Why opt for Switzerland? The question itself sounds strange. Everyone knows that Swiss banks are among the best ones in the world, and this is easily proven by facts: about 25% of the world’s assets kept offshore are managed in Switzerland! And this does not include the offices of Swiss banks in other countries. Its main competitors are Panama, Hong Kong, Singapore, and the Caribbean countries – however, Switzerland is the leader among them. And it leads not just by the figures but also by dynamic development and cutting-edge technologies. This post focuses on opening a bank account in Switzerland online and the best banks.
We would like to invite you to our portal if you want to know more about how to open a Swiss bank account remotely. Our experts write about everything related to money: international business and banking, investment, asset protection, and more. You can schedule a free session with our expert to discuss your financial needs and find the best jurisdiction and the best bank that matches your requirements. We also offer pre-approval service: you simply send an application, and the bank potentially agrees to onboard you (or rejects your application before you make any other steps). If the answer is positive, you can start collecting the package of documents. We will also help you open a Swiss bank account remotely at an affordable fee!
Is It Hard to Open a Swiss Bank Account?
Some people say it is no longer possible to open a Swiss bank account. This is a myth, of course, but there is a grain of truth in it: Switzerland is such a popular banking jurisdiction that it can afford to be highly selective when it comes to onboarding new customers. Here are the barriers you will have to overcome:
- You will need to pass quite stringent compliance checks before a Swiss bank agrees to open an account for you, which results in numerous rejections.
- Most businesses will need a trusted referrer before they can use the services of a Swiss bank.
What can you do about it? Just accept the truth that you cannot walk in and open an account when it comes to a Swiss bank: you will need professional help. And we are ready to provide it! Our experts will give you recommendations on how to prepare the package of documents properly.
Minimum Deposit Required
If you need an account that you can open with a few hundred dollars in your pocket, contact us to choose another jurisdiction: they do exist! However, a Swiss bank will typically require about a million dollars or euros. Keep in mind, though, that there are 246 banks in Switzerland, and we can help you find the one that will accept a lower amount!
You may be a low-risk client, and in this case, you can deposit less. Or you can be a high-risk one that is likely to bring tangible benefit to the bank, and in this case, you will be onboarded with a lower amount. Young people can also be accepted if they can show the potential for development that will result in asset growth.
Smaller investors are recommended to use any online Swiss bank (Dukascopy, Swissquote, and so on) as they are still open to foreign transactions.
Top Swiss Banks
Let’s look at the best banks in Switzerland that are recommendable in 2023.
UBS
Though we prefer small Swiss banks, we cannot disregard UBS, the largest Swiss bank in the world. Its global presence and the range of banking products, including specialized ones, are appealing to many customers. Those who own a private jet will receive high-quality VIP service here, while smaller customers can easily benefit from mass-market banking.
If you are from the USA, it may be interesting for you to find out that there is a UBS subsidiary bank in Switzerland that works exclusively with US clients. It has excellent feedback from American customers (including not only citizens but also green card holders) who want to take advantage of world-renowned Swiss banking.
PICTET
This bank is just as large as UBS, and it also has branches across the globe. The main difference from the previous giant is its focus on wealth management rather than investment banking. An average customer who enjoys cooperation with huge banks will feel comfortable with Pictet.
DREYFUS
This is one of the oldest Swiss banks, and that’s where we come very close to the tradition: it is run by the sixth generation of the founding family! Dreyfus will be an excellent choice for those who are looking for traditional boutique-style Swiss banking with a modern taste. It works in Switzerland only, with a representative office in Israel.
REICHMUTH
This is one of the exclusive items on our list to be enjoyed by customers who appreciate tradition and high-class personal service. This is a boutique institution established in 1988 in a Lausanne castle. There are less than a dozen private banks in Switzerland that operate in a traditional way, and Reichmuth is one of them.
Why do we refer to this bank as an exclusive one? The matter is that no other bank mentioned above can be called a private bank under Swiss laws. A bank organized as a limited liability company is one thing, while a traditional private Swiss bank is the one whose owners have unlimited liability. Reichmuth is one of these, and such commitment to the business commands respect and inspires confidence.
BNP PARIBAS
This is the largest French commercial bank that has a long history in Switzerland, which explains why it is on the list. It offers good wealth management opportunities, but we mention it for another reason: its customers can use a platform to make global investments. It owns the largest real estate company in Europe, and its customers can invest in real estate in the most popular European destinations. This is a unique opportunity that a small Swiss bank would hardly provide, so you may be interested.
There is one limitation, though: they don’t work with offshore companies. Otherwise, you can use the bank’s private and corporate services as you think fit.
Want to read about other banks on the list? Please follow the above link. And if you are interested in Swiss banking, get in touch with our expert to discuss the prospects. Do not delay: the requirements are getting more stringent year to year!