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Knowledgebase
Opening a Bank Account in Switzerland for Non-Residents with 36 Banks
Marcus Altenburg, Counsel
10 February, 2026
Table of Contents
1. Why choose Swiss banks: key advantages
2. Best Swiss banks for foreign clients: comparison
3. Can a foreigner (non-resident) open an account in a Swiss bank?
4. Account opening procedure: step-by-step guide
5. Service costs, fees, and minimum deposit
6. Important nuances: regulation, taxes, and compliance
7. Possible difficulties and limitations
8. Frequently asked questions (FAQ)
2. Best Swiss banks for foreign clients: comparison
3. Can a foreigner (non-resident) open an account in a Swiss bank?
4. Account opening procedure: step-by-step guide
5. Service costs, fees, and minimum deposit
6. Important nuances: regulation, taxes, and compliance
7. Possible difficulties and limitations
8. Frequently asked questions (FAQ)
A Swiss bank account is often viewed as a status marker for today's entrepreneur. It signals stability, credibility, and international reach. In practice, it is also a highly regulated product. It reflects Switzerland's reputation for strict compliance, conservative risk management, and mature financial infrastructure.
Over nearly 20 years, my colleagues and I have seen Swiss banks open and close. We witnessed insolvencies, scandals, and investigations involving banks and individual relationship managers. We also saw UBS absorb one of Switzerland's oldest institutions founded by Alfred Escher. That milestone reshaped the market and accelerated consolidation.
We watched the gradual "sunset" of SWIFT in everyday client workflows. Legacy payment instruments such as Der rote Einzahlungsschein (OSR) von PostFinance disappeared. Who still remembers it? Meanwhile, so-called "neobanks", fintechs, and payment institutions rose rapidly. For many businesses, opening an account in Switzerland became less about choosing a brand. It became more about meeting onboarding, KYC, and source-of-funds expectations. Clients often face longer timelines and more documentation than they anticipate.
Unfortunately, the Swiss banking system is moving toward what many clients experience as predictable contraction. By "contraction" we mean a broad shift toward asset management and wealth management models rather than classic retail banking services. Minimum deposit expectations are increasingly high. Compliance onboarding for new relationships is protracted (for understandable reasons).
In our internal observations over the last five years, the share of account openings through payment systems and fintech structures has risen to nearly 90%. The share handled by traditional banks has declined by a comparable magnitude.
Below you will find our bank research for Switzerland as of February 2026. Information and requirements can change quickly. We recommend treating the data critically and confirming current terms directly with the relevant bank or financial institution.
Quick answers for decision-makers:
Over nearly 20 years, my colleagues and I have seen Swiss banks open and close. We witnessed insolvencies, scandals, and investigations involving banks and individual relationship managers. We also saw UBS absorb one of Switzerland's oldest institutions founded by Alfred Escher. That milestone reshaped the market and accelerated consolidation.
We watched the gradual "sunset" of SWIFT in everyday client workflows. Legacy payment instruments such as Der rote Einzahlungsschein (OSR) von PostFinance disappeared. Who still remembers it? Meanwhile, so-called "neobanks", fintechs, and payment institutions rose rapidly. For many businesses, opening an account in Switzerland became less about choosing a brand. It became more about meeting onboarding, KYC, and source-of-funds expectations. Clients often face longer timelines and more documentation than they anticipate.
Unfortunately, the Swiss banking system is moving toward what many clients experience as predictable contraction. By "contraction" we mean a broad shift toward asset management and wealth management models rather than classic retail banking services. Minimum deposit expectations are increasingly high. Compliance onboarding for new relationships is protracted (for understandable reasons).
In our internal observations over the last five years, the share of account openings through payment systems and fintech structures has risen to nearly 90%. The share handled by traditional banks has declined by a comparable magnitude.
Below you will find our bank research for Switzerland as of February 2026. Information and requirements can change quickly. We recommend treating the data critically and confirming current terms directly with the relevant bank or financial institution.
Quick answers for decision-makers:
- Non-residents: Yes, with strict KYC requirements and transparent fund origins
- Typical timeline: 4 – 8 weeks from application to account activation
- Remote opening: Available at select banks (Swissquote, Dukascopy) and fintech providers; traditional private banks typically require in-person verification
- Minimum thresholds by segment: Online banks CHF 5,000 – 50,000; universal banks CHF 50,000 – 100,000; private banking CHF 500,000 – 2,000,000+
- Deposit protection: CHF 100,000 per customer per bank via esisuisse
Why choose Swiss banks: key advantages
Swiss banking remains attractive for international investors despite regulatory evolution. Three core advantages define the value proposition: financial stability rooted in political neutrality, confidentiality within modern compliance frameworks, and deep expertise in wealth management.
