How to Open Swiss Bank Account From India?

Last Updated on December, 2024

Planning a trip to Switzerland or do you want to get your salary from your Swiss employer in India? Well, you can always open a Swiss bank account from your country. 

Now, there’s a mystique around these Swiss bank accounts. Thanks to the movies and media in general, it seems like opening a Swiss bank account is to hide your money from the home country’s tax authorities, just like those shady tycoons do in the stories. 

The reality is slightly different today as most of the non-residents look to open an account in a Swiss bank as a cross-border commuter, or just have a source for transacting in Switzerland during their stay,

In this guide, we’ll discuss in detail how to open a bank account in Switzerland from India. The process itself is pretty similar to opening an account in any other bank, with, of course, a few differences. 

Just choose the bank you’re considering, submit the necessary documents, and make the initial deposit. The bank will send you the details associated with your newly opened account.

But we’ll get into the details of it in a bit. First, let’s talk about what’s a Swiss bank account and what’s all the fuss about it.

What’s a Swiss Bank, And What’s a Swiss Bank Account?

Swiss banking is renowned worldwide for its trust, confidentiality, and stability in safeguarding assets. Established in 1872, the Swiss Bank Corporation, also known as Basel Bankverein, initially concentrated on investment banking. 

Offering a diverse array of products, Swiss banking services cater to both retail and corporate clients, including private individuals. These premium banking services encompass asset management, trading, alternative investments, and wealth management.

Some of the widely known Swiss retail banks include Credit Suisse, Migros Bank AG, PostFinance, UBS, and Raiffeisen. 

Now, with a Swiss bank account, you can maintain cash deposits offshore in a country that is well known for its tough privacy policies. 

So, opening a Swiss bank account is just like opening any other account but with more privacy and security measures and this is also mandatory during the documentation process. 

Can I Open a Swiss Bank Account From India?

Some Swiss banks might allow you to open an account with the help of a representative who can present these documents on your behalf. 

Now, if you think this is something you can manage more conveniently, you can check the policy of the bank you’re considering. 

Though opening an account in person is the easiest way, you should get started before you arrive in Switzerland for more convenience because the bank might be reluctant to let you open a Swiss bank account without any permanent address.

The rest of the process will be completed once you have arrived in Switzerland.

Moreover, landlords might be reluctant to offer any lease without your local bank account. You can overcome this dilemma by making a move earlier.

When you choose a bank, ask them for an application kit that helps you understand the process for opening an account. 

This kit or package will discuss what documents you will need to provide them and how you can do this from India or any other country. 

Bank accounts can take between 1 and 4 weeks for activation once you have applied. And your debit or credit cards will arrive after all this. 

What Documents Do I Need for This?

For this, your bank will ask you to show a wide range of documentation. Now, the privacy of the account holders is important. 

Therefore, the banks will make sure that any accounts that they are maintaining, aren’t used for any improper endeavors. 

The documents you provide for opening any Swiss bank accounts must be authenticated. This can be done by visiting a branch in person via representation. You can also provide notarized copies of these documents. 

Now, none of these Swiss banks have any branches outside Switzerland, but some have some reciprocal arrangements with other financial and banking institutions. 

It means that you might be able to take your documents for authentication to corresponding institutions if you have a local branch in India. Some of the popular Swiss banks operating in India include Credit Suisse, UBS, Julius Baer, etc.

The mandatory documents you need to submit vary between banks.

If you’re not a Swiss resident yet, you must provide proof of income and pay a substantial amount of minimum deposit for your bank account. You’ll also have to get a solvency letter from your employer. The bank will cross-check the source of the funds for your initial minimum deposit. 

Account Types

Now, there are different types of Swiss bank accounts. Let’s have a look at some of the most common ones below. 

Personal Accounts

A person can deposit their salary, execute transactions, and make payments securely using a personal account. 

Current Accounts

With this Swiss bank account, you can manage your salary as well as personal transactions. Therefore, you can pay your bills, get your salary, and invest in different products using this account. 

Savings Accounts 

With the help of this account, you can conveniently save money and even earn interest on it. 

