How To Open An Account in Swiss Bank From Abroad?

Do you want to know how to open an account in a Swiss bank from abroad? If you are interested in opening a Swiss bank account online, you might be wondering what the requirements, benefits, and challenges are. 

Swiss bank accounts are famous for their privacy, security, and stability, making them attractive to many people around the world. However, opening a Swiss bank account from abroad can also be a complex and costly process, requiring careful planning and preparation.

In this blog post, we will provide information on how to open an account in a Swiss bank from abroad. You will learn about the different types of Swiss bank accounts, such as personal, business, or investment accounts, and how to choose the best one for your needs and goals. 

You will also discover the documents and fees involved in opening a Swiss bank account online and the legal and tax implications of having a Swiss account. By the end of this blog, you will have a better understanding of how to open an account in a Swiss bank from abroad and enjoy the benefits of Swiss banking.

Do you need extra funds while staying in Switzerland? Check this article: How To Get a Loan in Switzerland [2023 Guide]

Steps On How to Open A Swiss Bank Account

For expats and foreigners in Switzerland, understanding how to open an account in a Swiss bank is crucial, given the numerous advantages associated with Swiss bank accounts. Swiss banks are globally renowned for their commitment to client privacy and offer low levels of financial risk. 

The process of Swiss bank account opening is straightforward, providing individuals with access to exceptional wealth management services for personal accounts. To explore these benefits legally, individuals can inquire about how to get a Swiss bank account. 

Contrary to myths, Swiss bank accounts are legal, offering security and confidentiality. With a solid reputation for privacy, foreigners can confidently manage finances in Switzerland.

1. Pick Your Preferred Swiss Bank 

One of the first steps on how to open a Swiss bank account is to pick your preferred Swiss bank. According to a report by the Swiss Bankers Association, there were 253 banks in Switzerland, with total assets of CHF 3.9 trillion (USD 4.3 trillion). 

Choosing a bank involves considering factors like account type, minimum balance, fees, services, reputation, and security. Tailor your choice to your specific needs.

Depending on your needs and preferences, different banks may have different advantages and disadvantages. 

For example, some banks may specialize in private banking and wealth management, while others may offer more diverse and accessible services. Some banks may have lower minimum balance requirements but higher fees and charges.

Other banks may have more branches and ATMs, while others may have more online and mobile banking options.

Do you have a Maestro Card? Check this article to find out if you can use it in Switzerland: Can You Pay Online with Maestro Card?

2. Check Your Eligibility

The next step in how to open a Swiss bank account is to check your eligibility. Non-residents of Switzerland must be at least 18 years old and reside in a country eligible for Swiss banking.

Meeting eligibility involves a clean record and legal conduct. Documentation, proof of identity, and account intentions are required.

Not all countries are eligible for Swiss banking, and some may have restrictions or regulations that affect your ability to open a bank account in Switzerland. 

For example, blakeharrislaw.com says that the United States has a tax treaty with Switzerland that requires Swiss banks to report the account information of US citizens and residents to the US authorities. US citizens and residents may face difficulties or higher costs when opening a Swiss bank account. 

Similarly, some countries may have sanctions or embargoes prohibiting their citizens or residents from opening a Swiss bank account.

If you reside in an ineligible nation, you may not be able to open a Swiss bank account, or you may risk making your Swiss bank accounts illegal. Therefore, you should check your country’s eligibility before proceeding with the Swiss bank account opening process. 

3. Choose The Type Of Account That Fits Your Needs

The next step in how to open a Swiss bank account is to choose the type of account that fits your needs. There are different types of accounts with different minimum balance requirements depending on the bank. Some of the common types of accounts are:

Personal account:

This basic account allows you to deposit and withdraw money, make transfers, and access online and mobile banking services. A personal account usually has a low or no minimum balance requirement but may have higher fees and charges than other accounts.

Savings account:

This is an account that pays interest on your deposits and helps you save money for your goals. A savings account usually has a higher minimum balance requirement than a personal account but may have lower fees and charges. Some savings accounts may also have restrictions on withdrawals or transfers.

Investment account:

This is an account that allows you to invest your money in various financial products, such as stocks, bonds, funds, or currencies. An investment account usually has a very high minimum balance requirement, but may offer higher returns and more flexibility than other types of accounts. Some investment accounts may also have tax benefits or advantages.

You should choose the type of account that suits your financial situation and objectives. Consult a professional advisor or lawyer if you have any questions or concerns about the legal and tax implications of opening a Swiss bank account. 

See a detailed overview of fees for foreign clients (non-residents) in most Swiss banks here.

