What Swiss banks require from you before they will open an account
Swiss banks will not open an account for you by mail or online if you live outside Switzerland. You must visit a branch in person, bring your passport, and prove your identity to a banker face-to-face. Some banks require you to have a minimum deposit ready — often 250,000 Swiss francs or more — before they will even meet with you.
The bank will ask for proof of your address (a utility bill or lease in your home country), your source of funds (tax returns, employment letter, or business documents), and sometimes a reference from another bank where you hold an account. They will also ask why you want a Swiss account. Banks are required by law to know who their customers are and where their money comes from, so they ask detailed questions about your income, assets, and financial plans.
If you are a citizen of the United States, the process is more complicated. U.S. banks and Swiss banks must report your account to the Internal Revenue Service under a law called FATCA (Foreign Account Tax Compliance Act). Many Swiss banks have stopped accepting U.S. clients altogether because the reporting burden is high. If you are a U.S. citizen or green card holder, call ahead and ask whether the bank accepts American clients before you book a trip.
Key Takeaways
- You must visit a Swiss bank branch in person with your passport and proof of your home address; remote account opening is not available for non-residents.
- Most Swiss banks require a minimum deposit of 250,000 Swiss francs or more before they will open an account, though some smaller banks have lower thresholds.
- The bank will ask for documentation of your income and the source of your funds, such as tax returns or an employment letter, as part of their legal obligation to verify customer identity.
- U.S. citizens and green card holders face additional reporting requirements and many Swiss banks refuse to accept them; confirm the bank accepts American clients before traveling.
- The account opening process typically takes two to four weeks after your in-person visit, once the bank completes its background checks.
Which Swiss banks accept non-residents and what their minimums are
The largest Swiss banks — UBS, Credit Suisse, and Julius Baer — all accept non-resident clients, but they have high minimum deposits. UBS typically requires 1 million Swiss francs or more for wealth management accounts. Credit Suisse has similar thresholds. Julius Baer, which focuses on private clients, usually requires 500,000 Swiss francs as a starting point.
Smaller regional banks and cantonal banks (banks owned by individual Swiss cantons, or states) sometimes accept non-residents with lower minimums — often 100,000 to 250,000 Swiss francs. Examples include Raiffeisen Bank, Zürcher Kantonalbank, and Basler Kantonalbank. These banks are less well-known internationally but are fully regulated and insured by the Swiss deposit insurance system.
Online banks and fintech companies based in Switzerland, such as Neon or Revolut's Swiss entity, have lower or no minimums and allow account opening from abroad, but they offer basic checking and debit card services only — not investment accounts or wealth management. If you want to hold investments or manage significant assets, you will need a traditional bank.
Documents you need to bring to your appointment
Bring your original passport and a photocopy. Bring proof of your current address — a recent utility bill, lease agreement, or government-issued ID with your address on it. If your passport does not show your current address, the address proof is essential.
Bring documentation of your income and assets. This usually means the last two years of personal tax returns from your home country, or if you are self-employed, business tax returns and financial statements. If your income comes from employment, bring a recent letter from your employer on company letterhead stating your job title, salary, and how long you have worked there.
Bring a bank reference if you have one. If you hold an account at a bank in your home country, ask that bank to write a brief letter confirming you have been a customer for a certain period and that your account is in good standing. This is not always required, but it speeds up the process.
If you are opening the account for a business or trust, bring the business registration documents, articles of incorporation, or trust deed. The bank will need to verify that you have authority to open the account on behalf of the entity.
How long the process takes and what happens after you visit
The in-person appointment itself usually lasts 30 minutes to an hour. The banker will review your documents, ask questions about your financial situation and the purpose of the account, and may ask you to sign preliminary agreements.
After you leave, the bank conducts background checks, which typically take two to four weeks. During this time, the bank verifies your identity with your home country's authorities, checks you against international sanctions lists, and confirms the source of your funds. If the bank needs more information, it will contact you by email or phone.
