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Knowledgebase
Swiss Bank Account – Guidance on Conditions and Fees Today
Dari Podhur, Counsel
9 July, 2024 – updated 20 February, 2025
Swiss bank account for a company and a foreigner? Which bank to open an account in Switzerland? How to open a bank account in Switzerland: step-by-step guide, know-how and perks.
Table of Contents
- Swiss bank account
- Banking in Switzerland
- Advantages of the banking system
- Privacy and security
- How to open a bank account in Switzerland: step-by-step guide
- Investment accounts
- Several types of accounts are most common among Swiss bank clients
- Review of the best banks in Switzerland for opening an account
- Is it worth opening an account in Switzerland in 2024?
- Answers to important questions
- Is it possible to open accounts for foreign companies?
- How much interest does the bank pay on my deposits?
- How safe are Swiss banks?
- How do Swiss banks maintain banking secrecy?
- What are "numbered" accounts?
- Is there any minimum deposit required to open an account?
- Should the account be opened in Swiss francs?
Conclusion
FAQs on opening a Swiss bank account
Swiss bank account opening
Opening a Swiss bank account is a process that fascinates not only because of its high level of confidentiality but also because of the stability of the country’s financial system.
When the international business environment becomes increasingly unstable, many companies and private investors seek alternatives to preserve and increase capital. However, this process involves legal and financial complexities, especially regarding international legal structures.
In this article, we will explain how to open a Swiss bank account, outline the main stages of the process, and discuss corporate law issues that an entrepreneur or investor may encounter along the way.
Opening a Swiss bank account is a process that fascinates not only because of its high level of confidentiality but also because of the stability of the country’s financial system.
When the international business environment becomes increasingly unstable, many companies and private investors seek alternatives to preserve and increase capital. However, this process involves legal and financial complexities, especially regarding international legal structures.
In this article, we will explain how to open a Swiss bank account, outline the main stages of the process, and discuss corporate law issues that an entrepreneur or investor may encounter along the way.
Swiss banks are considered a standard of reliability and add credibility to a business. If a company has an account in a Swiss bank, this indicates that partners in any corner of the world can do business with it.
It is commonly believed that opening an account in a Swiss bank is difficult and expensive.
This is partly true, but not entirely accurate: while opening a Swiss bank account can be expensive, it is by no means inaccessible (if you have sufficient funds).
Many banks in this country can satisfy client's business needs, and we have prepared an overview of the best Swiss banks for opening an account.
It is commonly believed that opening an account in a Swiss bank is difficult and expensive.
This is partly true, but not entirely accurate: while opening a Swiss bank account can be expensive, it is by no means inaccessible (if you have sufficient funds).
Many banks in this country can satisfy client's business needs, and we have prepared an overview of the best Swiss banks for opening an account.
Banking in Switzerland
Switzerland is famous for its high wages, political neutrality, good working conditions, liberal approach to economic issues, and minimal bureaucracy. The financial system has also enjoyed undiminished popularity in this country over the years, and Swiss bank accounts are considered among the most secure in the world.
Over the centuries, Switzerland has built a strong banking industry, characterized by confidentiality and a high degree of banking secrecy.
Over the centuries, Switzerland has built a strong banking industry, characterized by confidentiality and a high degree of banking secrecy.
Advantages of the banking system
For decades, Switzerland has maintained its position as one of the most reliable and stable centers in the global financial arena. Swiss banks are known for their resilience, even during global economic crises. They offer various financial instruments and services, from basic accounts to complex investment portfolios and asset management.
This variety allows clients to choose the optimal strategies for preserving and growing their capital. In addition, Switzerland's national currency, the Swiss franc, is considered one of the most stable currencies in the world, which adds a layer of protection for assets.
This variety allows clients to choose the optimal strategies for preserving and growing their capital. In addition, Switzerland's national currency, the Swiss franc, is considered one of the most stable currencies in the world, which adds a layer of protection for assets.
Bank accounts — Privacy and security
Privacy and security have always been among the key advantages of the Swiss banking system.
