Everyone compares monthly fees. Almost nobody checks the two things that decide what banking in Switzerland really costs a newcomer.
By The i-vest Team
Last verified: September 2026
Key takeaways
- Monthly account fees are the smallest number. For most newcomers, currency conversion costs far more over a year than any account fee.
- Every Swiss bank requires a valid residence permit, but several will open an account once you are registered and your permit is still in process.
- The first deposit rule catches almost everyone. Most Swiss banks require your opening transfer to come from an account in your own name at a licensed bank, and many will not accept Revolut, Wise, N26 or PayPal.
- If you are paid in francs and spend in euros, a multi-currency account removes the conversion entirely, which no fee comparison will show you.
- The right bank depends on your situation: cross-border worker, new arrival with savings to move, or someone who simply needs a salary account.
The five things that actually cost you money in year one
Most comparisons of Swiss banks rank accounts by monthly fee. For a newcomer that is close to the least useful measure available, because the account fee is usually the smallest number involved and several Swiss accounts now cost nothing at all.
What actually determines the cost of your first year is a different list: how much you lose each time money crosses a currency, whether you can be paid and spend without conversion at all, what the bank charges for a physical card, whether you can withdraw cash abroad without a penalty, and, most immediately, whether the bank will accept you at all before your permit card arrives.
Work through those five and the choice becomes clear quickly. Ignore them and you can spend a year paying several hundred francs for something you could have avoided in an afternoon.
What your options actually are
Swiss banking splits into five categories for a newcomer, and each is genuinely better than the others at something.
| Type | Strong for | The catch |
|---|---|---|
| Big traditional banks | Branch access, mortgages, full-service relationships | Foreign exchange markups commonly around 1.5% or more, and monthly fees on many accounts |
| Cantonal banks | Local presence, strong deposit reputation | Usually tied to one canton, and many do not accept non-residents at all |
| Swiss digital banks | Free accounts, fast in-app onboarding, low or no card fees | Cash withdrawal terms vary widely; some do not serve non-residents |
| International fintechs | Excellent before you arrive, good for sending money home | Not a Swiss IBAN in every case, and some Swiss employers still prefer one |
| Swiss digital premium banks | Multi-currency under one IBAN, low FX, investment and advice at low entry points | Fewer branches, and cash-heavy users are less well served |
Alpian sits in the last category: a FINMA-licensed Swiss bank holding CHF, EUR, USD and GBP under a single Swiss IBAN, with a free account, no monthly fee, and a foreign exchange markup of 0.20% on weekdays. For comparison, a markup closer to 1.69% is still common at traditional Swiss institutions. Deposits are protected under the Swiss esisuisse scheme up to CHF 100’000, and the bank is part of the Intesa Sanpaolo Group.
The permit question, and why timing matters more than you think
Every Swiss bank requires a valid residence permit, and Alpian is no exception. What differs between banks is what happens during the gap: you have arrived, you have registered with your commune, you are legally a Swiss resident and possibly already working, but the physical permit card takes several weeks to arrive.
That gap is precisely when you need an account most, because your employer needs somewhere to pay you. Several banks, including Alpian, will open an account during it, typically asking for your passport, your confirmation of registration from the commune, a Swiss address and an employment contract, with the permit to follow within a few months.
We covered that process in detail in our guide to opening a Swiss bank account before your residence permit arrives. The practical point for choosing a bank: ask about this before you apply, not after you have been declined.
The rule that catches almost every newcomer
This one is worth reading twice, because it stops more account openings than any other requirement and almost nobody mentions it.
To satisfy Swiss regulatory requirements for clients onboarded digitally, your first transfer into the account normally has to come from an account held in your own name, at a licensed bank, in a country that belongs to the Financial Action Task Force. Transfers from a company account, or from a friend or family member, are refused.
Here is the part that surprises people: at several Swiss banks, including Alpian, transfers from Revolut, Wise, N26 and PayPal are not accepted for that first deposit. Many newcomers arrive holding exactly those, having used them sensibly as a bridge before the move. If your only account is one of them, keep your previous bank account open until your Swiss account is activated. It costs nothing and it saves a genuinely frustrating week.
