Opening a Swiss Bank Account

Introduction

Opening a bank account is one of the first important steps to feeling settled in Switzerland. To open a standard account, you must be officially registered in Switzerland. Most banks will ask for your local registration confirmation or residence permit. Please note that accounts cannot be opened remotely before your arrival—you’ll need to visit the bank in person.

In most cases, you can open your account directly at the bank counter, and it usually takes less than 30 minutes. Once opened, your account number can be used immediately, and your debit card will typically arrive within a few days. Credit cards may take a little longer, depending on your personal situation.

If you are a US citizen or Green Card holder, please be aware that special regulations apply. Only certain banks and designated advisors are authorized to open these accounts. At Swiss Together, we can guide you to the right contact and help organize this process for you.

For non-residents, opening a Swiss bank account is possible only under specific circumstances, usually linked to private banking. These accounts generally require a substantial initial deposit.

Types of Accounts and Fees

The most common account is the private account, used for salary payments and everyday transactions. All major banks provide online and mobile banking platforms in German, French, Italian, and English, making account management easy and convenient.

Switzerland uses the IBAN (International Bank Account Number) system, which allows for seamless international transactions.

You can also open savings accounts for longer-term deposits, often offering slightly higher interest rates. Accounts in other currencies such as USD or EUR are also possible; however, withdrawals from foreign currency accounts may be subject to a small fee (around 1%).

Most banks also offer investment or trading accounts for those interested in managing stocks or bonds directly online.

Fee structures vary across institutions, but generally, maintaining a minimum balance (often between CHF 10,000 and CHF 50,000) helps reduce or eliminate account fees. Withdrawals from your own bank’s ATMs are free, while transactions at other banks or abroad typically incur charges.

Paying Bills

In Switzerland, almost all payments are made via e-banking—cheques are no longer used.
Invoices usually include a QR code that you can easily scan through your banking app, automatically filling in all necessary payment details. Alternatively, you can enter the IBAN number, name, and address of the payee manually.
Most bills have a 30-day payment term, although many residents choose to pay them earlier for convenience.