Although many countries are tightening financial transparency laws, Switzerland continues to be among the leaders in ensuring the anonymity of its clients. It has strict bank secrecy laws that significantly restrict the disclosure of account holder information.
However, it is worth noting that recently some rules have been relaxed to comply with international standards.
The level of data protection in Switzerland remains very high, and compliance with laws and regulations is ensured to the highest standards. As a result, choosing Switzerland to open a bank account is a strategically sound step for those who value stability, reliability, and confidentiality.
All conditions are designed so that clients, whether large corporations or private investors, can focus on long-term financial goals while minimizing risks and uncertainty.
Although many countries are tightening financial transparency laws, Switzerland continues to be among the leaders in ensuring the anonymity of its clients. It has strict bank secrecy laws that significantly restrict the disclosure of account holder information.
However, it is worth noting that recently some rules have been relaxed to comply with international standards.
The level of data protection in Switzerland remains very high, and compliance with laws and regulations is ensured to the highest standards. As a result, choosing Switzerland to open a bank account is a strategically sound step for those who value stability, reliability, and confidentiality.
All conditions are designed so that clients, whether large corporations or private investors, can focus on long-term financial goals while minimizing risks and uncertainty.
Swiss bank account opening: step-by-step guide
Let's look at the process step by step.
The first step is not unique to Switzerland, as it involves analyzing your situation and available options. There is no one-size-fits-all solution where the same product suits all individuals or companies.
We operate in over 10 countries and understand our clients' needs perfectly.
Therefore, we always carefully assess your situation in the first step and select the best solution.
In the second stage, we begin to prepare documents. The minimum package includes:
The first step is not unique to Switzerland, as it involves analyzing your situation and available options. There is no one-size-fits-all solution where the same product suits all individuals or companies.
We operate in over 10 countries and understand our clients' needs perfectly.
Therefore, we always carefully assess your situation in the first step and select the best solution.
In the second stage, we begin to prepare documents. The minimum package includes:
- Application for opening an account;
- Letter of recommendation (from an agent);
- Constituent documents for the company for which you are opening;
- Passports of all directors and shareholders;
- Confirmation of your residential address;
- Certificate of good condition (not over three months) for companies older than six months.
- A certificate from the bank where you are currently being serviced, reflecting all transactions for the last three months;
- Letter of recommendation;
- And some others.
Some banks, such as CIM, offer remote opening. In this case, you will not need to travel to Geneva or other Swiss cities; everything can be done anywhere. Banks practice customer identification through Skype and other means of communication. The necessary documents are sent by classic mail, and ultimately, you become the owner of a Switzerland bank account without travelling to Switzerland.
In the third stage, when all the documents are collected, an application for opening is submitted to the bank. Each bank has its deadline and regulations, but preliminary consideration of the application requires at least several days, and in some cases more. Unfortunately, opening an account on the same day in 2024 is impossible. However, you can significantly speed up the opening process by working with us.
The next stage is final—after the bank has reviewed and approved your application, they open an account for you but do not begin servicing. Many organizations will require you to pay an activation fee at this stage. The amount depends on the bank and your product, but on average, it is 5,000 (private account)—10,000 (company account) CHF.
The activation payment is not a waste since you can use your money after all opening procedures are completed. The activation payment is the first tranche that the bank asks the client to make. Once the payment is made, you will have full access to all services. And only from this moment will the account begin to work fully.
It is important to remember that according to the bank's terms and conditions, you may be required to keep a certain amount in your account - the minimum balance. This amount depends on your bank and account type and is rarely below 1,000 francs. The bank can set a minimum balance for each in euros, dollars, or other currencies when opening an account.
Investment accounts
Foreigners and non-residents view Switzerland not only as a "haven" where they can safely save any amount of money but also as a jurisdiction where they can increase their capital.
In addition to classic corporate accounts, investment products are also available to foreigners. This product is one level higher than deposits, so most investment instruments have high requirements:
In addition to classic corporate accounts, investment products are also available to foreigners. This product is one level higher than deposits, so most investment instruments have high requirements:
- The yield is higher than that of deposits;
- The initial investment is often at least 250,000 euros;
- And others.
