Best Bank In Switzerland For Foreigners
Normally, only few Swiss banks allow foreigners or non-indigene to open a Swiss bank account. Some Swiss banks make bank account opening for foreigners very difficult and complex.
However, it is important to note that for you to get a standard Swiss bank account, it is often required that you travel to Switzerland to open an account with your bank of choice.
Notwithstanding, there are some banks that do allow you to open a bank account with them with ease. Most of them just require you to register by filling in your application with just face ID, local passport/national ID, or working ID and a few other pieces of information and documents.
Best bank in Switzerland for foreigners
Now let’s check out some of the best Swiss banking platforms for foreigners:
- Migros Bank
- Post Finance
- Valiant Argau
- Aagau Cantona Bank
- UBS
Migros Bank is a sub-group under the great Swiss retail company known as Migros. Non-Swiss residents and indegenes are allowed to open accounts at Migros Bank.
The bank offers zero-balance accounts to both Swiss and foreigners. Only people that are non-European are asked to pay a deposit minimum before they can own an account with Migros bank.
Germany, France, and Italy are the countries available.
Procedural Steps and Requirements
Opening a bank account with Migros Bank is very easy. You just have to do and take note of the following:
Visit or book a meeting with Migros Bank with the following documents: National ID, your tax documents, and proof of nationality.
For more inquiries and bookings, you can reach them through their telephone line: +41 848 845 452.
Costs and Fees for Opening a Migros Bank Account
Migros offers three different types of accounts: premium accounts, primary or basic accounts, and foreign currency accounts.
The basic account is free to open, but management costs 3 Swiss Francs per month.The premium account is managed free of charge but costs up to 250,000 Swiss francs to open.
Migros bank is not transparent about the fees they charge for account opening, but keep in mind that it usually costs much more as they deducts up to 5 to 10 Swiss Francs per month for management.
As a foreigner, opening a Post Finance Swiss account is very easy and sweet. The process and the requirements are not too demanding.
Once you follow and do the following, you are already a foreign customer with Post Finance. It’s just so easy!
Procedural Steps and Requirements
Sign up for a Post Finance account on their website. Note that you may be asked about your country of residence.
The bank will then contact you by telephone or via a post.
Pay a visit to a post office (Swiss) or one of their bank branches to finish the application.
Country Available: All (because it’s an online Swiss foreign bank)
Documents Required: I.D’s (national, working, etc.), address and tax documents are needed.
Cost And Fees For Opening A Post Finance Account
Account opening with Post Finance is free for all countries, but the transaction charge is a little bit high. Having a private account with Post Finance means that for every 25,000 Swiss francs deposited on it, they will charge you up to 5 Swiss francs per month.
Also note that, cash withdrawals cost no less than 5 Swiss francs for foreigners and 2 Swiss francs for people residing in Switzerland. For charge-free cash withdrawals from ATMs, you need to have a private account that costs up to 12 Swiss Francs per month for account management.
Plus, people who live abroad pay higher rates and up to 25 Swiss francs to manage their accounts. In view of this, a Post Finance account costs you 31 to 36 Swiss Francs per month and up to 360 to 400 Swiss Francs annually.
UBS also allows non-residents of Switzerland, particularly those from neighboring European countries, to open accounts with them.
You are allowed to open a private account and foreign currency accounts in which you can save your money in Swiss Francs and Euros.
If you are from one of these countries: Germany, Liechtenstein, Italy, or France, you are allowed access to a private account in which you will have the opportunity to save your money in Euros or Francs.
Procedural Steps and requirements
To open an account with UBS, all you have to do is book an appointment with the nearest UBS office near you.
Go to their office with the following: your ID, tax documents, passport or proof of nationality, e.t.c.
Cost And Fees For Opening A UBS Account
Opening an account with UBS is a bit cheaper, especially if you are residing in a neighboring country. You are only charged 10 Swiss francs per month, which includes a Euro or Swiss Franc credit card.
The total sum for neighboring countries annually will amount to about 120 Swiss francs.
Another Swiss bank that allows non-residents and indigenes of Switzerland to open a bank account with them is Aargau Cantonal Bank.
You are not required to pay any amount for the bank account registration. You are only charged a token on a monthly basis, and it varies and depends on your country of residence. Residents of countries with a high corruption index are charged more, while people from Switzerland’s bordering countries are charged way less.
Procedural Steps And Requirements
Creating an account with Aargau Cantonal Bank requires you to follow these steps and criteria:
Book an online appointment with the nearest Aargau Cantonal Bank on the internet or reach their customer service on +41 62 835 7777.
Attend your scheduled meeting with the following documents: tax documents, valid I.D., and a national passport.
Before attending your scheduled meeting with the bank, make sure you know the kind of account you would love to open and the reason you want to own a Swiss account.
Your account details will be sent to you within 2–3 days after the meeting via text message or mail.
Costs And Fees For Opening An AKB Account
AKB account opening, charges, and fees are quite synonymous with those of Valiant.
Neighboring countries pay up to 15 to 20 Swiss francs per month, while non-bordered countries pay way too much, up to 20 to 60 Swiss francs per month.
You must pay an additional fee of 50 Swiss Francs per year for your debit card.
Which Swiss Bank Is Best For Foreigners?
Honestly, if you are residing in a country near Switzerland and wish to own a Swiss account, we recommend that you register your account with UBS. This is simply because of their package for cross-border commuters.
This is due to the flexibility and rate being charged by them, which is actually the lowest (10 Swiss francs monthly) you can get, plus they will give you debit cards for free and other exciting offers.
But, if you want to open a Swiss account from a foreign or non-bordered country, there are some limitations and restrictions you will face if you use UBS, that’s why we are recommending you use Valiant due to the wide range of services they offer for foreigners.
If you can’t afford Valiant’s high charges, we suggest you go for Post Finance or UBS, especially if you are opening the account for mainly investment reasons.
Desire and Finance.
Valiant will be happy to support you with planning and financing and accompany you on the way to your dream property.
Best bank in Switzerland for foreigners
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In conclusion, most Swiss banks’ accounts opened for foreigners attract high charges, which there’s no way you can escape them, so the choice is yours to make.
We’d love to know which one of these Best Bank In Switzerland for foreigners interests you the most.