Opening an Account in Switzerland
How to open a Swiss bank account: information for non-residents who would like to open a bank account in Switzerland.
Switzerland is famous for its banks and the high level of confidentiality they provide to their customers.
Here are some of the key aspects that you should be aware of before starting the process of opening a Swiss bank account.
Of course, each bank has its own procedure for opening an account, depending on your needs, your financial situation and your location.
However, banks are required to comply with the general laws applicable to all institutions in the country, so the same standard requirements apply to most account opening procedures.
The best bank to open an account in Switzerland (simplified procedure and service rates)
- CIM Banque
- Julius Baer&Co. LTD
- Falcon Private Bank Ltd.
- Bank Vontobel AG
- Banque Internationale in Luxembourg
- BSI AG
- Credit Suisse
- Swiss post office
- cantonal banks
- Post bank
- Migros bank
Important! For non-residents, some banks set a small bank contribution of 500 euros, depending on the bank.
Is it possible to open an account online?
In Switzerland, online banking is quite well-developed, so documents for opening an account can be submitted online, although in the future it will be necessary to submit original documents.
Who can open a bank account in Switzerland?
Swiss banks welcome clients who are foreign residents.
You can open an account in Swiss francs or in another currency.
Each bank sets a minimum deposit amount for opening an account, so you will need to find a bank that will accept the amount of money you have.
What documents will be required?
All banks require an identity document from customers, usually a passport.
If you cannot travel to Switzerland to be present at the opening of the account in person, you can do this via mail by sending a notarized copy of your passport.
According to the law, Swiss banks do not have the right to accept funds that are under suspicion or that are known to have been obtained as a result of criminal activity.
Thus, when opening a bank account, you will be asked to present documents confirming the origin of funds.
This may be a bank statement confirming that this is a salary or documents confirming the sale of property.
7 advantages of opening an account in Switzerland
The word “Switzerland” for many people is almost synonymous with the word “Reliability”. As a rule, the task of opening an account in Switzerland, even independently, even with professional help, appears simultaneously with understanding why it is necessary. If the latter is not yet available, then our article will help you.
It is an amazing fact that being between large and powerful states, and having practically no natural resources of its own, the country was able to become one of the most prosperous in the world. This was made possible thanks to competent public administration and investments in the following sectors of the economy:
- Mechanical engineering;
- Watch industry;
- Agricultural industry;
- Education and the labor market;
We will not dwell on each in detail, we will only note the fact that, it would seem, even such a trifle as chocolate or watches make a significant contribution to the development of the country. And this is not accidental, because 95% of all watches produced are exported outside the country, and chocolate is valued all over the world.
The banking sector is also the hallmark of the jurisdiction. Having decided to open a deposit, get a bank card or open another product, you can count on the following 7 advantages:
- Stability of the banking system;
- High level of service;
- Very strict observance of bank secrecy;
- Minimal financial risks;
- The possibility of opening multi-currency accounts, including in rubles;
- Individual approach to each client of the bank;
A wide selection of banking institutions with a long history and high status in the international arena.
Behind all this beautiful picture there is one depressing fact – if you are a foreigner who does not have a residence permit in Europe, or you own a foreign company offshore, for example in the UAE, then not all banks will open their doors to you.
To what extent is confidentiality respected in Swiss banks?
Employees of Swiss banks are prohibited from disclosing any information about their clients’ accounts.
This secret is the foundation of the success of the Swiss banking industry, so you can be sure of absolute confidentiality.
It should be noted, however, that in recent years several agreements have been signed between Switzerland and countries, including the USA, Germany and the UK, to combat tax evasion.
This means that, although Switzerland fiercely protects privacy, in some cases banks are obliged to cooperate with foreign authorities.
How do I open an anonymous account?
In fact, there is no such thing as a completely anonymous account in Switzerland, the bank is obliged to confirm your identity before opening an account.
However, if you are looking for a bank with the highest level of confidentiality, you will be interested in opening a numbered account.
You will still need to present your identity document, but transactions on your account will be identified not with your name, but with your account number.
If you wish to open a business bank account in Switzerland, our team here at IB-IA GROUP UAB will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.