# How to open a bank account in Switzerland in 2025: complete guide for non-residents Opening a Swiss bank account as a non-resident remains possible in 2025, but the process demands rigorous preparation and full transparency. Over two decades of advising international clients, I've observed that incomplete documentation and misunderstanding of compliance requirements cause most application failures. This guide provides a step-by-step framework based on current Swiss banking regulations, FINMA standards, and practical experience with major institutions. > "A Swiss bank account today is a tool for asset diversification and professional capital management, not a vehicle for tax evasion. Your tax authority will know about its existence through automatic exchange mechanisms. The key is full transparency and proper documentation from day one." — Markus Pritzker, SwissFirma Information is provided for general purposes and does not constitute legal, tax, or financial advice. ## Key takeaways: opening a Swiss account in 2026 - Non-residents can open accounts remotely, but banks conduct strict due diligence and reserve the right to refuse without explanation - Minimum deposits range from CHF 1,000 (online banks) to CHF 1,000,000+ (private banking), with most traditional banks requiring CHF 250,000–500,000 for non-residents - Banking secrecy coexists with mandatory international reporting — under CRS, Swiss banks report balances, interest, dividends, and other income to clients' tax authorities annually - Remote account opening is possible through video identification at select institutions, with approval typically within 2–6 weeks for straightforward cases - Full documentation of source of funds is mandatory — banks request certified ID, recent proof of address, and detailed source-of-funds and wealth documentation ## Can a foreigner open a bank account in Switzerland? Yes, but with conditions ### Brief answer and general requirements Yes, foreigners and non-residents can open accounts in Swiss banks. However, banks perform strict due diligence and maintain the right to refuse applications without providing reasons. Critical factors include your citizenship, country of tax residence, and documented origin of funds. Swiss banks operate under FINMA (Swiss Financial Market Supervisory Authority) regulations requiring comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. The fundamental requirement: you must be 18+ years old with a valid passport, proof of address outside Switzerland, and comprehensive documentation proving the legal origin of your assets. Banks will reject applications from individuals with unclear financial backgrounds or connections to high-risk jurisdictions. Information is provided for general purposes and does not constitute legal, tax, or financial advice. ### Difference in requirements: EU/EFTA citizens vs. third-country nationals For EU/EFTA citizens, the procedure is typically faster and less complex due to harmonized regulatory frameworks. Banks apply standardized compliance protocols aligned with European Banking Authority guidelines. Third-country nationals — particularly from jurisdictions with elevated risk profiles — face deeper scrutiny. Banks may require additional documentation, higher minimum deposits (often 50–100% above standard thresholds), and extended compliance review periods. Citizens from countries under international sanctions or with weak AML frameworks may be automatically declined. Some banks maintain internal policies restricting clients from specific jurisdictions regardless of individual circumstances. ## Advantages and disadvantages of a Swiss bank account ### Pros: financial stability, confidentiality, and service Currency strength and political neutrality: The Swiss franc (CHF) is widely considered a stable currency. Switzerland's political neutrality — not belonging to the EU or NATO — provides a unique pressure-resistant environment for banking operations. Asset diversification: A Swiss account enables geographic diversification away from home-country risks. For international entrepreneurs and investors, this means protection against currency devaluation, political instability, and regulatory changes in their primary jurisdiction. Premium private banking services: Swiss banks offer expert capital management, multilingual client service, and advanced online banking platforms. Minimum deposits for private banking typically start at CHF 500,000, providing access to dedicated relationship managers, tailored investment strategies, and global market access. Legal confidentiality framework: While banking secrecy has evolved significantly, Swiss law still protects client transaction details from commercial third parties and unauthorized disclosure. ### Cons: high requirements, costs, and tax transparency