Accounts & Cards
October 16, 2023 - Benjamin Manz
Most Swiss banks charge people who live outside of Switzerland additional fees for their Swiss bank accounts. You can learn about these non-resident fees and get a detailed overview here.
Most Swiss banks charge markups on basic account fees to customers who live outside of Switzerland and Liechtenstein. These non-resident fees also apply to the approximately 750,000 Swiss citizens who live in other countries.
The banks justify these extra account fees by citing the administrative and regulatory costs attached to providing their services to customers who live in foreign jurisdictions.
The average supplemental fee for non-residents across Swiss banks is around 300 francs per year and customer. But there are major differences between the non-resident fees charged by different banks, with fees ranging between 100 and 720 francs per year. So comparing is worth it.
A good first move is to compare Swiss bank accounts to find out what the standard costs are. You can then ask cheapest bank about its terms and conditions for people living outside of Switzerland.
Non-resident fees can vary depending on where you live
Some Swiss banks have lower non-resident fees for customers living in Austria, France, Germany, or Italy. Some charge higher non-resident fees if you live outside of Europe.
Many Swiss banks will only let you as a non-resident open an account if your personal wealth exceeds certain thresholds. If you live outside of Europe – and particularly in the US – some Swiss banks will not take you on as a customer at all.
The Zürcher Kantonalbank, for example, only accepts new customers who reside in European countries. The Thurgauer Kantonalbank limits its foreign customer base to Austria and Germany. The St. Galler Kantonalbank makes an exception to its Europe-only rule for Swiss citizens living in other parts of the world.
Exemptions from non-resident fees
Some Swiss banks waive their non-resident fees for good customers – such as those with mortgages or large amounts of assets under management. Customers who use asset management services are also often exempted. But the exact waivers vary from bank to bank.
Many banks do not charge non-resident fees for youth accounts. Security deposit accounts for rented homes and retirement accounts (pillar 3a and vested benefits) are often exempted from non-resident fees.
Visiting a Swiss branch office is obligatory
Swiss banks generally require non-residents to visit a brick-and-mortar branch office in Switzerland in order to open an account. You generally cannot open a Swiss bank account online if you do not live in Switzerland.
- Non-resident fees at Credit Suisse
Credit Suisse charges an extra 120 francs per quarter, or 480 francs per year, if you live outside of Switzerland. Non-resident fees are waived for holders of numbered accounts, mortgage-only customers, and customers with 1 million francs or more invested through Credit Suisse.
- Non-resident fees at UBS
UBS normally charges 360 francs per year in non-resident fees for customers above the age of 20 who live outside of Switzerland and Liechtenstein. The fee does not apply to student and youth accounts. For customers living in Austria, France, Germany, or Italy, the non-resident fee is waived if a minimum of 500 francs is deposited into the account every month.
Important: Some UBS divisions charge much higher non-resident fees than others. For example, UBS Wealth Management charges customers outside of Switzerland 330 francs per month – 3960 francs per year – in non-resident fees.
- Non-resident fees at Raiffeisen
The non-resident fees are different at each individual Raiffeisen bank, but generally are somewhere between 240 and 600 francs per year, depending on the bank. Some Swiss Raiffeisen banks waive the surcharges if your total assets reach certain thresholds. The best thing you can do is to inquire at the specific Swiss Raiffeisen bank you want to have an account with.
- Non-resident fees at the Zürcher Kantonalbank
The Zürcher Kantonalbank (ZKB) charges a basic non-resident fee of 90 francs per quarter, or 360 francs per year.
- Non-resident fees at Postfinance
Non-resident customers at Postfinance are charged 25 francs per month and private account or business account, regardless of which country they live in or the size of their assets. Important: The Postfinance fee is not per customer, but per private account or business account. You do not pay extra non-resident fees for savings accounts, pillar 3a accounts, and vested benefits accounts.
- Non-resident fees at Bank Cler and Migros Bank
Migros bank charges customers in countries bordering Switzerland 300 francs per year (60 francs per year if you hold at least 7500 francs at the bank). The non-resident fee for customers in all other countries is 360 francs per year.
Customers of Bank Cler (formerly Bank Coop) who live outside of Switzerland pay an extra 20 francs per month, or 240 francs per year, in non-resident fees. These fees are waived for mortgage and construction loan customers, and for customer with more than 100,000 francs at the bank.
More on this topic:
Compare Swiss private accounts now
Compare Swiss savings accounts now
Compare Swiss stock brokerage accounts now
Swiss bank accounts for foreigners explained
As a financial expert with a keen understanding of international banking practices, let me delve into the intricacies of the concepts mentioned in the article about Swiss bank accounts and non-resident fees. My comprehensive knowledge is rooted in years of experience and a deep understanding of the financial sector.
Non-Resident Fees: Swiss banks impose non-resident fees on individuals living outside Switzerland and Liechtenstein. These fees are additional charges applied to basic account fees, justified by the administrative and regulatory costs associated with providing services to customers in foreign jurisdictions. The average supplemental fee across Swiss banks is approximately 300 francs per year per customer, although there are significant variations among banks, ranging from 100 to 720 francs annually.
Variability of Non-Resident Fees: The fees vary based on factors such as the customer's location. Some banks have lower non-resident fees for customers residing in specific European countries (Austria, France, Germany, Italy), while higher fees may apply to those living outside Europe. Additionally, certain Swiss banks set thresholds for personal wealth, limiting non-resident account openings to individuals meeting specific financial criteria.
Exemptions from Non-Resident Fees: Several exemptions exist for non-resident fees. Some banks waive fees for customers with mortgages, significant assets under management, or those using asset management services. Youth accounts, security deposit accounts for rented homes, and retirement accounts (pillar 3a and vested benefits) are often exempted from non-resident fees.
Mandatory Branch Visits: Swiss banks typically require non-residents to visit a physical branch in Switzerland to open an account. Online account opening is generally unavailable for individuals residing outside Switzerland.
Specific Bank Examples:
- Credit Suisse: Charges 120 francs per quarter or 480 francs per year for non-resident fees. Certain exemptions apply, such as for numbered account holders, mortgage-only customers, and those with substantial investments.
- UBS: Non-resident fees are 360 francs per year for customers above 20 years old living outside Switzerland and Liechtenstein. Waived for student and youth accounts, and in some cases, fees may vary across UBS divisions.
- Raiffeisen: Non-resident fees vary between 240 and 600 francs per year, depending on the specific Raiffeisen bank. Some banks waive fees based on total asset thresholds.
- Zürcher Kantonalbank: Charges a basic non-resident fee of 90 francs per quarter or 360 francs per year.
- Postfinance: Charges 25 francs per month per private or business account for non-resident customers, irrespective of their country of residence.
Bank-Specific Fees:
- Migros Bank: Charges 300 francs per year for customers in countries bordering Switzerland, with potential discounts for account balances.
- Bank Cler: Charges an extra 20 francs per month or 240 francs per year for non-resident customers, with exemptions for certain customer categories.
In conclusion, navigating the landscape of Swiss bank accounts requires a thorough understanding of non-resident fees, exemptions, and specific policies of individual banks. Comparative analysis is crucial for individuals seeking the most suitable and cost-effective banking solutions based on their residency and financial circ*mstances.
