How to open a bank account in Switzerland in 2024

Planning a move to Switzerland? Or maybe you’re a freelancer or business owner being paid in CHF? In either case you probably need a way to manage your money in francs, and switch from CHF to CAD or any other currency you might need.

The Swiss banking industry is very developed - so it’s no surprise that you’ll be able to find an account from a bank there if you choose. However, if you’re looking for an option with low fees and multi-currency flexibility, you might find you’re better off with an alternative like Wise, or Revolut if you’ve already moved to Switzerland. Specialist online and mobile accounts usually offer more currencies, and lower transaction costs, often with no monthly fee or minimum balance. More on that coming right up.

Key points: Online bank account opening

• You can open a Swiss bank account online as a resident or non-resident, or pick an account from a non-bank alternative like Wise

• Swiss banks may charge higher fees for non-resident account holders, or you may find your account is more restrictive compared to a resident account

• Swiss bank accounts tend to offer balances in CHF and EUR, while non-bank alternatives may also let you hold CAD

• In all cases, transaction fees are likely to apply - ongoing account charges may also be payable, depending on the account selected

What documents do I need?

Swiss banks offer accounts which suit a whole range of different customer types. That means you’ll find resident accounts for spending or saving, and a good range of non-resident accounts. It’s worth knowing though that non-resident accounts may be aimed at cross border commuters looking to cut costs, or at high wealth individuals looking for a safe haven for their funds in CHF which is considered a very stable currency. Unsurprisingly, the features, fees and eligibility requirements for these very different account types vary significantly.

While banks in Switzerland used to be famed for protecting the anonymity of clients, that’s no longer generally the case - so you can expect to be asked to provide a set of documents to open your account here, like everywhere else around the world. The exact details might vary, but typically, you’ll need:

• Government issued proof of ID

• Proof of address - either in Switzerland or abroad

• A recent payslip or bank statement to show the source of your funds

• If the account is specifically for residents, proof of legal residence status in Switzerland will also be required

Proof of address must usually be from within the last 3 months, and may be a utility bill in your name, a bank statement or some official government correspondence.  Your preferred bank will guide you through their process and let you know what to prepare.

Save the paperwork with alternative solutions like Wise or Revolut

If you don’t have all the paperwork yet to open a resident’s account in Switzerland, you might find you need to open an account as a non-resident. This is likely to mean higher monthly fees until you can provide a Swiss proof of address.

Alternatively, specialist online providers like Wise will allow you to register with a proof of address from Canada even before you travel or know where you’ll live in Switzerland. You’ll still get CHF bank details and a low cost way to manage your money across currencies.  It’s easy, and can cut your costs and give you a more flexible account for travelling, living and working overseas. We’ll look at these providers - and a few more - later.

How to open a Swiss bank account as a foreigner

Most big Swiss banks let you open an account online - and may even have application forms available in English. However, it’s not always the case - and it’s worth remembering that there are 4 official languages of Switzerland, so if you’re opening your account in a branch you’ll need to ask to speak to someone in English, if you can’t get by with the local language in your area (French, Italian, German or Romansh).

All that said, once you’ve managed any language barriers the basic steps to open a bank account in Switzerland are pretty much the same as anywhere else in the world - typically:

• Research banks and pick the right account for you

• Check eligibility and gather all the required paperwork

• Apply online or in branch

• Pay your minimum opening deposit

• Show your documents to complete the verification process

What do I need to know before opening a bank account in Switzerland?

Different banks can have their own requirements, which can vary pretty widely. As a foreigner, and particularly if you’re not resident in Switzerland, you’ll need to double check the paperwork needed by your preferred bank before you start your application. It’s also worth noting that banks may require a minimum opening deposit which you’ll have to transfer into your account as part of the application process.

Can I open a bank account in Switzerland with only my passport?

Swiss banks do provide accounts for cross border commuters and non-residents, so you may be able to start your application with just your passport. However, for practical - and often legal - purposes, you’ll need to also provide your residential address, which they may ask you to prove. Check with your preferred bank so you know what their process looks like.

Which account is best in Switzerland for foreigners? 

*Profiled accounts are PostFinance Private Account (CHF/EUR) and UBS Personal Account (CHF/EUR) - other account options are available from these providers, which have their own fees and features

As you can see, there’s a good range of options for Swiss accounts from both banks and non-bank providers, which means you can choose depending on what’s most important to you.

Wise

Wise accounts offer holding and exchange of 40+ currencies, and give customers their own account details to get paid in 19 currencies. This can make it far easier to manage your money across borders if you’re moving, or simply if you live an international lifestyle.

