Yes, it is possible to open a Swiss bank account online. But, you need to know which banks you can realistically open with before applying.
After all, Swiss banks aren’t for everyone. And, while most Swiss banks do accept non-residents, they don’t accept all non-residents.
In other words, whether you want to open a Swiss bank account online, in person, or in a random city of your choosing (yes, that’s an option), you still need to be a suitable client.
But, if you can navigate their hidden requirements, connect with the right Swiss banker, and make a healthy deposit… then maybe Switzerland is for you.
Open a Swiss Bank Account Online
To open a Swiss bank account online, you will need to complete the onboarding process, submit supporting documentation, and verify your identity through the bank’s online portal. This usually involves a secure website, secure email, and video conferencing.
Of course, if you don’t understand the requirements of opening a Swiss bank account online, your chances of success are extremely low.
So, in this article, we’re going to share how you can successfully open a Swiss bank account online as a foreign non-resident.
We’ll also share the challenges you need to overcome, the benefits you can tap into, and the normal account opening process.
But, to begin we’re going to break down the different client groups that are actually eligible to open a Swiss bank account online.
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents open accounts in top banking hubs around the world.
Who Can Open a Swiss Bank Account Online?
As mentioned, opening a Swiss bank account online (or in-person) isn’t for everyone.
In fact, if you’re looking to open a day-to-day checking account outside of your home country, you should look elsewhere.
Swiss banks typically cater to wealthy individuals, families, and entities looking for private banking. This typically includes clients that can make a sizable deposit ranging from US $500,000 to US $3,000,000.
That said, in recent years, a number of new Swiss banking options have emerged catering to lower deposit levels. Such options enable non-residents to open a Swiss bank account online with as little as US $5,000.
Of course, such banks do not cater to the same clients. And, they do not provide the same level of services that you would expect from a traditional Swiss private bank. But, they are an option if you are looking to open a Swiss bank account online.
With this in mind, let’s take a look at who can open a Swiss bank account online with a traditional Swiss bank.
Who Can Open a Swiss Bank Account Online:
- Wealthy individuals, families, and entities are all eligible
- Clients should have at least US $500,000 in investable assets
- Foreign non-residents are widely accepted
- Individuals from the Unlucky Passport Club are also accepted
- Non-residents with complex international structures (and lifestyles)
- Individuals planning to move to Switzerland
- International & cross-border clients
This list is the same for anyone considering one of the new Swiss banking options. However, the obvious difference is a significant decrease in the required deposit from US $500,000 to US $5,000.
Of course, regardless of how much you’re looking to deposit, your ability to open a Swiss bank account online isn’t guaranteed.
As always, you’ll need to pass bank due diligence, submit supporting documentation, and meet their account opening requirements.
But, unlike many other banking hubs, Swiss banks also want to know that you’re worth dealing with. In other words, will you be a profitable client for the bank?
Now, before we outline the requirements that determine whether a Swiss bank will accept you, let’s look at the challenges you’ll likely face when trying to open an account.
Challenges of Opening a Swiss Bank Account Online
The first thing to remember is that most Swiss banks focus on servicing wealthy clients. So, most of the challenges you’ll face when opening a Swiss bank account online are related to meeting bank requirements.
With this in mind, if you’re looking for a traditional Swiss bank account but you’re not willing (or able) to deposit large sums of money, you should consider banking elsewhere.
On the other hand, if you’re interested in opening a Swiss bank account online with a smaller Swiss bank that operates primarily online, you might be in luck. More on this below.
For now, let’s take a look at the challenges you’ll face when you open a Swiss bank account online with a traditional Swiss bank.
Challenges of Opening a Swiss Bank Account Online:
- Not all Swiss banks accept non-resident individuals
- Remote opening is not always possible
- Swiss banks impose strict due diligence
- Account opening deposits are higher than elsewhere
- Account maintenance fees are higher than elsewhere
- Swiss banks expect clients to use services offered by the bank
- Swiss banks expect clients to invest in products offered by the bank
- High frequency of account opening rejections
It’s important to note that although Swiss banks do generally accept non-residents, in many cases there are other alternatives you may want to consider instead.
In fact, if you’re looking to enter the world of private banking and are looking for options that are comparable to Swiss banks but have lower requirements, there are a number of different options to consider.
For example, while jurisdictions like Liechtenstein, Luxembourg, and Monaco have similar requirements to Switzerland, banking hubs like Andorra, Austria, Singapore, and Panama can be accessed for less.
To help you navigate the various account opening options for private banking, we have prepared a free guide: Private Banking Starter Guide. It’s designed to help non-residents identify the best banking hubs for their needs around the world.
Now, despite the challenges of opening, there are many benefits to opening a Swiss bank account online.
In fact, if you can open with the right Swiss bank, it could be the beginning of a mutually beneficial partnership. But, for that to happen, you need to ensure that you’re going to unlock the benefits that you need before applying.
Benefits of Opening a Swiss Bank Account Online
Switzerland and Swiss banks are known for privacy, stability (politically and economically), and the protection of client assets.
But, depending on your client profile, banking needs, and financial means, the benefits available to you can vary.
Now, even though Swiss banking secrecy is effectively dead, there are still many benefits that most non-residents can tap into when they open a Swiss bank account online.
Benefits of Opening a Swiss Bank Account Online:
- Stable economic & political environment
- Financially stable banks with conservative investments
- Experienced bankers that understand your profile
- Sophisticated and responsive customer service
- Availability of wealth management and tax planning services
- Wide range of international investment options
- Ability to open a Swiss bank account online as a non-resident
Of course, these benefits can vary depending on your profile and deposit level. In fact, in order to access many of the benefits that make Swiss banking attractive, you will have to meet certain deposit thresholds, which vary from bank to bank.
How Can You Open a Swiss Bank Account Online?
As mentioned earlier, opening a Swiss bank account online is possible. But, depending on the type of Swiss bank you’re interested in, your requirements will vary.
For instance, opening with a traditional Swiss bank doesn’t come cheap. Of course, if you’re considering a digital Swiss bank, account opening requirements will be lower.
But, financial requirements are not the only requirements you need to meet. With this in mind, let’s take a look at some of the common requirements for opening a Swiss bank account online.
Requirements to Open a Swiss Bank Account Online:
- Complete bank-specific application package
- Two forms of government-issued identification
- Proof of address in your country of residence
- Proof of source of wealth and income
- Opening deposit amount
- Documents may be required to be certified by a lawyer
As mentioned above, in addition to making a sizable deposit, there’s an expectation that Swiss banking clients will invest through the bank as well.
Such requirements typically fall under “unspoken rules” of Swiss banking. However, in many instances, Swiss banks will explicitly state that a percentage of deposits must be invested with the bank.
So, before you start applying, you need to understand the bank-specific account requirements. Not to mention, be aware of the fees that you will be charged when opening and using the account.
Now, if you’re certain Swiss banking is right for you and you’re ready to start opening, here’s how you can start today.
Ready to Start Opening?
Whether you’re ready to open a Swiss bank account online today or you’re just starting to explore your options, we can help.
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