How to open a Swiss bank account as a foreigner?

Planning a move to Switzerland from the UK, or to work or study there? It’s easy to see why so many UK expats flock to the country. It’s famous for its picturesque scenery and extremely high standard of living. And of course, for incredible skiing opportunities on its many snow-capped mountains.

In this guide, we’ll cover everything you need to know about opening a Swiss bank account. This includes what documents you’ll need, and some info on the most expat-friendly banks in Switzerland.

We’ll also show you a smart alternative to a bank account from the money services provider Wise - the Wise account. It lets you manage your money in 40+ currencies in Switzerland, the UK and worldwide.

Moving to Switzerland and want to take your savings with you? With Wise, you can send secure and trackable large amount transfers to Switzerland and 160+ countries worldwide for low fees* and mid-market exchange rates.

Learn more about the Wise account 💰

Table of contents

Do you need a bank account in Switzerland? Can you use your UK bank account in Switzerland? Can you open a bank account in Switzerland as a British expat? Can you open an account as an international student? What documents do you need to open a bank account in Switzerland? Proof of ID Proof of address Proof of your residence status A letter from your employer Other documents and details How to open a Swiss bank account as a non-resident? Can you open a Swiss bank account online as an expat from the UK? Best Swiss bank accounts for expats UBS PostFinance Credit Suisse Raiffeisen (co-operative bank) Digital banks and money management alternatives worth looking into What are the banking fees and costs in Switzerland? Is there a free Swiss bank account for non-residents? Wise – An international alternative to a bank account

Do you need a bank account in Switzerland?

It’s not a legal requirement to have a local bank account when living in Switzerland.

You may be able to manage without one for a short time, making use of multi-currency solutions such as the Wise accountto send, spend and receive money in CHF, EUR and GBP.

But you might find that day-to-day life in Switzerland is much more difficult and complicated if you don’t have any kind of local current account. You’ll find it tricky to get paid, pay your bills, rent or buy property in Switzerland, or even get a mobile phone contract.

Can you use your UK bank account in Switzerland?

You might be tempted to avoid the hassle of opening a new bank account in a foreign country, and just keep using your UK account while you’re in Switzerland. But is it actually possible?

Generally speaking, the answer is no - but it all depends on who you bank with.

Major British banks such as Barclays have closed the accounts of Brits living overseas in Europe.¹ It’s related to Brexit, with regulations requiring banks to have separate authorisation in every EEA country they operate in.

There are some exceptions, such as for UK Crown employees and people who are only planning to live abroad for less than 6 months.¹

But not all banks are affected by the change in regulations after Brexit. For example, Spanish-owned international bank Santander says it will continue to service accounts when the holder moves abroad.²

So if you’re an existing customer in the UK, you should in theory be able to continue using your account in Switzerland.

Santander does have a presence in Switzerland, but it mainly offers private banking - like many of the banks there. This means you may not be able to access branches, ATMs and banking-related customer support related to your everyday current account.

Another important thing to bear in mind is the currency. If you’re using a UK bank account, it’ll likely be denominated in GBP. You’ll be spending in Swiss francs (CHF) while in Switzerland, so you could lose out when it comes to currency exchange.

So, it could be a better idea to close down your UK account and get a fresh start when you arrive in Switzerland.

📚 Read more: Best debit card to use abroad: Top 6 UK picks

Can you open a bank account in Switzerland as a British expat?

Yes, the banking system in Switzerland is open to foreigners and expats, and there are no rules preventing British citizens from opening an account there.

So, you should find it reasonably straightforward to open an account as a new arrival from the UK. Many of the big banks have English versions of their websites, as well as English-speaking customer service staff.

Can you open an account as an international student?

Yes, most of the major banks in Switzerland offer dedicated student accounts, many of which have reduced or no fees.

A couple of options to check out include the PostFinance Student Account and UBS Me, a banking package for students and young people.

What documents do you need to open a bank account in Switzerland?

