Swiss Bank Account for South African Citizen

Hi

I’m trying to find out the following
A) I’m a South African citizen trying to open a Swiss Bank account is this possible
B) which banks and or branches can accommodate me
C) what is the minimum amount required to deposit
D) do I need to visit the bank in person?

I’ve found a lot of conflicting advice online which is why I hope you can assist,

Kind Regards

Hi there,

Unlike South African banks, Swiss banks do not offer special non-resident accounts. Although Swiss law allows non-residents to open bank accounts in Switzerland, most Swiss banks have changed their policies regarding accepting foreign customers in recent years.

Many Swiss retail banks no longer accept non-resident customers. Swiss private banks do cater to non-resident customers, but primarily to high-net-worth individuals. This change is due to various factors, including the added administrative efforts associated with the Automatic Exchange of Information (AEOI) agreement.

Pay careful attention to non-resident fees – special high fees which only apply to non-residents. You can find more information here: Swiss bank fees for non-resident customers.

If you consider trading equities Swiss brokerage accounts provide a possible alternative to Swiss private accounts (checking accounts) and savings accounts. Some Swiss online brokers and banks offer accounts to residents of other countries. Money held in brokerage accounts benefits from the same laws and guarantees governing other Swiss bank accounts, but does not generally earn interest. Accounts denominated by CHF, EUR and USD are widely offered. You can compare Swiss brokerage accounts using the brokerage account comparison.

It is important to understand that brokerage accounts are typically collective accounts operated in the broker’s name and using these to make transfers or to make and receive payments from third parties is difficult.

Best regards from Moneyguru

More on this topic:
Swiss Bank Fees For Non-Resident Customers