The requirements to open a bank account in Switzerland include submitting a completed application, an account opening interview, supporting documentation, a qualifying deposit, and meeting several specific banking requests unique to Switzerland.
That said, meeting these Swiss requirements is possible for most applicants with the financial means to qualify. This includes non-residents of Switzerland, foreign residents of Switzerland, and foreign and offshore entities from outside of Switzerland.
We will break down the requirements for opening bank accounts in Switzerland below, including personal accounts, business accounts, and private bank accounts. Of course, we’ll also share a few of the lesser-known Switzerland-specific requirements that you should consider before applying here.
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You can also use the table of contents and jump to the section that matches your banking needs.
Table of Contents
- Switzerland Bank Account Opening Requirements
- Frequently Asked Switzerland Banking Questions
- Ready to Open an Offshore Bank Account?
Switzerland Bank Account Opening Requirements
Switzerland bank account opening requirements include a completed application, government-issued identification, supporting documentation, and a qualifying deposit.
That said, the specific account opening requirements that prospective customers need to meet in Switzerland will depend on their client profile, risk profile, the account type they are applying for, and the specific bank they want to open with. This assessment of each applicant can also result in increased account fees and costs to banking in Switzerland, which makes bank selection a critical step in the account opening process.
At a minimum, applicants looking to access cross-border financial accounts, Switzerland offshore banking, personal banking, or business banking will need to complete a standard Know Your Customer (KYC) process, submit documents that meet Anti-Money Laundering (AML) regulations, and comply with the banking procedures in Switzerland.
Importantly, depending on the applicant’s country of citizenship and residency, additional tax reporting obligations may also need to be met. In these instances, banks in Switzerland will provide standardized documents to assist with these requirements.
In terms of the actual onboarding process, each bank in Switzerland will differ slightly. That said, there are a few general guidelines for Swiss banks that applicants should be aware of, which include the following.
Switzerland Bank Account Opening Guidelines
- Swiss bank accounts are usually opened remotely
- Swiss bankers are very familiar with foreign clients
- High-risk clients may be asked to pay due diligence fees
- Complex income often requires additional documentation
- Private banks will want clients to sign an investment mandate
- Deposit requirements range from USD 500,000 to USD 3,000,000
Offshore Bank Accounts in Switzerland
In Switzerland, an offshore bank account refers to an account held by a foreign non-resident individual or entity. Not surprisingly, the requirements for opening offshore bank accounts in Switzerland differ slightly from opening resident accounts.
With this in mind, the difference between opening offshore accounts and resident accounts in Switzerland comes down to the applicant, the preferred financial terms and Switzerland banking benefits they are looking to access, and the requirements they’ll need to meet during the account opening process.
Of course, additional proofs, international documentation, and certain certifications may also be required by Swiss banks. However, this will depend on the bank in Switzerland you are applying to.
If you would like to explore your banking options, click here to access an inventory of financial companies and a list of banks in Switzerland prepared by our team. These lists include major international banking entities and the largest banks in Switzerland, including both foreign and domestic financial institutions.
Alternatively, if you would like to continue exploring Swiss bank account opening requirements, read on to explore the requirements for opening personal bank accounts in Switzerland, business bank accounts in Switzerland, and private bank accounts in Switzerland for foreign non-resident individuals and entities.
Requirements to Open Personal Bank Accounts in Switzerland
Individuals looking for tailored financial solutions through personal banking in Switzerland should use this link to review our detailed guide. This guide will be relevant for anyone looking to open Swiss bank accounts, hold funds in Swiss Francs, the official currency of Switzerland, or invest through a Swiss bank.
In addition to providing specific requirements, this guide also provides an assessment of personal banking in Switzerland and offers unique insights you won’t find elsewhere. On the other hand, if you are looking for exclusive client services through private banking in Switzerland you can click here and learn how to start the process of opening private Swiss bank accounts.