Best Swiss banks for foreign clients: comparison
Bank selection depends on capital size and client objectives. The market segments into online/trading platforms, universal banks, and private banking institutions. For a comprehensive comparison of 36 Swiss banks including founding years and official account opening fees, see the detailed table below.
List of Swiss banks: information and conditions, account opening procedures
Bank name
Country
Year of foundation
Account opening procedure
Cost of account opening
Financial stability and reliability
Switzerland maintains AAA sovereign credit ratings from all major agencies. UBS became Switzerland's sole globally systemically important bank following the Credit Suisse acquisition in 2023. The banking system manages CHF 9.284 trillion in assets across 230 institutions as of end-2024.
The Swiss financial sector contributes 9.1% to GDP. It employs approximately 200,000 people globally. The Swiss National Bank maintained its policy rate at 1.0% in Q3 2024. GDP growth projections stand at 1.2% for 2025 and 1.4% for 2026.
The Swiss financial sector contributes 9.1% to GDP. It employs approximately 200,000 people globally. The Swiss National Bank maintained its policy rate at 1.0% in Q3 2024. GDP growth projections stand at 1.2% for 2025 and 1.4% for 2026.
Confidentiality and data protection in modern realities
Banking secrecy in Switzerland operates under two distinct regimes. Protection from private third parties remains strict. Bank-client confidentiality is established under Swiss Banking Law. It creates professional secrecy comparable to attorney-client privilege. Unauthorized disclosure carries criminal penalties: up to 6 months for unintentional breaches, up to 3 years for deliberate violations.
However, confidentiality for tax purposes ended in 2017. Switzerland participates in the Common Reporting Standard (CRS) with 126 countries. Banks automatically exchange account information with tax authorities of clients' residence countries. The first CRS data transmission occurred in 2018. From 2027, the Crypto-Asset Reporting Framework (CARF) will extend automatic exchange to digital assets. The first exchange will involve 74 partner jurisdictions.
Swiss residents' data is not transmitted under AEOI, despite collection. For non-residents, banks report: name, address, tax identification number, account balance, and annual turnover.
However, confidentiality for tax purposes ended in 2017. Switzerland participates in the Common Reporting Standard (CRS) with 126 countries. Banks automatically exchange account information with tax authorities of clients' residence countries. The first CRS data transmission occurred in 2018. From 2027, the Crypto-Asset Reporting Framework (CARF) will extend automatic exchange to digital assets. The first exchange will involve 74 partner jurisdictions.
Swiss residents' data is not transmitted under AEOI, despite collection. For non-residents, banks report: name, address, tax identification number, account balance, and annual turnover.
"The decisive factor today is not anonymity but capital quality. Your main task is proving the legal origin of funds." — Marcus Altenburg, Goldblum and Partners
For detailed information on CRS operation and participating countries, consult the official State Secretariat for International Financial Matters SIF.
Need to set up a company in Switzerland, take over an existing business, or optimize your taxes? Contact our specialists in company registration and Swiss tax law.
Expertise in wealth and asset management
Cross-border assets under management totaled CHF 2.427 trillion in 2024. Swiss banks manage 25% of global cross-border assets under management. Switzerland Global Enterprise reports that Swiss financial institutions manage CHF 4,200 billion in assets. 45.5% belong to foreign clients. This concentration reflects centuries of experience in private banking and access to global markets.
The sector excels in cross-border tax, legal, and compliance frameworks. Nearly 50% of banking clients are based abroad. This demonstrates established expertise in serving international investors. Swiss banks deliver integrated solutions spanning private banking, wealth planning, and institutional asset management.
The sector excels in cross-border tax, legal, and compliance frameworks. Nearly 50% of banking clients are based abroad. This demonstrates established expertise in serving international investors. Swiss banks deliver integrated solutions spanning private banking, wealth planning, and institutional asset management.
Banks for online access and investments (low/medium threshold)
Swissquote Bank SA and Dukascopy Bank SA focus on digital-first clients. Swissquote accepts residents of Switzerland and CIS countries with no fixed minimum deposit. The bank offers trading and investment accounts with fixed commissions per transaction. Account opening requires online application, KYC documentation (passport, address proof via utility bills, source of funds), and notarized passport copy for non-EU clients.
