In this article, we’re exploring how to open a Swiss bank account from the USA. We’ll share the specific banking requirements for personal banking in Switzerland and answer common questions we receive from people exploring this specific 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 Swiss bank account from the USA.
Table of Contents
- How to Open a Swiss Bank Account From the USA?
- What Should I Know Before Opening a Swiss Bank Account From the USA?
- Frequently Asked Switzerland Banking Questions
- Do You Want to Open a Switzerland Bank Account?
How to Open a Swiss Bank Account From the USA?
Opening a Swiss bank account from the USA is 100% possible if you choose a suitable bank, provide the necessary documents, overcome the onboarding process, and make a qualifying deposit.
Opening a Swiss bank account from the USA can be a difficult process to navigate if you don’t know which banks, bankers, or branches to approach. Not all Swiss banks offer remote account opening and of the ones that do, not all accept applicants from the US.
The process of remote opening, especially when opening a bank account in Switzerland from abroad or the USA, involves overcoming a strict due diligence process, complying with Swiss regulations, meeting the bank’s onboarding requirements, and making a sizeable deposit.
how to open a bank account in Switzerland from abroad
Here is a look at the common six requirements banks in Switzerland will request from you when opening a Swiss bank account from the United States.
Requirements for Opening a Swiss Bank Account From the United States
- Completed application form
- Government-issued identification
- Proof of address
- Proof of income or source of wealth
- Bank reference letter
- A qualifying deposit
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 and the type of services you are after.
Additional documents may be requested depending on the type of account and financial services you require.
There are various factors you should consider before opening a Swiss bank account from the USA. We dive into this factors in the next section below.
What Should I Know Before Opening a Swiss Bank Account From the USA?
Before opening a Swiss bank account from the United States, it’s important to compare the costs, requirements, and financial services between the banks available to you.
Here are six important considerations to keep in mind while going through the process of opening a Swiss bank account from the USA.
- Account management fees (Percentage of your invested amount)
- Outgoing transaction account fees (Incoming is usually free)
- Fees for extra services (Legal, tax planning, structuring, accounting, etc.)
- Investment fees (Investment products owned by the bank)
- Kickbacks on investments (for investment products not owned by the bank)
Bank selection is a very important factor to consider when choosing a Swiss bank to open an account with from the USA. This is because not all banks in Switzerland choose to comply with the Foreign Account Tax Compliance Act (FATCA) or don’t want to take on the added risks of onboarding applicants from the United States.
It’s important to make sure you are complying with both Switzerland and US banking regulations regarding banking and tax reporting.
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 how to open a Swiss bank account from the USA. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
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, your chosen bank, 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 Remotely?
Yes, you can open a bank account in Switzerland remotely. Not all Swiss banks offer remote account opening or accept non-resident individuals. Bank selection will be an important factor to consider when choosing where to open an account remotely. The process of opening accounts remotely involves meeting strict requirements, overcoming an onboarding process, and making a sizeable deposit.
Can US Citizens Open a Swiss Bank Account?
Yes, US citizens can open a Swiss bank account. Not all banks in Switzerland accept US citizens. And, of the banks that do, not all of them offer remote account opening. It’s important to know which Swiss banks accept US citizens and have requirements you can meet before applying.
Do You Want to Open a Switzerland Bank Account?
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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
