How to open a Swiss bank account: Everything US expats need to know

Switzerland’s banks enjoy AAA-rated stability, strict capital rules, and a centuries-old reputation for client confidentiality. That’s why professionals, retirees, and international firms rely on Swiss banks for currency protection, smooth global access, and tailored wealth support.

With multi-currency wallets and robust digital portals, these institutions still set the gold standard for cross-border finance.

Common misconceptions about Swiss banking

What are those rumors you've heard concerning Swiss banks? Are they echoes of old secrecy myths or reflections of modern regulation? Below are some myths about Swiss banks, and the facts to debunk these rumors.

1. All Swiss bank accounts are anonymous: Post-FATCA reporting in 2025 sends your annual balances directly to both Bern and the IRS, so secrecy is limited.
2. Only millionaires qualify: Fintech leader Swissquote opens with no minimum deposit and runs periodic student promos (e.g., CHF 200 fee credit), but standard custody charges still apply.
3. Swiss secrecy blocks the IRS: Civil FBAR penalties have climbed to USD 16,536 per form, proving that hidden funds come at a high cost.
4. Politicians in various countries steal and park money in their banks: New AML checks introduced on 22 May 2024 (with an expected in-force date in 2026) will force banks to verify the origin of politically exposed funds.

Can foreigners open a Swiss bank account?

Both residents and non-resident applicants, including US citizens, can open a bank account in Switzerland if they satisfy each bank’s compliance checklist. Requirements tighten as the risk rating of the client or industry rises.

Many expats wonder if opening an overseas bank account in Switzerland is legal, and once you disclose it to the relevant tax authorities, it is completely legal.

Here’s what you can expect when opening – and reporting – a Swiss account properly:

• Remote onboarding collects a live passport scan, facial biometrics, and a signed Form W-9 for FATCA classification.
• Banks will now share annual account data under the Switzerland–US Model 1 agreement, effective 1 Jan 2027, and under the OECD CRS for other nations.
• Any interest earned must appear on Schedule B, while balances above USD 10,000 trigger FBAR filing.

NOTE! Switzerland operates a Model 2 FATCA agreement today, so banks still report US accounts directly to the IRS.

Is it possible to open a Swiss bank account online?

Digital openings now outnumber branch visits. As of 2025, nearly all Swiss retail banks offer full remote onboarding, though user experience still varies. Private banks like UBS still invite wealth clients to Zürich for portfolio meetings, but basic multi-currency accounts are routinely opened online.

Video identification combines NFC passport chip reads, geolocation checks, and a brief compliance interview, cutting approval times to two to five business days. Swissquote applies a 0.15% annual custody fee (minimum CHF 20 per quarter) and charges CHF 15 per quarter for inactive accounts. PostFinance applies a CHF 25 per month processing surcharge for US applicants. Banks reject third-party wires and insist the first deposit arrive from an account in the applicant’s name.

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Is owning a Swiss bank account worth it?

For many, the value of a Swiss bank account lies in its unmatched blend of flexibility and international reach. It offers more than just a place to park money – it’s a strategic tool for managing finances. Here are more reasons why it could be the right choice for you.

• Currency diversification: Holding CHF, USD, and EUR in one wallet protects expats from dollar volatility and offers instant SEPA payments. Investors appreciate the built-in savings sub-accounts, though average rates sit around 0.18% in mid-2025, and still qualify for the Foreign Earned Income Exclusion or FTC.
• Political stability: Switzerland’s debt-to-GDP ratio rests near 40%, giving international businesses confidence that systemic shocks are rare. Deposits below CHF 100,000 enjoy depositor protection under ESI-Suisse.
• Wealth management access: Swiss-domiciled mutual funds and ETFs typically trigger PFIC reporting for US taxpayers. Ask your adviser to use US-domiciled ETFs inside the Swiss account to avoid Form 8621 headaches.
• Efficient cross-border payments: SIX’s Instant Payment rails settle euro and franc transfers within seconds, letting freelancers invoice European clients without excessive wire fees.

What documents do you need?

Swiss banks apply strict KYC rules that go beyond many EU standards. Collecting the right paperwork in advance speeds approvals and prevents costly compliance follow-ups.

For individuals

Provide a certified passport copy, a utility bill issued within the last six months, and proof of income – recent pay slips or a 2024 US tax return. Some banks also ask for a selfie video matching the passport photo. Keeping these files under 10 MB in PDF format avoids upload failures.

For businesses

Corporate applicants must demonstrate transparent ownership and lawful revenue streams.

