Who can open a Swiss bank account? Requirements and terms of service.
The Swiss banking sector is traditionally associated with reliability, confidentiality, and prestige. The state pursues a balanced foreign policy and deservedly occupies a leading position in the global financial system. Opening an account in the country becomes an essential step in managing monetary assets and a symbol of economic status and trust.
Who can apply to a Swiss bank? What are the main types of accounts for residents/non- residents, and what are the legal regulations for banking activities in the country? In this article, you will get the answers to these questions and learn how to use the essential advantages of the Swiss banking sector for effective financial management and asset protection, whether you are an individual or a business representative.
| Feature | Description |
| Account type | Personal, corporate, and savings accounts |
| Documents: for individuals for companies | Passport/ID, proof of residence, application, etc., depending on the bank |
| Copies of shareholders’ IDs/passports, company documents, applications, and other certificates | |
| Residency requirement (for non-residents) | No |
| Account currency | Francs, Euros, US Dollars |
| Remote opening | Possible (in some cases) |
| Opening term | From 7 days |
| Need for a legal representative | Not required, but desirable. |
| Additional services and facilities | Online banking, debit/credit card, choice of account currency, currency exchange, international money transfers. |
| Banking legislation | Federal Act of the Swiss National Bank. |
| Types of financial institutions | National and international banks operating through Swiss branches. |
| Minimum balance | Set by the bank. |
| Online banking services | Included in the standard package. |
| Advantages | Access to an advanced financial system, enhanced protection of beneficiaries, the opportunity to use the account as an asset management tool, etc. |
Swiss banking sector
The financial industry of Switzerland is one of the main drivers of the country’s economy, and the banking industry occupies a central place in it. Numerous banks operate in the country, most of which are local institutions. At the same time, international financial corporations are developing their activities. They provide services to clients through their regional branches.
What can you open an account for:
- diversification of investment portfolio by investing in various assets and instruments;
- asset protection and capital preservation, which is especially important in the context of global instability;
- effective financial management, including payments, investments, lending, and accounting of transactions;
- inheritance planning in compliance with tax and legal regulations;
- personal use of funds.
The banking sector institutions have the following features:
Our experts will help you figure out the available range of services and select a suitable solution to match your requirements.
Banking legislation
In Switzerland, the main legal act regulating banking activity is the Federal Law on Banks and Savings Banks, which was adopted in 1934. Modern rules and regulations regarding relationships with investors and entrepreneurs are based on this law.
Since 2009, Switzerland has entered into tax treaties with other countries, which oblige banks to disclose information about account holders. Implementation of a unified standard – CRS (Common Reporting Standard) – provides automatic exchange of financial information between countries. Tax authorities can obtain data on their residents’ accounts abroad without having to request this information directly. Opening an account in Switzerland is impossible without providing documents confirming the legality of the sources of funds.
Account types
Swiss bank clients have access to various types of accounts. Let’s look at the available options.
| Account type | Purpose | Peculiarities |
| Personal | Everyday transactions, including receiving wages and paying for purchases. | Convenience and quick access to funds. |
| Investment | Investing in stocks, bonds, and other securities. | Possibility of receiving income from investments. |
| Savings | Saving funds and earning interest. | Long-term savings. |
| Inactive | Accounts that are not used after the owner’s death. If there are no inquiries about the account contents, the bank reports them to the banking ombudsman after ten years. | This involves special procedures for transferring funds after the owner’s death. |
Swiss bank accounts can be opened in various currencies. The non-withdrawable balance varies for different account types, starting from 1,000 Euros.
Documents for opening an account
Both resident and non-resident clients must visit the selected bank in person or mail (email) the documents. The list includes the following:
- A notarized copy of your passport to verify your identity;
- Proof of the legality of the funds to be deposited (company documents, real estate, or business sale agreement);
- Proof of place of residence (a utility bill showing your name and address);
- Contact information, including phone number and email.
Some additional complications may be encountered while opening a corporate bank account. Banks impose stricter requirements on business clients, especially non-residents or foreigners. Personal meetings or video conferences may be required to implement the goal successfully. The bank reserves the right to turn down your application to open an account if it considers your source of income questionable and does not meet internal standards.
Client age requirements vary slightly between institutions, but, as a rule, access to bank services is open to anyone 18-20 years old. People from most countries can usually open an account. However, there are some exceptions. Restrictions apply to residents of countries subject to sanctions or with a high level of financial risk. These include Iran, North Korea, Syria, Belarus, and Venezuela.
The process of opening an account in a Swiss bank
Essential steps for opening an account:
1. Research the banks.
The first step is to choose a suitable financial institution. Contact our experts, who will select available options based on the services you need, minimum deposit, fees, and quality of service.
2. Contact the chosen bank.
Our experts will help you contact the bank through convenient means of communication: online, by phone, or in person if you are in Switzerland. You will be able to clarify all the details and receive a list of the necessary documents.
3. Prepare the documents.
Experts will check the provided documents for compliance with the bank’s requirements.
4. Fill out the application.
At this stage, specialists will help you fill out the account opening form, ensuring that you provide only reliable and correct personal information, as well as a clear statement of your current expectations.
5. Get approval of your application and make a deposit.
When and if your application is approved, you need to make an initial deposit. The contribution amount depends on the bank and the account type. Please make sure in advance that you have the necessary funds.
6. Obtain the account details.
Once the processing is complete, the bank will provide you with account details and instructions for access and management.
Swiss banks strictly monitor compliance with anti-money laundering laws, so you need to prepare all the necessary documents. It is usually challenging for foreigners to pass all the checks. Our specialists will help you choose a bank and simplify the registration process. You will be able to avoid mistakes and effectively avoid pitfalls.