The documentation required to open a bank account in Switzerland can vary from bank to bank. But here’s what you should have ready, just in case:³

• Proof of ID
• Proof of address
• Proof of your residence status
• A letter from your employer.

Proof of ID

You’ll nearly always need to show your valid, in-date passport to verify your identity when opening a bank account.

Proof of address

Swiss banks usually require proof of residence in Switzerland, which is one of the main obstacles involved in opening a Swiss bank account from abroad. A recent utility bill should suffice, but you can also check with the bank to see if they’ll accept any other documents.

Proof of your residence status

If you’re not a Swiss national, you may be asked for proof of your legal residence status in Switzerland. If so, you’ll need to provide your official certificate of residence.

A letter from your employer

Some banks will ask for a letter from your employer, to prove that you are employed and solvent.

Other documents and details

Some banks may also ask for any or all of the following:³

• Proof of income
• Details of what you’ll be using the account for
• The source of your initial deposit.

One of the issues you may face is getting copies of your documents certified. Unfortunately, you can’t always just scan and email copies over to the bank.

In many cases, you’ll need to use a lawyer to authenticate the copies of your documents. They’ll attach a certificate known as an apostille stamp, before posting your documents to your chosen bank in Switzerland.

When it comes to proving your identity, some Swiss banks now permit you to do so via video.

How to open a Swiss bank account as a non-resident?

It is technically possible to open a Swiss bank account if you’re not living there. However, you’re likely to find that the process is time-consuming and admin-heavy.

Banks tend to ask for an extensive list of documents from overseas applicants, and they’ll want to know all about your employment history and income. You’ll also need to get all your documents authorised, either by a notary or with an Apostille stamp.⁴

If you still want to go ahead, you can contact your chosen bank to ask for an application pack, and to enquire about what documents you’ll need.

Can you open a Swiss bank account online as an expat from the UK?

Many Swiss banks have efficient online account opening processes, and can even verify your identity via video - so you don’t need to visit a branch.

You don’t necessarily need to be a Swiss national to take advantage of these. As long as you have the right documents, including proof of a Swiss address and your residency certificate, you should be able to open your new Swiss bank account online.

Best Swiss bank accounts for expats

Now it’s time to start researching Swiss banks.

There are two types of banks in Switzerland – national and cantonal. National banks provide consumer bank accounts and products to everyone, while cantonal banks are only available to residents of a specific canton (member states of the Swiss Confederation).

If you’re looking to open a bank account in Switzerland, your best bet as an expat is one of the national banks - especially if you’re planning to move around to different parts of Switzerland.

If you open an account with a cantonal bank, you’ll have to switch accounts if you move to a different canton. An account with a national bank is more flexible.

Here are just a few of your best options:

UBS

UBS is a multinational investment bank and financial services company headquartered in Zurich. While it has lots of investment clients, it also has a range of personal banking services available to residents and expats.

One of your best options at UBS is its Personal Account, designed for everyday incoming and outgoing payments.

There’s even an option for students, the UBS Me package.

PostFinance

Part of Swiss Post, PostFinance is one of the largest national banks in Switzerland. It offers a range of current and savings accounts for people living, working and studying in Switzerland.

First up is the PostFinance Private Account, a simple everyday current account for people aged 20 and over.

PostFinance also has a dedicated Student Account for people aged 18 to 30 who are studying or training in Switzerland.

Credit Suisse

While known as a leader in global wealth management, Credit Suisse also has plenty of everyday banking solutions to choose from. It was recently taken over by UBS.

One of its most popular accounts for daily banking is the Credit Suisse Private Account. It’s basic and straightforward, so a decent choice if you've just arrived and need a way to pay bills and receive your salary.

Raiffeisen (co-operative bank)

One of the many cooperative banks operating across Europe, Raiffeisen (Switzerland) is a cooperative of cooperatives. With branches across Switzerland, it has become one of the country’s most popular banks.

