Personal accounts: Switzerland
An honest assessment before work starts, the quote is fixed in writing.
| In short | 2026 |
|---|---|
| Without residence | possible at private banks with a large sum |
| Visit | usually a meeting in Switzerland, sometimes by video |
| Currencies | francs, euros, dollars |
| Deposit protection | up to 100,000 francs, ~$120,400, per bank |
| Limit for Russians | deposits up to 100,000 francs without Swiss or European Economic Area citizenship or residence |
| Check time | 4-10 weeks at a private bank |
| Russian tax notice | within a month for Russian tax residents |
Switzerland remains one of the world's main private banking centres: people come for the safety of capital, the quality of asset management and a stable legal system. Banks are supervised by the Financial Market Supervisory Authority, and the currency is the Swiss franc. But the doors open differently: almost any bank will open an account for a Swiss resident, while non-residents are served mainly by private banks and with a large amount.
Who can open a personal account
| Your status | Where accounts are opened | What else the bank will ask |
|---|---|---|
| Resident of Switzerland with a residence permit | major and cantonal banks, the postal bank | residence permit, address, source of income |
| Resident of a neighbouring country working in Switzerland | major and cantonal banks | cross-border worker permit, employment contract |
| Non-resident with large capital | private banks and private banking units | assets under management, usually from several hundred thousand francs, a detailed source of wealth |
| Non-resident with a small amount | almost nowhere | usually refused |
Can you open an account in Switzerland without residence or a visit
Residence is not mandatory for an account: private banks work with non-residents if the sum under management is above their threshold and the source of capital is documented. Financial Market Supervisory Authority rules allow banks to verify identity by video, but for a new non-resident client a private bank usually still asks for at least one meeting in Switzerland. Banks for local residents open an ordinary account only after you move, once you have a residence permit and a Swiss address.
Restrictions for Russian citizens
Switzerland applies sanctions close to the EU's: banks do not accept deposits above CHF 100,000 from Russian citizens and people living in Russia unless they hold Swiss or European Economic Area citizenship or residence. For holders of a second citizenship or a European residence permit we check the possibility of an account individually.
Which banks accept Russians
Russians living in Russia rarely get a Swiss account today: the 100,000 franc sanctions cap is below the threshold of most private banks, and many banks stopped taking such clients altogether after 2022. Three groups have real chances. First, Russian citizens with a Swiss residence permit: large and cantonal banks and the postal bank are open to them. Second, Russians with a second citizenship or residence in the European Economic Area: private banks work with them for large sums. Third, people relocating to Switzerland, whose account is prepared together with the residence application. Cantonal banks usually serve residents of their own canton.
Documents for the account
| Document | Why the bank asks |
|---|---|
| Passport and, if any, a second passport or European residence permit | identity and sanctions status check |
| Proof of address | country of residence and tax residence |
| Detailed biography | education, career, business, how the capital was earned |
| Source of capital documents | sale of a company, dividends, inheritance, tax returns |
| Tax number in your country of residence | Switzerland has collected account data since 2017 and exchanged it automatically since 2018 |
| Description of the account's purpose | holding capital, portfolio management, living costs in Switzerland |
Protection of funds and taxes
| Question | How it works |
|---|---|
| Deposit protection | up to CHF 100,000 per client per bank, ~$120,400 |
| Securities in a portfolio | held separately from the bank's assets and returned to the client if the bank fails |
| Withholding tax on interest | 35% if deposit interest exceeds CHF 200 a year; non-residents partly reclaim it under treaties |
| Currencies | francs, euro, dollars and others |
Dollar amounts are converted at the European Central Bank rate of 5 October 2026, about $1.20 per franc, and rounded up.
Taxes for a Russian resident
Since 8 August 2023 Russia has suspended the main articles of its double tax treaty with Switzerland. So, according to the tax service, a Russian tax resident cannot credit in Russia the 35% withheld in Switzerland on interest, and account income is also taxed on the Russian scale. For large capital this is a strong argument for holding money in a portfolio rather than on deposit, and for working out the taxes in both countries in advance.