Switzerland Personal Banking Requirements
- Completed account opening application
- Government-issued identification
- Proof of residency in Switzerland (or elsewhere)
- Tax ID number from country of residence
- Reason for wanting to bank in Switzerland
- Confirmation of the deposit you will make
- Proof of income or source of wealth
- Proof of address in the country of residence
Importantly, when applying for a business bank account in Switzerland, the above requirements will be requested for each shareholder and director of the company as well. That said, there are additional documents you will also need to provide to Swiss banks for the business, which we discuss next.
Requirements to Open Business Bank Accounts in Switzerland
Individuals looking for company finance solutions through business banking in Switzerland should use this link to review our detailed business banking guide.
The guide provides a more detailed assessment of business banking in Switzerland and shares important information that could impact your entity’s banking choices.
Switzerland Business Banking Requirements
- Certificate of incorporation
- Certificate of good standing
- Tax identification number
- Proof of address in the country of operation
- Description of ties to Switzerland
- Financial statements (or similar)
- Bank reference letter
- Commercial reference letter
In addition to the documents Swiss banks require, businesses also need to supplement their application with the following information.
Additional Business Information Required by Banks in Switzerland
- Detailed description of business activities
- List of clients and suppliers
- Expected transaction activities
- Clear rationale for banking in Switzerland
In the following section, we’ll take a look at the requirements for opening a private bank account in Switzerland for foreign non-residents.
Requirements to Open a Private Bank Account in Switzerland
When opening a private bank account in Switzerland, prospective customers need to provide the same documents, identification, and proof that Swiss banks require for personal accounts.
That said, depending on the deposit, banks in Switzerland will put a stronger emphasis on the source of wealth and the individual’s reason for wanting to bank in Switzerland.
Here’s another look at the requirements that applicants will need to meet to open private bank accounts in Switzerland.
Private Banking Requirements in Switzerland
- Completed account opening application
- Government-issued identification
- Proof of residency in Switzerland (or elsewhere)
- Tax ID number from country of residence
- Reason for wanting to bank in Switzerland
- Confirmation of the deposit you will make
- Proof of income or source of wealth
- Proof of address in the country of residence
Like elsewhere, Swiss banks require significantly higher deposits to access private banking over personal banking. In most cases, the starting deposit to access private banking in Switzerland ranges between USD 500,000 and USD 3,000,000.
That said, banks in Switzerland often allow customers to initiate a banking relationship with considerably less. For example, in certain instances, prominent Swiss banks will open accounts with only a few hundred thousand as long as there is a clear plan to grow the balance over time.
Needless to say, the upper end of the deposit requirement of USD 3,000,000 is very high. This is true even when considering the high level of financial options and banking services that banks in Switzerland offer their customers.
Needless to say, it’s important for prospective clients considering private banking to consider other jurisdictions as well. And, when comparing options, applicants should take into consideration the regulatory restrictions and risks of banking in Switzerland, the services available, the required deposit, and more.
Of course, if you have a specific reason for wanting to open a private bank account in Switzerland, you can use our free Switzerland insights to navigate your options.
Alternatively, if you want access to distinguished financial institutions, including the best banks in Switzerland, and unlock expert insights on how to quickly and affordably open Switzerland accounts, join GlobalBanks IQ using the link below.
Frequently Asked Switzerland Banking Questions
Below are a few of the most common questions we receive from people exploring bank account opening requirements in Switzerland. If you have further questions you would like answered, don’t hesitate to contact us directly.
What Is the Minimum Requirements for Swiss Bank?
The minimum requirements for Swiss banks in terms of deposit is between USD 500,000 and USD 3,000,000. That said, the specific amount that clients will be asked to deposit will depend on the client profile, the bank you choose to open with, and the type of account you open.
How Do I Qualify for a Swiss Bank Account?
To qualify for a Swiss Bank Account, you must be over the age of 18 and you will need to provide a completed application, supporting documentation, and a qualifying deposit. Understanding the exact supporting documents and knowing what you need to open a bank account in Switzerland is critical to successfully opening Swiss accounts as a non-resident. Common documents include identification, address, residency, source of income, and much more. Additional documents may be required depending on your citizenship and the type of account you are looking to open.
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. That said, you will need to choose a bank that accepts foreign non-resident clients and has account opening requirements you are able to meet.
Ready to Open an Offshore Bank Account?
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