Opening a bank account in Switzerland

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How to open an account with a bank in Russia

Russia has a very sustainable economy compared to other Eastern countries. Foreign bank account especially in the country of residence will allow and open many possibilities to the owner of such bank accounts. It will reduce problems and difficulties connected to travelling and living both abroad and in the country of residence. The procedure depends on many factors such as nationality and a policy from the particular bank concerning the non-residents. But it is very important to get to know and to compare different bank policies regarding the procedures and fees for the account opening. Below you will find the detailed information regarding the procedure. 

How to open an account for the Russian residents

Private individuals which are Russian citizens can open a bank account without any arising difficulties or worries. However, there are some limits.

  • Forbidden to have banks account for the entities which occupies certain positions;
  • Residents of the Russian Federation which open a bank account should notify tax authorities;
  • Residents should also notify about closure of the bank account.

Types of banks Switzerland

To quickly understand how to open an account with UBS bank you can work with SIGTAX in Switzerland. To open an account, the bank needs personal identification documents and details of your profession. 

  • It has a presence in over 54 countries, including major financial centers.
  • It offers a Personal Account for daily transactions. The personal account also allows free withdrawals at Bancomat ATMs and has low maintenance fees beginning from 5 CHF per month. 
  • A banking package is available which allows clients to choose services they actually need, (e.g. savings account, current account, debit card, retirement savings). A flat monthly fee pays for all these services. 
  • Students have access to the banking package called 'UBS Campus'. This gives students free withdrawals at ATMs, & free account management, etc.

This is also listed as one of the major banks in Switzerland. It accommodates both locals and non-residents who are in Switzerland for school, work or vacation. To open an account, one has to provide all required documents and fill the application document.

  • Offers a Private Account (current account) for daily transactions;
  • Provides online services and mobile banking;
  • Free withdrawals;
  • Free account management when you deposit over 25,000 CHF. The charges below this figure are still very low;
  • Provides a free bank card;
  • A Private Account Plus is also available with more benefits. It allows free international withdrawals of cash;
  • Students in the State can have free account management & and an attractive interest rate.

The private account is for individuals who are above 20 years of age.


Credit Suisse is a Swiss bank with a far reaching reputation in wealth management. Not much is required to open an account with this bank. You only need to provide your certified personal documents or business documents (for companies).

  • The bank offers a Private Account for your daily banking activities;
  • A MasterCard is provided;
  • It provides mobile banking services;
  • Account management attracts a fixed monthly fee;
  • A Bonviva Banking Package is available which provides services for day-to-day banking e.g. savings account, current account and a bank card. This card can be used for free cash withdrawals at ATMs in the country.
  • Another package, the CSX digital banking package is available. This can be managed via an application.


  • The bank has made too many reorganizations in the previous years.


Documents required to open an account with Switzerland

Swiss banks do not demand a lot of documents for the bank account registration process. Below are the documents required.


  • Personal identification (any official document, especially a valid passport);

  • Proof of address;

  • Proof of residence status (e.g. a B or C permit);

  • Proof that you are solvent, a letter from your employer can be used.


These documents are some of the commonly demanded. A bank may ask for more depending on its laws. You should also be informed that copies of the documents you submit need to be certified. If you are planning to register remotely, a lawyer will need to be involved. The lawyer will authenticate copies of your documents and attach an apostille stamp. Further due diligence may be performed.


Pros and cons of opening an account in Switzerland



Diversity of banks :- Switzerland has a variety of banks for you to choose from. There are private banks, foreign owned banks, national banks, cantonal banks, stock exchange banks, etc. You can always find one that specifically meets your needs.

Easy registration :- The process of registering a bank account with Swiss banks is simple and does not take time. Very few documents are required to complete the process.

Low cost :- Most Swiss banks do not have a minimum deposit requirement when opening an account. It's only after an initial deposit that a minimum balance has to be maintained.

Privacy :- The Swiss law encourages banks to protect the privacy of clients. Banks cannot disclose any account information without the depositor's permission. The only exception is when there is a criminal investigation.


Remote opening of the bank account can be demanding :- Although Swiss banks allow remote account registration, the process can be disheartening. Due diligence will be performed which can result in more costs and more time needed. And also, a minimum deposit amount in the range of 100,000 to 500,000 CHF is required by the major banks offering this service.

Why is it profitable to work with SIGTAX?

SIGTAX has in-depth knowledge of the banking laws of Switzerland. The firm has helped a variety of companies such as Limited Liability Companies (LLCs) and also individuals to set up bank accounts in Switzerland. This experience will benefit you to have your account set up in no time and without any inconveniences.




Swiss banking is very private. It's illegal for the banks to leak any account information except when there is a criminal investigation by the authorities.

Swiss banks may make restrictions on certain nationalities due to political embargoes in place at that time. Other than that scenario, everyone is welcome. 

The major banks in Switzerland provide a guarantee of 100,000 CHF in all accounts. What this means is, in the case of bankruptcy, the State will always get you that amount. Larger banks e.g. UBS are considered rather too big to fail. Thus, your money will be safe. 

Yes. The law in Switzerland prohibits banks to accept suspicious funds. They are obliged to report these transactions. There should always be proof of the origin of the funds. 

It's possible to register your bank account remotely, but it can be costly and may demand more identity verification documents.