4. Get In Touch With The Swiss Bank

The fourth step on how to open a Swiss bank account is to get in touch with the Swiss bank. To request an application package for opening a Swiss bank account, non-residents need to contact a Swiss bank.

Contacting the bank and requesting an application package is similar to walking into a bank and asking to open a bank account if you are a resident.

You can contact the Swiss bank by phone, email, or online. Many Swiss banks have websites that allow you to fill out an online form or chat with a representative to request an application package. Swiss banks may also have branches or representatives in your country that you can visit or call. 

When contacting the Swiss bank, share basic information and your account-opening purpose. Inquire about requirements, fees, services, and products offered.

You should also inquire about the options for online banking, monthly credit limit, currency exchange, and other features that may interest you.

The Swiss bank sends an application package by mail or email, including forms to open an account. Carefully follow instructions, keep a copy, and contact the bank for queries.

5. Complete An Online Application

To open a Swiss bank account, the first step is to complete the bank account application. This process involves providing personal information and proof of identity. The Swiss bank will require documents such as the following: 

• A passport or government-issued ID
• Proof of residence
• A reference letter from your current bank.

When considering how to open an account in a Swiss bank, it’s important to note that major Swiss banks may have different requirements. Some banks require a minimum deposit, while others require a face-to-face meeting.

In the digital age, many banks offer the option to open a Swiss bank account online. This can make the process more convenient, but it’s still important to thoroughly research the bank and understand the terms and conditions of the account.

Remember, opening a bank account in Switzerland is a significant financial decision, so it’s crucial to ensure you’re making the right choice for your financial needs.

6. Wait for the Account to Become Active

After completing the application process, the next step in opening a Swiss account is to wait for the account to become active. The activation process for bank accounts varies depending on the bank and the type of account.

Generally, it takes one week to one month for a bank account in Switzerland to become active. This time allows the bank to process your application and do any necessary checks.

It’s important to be patient during this period and to contact the bank if you have any questions or concerns about your account status.

What Are The Requirements for Opening Swiss Bank Accounts?

If you are interested in how to open a Swiss bank account or European bank account, you should know the requirements and the benefits of doing so. Swiss bank accounts are often associated with privacy, security, and wealth, but they are not only for the rich and famous.

Many Swiss banks offer accounts for non-residents, including U.S. citizens, who want to take advantage of the Swiss banking system.

Swiss bank account opening is not as difficult as it may seem, but it does require some preparation and research. Here are some of the general requirements and important points to consider when opening a bank account in Switzerland.

Age

You must be at least 18 years old to open a Swiss bank account. Anyone below 18 cannot make legal transactions and create accounts in Swiss banks. 

Residency

You must reside in a country that is eligible for Swiss banking, which includes the U.S. However, some Swiss banks may not accept clients from certain countries due to political or economic reasons.

Criminal Background

You must not have any evidence of a criminal background or illegal activities, such as money laundering. Swiss banks are very strict about complying with international laws and regulations, and they may report any suspicious transactions to the authorities.

Documentation

You must provide the required documentation. Swiss banks usually include a government-issued ID, proof of address, and a minimum deposit. Consider the bank and account type when submitting documents. Additional papers, like tax returns or business registration, may be required.

Minimum Deposit for a Bank Account in Switzerland

Many Swiss banks require a minimum deposit to open an account, which can vary widely, ranging from a few hundred to several thousand Swiss francs. The minimum deposit may also depend on the currency you choose for your account, such as Swiss francs, U.S. dollars, euros, or British Pound Sterling. 

According to offshorecorporation.com, a Swiss bank online may sometimes require a minimum deposit of a few thousand dollars, while others may require a deposit of $10,000 or more.

Some Swiss banks may waive the minimum deposit requirement for certain types of accounts, such as online banking or savings accounts.

Verification Process

The account opening requirements are very strict in Switzerland, and a thorough verification process is typically expected, especially for major Swiss banks. You may need to fill out an application form, answer some questions, and provide supporting documents. 

The verification process for Swiss banks may take from a few days to several weeks, depending on the bank and the type of account. Some Swiss banks may also conduct a personal interview with you, either in person or via phone or video call.

The verification process for offshore bank accounts also takes longer than traditional savings accounts. 

Online Banking 

Many Swiss banks allow U.S. citizens to complete the entire account opening process online without having to visit Switzerland or a branch office. You can submit your application and documents to a Swiss national bank online and communicate with the bank via email or phone. 

However, some Swiss banks may still require you to visit a branch office or a representative office in your country to finalize the account opening. This process is necessary if you’re planning to open an offshore bank account or savings account. 

