Best Banks for Expats in Switzerland

Switzerland is well known as a home for the rich and powerful. With its scenic mountains, fresh air, and pristine lakes, it is easy to see why people make such a big deal about Switzerland’s outward appearance.

However, what most outsiders do not know about this small country is that it has a bigger reputation for its financial institutions. While most people know that Switzerland is famous for its banks, not everyone knows which bank is the best. This list will show some of the top banks in Switzerland and their services.

Santander Bank Polska

This Polish bank is the sixth-largest bank in Poland by assets and has operations worldwide, including Brazil, Germany, Luxembourg, and of course, Switzerland. In addition to top-notch customer service, the bank offers a free checking account for all customers, including a free MasterCard debit card and no transaction fees abroad.

One drawback is that this bank does not have an online or mobile banking function yet, but they offer a wide range of perks, including special rates at hotels, discounts from retailers, and access to over 1400 VIP airport lounges worldwide. The bank also offers dedicated customer service representatives that can be contacted 24/7 in different languages for all your banking needs.

HSBC Bank

HSBC is another multinational bank with a presence all across the globe, including several countries in Europe. In Switzerland, HSBC offers a full range of products to expats and their families, including a fully functional online banking system with features such as live chat and voice recognition options.

HSBC also has a wide network of branches all across the country, which is especially helpful if you plan on opening an account back home while you’re still living in Switzerland.

UBS, Union Bank of Switzerland

The largest Swiss bank by market share and total assets is also one of the best banks globally and offers a full range of products to expatriates with different account options depending on how long they plan on staying in the country.

UBS is currently rolling out a new digital platform that will allow customers to do all their banking on the go, regardless of whether they are using a computer or their mobile device. Customers will also have access to cash machines without paying any fees, which are great for expats who plan on banking in other countries while still living in Switzerland.

Bank Coop

Bank Coop is a joint cooperative bank with branches all across the country. In addition to low-cost accounts and loans, the bank offers a free MasterCard debit card and access to cash machines from other banks, which can be especially helpful if you’re still living abroad or traveling extensively.

Raiffeisen

Raiffeisen is another Swiss bank with an extensive network of branches all over the country. This bank offers accounts specifically designed for expatriates, including low-cost accounts with free cash withdrawals at other banks’ ATMs. They also offer a number of other products at competitive interest rates, including mortgages and investments.

Migros Bank

Migros Bank is the fifth-largest bank in Switzerland based on market share and has several branches. If you already have an account with this bank, converting it to a Migros Bank account while living in Switzerland is straightforward. For the account to be opened, you will need a valid ID document and two passport photos.

As for perks, Migros offers a free MasterCard debit card with no monthly fees regardless of the balance in your account. In addition, all transactions are free worldwide except for cash withdrawals from non-Migros ATMs. After completing 60 days of residency in Switzerland, customers are eligible for discounts on Migros Bank mortgage loans.

BKB (Bank J. Safra Sarasin)

BKB is one of the most reputable banks in Switzerland and has over 100 branches throughout the country. The bank offers a wide range of products for both private and commercial customers, as well as online banking with an app that can be used on your smartphone.

One of the things BKB is known for is its excellent customer service, but some expats complain about unhelpful employees. Also, some say there are language barriers when communicating with English-speaking staff members.

However, this issue seems to be resolved when allowing the Swiss Franc to act as a natural translator. One thing to note is that BKB’s best products are for customers with assets over 1 million CHF. Customers with less than this amount will face extra fees and should look at other banks instead.

Julius Baer Bank & Trust

Based in Zurich, Julius Baer Bank & Trust has several locations throughout Switzerland as well as an online platform for customers to manage. One of the perks that make this bank stand out is its reward system, where clients receive yearly cash bonuses just for using the account. Like most other Swiss banks, Julius Baer offers a free MasterCard debit card with no fees, but they charge between 5%-20% on withdrawals made at non-Swiss ATMs. For expats that want to open a bank account in Switzerland, you need a permit of residence and a valid ID document from your country of origin.

