In this article, we’re exploring if an EU citizen can open a bank account in Switzerland. We’ll share details on the requirements EU citizens can expect when seeking tailored services through personal banking in Switzerland and answer common questions we receive from people exploring this topic.
This article is part of our free series on personal bank accounts in Switzerland. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Swiss banking also discusses the largest banks in Switzerland, Switzerland’s opening requirements, the costs of banking in Switzerland, and much more. Use the link above to start exploring all of your free Swiss banking content right now.
Alternatively, use the table of contents to continue exploring more information on whether an EU citizen can open a bank account in Switzerland.
Table of Contents
- Can an EU Citizen Open a Bank Account in Switzerland?
- Frequently Asked Switzerland Banking Questions
- Do You Want to Open a Switzerland Bank Account?
Can an EU Citizen Open a Bank Account in Switzerland?
Yes, an EU citizen can open a bank account in Switzerland. Many banks in Switzerland offer financial services to residents of the European Union. These services range from standard personal bank accounts to specialized services like private banking.
The process of opening a bank account in Switzerland as an EU citizen involves completing an application form, having an account opening interview, submitting supporting documents, providing proper forms of identification, and depositing a sizeable amount of money.
These requirements will vary depending on the bank you choose, the type of account you want to open, the financial services you are after, and whether you are opening an account remotely or in person. It’s important to confirm these requirements your specific client profile will need to meet before applying to open an account.
Based on our team’s experience, here are five account opening requirements that EU citizens struggle to provide when opening bank accounts in Switzerland.
Requirements for Opening Swiss Bank Accounts
- Sufficient reason for wanting to bank in Switzerland
- Bank reference letters from existing banking relationships
- Qualifying account opening deposit (up to USD 3,000,000)
- Proof of income from employer or source of wealth
- Attending an in-person interview in Switzerland
These are the five most common account opening requirements that we see EU citizens and other non-resident individuals, including Canadians, struggle with when opening a bank account in Switzerland (and elsewhere).
Fortunately, most of these challenges can be overcome by choosing the right Swiss bank, having the right account opening strategy, and preparing your documents beforehand.
If you are interested in learning more about banking in Switzerland, don’t forget to visit our comprehensive guide on banking in Switzerland, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Switzerland to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Switzerland Banking Questions
Below are a few of the most common questions we receive from people exploring if an EU citizen can open a bank account in Switzerland. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Who Is Eligible for a Swiss Bank Account?
Individuals seeking private banking and wealth management services who can support a sizable deposit are typically the type of clients eligible for a Swiss bank account. That said, applicants will need to meet specific account opening requirements and overcome a strict onboarding process. The banks available will depend on your citizenship, residency, banking needs, and deposit level.
Can I Open a Bank Account in Switzerland Remotely?
Yes, you can open a bank account in Switzerland as long as you choose a financial institution that offers remote account opening. Bank selection will be an important factor to consider when choosing where to open an account since not all banks in Switzerland accept non-residents and offer remote account opening.
Which Swiss Bank Is Best for Non-Residents?
The Swiss bank that is best for non-residents will ultimately depend on the person applying for the account. More specifically, their citizenship, residency, banking needs, and deposit level. This is because not all banks in Switzerland are suitable for every non-resident client. It’s important to choose banks that accept similar client types, have requirements you can meet, and offer the services you are after.
Do You Want to Open a Switzerland Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Switzerland in a few clicks.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
