Deciding whether to keep or close your Swiss bank account

If you’re moving away from Switzerland or planning a long-term relocation abroad, you may be wondering whether to keep your Swiss bank account or close it. The right decision depends on your personal situation, your future ties to Switzerland, and the bank’s policies. Here’s how to decide and how to go about closing an account if needed.

When it makes sense to keep your Swiss account

Keeping your Swiss account might be useful if any of the following apply:

• You expect to return to Switzerland in the near future
• You still receive income from a Swiss employer or pension fund
• You own property in Switzerland and need to manage expenses locally
• You invest in Swiss assets or receive income that remains taxable in Switzerland

Be aware that some Swiss banks charge higher fees for clients living abroad, especially if you no longer hold a Swiss residence permit. These fees can vary significantly, so it’s worth checking in advance. US nationals and US tax residents face additional complications, as many Swiss banks are reluctant to keep accounts open for them due to strict US regulations. Some banks may close accounts automatically or deny services altogether.

Also keep in mind: it is usually easier to maintain an existing Swiss bank account than to open a new one once you live abroad. If you close it and later realize you still need it, reopening can be difficult, especially without a Swiss address. So make sure you’re confident before moving ahead with closure.

If your main reason for keeping the account is simply to hold Swiss francs, consider whether that justifies the potential account fees and administrative complications. If you no longer need other banking services in Switzerland, you can often open a foreign account that supports multi-currency balances or use a service like Wise to hold and convert Swiss francs as needed.

When it’s time to close your account

You may want to close your account if:

• You no longer have financial ties to Switzerland
• You won’t need Swiss banking services in the future
• Your bank requires a Swiss address and refuses to keep the account open
• The account fees become too high or complex to justify keeping it

Unless you own real estate or receive income from Switzerland, there is typically no reason to keep a Swiss account if you are moving permanently. In some cases, banks will request account closure if they discover you have moved abroad and not updated your information. Always inform your bank of changes in residence and tax status to avoid complications.

Steps to close a Swiss bank account

If you decide to close your account, follow these steps:

1. Transfer any remaining funds to another account in your name.
2. Cancel all standing orders, direct debits, and incoming payments.
3. Inform anyone who sends you money (employers, insurers, tenants) of your new banking details.
4. Contact your bank to request account closure. This can often be done in writing, by email, or via secure messaging through your e-banking portal. I will shortly add the link to a letter template that you can use.
5. If required, send a signed account closure letter, including your name, account number, forwarding address, and destination bank details.

Your bank may ask for identification or proof of address abroad. The process and timeline vary, so it’s best to confirm with your bank what documents are required and how long the closure will take. Some banks issue a closing statement once the account has been officially closed.

Additional considerations

• If your account is linked to a mortgage or investment product, check for any restrictions before initiating closure.
• If you still need a Swiss account but your current bank cannot accommodate non-residents, look into banks that offer international or expat-friendly services.
• Make sure there are no unpaid fees or negative balances that might delay the process.

Closing a Swiss bank account is generally straightforward, but being proactive and informed will help you avoid unnecessary issues or delays.