How to Open a Business Bank Account in Switzerland: A Guide for US Businesses

Opening a business bank account is an essential step for any American entrepreneur working in Switzerland. It separates personal and business finances, and is often required for legal and tax purposes. Switzerland’s banking system is known for its stability and strong privacy protections, so it’s a reliable choice for businesses of all sizes.

For U.S. citizens living abroad, it is important to be fully compliant with U.S. tax law. Some traditional Swiss banks may have more complex onboarding procedures or higher minimum balance requirements for Americans or U.S.-owned businesses. As such, opening a business bank account in Switzerland is highly recommended and often legally required.

So let’s take a look at how to open a business bank account in Switzerland as a foreigner, so you can make the best decision for your growing business.

How do I open a business bank account in Switzerland? (Step by Step)

Step 1: Choose the Right Bank

Selecting the right bank is the first step. Swiss banks range from traditional institutions like UBS and Credit Suisse to modern digital banks such as N26.¹ Consider factors like fees, account features, online banking options and support for international transactions.

Step 2: Prepare Required Documentation

Swiss banks require comprehensive documentation to open a business account.² Typically, this includes proof of identity, a valid business registration and a detailed business plan. Banks may also request information on your shareholders, directors and anticipated transaction volume.

For some accounts, proof of residence and professional references are necessary. You will need to prepare all documents in advance so you can speed up the application process and reduce the likelihood of delays or additional verification requests.²

Step 3: Make the Initial Deposit

Many Swiss banks require a minimum deposit to activate a business account.³ The amount varies depending on the bank and type of account. Preparing funds in advance will make sure your application is not delayed. The deposit can usually be transferred from another account, though some banks may require verification of the source of funds.³

Step 4: Attend Verification (If Required)

Depending on the bank and your residency status, you may need to attend an in-person verification meeting.⁴ During this meeting, the bank will confirm your identity, review documents and discuss account usage. Non-residents may need to travel to Switzerland, while some banks allow partial remote verification.⁴

Step 5: Receive Approval and Start Using Your Account

Once the bank has reviewed your documents and completed verification, your account will be approved.² You will receive account details, online banking access and any necessary cards. With your Swiss business account, you can separate personal and business finances, process transactions efficiently and access international banking services.²

Can a U.S. citizen open a bank account in Switzerland?

Yes, U.S. citizens can legally open a bank account in Switzerland. However, Swiss banks must comply with the Foreign Account Tax Compliance Act (FATCA), which requires reporting account information of U.S. persons to the IRS.⁵ This means U.S. citizens must provide extensive documentation and be prepared for ongoing reporting obligations.⁵

Some banks may have restrictions or special requirements for U.S. clients, so it is important to consult with the bank beforehand as well.² Opening a Swiss bank account as a U.S. citizen can still be advantageous for international transactions, or even diversifying assets, but compliance with tax and reporting rules is mandatory to avoid penalties.⁵

Can I open a bank account in Switzerland if I don't live there?

Non-residents can open a bank account in Switzerland, though the process can be more complex than for residents and can be conditional on the type of business you open.¹ Typically, an application must be submitted, and some banks require an in-person verification of identity at a Swiss branch.² Certain banks provide remote account opening options, but these may require a higher minimum deposit.³

For non-resident businesses in Switzerland, well-known international banks will require a substantial minimum deposit or assets under management, while smaller banks or specialized financial service providers may have a lower threshold.

Once approved, non-residents gain access to the same secure, stable banking services that make Switzerland an attractive financial hub worldwide.

Wise Business Could Help Your Company Save on Global Payments

Do Swiss banks report to the IRS?

Yes, Swiss banks report information to the IRS for U.S. persons under the Foreign Account Tax Compliance Act (FATCA).⁵ This includes details such as account balances, interest earned and other relevant financial information.⁵ U.S. citizens, no matter where they live or do business, must report to the IRS around tax time.

For entrepreneurs who create a foreign entity in Switzerland, there is required IRS documentation such as Form W-8BEN-E or Form W-9. The bank will also report information to the IRS, including the account balance and the total gross amount of interest, dividends and other income.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

Final Thoughts

Opening a business bank account in Switzerland may seem tedious or even challenging at first, especially for non-residents, but with the right preparation, it’s a manageable process. Choosing a bank that fits your business needs, preparing all required documents, and understanding verification and deposit requirements are important steps to success.

Switzerland’s banking system is known for its security and financial stability, so it’s an excellent choice for both local entrepreneurs and international businesses. If you follow the proper steps and meet compliance standards, you can establish a reliable financial foundation that supports your business growth and enhances your professional credibility in the beautiful nation of Switzerland.

FAQs

How long does it take to open a business bank account in Switzerland?

The timeline varies by bank and applicant profile, but most business accounts take between one to four weeks to open.¹ Non-resident applications or complex business structures may take longer due to additional checks.²

Is it possible to open a Swiss business bank account entirely online?

Some modern and digital banks offer fully remote account opening for specific business types.¹ However, many traditional banks still require at least one in-person verification, especially for non-residents or companies with complex ownership structures.² Not to mention, remote account opening often involves stricter documentation requirements and, in some cases, higher minimum deposits.³ It’s best to confirm each bank’s policy in advance to plan accordingly.²

Sources:

1. Free Business Bank Account in Switzerland | N26
2. How to Open a Swiss Bank Account | Dominion
3. Top Business Accounts for Startups in Switzerland 2025 | Amnis Treasury
4. Opening a Bank Account in Switzerland | Lawyers Switzerland
5. Swiss Bank Accounts | Alper Law