Open a Bank Account in Switzerland (Non-Resident Guide)

Non-resident foreigners can open a bank account in Switzerland remotely by making a qualifying deposit and completing the desired bank’s onboarding process.

Swiss account opening requirements will vary depending on the Swiss bank selected and the type of overseas financial account being opened.

Importantly, offshore Swiss bank accounts do not offer banking secrecy, however, Switzerland is still one of the best banking jurisdictions in the world.

30% of the world’s assets are managed and protected by Swiss banks alone, making Switzerland a suitable option for individuals with excess funds looking for the best service and wealth management options available.

Understandably though, it’s not as easy to access bank accounts in Switzerland as it is in other banking hubs as a non-resident. Strict requirements need to be met and you need to know specifically which Swiss bankers to contact.

This article is part of our free series on opening an offshore bank account. Access this series right now by using the link above.

Alternatively, use the table of contents to continue exploring how to open a bank account in Switzerland for non-residents.

Table of Contents

1. How Can I Open a Non-Resident Bank Account in Switzerland?
2. What Are the Benefits of Banking in Switzerland as a Non-Resident?
3. How Do I Prepare For an Account Opening in Switzerland?
4. What Are the Challenges of Opening Accounts in Switzerland as a Non-Resident?
5. What Do I Need to Open a Bank Account in Switzerland as a Non-Resident?
6. Frequently Asked Swiss Banking Questions
7. Ready to Unlock the Benefits of Swiss Banking?

How Can I Open a Non-Resident Bank Account in Switzerland?

Opening a bank account in Switzerland is possible for non-residents as long as they know which bank, branch, and even banker to contact before applying. You will also need to meet strict requirements and make a sizable deposit.

How does one get into the Rolls-Royce of banking jurisdictions? It’s not easy, but it is entirely doable if you know what you’re doing.

The key is to know your client profile, how much you’re able to deposit, what documentation you’re able to provide, and specifically where to apply.

If you want 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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What Are the Benefits of Banking in Switzerland as a Non-Resident?

Switzerland is one of the world’s largest offshore financial centers with superb financial security and stability.

Switzerland has low inflation rates, a reliable legal system, a well-established democracy, and very little political instability, making it one of the safest jurisdictions overall to house your money.

There are of course other perks to having a Swiss bank account as a non-resident. We share ten of them below.

Benefits of Opening Non-Resident Bank Accounts in Switzerland

1. Financial security
2. Economically & politically stable
3. Access to stable & financially sound banks
4. Availability of tax planning, wealth management, and legal aid services
5. Wide range of international investment options
6. Accepts clients from the Unlucky Passport Club, countries that are sanctioned or otherwise shunned by banks in other countries
7. Accepts foreign entities
8. Sophisticated & experienced bankers
9. Remote opening is possible
10. Access to USD, Euros, Franc

We share how to prepare for the process of opening an account as a non-resident in Switzerland in the following section below.

How Do I Prepare For an Account Opening in Switzerland?

Switzerland is focused on elite clients, including individuals, families, and entities who make sizable deposits and maintain large account balances.

Successfully opening non-resident bank accounts in Switzerland and unlocking the top-tier perks requires a minimum deposit of US $1,000,000.

Keep in mind, though, that not all Swiss banks are created equal. Just because a bank is located in the country and has high requirements does not necessarily mean that it is a suitable choice for you.

Before diving into the process of applying for an account in Switzerland as a non-resident, it’s important to do your research. It’s important to find banks that not only accept your client profile but match your banking needs and financial goals.

We list ten questions non-residents need to consider before applying to open a Swiss bank account below.

Questions to Consider Before Applying for a Swiss Bank Account

1. Why do you want to open a Swiss bank account?
2. What are your most important banking priorities?
3. What specific services do you need to access?
4. Are you able to meet all bank-specific requirements?
5. What countries does the bank accept clients from?
6. Is it important for you to be able to open a bank account remotely?
7. What is the initial deposit requirement?
8. What is the minimum required account balance to maintain the account?
9. Does the bank accept clients with your specific client profile & banking needs?
10. What fees are associated with opening & maintaining the account?

These questions are important to answer for a few reasons.

First, these questions help you determine which banks best fit your financial goals, have requirements you can meet, and offer the services you need.

Second, they uncover any hidden fees or requirements that may not be publicly known.

Once you’ve concluded your research and found the bank that is best suited to your banking needs, the next step is to start the process of opening a Swiss bank account.

Before doing that, however, it’s also important to know some of the common challenges non-residents face when applying for bank accounts in Switzerland.

What Are the Challenges of Opening Accounts in Switzerland as a Non-Resident?

