Minimum Balance for Different Swiss Bank Accounts

Switzerland is known around the world as the most important international center for private banking. It is home to over a hundred private banks that specialize in wealth management and operate globally.

In private banking, there is normally no minimum amount for opening an account to deposit your money and make investments when it comes to the minimum balance for different Swiss bank accounts. It is provided to all types of customers as a general service, though some banks advise starting the relationship with a little amount because the maintenance and management fees can be fairly significant.

The Swiss bank account minimum balance vary substantially depending on the account type (i.e., a few thousand dollars to one million dollars or more). Banks also impose different fees depending on the type of transaction and account type.

International bank transfers (outgoing) could cost $3 or $4 on a basic account, for example. When you deposit international checks into your account, they may charge you $5 to $10. Annual account maintenance fees are calculated based on the number of entries in your account statement and can be as little as 0.5 Swiss Francs (about $0.41) per entry.

This article provides an overview of the Swiss bank account opening minimum balance or Swiss bank minimum deposit as the case may be.

Minimum Balances at Swiss Bank Account

Generally, the Swiss banks expect you to deposit at least 10,000 Swiss francs (which is equivalent to $9,000 or EUR 6,800 or £6,300) within a month of opening a Swiss bank account and maintain this balance for as long as you keep the bank account. You don’t need to make a deposit the day you open the bank account but it’s a good idea

Here is a list of the top 10 banks and their ultimate structure, services provided, and as far as Swiss bank account minimum deposit or Swiss bank minimum deposit is concerned:

What Are The Minimum Balance for Different Swiss Bank Accounts?

1.UBS Group AG

UBS is a leading Swiss bank with offices in all major financial hubs around the world with a lot of benefits. UBS has operations in more than 50 countries and employs around 60,000 people worldwide, with 36 percent of its workforce based in Switzerland. In Switzerland, UBS delivers excellent financial advice and solutions to private institutional, corporate, and retail clients. UBS has 280 branches and 4,500 client-facing employees in Switzerland.

The bank has access to 80% of Swiss wealth and serves one out of every three Swiss homes. It is the only country in which UBS retains a leadership position in all five business areas: wealth management, corporate and institutional banking, retail, asset management, and investment banking services. In 2018, the bank’s net profit to shareholders increased to 4.897 billion dollars, up from 969 million dollars in 2017. During the fourth quarter of 2018, the bank reported a profit of $690 million, which fell short of estimates.

Features

  • The bank opens savings (investment) accounts; 
  • An account can be opened at a representative office of the Bank in Moscow; 
  • UBS Group AG Swiss bank account minimum balance is – 5,000,000 USD; 
  • Open accounts for offshore companies; 
  • It is possible to carry out commercial transactions on the condition of a large deposit

2.EFG International

The EFG bank was founded in 1995 by two businessmen who have extensive experience in Swiss private banking. It is one of the major Swiss banks, offering individuals and institutions a full range of private banking services. The bank’s assets under administration total CHF 142.7 billion, with a net profit of CHF 129.2 million in the first half of 2018. It has 8 branches in Switzerland and is a relatively new bank in comparison to other Swiss top banks.

Features

  • The bank opens savings (deposit) accounts; 
  • To open an account, you need to travel to London or, if you are better off with a banker, to some European country; 
  • EFG International Swiss bank account minimum balance is from EUR 1,000,000; 

The term for opening an account – case by case (check with the consultant). EFG Private Bank is a UK branch of the Banking Group EFG International, headquartered in Switzerland. The account opening process requires a visit to either London or if agreed with the banker, any other European country 

3.Credit Suisse Group AG

Credit Suisse was founded in 1856 and now has operations in more than 50 countries and employs 46,840 people from over 170 different countries. International wealth management, Swiss universal bank, and the Asia Pacific are the three regionally specialized divisions that serve the bank’s clients.

Global markets, investment banking, and capital markets are the two subdivisions that support this division. In 2018, the Group reported an annual income of CHF 3.4 billion, up 90% from 2017, and a net income to shareholders of CHF 2.1 billion. A group is one of the most important groups in the world that is responsible for international financial stability.

Features

  • Account management; fee per month Free of charge
  • CSG AG Swiss bank minimum opening balance; free of charge
  • CRG AG Swiss bank account minimum balance: Has no minimum account balance
  • Suitability; An ideal account for flexible saving

4.Raiffeisen Switzerland

Raiffeisen is the third-largest bank in Switzerland and the country’s major retail bank. The bank employs 896 sites around Switzerland and has 1.9 million cooperative members and 3.8 million clients. The bank had CHF 211 billion in assets under administration and CHF 185 billion in loans to clients as of June 2018.

The bank made a CHF 416 million operational profit in the first half of 2018. It has a 17.6 percent market share in the mortgage business and offers a diverse range of products and services through its group of companies, joint ventures, and enterprises.

Features 

  • Withdrawals: There is no withdrawal limit.
  • Swiss bank opening minimum balance: The account opening is free of charge.
  • Account management: Account management is free of charge.
  • Closing of account: The closing of the account is free of charge.
  • RS Swiss bank account minimum balance: Has no minimum account balance
  • Annual account closure: The annual account closure costs $38.89

5.Bank J. Safra Sarasin

It is a Swiss private bank that was created in 1841 and provides private and institutional investors with a high degree of services and expertise. The bank was named the best private bank for social responsibility in the world in 2019. In 2017, the bank reported a net profit of CHF 315.3 million, a 25% increase over the previous year. Around 2000 employees work at the bank, which has more than 25 branches around the world. Private Banking, Trading and Family Segment, Asset Management, Product and Sales Management, and Corporate Center Segment are the five segments in which the bank operates.

