Opening a bank account in Switzerland in 2024: the complete guide

Whether you are a new cross-border worker, non-resident, or new resident, opening a bank account in Switzerland is a complex and sometimes stressful step with many questions and uncertainties. However, opening a bank account is essential to starting your new life.

In this article, we will guide you step by step to provide you with all the necessary information on the available banking solutions in Switzerland and the different steps to follow for opening an account so that you can make the right choice according to your profile.

Why open a bank account in Switzerland?

You know it, we know it: Switzerland is famous for the security and confidentiality of its banks, as well as for the strength of its currency, the Swiss franc, and for its economy.

Now, whether you are a new cross-border worker, non-resident, or resident, obtaining a Swiss IBAN is your top priority, most often for the following reasons:

• Receive your salary
• Make purchases
• Pay your rent and bills
• Make investments in Swiss francs
• Save a portion of your money

For cross-border workers, a Swiss bank account primarily allows you to receive a salary in Swiss francs and then repatriate and convert it into your home currency.

For non-residents, it is often about making investments or placing a portion of their savings in a safe-haven currency like the Swiss franc.

For residents, it is about managing their finances daily and enjoying high-quality Swiss banking services.

So, how to open a Swiss bank account and how to choose the right one?

Opening a Swiss bank account for non-residents

As a cross-border worker, the top priority is to obtain a Swiss IBAN quickly to provide it to your employer and receive your salary. Several solutions are available to you for this purpose.

1 - Obtain a Swiss IBAN without opening a bank account

This is the cheapest and most efficient solution for cross-border workers who do not plan to make any expenses in Switzerland and only need to repatriate their salary at the best exchange rate.

How to do it? By using ibani!

With the ibani app, you create your account for free in 2 minutes on your phone and obtain a dedicated Swiss IBAN without needing to open a bank account. You can then give this Swiss IBAN to your employer to receive your salary converted into your home currency, in your French account.

This may seem counterintuitive, but this solution saves you bank fees and the need to declare a new bank account to the tax authorities.

Advantages:

• Dedicated Swiss IBAN
• No bank account fees
• Automatic salary conversion
• No need to declare an additional bank account to the tax authorities
• Automatic payment of your Swiss bills

2 - Open an account with a neo-bank

Another solution is to open an account with a neo-bank like Revolut or Wise, which offer innovative services but do not provide a unique Swiss IBAN. Although they are not suitable for receiving a Swiss salary, they can be an alternative to traditional banks when used as the main bank account in your home country.

Indeed, contrary to what one might believe, these companies are not banks but payment institutions. The main disadvantage is that they do not offer unique IBANs or banking coordinates to their clients, as a standard Swiss bank would. Without unique coordinates, it is therefore not possible to arrange with your employer to receive your salary directly into your Revolut or Wise account.

Even though these companies are not banks, it is still mandatory to declare the accounts you have with them. Beware of oversights and the unpleasant surprises that come with them (e.g., sudden account closures)!

3 - Open an account with a Swiss bank

For those who want to keep part of their savings in Swiss francs for their expenses, a bank account will be necessary, and choosing a Swiss bank may be the right solution for your needs.

In Switzerland, there are several types of banks:

• Traditional banks (e.g., UBS)
• Cantonal banks (e.g., BCGE, ZKB, BCJ, BCN, ...)
• Private banks
• Online banks (e.g., Yuh)
• Cooperative banks

However, not all Swiss banks accept non-residents, such as Neon. It is therefore very important to compare them to choose the one that best suits you.

4 - Open a CHF account from a neighbouring country

Some German, French or Italian banks offer solutions for cross-border workers, including a Swiss account and a local account, allowing you to manage your currencies between the two countries. These all-in-one offers can be interesting, but the offers are quite unclear and often need to be obtained on request. Be sure to pay attention to the exchange rates, which can be high and lack transparency, as they are directly integrated into the flows between the two accounts.

Once you have found your banking solution, it is now necessary to use the cheapest and most efficient solution for currency exchange and repatriate your Swiss francs.

Changing CHF to your home currency with ibani when you are a cross-border worker

Changing CHF to your home currency is a step where many hidden fees can be charged, and by paying a little attention, you can easily save significant amounts of money every month, ranging from a few tens to a few hundred euros depending on the amount. This is the case with banks and neo-banks, which charge significant fees for currency exchange.

With ibani, there are no hidden fees, only a minimal margin. You have two options to use it conveniently:

1. Salary domiciliation: Give your IBAN CH provided by ibani to your employer to receive your salary directly converted into your account in France. This is the best solution when you have no expenses in Switzerland and only want to repatriate your salary.
2. Account-to-account exchange: If you have opted for a Swiss bank, it is very important not to entrust the exchange of your salary to your bank to avoid losing tens or even hundreds of euros, dollars or british pounds per month due to hidden fees and special rates imposed by your bank.
   In this case, you need to go to the e-banking of your Swiss bank and make a transfer in Swiss francs to the ibani IBAN. The ibani app then sends the converted amount in euros, dollars or british pounds to your home country account at the real market rate.

Opening a Swiss bank account for residents

You are a new resident and your top priority is to open a bank account to settle comfortably in Switzerland. Here's everything you need.

Prepare the necessary documents

To open a bank account in Switzerland, you need the following documents:

• An identity document (passport or ID card)
• A proof of residence (recent bill, rental contract, etc.)
• A Swiss employment contract or proof of income
• Sometimes, a recommendation letter from your current bank

Choose the bank that best meets your needs

Use our comparison table to choose the bank that offers the best conditions for you. Consider the monthly fees, included services, and transaction costs.

Make an appointment

Most Swiss banks allow you to make an appointment online or by phone. Prepare your documents and make sure you understand the terms and conditions of the account before signing.

Open your account

At your appointment, present your documents and discuss the different account options with the bank advisor. Once your account is opened, you will receive your bank details, including your Swiss IBAN.

Advantages and disadvantages of Swiss bank accounts

Advantages

• Financial security and stability: Swiss banks are known for their security and stability.
• Access to high-quality banking services: Swiss banks offer sophisticated and personalized banking services.

Disadvantages

• High fees: Banking fees in Switzerland can be higher compared to other countries, including currency exchange margins.
• Tax declaration: Swiss bank accounts must be declared to the tax authorities of your country of residence.

Conclusion

Opening a Swiss bank account is an important decision that requires careful consideration. As a cross-border worker or resident, it is essential to compare offers and choose the most advantageous solution to achieve significant savings over time. Whether you choose a traditional, online, or neo-bank, it is important to make the right choice to avoid changing accounts regularly.

For currency exchange, using services like ibani in addition to a banking offer allows you not only to simplify the conversion of your currencies but also to achieve significant savings by avoiding hidden fees imposed by banks and neo-banks.

You now have all the keys to choose the solution that best meets your needs. The current trend is to free money flows from the historical control of banks in favor of users, so... why not take advantage of it?