Substantial minimum deposits: Most prestigious Swiss banks require CHF 500,000–1,000,000 for non-resident accounts. U.S. citizens face even higher thresholds — often USD 250,000 minimum — due to FATCA compliance costs. Significant maintenance fees: Annual account servicing for non-residents ranges from CHF 66 (basic UBS personal account) to CHF 1,000–10,000 depending on service level. Full tax transparency: The era of absolute anonymity ended with Switzerland's adoption of the OECD Common Reporting Standard (CRS) in 2017. Banks automatically report account information to tax authorities in clients' countries of residence. Complex compliance procedures: Opening an account requires extensive documentation, video interviews, and multi-week verification processes. Banks may request additional information at any stage, and incomplete responses typically result in application rejection. {{cta:cta-1}} ## What happened to Swiss banking secrecy? Reality in 2026 Swiss banking secrecy still exists but operates within strict international transparency frameworks. The traditional concept — protection from any third-party inquiry — has been replaced by a dual system: domestic confidentiality combined with mandatory international tax reporting. CRS and AEOI mechanisms: The Common Reporting Standard (CRS), developed by the OECD in 2014, established Automatic Exchange of Information (AEOI) protocols. Switzerland joined this framework in 2017 and now exchanges financial data with over 100 jurisdictions annually. Under AEOI, Swiss banks must: - Collect tax identification numbers (TIN) from all account holders - Report account balances, interest income, dividends, and capital gains - Transmit data to the Swiss Federal Tax Administration (FTA) - Enable FTA to share information with foreign tax authorities What banking secrecy still protects: Swiss law continues to shield client information from commercial competitors, civil litigation (except court orders), and unauthorized disclosure. Banks cannot share client data with private parties or use it for marketing without explicit consent. However, this protection does not extend to tax authorities in countries with AEOI agreements. > "Today's Swiss banking secrecy protects your privacy from commercial interests and unauthorized access, but it does not — and legally cannot — shield you from your home country's tax authority. Full tax compliance is non-negotiable." — Markus Pritzker Key takeaway: A Swiss account provides legitimate asset protection and diversification, but attempting to hide assets from tax authorities violates both Swiss and international law. The Swiss Federal Tax Administration maintains comprehensive records and cooperates fully with foreign tax agencies under treaty obligations. ## Step-by-step guide to opening an account ### Step 1: choosing the right bank Research cantonal banks, major universal banks, and online institutions. Compare minimum deposit requirements, fee structures, and services. For non-residents, key factors include: - Acceptance of your nationality and tax residence - Remote account opening capabilities - Multi-currency account options - Investment and trading platform access Traditional banks (UBS, Credit Suisse/UBS, Julius Baer) offer comprehensive private banking but require CHF 500,000–1,000,000 minimum deposits. Cantonal banks (Zürcher Kantonalbank, Banque Cantonale de Genève) may have lower thresholds but often prioritize local residents. Online banks (Dukascopy, Swissquote) provide accessible entry points with CHF 1,000–5,000 minimums and full digital onboarding. ### Step 2: preparing required documents Assemble a complete documentation package before initiating contact. Required items: - Certified passport copy with apostille or notarization - Proof of address (utility bill, bank statement, rental agreement) dated within 3 months - Source of funds documentation (tax returns for 3 years, employment contracts, sale agreements, inheritance documents) - Tax Identification Number (TIN) from your country of residence - Professional CV or resume detailing career history - Bank reference letters from current financial institutions For entrepreneurs and business owners, additional requirements include company incorporation documents, shareholder registers, and beneficial ownership declarations. ### Step 3: submitting the application (online or in-person) Most banks now accept initial applications online through secure portals. Complete the application form with accurate information — discrepancies between application data and supporting documents trigger automatic rejection. If remote opening is unavailable, schedule an appointment at the bank's Swiss branch. Some institutions require in-person meetings for non-residents regardless of documentation quality. ### Step 4: KYC and