The best banks in Switzerland

It takes a while before you become familiar with the financial structure of a country. It is quite alluring to be living in a country filled with gorgeous landscapes and lush green backdrops, just like the ones we witness in the wallpapers. However, before you get comfortable living in a new country; you need to have a seamless financial structure.

Banking plays an important role. Switzerland is filled with banks and holds a unique reputation for its banking services in the world. They tend to keep the information discreet and allow society’s elitist to maintain a strong financial structure. With few laws being changed, Switzerland banks are attracting a new audience. As an expat, initially, you might find the banking sector confusing but eventually, you will get the hang of their working style. You might just love their terms!

We would love to navigate you through various banks available in Switzerland and familiarize you with their offerings. Let’s begin already! To pick the best service, look for the credit rates, withdrawal fees, and customer service. We have selected the best banks in Switzerland for you with the use of the following criteria:

✓ English speaking customer service
✓ Free creditcard
✓ Clear Savings account
✓ Flexible contracts
✓ Clear contracts (no hidden costs)
✓ Fair credit rate
✓ Low withdrawal fees

Company	Pro’s /Con’s	Rating
#1 -The best Swiss bank   ★★★★★ Rating It is a leading mobile bank and delivers access to a wide range of financial services.	It is a leading mobile bank and delivers access to a wide range of financial services. ✓ The account opening with N26 is absolutely free as well as there is a monthly bearable cost. ✓As a customer, you would get a free MasterCard debit card to start instant withdrawals. ✓ You could track your expenses through the Artificial Intelligence integrated system. ✓ An expat could save up to 6x more as compared to traditional banks, with their Transfer Wise inbuilt feature in the app that allows sending money internationally in 19 different currencies. ✓ Commendable customer service as offered in distinctive languages, and English being the most popular of all. ✘  Despite the flexibility of language as offered, customer service support is a lot slow while the app tends to take a lot of time to successfully load.	9.3	Visit n26.ch
#2   ★★★★★ Rating It is a popular financial service company providing advisory solutions to clients in all possible aspects of finance.	It is a popular financial service company providing advisory solutions to clients in all possible aspects of finance. ✓ The bank offers additional services such as Investment Banking and wealth management besides general banking. ✓ The savings account is free from account management fees, and you also get a free cash service card to deposit money at any of their ATMs. ✓ The interest rates offered are comparatively better than other banks in the country. ✓ You could use their mobile banking service for quick transactions. ✓ As a customer, you would be required to serve a notice period of 3 months prior to closing the account. ✘  Although the bank offers 12 free withdrawals in a year, from 13th onwards, you would be charged CHF 10.	8.7	Visit Credit-suisse.ch
#3   ★★★★★ Rating It is a popular global firm providing professional financial services across various countries.	It is a popular global firm providing professional financial services across various countries. ✓ With the bank’s additional fund account option to the savings account, one could strive to earn higher returns. ✓ Similar to Credit Suisse, UBS also offers free of cost account maintenance. ✓ The bank also offers convenient cash withdrawals at Bancomats. ✓ A unique feature of Customer Card, that too free of charge. ✘ The bank offers only six free withdrawals in a year and hence, might become expensive. ✘ A surcharge is imposed on payments made from a savings account.	8.2	Visit Usb.ch
#4   ★★★★☆ Rating It is the largest cantonal bank and a leading financial service provider in Switzerland.	It is the largest cantonal bank and a leading financial service provider in Switzerland. ✓You could open the savings account for free. ✓ The bank also offers free of cost account management. ✓Zurcher is considered as one of the largest banks in Switzerland with 103 outlets. ✓ Outstanding customer service with a dedicated team of representatives for specific queries ✘  The bank offers only free withdrawalsup to CHF 10,000 in a month. ✘  You would be required to wait until the notice period of 3 months is over for higher amounts. ✘  The minimum age for bank account opening is 22 years old.	7.8	Visit Zkb.ch

The best bank account in Switzerland

During your initial research for a preferred bank, you are sure to stumble upon various offerings from different banks. Hence, it is quite easy to become confused while identifying which bank to choose in Switzerland. Based on recent feedback by expats, N26 has managed to be the best bank in Switzerland and is commonly considered by newcomers. You might be surprised to know that you could actually open a free bank account in Switzerland, only you would need to know the right name. N26 not only offers a free bank account but is also offering a free credit card in Switzerland as soon as you register with the bank and become their customer.

