Why Swiss Bank Accounts Can Be So Useful
Despite no longer allowing you to stash away your fortunes anonymously, Swiss banks offer many distinct advantages for non-residents in the country.
For wealthier individuals, for example, Swiss bank accounts are often perceived as attractive because they are credited in Swiss francs (CHF), a "safe haven" currency that has historically proven to be comparatively stable during times of global economic distress.
For the hundreds of thousands of EU citizens working in Switzerland while living just across the border, Swiss bank accounts are also an attractive deal. Because all salaries in Switzerland are paid in CHF, and because Swiss employers practically only pay their workers into Swiss bank accounts, opening an account in the country is often easy for cross-border workers. Not only is it easy, but it's also useful, as the workers can avoid high currency conversion fees when being paid while also largely dodging exchange rate risk.
Swiss Bank Accounts: Your Options
Depending on what you'd like to achieve by opening a Swiss bank account, you'll likely have various options available to you. Take a look at the main categories below:
1. Investing and Protecting Your Wealth
If you're interested in Swiss bank accounts for asset protection, your chief options should be to consider opening a foreign currency account in Swiss francs, either with a foreign bank or with a Swiss bank.
Major global banks such as HSBC, Barclays, and NCA offer currency accounts in CHF to clients in their respective countries, and big-name Swiss banks such as UBS and Credit Suisse offer wealth management and investment accounts in CHF to international clients, too.
2. Holding Money in Swiss Francs
If you're not looking to hedge as in investment but simply looking to hold Swiss francs for purposes of spending, a Wise Multi-Currency Account will probably give you all the versatility you're looking for.
With this flexible and extensive multi-currency account, you'll be able to manage and hold Swiss francs — as well as 40 other currencies — for spending all across the world. What's more, you'll all the while be able to take advantage of exchange rates that are significantly better than those offered by banks!
Another option to consider would be Revolut. Similarly to a Wise Multi-Currency Account, with Revolut, you'll be able to exchange and hold Swiss francs free of charge while living abroad.
3. Ordinary Banking Services
Ordinary Swiss bank accounts are usually associated with high fees for non-residents in Switzerland. However, the process tends to be very simple for both residents and non-residents alike!
As a non-resident, you'll have the option of opening a standard bank account at PostFinance and several other Swiss banks relatively easily, with the required documents, account management fees, and minimum deposits varying from bank to bank.
If you're moving to Switzerland and are interested in digital solutions and low fees, then we would recommend Neon (a Swiss neobank) as the ideal solution. While Neon is not currently available to all foreign nationalities living in Switzerland, it does provide an extensive and easy option, as once you've got your Swiss residence permit, you'll be able to open a neon account online in only a few minutes.
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