Dormant Accounts

This bank account type becomes inactive with the death of the account holder (and no one knows about it). 

Now, if nobody claims the account in the next 10 years, the banking authorities will report it to the banking official, who then investigates to sort out who the account belongs to. 

Numbered Accounts

In these numbered accounts, the bank assigns a code or a number instead of using the name of the person who holds the account. However, some bank staff will still know the name of the owner of the account. 

Corporate Accounts

This type is a checking account for corporate entities, and it allows the business owners to easily manage their corporate as well as personal finances separately. 

Just like a standard current account, this account type keeps a record of all transactions within the statement, and it covers both expenses and income linked with the business activities. 

A Step-By-Step Guide on Opening an Account in Switzerland From India

Now, let’s talk about what steps are involved in opening an account in Switzerland. 

Step #1

Before you open an account, you need to choose a bank that meets all your requirements. You can make your choice based on various banking services offered, charges, minimum balance, quality of customer service, and overall reputation. 

Step #2

After finalizing your choice, get in touch with the bank, online or by phone. You can also visit them in person if you’re in Switzerland. 

Step #3

The next step is to submit all the documents required. This will include a valid passport, proof of address, your government-issued identity, proof of income source or initial minimum deposit, etc. 

Step #4

After that, you must complete their application form by providing them your full name, occupation, date of birth, nationality, and the type of Swiss bank account you need to open. 

Step #5

After the approval of your application, you must make an initial minimum deposit. This amount varies between different banks. 

Step #6

Now, in the final step, the bank will send you your account details along with all the instructions on how to access it as well as the online banking details. 

Opening Account in Swiss Banks – What You Need to Know?

When you open your new account, you will have access to your account manager. If you want to communicate in English, let your bank know that in advance, and they will assign you a contact who speaks English. 

As many people live in Switzerland and work in other countries, especially in the Eurozone, or it may be the other way around, many Swiss banks allow withdrawals in Euros as well as Swiss Francs. It can come in handy if you’re opening an account as an NRI, from India, or elsewhere

What Charges & Fees to Expect?

If you’re looking to open a Swiss bank account, you might be offered to open a numbered account. Such types of Swiss bank accounts are highly anonymous in your dealings.

However, such a bank account also comes with a hefty operating fee that can range around anywhere 2000 Swiss Francs annually. So this is not an option you can sign up for just for a trial.

Moreover, everyday bank accounts have charges as well. You can expect a monthly fee for operating such a bank account from a couple of Francs (for a basic account) to CHF 30 for a premium bank account type that comes with a few extras. 

Furthermore, there might be some additional charges on withdrawals using ATMs outside the network of your bank, if you’re looking for credit card advance or need to transfer to some other bank. 

Any debit or credit cards you take with come with some fee per annum that can be approximately CHF 30. For a credit card, you must give an amount equivalent to the monthly credit limit deposit on your card. You invest this deposit and repay, including an interest amount when you close your account. 

As there are different charges, it’s best to take a look at each of them in advance before you choose a product for use with your Swiss bank account. 

Sometimes you can get your fees waived if you’re saving with the same bank or if you’re taking a mortgage, you can discuss this matter with your account manager and see what he has to offer. 

Pros & Cons of a Swiss Bank Account

Now, let’s shed some light on the advantages and disadvantages of having a Swiss bank account.

Opening an Account in Swiss Bank – Different Pathways

Now, there are three different pathways you can follow to open a bank account in Switzerland. Let’s discuss them in detail one by one. 

With Conventional Swiss Banks

Primarily, every major Swiss bank offers a bank account to non-residents in the country, and this also includes NRIs. Nevertheless, some banks refrain from doing so and may even obscure their banking services as well as relevant pricing to make it unclear and complex. 

Now with basic bank accounts in Switzerland, non-residents must travel to the country and meet the bank in person after scheduling an appointment. 

But these banks offer much less if you’re looking to save monthly or annual costs for account management and if you’re looking for premium banking services, their charges are high. 

