How to open a Swiss bank account

The process

Opening a Swiss bank account follows a defined sequence: choosing a bank that fits the purpose and accepts the applicant's profile, submitting an application with supporting documentation, the bank's compliance and due diligence review, approval, and funding. For a well-prepared applicant with clean documentation and a straightforward source of funds, the process is smooth and takes a few weeks. For an applicant who submits incomplete documentation or has a complex source of wealth to explain, it takes considerably longer. The single biggest determinant of speed is how well the application and documentation are prepared before submission.

Documentation the bank requires

Swiss banks require, at minimum: a certified copy of a valid passport; proof of residential address dated recently, typically within three months; and source of funds documentation explaining where the money to be deposited came from. For higher-value accounts or private banking relationships, the bank will also want a source of wealth narrative covering the applicant's overall financial history. For US persons, FATCA documentation — including a W-9 — is required. Where the account is held by an offshore trust or company, the entity's formation documents, the trust deed, and identification of the beneficial owners are required in addition.

Minimum deposits

Swiss bank minimums vary enormously by institution and account type. Some retail-oriented banks open accounts with modest minimums. Private banking relationships at the major institutions typically require several hundred thousand dollars or more, and the most exclusive private banks set the bar higher still. The minimum is not just an opening figure — many private banks impose ongoing minimum balance requirements, and falling below them can trigger fees or account review. Confirm both the opening minimum and any ongoing balance requirement before committing to a particular bank.

Source of funds

Source of funds is where most Swiss account applications succeed or stall. The bank's compliance obligations require it to understand where the money came from, and a clear, well-documented explanation moves the application forward quickly. A settlement from a property sale, documented salary and bonus history, a business sale with the sale agreement, or an inheritance with the relevant documentation are all straightforward. Funds that have moved through several accounts, or wealth accumulated in a way that is not immediately documented, require a narrative that traces the path. Prepare this before applying — a bank that has to ask repeated follow-up questions about source of funds is a bank whose review takes months rather than weeks.

Timeline and remote opening

A well-prepared application typically completes in two to eight weeks. Many Swiss banks allow remote opening without an in-person visit, using certified copies of documents and, increasingly, video identification — though some private banks still prefer or require a personal meeting for higher-value relationships. Where the account is being opened by an offshore trust or company, the trustee usually manages the banking relationship and the account is opened in the entity's name, which is the standard approach for asset protection. Working through a trustee with established Swiss banking relationships is often faster than approaching a bank directly, because the trustee's existing relationship shortcuts part of the due diligence. See Swiss accounts for US persons for the US-specific requirements.

General information only. Requirements vary by bank and change over time. Confirm current requirements with the specific institution before applying.