COREDO > Opening a Bank Account in Switzerland

Opening a Bank Account in Switzerland

Opening a Bank Account in Switzerland with COREDO

Switzerland has held its position as one of the world’s major financial centres for decades. A stable economy, a high level of depositor asset protection, and a well-developed banking infrastructure make this jurisdiction attractive for companies and individuals seeking reliable financial management. COREDO has been providing professional assistance in opening bank accounts in Switzerland since 2016, ensuring full support at every stage — from preliminary analysis to receipt of account details.

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Cost of the service
from 700 EUR

Types of Bank Accounts

The following principal types of bank accounts are available in Switzerland:

A corporate bank account (Geschäftskonto)

is designed for legal entities and is used for conducting commercial activities, settling transactions with counterparties, and managing working capital. The account is opened in CHF, EUR, USD, and other currencies with access to online banking and international payment systems.

A payment institution account

is an alternative to a traditional bank account. It is opened at licensed payment institutions and is suitable for companies requiring prompt access to settlement services.

A personal bank account (Privatkonto)

is opened for individuals and serves for receiving income, making everyday payments, and managing personal finances. Swiss banks offer a full range of services, including multi-currency operations, debit cards, and online banking.

A savings account (Sparkonto)

is used for accumulating funds with interest accrual. Terms for interest rates and minimum balances vary depending on the bank.

A custody (depositary) account

is intended for the safekeeping and management of investment assets — securities, funds, and other financial instruments.

Requirements for Clients

Opening a bank account in Switzerland is subject to strict AMLA requirements and FINMA regulations. Banks are obliged to conduct customer due diligence (CDD) and identify the beneficial owner of the account before establishing business relationships. An additional standard is the Swiss Bankers Association’s Convention on Due Diligence (CDB), which sets identification rules for all market participants.

For legal entities, banks verify the corporate structure, beneficial ownership data (with disclosure of participation shares), source of funds, nature of planned operations, and financial statements for recent years. For individuals, confirmation of identity, residential address, and sources of income is required.

Non-residents of Switzerland are able to open a bank account; however, enhanced due diligence (EDD) procedures apply to them. Banks may impose higher minimum balance requirements, request additional documentation on the origin of capital, and conduct an extended compliance review. A number of Swiss banks require the client’s personal presence for identification, although some institutions allow remote account opening using video verification.

Account Opening Process and Timelines

The process of opening a bank account in Switzerland through COREDO includes the following stages:

Client Analysis (preliminary screening).

COREDO specialists analyse the client’s profile, identify suitable banks and account types, and assess the likelihood of application approval. At this stage, primary information about the company or individual is collected and reviewed.

01

Document preparation.

A complete set of documents is compiled in accordance with the requirements of the selected bank. For corporate clients, this includes incorporation documents, the shareholder register, financial statements, tax declarations, and a description of the business model. Documents of foreign origin are subject to apostille and, where necessary, notarisation.

02

Application submission and bank communication.

COREDO submits the documents to the bank and ensures communication between the client and bank specialists at all stages of the review. If required, a personal meeting between the client and bank representatives is arranged.

03

Verification and account opening.

The bank conducts a compliance review of the submitted documents and KYC procedures. Following successful verification, the account is opened and account details are provided to the client.

04

Standard verification and account opening timelines at Swiss banks range from 4 to 8 weeks, depending on the complexity of the client’s corporate structure, the completeness of documentation, and the internal procedures of the specific bank. For individuals with a transparent profile, timelines may be reduced to 2–4 weeks.

COREDO Service Fees

Legal Entities

Stage	Cost
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Cost
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The final cost depends on the type of account being opened (bank or payment institution). The deposit is credited to the client’s account and remains at their disposal after account activation.

Required Documents

To open a corporate bank account in Switzerland, the following documents are generally required: the Certificate of Incorporation, the Articles of Association, a current extract from the commercial register, a complete shareholder register indicating participation shares, notarised copies of passports of directors and beneficial owners, proof of residential address of directors and beneficial owners (no older than three months), financial statements and tax declarations for the past two to three years, a description of business activities and planned operations, and a board resolution on account opening with specimen signatures.

To open a personal bank account, an individual will need: a valid passport, proof of residential address, information on sources of income (employment certificate, tax declarations), and in some cases a reference letter from an existing bank.

The specific list of documents may vary depending on the requirements of the selected bank and the client’s profile. COREDO specialists provide a detailed document list following the preliminary analysis at the first stage of cooperation.

Advantages of Working with COREDO

COREDO has been operating in the legal and consulting services market since 2016. The headquarters is located in Prague, and services are provided throughout the European Union and beyond. Cooperation with COREDO when opening a bank account in Switzerland offers a number of significant advantages.

Professional analysis of the client’s profile allows identifying the most suitable banking institutions, taking into account the specifics of the business, ownership structure, and account opening objectives. Full documentary support includes the preparation and review of all required documents in accordance with Swiss banking standards. Communication with the bank is handled by the COREDO team, which significantly reduces the likelihood of delays due to incomplete documentation or incorrect formatting. The client receives individual support from an expert throughout the entire process — from the initial consultation to receipt of account details.

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Our Experts

Pavel Kos

Head of Legal at COREDO. Has been with the company since June 2017, heading the legal team since July 2020.

Daniil Saprykin

Head of Customer Success at COREDO. Provides operational coordination of the account opening process and interaction with banking institutions.

Diana Šnajdr

Customer Success Manager at COREDO. Supports clients at all stages of interaction with banks and monitors compliance with timelines.

Frequently Asked Questions

Can a non-resident of Switzerland open a bank account?

Yes, non-residents are able to open both a corporate and a personal bank account in Switzerland. To do so, a complete set of documents must be provided, and enhanced due diligence (EDD) procedures must be completed. Banks may impose higher minimum balance requirements and request additional information on the origin of funds.

What are the timelines for opening a bank account in Switzerland?

The standard verification and account opening timeline for a bank account in Switzerland ranges from 4 to 8 weeks. For individuals with a transparent profile, the process may take from 2 to 4 weeks. Actual timelines depend on the complexity of the corporate structure, the completeness of documents, and the internal procedures of the specific bank.

Is personal presence required when opening an account?

Many Swiss banks require the client’s personal presence for initial identification, particularly when opening corporate accounts and accounts for non-residents. A number of institutions allow remote account opening using video verification. COREDO informs the client of the specific requirements of the selected bank at the preliminary analysis stage.

Are deposits in Swiss banks protected?

Deposits in Swiss banks are protected by the esisuisse deposit insurance scheme. Coverage amounts to up to CHF 100,000 per depositor at each bank. The insurance fund is maintained by scheme participants at a combined total of up to CHF 7.9 billion.

In which currency can a bank account be opened in Switzerland?

The primary currency of bank accounts in Switzerland is the Swiss franc (CHF). Most Swiss banks offer multi-currency accounts with the ability to conduct operations in EUR, USD, GBP, and other currencies.

Submit Application

If you are planning to open a bank account in Switzerland — for a company or for personal purposes — COREDO specialists are ready to provide professional assistance at every stage of the process.