Raiffeisen offers a full choice of accounts, credit cards, savings solutions and banking packages. This includes a private account, and a YoungMemberPlus package for people aged 12 to 26. It also has its own payments app - Raiffeisen TWINT.

The only drawback with Raiffeisen is that its website isn’t available in English - only German, French or Italian.

Digital banks and money management alternatives worth looking into

A high-street bank isn’t the only way to manage your money in Switzerland. You can also look into digital banks and non-bank alternatives.

Here are a few of the most popular in Switzerland:

• Neon - a Swiss-based mobile money app, Neon offers a choice of free and pay monthly plans. It’s not a licensed bank, but is managed by Hypothekarbank Lenzburg - which does have a banking licence.
• N26 - a mobile bank with no physical branches, offering a digital account, app and cards.
• Alpian - a Swiss digital private bank offering multi-currency accounts, currency exchange and investment services.

You can also check out non-bank alternatives, which don’t have a banking licence but offer services such as accounts, payments and cards.

This includes the money services provider Wise, which has a multi-currency account, international debit card, transfer services and app available to use in Switzerland.

📚 Read more: Best online bank accounts in the UK

What are the banking fees and costs in Switzerland?

Like in many other countries, bank accounts in Switzerland do come with some fees and charges. This includes fees for money transfers, debit cards and monthly maintenance fees.

These vary between banks, but take a look below for a rough idea of what costs to expect.

Transaction/fee type	Typical fee
Opening an account	Usually free
Current account - monthly fee	Around 5 CHF⁵
ATM cash withdrawal	Usually free at your bank’s ATMs 2-5 CHF fee at other ATMs⁶
Getting a debit card	Around €50 CHF a year⁵
Domestic payments (i.e. within Switzerland)	Usually free⁷
International payments (i.e. to the UK from Switzerland)	€12 to €22 EUR depending on destination, speed and payment type⁸

📚 Read more: The best UK banks for sending money abroad

Is there a free Swiss bank account for non-residents?

It’s difficult to find a free Swiss bank account, as most come with a monthly maintenance fee of around 5 CHF (around £4.63 GBP).

It’s only really students and young people under a certain age who are eligible for accounts without this monthly fee.

Some banks may have basic bank accounts without a monthly fee, but it’s unlikely that you’ll be able to access them as a non-resident. In many countries, non-resident accounts are subject to higher maintenance and other fees.

Wise – An international alternative to a bank account

Need to manage your money in multiple currencies or send transfers back home to the UK? There are alternatives to using a bank, such as Wise.

Open a Wise account and you’ll only pay a small, transparent fee* to send money in 40+ currencies (including CHF, EUR and GBP). Better still, you’ll get the mid-market exchange rate for every foreign currency transaction and your transfers are always secured and trackable.

Here are the main benefits for using Wise to send money:
Fast and easy setup with no physical paperwork Low, upfront, transparent fees Fully trackable transfers Fast transfer times Two-factor authentication and real-time notifications Dedicated support for large transfers

You can also get a Wise card for a one-time fee of just £7 and use it to spend like a local in Switzerland and 150+ countries worldwide. There are no hidden fees*, and you can even connect your Wise card to Google Pay or Apple Pay.

Importantly, you can open a Wise account in advance of your move to Switzerland. This means you’re not left without a payment method while you’re waiting for your new bank account to be opened.

Sign up with Wise today 💰

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After reading this guide, you should be all set to start researching banks and applying for your new Swiss account.

For more help settling into your new life, read our guides to the cost of living in Switzerland, and the pros and cons of making the country your new home.

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Sources used:

1. Barclays - Living outside the UK
2. Santander - Brexit and Santander
3. B2B Pay - How to open a bank account in Switzerland
4. Expatica - How to open a Swiss bank account
5. Credit Suisse - Private Account
6. UBS - Services and prices
7. PostFinance - Private Account
8. PostFinance - Services and prices

Sources last checked on date: 03-Jun-2024