Switzerland has established itself as one of the world’s premier banking hubs, offering a blend of financial security, confidentiality, and comprehensive wealth management services. For families and business entrepreneurs seeking asset protection and wealth preservation, Switzerland presents a compelling choice. At Damalion’s, we are specialized in advising on asset protection and wealth preservation. We make the process of opening a Swiss bank account seamless and efficient. Below is a step-by-step guide to opening a bank account in Switzerland with Damalion, followed by the advantages of choosing Swiss banking and the due diligence requirements involved.
10 Steps to Open a Swiss Bank Account with Damalion
- Initial Consultation with Damalion Begin by scheduling a consultation with Damalion’s expert advisors. This initial meeting will help understand your financial goals, needs, and objectives. Damalion will provide personalized advice on the best account type and bank to suit your requirements.
- Define Your Banking Needs Decide on the specific type of account you need. You may consider various options, including personal accounts, corporate accounts, savings accounts, and investment accounts, based on your financial aspirations.
- Select a Suitable Swiss Bank Damalion has a network of reputable Swiss banks. We assist you in choosing a bank that aligns with your financial goals and offers the services you require, whether it’s private banking, wealth management, or investment advisory.
- Gather Required Documentation To comply with Swiss regulations, you will need to prepare certain documents. Typically, these include a valid passport, proof of residence, proof of income or wealth (such as tax returns or salary slips), and a comprehensive CV.
- Due Diligence and KYC (Know Your Client) Swiss banks are mandated by law to perform due diligence. This involves verifying the identity and financial background of potential clients to prevent money laundering and financial fraud. It is necessary to ensure all KYC requirements are met, including providing information on the source of funds.
- Submit Application to the Chosen Bank Damalion will facilitate the submission of your account application and required documents to the selected Swiss bank. We will liaise with the bank to ensure that your application process is smooth and efficient.
- Compliance and Verification Once your application is submitted, the bank will conduct compliance checks. All queries are handled promptly and efficiently, reducing delays in the account opening process.
- Account Approval Upon successful completion of the compliance checks, your account will be approved. The Swiss bank will notify you and guide you on the next steps, such as funding the account and accessing online banking services.
- Fund Your Account After approval, you will need to make an initial deposit to activate your account. You transfer funds securely, ensuring compliance with Swiss banking regulations.
- Ongoing Account Management Once your account is active, the bank continues to provide support, offering wealth management services, investment advice, and assistance with any banking needs.
Advantages of Choosing Swiss Banking with Damalion
- Financial Stability and Security: Swiss banks are known for their strong financial systems and conservative risk management, making them a safe haven for your assets.
- Confidentiality and Privacy: Swiss banking laws provide robust client confidentiality, ensuring your financial information remains private.
- Expert Wealth Management: Switzerland is a global leader in wealth management. With Damalion’s expertise, you gain access to highly qualified banks who can tailor investment strategies to your needs.
- Asset Protection: Swiss banks offer services that protect your assets against political instability, economic downturns, and inflation.
Due Diligence Requirements (Know Your Client)
Swiss banks are stringent about their due diligence requirements to maintain their reputation for security and reliability. The KYC process involves:
- Identity Verification: Clients must provide a valid passport or ID, proof of residence, and a detailed personal profile.
- Proof of Wealth: Documentation to verify the source of funds, such as tax returns, business contracts, or salary slips, is required to prevent money laundering.
- Background Checks: Banks will conduct checks to ensure clients have a legitimate financial background and that their funds are not associated with illegal activities.
- Regular Monitoring: After bank account opening, banks continue to monitor transactions to ensure compliance with international regulations.
By partnering with Damalion, you streamline the process of meeting these requirements, ensuring your Swiss bank account is opened efficiently and in full compliance with all legal standards. With Damalion’s guidance, you can enjoy the benefits of Swiss banking with confidence and peace of mind.
Ready to open your bank account in Switzerland? – Please contact your Damalion expert now.
Your Swiss bank account in 10 steps for better asset protection — eligibility, bank-ready pack (ID, address, tax, source of funds), remote onboarding, risk mapping, and a facilitator-led path from pre-screen to activation.
For entrepreneurs, family offices, holding companies, SPVs and international groups • Damalion facilitates scoping, file preparation and provider coordination so banks can review efficiently. Acceptance remains at the bank’s discretion.
Last updated:Why a 10-step path improves acceptance
Swiss onboarding moves faster when your purpose, risk footprint and documentation are coherent. The sequence below aligns account type, source of funds, payment flows and controls so compliance can reconcile KYC/AML with minimal back-and-forth. Damalion facilitates and coordinates the process and we guide clients through each step.
The 10 steps
- Define purpose & tier. Wealth/private vs corporate operations; custody vs payments; required currencies and cards.
- Select banks & pre-screen. Match minimums, fees, e-channels, and geographic appetite; identify fit before submission.
- Assemble the bank-ready pack. Passport/ID, proof of address, tax status (TIN/US indicia) and source of funds proofs.
- Company evidence (if corporate). Incorporation, articles, register extract, UBO chart, signatory powers, business profile.
- Map payment flows (12 months). Expected volumes, currencies, countries and counterparties; clarify unusual flows upfront.
- Risk & sanctions screening. Note PEP/sanctions exposure, higher-risk sectors/countries; prepare enhanced due diligence if applicable.
