Opening a bank account in Switzerland as an Australian

Beyond the iconic alpine landscapes, Swiss chocolate, and cheese fondue, the Swiss banking system is often one of the first things that comes to mind when people think of Switzerland. It's no wonder, as there are around 235 banking institutions that co-exist in this small nation.¹

If you are a newcomer to Switzerland and need to open a bank account, the choice may quickly become overwhelming. This article aims to shed some light on what's available for Australians making the big move.

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What are the biggest Banks in Switzerland?

With so many banks to choose from, you may not know where to start. Just like the big four in Australia, there are a few banks that dominate the financial market in Switzerland. These include:

• UBS Group AG
• Raiffeisen Switzerland
• Zurich Cantonal Bank
• Banque Cantonale de Genève (BCGE)

Let’s get to know a little more about these banks.

UBS Group

UBS Bank AG, originally established as the Union Bank of Switzerland, opened its doors over 160 years ago.² Since then, there have been several acquisitions including with the Swiss Bank Corporation, PaineWebber and more recently in 2023, the acquisition of Credit Suisse.³

This makes USB bank the largest banking corporation in Switzerland. It offers a large suite of banking services, ranging from private, business, investment and asset management.

Raiffeisen Group Switzerland

The second largest banking group in Switzerland is Raiffeisen Group Schweiz. Similarly to USB Bank, the Raiffeisen bank chain originated back in the 1800’s and has become a recognised name in Switzerland and abroad.

Within this group is the Raiffeisen Cooperative which includes 218 independent Raiffeisen banks located around Switzerland. As of 2023, there are just over 3.71 million clients that use the group's retail banking services across the country.⁴

Zürcher Kantonalbank

Zürcher Kantonalbank, or Zurich Cantonal Bank was founded in 1870 and is now the largest cantonal bank in Switzerland with around 6000 employees. It offers a wide range of banking services to individuals, businesses, and large institutions across the Zurich region.⁵

Banque Cantonale de Genève (BCGE)

Banque Cantonale de Genève (BCGE) is another leading Swiss cantonal bank that was founded in 1816. As its name reads, it is headquartered in Geneva and has 21 branches across the region that offer a comprehensive range of retail, corporate, and private banking services, plus asset management.⁶

Can an Australian open an account in Switzerland?

An Australian can open a bank account in Switzerland. However, for some banks, it is a prerequisite that you be a resident in Switzerland holding a valid residence permit.⁷ If you are a dual national with Switzerland, you may be able to open a non-resident account from your home country depending on the bank.

What is the procedure to open an account in Switzerland

Each bank in Switzerland has its own procedures to open an account. The first thing you need to check is if you meet the general eligibility requirements. The main two requirements that you’ll need meet include⁷:

• Ensuring you pick an account suitable to your age group
• The residency requirements as a foreigner

Age can determine which type of accounts you are eligible for. Some banks will have general requirements, where individuals just need to be over the age of 12 or 20 years old for most accounts,⁷ while other banks may have accounts for those up to 26 years old and then a different service for those over 26 years of age.⁸

Nonetheless, in order to open an account, certain documents are crucial to support your application.

What documents do you need to open a Swiss bank account?

Many documents that you’d usually provide to a bank in Australia are what you’ll also need to have handy to give to a Swiss bank. You’ll need⁷:

• Your Australian passport
• Proof of funds to deposit
• Proof of residency document
• Contact information

As an Australian, you’ll need to show proof that you hold any of these residence permit types.⁹

• Residence permit B
• Resident permit C (Settlement)
• Residence permit Ci (residence permit with gainful employment)
• Residence permit L (short-stay permit)

Some banks may require you to come into a local branch by appointment to present your documents in person. Some others may allow for you to apply and complete the process completely online by verifying your identity via a selfie or video call. Unless you have a biometric passport, you may only be able to complete this process during weekly business hours.⁷

What are the usual bank fees in Switzerland

Fees associated with bank accounts are a reality you can’t get out of when you move and open a new bank account in Switzerland. Here are some common fees to watch out for.

Account maintenance fee

For the Swiss equivalent of an everyday transaction account, an account maintenance fee can either be charged per month or annually. You’ll notice that many banks offer different levels of account options that offer basic up to premium features and benefits.