Dukascopy provides multi-currency accounts with forex trading and mobile banking. The Dukascopy Connect app enables transfers, payments, currency exchange, deposits, and virtual/plastic cards. No minimum deposit is specified in official documents.
For fintech alternatives in Switzerland, explore our guide on developed fintech activities.
Dukascopy provides multi-currency accounts with forex trading and mobile banking. The Dukascopy Connect app enables transfers, payments, currency exchange, deposits, and virtual/plastic cards. No minimum deposit is specified in official documents.
For fintech alternatives in Switzerland, explore our guide on developed fintech activities.
Universal and retail banks
24 cantonal banks with public guarantees focus on mortgages and SME lending. PostFinance, Switzerland's 5th largest bank, significantly restricted non-resident services in recent years. While some basic retail accounts may show nominal or zero fees in official materials, non-resident clients typically face CHF 1 million minimum deposit, CHF 495 opening fee, and CHF 25 monthly maintenance (based on 2020 data; current conditions may be more restrictive and should be verified directly with the bank).
UBS offers personal accounts in CHF/EUR for individuals aged 20+ with free cash withdrawals and V PAY/Maestro cards. Monthly fees range CHF 3 – 7. Non-residents require passport/ID, address proof, residence permit (B/C/L for non-Swiss), and KYC verification of income source. Minimum deposits range CHF 5,000 – 50,000 depending on service level.
Cantonal banks may work with non-residents holding residence permits. They typically charge higher fees for foreign clients and focus on mortgages and SME lending.
UBS offers personal accounts in CHF/EUR for individuals aged 20+ with free cash withdrawals and V PAY/Maestro cards. Monthly fees range CHF 3 – 7. Non-residents require passport/ID, address proof, residence permit (B/C/L for non-Swiss), and KYC verification of income source. Minimum deposits range CHF 5,000 – 50,000 depending on service level.
Cantonal banks may work with non-residents holding residence permits. They typically charge higher fees for foreign clients and focus on mortgages and SME lending.
Classic private banking (high threshold)
UBS, Pictet, and Julius Baer target wealth management for significant capital. UBS manages CHF 1,717 billion in assets with CHF 4,182 billion in assets under management for non-residents. Pictet Group specializes in wealth management for individuals, families, and entrepreneurs, managing 788 billion EUR (as of September 30, 2025).
Julius Baer requires minimum deposits of CHF 1,000,000+ (approximately USD 920,000). The bank tightened client criteria in December 2025. Smaller clients must add funds or exit. This reflects industry-wide consolidation toward high-balance relationships.
These institutions provide personalized investment strategies, estate planning, family office solutions, and access to alternative investments. Minimum relationship sizes typically start at USD 500,000 – 1,000,000. Premium services require significantly higher thresholds.
Note: Minimum deposit requirements stated in this guide reflect practical thresholds for non-resident private banking relationships as of February 2026. Official published minimums may differ significantly and vary by account type, service level, client jurisdiction, and risk profile. For comprehensive data on 36 Swiss banks including their stated account opening conditions, refer to the detailed comparison table below.
Julius Baer requires minimum deposits of CHF 1,000,000+ (approximately USD 920,000). The bank tightened client criteria in December 2025. Smaller clients must add funds or exit. This reflects industry-wide consolidation toward high-balance relationships.
These institutions provide personalized investment strategies, estate planning, family office solutions, and access to alternative investments. Minimum relationship sizes typically start at USD 500,000 – 1,000,000. Premium services require significantly higher thresholds.
Note: Minimum deposit requirements stated in this guide reflect practical thresholds for non-resident private banking relationships as of February 2026. Official published minimums may differ significantly and vary by account type, service level, client jurisdiction, and risk profile. For comprehensive data on 36 Swiss banks including their stated account opening conditions, refer to the detailed comparison table below.
Can a foreigner (non-resident) open an account in a Swiss bank?
Yes, non-residents can open accounts in Switzerland. Banks conduct strict verification and impose specific requirements. The process is feasible but demands preparation.
Swiss banks target specific client categories:
Banks apply risk-based assessment. Clients from jurisdictions under sanctions or with high-risk profiles face additional scrutiny. The key differentiator is not citizenship but the ability to demonstrate transparent source of funds and tax compliance.