Many Swiss banks also require two passport photos and written proof showing the source of any assets deposited. When applying for an account, make sure you find out which perks are included in deciding which product is the best fit for your needs.

Requirements to Open a Bank in Switzerland

In Switzerland, there is no such thing as an anonymous account. A client of the major Swiss banks can be considered anonymous if he uses an offshore company. The bank is obligated to register the real identity of the person owning said company within a maximum period of five years after acceptance of the business.

However, this does not mean that you cannot open an anonymous bank account in Switzerland. You won’t get the full package: no free credit cards, no checks, and so on. All of these services come at a cost – and it will be quite expensive to maintain an anonymous bank account in Switzerland. Therefore, the following conditions must be met to open a Swiss bank account:

• You don’t live within 50 km from any Swiss border or within 100 km of the Swiss border during a calendar year
• You must provide an official document indicating your identity and legal status;
• You must provide proof of your residence (a house rental agreement would suffice)
• The bank has to be notified of your residential address, and this address cannot differ from the one mentioned in step
• You must maintain an average balance of at least 500,000 CHF

Why Moving to Switzerland in 2022

Why wait? Make a move to Switzerland, one of the world’s most vibrant, economically stable nations. As a small country, surrounded by some of Europe’s largest economies such as Germany and France, as well as culturally significant countries like Italy and Austria, Switzerland also offers its own unique cultural experiences for those looking to escape.

One thing that is certain about the future is that it cannot be predicted. No one can tell what will happen in six months, let alone six years from now. However, there have been many positive indicators as to where life for those looking to live abroad could look like in 2022 and beyond.

The European Union has been a strong supporter of further political integration between its member states and continues to push for more harmonization of law and greater cross-border integration. As such, here are five reasons why you should consider making a move to Switzerland in 2022.

The European Union

The EU is a major player in international politics and trade. Anywhere with a strong presence in world affairs will be a desirable location for those looking to leave their country of origin and embrace new cultures. The future of the EU is highly contested at present, but it’s definitely one to keep an eye on.

Strong Economy

Switzerland has the highest GDP per capita in all of Europe. As such, there is no better place if you’re looking to find work and get your financial footing. The Swiss economy not only offers an excellent standard of living but job opportunities that may be unavailable in other countries.

It also helps that the cost of living is lower than most locations in North America and Europe, making it a desirable location for anyone looking to boost their income and save money.

Healthy Lifestyle

Besides the cold winters, Switzerland is a country with many positive aspects in terms of the health of its citizens. The Swiss diet is excellent and contributes to a lack of obesity-related health problems among Swiss residents, who enjoy an average life expectancy one year longer than Americans and three years longer than the British.

Besides, health insurance is excellent and subsidized by the government, allowing citizens more money to save and invest.

Excellent Education System

Switzerland’s education system ranks highly on many international lists and offers a wide variety of opportunities for anyone looking to get ahead in life through continuing their studies or learning new skills. With over 20 universities that rank within the top 100 in Europe, Switzerland is a European leader in higher education.

Multicultural Environment

Whether you’re looking for a country with international nightlife or somewhere that offers career advancement opportunities, Switzerland has something for everyone. The Swiss government makes it easy for foreigners who want to live and work there or become part of society.

Frequently Asked Questions about Switzerland

What is Switzerland famous for?

Switzerland is known throughout the world for its neutrality, precise watches, high-quality chocolate, and delicious cheese, tasty chocolate milk, beautiful green landscapes, delicious food in general (including fondue), great public transport infrastructure, efficient railways, which are used by millions of passengers daily. But did you know that it is also the world’s largest producer of false teeth?

What languages are spoken in Switzerland?

Switzerland has four official languages: German, French, Italian, and Romansh. Residents of Ticino speak Italian. People living near the French border speak French.

