Open a Corporate Bank Account and a Personal Bank Account in Switzerland Remotely

WARNING: The bank does not accept companies with individual and legal entity nominee service.

Let us put together here the most frequently asked questions and answer them in detail.

Question number one on remote opening of a foreign bank account in Switzerland For how long have I been working with this bank in Switzerland and why do I offer the opportunity of remote opening of a bank account in Switzerland?

The answer is very simple. This is the only bank in Switzerland where you can open a non-resident account remotely. Naturally, it is possible to open accounts remotely with larger banks in Switzerland if you have certain connections, but for a number of reasons I do not recommend large banks in Switzerland to most clients.

This bank is a member of the Swiss Stock Exchange and is controlled by FINMA (Federal Financial Market Authority). This private Swiss bank is a member of the Swiss Bankers Association.

The bank specializes in providing services to non-resident customers. With offices in Geneva, Wollerau and Lugano only, the bank manages to serve clients in eighty countries. The bank manages to do this with the help of a fairly wide network of agents with whom the bank maintains pro-active communication.

Note: The bank opens accounts remotely to almost all non-residents except for the citizens of the following countries:

• USA and Japan;
• Iraq, Myanmar, Sudan, Afghanistan, DPRK, Iran, Syria and Yemen.

Non-residents from the above mentioned countries should contact the bank before completing the forms. It is highly probable that they will be refused opening of an account due to the obstacles in the field of tax information disclosure (for the first group of countries) and inclusion in the sanctions lists (for the second group of countries).

You can open any of the following accounts of your choice with the bank:

• current account;
• trading account that gives access to the online trading platforms. In order to enjoy all of its advantages, you should first open a current account;
• joint account, when both of its co-holders sign the form to open it;
• operational account.

The bank in Geneva was established in 1990, and it is the only bank in Switzerland that is allowed to open accounts in Switzerland remotely (not via its branches in other countries). The bank has one of the best online banking systems that fits even Steve Jobs’ products, iPad/iPhone.

Remote opening of a bank account in Switzerland with bureaucratic delays reduced to a bare minimum (there are none at all!), and with a minimum amount of papers required is possible thanks to web conferences with the potential bank clients.

I have been working with the bank for over seven years and the process of opening of 99% of accounts is seamless. There are no exceptions. An offshore bank account in Switzerland can be opened remotely by citizens of Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Kyrgyzstan and many other countries.

You can find a more detailed description of the bank’s operations in the following article:

How to get a corporate bank account number in Switzerland in one day?

In addition all other advantages of the simplified procedure for opening a bank account, there are two more nice benefits:

Your account will be a multi-currency one, and including not only in the major eight currencies, but also in the most exotic ones. Naturally, you will be able to transfer currencies of all the CIS countries and convert these currencies from your account in just a few seconds.

The second benefit is the bank’s gift to you, an anonymous debit card from Switzerland in one of three currencies of your choice, CHF/USD/EUR. You will need to inform the bank about your choice when opening your account. Remember about this gift when you open your account.

Question number two on remote opening of a foreign bank account in Switzerland
What are the possible full costs of opening a bank account in Switzerland remotely?

It is a very good question as there are hidden costs, just like in absolutely any offshore bank. And if you do not ask about these costs, no one will tell you about them.

When opening a personal account, if you do not abuse postal correspondence with the bank, no additional costs should arise when working with the bank. The minimum deposit of 5,000 Euro for opening a personal bank account with this Swiss bank can not be avoided. This deposit does not fall under blocking, and the minimum account balance is equivalent to CHF 1,000.

Thanks to the changes in the implementation of the new identification system that came into force in April 2019, I have excellent news for you. Now those non-residents wishing to open a personal bank account no longer need to get notarized such documents as their passport and the proof of residence. In addition, these documents will no longer need to be sent by courier to Switzerland. This is a significant saving, from 100 to 200 EUR, because there is no need to pay for the services of the notary, translator and courier.

