Opening a private account as a new resident

One of the first practical steps after moving to Switzerland is opening a private bank account. You need it to receive your salary, pay the rent, settle your health insurance premiums and manage everyday life. The procedure is within everyone’s reach, but the Swiss system has its own rules and habits that are worth knowing in advance. Here is what to expect.

Why you need a local account

In Switzerland most payments go through the account: your salary is credited by the employer, invoices are settled by transfer or QR-bill, and many contracts (rent, telephony, insurance) presuppose a Swiss account. Continuing to use a foreign account is possible, but impractical and often costly in fees and exchange rates.

The documents required

Swiss banks apply strict customer identification rules. A new resident normally needs:

• a valid identity document (passport or identity card);
• the residence permit (permit B, C, L or the confirmation of registration with the municipality);
• proof of domicile in Switzerland (rental agreement or certificate of residence);
• information on the origin of the funds and on your professional activity.

Those who have already signed an employment contract but do not yet have the definitive permit can often start the opening with the documentation available, completing it later. It is best to check in advance with the chosen institution.

The types of account

The banking system distinguishes several types that are useful in everyday life:

• the private account (or salary account), to receive your pay and manage current payments;
• the savings account, to set money aside under conditions different from the current account;
• the debit card (for payments and withdrawals) and, on request and subject to assessment, the credit card.

Many institutions offer packages that combine account, cards and e-banking. The difference lies in the management costs, the conditions and the digital services included.

Costs to compare

Contrary to what people think, in Switzerland the account is rarely entirely free. It is worth comparing:

• the monthly or annual fee for managing the account;
• the cost of the debit and credit cards;
• the withdrawal fees at other institutions’ ATMs;
• the conditions on foreign-currency payments and exchange, relevant for those who keep financial ties abroad.

Some banks waive the fee for young people, students or in return for a regular salary credit: it is worth asking.

Traditional banks or digital solutions

Alongside traditional banks, digital banks (neobanks) have established themselves in Switzerland, allowing you to open an account entirely from an app and often offering lower costs and favourable currency exchange. They are convenient for everyday management and for those who travel. Traditional banks, on the other hand, remain a reference point for advice, mortgage lending and more complex relationships. Many residents choose a combination: a digital account for everyday spending and a traditional institution for more complex services.

Timing and activation

With complete documentation, the opening can be concluded quickly, but full activation (receiving the physical cards and e-banking codes by post) generally takes a few working days. It is best to move early, so as to have the account ready before your first salary and your first deadlines.

Mistakes to avoid

• Waiting too long to open the account and finding yourself without a Swiss IBAN when your first salary or first invoice arrives.
• Choosing only on the basis of the fee, ignoring charges on cards, withdrawals and currency exchange.
• Underestimating the tax question: those who keep accounts abroad must be aware of the transparency obligations and the automatic exchange of information.
• Not keeping the supporting documents on the origin of the funds, useful if the bank asks for clarification.

How we work at SIH ONE

We support those who move to Switzerland through the practical steps of their new domicile: coordination between the residence permit, registration with the municipality, setting up insurance and organising banking relationships, with attention also to the tax aspects for those who still have interests abroad.

Are you moving and want to be operational from day one? Discover our services linked to permits and tackle the move without a hitch.