Most people living in Zurich, Basel, or Geneva are native speakers of Swiss German (Schwyzerdütsch), but they also use German for official matters. There are some regions where three or four languages are spoken by locals, though the most common one is German.

What does CH stand for?

The Swiss Confederation is abbreviated to “CH” in English and French. To avoid confusion between the Swiss / English adjective ‘cheap’ and the abbreviation for the Confederation, the definite article ‘the’ is commonly included in English writing about Switzerland.

Is it customary to tip in Switzerland?

Tipping is not customary, even in restaurants. If you decide to leave any tip, the total amount will become part of your bill, and no change will be given back. However, waiters are paid a living wage by their employers, so most Swiss people do not feel obliged to leave a tip if they receive quality service.

Is Switzerland a part of the European Union? 

No. It has never been because it is a much older democracy than all other countries in Europe. But don’t worry – it isn’t an isolated island either. There are excellent transport links to Italy, France, Germany, Austria, Liechtenstein, and even tiny Monaco.

Conclusion

When it comes to banking in Switzerland, there are nearly as many choices available as there are banks in the country. We have compiled some of the most popular options for checking and savings accounts, along with a little information about rates and fees. Refer to this guide if you want to know more about Switzerland banks.

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here.  

The best time to consider your financial situation is when you are moving to a new country.

Introduction

Due to the education, job opportunities, healthcare system, and high quality of life, Switzerland has remained a popular destination for expat. Moving to this country is relatively easy for EU/EFTA citizens, who have no quota restrictions. This way, you’ll never regret moving to this country in today’s world.

Switzerland boasts a low crime rate, and the life expectancy is far better than any other country you can think of. It’s no wonder many celebrities such as Shania Twain, Phil Collins, and others have relocated to this country. That being said, the economy is stable, and the employers pay huge salaries.

However, the cost of living tends to be expensive. For expats, Switzerland is one of the most desirable locations globally due to its high standard of living. While Bern is the capital city, there are other cities like Zurich to explore. To the south, you’ll find Lugano while seeing some folks speaking French in the west.

Meanwhile, to become a citizen of Switzerland, you’ll need to have resided in the country for at least ten years. Also, while the process of moving your belongings can be easy, formalities and paperwork needed for successful migration can be quite challenging. But, not to worry, we’ve got everything you’ll need for relocation.

In this article, we will walk you through working in Switzerland, getting a driver’s license, and many more. Besides, we’ve compiled this guide to ensure your next relocation is safe, easy, and convenient. So, would you love to know more about moving to Switzerland? Read further to understand better.

Visas and Citizenship Process

There are many kinds of Swiss visas, depending on your traveling purpose. Whether you’re planning to go on a visit, work or study and reside in the country, you’ll have to apply for a different Swiss Visa, accordingly. Without further ado, let’s quickly walk you through the Switzerland restrictions to Covid-19.

Switzerland Restrictions to Covid-19

Due to the covid-19 outbreak, Switzerland and the rest of the EU with Schengen area have developed entry ban on third-country nationals. In fact, travelers (from different countries) may have to fill a form, test for covid-19, or even self-isolate to ensure safe entry.

Besides, Switzerland has disclosed a list of low-risk countries. So, if you’re moving to this country for the first time, it would be better to know the Schengen area countries with low-risk infections. Some of these countries are; Belgium, Austria, Czech Republic, Finland, France, Germany, Hungary, Greece, Iceland, and many others, to mention a few.

Requirements for a Swiss Schengen Visa Application

If you do need to apply for a Switzerland visa, then there are specific requirements you’ll need to meet and the documents to provide. Moreover, you should know that the visa requirements depend mainly on the purpose of travel. To apply for a Switzerland visa, you must have the following.

