Yes, it is possible to open a Swiss bank account online. But, you need to know which banks in Switzerland you can realistically open with before applying.
After all, opening bank accounts in Switzerland isn’t for everyone. And, while most Swiss banks do accept non-residents, they don’t accept all non-residents.
In other words, whether you want to open an online Swiss bank account, in person, or in a random city of your choosing (yes, that’s an option), you still need to be a suitable client.
But, if you can navigate their hidden requirements, connect with the right Swiss banker, and make a healthy deposit… then maybe Switzerland is for you.
KEY TAKEAWAYS
- Swiss bank accounts are often reserved for high-net-worth clients in need of private banking or wealth management services
- It is 100% possible for foreign non-residents to open a Swiss bank account remotely in Switzerland
- Account opening deposits will vary in Switzerland depending on the banking services you require and the bank you choose to open a bank account with
- Not all banks in Switzerland accept non-resident clients and not all Swiss banks offer remote account opening
Open a Swiss Bank Account Online
To open a Swiss bank account online, you will need to complete the onboarding process, submit supporting documentation, and verify your identity through the bank’s online portal. This usually involves a secure website, secure email, and video conferencing.
Of course, if you don’t understand the requirements of opening an online Swiss bank account in Switzerland, your chances of success are extremely low.
So, in this article, we’re going to share how you can successfully open an online Swiss bank account as a foreign non-resident.
We’ll also share the challenges you need to overcome, the benefits you can tap into, and the normal account opening process.
But, to begin we’re going to break down the different client groups that are actually eligible to open an online Swiss bank account.
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents open bank accounts in top banking hubs around the world.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Who Can Open a Bank Account in Switzerland Remotely?
- Challenges of Opening an Online Bank Account in Switzerland
- Benefits of Opening a Bank Account Online in Switzerland
- How Can You Open an Online Bank Account in Switzerland?
- Ready to Start Banking in Switzerland?
Who Can Open a Bank Account in Switzerland Remotely?
As mentioned, opening a bank account online (or in person) isn’t for everyone, especially in Switzerland.
In fact, if you’re looking to open a day-to-day checking account outside of your home country, you should look outside of Switzerland.
Banks in Switzerland typically cater to wealthy individuals, families, and entities looking for private banking. This typically includes clients that can make a sizable deposit ranging from US $500,000 to US $3,000,000.
That said, in recent years, a number of new Swiss banking options have emerged catering to lower deposit levels. Such options enable non-residents to open an online Swiss bank account in Switzerland with as little as US $5,000.
Of course, such banks do not cater to the same clients. And, they do not provide the same level of services that you would expect from a traditional private bank in Switzerland. But, they are an option if you are looking to open an online bank account.
With this in mind, let’s take a look at who can open an online Swiss bank account in Switzerland with a traditional Swiss bank.
Client Types That Can Unlock Swiss Banking Remotely:
- Wealthy individuals, families, and entities are all eligible
- Clients should have at least US $500,000 in investable assets
- Foreign non-residents are widely accepted
- Individuals from the Unlucky Passport Club are also accepted
- Non-residents with complex international structures (and lifestyles)
- Individuals planning to move to Switzerland
- International & cross-border clients
This list is the same for anyone considering one of the new Swiss banking options. However, the obvious difference is a significant decrease in the required deposit from US $500,000 to US $5,000.
Of course, regardless of how much you’re looking to deposit, your ability to open a bank account online in Switzerland isn’t guaranteed.
As always, you’ll need to pass bank due diligence, submit supporting documentation, and meet their account opening requirements.
But, unlike many other banking hubs, Swiss banks also want to know that you’re worth dealing with. In other words, will you be a profitable private banking client for the bank?
Now, before we outline the requirements that determine whether a Swiss bank will accept you, let’s look at the challenges you’ll likely face when trying to open a bank account in Switzerland.
Challenges of Opening an Online Bank Account in Switzerland
The first thing to remember is that most Swiss banks focus on servicing wealthy private clients. So, most of the challenges you’ll face when opening a Swiss bank account remotely are related to meeting bank requirements.
With this in mind, if you’re looking for a traditional Swiss bank account but you’re not willing (or able) to deposit large sums of money, you should consider banking elsewhere.
On the other hand, if you’re interested in opening an online bank account with a smaller Swiss bank that operates primarily online, you might be in luck. More on this below.