identity verification process Banks conduct multi-layered verification: - Document authentication: Verification of passport validity, address proof, and source of funds documentation - Video identification: Live video call with bank compliance officer to confirm identity and discuss account purpose - Background screening: Checks against sanctions lists, politically exposed persons (PEP) databases, and adverse media - Source of wealth analysis: Detailed review of how you accumulated the funds being deposited Straightforward KYC may complete in 2–6 weeks; complex cases can take months. ### Step 5: making the initial deposit Once approved, transfer the minimum required deposit from an account in your name at a regulated financial institution. Banks will not accept third-party transfers or cash deposits for account activation. After the bank confirms receipt and clears the funds, you receive: - Online banking credentials - Debit card (if applicable) - Account statements - Contact information for your relationship manager ## Requirements and necessary documents (KYC) Swiss banks implement KYC procedures mandated by FINMA to combat money laundering and terrorist financing. The documentation standard is among the strictest globally. ### Mandatory document checklist Identity verification: - Valid passport with at least 6 months remaining validity - Notarized or apostilled copy (original may be required for in-person verification) - For some banks: national ID card as supplementary identification Address confirmation: - Utility bill (electricity, water, gas) dated within 3 months - Bank statement from a regulated institution showing your residential address - Rental agreement or property ownership deed - Government-issued residence certificate Source of funds and wealth: This is the most critical component. Banks require comprehensive proof of how you acquired the assets being deposited. Acceptable documentation includes: - Tax returns for the past 3 years - Employment contracts and salary statements - Sale agreements for real estate or business assets - Inheritance documents with legal certification - Investment account statements showing capital accumulation - Dividend payment records from owned companies For entrepreneurs and business owners: - Company incorporation documents - Audited financial statements - Contracts with major clients - Proof of business sale or exit transactions Tax compliance: - Tax Identification Number (TIN) from your country of residence - Tax residency certificate issued by your national tax authority - Self-certification forms for FATCA (U.S. citizens) and CRS compliance ### Additional documents (bank-specific requests) Banks may request supplementary materials based on your profile: - Professional resume or CV - Reference letters from current banks or financial advisors - Explanation of intended account usage - Business plan (for accounts related to commercial activities) - Proof of legal entity ownership structure (for corporate accounts) Common rejection reasons: Incomplete source of funds documentation, inconsistencies between stated income and deposit amount, unclear business activities or employment history, connections to high-risk jurisdictions, and insufficient minimum deposit are the primary causes of application failure. ## Cost of account ownership: fees and minimum deposits ### Minimum deposit: what determines the amount? For non-residents, "zero deposit" accounts are virtually non-existent. The required amount depends on: - Bank type and prestige level - Your citizenship and tax residence - Account purpose (personal, business, investment) - Intended transaction volume Typical ranges: - Online banks: CHF 1,000–5,000 - Cantonal banks: CHF 100,000–250,000 - Universal banks: CHF 250,000–500,000 - Private banking: CHF 500,000–1,000,000+ U.S. citizens face higher thresholds due to FATCA compliance costs. Minimum deposits for Americans typically start at USD 250,000 even at mid-tier institutions. ### Monthly and annual maintenance fees Non-resident accounts incur higher servicing costs than resident accounts: Personal accounts: - UBS: CHF 66 annually for basic accounts - Premium accounts: CHF 1,000–5,000 annually Corporate accounts: - UBS: CHF 2,000 annually (billed quarterly) - Private banking: CHF 5,000–10,000+ annually ### Hidden charges to watch for International transfer fees: - SWIFT transfers: CHF 20–50 per transaction - Incoming transfers: CHF 10–30 - Currency conversion spreads: 0.5–2% depending on amount Card and cash services: - Debit card issuance: CHF 50–100 - ATM withdrawals outside bank network: CHF 5–10 per transaction - Foreign currency ATM withdrawals: 2–3% conversion fee Inactivity penalties: - Some banks charge CHF 50–200 quarterly for accounts with no transactions - Minimum balance penalties if