Cross-Border Workers: Which Swiss Bank Should You Use?

Around 400,000 cross-border workers commute to work in Switzerland from neighboring countries. Around 230,000 live in France, 90,000 in Italy, and 65,000 in Germany.

Statistics show that most cross-border workers are employed in regions close to the border. Companies in the Canton of Geneva employ the biggest share of cross-border workers (110,000 people), followed by Ticino (79,000 people). Other cantons in which many cross-border workers are employed include Vaud (45,000 people), Basel-Stadt (35,000 people), and Basel-Landschaft (25,000 people).

What is a cross-border worker?

Cross-border workers work in Switzerland, but live in a neighboring country. They hold a class G residence permit. Normally a cross-border worker is expected to return to their foreign place of residence at least once a week. Many people commute to and from their home to their Swiss workplace every day.

Which Swiss banks offer bank accounts for cross-border workers?

In recent years, opening a Swiss bank account as a cross-border worker has become more difficult. Many banks have additional fees for non-resident customers. But there are also banks that provide private accounts to cross-border workers without charging non-resident fees. Most Swiss banks do not differentiate between residents of Switzerland and residents of Liechtenstein, and do not add non-resident markups for customers from Liechtenstein.

Which Swiss banks give cross-border workers bank accounts without non-resident fees?

Cross-border employees can use accounts from these Swiss banks without paying additional fees for non-residents:

• BancaStato (Customers in Italy)
• Crédit Agricole Next Bank (Customers in France, Germany, and Italy, with the bank packages CA Extra, CA First, and CA Simply)
• St. Galler Kantonalbank (Customers in Austria and Germany, with monthly deposits of at least 2000 francs)
• Thurgauer Kantonalbank
• UBS (Customers in Austria, France, Germany, and Italy, with monthly deposits of at least 500 francs)
• Valiant
• Banque Cantonale Vaudoise (Customers in France)

Which Swiss banks accept cross-border workers but charge additional non-resident fees?

Many Swiss banks have special, additional fees for customers who live in foreign countries – regardless of whether or not they work in Switzerland. These non-resident fees typically range between 120 and 500 francs per customer relationship and year.

Of the largest Swiss banks, the banks listed in Table 1 have non-resident fees for cross-border workers.

Table 1: Banks with additional fees for cross-border workers

* The fee is lowered to 60 francs for customers with total assets of 100,000 francs or more. This only applies to customers who live in neighboring countries.
** Cross-border workers can open an account at the Zürcher Kantonalbank but must maintain an account balance of at least 100,000 francs.
*** Recommendation from Raiffeisen Switzerland to individual Raiffeisen banks. Fees can vary between Raiffeisen banks.

Which Swiss neobanks offer bank accounts for cross-border workers?

Yuh and Yapeal do not charge any additional non-resident fees to customers who live in Austria, France, Germany, Italy, or Liechtenstein. That also applies to cross-border workers.

Which Swiss stockbrokers offer bank accounts for cross-border workers?

Cross-border employees can open an account with Swissquote. The trading-specialized bank does not charge basic, ongoing account fees, and does not charge any markups for non-resident customers. However, cross-border workers should pay attention to the two-franc fee for each SEPA transfer.

Cash - Bank Zweiplus does open accounts for cross-border workers, but charges a non-resident fee of 420 francs per year.

Saxo Bank is focused on investment solutions, and does not offer a private account that you can use to receive a salary, for example.

Some stockbrokers like TradeDirect do not accept customers who do not live in Switzerland.

How much do private accounts for cross-border workers cost?

Cross-border workers need to look at the total costs. Table 2 shows the total costs of Swiss bank accounts for cross-border workers that receive their salary in their Swiss account and then transfer it to a bank in their home country using a SEPA transfer. The costs calculations are based on the assumptions that the customer uses online banking, and that the average account balance is only around 1000 francs.

A look at Table 2 clearly shows that there are very large differences between Swiss banks. The cheapest service providers do not charge any fees at all, while the most expensive banks have total costs of nearly 500 francs per year. The hidden costs of currency exchanges are not accounted for.

Table 2: Total costs of Swiss private accounts for cross-border workers

¹ Applies to cross-border workers who do not meet the criteria for a waiver of non-resident fees.
² Limited services: The account can only be used to forward deposits into the account to a bank in your home country.
³ Recommendation from Raiffeisen Switzerland to individual Raiffeisen banks. Each Raiffeisen bank decides on its fees independently, so costs can vary between banks.
⁴ Non-resident fees vary between individual Raiffeisen banks, which is why Table 2 shows a cost range. It is theoretically possible for the total cost to be lower or higher than the amounts shown.
⁵ CHF 49.00 when you pay annually.

Do any foreign banks offer Swiss bank accounts?

Accounts with a Swiss IBAN are generally only offered by Swiss banks. That also applies to accounts from Swiss subsidiaries of foreign banks.

But some regional banks near the Swiss border do offer their customers accounts with Swiss IBANs. Examples include the Sparkasse Lörrach-Rheinfelden and the Sparkasse Hochrhein.

Which banking services do I need as a cross-border worker?

Having a private account with a Swiss bank account number is generally the most important banking requirement for cross-border workers, as Swiss employers often prefer to pay salaries into Swiss bank accounts.

Many cross-border workers transfer all or part of their salary to their bank account in their home country immediately after receiving it so that the money is available to pay their bills. That makes the costs of making international bank transfers another relevant factor for cross-border workers. Many Swiss banks do not charge fees for SEPA transfers made using online banking. SEPA transfers can only be made in euros, so it is important to note that many Swiss banks have unfavorable exchange rates for franc-to-euro conversions. The markups on exchange rates represent a hidden fee that can equal several percent of the amount being transferred.

Which additional banking services do Swiss banks offer cross-border workers?

Many services from Swiss banks are only partially available to cross-border workers.

• Credit cards: Most Swiss credit card issuers do not offer credit cards to cross-border workers. However, cross-border workers can get credit cards from Viseca and from some cantonal and regional banks. Crédit Agricole Next Bank gives cross-border employees the option of getting a credit card with some of its bank packages. However, your credit card application will only be approved if you pass a creditworthiness check.
• Loans and mortgages: Most banks do not offer loans – such as personal loans or mortgages – to Cross-border workers.
• Twint: Cross-border workers are free to use Twint. The prepaid version of the mobile payment app works with an Austrian, French, German, or Italian phone number in addition to Swiss phone numbers. The Twint app offered by Crédit Agricole Next Bank can also be used by cross-border workers as long as they have a Swiss, German, or French phone number.

Compare bank fees

It is important to compare the fees for all of the banking services that you are accustomed to using – and not just the basic account fees and non-resident fees. Across all banking services you will find big differences between banks with regards to the fees you have to pay.

More on this topic:
A guide to international money transfers
Swiss bank fees for non-residents explained
Compare Swiss private accounts now
Compare Swiss savings accounts now
Compare Swiss stockbrokers now