Features

  • The bank opens savings (investment) accounts;
  • An account is possible without going to the bank, a representative of the Bank visits Moscow once a month;
  • Bank J. Safra Sarasin Swiss bank account minimum balance is 1,000,000 EUR;
  • The term for opening an account    
  • The bank does not consider the Russian direction as a priority.

6.Zurich Cantonal Bank

The bank was established in 1870 as the Zurich Citizen’s Bank. The bank is a counterweight to major banks and private banks, offering a wide range of products and services. In 2018, net profit increased by 1% to CHF 788 million, up from CHF 787 million the previous year. The operating profit has increased by 14% to CHF 892 million.

Private banking, commercial banking, and asset management are all services provided by the bank. The bank has a total asset of CHF 164 billion, employs over 5,000 people, and operates through more than 80 locations throughout Switzerland.

Features

  • Account opening fee: The account opening is free of charge.
  • Account management costs: Account management is free of charge.
  • Closing of account fee: The closing of the account is free of charge.
  • Termination of banking relationship: Not specified.
  • ZC Swiss bank account minimum balance; Has no minimum account balance

7.Migros Bank AG

Migros Bank was created in 1958 and has grown to become one of Switzerland’s largest banks, with over 800,000 customers. In Switzerland, Migros bank has 67 branches and roughly 200 ATMs. Savings accounts and mortgages, credit and investment services, financial services, e-banking services, and other services are available through the bank. In 2018, the bank’s mortgage volume increased by 4.3%, while its income increased by 3.5%, and profit increased by 2.3% to CHF 228 million. Micros Bank’s expansion continues in 2018.

Features

  • Withdrawals: There is no withdrawal limit.
  • MB AG Swiss bank minimum opening balance: The account opening is free of charge.
  • Closing of account: The closing of the account is free of charge.
  • MB AG Swiss bank account minimum balance: Not specified.
  • Annual account closure: The annual account closure is free of charge.

8.Julius Baer

It was created in 1890 and is the world’s oldest and largest private bank. To its private and institutional investors, the bank provides wealth management, investment solutions, and asset management services, as well as a great banking securities system and foreign exchange trading, loans, mortgages, and other services.

During the full year of 2018, net profit to shareholders increased by 4% to CHF 735 million, and earnings per share increased by 4% to CHF 3.37, bringing the adjusted net profit of the group to CHF 810 million. The total asset under administration is CHF 382 billion, down 2% from the previous year. Julius Baer Bank had a stable year in 2018, with net new money growth.

Minimum balance in Swiss bank Julius Baer

Today, Baer prefers clients with a net worth of $25 million who are willing to commit at least $2 million. Maria C. Lipton, a private-wealth manager for Julius Baer’s Latin American customers, says, “The concentration is on the wealthy and the wealthy.”

Then we may confidently state that Julius Baer’s Swiss bank account minimum balance is, on average, $10,000.

9.Basler Kantonal bank

It is a Swiss regional bank that was created in 1899 and provides services such as deposit, mortgage and other loans, portfolio management, foreign currency trading, and other financial services. Through a network of multiple locations, the bank primarily serves the North West region of Switzerland. The bank’s net income is around CHF 114.81 million. The bank is one of 24 cantonal banks that serve Switzerland’s 26 cantons.

Features 

  • Withdrawals: There is no withdrawal limit.
  • Account opening: The account opening is free of charge.
  • Closing of account: The closing of the account costs CHF 20.00.
  • BK Swiss bank account minimum balance: Has no minimum account balance
  • Incoming payment: Incoming payments in CHF are free of charge.

10.Banque cantonale de Genève (BCGE)

It is a regional bank that was established in 1816 and provides a wide range of products and services to both retail and business customers. Swiss bank account deposit, personal and mortgage loans, debit and credit cards, asset management, private banking, and other services are available. In 2018, the bank achieved great results, with an operating income of CHF 161.3 million, up 25.7 percent, and a net profit of CHF 91.2 million. The bank employs over 800 people and has 21 locations and 124 ATMs. Top rating agencies have given the bank a stable rating. Here below are the Swiss bank account minimum deposit or investable for Banque cantonale de Genève (BCGE).

  • On a 48-hour call, CHF 300,000.
  • Fixed-term: CHF 100,000.

Swiss Banks Accounts to Non-Residents?

Non-residents of Switzerland and cross-border commuters can open bank accounts with any major Swiss bank. In fact, however, some banks hide their services to the point that the process and applicable price for non-residents are cumbersome and ambiguous.

It’s also worth noting that if you’re a non-resident looking to create a normal bank account in Switzerland, you’ll almost certainly need to travel to Switzerland to meet with your selected bank.

Swiss Bank Account for US resident

Whether or not you have a residency permit in Switzerland, if you are a US citizen, you may face certain additional challenges while opening a bank account.

Following the passage of the Foreign Account Tax Compliance Act (FACTA), US persons living in Switzerland are now subject to more stringent IRS oversight than they were previously. As a result, many Swiss banks will demand US citizens to fill out additional paperwork and make onerous financial disclosures in order to open bank accounts.

As a result, if you’re a US citizen wishing to create a bank account in Switzerland, we recommend sticking to the major Swiss banks based in large Swiss towns like Zurich, Geneva, and Basel, as these institutions are more likely to be able to accommodate you.

Conclusion

So, from all been said, we can come to terms that the minimum balance required for a Swiss bank account varies significantly depending on the account type (i.e., a few thousand dollars to one million dollars or more). Banks also charge varying fees based on the transaction type and account type. When it comes to Swiss bank account minimum balances, there is usually no minimum amount for opening an account to deposit your money and make investments in private banking.