account falls below threshold Investment and custody fees: - Securities custody: 0.0075–0.25% quarterly on holdings - Trading commissions: vary by platform and asset class - Advisory fees: 0.5–2% annually on managed assets {{cta:cta-1}} ## Can you open a Swiss account completely online? ### Banks offering remote account opening Several Swiss institutions now provide full digital onboarding for non-residents: Dukascopy Bank: Complete online process including video identification, document upload, and electronic signature. Simple cases often approved within 24–48 hours; complex profiles may take up to 5–10 business days. Swissquote: Online application with video KYC verification. Initial deposit must originate from an account in the applicant's name at a regulated bank. Processing time: 7–15 business days. UBS: Offers electronic banking registration with remote video identification for select client profiles. Non-residents may face additional requirements or in-person meeting requests. ### Video identification and document certification procedure The standard remote onboarding process: 1. Online application: Complete digital form with personal, financial, and tax information 2. Document upload: Submit scanned copies of passport, proof of address, and source of funds documentation 3. Video verification: Scheduled video call with bank compliance officer (15–30 minutes) - Present original passport to camera - Confirm address and contact details - Discuss account purpose and expected transaction patterns - Answer questions about source of funds 4. Electronic signature: Sign account opening agreements via secure platform (DocuSign, Adobe Sign) 5. Initial deposit: Transfer funds from your existing bank account 6. Account activation: Receive online banking credentials and account details Document certification for remote opening: - Apostille certification for documents from Hague Convention countries - Notarization by Swiss embassy or consulate - Certified translation if documents are not in German, French, Italian, or English ## Choosing a bank: comparison of best options for foreigners

Bank	Type	Minimum deposit (approx.)	Remote opening	Key feature
UBS	Universal bank	CHF 1,000,000+	Via intermediaries	Full private banking, global presence, highest reliability
PostFinance	Retail / digital	CHF 5,000	Yes	Accessible digital banking, payment services focus
Zürcher Kantonalbank	Cantonal	CHF 100,000	Limited	Strong regional presence, government backing
Dukascopy	Online bank	CHF 1,000	Yes	Advanced trading platform, fintech services, forex specialization
Swissquote	Online brokerage	CHF 1,000	Yes	Comprehensive investment services, crypto trading, low fees

### Large traditional banks (UBS, Credit Suisse/UBS, Raiffeisen) These institutions represent the pinnacle of Swiss private banking. They offer comprehensive wealth management, global investment access, and dedicated relationship managers. However, entry barriers are substantial: - Minimum deposits: CHF 500,000–1,000,000 for private banking - Extensive compliance procedures requiring 6–12 weeks - Preference for clients with established banking relationships - Higher annual fees (CHF 2,000–10,000+) UBS and the merged Credit Suisse/UBS entity maintain the strictest standards. They typically decline applications from non-residents with deposits below CHF 1,000,000 unless the client has exceptional credentials or business connections. ### Cantonal banks (Zürcher Kantonalbank, Banque Cantonale de Genève) Cantonal banks offer a middle ground between accessibility and traditional Swiss banking quality. They are partially or fully owned by cantonal governments, providing implicit state backing. Advantages: - Lower minimum deposits (CHF 100,000–250,000) - Strong regional expertise - Government guarantee on deposits - Competitive fee structures Limitations: - Preference for clients with connections to their canton - Limited international presence - May require in-person account opening - Less sophisticated wealth management compared to private banks ### Online banks and fintech (Dukascopy, Swissquote, FlowBank) Digital banks provide the most accessible entry point for non-residents: Dukascopy Bank SA: - Minimum deposit: CHF 1,000 - Full remote onboarding via video identification - Specialization: forex trading, CFDs, multi-currency accounts - FINMA-regulated with deposit protection - Annual fees: minimal for active accounts Swissquote Bank AG: - Minimum deposit: CHF 1,000 - Online account opening for non-residents - Specialization: securities trading, investment accounts, cryptocurrency - Quarterly custody fees: CHF 20–50 for securities holdings - No inactivity penalties These institutions prioritize trading and investment services over traditional banking. They suit international entrepreneurs, digital nomads, and