Five things to know about your Swiss bank account before emigrating

Expensive accounts – a major headache for the Swiss Abroad. Keystone

Swiss nationals abroad frequently pay significantly higher fees at Swiss banks than their compatriots in Switzerland. You can find an overview of prices here.

Overnight, fees can go from CHF60 ($67) to a staggering CHF300 ($335) per year. For Swiss citizens living abroad, maintaining a Swiss bank account requires deep. These high costs are often unavoidable for emigrants as a Swiss account is often necessary, particularly those relying on second pillar pensions payments.

In our Guide to Moving Abroad you will find further tips for emigrating from Switzerland and the life abroad.

1. Can I keep my Swiss bank account when I emigrate?

Some Swiss banks no longer allow people living abroad – particularly those in the USA – to open or maintain accounts unless they meet specific financial thresholds.

When an account can be opened, it often comes with high fees. Expensive accounts are a major headache for the Swiss Abroad. The bank fees they pay are one of the biggest complaints of Swiss citizens living abroad.

«I find it outrageous the way we are discriminated against.»

Angry reader in the comments column of an SWI swissinfo.ch article on bank charges.

2. How expensive is a bank account for the Swiss Abroad?

«Well, we Swiss Abroad are still only second-category Swiss.»

Angry reader in the comments column of an SWI swissinfo.ch article on bank charges.  

Bank fees for Swiss nationals abroad can be as much as 30 times higher than those for residents in Switzerland. Depending on the bank, it can be less expensive if one resides in a country neighbouring Switzerland rather than outside Europe.

The newspaper, BlickExternal link investigated the question in August 2024.

Here is a selected list of banks: 

• Migros Bank account for Swiss Abroad
  CHF30 ($33.5) (neighbouring countries), CHF40 ($44.7) (all others) per month
  
• Postfinance account for Swiss Abroad
  CHF25 ($27.9) per month
  
• ZKB account for Swiss Abroad
  CHF30 ($33.5) per month
  
• Geneva Cantonal Bank account for Swiss Abroad
  CHF10 ($11.1) per month 
  

3. Which is the best Swiss bank for the Swiss Abroad?

A UBS account, one at Migros Bank or at ZKB or the Cantonal Bank of Geneva? These options are expensive, although digital banks like Yuh offer more affordable alternatives (details below). If you look at the costs alone, the Geneva Cantonal Bank (BCGE) comes out on top with their monthly service fee of CHF10.

4. Why is a bank account so expensive for the Swiss Abroad?

The banks justify the high fees by citing country-specific regulations, higher administrative costs, and more risk. Still, customers question whether the fees reflect the actual extra costs the banks face. 

You can learn more in this article (available in German only).

5. What about digital banks?

Digital and so-called, “neo-banks,” offer Swiss citizens residing abroad an alternative to their established competitors. Explore this topic further in the following articles:

6. What can I do?

Before you get a menacing letter telling you that your fees have gone up, follow these tips. Prior to leaving, get in touch with your bank and have a discussion about your situation. This will improve your chances of getting fair terms. Be assertive in your negotiations and resist paying inflated fees.

The Organisation of the Swiss Abroad (OSA)External link compiles a database and provides helpful advice on managing bank fees for expats.External link

Edited by Giannis Mavris
Adapted from German by David Kelso Kaufher/amva