Opening a bank account
Common account types
- Private account (CHF or Euro): for day-to-day transactions, salary payments, etc. This account offers low interest rate
- Savings account (CHF or Euro): Offers higher interest rates, but limited withdrawals compared to the private account
- Foreign currency: May be opened in any currency. Usually gives no interest
- Investment / equity account: Not part of this Guide for the time being. Planned in the near future.
Account fees
Fees for your account vary depending on the package you choose (incl. credit card etc.)
How to open an account
It's simpler than what most people imagine, and here's how it's done:
1. Ensure you have these documents with you:
Formal ID (Swiss or foreign), confirmation of registration from local community and a copy of your work contract.
If you plan to open an account at Post Finance, and you don't have a residence permit, a confirmation of domicile is requested (attention: this is not the same as the registration confirmation and can be requested at your town hall for a fee). If only the registration confirmation is available you would need to have a foreign domicile on which address the account will be opened and your address in Switzerland will be the correspondence address. The fees for this account will be slightly higher until the bank has a copy of your residence permit and the main domicile address can be changed to your Swiss address.
2. With the above documents, go into any bank branch to open your account (appointment not needed). If you wish to have a joint account, all persons on this account need to be present.
3. Your account is active immediately.
Your employer may have special agreements / simplified procedures with a specific bank. Check with your HR department.
It’s easiest to open an account with these three banks:
UBS – all banking documentation in English, including online banking
Credit Suisse – all banking documentation in English, including online banking. An account can be opened up to 6 months prior to starting work in Switzerland. Sole condition: you have to open it in person and show your future contract or a confirmation of your Swiss employer. Note: this is not available to US citizens.
PostFinance - another alternative
US citizens can only open an account at the two banks’ head offices on Paradeplatz in Zurich.
Other banks in Switzerland may not have documentation or contracts in English or may require additional documents such as proof of address etc.