How to open a bank account

You will need to open a bank account to take out insurance, pay the rent for your accommodation, receive your salary or money transfers. The main bank used by expats (and employees of international organizations and missions, due to their experience with holders of legitimation cards) is UBS. PostFinance is also a good option.

Banking options for expats in Switzerland

There are many traditional banks and neo-banks in Switzerland, each with different requirements and services. In this article, I’ll focus on the banks most commonly used by expats, as they are experienced in handling international clients and make the process smoother and more straightforward.

• UBS: one of Switzerland’s largest banks, offering full-service accounts, online banking, and dedicated support for expats. UBS is ideal for those who want a comprehensive banking relationship and access to a wide range of financial products.
• PostFinance: part of the Swiss Post network, PostFinance combines banking services with the accessibility of local post offices across the country. This means you can open accounts, deposit or withdraw cash, and manage payments at numerous physical locations, in addition to their digital services. PostFinance accounts are often simpler to open, have lower fees, and are particularly convenient for expats who need straightforward, reliable banking without the complexity of full-service private banking.

Required documents

You need to provide proof of identity (e.g. passport) and Swiss residence permit (or legitimation card). You might also be asked to provide a copy of employment contract and perhaps more documents depending on your situation and their requirements. You can obtain information directly from the post office or bank of your choice.

• UBS: you have to make an appointment with the UBS customer service. You might be able to open a bank account with UBS even if you don’t have your residence permit yet but if you present your working contract (and show a valid ID).
• PostFinance (post office): it is possible to open an account at the post office without the residence permit, by either presenting the tax identification number or confirmation of Swiss domicile (obtained from the immigration office, OCPM).  

Is there a minimum deposit requirement?

There is generally no minimum deposit amount required to open a bank account in Switzerland. By law, banks in Switzerland are not allowed to accept funds which they know or suspect have been obtained through criminal activities. Therefore, it’s normal to be asked for the proof or origin when transferring funds to the bank. 

Important: a phone number is generally required in order to open a bank account (my article on mobile network providers).