What is the best Swiss bank for non-resident?
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Many people want to open a Swiss bank account while being non-residents. The problem is that most Swiss banks will not accept non-residents. Or they will add extra fees that make the account too expensive.
So, what is a good Swiss bank for non-residents? In this article, we will see a few options for non-residents.
Why a Swiss bank as a non-resident?
I receive at least one email a week from people wanting to open a bank account in Switzerland while living abroad. These people are searching for a good and cheap Swiss bank account.
But why? As a Swiss resident, I would rather not have an account abroad, so why do non-residents want a Swiss bank account?
There are multiple reasons, but they all boil down to the stability of the country and of our currency, the Swiss franc.
Many people do not trust the banking services of their country. So, they want to protect their hard-earned money.
Sometimes, people do not trust their currency. In cases of high inflation or corruption, the currency can make some wild swings. And this can eliminate the savings of some people.
And in some cases, people are also afraid of the local geopolitical situation. This is the case of many people in countries neighboring Ukraine, for instance.
In all these cases, these non-residents feel like their savings would be safer in Switzerland. The problem is that most Swiss banks will not deal with non-residents because it implies more regulations.
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Yuh is worth mentioning because they will open accounts for residents of a few countries:
- Austria
- France
- Germany
- Italy
- Liechtenstein
Most digital banks will not take any non-resident customers, so it is good that Yuh is a bit more open. However, we should note that they will not accept any US citizens.
The bank account itself will be free of charge. There is no non-resident fee. And you will be able to get some interest as well if you put money into a so-called savings project.
Since they are a digital account, you can open an account entirely online. It means you do not have to go to Switzerland to open a bank account.
Moreover, you could also use this account to invest.
Zürcher Kantonalbank
The Zürcher Kantonalbank (ZKB) is also a suitable option for many non-residents. While it is a cantonal bank, it is the largest of the cantonal banks. In Zurich, the bank is used to dealing with people of many languages and expats. As such, they have the necessary experience to deal with non-residents.
ZKB is a great option for Swiss citizens leaving abroad. They are part of SwissCommunity, the organization of the Swiss abroad (OSA).
The ZKB will charge 360 CHF per year (90 CHF per quarter) for non-residents. ZKB has good banking packages, with well-regarded applications.
Their website and their apps are available in English. And it is generally not too difficult to find some English speaker when dealing with ZKB.
If you want further details, you can read our review of the Zürcher Kantonalbank.
UBS
Even though it is not the cheapest option, UBS is often the best Swiss bank for foreigners. This bank is huge and has offices in many countries. They are used to dealing with foreigners so that it is not an issue with them, and they have experience of doing that, in contrast to most other banks.
You should be able to open an account entirely online. The process may take time because you will have to provide multiple documents, and you will have to talk to multiple people. But in theory, you should not have to meet UBS representatives in person.
UBS will charge an extra 360 CHF per year for non-residents, on top of the other banking fees.
While expensive, the fact that they are huge and used to deal with non-residents makes UBS a good choice for non-residents.
If you are a US citizen, UBS will likely be your best choice.
Both the website and the apps are available in English, which is a great advantage for many non-residents. And you are very likely to find somebody who speaks English at UBS.
If you want further details, you can read our review of UBS Bank.
PostFinance
PostFinance is the bank of the Swiss, mostly owned by the Swiss government. It is a considerable bank, with many offices. And they do accept non-residents.
The bank will charge an extra 25 CHF per account per month for non-residents. That fee is on top of the standard fees of the PostFinance account.
PostFinance has a mandate to accept US citizens. This is good because it means that support for US citizens will last for a while.
The apps and the website are available in English, which is a plus for non-residents. And you should be able to find someone speaking English relatively easily.
Overall, you should be able to get everything you need from PostFinance as a non-resident. Their service is not always top-notch, but it is decent.
If you want additional information, you can read my review of PostFinance.
Migros Bank
Migros Bank also accepts non-residents. Migros Bank is a large bank, by the Migros group.
If you live in a neighboring country of Switzerland, you will pay 300 CHF per year for the account. This can be reduced to 60 CHF per year if you have more than 7500 CHF in your account. And if you live in a non-neighbor country, the fee will be 360 CHF per year.