Once the bank approves your account, it will send you login credentials for online banking, your account number, and instructions for making your first deposit. You can usually transfer money to your new Swiss account by wire transfer from your home bank. Wire transfers from outside Switzerland typically take three to five business days to arrive.
Some banks require you to make your minimum deposit before the account is officially active. Others allow you to open the account and deposit funds afterward. Confirm this with your banker during your visit.
Why Swiss banks have become harder to access
Twenty years ago, opening a Swiss bank account was a common way for wealthy people worldwide to hold assets privately. That has changed. Swiss banking secrecy laws have been dismantled through international agreements, and banks now must report account holders to their home countries' tax authorities.
The United States led this shift with FATCA in 2010, which requires foreign banks to report U.S. account holders to the IRS or face penalties. The European Union, Canada, and other countries followed with similar rules. Switzerland itself now exchanges financial information with over 100 countries under a system called the Common Reporting Standard.
As a result, Swiss banks have raised their minimum deposits, reduced the number of non-resident clients they accept, and increased their compliance costs. Many have exited the business of serving individual non-residents altogether. The Swiss banking industry has shifted toward managing money for ultra-high-net-worth individuals and institutional clients rather than middle-class savers.
Alternatives if you cannot meet the minimum or are a U.S. citizen
If the minimum deposit is too high, consider opening an account at a bank in another country with lower thresholds. Many European banks accept non-residents with minimums of 10,000 to 50,000 euros. Luxembourg, Austria, and the Netherlands have banking sectors that serve international clients with lower entry points than Switzerland.
If you are a U.S. citizen and Swiss banks will not accept you, explore banks in countries that have strong relationships with the United States and accept American clients. Some options include banks in Canada, the United Kingdom, and Singapore, though all will report your account to the IRS under FATCA.
If you want to hold Swiss investments or assets, you may be able to do so through a brokerage account or investment fund based outside Switzerland, rather than opening a bank account in Switzerland itself. A financial advisor in your home country can help you explore this route.
What to expect from Swiss banking fees and services
Swiss banks charge annual account maintenance fees, typically ranging from 500 to 2,000 Swiss francs per year for non-resident clients, depending on the bank and the size of your account. Larger accounts may have lower fees or no fees at all. Wire transfer fees are usually 50 to 150 Swiss francs per transfer.
Swiss banks offer online banking, debit cards, and wire transfer services as standard. Most also offer investment services, including stocks, bonds, mutual funds, and managed portfolios. If you want to trade actively, ask about trading commissions — these vary widely and can be significant.
Interest rates on Swiss francs deposits are currently very low or zero, because the Swiss National Bank has kept interest rates near zero for years. If you are holding money in a Swiss account, you are paying for security and banking services, not earning interest on your balance.
Frequently Asked Questions
Can I open a Swiss bank account online without visiting in person?
No. Swiss banks require non-residents to visit a branch in person and present identification to a banker face-to-face. Some online banks based in Switzerland allow remote account opening, but they offer only basic checking and debit card services, not investment or wealth management accounts.
What if I am a U.S. citizen living abroad?
Many Swiss banks no longer accept U.S. citizens because of FATCA reporting requirements. Before you travel, call the bank and ask directly whether it accepts American clients. If it does, be prepared to provide additional tax documentation and expect higher fees.
How much money do I need to open an account?
Minimums vary. Large banks like UBS require 1 million Swiss francs or more. Regional and cantonal banks often accept 100,000 to 250,000 Swiss francs. Online banks may have no minimum but offer limited services. Call ahead to confirm the minimum for the bank you are interested in.
Will the Swiss bank report my account to my home country?
Yes. Swiss banks must report non-resident account holders to their home countries' tax authorities under international agreements. If you are a U.S. citizen, your account will be reported to the IRS. If you are a citizen of an EU country, it will be reported to your country's tax authority.
How long does it take to receive my account number and start using the account?
After your in-person visit, the bank typically takes two to four weeks to complete background checks and approve your account. Once approved, you will receive login credentials and your account number by mail or email, and you can begin making deposits by wire transfer.