Essential banking for expats

Switzerland is home to a wide range of banks:

• Universal banks can be found throughout Switzerland
• Cantonal banks are local banks serving their canton
• Cooperative banks
• Private banks are oriented towards wealth management

How do you open a Swiss bank account?

You are already living in Switzerland

Procedure

So simple: A valid ID and your work permit are enough!

If you have a partner, both of you will have to provide documentary proof.

Make an appointment now at a bank branch or open an account online.

You are still living abroad

Procedure

If you are visiting to prepare for your arrival, make the most of it and go to the bank! Make an appointment at the bank of your choice and bring a valid ID and your new employment contract!

If you are still abroad, some banks offer a postal account opening service, depending on the country in which you currently reside. Feel free to enquire directly in the bank of your choice.

It is practically mandatory to have a current account in Switzerland, because it will be attached to a debit card, perhaps a credit card and access to the bank’s secure online banking area or mobile app.

A current account incurs maintenance fees, which can be avoided or reduced with the ‘Pack’ packages offered by most banks.

Debit card

Unlike some European countries, in Switzerland it is customary to use a direct debit card, for day-to-day spending.

The debit card is used to withdraw money, pay in stores, as well as online.

With a debit card:

• Withdraw cash at Bancomats (Swiss name for ATMs) in CHF and often also possible in EUR within Switzerland. Please note that most banks charge for withdrawals made at third-party ATMs.
• Withdraw foreign currencies abroad
• Pay online and in stores in Switzerland and abroad. In Switzerland, you can use contactless payment for amounts of less than CHF 40 if your card has this feature.
• Autonomous management of authorised areas of use via geoblocking.

Advantages:

• A credit card can be used as a deferred debit card with expenses debited in CHF at the end of the month. You will not be charged any fees.
• The card can be used to make online payments in any currency.
• It is compatible with certain digital payment methods (Twint, etc).

Combining the two types of cards (debit cards for day-to-day spending and credit cards for major purchases or online shopping) is a great, cost-effective solution.

Online banking account and mobile banking apps

Online access to all your accounts. While accessing accounts from a computer is still common practice, increasing numbers of users are also downloading banking apps to track their accounts and card use.

Unique to Switzerland: Many banks outsource their credit card business to a partner. Specialised issuers like Viseca, Corner and Swissbankers also offer dynamic banking apps to ensure secure transactions and card management.