How to open and own a foreign Bank account in Switzerland and the USA

 Opening a foreign bank account used to sound like something only millionaires or movie spies could do. These days, it’s far more accessible. Whether you want to protect your assets, diversify your finances, run an international business, or simply enjoy easier global transactions, owning a foreign bank account can be a smart move.

Two of the most popular destinations for foreign banking are Switzerland and the United States. Both countries offer strong financial systems, global credibility, and excellent banking infrastructure. But they also come with different rules, requirements, and expectations.

In this guide, I’ll walk you through exactly how to open and own a foreign bank account in Switzerland and the USA, step by step, in plain English—no confusing jargon, no fluff.

Why Open a Foreign Bank Account?

Before diving into the “how,” let’s talk about the “why.”

People open foreign accounts for many reasons, including:

• Asset protection from political or economic instability

• Currency diversification (holding USD or CHF)

• International business operations

• Easier global payments and investments

• Privacy and financial security

• Access to stronger banking systems

Switzerland is famous for stability and discretion, while the USA offers global access and financial flexibility. Each serves a different purpose, and sometimes, having both makes sense.

Understanding the Legal Side (Very Important)

Let’s clear this up early:
Opening a foreign bank account is legal. in most countries—as long as you follow the rules.

However, you must:

• Declare the account to your local tax authority (if required).

• Report foreign income earned from the account.

• Comply with international laws like FATCA and CRS.

Trying to hide money or avoid taxes is illegal and risky. The goal here is financial optimization, not evasion.

How to Open a Foreign Bank Account in Switzerland

Why Switzerland?

Switzerland has built its reputation on:

• Financial stability

• Strong currency (Swiss Franc – CHF)

• World-class banking services

• Political neutrality

• Investor confidence

While Swiss banking secrecy is no longer what it used to be, the country still offers excellent privacy, security, and professionalism.

Can Foreigners Open a Swiss Bank Account?

Yes.
Non-residents can open Swiss bank accounts., but the process is more regulated than in the past.

Expect:

• Higher minimum deposits

• Strict identity verification

• Thorough compliance checks

Types of Swiss Bank Accounts You Can Open

As a foreigner, you can usually open:

1. Personal Account – For savings and daily use

2. Investment Account – Linked to wealth management

3. Multi-Currency Account – Hold CHF, USD, EUR, and more

4. Corporate Account—For international businesses

Most non-residents choose multi-currency or investment accounts.

Requirements to Open a Swiss Bank Account

Here’s what you’ll typically need:

• Valid passport

• Proof of address (utility bill or bank statement)

• Proof of income or source of funds

• Professional reference (sometimes)

• Initial deposit (can range from $10,000 to $500,000+)

Yes, Swiss banks often require large deposits, especially for private banking.

Step-by-Step: Opening a Swiss Bank Account

Step 1: Choose the Right Bank

Options include:

• Traditional Swiss banks

• Private banks

• Online or digital Swiss banks

Each has different minimums and services.

Step 2: Decide How You’ll Apply

You can:

• Apply in person in Switzerland.

• Apply remotely through an intermediary.

• Use a licensed financial advisor.

Remote applications usually take longer and cost more.

Step 3: Submit Documentation

Swiss banks perform deep background checks. Be transparent and honest.

Step 4: Compliance Review

This can take anywhere from 2 to 8 weeks.

Step 5: Fund the Account

Once approved, you’ll transfer the minimum deposit.

Pros and Cons of Swiss Bank Accounts

Pros

• Extremely stable banking system

• Strong currency

• High-quality wealth management

• Global reputation

Cons

• High fees and minimum deposits

• Strict compliance

• Less anonymity than in the past

How to Open a Foreign Bank Account in the USA

Why the USA?

The United States offers:

• Access to the world’s reserve currency (USD)

• Easy international transactions

• Business-friendly banking

• Integration with global payment systems

• Strong legal protections

For entrepreneurs, freelancers, and investors, US bank accounts are incredibly useful.

Can Non-Residents Open a US Bank Account?

Yes—but it depends.

Foreigners can open US bank accounts, even without citizenship or permanent residency. However, requirements vary by bank and state.

Types of US Bank Accounts for Foreigners

1. Personal Checking Account

2. Savings Account

3. Business Bank Account

4. Online-only Accounts (Limited Access for Non-Residents)

Most foreigners start with a checking account.

Requirements to Open a US Bank Account

Typical requirements include:

• Valid passport

• US visa (tourist, student, work, or business)

• Proof of address (US or foreign)

• ITIN (Individual Taxpayer Identification Number) – sometimes optional

• Initial deposit (usually low, $25–$100)

Unlike Switzerland, US banks are far more affordable.

Step-by-Step: Opening a US Bank Account

Step 1: Choose the Right Bank

Large national banks tend to be more foreigner-friendly.

Step 2: Visit the Bank in Person

Most US banks require in-person applications for non-residents.

Step 3: Provide Identification

Your passport and visa are usually sufficient.

Step 4: Complete Compliance Checks

US banks follow strict anti-money-laundering rules.

Step 5: Fund the Account

You can deposit cash, wire funds, or use international transfers.

Can You Open a US Bank Account Remotely?

In most cases, no—unless:

• You have a US-registered company

• You use fintech platforms

• You work with specialized service providers

For personal accounts, traveling to the US is still the easiest option.

Pros and Cons of US Bank Accounts

Pros

• Low fees and low minimum deposits

• Easy access to USD

• Global acceptance

• Great for international business

Cons

• Strong reporting requirements (FATCA)

• Less privacy than Switzerland

• Remote opening is difficult

Tax Reporting and Compliance (Don’t Skip This)

Owning a foreign bank account comes with responsibilities.

You may need to:

• Report the account to your home country

• File annual disclosures

• Declare foreign income

• Comply with CRS or FATCA rules

Failing to report can result in heavy penalties—even if the money is legal.

Always consult a tax professional before opening foreign accounts.

Switzerland vs USA: Which Is Better?

It depends on your goal.

Choose Switzerland if you want:

• Long-term asset protection

• Wealth management

• Currency stability

• Premium banking services

Choose the USA if you want:

• Easy global transactions

• Business operations

• Affordable banking

• Access to USD

Some people wisely choose both.

Common Mistakes to Avoid

• Assuming foreign accounts are anonymous

• Not declaring accounts to tax authorities

• Choosing banks without researching fees

• Using unlicensed “agents”

• Providing incomplete documentation

Slow down, do it properly, and you’ll avoid headaches later.

Conclusion

Opening and owning a foreign bank account in Switzerland or the USA is no longer reserved for the ultra-rich. With the right information, preparation, and compliance, almost anyone can do it legally and confidently.

Switzerland offers prestige, stability, and security. The USA offers accessibility, flexibility, and global reach. The best choice depends on your personal or business goals.

If you take one thing away from this guide, let it be this:
Foreign banking isn’t about hiding money—it’s about smart, global financial planning.

Done right, it can open doors you never knew existed.