You will not be able to create your account fully online. Indeed, Migros Bank requires the customer to go in-person to the office. Even for residents, the process is very long. I would also add that Migros Bank apps are incredibly antiquated.
Neither the website nor the apps are available in English. In some of Migros Bank offices, you will find people speaking English, but this is not a guarantee. Also, US citizens will likely be refused.
Overall, I would not recommend Migros Bank for non-residents. They may be among the cheapest, but you will likely have more issues than necessary.
For further information, you can read my review of Migros Bank.
Raiffeisen
Raffeisen is a bank cooperative, grouping many local Raiffeisen branches. They do accept non-residents in most of their local branches.
You can usually start your account application online, but you will need to complete it in person.
Since all Raiffeisen banks are independent, they also have different fees. It looks like the fee for non-residents varies from 240 CHF to 600 CHF per year. To be sure, you will need to contact the local branch.
There will be major differences between the different local branches of Raiffeisen. In some cases, like Zurich, it will be possible to find a person speaking English. But in many smaller local branches, it will be difficult to find somebody speaking a non-national language. And if you speak any other language than English or a non-national language, you are unlikely to find a person to speak to.
Another issue with Raifeisen is that despite being available in most of Switzerland, each of the branches is separated. So, you have to choose the branch cautiously. It may also depend on each local branch, but most Raiffeisen branches will refuse US citizens.
Overall, I would not particularly recommend Raiffeisen for non-residents because of the small local branches.
Other Limitations
Even if you can open an account with one of these banks, you will have to be careful about some extra limitations.
For instance, mobile apps are sometimes only available in one App Store. That is the case for PostFinance where the Apple apps are only available in the Swiss app store. So, if you are using the app store of another country, you will not have access to the apps and will be limited to the e-banking platform.
Therefore, it is likely a good idea to contact a bank to know more before deciding because these small limitations may be undesirable.
Conclusion
Unfortunately, the choice of a Swiss bank for non-residents is very limited.
If you live in a neighboring country, you will get some suitable options. For instance, if you live in France, you can even use a Swiss digital bank and open an account online.
However, if you live farther, your options will be more limited and pricier. Indeed, traditional banks charge an extra non-resident fee. So, not only will you be limited in your choice, but you will have to pay extra fees.
And if you are a US citizen, your choice will be even more limited.
For me, the choice boils down to:
- Yuh (our review here) if you are in a neighboring country.
- UBS or PostFinance if you are not or if you are a US citizen.
If you left Switzerland, this is a bit different. In this case, you may already have a bank account in Switzerland, and it may be easier to keep it than to open a new one from abroad. And once you have one account while abroad, it is better to stick to it since it can be complicated to open another one from abroad.
I wish I would have more options to propose to non-residents, but the choice is quite limited.
If you are a resident, you can choose among the best Swiss banks.
What about you? Any other good option a non-resident could use?
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I switched from PF to Yuh when they launched and I’ve been very happy with them. I am planning to move to Asia next year and wish to keep Yuh, so I asked them about it and they told me that they would be fine with me keeping my account (I just need to give them my new address). They didn’t specify whether there will be extra fees, though.
I remember when I was studying in Brazil and wanted to move away from PF… All the banks I called told me that they did not open new accounts for non-residents, except BCGE, who told me that as long as I put a minimum of 100k in the account, there would be no problem lol
Hi Samuel
Thanks for sharing. This is definitely interesting. You cannot open an account from Asia, but it’s great if you can keep your account once you are there. I did not expect this to be possible!
Hi Baptiste,
Let’s see next year, because we never know when banks will change their minds… I really hope I can keep my account, though. I think Yuh will eventually introduce some paid plans, so hopefully the non-resident fee will be competitive (or non-existent).
Hi Baptiste
As a Canadian living in Atlantic Canada I recently reached out to both PostFinance and UBS to see whether I could open an account.
You might be interested in the reactions of both.
The PostFinance person I talked to said PostFinance would only open an account for non-residents who have a Swiss connection (Swiss address, Swiss business, Swiss mortgage, regular payments from a Swiss business, Swiss nationals living abroad etc.) She could also open an account for me if I had an address in one of the countries that bordered in Switzerland. So, very helpful in terms of giving me information, but no way forward for me to open an account.
