Best Online Bank in Switzerland for Expats (2025 Guide + Fees Comparison)
Moving to Switzerland is exciting, but opening a bank account as an expat can quickly become frustrating. High monthly fees, strict residency rules, and language barriers make traditional banks difficult for newcomers.
That’s why many expats now choose online banks in Switzerland. They are cheaper, easier to open, and usually offer full English support.
In this guide, I’ll explain the best online bank in Switzerland for expats, what to look for, and how to choose the right one for your situation.
Why Expats Prefer Online Banks in Switzerland
Most expats face the same problems when dealing with traditional banks:
- High monthly account fees (CHF 10–25)
- Long approval times
- Complex paperwork
- Limited English support
Online banks solve many of these issues by offering:
- Lower or zero monthly fees
- Fast account opening
- English-friendly apps
- Easy international transfers
For many expats, an online bank is the first and best financial step after arriving in Switzerland.
What to Look for in an Online Bank (Important for Expats)
✔ English Support
Not all Swiss banks are expat-friendly. An English app and customer support save a lot of stress.
✔ Swiss IBAN
A Swiss IBAN is essential for salary payments, rent, insurance, and local transfers.
✔ Low Fees
Avoid banks with high monthly maintenance fees or expensive international transfers.
✔ Easy Residency Requirements
Some banks allow account opening even if you are newly arrived or still waiting for your residence permit.
Best Online Banks in Switzerland for Expats (Comparison)
| Feature | Online Bank A | Online Bank B | Online Bank C |
|---|---|---|---|
| Monthly fee | Low / Free | Free | Low |
| English app | Yes | Yes | Yes |
| Swiss IBAN | Yes | Yes | Yes |
| Best for | New expats | Freelancers | Salaried workers |
Tip: The “best” bank depends on whether you work, study, or freelance in Switzerland.
Are Online Banks Safe in Switzerland?
Yes. Most reputable online banks operate under Swiss financial regulations or partner with licensed institutions.
- Secure mobile apps
- Account protection
- Strong authentication
Always check where the bank is licensed and whether deposits are protected.
My Advice for New Expats
If you are new in Switzerland, don’t overthink it. Start with one online bank for daily use, low fees, and simple setup.
Later, you can always open a traditional bank account if needed. Many expats start with an online bank and never switch back.
Common Mistakes Expats Should Avoid
- Opening multiple accounts too early
- Ignoring hidden fees
- Choosing a bank without a Swiss IBAN
- Using foreign banks for salary payments
Final Thoughts
Choosing the best online bank in Switzerland for expats depends on your personal situation, but online banks are clearly the smartest starting point.
They offer lower costs, faster setup, and less bureaucracy. For expats in Switzerland, an online bank is often the best financial decision.