Client verification will now take place in the following order:

1. Please scan your passport for international travel and any proof of residence issued by your municipality. –
2. A password for temporary access to your personal profile will be sent to your email address.
3. Please follow the link sent by the bank to your personal profile and upload the documents there.
4. Right in your profile, you will need to take the verification as per instructions, and a short interview (5 to 10 minutes) with the bank in English.
5. Then, you will get a digital signature (this signature is required to sign the agreement with the bank remotely).
6. Having checked your documents with the Compliance Department, the bank will send your the temporary data with the IBAN number for the first deposit. You will have 30 days to make the payment.
7. Having received the money, the bank will make its final decision on opening your account.

Rates for opening and maintaining a personal account in Switzerland, in CHF
Private account opening	Free of charge
Account maintenance	90 per quarter
Communication by regular mail (optional, not recommended)	100 per year
Correspondence	100 per year (when required)
Internet banking	* Free of charge *
Issue of a debit card	* Free of charge *
Observation of fees	* Free of charge *
Administrative fees	* Free of charge *
Account closing	300

However, in case of remote opening of a corporate bank account, additional costs may arise. If you comply with the bank’s minimum deposit amount for corporate accounts of CHF 20,000, everything is in order, and there will be no additional costs associated with opening an account. But if you want to make a half of the initial deposit of CHF 10,000, you will have to pay CHF 150 directly to the bank for opening a corporate account. Also, you should consider that the bank will have to send by courier your documents and the original copy of the signed contract.

Rates for opening and maintaining a corporate (business) account in Switzerland
Opening	* Free of charge *
Corporate account opening (depositing less than CHF 20,000)	150
Account maintenance	120 per quarter
Maintenance of the precious metal account	90 per quarter
Account for the share capital depositing	500
Corporate account maintenance	750 per year
Account closing	300
Sending of correspondence by regular mail	100 per year + 25 per month (upon request)
Keeping a correspondence	100 per year (upon request)
Correspondence (online advising)	100 per year (upon request)
Internet banking	* Free of charge *
Issue of a debit card	* Free of charge *
Observation of fees	400 per year (if applicable)
Administrative fees	500 per year
Reference letter	250 at least
Guarantee	1% maximum
Legal fee (if required)	400
Changes to the bank’s database	25 to 250

Rates for remittances for a private account in Switzerland

 Transaction fees in a Swiss Francs equivalent (CHF) do not include the fees of the participating banks.

INCOMING PAYMENTS (remittance amount)	Fee
0 to 1,999	15
2,000 to 4,999	30
5,000 to 19,999	50
20,000 to 49,999	100
50,000 to 99,999	150
100,000 to 199,999	250
200,000 to 499,999	350
500,000 to 999,999	450
1,000,000 to 1,499,999	550
Over 1,500,000	0.035%

OUTGOING PAYMENTS
Payment amount, in a CHF equivalent	Money transfer  to all countries	Money transfer in euro (EUR) within the SEPA area	Money transfers in other currencies (except for euro (CHF)) outside the SEPA area
Payment order	е-banking	Payment order	е-banking	Payment order	е-banking
0 to 1,999	10	3.50	15	10	40	25
2,000 to 4,999	16	8	30	15	40	25
5,000 to 19,999	30	15	50	25	90	45
20,000 to 49,999	60	40	100	50	150	105
50,000 to 99,999	100	70	150	100	250	175
100,000 to 199,999	150	105	250	150	450	315
200,000 to 500,000	250	175	350	250	550	385
500,000 to 999,999	350	245	450	350	650	455
1,000,000 to 1,499,999	400	280	550	450	750	525
Over 1,500,000	0.025%	0.020%	0.035%	0.030%	0.05%	0.045%

Note: payment order can be transmitted remotely via one of the channels agreed with the bank, i.e. by phone, fax, e-mail.