FINMA (Swiss Financial Market Supervisory Authority) mandates strict KYC/AML procedures. Banks apply risk-oriented verification. Clients from jurisdictions with elevated risk profiles undergo enhanced due diligence.
Swiss banks target specific client categories:
- High-net-worth individuals (HNWI) seeking private banking services and asset management
- International investors requiring access to global financial instruments
- Expats and employees of international organizations residing in or outside Switzerland
- International companies and holding structures needing reliable corporate banking
Banks apply risk-based assessment. Clients from jurisdictions under sanctions or with high-risk profiles face additional scrutiny. The key differentiator is not citizenship but the ability to demonstrate transparent source of funds and tax compliance.
FINMA (Swiss Financial Market Supervisory Authority) mandates strict KYC/AML procedures. Banks apply risk-oriented verification. Clients from jurisdictions with elevated risk profiles undergo enhanced due diligence.
"Swiss banks today focus on capital quality, not anonymity. Your main task is proving the legal origin of funds." — Marcus Altenburg, Goldblum and Partners
In our experience advising international clients on Swiss banking relationships, documentation quality proves decisive. A Ukrainian IT company we assisted in 2024 successfully opened corporate accounts by providing comprehensive business model documentation, audited financials, and clear UBO disclosure. The process took 6 weeks from initial application to account activation. Read full case study.
Account opening procedure: step-by-step guide
The process follows standardized stages with mandatory due diligence checks. Each step requires specific documentation and compliance verification.
Step 1: choosing a bank and account type
Define your objectives first. Savings, investments, or business operations determine the appropriate bank category and account structure. Online banks suit trading-focused clients with lower capital. Universal banks serve broader needs but may require residence permits for non-residents. Private banks target wealth management for significant assets.
Account types include personal bank accounts for individuals, investment accounts for portfolio management, and corporate accounts for business entities. Multi-currency accounts provide flexibility for international transactions.
For a comprehensive overview of Swiss banking options, see our guide on the Swiss banking system.
Account types include personal bank accounts for individuals, investment accounts for portfolio management, and corporate accounts for business entities. Multi-currency accounts provide flexibility for international transactions.
For a comprehensive overview of Swiss banking options, see our guide on the Swiss banking system.
Which bank type suits your profile?
Locate your primary goal to identify the recommended banking category.
Step 2: preparing the document package (checklist)
Documentation requirements are strict. Prepare the following:
Document Requirements Checklist
✓
Passport Certified Copy
Apostille may be required depending on jurisdiction
✓
Proof of Residential Address
Utility bill or statement < 3 months old
✓
Source of Wealth (SoW)
Tax returns, sales agreements, or business ownership proofs
✓
CV & Tax ID
Professional curriculum vitae and TIN from residence country
Corporate accounts require additional documentation including incorporation certificates and UBO disclosure.
For corporate accounts, add: certificate of incorporation, articles of association, commercial register extract (not older than 12 months), shareholder register with UBO disclosure, directors' passports, and financial statements.
Banks may request additional documents during verification. Notarization requirements vary by bank and client jurisdiction. EU citizens often face simpler procedures than clients from high-risk countries.
Banks may request additional documents during verification. Notarization requirements vary by bank and client jurisdiction. EU citizens often face simpler procedures than clients from high-risk countries.
Step 3: submitting application and passing compliance (KYC/AML)
Application submission occurs through personal visit or remote channels. Banks conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) verification per FINMA standards.
The compliance process includes identity verification, address confirmation, source of funds validation, and risk assessment based on client history and jurisdiction. Banks monitor transactions and maintain records for regulators.
For non-residents, compliance takes 4 – 8 weeks on average. This includes funds source validation and tax compliance checks.
To understand regulatory requirements, see our guide on FINMA and its role.
The compliance process includes identity verification, address confirmation, source of funds validation, and risk assessment based on client history and jurisdiction. Banks monitor transactions and maintain records for regulators.
For non-residents, compliance takes 4 – 8 weeks on average. This includes funds source validation and tax compliance checks.
To understand regulatory requirements, see our guide on FINMA and its role.
Remote account opening specifics
Video identification enables remote onboarding at select banks. Most traditional banks require at least one personal meeting or notarized power of attorney.
Not all banks provide remote opening for new clients from all jurisdictions. Tier-1 institutions often mandate in-person verification. Smaller banks and online platforms show more flexibility.