Several types of accounts are most common among Swiss bank clients:
All of these accounts can be opened in most Swiss banks. The technical terms for opening an account vary from 1 to 3 days, while a credit card is usually issued after 7 to 15 days.
-
Regular, classic Swiss bank account
It satisfies the needs of most clients, both for conducting banking operations and implementing investment programs. It is protected by Swiss banking secrecy and can be used without any special formalities or problems. It does not require a minimum deposit at the time of opening. Typically, a credit card is also linked to such an account. It is possible to manage your account via the Internet; -
Bank investment account
Typically, such accounts are provided to established clients who wish to invest funds, and they require personalized service provided by a bank employee with exceptional qualifications. With such an account, you can use part of the funds for investment, while the other part can be used for personal purposes; -
Coded bank account
It is the most famous account. This is a typical Swiss financial instrument. It differs from other accounts in that only one, or very few, bank employees know the account's owner. A signature or password usually identifies the account in such a way that the client is recognised by the bank simply by using the code; -
Securities account
Bank account - securities, through which the client entrusts the bank with the task of managing, investing, and disinvesting shares, bonds, and treasury bills. This account is usually opened in combination with an investment account.
Review of the best banks in Switzerland for opening an account
Over the years, the term "Swiss bank" has become a household name, and some have developed the opinion that the main thing about them is that they are located in Switzerland. But this, of course, is not the case, and the issue of choosing a banking organization must be approached as carefully as in any other jurisdiction.
In total, more than 200 banks are operating in Switzerland, the key ones being:
In total, more than 200 banks are operating in Switzerland, the key ones being:
- Julius Baer - the annual turnover for the first year is expected to be EUR 2'000'000. Julius Baer is a private bank focused on wealth management. To open a company account, the company is expected to have invested assets of at least EUR 1'000'000 after one year. Please note that for maintaining an account with Julius Baer, minimum fees per annum of approximately EUR 4'000 (for a personal account) and EUR 5'000 – EUR 6'000 (for a company account) will apply regardless of the funds deposited. We may not open an account if the number of transactions (in – and outflows) significantly exceeds 20 transactions per annum.
- Valiant - only nationally operating companies, small foreign shareholdings, personal - only for Swiss residents.
- Sygnum - Crypto friendly, 2000 CHF - onboarding, annual fee - from 10000 CHF.
- UBS - turnover 10 mln.
- Raiffeisen Zuerich - as a regional bank, they focus on regional corporate clients based in Zurich.
- Railsbank - is not a bank but a fintech regulated as an EMI.
- Raiffeisen Bank International AG (RBI) - RBI has a strict policy of banking only with large corporate customers active in CEE and Austria.
- Banque Cramer - to support the more commercial structure of this potential opening, they require at least CHF2m of pure PB assets (e.g., discretionary portfolio) from the shareholder.
- Pictet - only Wealth Management services.
- Safra Sarasin - the organization specializes in asset management and not in accounts for highly active commercial businesses and has a minimum account size of 2 million.
- CIM Banque - 5-10 mln of turnover. CIM Banque is not the largest or most popular bank in the country. However, this is the banking structure where you can get maximum opportunities if you are a foreigner.
- PostFinance - international asset management company.
- Zurcher Cantonalbank - the largest cantonal bank and the fourth largest bank in Switzerland.
- Credit Suisse - ready to get work with a turnover of $5 million or more.
- Urner Kantonalbank.
This is an incomplete list - only large banking structures most actively developing in 2024.
The peculiarity is that banks select and weed out clients, sometimes putting forward impossible demands. For example, you may encounter the following difficulties:
Thanks to such rules, banks sort clients by level and work only with those who meet the criteria. This creates many problems for foreigners, who sometimes cannot open accounts in any bank. However, it is precisely in such requirements and general order that the secret lies behind why the country's banking system has remained stable for many centuries.
Opening an account in Switzerland is no more difficult than in most other countries.
