Switzerland is home to one of the world’s most sophisticated and secure banking systems, offering a combination of financial stability, asset protection, and a broad range of banking services tailored to both local residents and international clients. For expats, opening a bank account in Switzerland is often a necessity, whether for everyday banking, wealth management, or investment purposes. While the process is generally straightforward for residents, non-residents may encounter additional regulatory requirements.
This guide explores everything an expat needs to know, from the different types of Swiss banks to costs, compliance rules, and the unique advantages of banking in Switzerland.
The Swiss Banking System: A Global Benchmark
Switzerland is renowned for its financial sector, which includes traditional retail banks, private banks specializing in wealth management, and an innovative new segment—crypto-friendly banks. Unlike most jurisdictions, Swiss banking laws allow for a high degree of privacy and asset protection, though strict anti-money laundering (AML) and tax compliance regulations apply.
There are three main types of banks available to expats:
Retail Banks – Large institutions like UBS, PostFinance, and Raiffeisen offer everyday banking solutions with local and international services.
Private Banks – Established names like Pictet, Julius Baer, and Lombard Odier specialize in wealth management and investment advisory for high-net-worth individuals.
Crypto-Friendly Banks – A unique category exclusive to Switzerland, banks like Sygnum, SEBA, and Maerki Baumann bridge the gap between traditional finance and digital assets, allowing clients to hold, invest, and trade cryptocurrencies within a fully regulated framework.
Advantages of Swiss Banking for Expats
Opening a bank account in Switzerland offers several key advantages beyond the prestige associated with Swiss financial institutions. First and foremost, financial stability is a major factor—Swiss banks operate under some of the world’s most rigorous risk management and capital adequacy requirements, making them among the safest institutions globally.
For expats, another advantage is multi-currency banking, which allows account holders to hold and transact in multiple currencies, reducing exposure to exchange rate fluctuations. Additionally, Swiss banks offer high levels of client confidentiality and tailored investment solutions, particularly for those engaged in international business or wealth management.
One of the most exclusive advantages of Swiss banking is access to crypto-friendly financial institutions, which are fully licensed by the Swiss Financial Market Supervisory Authority (FINMA). These banks allow expats and international clients to seamlessly integrate crypto assets into their traditional banking relationships, something that is nearly impossible in most other countries.
How to Open a Bank Account in Switzerland
The account opening process varies depending on whether you are a resident or a non-resident. Residents can usually open a basic account with proof of identity, a residence permit, and an employment contract. Non-residents, on the other hand, must meet stricter requirements, including detailed proof of income and compliance with international tax regulations.
Most banks require the following documents:
A valid passport or national ID card
Proof of residence (for residents) or proof of address abroad (for non-residents)
Employment contract or proof of funds
Tax identification number from your home country
Non-residents opening an account remotely must go through additional verification procedures, often including a video identification process or in-person verification at a Swiss consulate. Some banks also require a minimum deposit, which can range from CHF 1,000 for standard accounts to over CHF 100,000 for premium banking services.
For those opting for crypto-friendly banks, the requirements may also include a declaration of digital asset holdings and compliance with enhanced AML checks.
Costs and Banking Fees
Swiss banking is not necessarily expensive, but it is structured differently from banking systems in other countries. Retail banks typically charge a monthly account maintenance fee, which ranges from CHF 5 to CHF 25, depending on the type of account and services included. Some banks waive these fees if a minimum balance is maintained.
For international transactions, fees depend on the transfer method and destination. Domestic transactions within Switzerland are often free or low-cost, while international transfers typically cost between CHF 10 and CHF 50, with additional charges for currency conversion. Crypto banks generally have a different fee model, with transaction fees applied to digital asset movements and custody services.
Private banks and wealth management services operate on an entirely different pricing model, where costs are based on asset management fees, investment advisory fees, and performance-based pricing. These banks usually require a minimum deposit of CHF 500,000 to CHF 1 million or more.
Traditional vs. Crypto-Friendly Banks
One of the most exciting developments in Swiss banking is the emergence of fully regulated crypto banks, which allow clients to hold both traditional and digital assets under one institution. Unlike conventional banks, which often restrict or outright ban transactions related to cryptocurrencies, banks like Sygnum and SEBA provide integrated solutions for individuals and businesses dealing with digital assets.
These banks offer:
Swiss-regulated crypto custody with institutional-grade security
Direct fiat-to-crypto conversion within a regulated environment
Crypto staking and investment products for wealth management
Multi-currency and multi-asset banking solutions, allowing users to diversify across traditional and digital assets
For expats who are investors in digital assets, these banks provide a major advantage, enabling seamless integration of crypto wealth into a traditional banking framework while maintaining compliance with Swiss financial regulations.
Tax and Compliance Considerations
Expats should be aware that Switzerland participates in the Common Reporting Standard (CRS), meaning Swiss banks share financial information with foreign tax authorities. U.S. citizens must also comply with FATCA (Foreign Account Tax Compliance Act), requiring disclosure of foreign-held assets.
Crypto-friendly banks have additional compliance obligations, including AML screening of digital assets, which means that funds from unverified or non-compliant crypto sources may not be accepted. Working with a Swiss-based financial advisory service can help navigate these requirements efficiently.
Choosing the Right Swiss Bank
The best bank for an expat depends on individual needs:
For simple, low-cost everyday banking → UBS, PostFinance, Neon, Yuh
For wealth management and private banking → Pictet, Julius Baer, Lombard Odier
For crypto integration with traditional banking → Sygnum, SEBA, Maerki Baumann
Many expats opt for a hybrid banking approach, using a retail or private bank for everyday transactions and wealth management, while leveraging a crypto-friendly bank for digital asset investments.
Final Thoughts: Why Switzerland Remains the Best Banking Hub for Expats
Switzerland remains one of the most attractive banking destinations in the world, offering financial stability, confidentiality, multi-currency accounts, and investment solutions tailored to global clients. For expats, the flexibility to choose between traditional banking, private banking, and crypto-integrated solutions is a significant advantage.
At Knotted, we help expats navigate the Swiss banking system, whether you need assistance opening an account, selecting the right bank, or understanding tax implications.
📩 WhatsApp us at +41 76 771 30 22
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