Not all banks provide remote opening for new clients from all jurisdictions. Tier-1 institutions often mandate in-person verification. Smaller banks and online platforms show more flexibility.
Step 4: depositing minimum amount and activation
After application approval, deposit the minimum required amount. This varies significantly by bank category. Online banks may require CHF 5,000 – 50,000. Universal banks typically set CHF 50,000 – 100,000. Private banking institutions demand CHF 500,000 – 2,000,000 or more.
Account activation occurs after funds are credited. Banks provide account details and access credentials. Some institutions charge activation fees ranging from CHF 500 to CHF 5,000.
Account activation occurs after funds are credited. Banks provide account details and access credentials. Some institutions charge activation fees ranging from CHF 500 to CHF 5,000.
Need to set up a company in Switzerland, take over an existing business, or optimize your taxes? Contact our specialists in company registration and Swiss tax law.
Service costs, fees, and minimum deposit
Free accounts for non-residents are virtually non-existent. Costs comprise several components: minimum deposit requirements, annual/monthly maintenance fees, additional non-resident surcharges, and transaction commissions.
Canton banks charge minimum CHF 10/month for account maintenance. Large banks (UBS, Pictet, UBP) charge up to CHF 500/month for non-residents.
Non-resident accounts incur higher fees due to enhanced compliance requirements and jurisdictional risk assessment.
Non-resident accounts incur higher fees due to enhanced compliance requirements and jurisdictional risk assessment.
Important nuances: regulation, taxes, and compliance
The Swiss banking system operates under transparent regulatory oversight with strict compliance standards. Understanding these frameworks is essential for non-residents.
FINMA's role and deposit guarantee
The Swiss Financial Market Supervisory Authority (FINMA) ensures system stability through risk-based supervision. FINMA authorizes, supervises, and enforces regulations for banks and financial institutions.
In June 2025, the Federal Council proposed a stability package and public liquidity backstop for systemically important banks. FINMA can impose moratoria, restructurings, or organize acquisitions to maintain stability.
The deposit protection system (esisuisse) guarantees deposits up to CHF 100,000 per client per bank. This covers individual deposits including interest. Protection applies automatically for all member banks in bankruptcy scenarios.
Deposit protection extends to regulated banks and locally booked deposits of branches. Since 2019, a fintech license with simplified requirements complements traditional banking licenses. A fintech license reform proposal is expected for consultation in Q4 2025.
Zug hosts a global crypto hub with 200+ companies. FINMA licenses blockchain platforms.
For licensing requirements in financial services, see our guide on licenses for financial services.
In June 2025, the Federal Council proposed a stability package and public liquidity backstop for systemically important banks. FINMA can impose moratoria, restructurings, or organize acquisitions to maintain stability.
The deposit protection system (esisuisse) guarantees deposits up to CHF 100,000 per client per bank. This covers individual deposits including interest. Protection applies automatically for all member banks in bankruptcy scenarios.
Deposit protection extends to regulated banks and locally booked deposits of branches. Since 2019, a fintech license with simplified requirements complements traditional banking licenses. A fintech license reform proposal is expected for consultation in Q4 2025.
Zug hosts a global crypto hub with 200+ companies. FINMA licenses blockchain platforms.
For licensing requirements in financial services, see our guide on licenses for financial services.
Automatic exchange of information (CRS/AEOI): what it means for you
Switzerland implements the Common Reporting Standard since January 1, 2017. Financial institutions collect data on clients' tax residency and transmit it to the Swiss Federal Tax Administration (FTA). The FTA exchanges information annually with tax authorities of 108 partner countries (as of 2024) on a reciprocal basis. It covers only non-residents.
Data transmitted includes: name, address, country of residence, tax identification number, reporting financial institution details, account balance at year-end, and investment income.
From 2026, crypto-asset data will be added following the Federal Council decision of May 2024. The first CARF exchange will occur in 2027 with 74 partner jurisdictions.
Information exchange with Russia was suspended on September 16, 2022, by Federal Council decision based on the 1988 Convention.
For detailed information on CRS operation and participating countries, consult the official State Secretariat for International Financial Matters (SIF).
To understand banking confidentiality in the modern context, see our guide on bank secrecy in Switzerland.
Data transmitted includes: name, address, country of residence, tax identification number, reporting financial institution details, account balance at year-end, and investment income.
From 2026, crypto-asset data will be added following the Federal Council decision of May 2024. The first CARF exchange will occur in 2027 with 74 partner jurisdictions.