• Certificate of incorporation issued by the relevant jurisdiction
• Complete shareholder register with percentages of ownership and IDs of any US beneficial owners over 10%
• Latest audited financial statements and tax filings to verify the source of funds
• Board resolution authorising the account opening, plus specimen signatures

Your step-by-step guide to opening a bank account in Switzerland

The practical process is straightforward once you know the sequence. Follow each stage carefully to avoid repeat requests from compliance officers.

Step 1: Choose a bank that serves non-resident US clients, comparing fees, digital tools, and the minimum balance levels that waive monthly charges.

Step 2: Select the account type – personal chequing for everyday payments, a business account for company revenue, a private-bank mandate for assets above USD 250,000, or a traditional numbered account if you value extra privacy.

Step 3: Submit the application online and upload documents; most portals guide you through FATCA self-certification and request a swift video call to prove liveness.

Step 4: The bank completes verification by screening global sanctions lists, confirming tax IDs, and validating your first incoming wire; if questions arise, compliance teams ask for extra pay slips or contracts.

Step 5: Make the initial deposit from an account held in your own name –Swissquote has no floor, whereas UBS Private Banking expects at least CHF 250,000 – and once the funds clear, your debit card, e-banking password, and IBAN become active.

How much does it cost?

Opening costs range widely; fintech providers accept CHF 0 while traditional private banks demand a minimum balance of CHF 250,000. Monthly account packages for non-residents average CHF 5 to CHF 30; Swissquote currently charges CHF 15 in custody, whereas PostFinance adds a CHF 25 compliance fee.

Standard domestic transfers cost CHF 0.30, and equity trades on the SIX exchange sit around CHF 9 per ticket. Most Swiss banks have scrapped negative interest surcharges as of mid-2025, following the SNB’s shift to a 0 % policy rate, but surcharges could return if rates fall again.

How to stay IRS compliant

Owning a bank account in Switzerland is legal, but ignoring US reporting rules can turn convenience into a liability. Imagine every balance you hold lighting up on an annual data map – that’s what FATCA and CRS create for tax agencies worldwide.

• FATCA ties your Form W-9 to the bank’s GIIN, and under the Model 1 agreement, balances over USD 50,000 are reported directly to the IRS.
• CRS works the same way for non-US persons, sending encrypted figures to more than 110 countries each September.
• Missing self-certification can trigger a 30% withholding on US-source payments and immediate account freezes.

United States citizens must also file an FBAR when their combined foreign balances exceed USD 10,000 at any point in the year. Form 8938 joins the return once those balances top USD 200,000 for single filers living abroad, and it must match the FBAR figures. Swiss withholding tax of 35% on dividends can be offset through the foreign tax credit, protecting your savings from double taxation.

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Which Swiss Bank is right for you?

Start with your purpose – are you saving, trading, or running a global business? Evaluate English-language support, app quality, and whether the fee schedule punishes small balances. Finally, confirm that the bank still welcomes non-resident Americans after the 2024 FATCA switch.

UBS

Founded in 1862 and headquartered in Zürich, UBS is Switzerland’s largest bank by assets after absorbing Credit Suisse in 2024. It offers Swiss-booked wealth mandates and a stand-alone UBS Bank USA platform for cross-border clients. Expats appreciate the integrated multi-currency card and the dedicated FATCA desk.

Credit Suisse

Credit Suisse, established in 1856 and now operating as a private-bank brand inside UBS, maintains its historic Paradeplatz offices in Zürich. Its International Wealth desks still handle legacy numbered accounts opened before 2013. Many American entrepreneurs remain loyal to the bespoke FX hedging and startup advisory teams.

PostFinance

Bern-based PostFinance has served Swiss residents since 1906 and remains majority owned by Swiss Post. The bank offers a straightforward online current account with SEPA access and accepts non-resident US citizens for a CHF 25 compliance surcharge. Low minimum balance requirements make it attractive to students and digital nomads.

Raiffeisen

Raiffeisen dates back to 1899 and is headquartered in St. Gallen, operating a cooperative model with more than 200 local banks. Its e-banking platform now supports English, and joining as a member by buying CHF 200 in shares yields a one-year fee waiver. Expats praise its community approach and competitive mortgage rates for property buyers.

Things to consider before you apply

Check that customer service is available in your preferred language and that weekend hotline support meets your schedule. Verify how the bank calculates the minimum balance that waives fees, and confirm whether your citizenship or industry appears on any restricted list.

Taxes for Expats has guided thousands of American clients through these hurdles, syncing Swiss statements with US returns for stress-free filing.

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