Currency Options

You can choose your currency for your bank account in Switzerland, with options including Swiss francs, U.S. dollars, euros, or British Pound Sterling. You can also have multiple currency accounts, which can help you diversify your portfolio and reduce exchange rate risks. 

However, you may need to pay fees for currency conversion and transfers, depending on the bank and the type of account. Currency options are also available to any bank account in Switzerland and even to numbered Swiss bank accounts.  

Are you an American planning to move to Switzerland? If so, you need to check our article about Living in Switzerland as An American.

Different Types of Swiss Bank Account in Switzerland

Personal Bank Accounts

A personal account is one of the most common types of Swiss bank accounts. It is designed for individuals who want to save, invest, or access their money in Switzerland. Silverbird.com says that the minimum deposit for a personal account in Switzerland can be as low as $10,000 in some cases, especially for US citizens. 

Personal accounts offer various services, such as online banking, debit and credit cards, foreign currency exchange, and wealth management. Swiss bank accounts are known for their privacy, security, and stability, as well as their low taxes and fees.

When To Use It?

You may want to use a personal account if you are looking for a safe and discreet place to store your money or if you want to diversify your assets and protect them from inflation, currency fluctuations, or political risks.

You may also benefit from having a personal account if you travel frequently to Switzerland or other countries that use Swiss francs.

Pros

• Accessibility: With lower minimum deposit requirements, personal Swiss accounts offer accessibility to a broader range of individuals.
• Currency Diversification: These accounts allow users to hold funds in Swiss francs, providing a hedge against currency risks.
• Stability: Swiss banks are known for their stability, ensuring the safety of deposited funds.

Cons:

• Limited Services: Personal accounts may come with fewer services compared to more specialized accounts.
• Currency Exchange Costs: Converting currencies, especially if not in Swiss francs, may incur additional fees.
• Interest Rates: Personal accounts may offer lower interest rates compared to other investment-focused accounts.

Are you going to stay in Switzerland? You need to have a reliable mobile network service so you can use your mobile banking apps properly. Check this article on Best SIM Cards in Switzerland [2023 Guide]

Investment Account

An investment account is a type of Swiss bank account that allows you to invest your money in various financial instruments, such as stocks, bonds, funds, or derivatives. Investment accounts are ideal for people who want to diversify their portfolios, increase their returns, or hedge their risks. 

Investment accounts offer some of the Swiss bank account advantages, such as privacy, security, and stability. They’re also available in different currencies, such as Swiss francs, euros, or US dollars, depending on your preference and needs.

Ideal for risk-averse savers, savings accounts differ from investment accounts. They offer low-risk options with minimal fees for storing money.

When To Use It?

You may want to use an investment account if you are looking for a sophisticated and flexible way to invest your money in Switzerland with the guidance and support of professional advisors. You may also want to use an investment account if you want to benefit from the low taxes and favorable exchange rates that Switzerland offers. 

To open a bank account in Switzerland, you must provide some personal and financial information, such as your name, address, passport, and proof of income. You can open an investment account with some Swiss investment banks online or by visiting a bank branch.

However, some private banks may have higher minimum deposit requirements or stricter eligibility criteria.

Pros

• Financial Expertise: Swiss investment accounts benefit from the expertise of private Swiss investment banks, ensuring sophisticated financial management.
• Diversification: Investors can diversify their portfolios efficiently, taking advantage of Switzerland’s strong financial markets.
• Confidentiality: Swiss banks prioritize client confidentiality, safeguarding sensitive financial information.

Cons:

• Higher Fees: Private banking services often entail higher fees compared to standard bank offerings.
• Minimum Balance Requirements: Some Swiss investment accounts may have substantial minimum balance requirements, limiting accessibility.
• Market Risks: Like any investment, these accounts are subject to market fluctuations, exposing investors to potential risks. 

Savings Account

A savings account is a type of bank account that allows you to deposit and withdraw money at any time while earning interest on your balance. Savings accounts are ideal for people who want to save money for short-term or long-term goals, such as travel, education, or retirement. 

Savings accounts are different from investment accounts, which are more suitable for people who want to invest their money in stocks, bonds, or other assets. To open a bank account in Switzerland, you must provide some personal and financial information, such as your name, address, passport, and proof of income.

You can open a savings account with most traditional banks online or by visiting a bank branch.

When To Use It?

You may want to use a savings account if you are looking for a simple and convenient way to save money in Switzerland without taking much risk or paying high fees. You may also want to use a savings account if you want to benefit from the low taxes and favorable exchange rates that Switzerland offers. 

