Opening a bank account is one of the first and most essential steps for anyone moving to Switzerland. Whether you’re coming for work, study, or long-term residence, you’ll need a Swiss bank account to receive your salary, pay rent, handle insurance, and cover everyday expenses.
This guide walks you through the process of opening a bank account in Switzerland as a foreigner, including required documents, the best banks to consider, and practical tips to make the process smooth and stress-free.
Why You Need a Swiss Bank Account
Swiss society runs on efficiency — and that includes finances. You’ll likely need a local bank account for:
- Receiving your salary
- Paying your rent and utilities
- Taking out health insurance
- Using local payment apps like TWINT
- Managing your residency and tax-related responsibilities
Some landlords, employers, and insurance companies will only work with Swiss bank accounts.
Can Foreigners Open a Bank Account?
Yes, absolutely. Both residents and non-residents can open accounts in Switzerland. However, the process is easier and faster if you have a Swiss address and residence permit.
Residents (with a B or L permit) can open accounts at nearly all banks.
Non-residents may face more restrictions and may only qualify for specific international accounts or need to provide extra documents.
If you’re still waiting for your residence permit, many banks will allow you to open an account provisionally and update it once your documents are finalized.
Best Banks in Switzerland for Foreigners
Switzerland has a mix of traditional, digital, and cantonal banks. Here are some of the most popular and accessible options for newcomers:
1. PostFinance
- Government-owned and widely accessible
- Low fees and simple account structure
- Good for everyday banking and bills
- Doesn’t require a high income
2. UBS
- One of Switzerland’s largest banks
- English-speaking staff and strong online banking
- Offers services tailored for expats
- Slightly higher fees, but excellent service
3. Credit Suisse (Now under UBS Group)
- Strong expat support and digital tools
- Available in most cities and regions
- Merges with UBS could change future offerings
4. Raiffeisen
- A network of regional banks
- Personalized service and low-cost options
- Sometimes more paperwork, but great for long-term residents
5. Neon (Digital)
- 100% mobile banking
- No account fees, free Mastercard
- Ideal for tech-savvy users with basic needs
- Customer support is mostly in German
6. Revolut or Wise
- Good for international transfers and card use
- Not a Swiss bank, but handy for transitioning
- Can’t be used for salary payments in CHF by most employers
What Documents Do You Need?
To open a standard resident account, you typically need:
- Valid passport or national ID
- Residence permit (B or L) or confirmation of residence application
- Swiss address (rental contract or proof of address)
- Proof of employment or income (optional, but helpful)
Some banks may request a copy of your rental agreement, health insurance policy, or a recent utility bill.
If you’re a non-resident, additional documents might include:
- Proof of income or source of funds
- Statement of purpose (why you want a Swiss account)
- Bank reference or financial background information
Always check the exact list with the bank you choose.
How to Open the Account: Step by Step
Step 1: Choose Your Bank
Start by comparing fees, account types, language support, and app usability. Decide whether you want a traditional bank with physical branches or a digital-only solution.
Step 2: Book an Appointment (If Required)
Some banks let you walk in, while others require you to book online or by phone. For digital banks like Neon, everything happens through an app.
Step 3: Bring Your Documents
Make sure to bring original documents — digital copies might not be accepted. If you’re still waiting on your residence permit, explain your situation clearly.
Step 4: Answer a Few Questions
The bank may ask why you’re moving to Switzerland, what kind of work you’ll do, and where your money comes from. This is part of Switzerland’s strict financial compliance standards.
Step 5: Sign the Contract and Set Up Online Access
Once approved, you’ll sign your account agreement and get your banking credentials. Most banks will:
- Send your bank card by post
- Give you access to e-banking or a mobile app
- Let you start using your account immediately
Account Fees to Expect
Swiss bank accounts often come with monthly fees unless you meet minimum balance or income thresholds.
Typical costs:
- Account maintenance: CHF 5–15/month
- Debit card: included or CHF 30/year
- ATM withdrawals: Free at own bank, CHF 2–5 at others
- International transfers: CHF 5–20 or more
Digital banks like Neon or Revolut can offer no-fee accounts, but may have limited features or support in English.
Tips for Success
- Choose a bank that offers English support if you’re not fluent in German, French, or Italian
- Be honest about your situation — banks understand new arrivals have limited paperwork
- Set up online banking immediately — most bills in Switzerland are paid via e-banking or QR code
- Download the TWINT app, a popular Swiss payment solution for P2P payments, stores, and bills
- If you’re a student, ask for youth or student account discounts
Can You Open a Swiss Account From Abroad?
It’s possible, but more complicated. You’ll usually need:
- A Swiss mailing address
- A reason for opening the account (e.g., relocation, study)
- Certified document copies
- In-person verification within a set timeframe
Most people wait until they’re in Switzerland to avoid delays or complications.
What If You Get Rejected?
Banks can refuse to open accounts for applicants they consider high risk or incomplete. If this happens:
- Ask the reason and whether additional documents could help
- Try another bank with more lenient criteria
- Use a digital service temporarily until you’re officially registered
Final Thoughts
Opening a bank account in Switzerland as a foreigner is completely doable — especially with the right preparation. Choose a bank that fits your lifestyle, keep your documents ready, and communicate clearly.
With a Swiss bank account in hand, you’ll be able to handle everything from rent payments to insurance fees with confidence.