Bank account in Switzerland without registration? How to open?

A bank account in Switzerland without residency requirements catches the attention of many people. Known for its high-quality banking services and discretion, Switzerland offers opportunities that appear attractive not only to residents of the country.

In this article, you will learn how to open a bank account in Switzerland without having residency there. We will guide you through the process, requirements, as well as potential benefits and challenges associated with it.

Can foreigners open a bank account in Switzerland?

Foreigners living in Switzerland have the opportunity to open bank accounts. Regulations do not prohibit Swiss banks from serving foreign individuals. Each bank independently sets the criteria for accepting clients, paying attention to the types of residence permits. Postfinance is a special case. As a postal bank, it is obligated to provide an account to anyone who legally resides in Switzerland.

Opening an account at other Swiss banks can be a challenge. Not all banks are keen to accept foreigners as clients. Some may require additional documents or higher fees. For many foreigners, this could mean difficulties. Sometimes even making it impossible to open an account.

How to open a bank account in Switzerland without a residence permit?

Opening a bank account in Switzerland for non-residents can be a challenge. Most Swiss banks require potential clients to have Swiss citizenship, permanent residency, or work status in Switzerland.

There are three main ways to open a bank account online in Switzerland, and the best choice of bank account largely depends on the individual needs and preferences of the customer. These are:

Traditional Swiss banks

To benefit from this option, proof of residency in Switzerland is required. This path is only open to non-residents who invest significant funds in Switzerland or work in the country but live in a neighbouring state. It is the best choice for individuals who expect a wide range of banking services and are willing to accept the associated fees.

Swiss neobanks

Here you must at least live in one of the countries of the European Union, bordering Switzerland. This is the best option for people looking for low-cost online banking services and who can accept a slightly smaller range of services.

International multi-currency accounts

This option allows you to have a CHF balance online without the need for a bank account. This pathway is available in many countries around the world.

When choosing the best option for yourself, it is important to consider your own financial needs and preferences regarding banking services. Each of the mentioned paths offers various benefits and limitations that should be carefully considered before making a decision.

Why is it worth opening an account in Switzerland?

When deciding on living or staying in Switzerland, opening a bank account there seems like a natural and practical step. Having an account in Swiss francs makes it easier to manage finances on a daily basis, eliminating the need for constant currency exchange for purposes such as paying bills or shopping. Furthermore, for individuals working in Switzerland, having a local bank account is often required by employers.

Employees commuting to work from their countries in the European Union particularly appreciate the benefits of having an account with a Swiss bank. This allows them to avoid currency conversion fees and protect themselves from exchange rate fluctuations. Getting paid in stable Swiss francs provides them with financial stability and the assurance that their hard-earned money will not lose value overnight.

Investors and individuals with financial resources looking for a safe haven for their capital will also find attractive conditions in Switzerland. Swiss banks are known for offering solid wealth management services and investments in a stable currency. This is crucial in times of global economic uncertainty. Access to reputable financial services and the opportunity to invest in a secure environment are the main reasons why opening an account in Switzerland is worth considering.

Some may consider opening an account in Switzerland in hopes of hiding their financial assets or seeking greater anonymity. While Switzerland has a reputation for financial privacy, current regulations and international agreements limit these possibilities.

Bank account in Switzerland at a traditional bank

Traditional banks in Switzerland offer accounts for non-residents, including for cross-border workers. The process of opening an account and its costs may be unclear to individuals from outside Switzerland. To open a standard account, in many cases a personal visit to a bank in Switzerland is required.

PostFinance is an example of a bank that allows customers from abroad to open an account relatively quickly. It only requires an identity document, a permanent address, and tax information. Registration is done through the website, and then the bank contacts the customer. Account management fees range from 30 to 37 CHF per month, depending on the selected package.

Migros Bank – allows for opening an account for individuals from outside the EU without a minimum deposit. The process requires phone contact and a visit to the bank branch with necessary documents. Account management costs for EU/EFTA residents range from 5 to 10 CHF per month.

UBS – offers fast account opening for residents of countries neighboring Switzerland. It is required to schedule a meeting and provide necessary documents. The package for cross-border workers costs around 10 CHF per month, including a credit card in euros and an optional credit card in CHF.