- Controls & governance. User roles, dual approvals, payment limits, segregation of duties; board minutes if required.
- Remote onboarding logistics. Arrange video KYC, notarized/certified copies, translations/apostilles where the bank requests them.
- Compliance follow-ups. Respond in one clean trail; provide traceable documents (dividends, business sale, capital gains, inheritance).
- Activation & first funding. IBAN issued, test payments cleared, e-banking access and card issuance; monitor first 30 days.
Documents checklist
- Valid passport/ID and recent proof of address.
- Tax residency and status (TIN; US indicia where relevant).
- Source of funds proofs: salary, dividends, business sale, capital gains, inheritance.
- Corporate: certificate of incorporation, articles, register extract, UBO chart, signatory rules, activity description.
- Expected account use: amounts, currencies, countries, counterparties over 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, org chart, signatory rules |
| Minimums | Varies; higher for wealth tiers | Ongoing fees + evidence of genuine activity |
| Timeline | Fast when profile is clear and complete | Depends on sector, countries and payment pattern |
Costs and timelines
- Setup and monthly fees; payment/card charges vary by bank and tier.
- Minimum funding often applies to wealth accounts; corporates see ongoing fees.
- From complete submission to activation: a few days to a few weeks, profile-dependent.
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Frequently asked questions
Can non-residents open a Swiss bank account?
Yes—when the file is complete and the purpose is clear. Damalion facilitates pre-screening and coordinates submissions; we guide clients to match each bank’s risk policy.
What documents do banks always ask for?
Passport/ID, recent proof of address, tax residency/TIN (and US indicia where relevant), plus source of funds proofs. Damalion guides clients on evidence quality and formatting.
What is acceptable “source of funds” proof?
Salary slips and tax returns, audited accounts/dividends, share sale/SPAs, portfolio statements, inheritance/probate. Damalion coordinates the paper trail so it’s traceable end-to-end.
How long does onboarding take?
Typically a few days to a few weeks after a complete submission. Damalion facilitates follow-ups to reduce back-and-forth.
Is remote onboarding possible?
Many banks support video KYC and certified copies. Damalion coordinates the logistics (appointments, certification, translations/apostilles if required).
Are minimum deposits required?
Often for private/wealth tiers; corporate accounts usually have ongoing fees. Damalion pre-screens bank fit to avoid mismatches.
Do Swiss banks accept foreign companies or SPVs?
Yes, with genuine activity and clear ownership. Damalion guides clients on UBO charts, signatory powers and business rationale.
Which sectors face enhanced checks?
High-risk sectors, complex cross-border flows, PEP/sanctions exposure. Damalion coordinates enhanced due diligence where needed.
Can a bank decline without detailed reasons?
Yes—decisions follow internal risk frameworks. Damalion can redirect the same file to a better-fit institution.
What about tax classification and reporting?
Banks expect accurate self-certification (e.g., CRS/FATCA). Damalion facilitates the forms; clients should seek independent tax advice when appropriate.
What payment flow details should I prepare?
Expected monthly volumes, currencies, countries, counterparties, and unusual patterns. Damalion helps map and present a coherent 12-month view.
Do I need translations or apostilles?
Only if the bank requests them. Damalion coordinates certified translations and apostilles when required.
How are user roles and controls set for corporates?
Define signatory rules, dual approvals, limits, and segregation of duties. Damalion guides clients on drafting a control matrix the bank recognizes.
Can I open multi-currency and get cards?
Yes. Multi-currency sub-accounts and debit/credit cards are common. Damalion aligns your needs with banks offering suitable channels and FX.
What happens after activation?
Run test payments, fund the account, and monitor the first 30 days for alerts. Damalion coordinates any post-activation clarifications with the bank.
20 Best Things to Do in Geneva, Switzerland in 24 Hours
Maximize a tight schedule with official, easy-to-reach highlights clustered around Lake Geneva and the international quarter. Jump to map
- Jet d’Eau – the city’s 140 m fountain operated by SIG.
- St. Pierre Cathedral – historic cathedral with tower views.
- Place du Bourg-de-Four – Geneva’s oldest square.
- Old Town (Vieille Ville) – cobbled streets and cafés.
- Maison Tavel – the oldest private residence, now a museum.
- International Red Cross & Red Crescent Museum – humanitarian history.
- Palais des Nations (UN) – United Nations European HQ (guided visits).
- Broken Chair Monument – Handicap International’s landmark sculpture.
- Ariana Museum – ceramics and glass collections.
- Parc des Bastions – green park with giant chess boards.
- Reformation Wall – monument to Protestant reformers.
- Patek Philippe Museum – fine watchmaking heritage.
- Musée d’Art et d’Histoire (MAH) – fine arts & archaeology.
- MEG – Musée d’ethnographie de Genève – world cultures museum.
- Parc La Grange – rose gardens and lake views.
- Parc des Eaux-Vives – manor house and landscaped park.
- Conservatory & Botanical Garden – living collections and greenhouses.
- Carouge – Sardinian-influenced district with markets & artisans.
- Bains des Pâquis – lakeside swimming, sauna, and casual eats.
- Mont Salève Cable Car – panoramic views over Geneva.
- CERN – visitor centre for the Large Hadron Collider (book ahead).