- High activation fee;
- High requirements for minimum balance and deposit;
- Complex requirements for documents on the origin of money;
- The bank does not work with foreigners;
- And other problems.
Thanks to such rules, banks sort clients by level and work only with those who meet the criteria. This creates many problems for foreigners, who sometimes cannot open accounts in any bank. However, it is precisely in such requirements and general order that the secret lies behind why the country's banking system has remained stable for many centuries.
Opening an account in Switzerland is no more difficult than in most other countries.
Is it worth opening an account in Switzerland?
As we have already clarified, everything is individual. Switzerland is distinguished from other jurisdictions by a whole list of strengths:
- The most stable, reliable, and respectable jurisdiction;
- Maintaining bank secrecy;
- Service and services of the highest level;
- Unique products;
- Large selection of banks.
The level of financial risk is minimal. This applies to both the jurisdiction itself and the currency. But there are also several serious disadvantages:
- Opening on your own is difficult;
- High requirements for clients who come without an authorised agent;
- In some cases, banking services are more expensive.
The latter is expensive banking services (about 30%), a real scourge of modern Swiss "banking." Due to the high level of services and high demand, Swiss tariffs are among the highest in Europe. This is partly due to the jurisdiction's incredible popularity.
Client profile – people or companies with a high-income level who value a high level of service and need reliability and confidentiality. At the same time, all money stored or passed through Swiss account must have a "white" origin and documents that can confirm its origin.
Client profile – people or companies with a high-income level who value a high level of service and need reliability and confidentiality. At the same time, all money stored or passed through Swiss account must have a "white" origin and documents that can confirm its origin.
Answers to important questions
Is it possible to open accounts for foreign companies?
Corporate accounts for foreign companies are a key product for many Swiss banks. Some even work exclusively with persons who are legal entities. Therefore, there are no problems for a legal entity located in another country.
Difficulties can only arise with companies from classic offshore zones, the service of which is complex in most countries. But this issue can also be resolved if you seek our help.
Difficulties can only arise with companies from classic offshore zones, the service of which is complex in most countries. But this issue can also be resolved if you seek our help.
How much interest does the bank pay on my deposits?
The rate of interest you receive will depend on market conditions that determine interest rates in general and the type of bank account you open. Please remember that any Swiss-based financial institution paying interest or dividends must withhold income tax at 35%. Swiss taxpayers pay tax where the funds are received. Foreigners can claim a refund of tax paid if their country of residence has entered into a double tax treaty with Switzerland.
How safe are Swiss banks?
All banks operating in Switzerland are required to obtain a license from the Swiss Federal Banking Commission (SFBC).
This Commission is a member of the Basel Commission on Banking Supervision and regulates and supervises the activities of all banks following the standards of the Basel Commission. These standards cover not only issues of the size of the bank's authorized capital and liquidity but also all other issues of bank activities in general. Swiss law requires even higher standards than the Basel Agreement as an additional safety measure. Therefore, Swiss banks, of course, can be considered among the safest in the world.
This Commission is a member of the Basel Commission on Banking Supervision and regulates and supervises the activities of all banks following the standards of the Basel Commission. These standards cover not only issues of the size of the bank's authorized capital and liquidity but also all other issues of bank activities in general. Swiss law requires even higher standards than the Basel Agreement as an additional safety measure. Therefore, Swiss banks, of course, can be considered among the safest in the world.
How do Swiss banks maintain banking secrecy?
Traditionally, Switzerland pays excellent attention to the confidentiality of client relationships, including financial relations. Polls consistently show that most Swiss people want to maintain the status quo on this issue. However, no matter how much confidentiality Swiss banks offer to their domestic or foreign clients, it is still not absolute and does not protect criminals. Confidential information about a client's accounts in a Swiss bank can only be disclosed by the decision of a competent court in Switzerland.
What are "numbered" accounts?
The procedure for opening "numbered" accounts is the same as for other accounts. The bank must verify your identity and establish the beneficial owner's identity. "Numbered" accounts are, of course, not anonymous! If your company has a "numbered" bank account, then all operations are not carried out on behalf of the company but are replaced by a code or number. This procedure is an internal security measure to ensure that your identity is known only to a small group of bank employees - in addition, a "numbered" account does not provide any other privileges in terms of confidentiality.