• A completed online Switzerland application form
• Two recent passport pictures that comply with the country’s photo requirements
• Travel documents, including a valid passport
• Medical insurance credentials that cover your stay in Switzerland
• Proof of efficient financial status
• Proof of civil status and accommodation in Switzerland
• Evidence of paid Swiss Visa fee and proof of booked flight tickets

Healthcare Systems in Switzerland (2021)

It’s no doubt that the healthcare system in Switzerland is superb. Meanwhile, it’s not free, but you can enjoy a combination of public and fully private systems with minor charges. So, all individuals (emigrants or citizens) must take out a health and accident insurance policy when they are in the country.

Research also revealed that the country spent about 2.2% of its money on disease prevention and health promotion. Aside from that, they have a reputation for being outstanding, and many short-term visitors can choose international insurance package to cater to their healthcare costs during the short visitation.

Job Market in Switzerland

As mentioned earlier, the healthcare system in Switzerland is relatively low compared to other European countries and the rest of the world. From banking, pharmaceuticals, chemicals, to constructions and others, the benefits of working in this country cannot be overemphasized. Does that sound interesting?

Of course! Moving to Switzerland could be a life-changing option. But, have you ever wondered what to do to increase the chance of gaining employment? All you need is to learn how to speak the language of the canton as it is distinctly advantageous.

In addition, salaries are extremely high, and it’s worth considering the cost of living while relocating to this country. However, the typical requirements for working in Switzerland are a university degree, work experience, and skills. To apply for a job, you’ll need to have the following items.

●        Educational Qualifications – If you want to process your job application faster, you’ll need to present your original degrees certificate. This means that the eligibility for working in this country as a foreigner is high. Some expats even disclosed that a recruiter could help you through the process.

●        Employee’s CV – aside from your degree certificate, a CV is also essential while applying for a job in Switzerland. Besides, you’ll need to include references, a personal statement at the beginning of the CV, and a professional headshot.

Tips to Move to Switzerland

While the popular perception of Switzerland may be sweet, personal bank account, immigration process, and Swiss watches are somewhat different. This landlocked country between Germany, Austria, France, and Italy is home to numerous lakes and the high peaks of the Alps. Check out the tips below.

a.    Find a House

There’s no wrong place to live in Switzerland in today’s 21^st century. So, you should find a house before you move to the country. Bern is a great choice for expat, and it also boasts a high percentage of English-speaking indigenes.

b.    Open a Bank Account

This may sound rather intriguing, but know that you’ll keep at least one Swiss bank account. This will enable you to draw local currency from ATMs and deposit your salary earnings in your account. So, before moving, start doing research and, if possible, open an account online to transfer some funds quickly.

c.    Switzerland Moving Strategy

Moving strategy is one thing you should figure out even before you submit your paperwork. In Switzerland, it’s best to engage an international moving company to help you. This is because; they’ll help you with the stress and pressure and the bureaucracy involved.

d.    Swiss Residence Permit

One of the first things to understand is that Swiss isn’t a member of the EU. However, it’s one of the countries that are making up the Schengen areas. They have visas in common and no border control. Also, to be approved for a residence permit, you’ll need to get a job that Swiss nationals cannot do.

Upon your arrival in Switzerland, you’ll have up to 14 days to register at the Residence registration office and arrange your residence permit. The immigration officers will check your profile and confirm whether you’ve been given employment while verifying your documents.

e.    Bringing Pet to the Country

If you’re planning to relocate with your pet, you’ll need to provide a vaccination certificate. Besides, the certificate will show that the pet has been vaccinated not more than 30 days before their entry into the country. Meanwhile, cats, dogs, and ferrets will have to be microchipped for identification means.

f.    Finding a Job in Switzerland (2021)

If you’re finding a job in Swiss, always know that the competition is fierce, and opportunities to getting a job are limited for those coming from countries outside the EU or EFTA (European Free Trade Association). More so, have it in mind that there are some selected jobs for skilled workers. Some of the jobs to look out for include; financial analysts, business analysts, engineering and technology, banking, and more.

