Swiss Bank Accounts for US Citizens
Many Swiss financial service providers offer their products only to a limited extent or not at all to US persons. This article explains who is affected and which banks still offer accounts.
What is a US Person?
According to US tax law, US persons include not only US citizens but also individuals with a Green Card. Interestingly, Swiss citizens who were born and raised in Switzerland can also be considered US persons—specifically if they also hold a US passport. This can occur, for example, through birth in the USA or through American parents.
This article focuses exclusively on US persons who live in Switzerland and want to open a bank account here. The challenge: Many Swiss banks are hesitant to maintain accounts for US persons, and for good reason.
FATCA and Worldwide US Taxation
The reason for many Swiss banks’ reluctance lies in the Foreign Account Tax Compliance Act (FATCA). This US law, introduced in 2010, requires foreign financial institutions to report account data of US persons directly to the American tax authority, the IRS. For Swiss banks, this means considerable administrative effort.
The USA is one of the few countries worldwide that taxes its citizens even when they live abroad and already pay taxes there. This worldwide tax obligation applies regardless of where the income is earned. US persons must therefore file a US tax return every year, even if they haven’t lived in the USA for decades. Many smaller banks and financial service providers therefore completely forgo accepting US persons as customers.
Important: Once you are a US citizen, you must disclose this when opening an account, regardless of whether you have another citizenship. The bank is required to report your data to the US tax authority.
The good news: There are definitely Swiss banks that welcome US persons. Below, I’ll introduce you to the best options.
Overview: Which Banks Accept US Persons
| Bank | Additional Fee for US Persons | Account Opening |
|---|---|---|
| PostFinance | None | In-person only |
| UBS | None | In-person only |
| ZKB | CHF 360/year* | Only at headquarters in Zurich |
| Migros Bank | None | In-person only |
*Exceptions possible, e.g., with existing mortgage
PostFinance
PostFinance is open to all US persons with residency in Switzerland and doesn’t charge any additional fees. This makes it the most attractive option for everyday banking.
The relevant account models are:
- Smart Banking for CHF 5 per month: Personal account, savings account, and debit card
- SmartPlus for CHF 10 per month: Additionally includes credit card
Anyone who deposits CHF 25,000 or more with PostFinance receives a discount of CHF 5 per month on account fees. This makes the Smart Banking package effectively free.
Online account opening is not possible. You must visit a branch in person. The PostFinance app and e-banking are fully available in English.
UBS
UBS also accepts US persons with residency in Switzerland without additional fees. As the only major Swiss bank, it also has a direct presence in the USA. This is rarely relevant in daily life but could be practical if you manage assets in both countries and need a bank that is represented in both.
The basic offering is the free Key4 Pure package with a personal account, savings account, and debit card. For credit cards and additional services, there are paid packages.
Account opening must be done in person at a branch. The English-language support is excellent. Both the mobile app and e-banking are fully available in English.
Zürcher Kantonalbank (ZKB)
ZKB is generally open to US persons with residency in Switzerland. However, there’s a hefty additional fee of CHF 90 per quarter, or CHF 360 per year.
This is particularly annoying because the regular ZKB Banking Package is actually free: up to 3 personal accounts, a savings account, and up to 2 Visa debit cards without fees. As a US person, you’re paying CHF 360 per year for an account that others get for free.
However, there are exceptions: Customers with an existing mortgage at ZKB are exempt from this fee. So if you’re planning to finance a property through ZKB, this could be an option. Another disadvantage: Account opening is only possible at ZKB’s headquarters in Zurich at Bahnhofstrasse 9, not at regular branches.
Where ZKB does excel is in English-language documentation. It offers the most comprehensive collection of legal documents in English, including the General Terms and Conditions and the Conditions for Payment Services as downloadable PDFs. For anyone who values complete legal clarity in English, ZKB is the best choice.
Migros Bank
Migros Bank makes no official statement about accepting US persons. However, we know from experience reports that US persons with residency in Switzerland can open accounts there. No additional fees are reportedly charged.
The account offering is solid: free account management, optional savings account, and a free Visa debit card.
Account opening must also be done in person here. The biggest disadvantage of Migros Bank is the limited English-language support. While the e-banking app does support English for basic functions, legal documents have historically not been available in English.
For US persons who speak German fluently and are already Migros customers, Migros Bank can be a viable solution. For everyone else, there are better options.
Conclusion
As a US person in Switzerland, you definitely have options for a bank account, even if the selection is more limited than for other residents. My recommendation:
PostFinance is the best choice for most US persons. No additional fees, solid account models, and good English support make it the most straightforward option.
UBS is a good alternative, especially if you manage assets in the USA and Switzerland or are already a customer.
ZKB is only worthwhile if you’re exempt from the fee (e.g., through a mortgage) or if English-language documentation is particularly important to you.
Migros Bank is an option for German-speaking US persons, but the limited English support makes it less attractive.
Have you had experiences with Swiss banks as a US person? Share them in the comments, whether with one of the banks presented here or another. Your experience reports help other readers in the same situation.