Opening a Swiss Bank Account: Step-by-Step Guide

Opening a Swiss bank account may seem complicated. You might think it is just for the mega-rich. This thought process comes from the strict regulations, detailed documentation, and international compliance rules surrounding Swiss bank accounts.

But Swiss banking still attracts attention. In fact, Indian money in Swiss banks reportedly tripled in 2024, reaching nearly ₹37,600 crore.

In truth, if you know the dos and don'ts of how to open a Swiss Bank account, you can do it easily. This guide breaks down the process, documents needed, and each step in a simple way.

What Is a Swiss Bank Account?

A Swiss bank account is an account held with a financial institution in Switzerland. It allows you to deposit and maintain money offshore in a country where it is a criminal offence for bank employees to disclose client information, supported by the Swiss Banking Act of 1934.

Types of Swiss Bank Accounts

The main types of Swiss bank accounts are:

1. Personal account: A basic bank account that allows you to manage your personal finances, for example, your salary and monthly expenses. It is just like a regular account with additional perks like high privacy.

2. Saving account: A storage account where your money can sit and earn interest undisturbed. However, Swiss banks may need you to maintain higher minimum deposits.

3. Current account: It is a transactional account for individuals to help better manage their finances in their daily lives. People use these accounts for salary deposits, bill payments, or to manage cash flow.

4. Corporate account: It is a current account especially for businesses. It helps keep personal funds and company finances legally separate. Its function is similar to that of a normal current account, handling income, expenses, transfers, direct debits, and standing orders.

5. Numbered account: A Swiss numbered account uses a specific number or code on your banking statement instead of your name. However, the bank must share account information with foreign tax authorities under AEOI (Automatic Exchange of Information).

6. Dormant account: According to Swiss law, a bank account is dormant if there is no customer contact for 10 years. Dormant assets are then published after 50 years of inactivity, and if no rightful claimant comes forward, they may be liquidated.

Eligibility Requirements

The eligibility requirements for opening a Swiss bank account are not very complicated.

Non-residents must:

• Be at least 18 years old

• Confirm that the Swiss bank they want to open an account in actually accepts foreign national clients.

Note:

• Your application may be rejected if the bank thinks you are a political threat or if you do not have a clean criminal record. And that is pretty much it.
• Most banks impose minimum deposit requirements ranging from CHF 10,000 to 1,00,000 and apply strict compliance checks under FINMA regulations.
• Swiss banks have a list of countries from which they may not accept holders as per the embargo act.

Documents Required

Here’s a list of documents that you will have to present:

• A valid passport or government ID with certified copies. You may also need a second form of ID.
• An electricity bill or a rental agreement as proof of address.
• Salary slips, bank statements, or tax returns, to confirm your profession and financial status.
• Documents that serve as proof of the legal source of funds.

Note: You may have to provide documents regarding your nationality.

Step-by-Step Process to Open a Swiss Bank Account

The details of how to create a Swiss bank account you need to follow will depend on the bank you choose.

Step 1: Choose the Bank

Compare different Swiss banks based on what services they provide, minimum deposit requirements, and the costs of opening an account. Before making your choice, confirm if the bank accepts foreign national clients.

Step 2: Contact the Bank (Online or In-Person)

Select the kind of account you want to open and then reach out to the bank. Make a request to open an account. Ask the bank for its eligibility criteria and what documents you will need to present. You can do this online, on call or by visiting the bank (if you are in Switzerland).

Step 3: Submit KYC Documents and Application

Fill out the application as per the bank’s procedures and submit all the required documents. Make sure to double-check everything before submitting.

Step 4: Verification and Due Diligence

The bank may initiate several correspondence rounds and may execute background checks. The process may be simpler in person, but if you choose to do so remotely, you might find the process long and daunting.

Step 5: Deposit Initial Funds and Activate Account

Once your application has been accepted, you will need to activate it. You can do so by transferring the minimum deposit value. The exact minimum deposit value varies depending on:

• The bank
• The kind of account you want to open
• Your nationality

Do your research and confirm everything with the Swiss bank you want to open the account with before starting the process. This will give you clarity about what you are getting into.

Benefits of a Swiss Bank Account

Here is some context on why everyone wants to have a Swiss bank account:

1. Privacy: Swiss banks are well known for their discretion. They have a long history of protecting their clients’ personal and financial data.

2. Security: Switzerland holds a AAA sovereign credit rating from multiple agencies and is considered politically stable. Its banking system is thought of as safe.

3. Asset protection: Swiss law makes it hard for any third party to access bank accounts without Swiss court approval.

Swiss bank accounts usually offer a range of investment and wealth management services. They are also known for excellent personalised services.

However, Swiss banks have had to increase transparency. They can no longer offer complete anonymity because of international agreements like the Automatic Exchange of Information (AEOI).

Costs and Fees

The costs and fees associated with opening a Swiss bank account depend completely on the bank and the type of services you want. However, on average, the costs range from $1,000 to $5,000.

You can get more clarity on the costs by getting in touch with the Swiss bank you want to open an account with.

Conclusion

Wanting to open a Swiss bank account is not as impossible as you might have thought. For the most part, it is just like opening any other bank account.

If you have the right information, all the required documents, and the patience to go through the stringent checks and due diligence, you can open your own Swiss bank account.

Just be sure to do your research before you begin and make sure that opening a Swiss bank account is in your best interests.

Sources:

Offshore Protection
Investopedia
Swiss Company Formation