About N26

The bank has gained popularity across Europe and other parts of the world considering they have a lot to offer to whoever registers with them. An entirely new era of banking by using the bank’s mobile app, it also allows you to keep a track of your finances. You can’t imagine the amount you would be saving on ATM withdrawals and International transactions. Amazing, isn’t it? Besides all, one could also start spending through the online app even before a physical card arrives.

Top reasons N26 is reliable

• Most customers experience the fear of unknown, which means the fear of hidden costs. N26 is transparent and ensures no surprises later.
• Through the mobile app offered by N26, one could easily track the expenses as well as put daily limits.
• With advanced 3D secure technology and fingerprint identification, N26 also succeeds in keeping the information safe and secure. Security is utmost important to the bank.
• The bank provides customer service in a language of your choice. Hence, when you get associated with N26, you could rely on the bank’s representatives to answer your queries instantly.

Open a bank account in Switzerland

The flow of money should not be interrupted, especially when you are in a foreign land. Besides food and stay, an active bank account is another must as you enter the country. You sure don’t want your transactions to be hampered, considering you are an expat, and opting for a local bank account might seem sensible.

Swiss banks are considered to be different in how they function compared to the banks in other countries. While there are plenty of popular banks in Switzerland, the search for the right bank could prove tiresome. The common difficulties faced when opening an account are lack of knowledge about the required documents, what would qualify for a right bank, and the confusion of which bank blends with your lifestyle. Although it is a wise decision to try opening a savings account prior to your arrival, it is often recommended to visit the bank in person to avoid any unnecessary dilemma.

How to open a bank account in Switzerland?

To open a bank account in Switzerland, you would be required to provide certain essential documents at the desired bank. Following are the documents:

For Savings account:

• Proof of identity : your current passport ID
• Proof of the status of residence – irrespective of whether a visa, residence or work permit is required or not
• Proof of address

For those who are non-residents of Switzerland, you may be asked to provide proof of income or a letter from your employer.

In addition, for a credit card, you would have to fill a different form at the bank requesting to provide you a credit card. No additional documents are required.

Tips and Tricks

Opening a new bank account is surely hectic! You have a lot of documentation to go through besides the obvious struggle of settling in a new country. It might actually be nice to know a few knacks about bank account opening in Switzerland. Before you even know which bank to open your account with, there are certain knows’ & hows’ that might come in handy.

• In order to open a bank account in any bank of your choice, you would need a few necessary documents such as: Proof of address or proof of residence status, Passport ID, and letter proving your employment, along with few basic forms to fill.
• For those who are non-residents of Switzerland, you may be asked to provide proof of income or a letter from your employer. Hence, ensure that if your company has moved you, you have a letter from your employer handy with you.
• Don’t forget to compare it! It would be better to compare each reputed bank’s offerings to understand what suits your needs better.
• The banking sector in Switzerland has evolved a lot in the past years, and with new guidelines in place, it has become possible to open small savings accounts with high standard banks. Hence, do a little research to gain information regarding the minimum deposit required so that it is not heavy on your pocket.
• Another difference observed between Swiss banks and banks in other countries is the number of services that they offer. Banks in Switzerland focuses majorly on Wealth management and investment banking. You will find some great options for better utilization of your money with the right bank.
• To make your travel secure, we recommend opting for an online account opening. Few banks assist you well with remote bank account opening. This way, you know your financial requirement is fulfilled even if you have just landed in Switzerland.

Swiss banks have remained popular amongst international customers as well. Our tips & tricks could prove helpful if you are new to the country and find yourself in a dilemma. The above-mentioned information could a lot of your precious time and make the process of settling in hassle-free.

Advantages of online banking in Switzerland

The surge of coronavirus has led countless people to opt for online banking due to social distancing. Since then, the use of digital banking has become wide spread more than ever. Although online banking has always existed, after 2020, online banking was known widely. Let us tell you about the benefits that online banking will bring.

• Control: online banking in Switzerland will give you full control over your finances. It is a significant benefit of online banking. You will get real-time access to manage and move your money according to your needs. 
• No Restrictions: unlike conventional banking, online banking will not restrict you from banking tasks, such as depositing a check or moving money from one account to the other. You can also easily navigate your daily transactions and send or receive money.