Fees for sending the bank statements, in CHF

By regular mail	30
By courier	120 per mailing
Fax within Switzerland / inside EU / outside EU	5 /15 /35

Fees for cash transactions

Cash withdrawal / deposit
Cash withdrawal in CHF	from 0.15% to 0.50%
Cash withdrawal in other currencies	0.75% (from 0.20% to 0.9%)
Deposit in francs or other currencies	0.15%

Fees for the payment bank cards maintenance in Switzerland

• Credit cards: Visa, MasterCard and American Express

Rate in CHF
Bank card issuance	200
Annual fees	400
Cash withdrawal	3.5% from ATMs around the world; the minimum fee in Switzerland is 5 or 3.50 EUR/USD, the minimum fee abroad is 10 or 7 EUR/USD. In outlets around the world, the minimum amount 10 or 7 EUR/USD, or 4%
Guarantee	1% per annum (no less than 120)

• Debit cards: Swiss Bankers, Visa or MasterCard

Rate in CHF
Issuance	* Free of charge *
Annual fees	* Free of charge *
Activation	45
Replenishment via the e-banking system	1.5% + 8
Cash withdrawal	5 EUR/CHF/USD
Cost of using a bank card	1 EUR or 1.50 USD per transaction

Operations with securities

Bonds (fee per market order is from 25 CHF/EUR/USD)
Less than 1 year	0.20%
1 to 2 years	0.30%
2 to 5 years	0.40%
Over 5 years	0.50%
Stocks (fee per market order is from 25 CHF/EUR/USD)	0.50%
Investment funds Blackrock and authorized Swiss funds (fee per market order is from 25 CHF/EUR/USD)	0.50%
Miscellaneous	Over 1.00%

Note: Transaction costs are not included in the rate and are charged separately. The minimum fee per market order is 25 CHF/EUR/USD. Value of the federal stamp duty is 0.15%.

Storage fees

Securities	0.24% per year (no less than CHF 60)
Precious metals	0.45% per year (no less than CHF 60)

Question number three on remote opening of a foreign bank account in Switzerland What are the terms of remote bank account opening in Switzerland?

Everything depends on you almost entirely. You order the service of remote opening of a personal or corporate bank account in Switzerland. I issue an electronic invoice that can be paid in a number of ways. If you pay by bank transfer and you need your account urgently, I will trust the copy of your payment receipt. The electronic invoice that I issue can also be paid by card.

After the payment or before it (or at the same time) you send me all the necessary documents for filling in the forms.

In case of remote opening of a personal bank account in Switzerland, all I need is to fill in the form is as follows:

1. A scanned copy of your passport suitable for international travel;
2. A scanned copy of the proof of your residence issued by a municipal authority.

This is all I need to fill in your form, except for your email address and phone number.

In case of each individual client, the bank form is generated individually and already includes your client number.

Once the documents have been uploaded to your personal profile in the bank’s web-page, you must make the first deposit to the temporary bank details. It is only after the bank receives your first deposit that it will start reviewing your documents. If your account is approved, the money will be transferred to your new account. If your application is rejected, the money will be returned to the account from which it was received by the bank.

Thus, the term of account opening does not exceed 10 days.

In case of remote opening of a corporate bank account in Switzerland, all I need is to fill in the form is as follows:

1. A scanned copy of your passport suitable for international travel;
2. A scanned copy of the proof of your residence issued by a municipal authority.
3. Scanned copies of all corporate documents of your company no older than one year that prove the company has been incorporated and is in an active and operational condition.

It takes about a week to open an account. But you will get your Digipass after your account gets activated.

For a full-fledged and secure use of the Internet banking services, the bank offers you a free Digipass which is a physical device or a virtual service (application, SMS)). If the device is lost, you will have to pay CHF 100 for a new Digipass. The Internet banking service is already included in the account maintenance fee.

A 6-digit code is built into the Digipass. The code is generated when you press the button. It becomes your individual client password. Before entering the code, the client needs to type their login and personal code in the bank’s website.

It is important to note that certain countries do not allow the device to enter their territory since it is necessary to obtain a certificate for these encoders.

