In this article, we’re going to be sharing a list of banks in Switzerland that include many of the 243 financial institutions operating in the country.
Of course, each of these banks caters to specific client types, offers different banking services, requires different deposit levels, and has a different onboarding process.
This article is part of our free series on how to apply for a bank account in Switzerland, which you can access by clicking here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- List of Banks in Switzerland
- How to Choose Where to Open a Bank Account in Switzerland?
- Frequently Asked Swiss Banking Questions
- Ready to Open an Offshore Bank Account?
List of Banks in Switzerland
There are 243 banks in Switzerland, spanning several license categories and catering to a wide range of clientele, including private banking clients, foreign non-residents, and Swiss residents.
Of course, not all prime banking providers and Switzerland’s best banks are suitable banking options for foreign non-residents and foreign entities. In fact, Switzerland has a unique banking landscape with nine different categories of banks to choose from, including some of the largest banks in Switzerland. This is in contrast to the two to three different bank types that exist in most countries.
Here is a quick look at these different banking categories:
- Private banks
- Foreign banks
- Branches of foreign banks
- Cantonal banks
- Regional and savings banks
- Other banking institutions
- Stock exchange banks
- Raiffeisen banks
- Big banks
Additionally, it’s important to carefully assess each bank’s preferences, compliance uncertainties, banking risks, and requirements before choosing where to apply for an account. This is because each bank has its own onboarding requirements, preferences, and more.
To help narrow down potential banking options, here is a selection of a few banks currently licensed to operate in Switzerland.
List of Banks in Switzerland
- Banque Cantonale de Genève (BCGE)
- Barclays Bank (Suisse) SA
- Citibank (Switzerland) AG
- Goldman Sachs Bank AG
- HSBC Private Bank (Suisse) SA
- Investec Bank (Switzerland) AG
- J.P. Morgan (Suisse) SA
- Merril Lynch Bank (Suisse) SA
- Royal Bank of Canada (Suisse) SA
- Standard Chartered Bank (Switzerland) SA
- Swiss National Bank
- UBS (Union Bank of Switzerland) AG
Please note this list only includes 12 of the 243 banks currently licensed in Switzerland. Additionally, the banks listed are presented in alphabetical order and the order does not reflect any rating or suggestion of suitability for account opening.
As always, the bank that is best for you will depend on your residency status, the reason for the account, the type of Switzerland banking services you need, and your deposit level.
That said, there are many additional factors you need to consider when deciding where to open an account and unlock the banking services you need, especially when it comes to business banking in Switzerland.
In the following sections of the article, we’ll share how to identify banks among the large list of banks in Switzerland that will accept your client profile and offer the services you need.
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How to Choose Where to Open a Bank Account in Switzerland?
To choose where to open a bank account in Switzerland, you first need to understand your client profile and banking requirements.
This means understanding how banks perceive you, the risks associated with your profile, and how desirable you may (or may not) be as a prospective client. Of course, you also need to know which services you require, including which countries you need to transfer funds to or if you need to send money to Switzerland.
Like elsewhere, each bank has its own onboarding policies, Switzerland banking requirements, and fee structures. Additionally, these requirements will vary widely depending on the type of Swiss bank account you want to open.
For example, if you are looking for exclusive asset management with private banking in Switzerland you will usually be asked to submit more detailed documentation and you will be required to make a higher deposit than if you were to open a personal bank account.
To help you determine how to choose where to access non-resident financial services and personal banking in Switzerland, let’s take a closer look at the key factors you should consider before choosing a bank.
Factors to Consider When Choosing Where to Open a Bank Account in Switzerland
- Does the bank accept your client profile?
- Does the bank offer the services you require?
- Will the bank allow you to open remotely?
- Can you meet the bank’s deposit requirement?
- Does the bank have English language support?
- What fees will be applied to your account activities?
- And more
It’s important to note that even if you find a bank that meets your needs and accepts your client profile, you may still find a wider selection of banking options elsewhere. This is why it’s important to consider the perks of opening an account, the benefits of banking in Switzerland, and how your specific profile can benefit from them.
Likewise, certain clients may be able to find more suitable banks with more relevant services, lower opening deposits, and reasonable banking costs in more established banking jurisdictions. But, for a select number of prospective clients, an international financial sector like offshore banking in Switzerland may be an interesting banking hub to consider. This is especially true if you are looking to hold Swiss Francs (CHF), the currency of Switzerland.
With this in mind, let’s take a look at some of the most common questions we get asked about banks in Switzerland.
Frequently Asked Swiss Banking Questions
Below are a few of the most common questions we receive from people asking about the list of banks in Switzerland. If you have further questions you would like answered, don’t hesitate to get in touch.
What American Banks Are in Switzerland?
There are six American financial institutions, out of the 200-plus banks in Switzerland. These six American banks include J.P Morgan (Suisse), CitiBank (Switzerland), Morgan Stanley AG, Goldman Sachs Bank AG, Merrill Lynch Capital Markets AG, and State Stree Bank GmbH. Each of these banks offers a variety of different banking and financial services, including wealth management, private banking, investment banking, and more.
Which Swiss Bank Is Best for US Citizens?
The Swiss bank that is best for US citizens depends on the deposit they are ready to make. It’s important to note that in most cases, US citizens will have a very limited number of banks to choose from. And, the deposits requested of US citizens are often considerably higher than other nationalities.
Can US Citizens Open Swiss Bank Accounts in Switzerland?
Yes, US citizens can open bank accounts in Switzerland. However, not all banks in Switzerland accept US citizens or any foreign non-residents. Importantly, US citizens with bank accounts outside of the United States are required to report their international accounts after certain financial thresholds are met.
Is It Possible to Open a Swiss Bank Account Online?
Yes, it is possible to open a Swiss bank account online, but not all banks in Switzerland offer remote account opening. This is especially true for foreign non-residents. So, if you’re a non-resident and are looking to open an account in Switzerland from abroad, it’s important to know which banks to approach.
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