Accounts for Non-Residents (PostFinance)?

Hi

I was hoping to open a PostFinance account but I just called them and was told you need a link to CH to open an account. Whether it’s citizenship or a salary from a Swiss company etc. 

I’m a EU citizen living in the USA (yes, don’t we all love FATCA).

That is correct. PostFinance will only open an account for you as a non-resident if you receive an income in Switzerland (a Swiss salary, pension, etc).

The majority of Swiss banks do not open accounts for non-residents unless you sign up for wealth management services. Some won't even do that in the case of US persons.

You can use the wealth management comparison to see the requirements and costs of wealth management.

Is your reason for opening a Swiss bank account to diversify risk? Make sure to consider the cost of wealth management in relation to the possible benefits of keeping wealth in Switzerland. Non-bank safe deposit boxes could also be a solution if your main reason is keeping part of your wealth in Swiss francs in Switzerland..just make sure to properly declare the money in tax returns.

If you do find a Swiss bank which will take you as a US person with no link to Switzerland, pay attention to non-resident fees.   

Hi

Thanks for your reply. My parents had an account in CH for a long time then for some unknown reason closed it (bad decision). So now it's much harder to open one as (very) unfortunately I am temporarily living in America. Don't get me started on FACTA.

Reason - my future is in Europe and the CHF is stable. I will look at the comparisons that you sent, thank you. I did find a couple of banks but they are wealth management types and definitely have non resident fees as well as management of the account fees. 

Never heard of non-bank safe deposit boxes - is that where you put cash notes or something? Are they safe as in backed by the Swiss government?

My Swiss friends in the US did get a PostFinance account, but they are Swiss even though they don't have income from Switzerland.

Thanks for all the info

Someone on a forum mentioned Bank Cler and Monso/Monzo bank as banks that might take US resident and EU citizens. Any advice about these?

You have to differentiate between citizens of EU countries, and residents of the US. For example, Swissquote accepts US citizens living outside the US (though with some trading restrictions), but it does not accept any residents of the US. Swissquote is one of the most welcoming banks for non-residents.

As far as I know, Bank Cler doesn't take US persons who are not resident in Switzerland. Monzo isn't a Swiss bank – doesn’t have anything to do with Switzerland as far as I know.

For Swiss banking, wealth management is your best bet. Considering the pathetic interest rates you get with Swiss bank accounts nowadays, investing may be preferable. But even then, not all service providers will accept you. Truewealth, for example, doesn't take US persons.

Or non-bank safe deposit boxes like thetownclownsa mentioned, if you just want to keep money in Swiss francs in Switzerland for security. Yes, this is just keeping banknotes/gold etc. in a safe in a vault. If you go this route, make sure to keep your tax declarations in line to avoid future legal problems.