In this article, we’re exploring who can open a bank account in Switzerland. We’ll share details on how to determine if you are eligible for personal banking in Switzerland are right for you and answer common questions we receive from people exploring this topic.
This article is part of our free series on personal bank accounts in Switzerland. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Switzerland banking also discusses the largest banks in Switzerland, Switzerland’s opening requirements, the costs of banking in Switzerland, and much more. Use the link above to start exploring all of your free Swiss banking content right now.
Alternatively, use the table of contents to continue exploring more information on who can open a bank account in Switzerland.
Table of Contents
- Who Can Open a Bank Account in Switzerland?
- Should You Open a Bank Account in Switzerland?
- Frequently Asked Switzerland Banking Questions
- Do You Want to Open a Switzerland Bank Account?
Who Can Open a Bank Account in Switzerland?
Both domestic and international clients can open bank accounts in Switzerland. Swiss banks are often reserved for high-net-worth individuals (and entities) seeking sophisticated banking services, such as private banking, wealth management, and investment banking services.
It’s important to note, that while non-residents are eligible to bank in Switzerland, not all Swiss banks will accept them.
Knowing which financial institutions accept similar client types to you, have requirements you can meet, and have the services you are after is essential to successfully opening a bank account in Switzerland. It’s also essential to know which banks are FATCA compliant if you are an American opening a bank account in Switzerland.
Here is a closer look at the five client types that can open a bank account in Switzerland.
Client Types That Can Open Bank Accounts With Swiss Banks
- Foreign non-residents
- Foreign companies
- Wealth management entities
- International investors
- Expatriates
Should You Open a Bank Account in Switzerland?
Switzerland is a suitable offshore banking jurisdiction for individuals or entities in need of private banking and can make a sizable deposit.
To determine if banking in Switzerland is the right choice for you, consider the following three questions.
- Are you willing to deposit between $500,000 and $3,000,000?
- Do you want to invest a large portion of your deposit?
- Are you willing to pay the bank to manage your money?
There are of course other considerations when opening bank accounts in Switzerland too. However, if you answered “no” to any of the above questions, you may want to consider banking somewhere else instead.
That said, if you answered “yes” to all of the above questions, a Swiss bank account might be worth considering. Additionally, you may also want to consider other jurisdictions like Liechtenstein, Luxembourg, or Monaco, which offer similar services.
If you are interested in learning more about banking in Switzerland, don’t forget to visit our comprehensive guide on banking in Switzerland, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Switzerland to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Switzerland Banking Questions
Below are a few of the most common questions we receive from people exploring who can open a bank account in Switzerland. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can Foreigners Open a Bank Account in Switzerland?
Yes, foreigners can open a bank account in Switzerland as long as they choose the right bank, meet the bank’s account opening requirements, and have a suitable client profile. Some foreigners can even open bank accounts in Switzerland 100% remotely. Bank selection will be an important factor to consider when choosing where to open an account in Switzerland.
Is It Hard to Get a Swiss Bank Account?
How hard it is to open a bank account in Switzerland ultimately depends on the bank, branch, and banker you approach. That said, the main challenge of opening a bank account in Switzerland comes down to navigating the onboarding process and requirements, including the documentation and qualifying deposit.
Which Swiss Bank Is Best for Foreigners?
The Swiss bank that is best for foreigners will ultimately depend on the person applying for the account. More specifically, their citizenship, residency, banking needs, and deposit level. This is because not all banks in Switzerland are suitable for every non-resident client. It’s important to choose banks that accept similar client types, have requirements you can meet, and offer the services you are after.
Do You Want to Open a Switzerland Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Switzerland in a few clicks.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