But the following are some of the banking services that provide clear pricing and service information for non-residents

PostFinance

Using PostFinance if you’re residing outside Switzerland, you can open a Swiss bank account with relative ease. You just need to provide them with your identity documents, permanent address, and tax details. 

You can also hold your account either in Swiss Francs or Euros. Their banking services for a standard account will cost you around CHF 30 to CHF 37 a month. An investment account will cost even more. 

Migros Bank

However, people from non-EU countries must deposit a six-figure amount. Their banking services for a basic account will cost you around CHF 5 to CHF 10 a month. While their investment account will cost much more than that. 

UBS

Non-Swiss residents living in the neighboring countries can open a Swiss bank account quickly in UBS Switzerland. Here, you can maintain your account either in Swiss Francs or Euros

Moreover, UBS offers foreign currency accounts in different foreign currencies. An account with their banking services will cost you approximately CHF 10 per month. 

Valiant

Valiant is one of the smaller local banks in Switzerland, and it makes opening an account in the country simpler for Indians outside Switzerland. A Valiant account will cost you approximately CHF 48.2 a month. 

AKB 

Aargau Cantonal Bank and another good option for non-Swiss residents in Switzerland or opening a bank from outside Switzerland. This bank is run by the Cantonal government of Aargau. Their banking service for a standard account will cost you around CHF 15 to CHF 20 per month. 

With Multi-Currency Accounts in CHF

Another option you can consider here is to (and it’s the best one if you live in India) open a multi-currency account with Swiss Francs if you don’t live in Switzerland or any of the bordering countries.

This will work as long as you just need to hold CHF and don’t need a full banking experience with transfers or debits. It’s essentially your account online to hold CHF, but it’s much cheaper than most Swiss banks. 

Wise

Now, Wise is not a bank, but rather a money transfer service that is popular for offering cheaper international money transfers at low mid-market rates. 

But money transfer is not the only service that Wise offers. You can also open a Wise account, which is a low-cost foreign currency account along with a card that works like your travel debit card. 

Revolut

Another option here is Revolut, which is also a fintech service, and it enables you to have a multi-currency account. With this account, you can conveniently make international transfers with low largest and mid-market rates, 

How Can a Wise Borderless Account Help Out Here? 

Most major Swiss banks offer obscure services or charges to their non-Swiss customers. Otherwise, as a non-resident, Swiss banking makes you make hefty cash deposits. 

But if you’re looking for a Swiss bank account online, you can consider fintech options like Wise or Revolut. With these services, you not only have a bank account in Switzerland, but also you don’t have to deal with most mandatory issues Swiss banks require. 

With Wise, instead of a bank account in Switzerland, you have a multi-currency account that enables you to hold multiple currencies in addition to CHF, and it’s permitted under Swiss law. 

It’s more than a bank account online that you can use in Switzerland after arrival. Now, it might not provide you with any numbered accounts or Swiss bank account numbers. But you’ll have an IBAN that you can use in the country without any problems. 

Moreover, you won’t have to worry about maintaining your minimum balance, as you do while working with a chosen bank or any other national bank. Using a wise account will enable you to make international transactions with a low exchange rate margin and fees. 

Now, if you’re not looking for wealth management or asset management in Switzerland, then these fintech solutions can work like a charm. Otherwise, you need to go for banking services for this purpose. 

Relevant guides:

• Open a Bank Account in the Philippines
• Open a Bank Account in Pakistan
• Open Bank Account in UAE from India

Final Word

Now, to open a Swiss account in a conventional bank, you need to be with the bank in person in Switzerland. Moreover, their charges are pretty high if you’re not a Swiss or EU resident.

Therefore, if you live in India or elsewhere outside Switzerland, choosing most Swiss banks won’t be a wise decision. 

But there’s a way to avoid these Swiss banking charges, as you can opt for fintech multi-currency accounts, like Wise. 

Now, if you’re not looking for wealth management or asset management, you can do pretty well with a Wise or a Revolut account. These accounts outside Swiss banking can help you maintain a multi-currency account with CHF, and you can operate this account from anywhere in the world.