Information exchange with Russia was suspended on September 16, 2022, by Federal Council decision based on the 1988 Convention.
For detailed information on CRS operation and participating countries, consult the official State Secretariat for International Financial Matters (SIF).
To understand banking confidentiality in the modern context, see our guide on bank secrecy in Switzerland.
Corporate account opening specifics (for business)
Foreign companies face additional requirements. The documentation package includes:
Minimum deposits for foreign entities range from CHF 10,000 to CHF 100,000. Commercial structures are often exempt from deposits.
Swiss banks apply strict KYC and AML procedures. This can extend the process to several weeks, particularly for founders from high-risk jurisdictions. Banks evaluate the business model, assess beneficial ownership transparency, and verify economic substance.
In our practice, we assisted a UK employment services company in obtaining SECO authorization and opening corporate accounts in Switzerland. The process required detailed business model documentation, proof of regulatory compliance in the home jurisdiction, and clear demonstration of Swiss market rationale. The accounts were activated within 8 weeks after providing comprehensive documentation. Read full case study.
For accounting and compliance support, see our guide on accounting services in Switzerland.
- Certificate of incorporation and articles of association
- Commercial register extract (not older than 12 months)
- Management body certificate (not older than 12 months)
- Corporate tax identification number (TIN)
- Shareholder register with complete holding structure to ultimate beneficial owner (UBO)
- Passports of all directors and authorized signatories
- Address proof for directors
- Financial statements for the last fiscal year
- Expected company turnover
- Source of funds proof
- Good standing certificate (not older than 3 months for companies older than 6 months)
Minimum deposits for foreign entities range from CHF 10,000 to CHF 100,000. Commercial structures are often exempt from deposits.
Swiss banks apply strict KYC and AML procedures. This can extend the process to several weeks, particularly for founders from high-risk jurisdictions. Banks evaluate the business model, assess beneficial ownership transparency, and verify economic substance.
In our practice, we assisted a UK employment services company in obtaining SECO authorization and opening corporate accounts in Switzerland. The process required detailed business model documentation, proof of regulatory compliance in the home jurisdiction, and clear demonstration of Swiss market rationale. The accounts were activated within 8 weeks after providing comprehensive documentation. Read full case study.
For accounting and compliance support, see our guide on accounting services in Switzerland.
Need to set up a company in Switzerland, take over an existing business, or optimize your taxes? Contact our specialists in company registration and Swiss tax law.
Possible difficulties and limitations
Non-residents encounter several challenges when opening Swiss bank accounts:
CRD VI introduces uniform standards for third-country branches and restricts cross-border services.
- High entry threshold: Most banks working with non-residents require significant minimum deposits, often CHF 500,000 – 1,000,000 or more
- Complex document verification: Prepare for detailed questions about fund origins, business activities, and tax compliance history
- Citizenship restrictions: Banks may refuse clients from countries under sanctions or with high-risk classifications
- Language barriers: While top banks operate in English, some cantonal banks may require knowledge of German, French, or Italian
- Residence requirements: Some banks demand tax residency or residence permits in Europe, refusing non-European clients
- Extended timelines: Compliance onboarding for non-residents takes 4 – 8 weeks minimum, sometimes longer for complex cases
- Higher fees: Non-resident accounts incur additional charges due to enhanced compliance requirements
CRD VI introduces uniform standards for third-country branches and restricts cross-border services.
Frequently asked questions (FAQ)
Yes, some banks offer fully remote procedures. Online banks like Swissquote and Dukascopy provide complete digital onboarding with video identification. However, classic private banking institutions often require at least one personal visit or notarized power of attorney. The availability of remote opening depends on the bank's policy and the client's jurisdiction.
Minimum deposits vary from approximately CHF 5,000 in online banks to CHF 1,000,000+ in leading private banks. There is no universal standard. Universal banks typically require CHF 50,000 – 100,000. Premium private banking institutions demand CHF 500,000 – 2,000,000 or higher. Some banks set different thresholds based on client risk profile and jurisdiction.
This depends on the specific bank's policy and current geopolitical situation. For Russian citizens, strict restrictions apply. Since March 2023, UBS requests Swiss residence permit or citizenship from Russian clients, otherwise blocking accounts. Banks close accounts of Russians paying taxes in Russia or owning Russian companies. Switzerland prohibits deposits exceeding CHF 100,000 from Russians except dual EU/Swiss citizens or residence permit holders.
