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Opening a Swiss bank account online as a Non-Resident 

by | Dec 9, 2022 | Corporate Structuring

Opening a Swiss bank account online as a Non-Resident – Luxembourg

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. 

Damalion – Luxembourg

Opening a Swiss bank account online as a non-resident — who qualifies, documents, remote onboarding, typical flows, risk points, costs, and timeline.

For individuals, entrepreneurs, family offices, holding companies, SPVs and international groups • We help prepare a clear profile and complete documents so banks can review efficiently. Acceptance is always the bank’s decision.

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What helps online onboarding?

Pick the right account (private/wealth or corporate), give simple facts about who you are, why you need the account, and how it will be used (amounts, currencies, countries, counterparties). Make “source of funds” easy to verify with traceable documents. Fast replies to bank questions keep reviews moving.

Documents most banks ask for

  • Valid passport/ID and recent proof of address.
  • Tax residency and TIN; US indicia where relevant (FATCA).
  • Source of funds proofs: salary, business sale, dividends, capital gains, inheritance, with bank statements or contracts.
  • For companies: certificate of incorporation, articles, register extract, UBO chart, signatory powers, and business description.
  • Expected activity: incoming/outgoing amounts, currencies, countries, and counterparties for the next 12 months.
  • Certified translations/apostilles if requested by the bank.

Account types at a glance

Topic Private / Wealth Corporate
Use Savings, portfolio, custody Operations, suppliers, payroll, clients
Documents ID, address, tax, source of funds As private + registration, UBO chart, signatory rules
Minimums Varies; higher for wealth tiers Ongoing fees; proof of genuine activity
Timeline Faster when the file is complete and clear Depends on sector, countries, and payment pattern

Simple steps

  1. Choose bank and account type. Match purpose, minimums, and fees to your case.
  2. Prepare documents. ID, address, tax details, source of funds; company papers if corporate.
  3. Explain payment flows. Volumes, currencies, countries, counterparties — keep it consistent.
  4. Respond to checks. Answer KYC questions quickly with clear proofs.
  5. Activate and fund. Receive IBAN, run test payments, set user access and limits.

Costs and timeline

  • Setup, monthly fees, payment/card fees vary by bank and tier.
  • Wealth accounts can require a minimum deposit; corporate accounts usually have ongoing fees.
  • From complete file to active account: a few days to a few weeks, depending on checks and profile.

Frequently asked questions

1) Can non-residents open an account fully online?
Yes. Many banks allow remote onboarding using secure video or online identification in line with Swiss supervisory practice. Each bank decides based on its risk policy and applicable AML rules.
2) What identification rules apply to online onboarding?
Banks follow Swiss AML rules and supervisory guidance on video/online identification, which set technical and procedural safeguards (e.g., liveness checks, document capture, secure channels). Banks may add extra steps for higher risk.
3) Which documents are mandatory for individuals?
Valid government ID, proof of address, tax residency and TIN, and documents showing the lawful source of funds (salary slips, sale agreements, dividend statements, portfolio statements, inheritance deeds), plus recent bank statements when requested.
4) What extra documents do companies provide?
Certificate of incorporation, articles, register extract, UBO/ownership chart, board/signatory powers, description of activities, main customers/suppliers, and proof of operating address. Some banks ask for recent financials or a business plan.
5) How are tax reporting duties handled?
Swiss banks apply the Automatic Exchange of Information (AEOI/CRS). Clients complete self-certifications; reportable accounts are reported to the Swiss tax authority for exchange with partner jurisdictions under CRS rules.
6) What about FATCA for US persons?
US persons are subject to FATCA classifications. Banks request US tax forms and may restrict services if FATCA requirements are not satisfied.
7) How should “source of funds” be evidenced?
Provide traceable paperwork that links origin and path of funds (e.g., employment income, business sale with contracts and closing statements, dividends with corporate resolutions, capital gains with broker statements, inheritance with probate documents).
8) Are PEPs or sanctions-exposed clients treated differently?
Yes. Politically exposed persons and sanctions-exposed clients face enhanced checks, possible approvals at higher levels, and may be declined if risks cannot be mitigated.
9) Can funds from crypto be accepted?
Some banks accept proceeds from virtual assets if they are fully documented and traceable through compliant platforms. Expect enhanced checks and a complete audit trail.
10) Are certain sectors or countries higher risk?
Yes. Activities or payment corridors with higher financial-crime risk, complex cash flows, or sanctions exposure lead to deeper due diligence and longer timelines.
11) Is an in-person meeting ever required?
It can be. Even with remote onboarding tools, some banks choose an in-person meeting before activation based on their assessment.
12) Can a non-resident company open an account?
Yes, if genuine activity, ownership, and control are clear. Banks review economic purpose, main counterparties, and expected transactions before deciding.
13) Are nominees or bearer structures accepted?
Bearer instruments are generally not accepted. Nominee arrangements face strict scrutiny; banks must identify and verify ultimate beneficial owners.
14) Can minors open accounts?
Only with guardian consent and documents. Banks may limit products and functions.
15) How long does onboarding take?
From a few days to a few weeks after submitting a complete file, depending on the bank’s checks, risk level, and response times to follow-ups.
16) Can the bank decline without detailed reasons?
Yes. Banks apply their internal risk frameworks and legal duties. A decline does not prevent you from applying to another institution.
17) How are fees and minimums set?
Each bank sets its own pricing and minimums by tier and service package. Wealth accounts may require minimum assets; corporate accounts usually have monthly fees and payment fees.
18) What data protection applies?
Client data is protected by Swiss law and bank secrecy rules as limited by international obligations (e.g., AEOI/CRS, sanctions). Data is processed for compliance and service delivery in line with disclosures.
19) What if the account is inactive?
Banks may apply dormant-account procedures and charge fees. Keep contact details current and use the account as agreed to avoid restrictions.
20) How do I close the account?
Submit a written request, settle fees, and provide instructions for remaining balances. The bank may retain records as required by law.

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