For now, let’s take a look at the challenges you’ll face when you open a swiss bank account remotely with a traditional Swiss bank.
Challenges of Opening a Swiss Bank Account Remotely:
- Not all banks in Switzerland accept non-resident individuals
- Remote account opening is not always possible
- Banks in Switzerland impose strict due diligence
- Account opening deposits are higher than elsewhere
- Account maintenance fees are higher than elsewhere
- Banks in Switzerland expect clients to use services offered by the bank
- Banks in Switzerland expect clients to invest in products offered by the bank
- High frequency of account opening rejections
It’s important to note that although Swiss banks do generally accept non-residents, in many cases there are other alternatives you may want to consider instead.
In fact, if you’re looking to enter the world of private banking and are looking for options that are comparable to Swiss banks but have lower requirements, there are a number of different options to consider.
For example, while jurisdictions like Liechtenstein, Luxembourg, and Monaco have similar requirements to Switzerland, banking hubs like Andorra, Austria, Singapore, and Panama can be accessed for less.
To help you navigate the various account opening options for private banking, we have prepared a free guide: Private Banking Starter Guide. It’s designed to help non-residents identify the best private banking hubs for their needs around the world.
Now, despite the challenges of opening, there are many benefits to opening an online Swiss bank account.
In fact, if you can open with the right Swiss bank, it could be the beginning of a mutually beneficial partnership. But, for that to happen, you need to ensure that you’re going to unlock the benefits that you need before applying.
Benefits of Opening a Bank Account Online in Switzerland
Switzerland and Swiss banks are known for privacy, stability (politically and economically), and the protection of client assets.
But, depending on your client profile, banking needs, and financial means, the benefits available to you can vary.
Now, even though Swiss banking secrecy is effectively dead, there are still many benefits that most non-residents can tap into when they open an online bank account in Switzerland.
Benefits of Opening a Bank Account With a Swiss Bank:
- Stable economic & political environment
- Financially stable banks with conservative investments
- Experienced bankers that understand your profile
- Sophisticated and responsive customer service
- Availability of wealth management and tax planning services
- Wide range of international investment options
- Ability to open an online Swiss bank account as a non-resident
As you can see, banks in Switzerland offer attractive benefits. Of course, these benefits can vary depending on your profile and deposit level. In fact, in order to access many of the benefits, you will have to meet certain deposit thresholds, which vary from bank to bank.
How Can You Open an Online Bank Account in Switzerland?
As mentioned earlier, opening an online bank account in Switzerland is possible. But, depending on the type of Swiss bank you’re interested in, your requirements will vary.
For instance, opening with a traditional Swiss bank doesn’t come cheap. Of course, if you’re considering a digital Swiss bank, account opening requirements will be lower.
But, financial requirements are not the only requirements you need to meet. With this in mind, let’s take a look at some of the common bank requirements for opening an account remotely in Switzerland.
Requirements for Opening Accounts Remotely in Switzerland:
- Complete bank-specific application package
- Two forms of government-issued identification
- Proof of address in your country of residence
- Proof of source of wealth and income
- Opening deposit amount (amount will vary bank to bank)
- Documents may be required to be certified by a lawyer
As mentioned above, in addition to making a sizable deposit, there’s an expectation that Swiss banking clients will invest through the bank as well.
Such requirements typically fall under “unspoken rules” of Swiss banking. However, in many instances, Swiss banks will explicitly state that a percentage of deposits must be invested with the bank.
So, before you start applying to open an account with a bank in Switzerland, you need to understand the account opening requirements. Not to mention, be aware of the bank fees that you will be charged when opening and using the bank account.
Now, if you’re certain opening an account with a bank in Switzerland is right for you and you’re ready to get started, here’s how you can start today.
Ready to Start Banking in Switzerland?
Whether you’re ready to open an online account with a bank in Switzerland today or you’re just starting to explore your options, we can help.
You can access GlobalBanks IQ, our dedicated international banking intelligence platform.
GlobalBanks IQ gives you everything you need to start finding and opening accounts for you or your business today.
When you join GlobalBanks IQ, you immediately unlock the GlobalBanks Database of international banks — home to 250+ banks in 50+ countries.
And, you get access to our library of premium (members-only) reports, including proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.
To get started, click here to see if GlobalBanks IQ is the right choice for you to start accessing the benefits of international banking today.
You can also view all of the account opening solutions offered by GlobalBanks on our products page.
