Open your Swiss bank account as a non resident 

Damalion guides international clients to open a Swiss bank account to benefit from excellent private banking services.

Minimum deposit required is CHF500,000.

Switzerland is popular for being one of the richest countries in the world and if you want to share in that wealth, you’ll need your own Swiss bank account. 

You deserve to benefit from Swiss private banking

Swiss banks offer economic insurance, privacy, and asset protection. Apart from being the most popular and safest, swiss banks offer accounts in all primary currencies, and they include minimum levels of financial risk. The Swiss economy is known for its strength and neutrality when it comes to conflicts. 

These advantages make swiss banks the most economically safe and secure place where you can save your money. Considering that, a Swiss bank account opening may seem a bit complicated at first, but once you get the essence of the necessary requirements, it will ease up. 

How to Open a Bank Account in Switzerland?

It is reasonably easy to open a Swiss bank account as an ex-pat. Swiss banks take dignity in the ease with which a new customer can open a bank account. The Swiss banking industry gives a quality of services that mark the excellence of safe and flexible business transaction moves. However, it is highly recommended to compare prices and services before obliging to sign with a bank. The process to open a Swiss bank account are as follows: 

Eligibility 

If you’re moving to Switzerland or you are a non resident who is interested in owning a bank account in Switzerland, you might want to tackle the account opening issue head-on. Wherever you’re trying to open an account, this undertaking is bound to meet you with its challenges. 

First, in accordance with Swiss law, non-residents who want to open a Swiss bank account must be at least 18 years old. Other than that, there aren’t a lot of limitations. 

In addition, there are some countries Switzerland won’t do business with. Whether that arose due to the Embargo Act or other political exclusions, that automatically forfeits your eligibility. 

Say this isn’t one of your issues, you can still be rated as politically exposed, and that virtually means they think of you as vague or you have some public scandals behind you. In this case, your legitimate income and nationality won’t do much for you, and you’d still be unqualified to open a Swiss bank account. 

Make sure you have nothing of the sort in your background, and you can commence with your account. 

Select the Swiss Bank that Meets Your Needs 

One of the most important factors in deducing which bank to select is what you’re looking for in a bank. Correlating policies and investment opportunities at a variety of top-rated banks can help you evaluate the advantages and disadvantages of each bank and find one that’s right for you. 

Selecting the right bank for you is a significant step that will save you time and cut the chances of you having to go through numerous banks. 

Choose the type of Swiss bank account 

There are various types of accounts through which one can begin their transaction, and they all serve specific purposes. 

Below are the Types of Bank Accounts in Switzerland: 

• Current accounts: a current account is the easiest type of bank account you can open in Swiss banks. You can receive your salary, pay your charges, save money, and invest through this account. 
• Joint accounts: joint accounts can be used by two parties, and both have complete access to any funds. 
• Savings and investment accounts: if you’re looking to save money or even invest them, saving and investment accounts are the ideal choice for you. 
• Numbered Swiss bank accounts: numbered accounts are high-security accounts that some Swiss banks give so that the account holder, and it has an extra layer of privacy. 

Specific Swiss banks also require you to pay a minimum amount for the first deposit, a minimum account balance, and other qualifying factors. 

Visit the Swiss Bank and Meet the Representative 

If you have selected the bank and the type of account you are interested in making transactions through, the next standard step is to meet that bank’s agent and tell them your requirements. They will tell you all the advantages, and do’s and don’ts and acquaint you with the documents that must be submitted. Follow the steps given accordingly. 

Documentation 

Like any other bank in the world, Swiss banks assign a certain amount of documentation. This serves for the validation of identity and sources of income, whose goal is segregating 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 require is: 

• a valid passport 
• proof of the origin of your income 
• confirmation of the address you listed 

But, if you’re looking to open a Swiss account from abroad, you’ll have to get your documents approved. You can do this by getting notarized copies or an Apostille stamp, or you can visit a local branch of your Swiss account bank. 

Documents Required for opening a swiss Business Bank Account 

• identity proof of the company shareholders and investors 
• certificate of incorporation 
• duly filled bank account opening form 
• residency status 
• proof of address 
• address proof of the company shareholders and investors 

Currently, business investors choose to open a Swiss bank account along with the company incorporation process as it takes less time and is relatively easy. 

Cards

Request a Maestro card

Non-residents usually don’t usually use swiss banks for daily activities. Swiss accounts’ major advantages are their privacy and stability, however, you may get a debit or credit card for spending. 

A Maestro card is virtually a debit card that is issued by your bank. It can be used to withdraw cash or make purchases in most shops, although merchants in smaller towns and villages may have cash-only policies. 

If you’ve set up the account, getting this card should be relatively easy. 

Closing down your account or collecting your investments is also possible without any restrictions or fees. This gives many customers assurance, knowing that investments are available in case of an emergency. 

Why Damalion? 

Opening a bank account in Switzerland has become more complicated despite online banking. Swiss banks have become very formal and their client onboarding method has become very selective. 

It can seem burdensome to go through this process alone without any initial knowledge, and you might need to get help from an advisor. In other words, to simplify the process of opening a bank account in Switzerland, let’s go ahead together and contact your Damalion expert now.