In this article, we’re exploring how to open a bank account in Switzerland as a foreigner. We’ll share details on the requirements foreigners can expect with 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 how to open a bank account in Switzerland as a foreigner.
Table of Contents
- How to Open a Bank Account in Switzerland as a Foreigner?
- What Are the Requirements for Opening Swiss Accounts as a Foreigner?
- Frequently Asked Switzerland Banking Questions
- Do You Want to Open a Switzerland Bank Account?
How to Open a Bank Account in Switzerland as a Foreigner?
Determining how to open a bank account in Switzerland as a foreigner will depend on various factors, including the bank you choose, the type of account you want to open, and your banking profile.
The requirements for opening an account as a foreigner with any Swiss bank will also depend on your country of citizenship, country of residence, the financial services you are after, your deposit level, and whether you are opening an account remotely and need to know how to open a bank account in Switzerland from abroad.
The process of opening bank accounts in Switzerland involves following a seven-step process.
- Identify a Swizterland bank that will accept your client profile
- Review the account opening requirements and application form
- Prepare all of the necessary supporting documents and proofs
- Wait for compliance to review your application
- Respond to any outstanding questions from the Swiss bank
- Receive notice your bank account in Switzerland is approved
- Deposit the minimum required amount
It’s important to choose banks that align with your banking needs, have requirements you can meet, and have deposit levels you can support. The following section outlines the common requirements foreigners can expect when applying to open an account in Switzerland.
can a tourist open a bank account in Switzerland
What Are the Requirements for Opening Swiss Accounts as a Foreigner?
The account opening requirements imposed by Swiss banks include a completed application form, an account opening interview, supporting documentation, government-issued identification, proof of income, a qualifying deposit, and several other specific requests unique to Switzerland.
A qualifying deposit in Switzerland usually ranges between USD 500,000 and USD 3,000,000. The amount you will be required to deposit will depend on the bank you choose to open an account with, the type of services you are after, your banking profile, and whether you’re a tourist opening a bank account in Switzerland or a non-resident living in Switzerland. It’s important to confirm the required deposit amount before applying.
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.
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Frequently Asked Switzerland Banking Questions
Below are a few of the most common questions we receive from people exploring how to open a bank account in Switzerland as a foreigner. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Do Swiss Banks Report to the IRS?
Yes, Swiss banks report to the Internal Revenue Service (IRS). The IRS is responsible for collecting taxes and assessing the wealth of any American who has a Swiss bank account.
How Much Money Do You Need to Open a Swiss Bank Account?
How much money you need to open a Swiss bank account will ultimately depend on your residency, the bank you choose, and the banking services you require. Generally speaking, Switzerland is often reserved for high-net-worth individuals, and deposits for non-residents can range between USD 500,000 and USD 3,000,000.
Can I Open a Bank Account in Switzerland as a Non-Resident?
Yes, you can open a bank account in Switzerland as a non-resident if you choose the right bank, meet the opening requirements, and have a suitable client profile. Not all banks in Switzerland accept non-residents, so bank selection will be an important factor to consider when choosing where to open a bank account.
Which Swiss Bank Is Best for Foreigners?
The Swiss bank that is best for foreigners 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 foreign 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.
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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!
