks don’t offer the same privacy as before, they still provide numbered accounts for those interested. Based on The Economic Times, numbered accounts serve for hiding your identity from the papers—meaning numbers appear where your name would typically be. These bank accounts require a significant sum of money for maintenance and have some restrictions of their own, which is why fewer people opt for them.

As for standard accounts, your information is safe with the bank, but your name will continue to be on your financial paper trail.

After all, even righteous citizens appreciate the additional layers of privacy that Swiss banking offers.

FAQs About Switzerland Banks

Can Swiss bank accounts be traced?

Hardly. It’s difficult to trace Swiss bank accounts due to the strict banking secrecy laws. According to the law, banks will not disclose their clients’ banking information because that represents a criminal offense.

Are Swiss bank accounts illegal?

No. But hiding them may be. When you do it for legitimate reasons, using a Swiss bank account is not illegal, even if it’s outside of your home country. However, in most cases, you may be required to declare your offshore bank account to your home country.

Can Americans open a Swiss bank account?

Yes. Any adult U.S. citizen is legally allowed to open a Swiss bank account. However, you can’t do that anonymously. Even though there aren’t taxes for accounts in Switzerland, American citizens must report their Swiss bank accounts to the Internal Revenue Service.

Apart from the great transport system, quality of life, and colorful culture, Switzerland is a country well-known for its banks. To this day, Swiss banks are one, if not the safest, places in the world to store your money. So, for whatever reason you might be interested in opening a Swiss bank account, we hope this helped you ease the process. Happy banking in Switzerland!



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How to Open a Swiss Bank Account - Studying in Switzerland (2024)


How to Open a Swiss Bank Account - Studying in Switzerland? ›

The following documents are generally required: work/residence permits, passport, employment contract or proof of student status. Opening a bank account takes approx. 45 to 60 minutes. Switzerland has a large selection of banks and financial institutions.

Can an international student open a bank account in Switzerland? ›

The following documents are generally required: work/residence permits, passport, employment contract or proof of student status. Opening a bank account takes approx. 45 to 60 minutes. Switzerland has a large selection of banks and financial institutions.

Can you open a Swiss bank account without living in Switzerland? ›

Can I open a Swiss bank account without residency? Yes, non-residents and foreigners can open a Swiss bank account either in person or online. Additional charges may apply if you want to open an account remotely. You're also required to provide the required documentation to prove your identity and income source.

Which Swiss bank account is best for international students? ›

Which is the best Swiss bank account for foreigners?
  • PostFinance – If you live in Switzerland, you can open your new PostFinance account online using your smartphone. ...
  • Migros Bank – Migros Bank offers various accounts.

How much money do you need to open a Swiss bank account? ›

The minimum balance for Swiss bank accounts depends on the account type and can vary from free of charge up to millions of dollars. Generally, Swiss banks may require you to deposit at least 10,000 CHF ( $9,000 or EUR 6,800) within a month of opening your account.

Can an American open a Swiss bank account? ›

Yes, it's legal for U.S. citizens to open a bank account in Switzerland. However, setting up a Swiss bank account requires a identity verification and you might have to provide various official documents that serve as proof of address and income.

How much bank balance is required to study in Switzerland? ›

Financial Requirement

To get the student visa, you must meet the Switzerland student visa financial requirements. You need to have sufficient funds in your personal bank account before the commencement of your course - CHF 21,000 or INR 17,02,670 OR USD 21,460.

Can you open a Swiss bank account without living there? ›

If you want to open a bank account in Switzerland as a non-resident it can be difficult if you are not in the country. For this purpose, you must travel here and set it up. However, after creating it you will have access to your Swiss account online and can conduct transactions by correspondence, if needed.

Do Swiss banks report to the IRS? ›

As of 2022, information about your Swiss bank account must be handed over to the IRS in the United States. The IRS is responsible for collecting taxes and assessing the wealth of Americans, even wealth held in Swiss bank accounts must be accounted for.

Which Swiss banks accept non-residents? ›

Swiss Bank Fees for Non-Residents Explained
BankResidents of these countries can open accounts online
Coop Finance PlusCross-border workers from summer 2024
NeonCross-border workers from summer 2024
YapealAustria, France, Germany, Italy, Liechtenstein
YuhAustria, France, Germany, Italy, Liechtenstein
3 more rows
Mar 13, 2024

What is proof of funds for international students in Switzerland? ›

Swiss Student Visa: Necessary Documents

A valid passport. Letter of acceptance from a Swiss University. Proof of payment of the registration and tuition fees, either original or copy. Proof of sufficient funds for your studies in Switzerland through bank statements.

Is it worth having a Swiss bank account? ›

The main benefits of Swiss bank accounts include low levels of financial risk and high levels of privacy. Swiss law prevents the bank from disclosing any information regarding an account (even its existence) without the depositor's permission, except in cases where severe criminal activity is suspected.

Why do people put money in Swiss bank accounts? ›

Swiss banks are known for their strong privacy laws and financial stability, making them a popular choice for wealthy individuals seeking to safeguard their assets. Privacy and Confidentiality: Swiss banking laws have traditionally provided a high level of confidentiality to their clients.

Why is a Swiss bank account so special? ›

Swiss law strictly protects the confidentiality of its clients, and divulging client information can result in severe penalties. This has made Swiss banks an attractive option for individuals who wish to keep their financial affairs private.

Do Swiss banks pay interest? ›

The average interest rate across all Swiss savings accounts for adults is currently 0.81 percent. But the actual annual interest rates at individual banks range between 0 and 2 percent.

Can I open a bank account as an international student? ›

Each bank has different requirements, but generally speaking, international students studying in the United States will need some or all of the following documentation to open a bank account: Your passport with visa. Your I-20. Proof of residency, such as an official letter or bill addressed to you with your US address.

Can international students get student bank accounts? ›

Yes, some banks do offer accounts especially designed for the needs of international students, but these normally come with a monthly operating fee. However, if you can wait until you arrive in the UK you can open a bank account aimed at students which normally come with perks such as discounts.

Can international students have a bank account? ›

Requirements vary by bank, so be sure to find out what your bank specifically requires. In general, you'll be asked for: Two forms of identification—typically a passport and a secondary document such as a driver's license, birth certificate, student ID or major credit card.

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