Accounts are available for personal and business customers, with no monthly fee, no minimum deposit and no hidden charges. You’ll get a linked debit card - and every time you need to switch from one currency to the other you’ll get the mid-market exchange rate with no markup.

Account types: Both personal and business customers can open a Wise multi-currency account with no minimum balance or monthly fees to pay.

Eligibility: Wise offers accounts to customers in Canada and a broad range of countries including Switzerland. Apply before you leave - or once you’re already settled overseas if you’d prefer.

Is it safe? Yes. Wise is registered with a range of other global bodies in the countries it trades in.

How to open an account with Wise

Download the Wise app and open your account easily by completing your personal and contact details, and uploading an image of your ID and address documents. For more details: How to open a Wise Account in Canada

Revolut

If you’re already in Switzerland, Revolut may suit you - accounts can’t be opened by Canadian residents, but are offered to residents of many other countries or regions. Revolut offers a range of account services which you can access easily from your mobile or online. You’ll be able to hold and exchange 25+ currencies and spend using a linked debit card all around the world.

Fees vary by account plan, but all account types have some no fee currency conversion and ATM usage monthly. As well as multi-currency functionality, Revolut accounts offer some helpful features to let you manage your money better including budgeting, saving and investing tools.

Account types: Standard account plans are free or you can upgrade to a paid plan.

Eligibility: Not available to Canadian residents. Available to customers with addresses in countries and regions including the UK, the EEA, Australia, Switzerland, the UK, Japan, and the US.

Is it safe? Revolut is registered with regulatory bodies wherever it trades, and is a trustworthy provider to choose

How to open an account with Revolut

You can’t open an account as a Canadian resident, but you’ll be able to set up your Revolut account in-app once you’re in Switzerland, by uploading your ID and address documents.

Related: Alternatives to Revolut in Canada

PostFinance

If you’re looking for a CHF account to use while living in Switzerland, PostFinance can help with a CHF account that’s open to both residents and non-residents. It’s worth noting that non-residents will pay an additional 25 CHF/month fee, plus transaction fees which include international ATM fees and charges when you want to send money overseas.

PostFinance CHF accounts also come with a debit card, online and mobile banking and some domestic fee free withdrawal options.

Account types: Accounts available for both Swiss residents and non-residents

Eligibility: Non-residents can open the Private Account in CHF for an easy way to manage your money in Switzerland

Is it safe? Yes. PostFinance is a large and fully licensed bank

How to open an account with PostFinance

Most customers can open their account online, but there’s also the option to visit a branch if you’d prefer to get started in person.

Learn more: PostFinance.ch

UBS

UBS has a broad range of accounts for all purposes, some of which are offered to non-residents. You may find you have a broader range of non-resident accounts available if you’re a cross border commuter and live in one of the countries neighbouring Switzerland. Many account packages are designed with this customer in mind, while other non-resident accounts may be more aimed at high wealth individuals, with a steep minimum balance requirement.

Account types: Range of accounts for both non-resident and residents in Switzerland

Eligibility: Different accounts available for Swiss residents, cross border commuters and non-residents - talk to UBS directly to find the right account for you

Is it safe? UBS is a safe bank - it’s globally regulated and trusted by huge numbers of customers around the world

How to open an account with UBS

Open your UBS account online, in app, or by making an appointment with a branch to set up your account face to face.

Learn more: ubsglobal.com

What is a bank account in Switzerland needed for?

You may need a CHF or EUR account in Switzerland to pay for rent, utilities, everyday essentials and services if you’re moving there. A CHF account can also allow others to pay you if you’re a freelancer, cross border commuter or own a business.

Benefits of opening a bank account in Switzerland

Opening a CHF or EUR account can bring a few benefits if you need to transact Switzerland often:

• Make payments in CHF and EUR without incurring currency exchange costs

• Hold a balance in CHF, and access preferential exchange rates

• Get paid a salary, benefits or other payments in CHF

• Get a local Swiss credit card and build your credit history

Can I open a bank account in Switzerland before arrival?

There are many non-resident accounts available from Swiss banks, which will allow you to get an account up and running before you move. However, these may come with higher fees, or be more restricted compared to a resident account. If you’re moving to Switzerland you may find it makes more sense to open a multi-currency account in Canada prior to your move - and then add in a CHF resident account once you’re settled in.

Choose a multi-currency account with an online specialist like Wise, which will let you apply online from Canada, to transact in CAD, CHF and a whole range of other currencies, too.

Can I open a bank account online

Yes. In many cases you can open an account online with a Swiss bank - even before you move there. Your exact options will vary depending on your personal situation, so do check what your preferred bank can offer you. Alternatively, choose a digital only provider like Wise or Revolut for low costs and a fully online application process.

How long does it take to open a bank account in Switzerland?

