Swiss banks come to mind first when we think of high-quality banking, and a reputable portal called International Wealth highlights Switzerland’s distinct superiority by drawing up a list of the top 10 banks for non-residents. 25% of the global assets managed offshore are kept in this remarkable banking destination, which is astonishing! It leaves its main competitors (Singapore, Caribbean countries, Panama, or Hong Kong) far behind! Switzerland is a leader not only by pure assets but also by the use of cutting-edge technologies, competitiveness, and dynamism. This popularity has a downside for a potential customer as Swiss banks tend to become picky nowadays. However, it is still possible to open a Swiss account online! You can follow the link to see more details.
Top Swiss Banks
UBS
If you want to know what the world’s largest Swiss bank is, this is UBS. If global reach and access to particular banking instruments is a priority for you, opt for it. The bank has something to offer to different customers: from owners of a private jet who need VIP services to those who only need access to mass market services.
If you are from the USA, it may be interesting for you to know that there is a UBS subsidiary in Switzerland that works exclusively for US customers and has excellent feedback from American clients.
PICTET
This is a large bank that has many branches around the world. While UBS deals with investment banking, PICTET focuses on wealth management. If you prefer large banks to small ones, PICTET could be regarded as a good alternative to UBS.
DREYFUS
This is a traditional Swiss bank (while the previous two are not). This is one of the oldest Swiss institutions, and you would probably be interested to find out that it is run by the 6th generation of the founding family! If you are looking for a real Swiss bank (not a global player headquartered in Switzerland), this could be what you are looking for. It works in Switzerland with just one representative office in Israel.
REICHMUTH
This is a boutique bank that surely has a note of exclusivity about it. Choose a bank located in a Lausanne castle and receive premium personal services! The institution was only established in 1988, but it is one of several Swiss banks that can rightly be called private banks in the traditional sense. What does it mean?
Well, this is the only bank of those mentioned in this article that can be called private under the laws of Switzerland. While the overwhelming majority of banks are limited liability companies, a private bank is the one whose owner has unlimited liability – that is, his/her personal property can be used to pay the bank’s debts! As you probably understand, this testifies to extreme commitment to their business and an exclusive quality of services.
BNP PARIBAS
Why do we include the biggest French commercial bank on our list? Well, the matter is that it has its own history connected with Switzerland as its predecessor bank sponsored the excavations for the Simplon and Gotthard tunnels and financed different railroad projects and the Swiss national exhibition held in 1896.
BNP Paribas is a good choice if you need wealth management services. However, we have included it in our list for a different reason: it offers a global investing platform to its customers. The bank is the owner of the largest real estate company in Europe, and you will be able to use your personal Swiss account to invest in property in Paris, London, or Madrid. There are really good lots there, so don’t miss an opportunity!
J. SAFRA SARASIN
This is the 6th largest bank in Switzerland that has its branches and representative offices in 26 countries in Latin America, Asia, Europe, and the Middle East. There is also a separate US entity called Safra National Bank of New York that has branches across the USA and in some South American states. Finally, there is one more bank in the group, Banco Safra S.A., which is the 6th largest commercial bank in Brazil.
HYPOSWISS
This mid-sized Swiss bank primarily focuses on support to professionals and independent wealth management services. Why is it on our list? Well, if you need a friendly bank that is easy to cooperate with and flexible while working with foreign customers, this is a great choice! In addition to traditional private banking services, the bank has enough experience in international trade operations and is a member of a Monaco asset management company.
GONET
This is another traditional Swiss bank focused on family offices whose activities were focused in the francophone part of Switzerland (it was only in 2020 that it expanded to Zurich). The two words they want to be associated with are openness and pragmatism, and they are ready to engage in certain business operations for their major customers.
CIM BANK
This is a small Swiss bank with just 3 branches that is mainly involved in private banking for smaller customers. This is the only bank in Switzerland that attempted to combine traditional banking for private customers and fintech/challenger bank model elements, and it has been very successful in that! They do not demand a high initial deposit (in fact, it can be as low as 5,000 Swiss francs), but their service fees are not very low. That is, it makes sense to open an account here if you are after VIP banking services and have at least 100,000 to deposit. You can get a debit/credit card here or rent a safe deposit box.
Mind that CIM Bank does not work with US citizens.
CIM Bank would be a great solution if you are an HNWI who needs a tech-driven online bank to carry out occasional transactions and easily access your safe deposit box.
DUKASCOPY
Last but not least, Dukascopy is a fintech bank that specializes in trading which only works online. It is crypto-friendly, and you can open an account with USD 100. They provide seamless wire transfers in and out, but some restrictions apply. You can get a plastic/virtual credit card in 4 currencies, and there are 23 currencies available for your account.
There is no advisory role here, and you will get to the call center (not a private banker) if you contact the bank at the end of the day. What is more, they do not give the possibility of setting up an international company account. However, if you need a good-quality Swiss online bank, Dukascopy is a great option!