A savings account is different from a personal account, which is designed for individuals who want to save, invest, or access their money in Switzerland. A personal account offers a range of services, such as online banking, debit and credit cards, foreign currency exchange, and wealth management.

It may also allow you to open numbered Swiss bank accounts, which is a type of account that offers a higher level of privacy and anonymity.

Pros 

• Safety and Liquidity: Savings accounts in Swiss banks provide a secure environment for funds while maintaining easy access for withdrawals.
• Interest Accumulation: Though modest, these accounts accrue interest, contributing to the growth of deposited funds.
• Versatility: Suited for individuals across diverse financial goals, savings accounts offer flexibility for various purposes.

Cons:

• Lower Returns: Unlike investment accounts, savings typically yield lower returns.
• Limited Services: Savings accounts may lack the comprehensive services provided by more specialized accounts.
• Currency Options: Depending on the bank, the choice of currencies for savings accounts may be limited.

Best Swiss Banks to Open a Bank Account Online

Revolut

Revolut is a digital bank that offers legal Swiss bank accounts for residents and non-residents of Switzerland. It provides a range of features, such as multicurrency payments, free withdrawals, credit cards, and gift savings accounts. 

They’re part of the Swiss banking industry, known for its stability, privacy, and quality of service. They also allows users to buy, sell, and exchange cryptocurrencies, as well as access international markets and wealth management services. 

Revolut Swiss Banks offer the following: 

• Free multicurrency, international bank account 
• Free debit card – you pay only for a delivery
• Credit card is optional
• IBAN for Sepa transfers
• Free money transfers 24/7 
• Free multicurrency payments
• Free withdrawals worldwide
• Easy instant top-up
• Instant transfers/payments
• It is a fantastic app with a great user interface and simple navigation
• Customer support via chat 24/7

Highlights

• Free multicurrency, international bank account with a debit card and an optional credit card.
• Swiss banks offer low fees, high security, and excellent customer support.
• Easy and fast money transfers and payments, with the best exchange rates and no hidden charges.
• Innovative app with a user-friendly interface and simple navigation.
• Gift savings accounts that let you save money for yourself or others, with the option to set goals and automate contributions.

Pros:

• Convenient, flexible, and accessible for anyone who travels, works, or lives abroad
• Has a variety of features and services that cater to different needs and preferences
• Transparent, compliant, and regulated by the relevant authorities in Switzerland and the UK

Cons:

• May not offer the same level of protection and insurance as traditional Swiss banks
• Subject to financial risk and volatility, especially in the cryptocurrency market
• Share your account information with the Internal Revenue Service (IRS) if you are a US citizen or resident, which could affect your tax liability.

Reviews About Revolut Bank Account 

• I have been using Revolut for over a year, and I am very happy with it. It is easy to use, reliable, and cost-effective. I can send and receive money in different currencies, pay with my card anywhere, and manage my finances on the app. I also like the gift savings account feature, which helps me save money for myself and my family. Revolut is the best bank for me.

• I switched to Revolut from my previous bank because I was tired of paying high fees and getting poor service. Revolut is a game-changer for me. It is fast, secure, and convenient. I can access my money anytime, anywhere, and pay with my card or phone. I also enjoy the benefits of the premium plan, such as the metal card, the overseas medical insurance, and the higher withdrawal limits. Revolut is the future of banking.

Are you interested in using Revolut banking services? Check our full review: Revolut – The Best Bank in Germany

DKB 

DKB is a Swiss private bank that offers a free and convenient way to open a bank account online. Customers can enjoy a standard bank account with a debit card and a Visa card, which allow them to withdraw cash and make payments worldwide without fees. 

This Swiss bank provides online banking services, money deposits in different currencies, and overdraft options for account holders. DKB is a reliable and secure bank that is part of the German banking system, which is known for having some of the safest bank accounts in the world. 

By signing up for DKB, you will receive a European debit card and an international Visa card.

DKB offers the following:

• Free bank account
• Free online banking
• Money deposits in EUR and foreign currency are possible
• Free VISA card
• Zero foreign transaction costs
• Free cash withdrawal and payments with a Visa card in Europe and worldwide
• Account opening online via VideoIdent, PostIdent, or from some other countries via identification by a notary, lawyer, or bank

Highlights

• Open a bank account online via Videoident, PostIdent, or other methods, depending on your country of residence.
• Free bank account with no monthly fees or minimum balance requirements.
• Free debit card and Visa card with zero foreign transaction costs and free cash withdrawals and payments worldwide.
• Online banking with easy and fast money transfers and international payments.
• Overdraft facility on the Visa card with low-interest rates and flexible repayment options.