Generally speaking, the more features and benefits, the higher the account maintenance fee. For example, for a UBS standard personal account, the account fee is 3 CHF per month (1 CHF = 1.75 AUD as of the time of writing) while the more premium UBS Traditional personal Account is 9 CHF per month.¹⁰

Card fees

When you open an account, a linked card will usually be free of charge. Additional cards incur fees of around 4 CHF, where a replacement card can cost upwards of 40 CHF.¹⁰

ATM fees

ATM fees vary between banks, account types, and where you choose to withdraw money. If you are withdrawing cash from your bank's ATMs, there are usually no fees. For other providers, fees can range from 2 CHF to 5 CHF for domestic withdrawals.¹⁰

If you are travelling around Europe or elsewhere with your Swiss account, international ATM fees can be upwards of 4.50 CHF per withdrawal plus a foreign conversion fee.⁸ A helpful tip to know when looking for an ATM around Switzerland, is that they are referred to as Bancomats.

International Transfer fees

Sometimes you may need to send or receive money from friends or family back in Australia. This is another fee that is dependent on how the transaction is facilitated and where the money is coming or going to. Incoming payments usually attract lower fees than outgoing international payments. If you were going to send money back home to Australia, fees are usually around 20 CHF per transfer.¹⁰

Dormant Account fees

Fees can apply if you leave your account to move to a dormant status. UBS bank charges 50 CHF per quarter. If there isn’t enough funds to cover this fee, a bank account may be closed.¹⁰

Alternative banks with special accounts for foreigners/non-residents

If any of the above Swiss banks don’t tickle your fancy, then you don’t have to worry as there are plenty of alternatives. As an Australian, as long as you meet the above requirements, you can turn your sight elsewhere and check out:

• Cantonal banks
• Online financial institutions
• International banks

We’ll explore these a tad more now.

Cantonal Banks

Cantons are like states are to Australia. However, unlike in Australia, each canton has their own government-owned cantonal bank. In 2020, there were 24 cantonal banks, which means if you are planning to live outside the more populated Zurich or Geneva canton, you’ll be able to open an account.¹¹

Online Financial Institutions

As of 2024, there are around 16 financial institutions in operation in Switzerland with a couple of familiar names that also operate in Australia.¹² Some popular ones include:

• Revolut
• Yuh
• Neonfree

These accounts operate similar to a bank account but can come with different benefits such as multi currency accounts, cheaper fees, online account management or rewards programs.

International banks

As a central location in Western Europe, it’ll be no surprise that some of its neighbouring countries' financial institutions creep across the Swiss border. Some major international banks include¹³:

• Santander Bank
• COOP Bank
• HSBC Bank
• ING Bank
• Lloyds Bank
• Goldman Sachs
• National Bank of Canada

It’s important to use your own due diligence to see if you are eligible to open an account with an international bank in Switzerland.

If you want to get ahead of your move and have some Swiss Francs (CHF) ready for when you arrive, you could open an online account with Wise in Australia. This way you can take advantage of the Wise Account where CHF is one of the currencies that you can hold, convert or spend with the Wise debit card.

The Wise Account and Debit Card

Opening a bank account overseas can be a bit of a process that’s made more difficult if you aren’t considered a resident yet.

The Wise Account from Wise — while not a bank account — enables you to store 40 international currencies including CHF and get local account details for a number of different countries, including AUD, CAD, GBP, NZD, EUR and USD. You can use these to easily transfer your money to Wise or get paid by others. However, do note that features that are offered by traditional bank accounts such as interest, loans and in some countries, deposit protection, will not be available with the Wise account. See how Wise safeguards your money.

You’ll also avoid high international transaction fees and get access to the mid-market rate on all conversions. The best part - you can open and manage your Wise account completely online.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a transparent conversion fee.

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Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

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Sources:

1. Switzerland Finance
2. UBS History
3. UBS and Credit Suisse
4. Raiffeisen Switzerland info
5. Zurich Cantonal Bank info
6. BCGE info
7. UBS process
8. Zurich Cantonal Bank fees
9. Swiss permit types
10. UBS Group fees
11. Swiss Cantonal Banks
12. Swiss neobanks
13. Swiss international banks

Sources checked on: 9 September 2024