Banking in Switzerland is very different from banking anywhere else in the world.

Swiss banks have some of the strictest requirements and due diligence procedures for non-residents. It’s a place where non-resident applications are denied left, right, and center.

Here is a look at nine common challenges non-residents face when applying for a Swiss bank account.

Challenges of Opening a Non-Resident Bank Account in Switzerland

1. Swiss banks are selective in the clients they accept
2. Strict opening and onboarding requirements
3. Intense due diligence process to prove sources of income
4. High initial deposit requirements
5. Strict minimum account balances
6. Higher fee schedules than other banking jurisdictions
7. Not all financial services are available to non-residents
8. In-person visits are typically required to open an account
9. Frequent application denials

There are many challenges non-residents need to navigate when applying to open a Swiss bank account.

Banks in Switzerland have high standards. This is especially true since most Swiss banks are becoming increasingly selective about who they open accounts for.

It’s important to note that even maintaining the account once it’s opened comes at a premium. Non-residents find themselves charged outrageous fees for account maintenance, transactions, and even for the services they opt-in to.

Here is a look at nine types of bank fees Swiss banks charge non-resident account holders.

Swiss Bank Account Fees

1. Annual maintenance fee
2. Transaction fee
3. Cheques
4. Legal aid service fee
5. Tax planning service fee
6. Accounting service fee
7. Wealth management service fee
8. Fee for investing in products owned by the bank
9. Kickbacks on investment products not owned by the bank

Some of these fees are 100% avoidable if you know which bank to approach. Picking the wrong bank, however, leads to thousands of dollars in unnecessary fees.

Luckily with the right guidance, it’s possible for non-residents to overcome these challenges and successfully open accounts, save money in account fees, and access the many perks of having a prestigious Swiss bank account.

Once you know which bank you want to open an account with, it’s time to apply. We walk you through the typical process of opening accounts in Switzerland as a non-resident in the next section below.

What Do I Need to Open a Bank Account in Switzerland as a Non-Resident?

Opening a bank account in Switzerland as a non-resident involves careful consideration and preparation. Each Swiss bank has its own set of account opening requirements, deposit levels, and guidelines applicants need to follow.

Before starting the application process, it’s important to understand the steps you need to take in choosing a bank that’s right for you.

Steps to Successfully Open a Bank Account in Switzerland for a Non-Resident

1. Determine if you’re eligible
2. Determine what benefits are significant to your banking needs
3. Which banks offer the benefits you’re after?
4. Which banks accept your client profile?
5. What documentation and requirements are needed?
6. Complete and submit all documentation
7. Wait for approval
8. Open the bank account

It’s important to take these steps seriously as they determine the outcome of whether or not you open a Swiss bank account as a non-resident.

Now, in addition to these steps, you need to provide specific documentation and meet bank-specific requirements. The requirements do vary depending on the bank you choose, the type of account you want to open, and your client profile.

Listed below are the five general opening requirements non-residents need to meet when applying for a Swiss bank account.

Swiss Account Opening Requirements

1. Completed bank-specific application form
2. Two forms of government-issued identification
3. Proof of source of wealth & income
4. Proof of address in your country of residence
5. Opening deposit amount

Depending on the bank you choose, additional documents are required. Some banks also require documents to be certified by a lawyer.

Before applying for an account, it’s important to ensure you understand the documents your specific client profile needs to submit. Failing to submit a document increases the chances of having your application denied.

Frequently Asked Swiss Banking Questions

Below are four of the most common questions we receive from people exploring how to open a bank account in Switzerland for non-residents. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Which Swiss Bank Is Best for Foreigners?

The Swiss bank that is best for foreign non-residents depends on the person applying for the account. More specifically, their citizenship, residency, banking needs, and deposit level. Each bank caters to a different clientele. It’s important to choose banks that accept similar client types, align with your bank needs, and have requirements you can meet.

How Much Money Do You Need to Open a Swiss Bank Account?

Opening a Swiss bank account typically requires making a deposit in the range of USD 500,000 to USD 3,000,000. The exact amount depends on the bank you choose, the type of account you open, and your client profile.

Do Swiss Banks Report to the IRS?

Yes, Swiss Banks report to the IRS. In other words, the IRS is responsible for collecting taxes and assessing the wealth of any American who has a Swiss bank account.

Why Is a Swiss Bank Account So Special?

Swiss bank accounts are so special for many reasons. Opening accounts in Switzerland gets you access to financially sound banks, sophisticated private banking services, and exceptional customer service. Banks in Switzerland typically cater to individuals seeking tailor financial services and who are able to make sizeable deposits.

Ready to Unlock the Benefits of Swiss Banking?

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