investors seeking Swiss franc exposure without massive capital commitments. {{cta:cta-1}} ## Types of accounts: from current to numbered ### Current and savings accounts Current (checking) accounts serve daily transaction needs: - Debit card access - Online and mobile banking - Bill payment services - SEPA and SWIFT transfer capabilities - Minimal or no interest on balances Savings accounts focus on capital preservation: - Higher interest rates (though still low in current environment) - Limited transaction frequency - No debit card typically - May require minimum balance maintenance For non-residents, current accounts often require higher minimum balances (CHF 10,000–50,000) compared to resident accounts. ### Investment and trading accounts These accounts provide access to: - Swiss and international stock exchanges - Bonds, ETFs, and mutual funds - Derivatives and structured products - Alternative investments (private equity, hedge funds for qualified investors) - Precious metals trading and storage Minimum deposits for investment accounts typically start at CHF 50,000–100,000. Private banking investment services require CHF 500,000+. ### Numbered accounts: myth and reality Numbered accounts are not anonymous. They simply replace the account holder's name with a multi-digit number in routine correspondence and internal bank systems. However: What numbered accounts are: - Accounts identified by number rather than name in day-to-day operations - Known only to select senior bank personnel - Subject to all standard KYC and reporting requirements - Fully disclosed to tax authorities under AEOI What they are not: - Anonymous or secret from regulators - Protection against tax reporting - Available to average clients Current reality: Opening a numbered account in 2025 requires: - Minimum deposits: CHF 1,000,000–5,000,000 - Extensive due diligence and compliance review - Legitimate business or privacy reasons - Acceptance by bank senior management Numbered accounts offer enhanced privacy within Swiss law but provide zero protection from AEOI reporting. They suit high-net-worth individuals seeking discretion from commercial competitors, not tax authorities. ## Special requirements for U.S. citizens (FATCA) The Foreign Account Tax Compliance Act (FATCA) significantly impacts Americans seeking Swiss bank accounts. Many Swiss banks decline U.S. clients entirely due to compliance complexity and costs. FATCA obligations: - Swiss banks must identify U.S. persons (citizens, residents, green card holders) - Annual reporting of account balances, income, and transactions to IRS - 30% withholding tax on U.S.-source income for non-compliant institutions Switzerland-U.S. FATCA agreement evolution: - 2014–2026: Model 2 agreement requiring direct bank reporting to IRS with client consent - Switzerland applies FATCA Model 2; a transition to Model 1 is planned from 2027 U.S. persons must file: - FBAR (FinCEN Form 114): If aggregate foreign account balances exceed USD 10,000 at any point during the year - Form 8938: If specified foreign financial assets exceed USD 50,000 (thresholds vary by filing status) Banks accepting U.S. clients: - UBS (with minimum deposits USD 250,000+) - Some cantonal banks (case-by-case basis) - Dukascopy and Swissquote (with enhanced documentation) Special conditions for Americans: - Higher minimum deposits (often 50–100% above standard requirements) - Annual FATCA certification - Proof of U.S. tax compliance - Detailed explanation of account purpose - Ongoing monitoring and reporting obligations > "U.S. citizens face the most stringent requirements in Swiss banking. Banks view American clients as high-compliance-cost, and many simply refuse to take on the regulatory burden. Those that do accept U.S. persons demand substantial deposits and impeccable documentation." — Markus Pritzker Information is provided for general purposes and does not constitute legal, tax, or financial advice. ## Common mistakes to avoid Underestimating source of funds verification: The single most common reason for rejection. Banks require comprehensive documentation proving legal origin of every significant deposit. Vague explanations like "business profits" or "savings" without supporting evidence trigger automatic decline. In one case, a tech entrepreneur with USD 500,000 in cryptocurrency gains was rejected by three banks before providing: - Complete transaction history from exchanges - Tax returns showing capital gains declarations - Blockchain verification of wallet ownership - Explanation of initial crypto acquisition source Ignoring high maintenance fees: Many applicants focus solely on minimum deposits and overlook ongoing costs. A CHF 500,000 account with 0.5% annual fees, quarterly custody charges, and transaction costs can easily incur CHF 5,000–10,000 in annual