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Damalion is specialized to open your private or business Swiss bank accounts remotely without having to travel.

Switzerland is a country that is well-known for its banks. Swiss banks offer economic protection, and confidentiality. Aside from being secure, swiss banks offer bank accounts in all major currencies, and they include low levels of financial obstacles. 

What’s more, opening an account in a Swiss bank is possible for both residents and non-residents of Switzerland. But for non-residents, the best way to open a Swiss bank account is online

Type of banks in Switzerland 

There are mainly two types of banks in Switzerland: national banks and cantonal banks. National banks provide consumer bank to everyone, but cantonal banks are only available to residents of a specific canton. As a non-resident looking to open a bank account in Switzerland, a national bank is the best option. 

After deciding on the type of Swiss banks, the next step is to select a particular bank to open an account

Requirements for opening a bank account in Switzerland 

Resident or non-resident, there are some basic requirements that everyone will have to meet when opening an account in a Swiss bank. 

Each bank in Switzerland sets its own statutes, but the basics remain the same. Firstly, the applicant must be at least 18 years old and must also have a valid ID. Furthermore, some banks will request the following: 

  • Proof of address in Switzerland or another country 
  • Proof of employment 
  • Proof of residence permit G, B, or C types (for cross-border commuters often a G permit and proof of employment are required) 
  • Verification of the origin of the income.

Non-residents looking to open a Swiss account from abroad will need to get the required documents authorized. This can be done by getting notarized copies or an Apostille stamp. 

Eligibility 

Although basically anyone over the age of 18 is eligible to apply for a Swiss bank account, Swiss banks do have a list of countries where they may not accept account holders in respect of the embargo act. 

To open a swiss bank account, applicants must have a clean criminal record and be in good standing financially. 

In addition, a new law in Switzerland, called the Foreign Account Tax Compliance Act (FATCA), expects the country to provide information about US bank accounts in Switzerland – this makes tax evasion highly unlikely. 

Some Swiss banks may also require a client to deposit a minimum amount. 

How to open a Swiss bank account as a non-resident 

Non-residents can open a bank account in Switzerland. The process involved can be started online. Although some banks will require an in-person visit, in some cases, the entire process can be completed online without the need for an in-person visit. 

So if you aim to open a Swiss bank account online, you should first check the offers of direct banks, more innovative banks, and banking solutions. 

To start with the process, a non-resident would have to contact a Swiss bank and request an application package. The applicant will be provided with the essential documentation and an account manager to guide him/her through the process. 

Normally, the application process involves making a request with the chosen bank and then following their procedures while submitting all the required documents. 

To open a bank account in Switzerland, the general process usually involves these steps: 

  • Select the suitable Swiss bank 
  • Complete the online application process: this involves filling out the online account applications. 
  • Verify identity: this is the most crucial step in opening a bank account in Switzerland. The verification can be conducted in several ways, including visiting the bank or doing a video call. Some banks may also require residence confirmation either in Switzerland or some European countries. 

There may also be a very high minimum deposit requirement for banks that offer fully remote application processes. 

Opening a Swiss bank account might be a little challenging for non-residents trying to open accounts overseas, but with your Damalion expert by your side, it’ll be a stress-free process. Contact your Damalion expert now to open your bank account in Switzerland.