UBS was a nightmare. I filled out some online forms requesting a call back and emphasizing my time zone. Well, I got calls from UBS as early as 5:30 am which my phone put into ‘do not disturb’. Since that did not work, I attempted making calls to their general help desk number. I got two different support staff with two totally different views of what was possible or not possible. And no, they told me, the rules they were quoting to me weren’t public visible, but they were quite sure each one, that their version of the rules was the correct one. Bottom line, the only one who was willing to open an account for me was in their Global Wealth Management branch and needed a million USD min. balance with 80% invested in UBS investment products.
Well, that’s not going to happen.
I’m curious, Baptiste, if you have comments or advice.
Thanks.
Cheers,
Art
Hi Art
This sucks, I am sorry to hear that. I was expecting both PF and UBS to accept you in this case. One million USD is quite insane in this case.
I don’t have much more, unfortunately, I would have expected both of them to work in your case.
It is true that it’s easier for Swiss citizens living abroad because they they have this connection.
Maybe one of the readers will have a better idea than mine.
Thanks Baptiste. I was surprised as well. Switzerland does have a reputation for being much more open to international banking. We’ll see if other readers have ideas. Thanks again.
Hi Art, accepting a new client with a foreign residence carries costs and risks for any bank, but especially for a Swiss bank. Swiss regulations require that a bank is extra careful with foreign clients. The onboarding process is done manually. The bank involves lawyers that are familiar with Swiss and Canadian law, and any other jurisdictions that may be even remotely applicable to your personal circumstances. The lawyers require extensive documentation about your nationality, residence, source of funds, any tax obligations you may have anywhere in the world. You have to fill out a gazillion forms, then they triple-check it with forensic services. Can you imagine how much this costs? So this effort is only worth it if you bring a million USD, as you were asked by UBS. I know this is crazy, but this is what Swiss banking has come to. Frankly, the situation is similar in the rest of the world. Most Canadian or US banks would not accept a retail client with a Swiss residence.
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In your case, it would be good to know your motivation. Do you want a Swiss bank account because you want the Swiss law? Do you need a special service that only Swiss bank can provide? Is it because you want a physical safe deposit box? Are your underlying assumptions accurate? Depending on your needs, a specific bank can be recommended. And maybe it can be solved in another way, without a Swiss bank account.
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There are some Swiss banks that are known to sometimes accept international retail clients. For example, Swissquote. It is an online broker but also a bank. It is not the cheapest, and IBKR is far better as a broker. But you can start an account application with them remotely, by filling an online form and physically mailing notarised copies of any required documents. You can also try your luck with the Swiss banks listed by Moneyland (order the PDF at https://www.moneyland.ch/de/bank-gebuehren-ausland).
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Whatever you do, I recommend that you never call your bank. Try to solve the issue yourself, use the app, the website, etc. Communicate as little as possible. And when there is absolutely no other way, communicate only in writing. Call only in an emergency, to cancel a stolen credit card or if you get hacked. In this way, you are an “easy” client for the bank and they are more likely to accept and keep you.
Karl, interesting comments, thank you for those. I got a smile from the advice “Communicate as little as possible.” :) I’m sure that’s right, but still raised a chuckle.
Hi Art,
I could open an account at Dukascopy Bank. The identification has processed through video call. They have very few limitations compared with other Swiss banks. Maybe they suit for your needs.
https://www.dukascopy.bank/swiss/faq/#faq01c02
Hi Baptiste,
As a belgian I am looking for a Swiss bank as well.
I have heard that https://www.cimbanque.com/en/ accepts non-swiss residents.
Could this be interesting? Any experience?
I heard about another bank (do not know the name) where non residents are allowed but you have to deposit 100.000 Swiss frank.
Thanks for helping out all non residents who are looking for some safety!
Hi TD
I don’t really have an opinion on CIM Banque. It’s a private bank, so it will be quite expensive by itself, but they may be used to dealing with non-residents.
I have also heard that some banks accept non-residents based on some threshold. But unfortunately, these thresholds are not public, so you would have to contact multiple banks to know about that.
They’re accepting non residents based on section 14 on the below site.
https://www.cimbanque.com/en/private-banking/fees/
They’re quite expensive indeed.