expenses. Calculate total cost of ownership before committing: - Annual maintenance fees - Transaction charges for expected activity level - Currency conversion costs - Investment management fees if applicable Believing in complete anonymity myths: Switzerland participates fully in international tax transparency. Attempting to hide assets from tax authorities violates both Swiss and home-country laws. Banks are legally obligated to report account information under AEOI. Incomplete or inconsistent documentation: Discrepancies between application forms, supporting documents, and verbal explanations during interviews raise red flags. Ensure all information aligns perfectly across: - Application forms - Passport and ID documents - Address proof - Tax returns - Source of funds documentation - Professional CV Choosing the wrong bank for your profile: A digital nomad with CHF 50,000 should not apply to UBS private banking. A high-net-worth investor should not settle for a basic online account. Match your financial profile, transaction needs, and capital level to appropriate institutions. ## Alternatives to traditional Swiss bank accounts ### Multi-currency accounts (Wise, Revolut) For clients seeking Swiss franc exposure without full Swiss banking complexity: Wise (formerly TransferWise): - Multi-currency account with CHF balance - Swiss IBAN for receiving transfers - Low-cost currency conversion (0.35–0.65%) - No minimum balance requirements - Not a full bank account (no deposit insurance) Revolut: - CHF currency wallet within multi-currency account - Competitive exchange rates - Limited Swiss banking features - Suitable for transaction purposes, not wealth storage These services suit: - Digital nomads needing CHF transaction capability - Small business owners with occasional Swiss clients - Individuals testing Swiss franc exposure before full account opening Limitations: - No access to Swiss investment markets - Limited deposit protection - Not suitable for large capital holdings - May not satisfy requirements for Swiss residence permits or business registration ### International brokers with cash management Some international brokerage platforms offer Swiss franc accounts with investment access: - Interactive Brokers: Multi-currency accounts including CHF - Saxo Bank: Swiss franc trading and cash accounts - Swissquote: Full Swiss bank with brokerage integration These platforms provide investment functionality without traditional private banking services. {{cta:cta-1}} ## Conclusion: is it worth the effort? Opening a Swiss bank account represents a significant commitment suitable for specific client profiles: Ideal candidates: - High-net-worth individuals with CHF 500,000+ liquid assets - International entrepreneurs requiring multi-currency capabilities - Investors seeking access to Swiss and global investment markets - Clients prioritizing asset diversification and political stability Not suitable for: - Individuals with less than CHF 100,000 available capital - Those seeking tax evasion (legally impossible and criminally prosecuted) - Clients unable to provide comprehensive source of funds documentation - People expecting absolute anonymity from tax authorities The process demands: - 6–12 weeks for traditional banks, 2–4 weeks for online institutions - Complete financial transparency and documentation - Ongoing compliance with home-country tax obligations - Acceptance of substantial fees and minimum balance requirements My professional assessment: A Swiss bank account delivers genuine value for asset protection, currency diversification, and access to premier financial services. However, it functions as a professional wealth management tool, not a secrecy vehicle. Success requires full transparency, proper documentation, and realistic expectations about costs and compliance obligations. For clients meeting the financial thresholds and willing to maintain full tax compliance, Swiss banking offers unmatched stability and service quality. For those seeking simple international banking or small-scale currency diversification, alternative solutions like multi-currency fintech accounts may provide better cost-benefit ratios. The decision ultimately depends on your specific financial situation, international business needs, and long-term wealth management strategy. Consult with qualified tax and legal advisors in both Switzerland and your home jurisdiction before proceeding. Disclaimer: This article provides general information and does not constitute legal, tax, or financial advice. Swiss banking regulations and international tax treaties change frequently. Consult licensed professionals for guidance specific to your situation. SwissFirma accepts no liability for decisions made based on this content.

How to open a bank account in Switzerland in 2026