Opening a Swiss bank account from abroad: a practical guide

FINMA and a highly diverse banking centre

Getting a Swiss bank account without living in Switzerland remains possible with many banks supervised by FINMA. The applicant must accept specific fees, a tax compliance review of the file and limits linked to the country of domicile. FINMA licenses everything from the big banks to cantonal banks, Raiffeisen and private banks, while the Swiss National Bank oversees the SIC interbank payment system.

The Swiss Financial Market Supervisory Authority licenses and supervises banks, from the big banks to cantonal banks, Raiffeisen and private banks. The Swiss National Bank runs monetary policy and oversees the SIC interbank payment system.

Access for non-residents depends on the country of domicile

Many Swiss banks offer a non-resident account in Switzerland, but their offer depends on the country of domicile, because local rules on cross-border financial services apply. Some institutions refuse entire nationalities or countries of residence, while others require a minimum deposit.

Higher account fees for non-resident clients

Swiss price lists often distinguish clients domiciled in Switzerland from those living abroad. A monthly or annual surcharge is common for the latter, so it pays to compare the total cost, including currency exchange and transfers, before opening.

Identification and declaration of the beneficial owner

Under the Swiss banks' due diligence agreement, the client completes form A on the beneficial owner of the assets. The bank copies the passport, checks the address and may require proof of income or a tax compliance statement.

The Swiss franc, a safe-haven currency with no exchange controls

The Swiss franc moves freely, with no exchange controls, and acts as a safe haven during market stress. Switzerland takes part in SEPA, which eases euro transfers, although euro accounts there depend on each bank's own offer.

QR-bill, Twint and SEPA transfers in daily life

The QR-bill has replaced the old payment slips for settling rent and invoices in Switzerland. Twint dominates mobile payments between individuals and in shops, but it usually requires a Swiss bank account and a compatible phone number.

Esisuisse and protection of 100,000 francs per client

On a bank account in Switzerland, privileged deposits are protected up to 100,000 Swiss francs per client per bank through the esisuisse self-regulation scheme funded by the banks. Securities held in custody are not affected, because they remain the client's property if the bank fails.

Withholding tax on Swiss account interest

Swiss bank interest bears a 35 percent withholding tax when it exceeds 200 francs per calendar year and per account. A non-resident can reclaim part or all of it under the tax treaty between Switzerland and the country of residence.

Automatic exchange of information since 2017

Switzerland has collected CRS data since 2017 and sends it each year to partner states, including France, and a FATCA agreement covers US taxpayers. A French tax resident declares every Swiss account on form 3916, or faces a fine.

Applying to a major Swiss bank

At UBS Switzerland, whether an account can be opened from abroad depends on the country of domicile and the client segment. It helps to state from the outset the account's intended use, the source of funds and proof that your tax affairs are in order.

Steps to open a Swiss bank account remotely

The process starts with choosing the bank: check that it accepts clients living in your country and that it offers opening remotely or by appointment. Many banks first ask for a contact through an online form or by email, then an interview, sometimes by video call. Depending on the institution, a visit to Switzerland may still be required. Ask the question at the very first exchange. This early contact shows how seriously the institution treats a Swiss bank account request from abroad.

Next comes building the file: opening form, copy of the passport, proof of address and, for the beneficial owner, form A. The bank completes these items with questions about how the account will be used, where the funds come from and the amounts expected. Answer precisely and consistently with your documents: an inconsistency slows the review more surely than a modest balance.

Once the file has been reviewed, the bank communicates its decision and, if it accepts, the account details and the means of access to online banking. Timing varies with the institution, the country of domicile and how complete the documents are; in practice allow several weeks and take nothing for granted. Send funds only after receiving written confirmation that the account is open.

Documents for a non-resident account in Switzerland

Prepare valid identity documents, a recent proof of address at your home abroad and, depending on the case, evidence of income or wealth. The bank must understand where your funds come from: statements, an employment contract, a sale deed or an employer's letter can serve as supporting evidence, depending on the nature of your situation. The clearer these documents are, the faster a non-resident account in Switzerland moves forward.

The tax compliance statement mentioned by some banks shows that your affairs are in order in your country of residence. It is not a formality everywhere: ask the bank which form it accepts, how long the document stays valid and whether a translation is needed. A file submitted with these items from the start avoids successive requests for more information.

Keep copies of everything you send, with the date of dispatch and the name of your contact. If the bank offers to have documents certified by a notary or an authority, check the level of certification expected before paying unnecessary fees. These precautions are simple, and they also make it easier to declare the account for tax purposes later, when you fill in your own annual return.

Comparing a Swiss bank for non-residents before choosing

Compare at least two or three institutions on the same criteria: accepted countries of domicile, any minimum deposit, account fees, currency exchange cost, available cards and service languages. A big bank, a cantonal bank and a private bank do not approach non-residents in the same way. Write down each answer so that you can come back to a precise point later.

Also distinguish between an account opened in person and one opened remotely. In person, you meet an adviser and sign in front of them, which reassures the bank; remotely, the procedure is longer and documents often have to be certified. In both cases, the account is subject to the same identity checks and tax compliance review.

Finally, think about daily use: the franc account serves to receive and pay in Switzerland, but euro payments, cards abroad and mobile payments such as Twint do not always work from another country. It is better to know this before you open an account in Switzerland than to discover the limits after the first bill has been paid. Check each of these points with the bank in writing.

Mistakes to avoid and checks before you open an account in Switzerland

Among the common mistakes is sending an application to a bank that does not accept your country of domicile: it wastes time and sometimes leaves a trace of refusal. Another error is underestimating the fees specific to non-residents or the cost of international transfers. Read the whole price list and work out the annual cost for your own usage. Keep every answer from the bank.

Never hide tax information: an account opened in Switzerland falls within the automatic exchange of information, and a French tax resident must declare it on form 3916. Interest may bear the withholding tax, partly reclaimable under the applicable treaty. For special cases, seek the advice of an independent tax adviser.

Before sending funds, check that the bank is licensed by FINMA and that deposits are covered by the protection described above. Be wary of any intermediary promising a guaranteed or very fast opening: no bank can commit to that. Contact the institution or the regulator directly to confirm any piece of information. A Swiss bank account depends first on a relationship of trust with the institution.