How to Open a Swiss Bank Account for Non-Resident or Foreigners?



If you’re moving to Switzerland or just someone interested in owning a bank account in Switzerland, you probably want to tackle the account opening issue head-on. Wherever you’re trying to open an account, this task is bound to meet you with its challenges.

First, we have to mention that Swiss Law enables non-residents to open a Swiss bank account at least 18 years old. Apart from this, there aren’t a lot of limitations.

Opening a Swiss bank account is challenging for non-residents trying to open accounts overseas, where they won’t seem to find everyday services of Swiss banks in other countries. Nonetheless, they can contact a Swiss bank online and resort to transactions via correspondence (the latter is usually done by post and rarely online).

To start things off, a non-resident would have to contact a Swiss bank and request an application package—which, to a resident, is the equivalent of walking into a bank and asking to open a bank account. After taking these steps, you will be provided with an account manager to guide you through the process.

Requirements for opening a Swiss bank account
Whether you’re in Switzerland or abroad, there are some ground requirements that you’ll have to meet in order to settle this. Those being your documentation and eligibility. So, prepare for a lot of paperwork, some more, and some more.

Documentation
Same as any other bank in the world, Swiss banks require a certain amount of paperwork and documentation. This serves for verification of identity and sources of income, whose purpose is separating them from any illegal work their potential client might have in their portfolio. If you’re looking to open a bank account in Switzerland, the documentation you’ll need is:

A valid passport,

Verification of the origin of your income (this could be a statement from your last bank),

Confirmation of the address you listed (they might choose to send some mail to your address to verify this).

However, if you’re looking to open a Swiss account from abroad, you’ll need to get your documents authorized. You can do this by getting notarized copies or an Apostille stamp, or you can visit either a local branch of your Swiss account or the correspondent bank they chose for you.

Eligibility

No matter how great you may be on paper, there are some countries Switzerland won’t do business with. Whether that happened due to the Embargo Act or other political exclusions, that automatically loses your eligibility.

Say this isn’t one of your problems, you can still be estimated as ‘politically exposed’, and that essentially means they think of you as sketchy or you have some public scandals behind you. In this case, your legal income and nationality won’t do much for you, and you’d still be unable to open a Swiss bank account.

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