Swiss online banks for French residents: how to choose?

Are you looking for a Swiss online bank to open an account with? If you're a non-resident cross-border commuter living in France, you have several options. Here are some of them.

To transfer funds to or from France, consider using Wise. With Wise, you could save money thanks to low fees and the mid-market exchange rate.

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Swiss online bank for non-residents: our comparison

Here's an overview of the main online banks accessible in Switzerland to French residents: management fees, bank card prices, payments/withdrawals in Swiss francs.

How to choose your Swiss online bank?

Free Swiss online bank vs. international online bank

The online banks presented above are divided into two categories: those that are Swiss (Zak and Neon) and those that are domiciled outside Switzerland.

By choosing Zak or Neon, you won't incur top-up fees on transfers made from Switzerland. Are you a cross-border worker living in France? Then these two online banks are usually the most practical choice.

If you don't have a Swiss IBAN, your employer may incur fees if you ask them to deposit your salary into an account domiciled in France. They could even refuse the transaction and ask you to open a local bank account. With a 100% Swiss online bank, you won't have this problem.

However, you may face fees for transactions outside Switzerland. You will then need to transfer your salary to France.

If you are going to Switzerland only for vacation or studies, you don't necessarily need to open an account with a Swiss bank. You can easily sign up for an international online bank.

In some cases, you may be able to benefit from free payments in CHF. With N26, for example, card payments in Switzerland are fee-free, even with the free account.

Withdrawal and Payment Fees

If you live and work in Switzerland, only local online banks will allow you to make withdrawals and payments in CHF without fees and without conversion. However, if you use your card in France, you will face charges.

If you spend time between the two countries, it’s often better to opt for an international online bank. With N26, for example, you’ll benefit from fee-free payments with conversion at the mid-market rate, even with the free plan. However, free withdrawals are limited.

Alternatives to Swiss online banks

Traditional banks offering an e-banking service

If the options above don't suit you, you can always open an account in Switzerland at a traditional bank that offers online account management.

Among the most reputable institutions are UBS and Credit Suisse. By signing up for a plan with such a bank, you'll enjoy numerous benefits:

• Comprehensive services: current account, savings plan, trading, etc.
• Ability to customize your plan with bundled service packages.
• Insurance for flights, baggage, rentals, online purchases, etc.

However, these services come at a cost. Traditional banks tend to have high fees. In addition, they charge an exchange rate markup. Therefore, your account will only be truly useful in Switzerland. From the moment you use it in France or elsewhere, you’ll face high fees on payments and withdrawals.

Swiss currency exchange service + digital bank

By opting for a digital bank combined with a Swiss currency exchange service (such as Migros or b-sharpe), you'll obtain a local IBAN and the ability to convert your Swiss salary at a preferential rate.

The drawback of this solution is that the IBAN provided by the exchange service is not considered a personal account, even if it contains your contact details. Some employers may therefore refuse to pay your salary into it.

If you encounter problems, you can always open a Swiss account and another at a digital or traditional bank, then transfer money from one to the other via Wise. This helps reduce both bank fees and exchange rate costs, while keeping flexibility.

Swiss online banking for French cross-border commuters

Some banks offer solutions for cross-border commuters. Crédit Agricole, through its subsidiary CA-Next Bank, gives you access to a cross-border account in Switzerland and several options for transferring your salary to France: cross-border direct debit, forward sale, bank transfer, etc.

The advantage of this option is that you centralize everything in one place. Managing your accounts will therefore be easier. However, you will pay an increased exchange rate on your salary conversion.

In France, it is also possible to open a CHF account with Crédit Mutuel, which allows you to withdraw your Swiss salary via the Cross-Border Repatriation Service. You may also benefit from a “preferential” exchange rate when converting into euros.

What is the best Swiss online bank for French residents?

Here is a summary of the options available to you as a cross-border worker not resident in Switzerland:

• Swiss online bank (Neon, Zak): the simplest solution for withdrawing your salary, but limited outside Switzerland due to fees on withdrawals and euro payments.
• Traditional bank with e-banking service (UBS, Credit Suisse, etc.): more expensive, but offers a full range of services. Fees apply to transfers to France and euro transactions.
• French cross-border account: centralizes your accounts in one place, but incurs higher exchange rate costs when repatriating your salary.
• French account + Swiss account + transfer service: low cost, but less flexible.
• International online banking: flexible, but withdrawal fees apply.

Use Wise to transfer your money and salary to France

Do you have an account in Switzerland and an account in France? Then use Wise to transfer money between them.

With your bank, you may face high fixed fees and a marked-up exchange rate. This can make each transfer costly.

With Wise, conversions from Swiss francs to euros (and vice versa) are made at the mid-market rate, without hidden markups. You’ll then only pay a small, transparent commission.

Make your money transfers between France and Switzerland easier with the Wise multi-currency account.

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Sources:

Sources last verified on September 22, 2024.

This article is a translation of the original article published in French and was translated within 365 days of publication. While the content has been translated for accessibility, the data and sources referenced have not been updated since the original publication date.