What you actually need to do to open a Swiss bank account

Opening a Swiss bank account requires you to be physically present in Switzerland or to work through a bank that accepts remote clients, because Swiss banks must verify your identity in person or through a video call with certified documentation. You will need a valid passport or national ID, proof of your current address (usually a utility bill or rental agreement dated within the last three months), and documentation showing the source of the money you plan to deposit. Most Swiss banks also require a minimum deposit that ranges from 250,000 Swiss francs (CHF) to over 1 million CHF, depending on the bank and account type.

The process takes between four and eight weeks from the time you submit all documents. Swiss banks are required by law to conduct due diligence on every new account holder under anti-money-laundering regulations, which is why the timeline is long and the documentation requirements are strict. You cannot open an account by mail alone, and you cannot use a power of attorney to open an account on your behalf — the account holder must be involved directly.

Key Takeaways

  • Swiss banks require in-person verification or a certified video call, a valid passport or ID, proof of address, and documentation of where your money comes from.
  • Most Swiss banks have minimum deposits between 250,000 and 1 million Swiss francs, which excludes most individual savers.
  • The account opening process takes four to eight weeks because Swiss banks must complete anti-money-laundering checks on every new client.
  • You must be the one to verify your identity — a lawyer, accountant, or family member cannot open the account for you.

Which Swiss banks accept new individual clients

Not all Swiss banks accept new individual account holders, and those that do often limit it to clients with substantial assets. The largest Swiss banks — UBS, Credit Suisse, and Julius Baer — all have private banking divisions that accept new clients, but they typically require a minimum of 500,000 to 1 million CHF. Smaller regional banks like Raiffeisen, Migros Bank, and PostFinance have lower minimums, sometimes as low as 10,000 to 50,000 CHF, but they may not offer the same range of investment services.

If you are a Swiss resident or a citizen of an EU country, some banks will open accounts with lower minimums. Non-residents and non-EU citizens face higher barriers and higher minimums. You should contact the bank directly to ask whether they are currently accepting new clients in your residency category — this changes based on regulatory changes and the bank's internal policies.

Documents you will need to provide

Swiss banks require a standard set of documents before they will open an account. You need a valid passport or national ID card, a recent proof of address (utility bill, rental agreement, or mortgage statement), and a signed declaration stating the source of your funds. If you are self-employed or own a business, you will also need to provide business registration documents or recent tax returns showing your income.

You must also complete a client questionnaire that asks about your occupation, your investment experience, your financial situation, and your reasons for opening the account. This is part of the anti-money-laundering process and is mandatory. If you have any politically exposed person (PEP) status — meaning you hold or have held a public office — you must disclose this, as it triggers additional scrutiny.

Some banks will ask for a reference from your current bank or from a professional advisor. If you are moving money from another country, the Swiss bank may ask for documentation showing that the money has already been taxed in its country of origin.

The verification process and timeline

Once you submit your documents, the bank's compliance team reviews them for completeness and accuracy. This stage typically takes one to two weeks. If anything is missing or unclear, the bank will ask you to provide additional information or clarification. You cannot move forward until all documents are approved.

After documents are approved, the bank schedules a verification call or in-person meeting. During this meeting, a bank representative will ask you questions about your identity, your source of funds, and your banking intentions. They may ask you to confirm details from your documents or to explain discrepancies. This call is recorded for regulatory purposes. The meeting itself takes 30 to 60 minutes.

After verification is complete, the bank's back-office team processes the account opening, which takes another two to three weeks. During this time, the bank is conducting final anti-money-laundering checks and setting up your account in their systems. You will receive notification once the account is active, along with your account number and instructions for making your first deposit.

Minimum deposits and account types

Swiss banks offer different account types with different minimum deposit requirements. A basic savings account or checking account may have a minimum of 10,000 to 50,000 CHF at smaller banks. A private banking account, which includes investment management and advisory services, typically requires 500,000 CHF or more. Wealth management accounts, which are designed for clients with over 1 million CHF in assets, have even higher minimums and offer more personalized service.

The minimum deposit is the amount you must have in the account at all times. If your balance falls below the minimum, the bank may charge you a fee, restrict your account, or close it. Some banks allow you to meet the minimum with a combination of cash and investments, while others require the minimum to be in cash or liquid assets.

Tax reporting and ongoing requirements

Opening a Swiss bank account does not reduce your tax obligations in your home country. If you are a U.S. citizen or a resident of most other countries, you must report the account to your tax authority and may be required to file additional forms. U.S. citizens must file a Foreign Bank Account Report (FBAR) if they have more than 10,000 USD in foreign accounts combined, and they must report the account on their tax return.

Swiss banks are required to share account information with tax authorities in your country of residence under international agreements like the Common Reporting Standard (CRS). This means the Swiss bank will automatically report your account balance and any interest or investment income to your home country's tax authority. You cannot use a Swiss bank account to hide money from taxes.

Once your account is open, you must keep your information current. If you move, change your occupation, or change your citizenship status, you must notify the bank. Swiss banks conduct ongoing due diligence on all accounts, and they may ask you to provide updated documentation every few years.

Alternatives if you cannot meet the minimum deposit

If the minimum deposit is too high for your situation, you have other options. Some Swiss online banks like Neon or Revolut offer accounts with no minimum deposit, but these are primarily for payments and transfers rather than wealth management or investment services. These accounts are easier to open and faster to set up, but they do not offer the same range of services as a traditional Swiss bank account.

You could also open an account with a Swiss bank's international division, which may have different requirements than their domestic division. Some international banks with Swiss operations accept clients remotely and have lower minimums. However, these accounts may have restrictions on which services are available to non-residents.

Frequently Asked Questions

Can I open a Swiss bank account if I do not live in Switzerland?

Yes, but it is more difficult. Most Swiss banks will open accounts for non-residents, but they require higher minimum deposits and more extensive documentation. You will need to verify your identity through a video call with certified documentation rather than in person. Some banks have restrictions on which countries they will accept clients from.

How much does it cost to open and maintain a Swiss bank account?

There is no fee to open the account itself, but Swiss banks charge annual maintenance fees that range from 500 to 5,000 CHF or more, depending on the bank and the account type. These fees are deducted from your account balance. Some banks waive fees if you maintain a high balance or use their investment services.

What happens if my account balance falls below the minimum deposit?

The bank will typically charge you a fee and may restrict your ability to make withdrawals or trades. If your balance stays below the minimum for an extended period, the bank may close your account. You should contact the bank when ready if your balance is approaching the minimum.

Do I need to speak Swiss German or French to open an account?

No. Most Swiss banks have English-speaking staff and can conduct the entire process in English. However, some smaller regional banks may require you to speak one of Switzerland's official languages. You should ask the bank about language options when you first contact them.

Can I open a Swiss bank account for my child?

Yes, but a parent or legal guardian must be the account holder or co-holder. The child cannot be the sole account holder until they reach the age of majority, which is 18 in Switzerland. The bank will require documentation of the guardianship relationship.