The best solution in this situation can be a virtual Digipass which is a special application for your cell phone that generates access codes to the Internet banking system. This solution is absolutely acceptable from the point of view of client’s security, and ensures absolute safety of their data. Even if the phone is lost, it is not possible to use the service to an unauthorized person who is not the account holder. The bank also offers SMS-Digipasses. When a bank client enters their login and password that is only known to them, they receive an SMS with the code to their phone.

Any situation requires a competent analysis and search for a well-thought-out solution. In any case you can always use the excellent and seamlessly operating bank’s support.

Full costs include your passport legalization + sending of your documents to Switzerland by courier. These costs are on you. I cannot calculate them. The cost of opening the account starts from 2 999 EUR for personal account, and from 3 999 EUR for corporate account.

You can come to Switzerland in person if you wish so. Please specify this in advance, and we will arrange a meeting with a representative of the bank for you. The cost of opening a corporate account in Switzerland with your personal visit will be from 3 999 EUR and personal account is from 2 999 EUR.

Question number four on remote opening of a foreign bank account in Switzerland Does this bank have representative offices outside Switzerland?

No, it does not. The bank does not need such representative offices thanks to a well-thought-out and officially approved procedure for remote opening of bank accounts.

A bank account in Switzerland may be opened for any tax reporting company, these may be mid-shores in Singapore and Hong Kong, and the well-known English and Scottish partnerships.

Should you need additional offshore bank accounts other than the Swiss bank accounts, or if you are not fully confident of your choice, it makes sense to contact us for advise to info@offshore-pro.info.

Having opened an account with the Swiss bank, you can get several free MasterCard cards without a cardholder. The bank will have to know who is going to use the card. If you intend to give out these cards to the specific persons and give these persons the opportunity to call the bank, you will need to provide the passport details of the cardholders. Otherwise, your employees or family who use the cards will not be able to call the bank, but they will be able to check the card balance online.  You can give these cards to your employees or family.

The card is free for holders of a corporate or a personal bank account in Switzerland. The cost of depositing money to the card: 1% of the amount + 8 francs (if you deposit money via e-banking) or 1% + 25 francs (if you call or email the bank).

You will not be able to make online purchases with this card since it is anonymous. Card activation: 45 francs. The card can be issued in US dollars, euro and Swiss francs. I recommend choosing cards in euro.

Cash withdrawals from an anonymous card from ATMs:

EUR 4 + the local currency conversion
USD 5 + the local currency conversion
CHF 5 + the local currency conversion

Payments in the outlets made with an anonymous card (please be careful when matching the data with your client cards of certain stores):

EUR 1
USD 1.50
CHF 1.50

A maximum of 3 cards can be issued to one account with a Swiss bank (1 beneficiary).

Annual maximum per card: 100,000 euro, US dollars or Swiss francs. Annual maximum per beneficiary: 300,000 (the bank cannot issue 3 cards for one person at once, but as soon as one card is expired, the bank can send another card immediately). Should you need 3 cards at once, you will have to provide passport details of your employees or family to whom you would like to give out the cards.

Monthly maximum per beneficiary per card is 30,000. That is why it is better to choose euro.  Monthly limit per 1 card: 30,000  (3 times 10). The card cannot have more than 10,000. If you need 30,000 per month, you will have to deposit 10,000, spend it, deposit another 10,000 and so on.

Anonymous Swiss cards are available in the following currencies: EUR, USD, CHF. The minimum amount that can be deposited into the card is EUR / USD / CHF 100.

Personal and corporate bank accounts in Switzerland became very popular with my clients from Kazakhstan. Clients from Kazakhstan share the information about my services with each other. Swiss bank accounts are in great demand with the citizens and residents of Kazakhstan. 

If you already decided to open a foreign bank account, or if you have any questions left, please feel free to email us to info@offshore-pro.info. We will answer your questions and assist you at all stages of opening a bank account with a foreign bank.