g.    Learn the Country’s Language

Of course, Switzerland is split up into three different regions, which are; Italian, German, and French. This way, it’s crucial that you learn the local language that’d make your communication and integration so much easier. To start with, learn the German language, and you’ll definitely pick up Swiss German.

h.    Health Insurance Program

Generally speaking, some health insurance provides coverage when you relocate to another country. Even if your health insurance covers you in Switzerland, you’ll have to register in the residency office. Moreover, cantons in the country offer different health insurance programs to choose from.

i.    Indulge in Swiss Local Culture

Moving to Swiss for the first time can make you feel like a stranger. YES! It will definitely happen, but to enjoy your stay, you’ll need to indulge yourself in Swiss local culture. Thankfully, there are several ways to do this. For starters, you can try some fantastic Swiss recipe ideas, shop at a Swiss supermarket, and have a wonderful time with your neighborhood.

Interesting Facts about Switzerland

I’m sure we all know Switzerland as the country of chocolate, but we know you’ll have no idea of the fun fact listed in this article. Learn what makes Switzerland unique and explore the interesting facts to plan your relocation wisely. Some of these include their cultures, inventions, and more. Check to know better!

Has the Lowest Crime Rates

Amongst industrialized nations, Switzerland has one of the highest owners of guns. Surprisingly, they have the lowest crime rates of all industrialized countries. Now, the reason for this enormous gun ownership had since existed during the country’s mandatory military service.

Innovative Country in 21^st Century

As of 2018, Switzerland was ranked first for the eighth consecutive year as the most innovative country. In particular, the country is now one of the biggest and fast-growing ones in this twenty-first century. Although it’s very small, but it was ranked as one of the countries with a high quality of life.

Protection of Animals

It’s no doubt that the Swiss are genuine animal lovers, and different laws protect animals. A good example is that; some pet owners need to take different courses on how to look after their pets. Funny enough, you can go to restaurants with them, but you’ll need to win more than one social pet.

Home to World’s Longest Stair Case

Switzerland is home to one of the world’s longest staircases, with its 11,674 steps located on the train road in Niesen Mountain. It has a 3.4 km length staircase, and this may not even sound exaggerated to you, but it’s no doubt that you’ll climb precisely 1,669 meters. Also, the staircase isn’t open to the public.

Most Expensive Country to Live

The canton of Zurich is the most populous canton, with a population of around 400 thousand. Moreover, it has been chosen as the third most expensive city in the world. So, considering your relocation to Switzerland, you should prepare for the high cost of living in some of the country’s cities.

Lowest Unemployment Rate

Switzerland is one of the countries with the lowest unemployment rate. In 2020, the rate of unemployment in the country was just 2.7 percent. On the other hand, it gives workers the highest salary average in the world. So, be aware that Switzerland has a very high standard when it comes to job security.

Governed by Seven People

Switzerland doesn’t have a president, but seven people from elected top-rated parties govern it. On the flip side, it actually has a president that’s been elected by the seven people. So, every year, someone is chosen to serve as the president of the country.

Cons of Moving to Switzerland

With the Alps just outside your doorstep, you can enjoy the peak of life in Switzerland. However, while you’d love to enjoy the high salaries and good standard of living, you should understand that every country has its downsides. Without further ado, let’s quickly walk you through the cons of moving here.

Switzerland High Cost of Living

As research made it known that Switzerland is one of the most expensive places to live, its cost of living remains higher every day. In fact, this country is home to several most expensive cities, so moving from Canada to Switzerland may come as a shock to your wallet.

Difficult Renting Procedures

In Switzerland, renting can be difficult for an emigrant. While we’re still on the subject of rent, let’s quickly diversify to the process of getting an apartment in the country. Besides, you’ll be shocked to see more than 60 percent of the total Swiss population renting their homes instead of owning them.

This is because; it will be expensive to stay and buy an apartment in the country. Even when you find the apartment you’d love to buy with a little sum of money, there’d be competition for it. This way, you’ll be more likely to win if you have an agent. But, know that you’ll pay the agent for his service too.