The account when moving to Switzerland
After moving, the choice of banks becomes much wider. Wealthy foreigners who do not work in Switzerland can, in some cantons, obtain residence and pay tax on their expenditure rather than their full income. A Swiss bank account is needed already at the application stage, so we prepare it together with the relocation documents. More on the Swiss residence for wealthy foreigners page.
How the opening works
- Assessment of the profile, amount and goal, choice of bank.
- File: biography, source of wealth, tax details, references.
- Meeting with a banker in Switzerland or by video, review questions.
- Account opening and transfer of capital, then a portfolio management agreement if needed.
A review at a private bank usually takes four to ten weeks, longer if the source of wealth is complex.
Timelines and account costs
Besides the check time mentioned above, it is worth estimating the costs in advance. Private banks charge custody and portfolio management fees as a percentage of assets per year, plus fees for transfers and trades; rates for non-residents are usually higher than for Swiss residents. Banks for local residents charge a small monthly fee for the account and card. Exact rates depend on the bank and the sum, so we compare them before applying.
The main risk is explaining the purpose of the account and the source of money
The law does not stop you from applying to a Swiss bank on your own. But mistakes cost more than any fees: an application with no clear ties to Switzerland, large payments without proof of origin, contradictions in the tax residence form, a bank that does not work with your profile, a missed notice to the Russian tax service. Murblz support removes these risks: Murblz specialists choose the bank for your profile and payments, prepare documents and the explanation of the source of funds and run the application to a decision. We guarantee professional work and a transparent process, and in most cases a result on the first filing.
The support fee depends on the bank and your tax residence; a manager will calculate it in chat.
Tax data exchange and the Russian tax notice
A Russian tax resident notifies the tax service within a month of opening a foreign account, then files a report on account movements by 1 June each year. For accounts in Eurasian Union countries and automatic exchange countries the report is not filed if no more than 600,000 roubles, about $7,100, was credited during the year or remained at year end. The duty does not apply to those who spent more than 183 days outside Russia in the calendar year. The fine for not filing the notice is about $50-60 per account, and about $15-20 for filing late. Income on a foreign account, such as interest, is declared by the Russian resident personally. The procedure and form are covered in our article on the foreign bank account notification.
Who gets refused
The bank will refuse if the amount is below its threshold, if the source of wealth cannot be proven with documents, if the client falls under sanctions, or if there are unresolved questions in the biography and tax status.
What we do
Murblz specialists assess the chances before applying, choose a bank for your amount and goal, prepare the file with the biography and proof of source of wealth, arrange the meeting with the banker and handle correspondence until the account is open. We fix the estimate in writing; the decision to open an account always rests with the bank.
This topic in other countries
- Personal account in Georgia
- Personal account in Turkey
- Personal account in Armenia
- Personal account in Serbia
- Personal account in Uzbekistan
- Personal account in Cyprus
- Personal account in Singapore
- Personal account in Hong Kong
- Personal account in Germany
- Personal account in Kyrgyzstan
- Personal account in the USA
- Personal account in Spain
- Personal account in Portugal
- Personal account in Thailand
- Personal account in Argentina
- Personal account in Paraguay
- Personal account in Uruguay
For this country: moving to Switzerland, Swiss residence by investment, taxes in Switzerland.
All countries and bank requirements for Russians are in our overview of opening a bank account abroad in 2026.
Fees
| Service | Price |
|---|---|
| Swiss bank account opening assistance | $7 000 |
We will calculate online the cost of opening a personal account and maintaining it for a year.
See also
Company formation · Business account · Investment property · Country taxes · All country programs
FAQ
Do Swiss banks work with non-residents?
Is there a minimum amount to open an account?
Is money in a Swiss bank protected?
What tax applies to interest in Switzerland?
Can Russian citizens open an account in Switzerland?
What matters most for a successful opening?
Can you open an account in Switzerland remotely?
Will Russia credit Swiss tax on interest?
Do you need to notify the Russian tax service of an account in Switzerland?
Which Swiss bank is the right fit for you?
We match a Swiss bank to your profile and balance, prepare the source-of-funds pack and follow the review to a decision. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
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