How to Open a Bank Account in Switzerland

If you travel to Switerland, open a Swiss bank account.

Switzerland is renowned for opening bank accounts from non-residents. Its economy is stable, as are interest rates, and is a great place in Europe to visit. Swiss banking regulation is strict; you can't open a bank account in Switzerland via the internet as you need to produce original documentation which has to be seen and verified. U.S. citizens can open a Swiss bank account as no restrictions are imposed by the government. However, the Internal Revenue Service requires that assets greater than $10,000 deposited in your Swiss bank account are declared annually in your income tax return.

Things You'll Need

• Passport
• Proof of income
• Evidence of ID

Instructions

1. Open your bank account in Switzerland by contacting a branch of a Swiss bank in the U.S. Contact the Swiss consulate office nearest to you.

2. Call your chosen branch of a Swiss bank in the U.S to open a bank account in Switzerland. Get an application pack mailed to you.

3. Read the application pack to ensure you can meet the requirements to open a bank account in Switzerland. You will need a valid passport, proof of address and evidence of income (bank account statements or payslips).

4. Complete the application form. Mail the form and the documents to the bank in the U.S. Don't forget to enclose a deposit. Make sure you send it by secure mail.

5. Wait for your application to be processed and your identity verified. It may take one to two weeks. Your documents will be returned. Account information and bank cards will follow separately.

Tips & Warnings

• Visit the bank branch in person in the U.S. if it is located nearby. It's quicker and you won't need to part with your documents. If you travel regularly to Switzerland, open your bank account in person. Appointments are not needed. Ensure you have your documents. Your bank account will be opened in 24 hours. Check the deposit needed to open your account. Some private banks require high opening deposits. UBS and Credit Suisse have several U.S branches, though these are not the only Swiss banks represented in the U.S.

References

• Swiss Financial Market Supervisory Authority: Objectives
• Swiss Account Setup: Open a Swiss Bank Account
• Swiss Bankers Association: Opening a Bank Account

Resources

• Travel Document Systems: Switzerland Embassy & Consulate Addresses
• UBS: Welcome to UBS Wealth Management
• Credit Suisse: Private Banking USA Contacts