The Banking sector of Switzerland is very much developed. Switzerland has one of the best banking systems in the world. Their banking system has a very large size, business focus in the legal form. The central bank of Switzerland is the Swiss National Bank. They handle the monetary policy of the country and act as the independent central bank as well. The primary goal of the SNB is to handle price stability. The bank is also responsible to create an appropriate environment for the growth of the economy. The banks in Switzerland contribute significantly to the financial growth of the country.
In terms of size, commercial focus, geography, and legal form, the banking sector in Switzerland is vastly different. The Swiss National Bank is the country’s central bank, and as an independent central bank, it sets the country’s monetary policy. Price stability and the creation of an optimal environment for economic growth are two of SNB’s main objectives. Switzerland’s banks contribute significantly to the prosperity of the Swiss financial hub. Following the financial crisis of 2008/09, Switzerland made numerous financial regulatory modifications.
How to open an account in a Swiss bank?
General Swiss bank accounts are often associated with higher costs for non-Swiss citizens. However, this process is often much easier for residents, although non-citizens may face additional restrictions.
As a non-citizen, you will have the option of opening a regular bank account at PostFinance and a few other Swiss banks, with the required documents, account management funds, and small bank-based deposits. To open a Swiss bank account for daily use, you will need the following:
- EU / EFTA valid passport or government-issued ID
- To be at least 18 years old
- Proof of residence within or outside Switzerland
- Typically, a G-permit is required for cross-border employees and proof of employment.
If you are moving to Switzerland and are interested in digital solutions and low payments, we recommend Neon (a Swiss bank account) as a viable solution. Although Neon is currently not available to all foreigners living in Switzerland, it offers a wide and easy option, as once you have obtained your Swiss residence permit, you will be able to open a Neon account online in just a few minutes.
Best Banks In Switzerland
United Bank of Switzerland (UBS) is the leading bank in Switzerland. It is the largest and one of the best banks in Switzerland. The bank is present in almost all the major financial centers throughout the world. UBS has offices in more than 50 countries. More than 60,000 employees are working in the bank worldwide. The banks provide services to many sectors like private institutions, corporates, and others. The bank has around 280 operational branches. And has more than 4500 hundred professional staff in Switzerland. UBS has the most number of customers in Switzerland.
The Credit Suisse bank is an investment bank founded in 1856. The Credit Suisse bank has its head office in Zurich, Switzerland. This bank has made its presence in more than 50 countries. Around 50,000 employees from over 170 different nations serve in the bank. They are also the leading wealth management banks. Having specialties in investment banking capabilities with a strong presence in the home country.
The Raiffeisen is the third-largest bank in the large Swiss banking sector. It is the leading Swiss retail bank in the country. Raiffeisen Switzerland is the union of all Raiffeisen banks present in the country. They have the most number of branches in the country providing services to their clients. The bank holds total assets of around 229 Billion which makes it the third-largest bank in the country. It has also been classified as one of the most important systematic banks in the country. It requires to meet the special requirements to get that status. The bank has almost 3.8 million clients only in Switzerland.
The Zurich Cantonal Bank is the largest Cantonal and fourth-largest bank in Switzerland. This bank is the leading financial services provider in the Zurich area. They also offer a comprehensive range of products and services to major banks. The bank has more than 80 operational branches in Switzerland in private banking. They provide services like private banking, commercial banking, and assets management.
How private is the Swiss Banking system?
Employees of Swiss banks are prohibited from disclosing any information regarding customers’ accounts. Because secrecy is the cornerstone of the Swiss banking industry’s success, you may be assured that your privacy will be fully maintained. However, various agreements have been negotiated in recent years between Switzerland and nations such as the United States, Germany, and the United Kingdom in an attempt to combat tax evasion.
These agreements mean that, while Switzerland is known for its strict privacy laws, banks may be required to collaborate with foreign authorities in certain instances.