Valiant – makes it easier to open an account for non-Swiss residents, but this comes with high fees – up to 40 CHF per month. Plus account management fees of around 4 CHF per month. Additionally, the cost of a debit card is around 50 CHF per year. Valiant may be appealing to those who value a wide range of services and are not bothered by higher fees.

Swiss Neobanks – are they worth it?

Yuh

“Yuh” is a Swiss neobank supported by Swissquote and PostFinance. It offers an account with a CHF IBAN and multi-currency functionality. It allows you to hold funds in the app in 13 different currencies, including EUR, USD, and GBP.

The bank also offers a built-in platform for trading stocks and cryptocurrencies. It is available in Switzerland and all neighbouring EU/EFTA countries. This is an excellent option for those wanting to hold funds in CHF. An account with “Yuh” is free.

Neon

“Neon” – offers a fully-fledged, free bank account in Switzerland. It is perfect for those looking to minimise fees while still receiving a local salary. It operates solely through a mobile app, with no branches or online banking.

Thanks to this, it offers an account with practically no fees, ideal for people in need of standard banking services. However, “Neon” requires proof of residence in Switzerland. The “neon free” plan is free, while “neon green” and “neon metal” cost 5 CHF and 15 CHF per month respectively.

Cashback Cards

Cashback cards issued by Swisscard allow you to earn cash back on purchases at most major retailers in Switzerland. Unlike many other countries, cashback in Switzerland is usually very low. Typically, it’s a 1% return on qualifying purchases, which is a very good offer.

Cards are free to use in Switzerland, but can be costly when travelling abroad. They offer up to 1% cashback on the total amount, available as VISA, Mastercard, and American Express. They also provide purchase protection insurance up to 1000 CHF.

International accounts – multi-currency

Revolut

Revolut, a well-known European fintech company, offers the opportunity to have an account in Swiss francs. This allows for making payments in Switzerland without any additional fees.

Although Revolut does not have banking status in all EU countries, it works perfectly as a tool for spending alongside your main bank account.

You can open a Revolut account without internet from anywhere in the world! The whole process takes just a few minutes!

>> OPEN A REVOLUT ACCOUNT <<

Wise

This platform is known for its low fees for international transfers. Wise also offers Wise Account, a low-cost account for spending in foreign currencies. This provides access to EU banking details, enabling direct transfers from Switzerland.

You can convert CHF to euros or other currencies at the average market rate and use a debit card accepted in many countries. Wise Account is a free account with no monthly fees, only charging around 0.35% for currency transactions.

Another great online alternative available for citizens of most countries worldwide. Check it out and open a Wise account in over 54 currencies in just 5 minutes!

>> OPEN A WISE ONLINE ACCOUNT <<

What documents are needed to open a bank account in Switzerland?

When opening a bank account in Switzerland, banks will require a number of documents from you. Despite the importance of customer privacy, banks must ensure that accounts opened will not be used for illegal purposes. The documents you provide must be authenticated.

You can do this by visiting a branch of the bank in person or by providing notarised copies of the documents. While Swiss banks typically do not have branches outside of Switzerland, some of them collaborate with other banking institutions. This means that it is possible to authenticate documents at a so-called correspondent bank if it is located in your area.

Required documents may vary depending on the bank, but they will always be needed:

Proof of identity – a current passport.
Proof of residency status – visa, residence permit or work permit, if required.
Proof of address – recent utility bills or official correspondence.

If you are not yet a resident of Switzerland, the bank may ask you for proof of income, a significant deposit into your account, or a letter from your employer confirming your financial stability. Banks will verify the source of funds deposited as a deposit. Citizens of certain countries may need to sign a declaration stating that they will inform local tax authorities of their offshore banking activity.

Summary

Opening a bank account in Switzerland, even without a residence permit, opens the door for foreigners to the world of prestigious financial services. Switzerland, known for its discretion and stability, remains an attractive place for investors and individuals seeking not only the security of their funds, but also favourable banking solutions. Although this process may seem complex due to documentary requirements and formalities, it offers in return access to a wide range of world-class financial services.

However, it is important to remember the need to carefully study the regulations and possible fees to avoid misunderstandings and choose the most advantageous option. Ultimately, the decision to open an account in Switzerland should be based on a thorough analysis of individual needs and expectations, as well as an understanding of the local banking system.

FAQ – frequently asked questions about a bank account in Switzerland