Is there any minimum deposit required to open an account?
Most major Swiss banks require a minimum deposit when opening a checking or savings account. When ordering a full service, such a deposit is symbolic and amounts to only 2-3 thousand euros.
Should the account be opened in Swiss francs?
No. Swiss banks offer to open accounts in US dollars, euros, and other currencies, as well as Swiss francs.
Conclusion
The Swiss banking system is one of the most stable and reliable in the world, so many foreigners and foreign companies want to open Swiss bank accounts in this jurisdiction.
Switzerland is often called the country of banks and the world's most reliable finance repository. This is true; if you need to open a Swiss bank account and protect your savings from all sorts of risks and excessive taxes, a stable state will do just fine. Switzerland remains neutral and is not subject to crises; capital will be reliably sheltered from economic adversity.
A bank account can be opened via the Internet, which is very convenient. However, documents certified by a notary often still have to be sent by mail. Much depends on the bank's policy; several hundred are in Switzerland!
Switzerland is often called the country of banks and the world's most reliable finance repository. This is true; if you need to open a Swiss bank account and protect your savings from all sorts of risks and excessive taxes, a stable state will do just fine. Switzerland remains neutral and is not subject to crises; capital will be reliably sheltered from economic adversity.
A bank account can be opened via the Internet, which is very convenient. However, documents certified by a notary often still have to be sent by mail. Much depends on the bank's policy; several hundred are in Switzerland!
FAQs on opening a Swiss bank account
Opening a Swiss bank account offers several advantages, including stability, reliability, confidentiality, and access to various financial services. Swiss banks are known for their high level of security, political neutrality, and minimal bureaucracy, making them a preferred choice for many investors and individuals.
While opening a Swiss bank account involves some legal and financial complexity, it is not inaccessible. The process requires thorough documentation, including application forms, passports, proof of residential address, and proof of the legal origin of funds. Some banks may have specific requirements, but with proper preparation, opening an account is manageable.
The minimum required documents typically include an application for opening an account, a letter of recommendation, constituent documents for the company (if applicable), passports of directors and shareholders, proof of residential address, and a certificate of good standing for companies older than six months. Additional documents may be required for evaluation purposes.
Yes, some Swiss banks offer remote account opening services, allowing clients to open accounts without travelling to Switzerland. Customer identification can be done through communication channels like Skype, and necessary documents can be sent by mail. However, the specific process may vary depending on the bank's policies.
Most major Swiss banks require a minimum deposit when opening a checking or savings account. The minimum deposit is typically symbolic, ranging from 2,000 to 3,000 euros. However, some specialized accounts or investment products may have higher minimum balance requirements.
Swiss banks are known for their safety and reliability. They are regulated by the Swiss Federal Banking Commission and adhere to strict standards for capitalization, liquidity, and client protection. Switzerland's banking secrecy laws ensure a high level of confidentiality for clients, making Swiss banks a trusted choice for safeguarding assets.
Yes, many Swiss banks offer corporate accounts for foreign companies. However, companies from classic offshore zones may encounter difficulties due to complex service requirements. Working with an authorized agent can help navigate the process and meet the bank's criteria.
Swiss banks may offer interest on deposits, depending on market conditions and the type of account opened. Interest rates vary, and income tax is typically withheld at a rate of 35%. Swiss taxpayers may be eligible for tax refunds based on double tax treaties with their country of residence.
Swiss banks offer accounts in various currencies, including Swiss francs, US dollars, euros, and others. Clients can choose the currency that best suits their needs, and accounts can be opened in multiple currencies for added flexibility.
Opening a Swiss bank account offers numerous benefits, including stability, reliability, and confidentiality. However, it's essential to weigh the advantages against potential costs, such as high banking fees and stringent account requirements. Individuals or companies with high-income levels and a need for premium banking services may find it worthwhile to open a Swiss bank account.