National Public Holidays in Switzerland (2021)

It’s quite essential to know the national public holidays before planning to move to Switzerland. Meanwhile, this date may be modified as official changes are announced. So, let’s quickly go through the national public holidays in Switzerland as of 2021.

Aside from the date mentioned above, there are many other public holidays in Switzerland. For example, we have the Swiss national day, restoration day, federal fast Monday, June solstice, ascension day, Berchtold day, Pentecost day celebration, September Equinox, and many others, to mention a few.

5 Things I Knew Before Moving To Switzerland

As aforementioned, Switzerland has remained the best place in the world. It makes sense for most reasons, as said. While the country has a blend of many cultures and excellent opportunities to grow your career, I knew many things before moving to the country. Let me quickly walk you through my experience.

1.    Switzerland Has Four National Languages

Just like you’re doing right now, I did endless research to know what’s right before moving to Switzerland.  Now, I discovered that the country has four languages. They’re not a nation in the same way as Germany, Italy, and France because they have four different cantons with a high level of autonomy. As a result, the Swiss speak four languages, including Romansh, Italian, German, and French.

2.    Most Mountainous Place

If you’ve ever Love Mountain, Switzerland is the best place to go. I knew this right from the very first time my dad travels to Switzerland for work. This makes me feel that someday I’ll travel to the country. Fortunately, I’m still in Switzerland, and I’ve enjoyed different outdoor activities, including kayaking, fishing, hiking, and many more.

3.    Switzerland Isn’t As Expensive as Think

You’ve probably heard Switzerland is expensive, but make sure you compare the cost of living before moving. Even though it’s expensive than being rated, I’ve prepared myself to have enough money that catered for my daily needs. Also, the level of taxes you pay may depend on where you live. So, be wary of the blogs that give you false information about the country.

4.    Recycling System in Switzerland

Nobody will tell you about the waste disposal and recycling system in Switzerland. But here, we’ve revealed what you need to know as they have one of the highest rates of waste recycling in the world. Also, when you buy waste product bags in the market, the disposal cost is covered in the price.

5.    Get Essential Relocation Information

Switzerland is a land rock country that boasts about its abundance of treasures and natural resources. Despite the high cost of living, the country has proven to be the best expat destination in the world. Though the country is quite strict when it comes to immigration processes, you need to get essential information from the right source before you plan your relocation.

Understanding the Cost of Living in Switzerland

We’ve been emphasizing the average cost of living in Switzerland. At a glance, the prices are high, but you can still enjoy affordable accommodation and other outdoor activities in some major cities. Meanwhile, larger cities such as Zurich and Geneva are more expensive. Below is a detailed analysis.

Food in Switzerland

As a student in Switzerland, you may likely not enjoy going out to eat as the price may be extremely high. If you’re on a budget, it would be better to find reasonable (cheap) restaurants to eat at. A primary lunchtime menu, including a drink in the business district, is about CHF 26 while it’s 10 in other cities.

Accommodation in Switzerland (2021)

Finding an affordable place to stay in Switzerland can be quite challenging. Also, rooms in halls are usually limited, and they are most times subsidized for international students. If you want to live alone, you should know that renting an i-bedroom apartment outside the city may cost you nothing less than CHF 900.

Average Cost of Public Transportation

Transportation in Switzerland can be expensive, but there are different options to serve you better. Moreover, the country’s SBB app is a great way to access the public transit of your choice. Whether you travel by ship, bus, or cable car, you’ll definitely get to your destination without delay or disturbance. So, you should be expecting an average of CHF 100 per month for the cost of transportation in Switzerland.

Conclusion

Switzerland has long been an expat destination. With its high quality of life, living in this country is a plus when you have an employment opportunity. Do you still desire to relocate or move to Switzerland? Read this guide carefully, and understand several things needed to start your application process.  Would you love to receive more updates regarding Switzerland? Follow our platform for more updates.