Do you want to open a current account in Switzerland? Thinking of moving to Switzerland or have just arrived in the country? Do you need the account to deal with the money from your work? For any reason, it is never a bad idea to open a current account in Switzerland.
The best news is that you can open a current account online from any location easily. The account offers the best online banking service. Opening it does not take too much time. Here we will check the options and compare them with some simpler options. Find out which banks offer them and their opening requirements. In addition, we will take a look at the different fees paid depending on the bank selected.
What documents do I need?
In a country where you have more banks than dentists, you shouldn’t have problems finding an option that suits your needs. There are traditional banks, Swiss neobanks regulated by the Swiss Financial Market Supervisory Authority (Finma) and foreign neobanks operating in the Swiss market. Some of the conditions may vary depending on the bank you choose and the type of the Swiss bank account you want to open. Anyway, in general, you will need to show:
- Valid identity card or passport.
- Certificate of census registration, either in Switzerland or abroad.
- Signed statement indicating that the trip is being financed by you (with income level verification through a bank statement or your salary slip).
If you want to open an account open only to residents of Switzerland, you must prove you have been residing in Switzerland for the past three months, with a utility bill or other official correspondence from the government.
How to open a bank account in Switzerland
As per above, you can open a bank account in Switzerland with a traditional bank, with a Swiss neobank or with a foreign neobank operating in Switzerland. How to find the best solution for you? Assess your needs.
A traditional Swiss bank is a safe pick – basically any upgrade will do as long as you seek to protect your money in a safe and stable political and economic environment, or you are after a savings account with a higher interest rate. Yet, you should know that opening a transaction account – say with your local PostFinance, or a bigger bank such as UBS or Credit Suisse – always comes at an initial minimum opening amount and with a fee for maintenance thereafter. If you simply want to send and receive payments in CHF and/or take advantage of the best exchange rate available out there, neobanks are your best bet.
The procedure changes depending on banks as well as the type of account that you wish to open, but you can expect that the process will roughly follow these steps:
- Research the banks and the nature of the bank account you want to open.
- Verify that you are eligible and gather all the necessary documentation.
- Use your chosen bank’s website to apply online, by post or in person.
- Pay the set-up fee if necessary.
Can I open a bank account in Switzerland before I arrive?
Yes, it is possible. Both traditional banks and neobanks allow you to create a bank account in Switzerland remotely, although their processes vary.
Opening a bank account with a traditional bank anywhere in the world is quite bureaucratic and Switzerland is no exception. While it is true that many banks have simplified some of their processes and you can now submit certain documents online or by post, you will usually have to visit the branch to finalise the account opening. During this visit, you should explain in a brief interview why you want to open an account in this country. Some banks allow a legal representative to present all your documents.
What is the best bank account in Switzerland for foreigners?
Choosing the best bank account in Switzerland for foreigners depends on several factors, such as your personal needs, the type of services you are looking for, and your financial situation. However, here is a list of some of the most recommended banks known to offer good options for foreigners:
1. UBS (Union Bank of Switzerland)
Pros: Big network of branches and ATM machines, good online and mobile banking tools, individualised financial consulting.
Cons: High fees if you don’t maintain a minimum balance.
2. Credit Suisse
Pros: Wide range of financial services, good customer service, special offers.
Cons: May also have high fees for certain accounts.
3. PostFinance
Pros: Long queues. Pros: Big network of post offices where banking transactions can be executed; Fees are much cheaper than those on private banks; Good online services.
Cons: Fewer investment options compared to UBS and Credit Suisse.
4. Raiffeisen
Pros: Community focus, good customer service, competitive rates.
Cons: More limited branch network and services compared to large banks.
5. Banque Cantonale Vaudoise (BCV)
Pros: Strong regional presence in Vaud, good customer services, account options with low fees.
Cons: Less convenient if you do not live in the Vaud region.
Opening a NEOBANCO account
Neobanks refer to banks that are 100 per cent digital – ie, there is no physical bank branch involved, just a phone app or a website where you can access all of your banking services including accounts, debit and regular cards, transfers. Neobanks are a popular and convenient option because they often charge lower fees, and at the same time offer a more modern and sleek experience for people who prefer to bank through their phones.
1. Wise (formerly TransferWise)
Pros: Very competitive foreign exchange rates, no hidden fees, easy to use, good choice for international transfers.
Cons: Not a full bank, so lacks some traditional banking services such as loans and mortgages.
2. Revolut
Pros: Commission-free currency exchange up to certain limits, a wide range of services (including investments, cryptocurrencies and insurance), free debit card.
Cons: Customer service may be less accessible compared to traditional banks, some advanced features are only available on payment plans.
Local Neobanks in Switzerland:
3. Yapeal
Pros: Fully digital Swiss Neobank, no foreign transaction fees, free debit card, advanced online banking.
Cons: Requires a monthly subscription, limited services compared to traditional banks.
4. Zak (by Bank Cler)
Pros: Fully digital banking application, free checking account, integrated savings and budgeting features.
Cons: Only available to Swiss residents, limited investment options and advanced services.