For Ukrainian and Kazakh citizens, the procedure is possible but requires thorough verification of fund origins. Decisions are made individually. No specific restrictions are mentioned in available sources for these jurisdictions, but enhanced due diligence applies.
For Ukrainian and Kazakh citizens, the procedure is possible but requires thorough verification of fund origins. Decisions are made individually. No specific restrictions are mentioned in available sources for these jurisdictions, but enhanced due diligence applies.
Yes, from third parties and public access, your data is protected by banking secrecy law. However, under the international CRS/AEOI agreement, account information will be transmitted to tax authorities of your country of residence. Banking secrecy protects against private disclosure but not lawful government requests under tax cooperation agreements.
Swiss banks maintain strict confidentiality from commercial espionage and unauthorized access. Violations carry criminal penalties. But transparency to tax authorities is mandatory for non-residents since 2017.
Swiss banks maintain strict confidentiality from commercial espionage and unauthorized access. Violations carry criminal penalties. But transparency to tax authorities is mandatory for non-residents since 2017.
For non-residents, the typical timeline is 4 – 8 weeks from initial application to account activation. This includes document verification, compliance checks, and fund source validation. Complex cases involving multiple jurisdictions or enhanced due diligence may take longer.
Banks may reject applications due to insufficient documentation, unclear fund origins, high-risk jurisdictions, or failure to meet minimum deposit requirements. If rejected, you can address the specific concerns raised, provide additional documentation, or approach alternative banks with different risk appetites. Some banks specialize in complex cases and may accept clients rejected elsewhere.
Yes, Swiss fintech companies and payment institutions offer alternatives with lower entry barriers. These include digital banking platforms, crypto-friendly institutions, and specialized payment service providers. However, they may not provide the same level of deposit protection or wealth management services as traditional banks.
Not always. Some banks (Swissquote, Dukascopy) offer fully remote onboarding with video identification. However, traditional private banks typically require at least one in-person meeting or notarized power of attorney. Requirements vary by bank and client jurisdiction.
As a non-resident, you remain subject to tax obligations in your country of residence. Switzerland will automatically report your account information to your home country's tax authorities under CRS/AEOI. You must declare the account and any income generated in your tax filings. Failure to do so may result in penalties.
Yes, you can open accounts in multiple Swiss banks. However, each account is subject to separate minimum deposit requirements, fees, and compliance procedures. The CHF 100,000 deposit protection limit applies per customer per bank, so diversifying across multiple institutions can increase total protection.
Traditional Swiss banks are licensed and regulated by FINMA under full banking licenses. They offer deposit protection up to CHF 100,000 per customer. Swiss fintechs may operate under simplified fintech licenses (since 2019) with different regulatory requirements. They may not offer the same deposit protection. Fintechs typically focus on specific services (payments, trading, crypto) rather than full-service banking.
Banks require comprehensive documentation showing how you acquired your capital. Acceptable proof includes: tax returns for the last 2 – 3 years, employment contracts with salary statements, sale agreements for property or business, inheritance certificates, investment portfolio statements, or loan agreements. The documentation must create a clear audit trail from origin to current holdings.
If you change your tax residence, you must inform your Swiss bank immediately. The bank will update your CRS reporting obligations and may request new documentation. Your account remains active, but the bank will report to tax authorities of your new residence country. Some banks may require you to meet different minimum balance requirements based on your new jurisdiction.
Personal accounts are designed for private use only. If you conduct business transactions, you need a corporate account. Mixing personal and business transactions in a personal account violates most banks' terms and conditions. It can lead to account closure. For business banking, you must register a legal entity and open a dedicated corporate account.
Most Swiss banks offer multi-currency accounts. Common currencies include CHF, EUR, USD, GBP, and JPY. Some banks provide access to 20+ currencies. Currency exchange services are available, though fees vary. Private banking clients typically receive better exchange rates than retail account holders.
Swiss banks invest heavily in cybersecurity infrastructure. They employ multi-factor authentication, encryption, and continuous monitoring. However, no system is completely immune. Banks recommend using strong passwords, avoiding public Wi-Fi for banking, and enabling all available security features. Most banks offer insurance against unauthorized transactions if you follow security protocols.
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Disclaimer: The information on this website is not intended to constitute legal advice or to create an attorney-client relationship. Laws change periodically; therefore, the information may not be accurate. It is imperative that you seek legal counsel for specific guidance on Swiss employment law and EOR compliance.