The mistake that quietly costs the most
If you are paid in Swiss francs and spend part of your life in euros, whether because you commute across a border, support family abroad or travel often, currency conversion is almost certainly your largest banking cost, and it will never appear on a statement as a fee.
The arithmetic is simple. Converting CHF 5’000 at a 0.20% markup costs CHF 10. The same conversion at 1.69% costs about CHF 85. Move CHF 3’000 a month and the gap is roughly CHF 72 a year against roughly CHF 600.
A multi-currency account removes the question rather than pricing it: euros received stay euros, euros spent leave as euros, and no conversion happens at all. We explain the full mechanics, including why weekends cost more, in the real cost of changing CHF to EUR, and you can check live rates on the currency converter.
How to choose, by situation
There is no single best bank for expats, but there is usually an obvious best fit once you know which of these you are.
| If you are | Prioritise | Why |
|---|---|---|
| A cross-border worker paid in CHF, living in the eurozone | Multi-currency account, low FX markup | Conversion is your dominant cost and a multi-currency IBAN removes it |
| Newly arrived, permit still in process | Banks that onboard during the registration gap | Your employer needs an account before your card arrives |
| Arriving with savings to invest | Low entry thresholds and integrated advice | Wealth management at Alpian starts from CHF 2’000 rather than six-figure minimums |
| Travelling frequently | Card terms abroad and withdrawal fees | Free card payments abroad matter more than the monthly fee |
| Cash-heavy or needing branch service | Cantonal or traditional bank | Digital banks rarely offer free worldwide cash withdrawals |
Two honest caveats about Alpian specifically, since this is published by Alpian and you should weigh it accordingly. The physical metal Visa debit card costs CHF 60 on first order, though virtual cards are free and the physical card is included at the Signature tier. And Alpian does not offer free worldwide cash withdrawals, so if you rely heavily on cash abroad, another provider may serve you better. Card payments in CHF, EUR, USD and GBP are free.
Banking built for people arriving in Switzerland
Four currencies under one Swiss IBAN, a free account, and wealth management from CHF 2’000.
Discover AlpianFrequently asked questions
Which bank is best for expats in Switzerland?
There is no single answer, because the right bank depends on how you use money. Cross-border workers and anyone paid in francs but spending in euros are usually best served by a multi-currency account with a low foreign exchange markup. People who need branch access and frequent cash withdrawals are better served by a cantonal or traditional bank. Newcomers whose permit is still in process should prioritise banks that open accounts during the registration gap.
Can I open a Swiss bank account without a residence permit?
Swiss banks require a valid residence permit, so a permit is necessary. What is possible at several banks, including Alpian, is opening an account after you have registered with your commune but before the physical permit card arrives, using your passport, confirmation of registration, a Swiss address and an employment contract. The permit is then supplied once it is issued.
Why was my first transfer to a Swiss bank rejected?
Most likely because of where it came from. Swiss rules require the opening deposit to come from an account in your own name at a licensed bank in a Financial Action Task Force country. Transfers from company accounts or third parties are refused, and several Swiss banks also do not accept Revolut, Wise, N26 or PayPal for that first deposit.
Do I need a Swiss IBAN to be paid a Swiss salary?
Not always legally, but in practice many Swiss employers prefer or require one, particularly with older payroll systems. If you are relying on an international fintech account, check with your employer before your first pay run rather than after it.
How much does a Swiss bank account cost per month?
It varies from nothing to around CHF 5 to 10 a month at traditional institutions, and several Swiss digital banks now charge no monthly fee at all, Alpian among them. For most newcomers the monthly fee is far less important than the foreign exchange markup, which is where the larger sums are lost.
The useful question is not which bank is best in the abstract, but which one fits how your money actually moves. Work out whether you will be converting currency regularly, when you need the account open, and whether your first deposit can legitimately reach it. Those three answers narrow the field faster than any fee table.