Pros:

• Offers high-quality services and customer support
• A great option for travelers, ex-pats, and non-residents who need a flexible and convenient bank account
• Has a strong reputation and is regulated by the Swiss and German authorities

Cons:

• Not available for residents of some countries or regions
• Charge Swiss withholding tax on interest income for non-residents
• Require additional verification or documentation for money laundering purposes or tax compliance

DKB Account Holder Reviews

• I have been using DKB for over two years and am very satisfied. It is my best bank account as a frequent traveler and digital nomad. I can access my money anywhere worldwide without paying fees or commissions. The online banking is simple and secure, and the customer service is helpful and responsive. I highly recommend DKB to anyone needing a free, flexible bank account.

• I opened a DKB account when I moved to Switzerland for work. Opening the account online was very easy and fast, and I received my cards and login details within a week. The bank account is free and has everything I need. I can withdraw cash and pay with my cards in Switzerland and abroad without problems. The online banking is user-friendly and allows me to manage my finances and make transfers. DKB is a reliable and trustworthy bank.

Wise

Wise is a money transfer platform offering a multi-currency account that can be opened online and abroad. The app allows customers to open Swiss bank accounts, hold over 54 currencies, and make international payments with low fees and fair exchange rates. 

They also provides a debit card that can be used for online and offline purchases and withdrawals worldwide. It’s a safe and convenient option for people who need to manage their money across different countries and currencies.

Highlights

• Open Swiss bank accounts online and from abroad without the hassle of paperwork and verification.
• Swiss bank accounts are safe and secure, protected by the Swiss Deposit Insurance Scheme and the Financial Market Supervisory Authority.
• Multi-currency account that lets you hold convert, and send money in over 54 currencies, with real-time exchange rates and no hidden fees.
• A debit card that works with your multi-currency account and can be used for free withdrawals up to 200 EUR per month and low-cost payments worldwide.
• International payments that are fast, easy, and transparent, with options to send money to bank accounts, mobile wallets, or cash pickup locations.

Pros

• Cheaper and faster than most banks for international payments, as it uses its own network of local bank accounts to transfer money across borders.
• User-friendly and easy to use, as it has a simple and intuitive app and website that lets you manage your money and transactions anytime, anywhere.
• Transparent and honest, as it shows you the exact fees and exchange rates before you make a transaction and notifies you when your money arrives.

Cons

• Not a full-service bank, as it does not offer credit cards, loans, savings accounts, or investment products.
• Unsuitable for money laundering purposes, as it requires you to verify your identity and source of funds and complies with anti-money laundering and counter-terrorism financing regulations.
• May not be available in some countries or currencies, as it depends on the local banking infrastructure and regulations.

Wise Account Holder Reviews

• I have been using Wise for over a year and am very happy with it. It is the best way to send money to my family and friends abroad, as it is fast, cheap, and reliable. I also love the Wise debit card, as it lets me pay in any currency without any fees. Wise is a game-changer for me.

• I opened a Wise account to receive payments from clients in different countries. It was easy to set up and use, and I saved a lot of money on exchange rates and fees. I also liked the fact that I could hold multiple currencies in one account and access them with the Wise card. Wise is a great solution for freelancers and small businesses.

If you need a full-service bank, you have plenty of options. Check this article: Best Swiss Bank for Foreigners

Final Thoughts About How To Open An Account in Swiss Bank

If you are interested in how to open a Swiss bank account, you will be glad to know that it is not as difficult as you might think. You only need to follow the steps to ensure a smooth and hassle-free process. Here are some tips to help you with your Swiss bank account opening:

Prepare the requirements. You must provide some documents to prove your identity, residence, and source of funds. These may include your passport, utility bills, bank statements, tax returns, and employment or business contracts. You may also need to fill out some forms and sign some agreements with the bank.

Know the type of bank account you need. There are different types of Swiss bank accounts, such as personal, business, savings, investment, or multi-currency accounts. Each type has its own features, benefits, and fees. You should choose the one that suits your financial goals and needs.

Choose the right bank for your financial service needs. There are many banks in Switzerland, each offering different services and products. You should compare the banks based on their reputation, security, customer service, accessibility, and charges. You can also read reviews and ratings from other customers to get an idea of their experience with the bank.

Opening a Swiss bank account can be smart for your financial future. Swiss bank accounts are safe, secure, and convenient, offering many advantages for international payments and transactions. You can enjoy the benefits of Swiss banking by following the steps above and choosing the best bank for you.

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