If you’re eligible for online account opening, the application process is likely to be quite quick. However, you’ll need to wait for the bank to verify your identity, and often your address too. This may take a day or two if it can’t be done automatically.

What are the types of bank accounts in Switzerland?

You can open a day to day spending account or a savings account, often in CHF, EUR and select foreign currencies. It’s helpful to know that standard accounts in Switzerland are often reserved for customers aged 20 and above. Younger customers can access youth or student accounts which have different terms and conditions attached.

How to choose a bank account in Switzerland

Before you pick your new Swiss bank, take a look at a few different options, focusing on account fees and features, how close you are to convenient ATMs and branches, and which other handy services the bank might offer, such as loans and mortgages.

If you’re not in Switzerland but need an account to manage your money across currencies, take a look at Wise as a flexible alternative you can use to hold, receive, send, spend and exchange CAD, CHF and more conveniently online and in app.

How much does it cost to open a bank account in Switzerland? 

Unless you pick a premium account type which requires a high minimum deposit, you’ll probably find that there’s no fee for opening your Swiss bank account. However, most Swiss bank accounts have monthly charges, and there are also likely to be transaction fees, including ATM and payment fees which can be pretty steep, especially for international transactions. Monthly fees may be higher if you're a non-resident customer.

It’s worth investing the time to read the account fee schedule carefully before you get started, to make sure you don’t run into any unexpected charges when you transact.

Is it possible to open a fee-free account in Switzerland?

Most Swiss bank accounts have monthly costs as well as a selection of transaction fees which depend on how you use your account. These costs may not look like the bank fees you’re used to, so reading the account terms and conditions is essential.

If you’re looking for an international account which has transparent pricing for services, compare the bank options you’re considering against Wise and Revolut, as non-bank services with clear and simple pricing and low costs.

What are the additional costs?

There’s a whole range of banking products available from Swiss banks. This means you have a good choice, but it also means you’ll need to read all the details carefully. Some accounts are low cost, and meant for everyday spending. But - in particular with non-resident accounts - there are some which have high minimum deposit requirements and may also have some restrictions on usage.

Read your account’s terms and conditions before you make any decisions. In particular look out for costs like these:

• Minimum deposit requirement

• Monthly maintenance fee

• Out of network ATM fees

• International transfer fees

• Receiving fees for domestic and international payments

• Foreign transaction fees

Tips for sending money between Canada and Switzerland

International payments can be pricey. If you’re moving your money across borders check out these tips to save:

• Compare the exchange rate you’re offered against the rate you find on Google to see if a markup has been added

• International transfer fees can vary depending on whether or not you’re sending within the SEPA area

• Review the terms and conditions of your specific account to check if it’s cheaper to send your payment online - this is usually the case

• Don’t forget that third party fees may be deducted as the payment is processed, and can mean your recipient gets less than you expect

In many cases you’ll find that using a specialist international money transfer company will net you a better exchange rate and a lower overall fee compared to your bank. They may also get your money where it needs to be faster. Compare a few before you send your payment.

Conclusion: Open a bank account online Switzerland

Opening a bank account in Switzerland isn’t likely to pose too many problems. However, you’ll want to look over the account features and fees carefully to make sure you’re not hit by high monthly fees or minimum balance requirements.

One key issue with most standard Swiss bank accounts is that you’ll only be able to hold one currency in them - usually either CHF or EUR.

If you want a more flexible account which lets you hold more currencies, check out  an online and mobile specialist like Revolut or Wise.  These non-bank alternatives are designed to serve people with an international lifestyle, and often have better exchange rates than banks, and low transaction fees when you’re moving money across borders.

Open a Swiss bank account online FAQs 

Can a foreigner open an account in Switzerland?

Yes. There are Swiss bank accounts for residents and non-residents - however non-residents may pay extra monthly fees to get an account.

How much do I need to open a bank account in Switzerland?

Non-resident accounts from Swiss banks usually have a monthly fee, and a minimum opening deposit requirement. Accounts aimed at high wealth individuals have especially high minimum deposit requirements. Online specialists often offer accounts with no monthly fees, no minimum deposits, and low transaction charges.

Can I open a Swiss bank account online?

Yes - you can often open Swiss bank accounts online - or you can choose an online and mobile alternative account from a provider like Wise or Revolut.

How to apply for a bank account online in Switzerland?

You can often open your Swiss bank account online or in an app before you travel. Check out your preferred bank’s processes, which usually involve completing an application from and uploading an image of your ID documents.

Can I open a bank account in Switzerland before landing?

Non-resident accounts are available from Swiss banks, which you can often set up before you arrive. However, you’ll probably want to switch to a regular account once you’re settled in Switzerland, as non-resident accounts can be expensive and restricted.