In this article, we’re exploring major Swiss banks. This will include how to decide which Swiss banks are best for your needs, and who should consider banking in Switzerland in the first place.
This article is part of our free series on banking in the best jurisdictions available, including a detailed step-by-step guide to opening exclusive bank accounts, such as private bank accounts.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Major Swiss Banks
- Who Is Swiss Banking For?
- How to Choose a Bank in Switzerland?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Major Swiss Banks
Major Swiss banks include some of the largest, oldest, and most reputable Swiss financial institutions, including UBS, Credit Suisse, Raiffeisen, and Zürcher Kantonalbank.
In fact, each of these Swiss private banks dates back to the mid-to-late 1800s, with the two predecessors of UBS (which formed via a merger in 1998) dating back to 1854 and 1862, respectively.
And, while Swiss banking confidentiality is not what it once was, the Swiss banking system still offers sophisticated Swiss financial services, Swiss wealth management, and Swiss bank accounts.
In other words, even though Swiss bank secrecy is no longer available, the banking sector in Switzerland is still seen as one of the best in the world.
So, it makes sense why major banks in Switzerland and the Swiss banking industry more broadly, are so sought after by potential depositors from around the world.
This is especially true when considering Swiss banking stability and the strength of Swiss banking regulations, even in times of broad global instability.
In the next section of the article, we’ll discuss who Swiss banking is for in the first place, followed by a look at how to choose a bank in Switzerland.
Alternatively, if you want to consider other private banking options like Geneva, you’re in luck. Click the link to access our free exclusive banking report on private banks in Geneva to determine whether or not Geneva is a suitable banking jurisdiction for your client profile.
If this is your first time visiting GlobalBanks, don’t forget to download your FREE Private Banking Starter Guide. It’s designed to help you navigate the complexities of opening private accounts while unlocking as much value as possible.
Who Is Swiss Banking For?
Swiss banking is for anyone who is in search of sophisticated banks, a stable banking jurisdiction, access to international investment products, and who can meet the account opening requirements of their desired bank.
Importantly, each Swiss bank has its own requirements and sets different standards for account opening. In most cases, clients will need to meet a specific deposit threshold, which can range from several hundred thousand dollars to several million.
Additionally, Swiss banks and private banks in other major banking jurisdictions, typically require a portion of the deposited balance to be invested with the bank.
On the other hand, if you are looking to deposit lower amounts, certain Swiss financial institutions can accommodate your requirements. However, in most cases, these banks will not fall into the “private banking” category like many of the major banks in Switzerland.
How to Choose a Bank in Switzerland?
When it comes to choosing a bank in Switzerland, you will need to consider your desired services and preferred deposit amount. Additionally, you will need to look at your client profile from the perspective of the banks you are considering.
In addition to citizenship and residency restrictions, Swiss banks will also qualify you based on your source of income, source of wealth, transaction activity, investment appetite, and overall profitability as a client for the bank.
Of course, you should also consider whether opening accounts with major Swiss banks is right for you in the first place. In many cases, Swiss banks are not suitable account opening options for foreign non-residents. This is especially true for applicants looking for lower deposits, wanting to access transactional banking, or who do not want to invest through the bank.
Frequently Asked Questions
Below are four of the most common questions we receive from people looking into the major Swiss banks. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
What Are the Biggest Swiss Banks?
The biggest Swiss banks include UBS, Credit Suisse, Raiffeisen, and Zürcher Kantonalbank. However, it’s important to note that changes to Credit Suisse following its acquisition by UBS are expected to change the makeup of the bank, which will likely result in it no longer being considered among the biggest Swiss banks.
What Are the Top 3 Banks in Switzerland?
The top three banks in Switzerland in terms of total assets are UBS, Credit Suisse, and Raiffeisen. That said, Credit Suisse is expected to downsize considerably following the acquisition by UBS in March 2023.
What Is the Number 1 Bank in Switzerland?
The number one bank in Switzerland in terms of total assets is UBS. UBS has USD 1.053 trillion in assets as of March 2023. UBS is also one of the largest private banks in the world. It is also among the 25 largest financial institutions in the world as well.
Which Swiss Bank Is Best for US Citizens?
The Swiss bank that is best for US citizens is one that is registered with the SEC. This is the most important step in determining which bank to open within Switzerland as a US citizen. Other Swiss banks will not be able to accept US clients.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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