Opening a Bank Account in Switzerland
Features of Opening a Bank Account in Switzerland
Both Swiss residents and foreign nationals can open a bank account in Switzerland. However, banks conduct varying levels of verification before opening an account for individuals, especially for non-residents.
If you’re planning to open a personal bank account in Switzerland, be prepared to answer various questions about the origins of your funds, particularly if you’re not a Swiss resident. Before a non-resident can open a Swiss bank account, the bank’s compliance department will verify all the information you’ve provided to ensure it complies with local banking regulations.
At BMA Business Solutions, we’re ready to assist you with this process. We’ll guide you on how a UK citizen can open a Swiss bank account and explain other important details.
Types of Bank Accounts in Switzerland
Before you open a Swiss bank account, it’s important to determine the purpose of the account—whether it’s for personal use, like storing savings, or for business activities.
If you need an account for personal reasons, consider opening a personal account in Switzerland. This type of account allows you to manage your personal funds.
On the other hand, if you require a bank account for business activities, you’ll need a corporate account. You can open a corporate account in Switzerland in your company’s name, which can be used for various business operations.
In any case, before deciding whether to open a corporate account in Switzerland, BMA Business Solutions recommends consulting with our legal experts.
Additionally, be prepared that as a UK citizen, you’ll likely need to make a personal visit to Switzerland to meet with bank representatives to open an account. Therefore, it’s important to plan all the details of this process, including scheduling the meeting, well in advance.
Documents Required for Opening a Swiss Bank Account
Depending on the specific bank, the required documents to open a Swiss bank account as a UK citizen may vary. Generally, the basic documents needed to open a personal account in Switzerland include:
- International passport
- Proof of residential address (such as a utility bill or a certificate from a government institution confirming your address)
- Proof of the legal source of funds
- Account opening application
The bank doesn’t perform an exhaustive verification of the information in the documents but does confirm their authenticity.
Before opening a company account in Switzerland, the bank may require the following information:
- Identification documents of the account’s beneficiary
- Copies of the company’s founding documents
- Documents confirming the company’s officially registered legal address
- Copies of any required permits or licenses for the company’s activities, if applicable
- Power of attorney, if a representative is acting on behalf of the company when opening the account
If you need to open a Swiss bank account for yourself or your company, BMA Business Solutions recommends entrusting the collection and preparation of the required documentation to our specialists.
List of Banks in Switzerland Where You Can Open an Account
Before you open a Swiss bank account, it’s crucial to select a bank that has flexible account opening requirements. Some banks you might consider include:
- Axion Swiss Bank
- Cim Bank
- Bank Heritage
- Bordier & Cie
- Vontobel
- UBP
- Pictet
When opening an account, BMA Business Solutions recommends paying close attention to the complexity and duration of the beneficiary verification process that banks conduct before opening an account for non-residents. This is because Swiss banks now act as regulatory bodies, verifying the legal origin of funds for every potential client, and they perform especially thorough KYC (Know Your Customer) checks. Therefore, you should be prepared both mentally and with documentation to explain the legality of the origin of every penny.
Moreover, don’t be surprised if you’re required to pay for opening a deposit account. In Switzerland, it’s possible that instead of earning interest from the bank for your deposited funds, you might actually have to pay the bank for holding your money.
Open an Account in Switzerland Easily and Quickly with BMA Business Solutions
The specialists at BMA Business Solutions have extensive experience in opening bank accounts for individuals and companies in various jurisdictions, including Switzerland. We help clients open Swiss bank accounts even from the UK.
Our experts will explain and help you understand how a UK citizen can open a Swiss bank account, outline the account opening procedure, advise you on the most optimal steps, and inform you about the costs and estimated timelines for this service.