Banks in Zürich
Zürich is a North canton of Switzerland with 1.5 million people. Banking is dominated by national groups, cooperative networks and regional savings banks.
Banks headquartered in Zürich
UBS
Bank
Global headquarters in Zurich.
Zürcher Kantonalbank
Bank
Cantonal bank headquartered in Zurich.
Raiffeisen Zürich
Bank
Regional cooperative banking network.
Bank Julius Baer
Bank
Private bank headquartered in Zurich.
How to open a bank account in Zürich
- 1Swiss residence permit or passport.
- 2Proof of address in Switzerland.
- 3Valid ID.
- 4Apply online or in branch.
- 5Minimum deposit may apply (varies by bank).
Worth knowing
- Zurich has the highest number of bank headquarters per capita in the world.
- Many banks offer English-language services for international clients.
Regional laws and practices
- Zurich is Switzerland's financial capital; highest concentration of banks.
Banking in Switzerland: what applies everywhere
Banking rules in Switzerland are set nationally, so they are the same whether you live in Zürich or anywhere else in the country. Only the practical detail changes.
| Official languages | German, French, Italian and Romansh are all official at federal level. The language that matters for your paperwork is the one spoken where the branch is, not the one spoken in Bern. |
|---|---|
| Deposit protection | Deposits are protected up to 100,000 CHF per depositor, per institution. The scheme is funded by the banks themselves and triggered by FINMA. Crucially it is per institution, not per account: two accounts at the same bank share one 100,000 CHF limit, while accounts at two separately licensed banks each get their own. |
| Regulator | FINMA (Swiss Financial Market Supervisory Authority) |
| How money moves | Switzerland is not in the EU but is a full member of the Single Euro Payments Area (SEPA) for credit transfers. A SEPA transfer into a Swiss account in euros typically lands the same or next business day; a transfer in Swiss francs goes through the Swiss Interbank Clearing system and is usually same-day for domestic payments. Since 2024 Swiss banks have been migrating domestic payments from the legacy orange/red payment slips to QR-bills, so a landlord or utility may ask you to scan a QR code rather than fill in a slip. |
| Identification | Swiss residence permit or passport |
| Tax reporting | Swiss banks apply the automatic exchange of information (AEOI) standard, so account data is reported to your country of tax residence. Switzerland's historic banking secrecy no longer shields accounts from a foreign tax authority in the way it did before 2017. |
Zürich specifically
- Local nameZürich
- Language you will actually meetGerman (Zürich German dialect in speech, standard German in writing)
- What makes it differentTwo of the world's largest wealth managers list Zürich as their head office, and the canton is also home to the Swiss stock exchange, so private-banking and custody services are unusually concentrated here.
Questions people ask about Zürich
Does my canton affect which bank I can use?
No. Every bank licensed in Switzerland can serve a resident of any canton, and a cantonal bank will normally open an account for someone living outside its own canton. In practice most people use a cantonal bank for local branch access and a national or digital bank for fees.
Is a cantonal bank safer than a private bank?
Not because of any legal difference in deposit protection — both are covered by esisuisse up to 100,000 CHF per institution, with no state top-up beyond the scheme. Cantonal banks do generally carry explicit or implicit cantonal state backing, which affects their credit rating rather than your deposit guarantee.
What is the QR-bill and do I have to use it?
Swiss banks have been replacing the old payment slips with QR-bills since 2022. When you receive a bill, it will carry a QR code you scan in your banking app, which pre-fills the payment. Paper-based payments still work, but the QR route is now the default and fewer businesses accept the old slips.
Do I need a Swiss residence permit before I can open an account?
Most banks want one, and virtually all require a Swiss address. A small number of institutions offer genuine non-resident accounts, generally with high minimum balances and sometimes an in-person visit. If you are arriving to work, your permit application receipt is often accepted while the permit is being issued.
Sources and further reading
- FINMA (Swiss Financial Market Supervisory Authority)Prudential regulator and licensing register.
- esisuisseThe deposit guarantee scheme, including its per-institution limit.
- Single Euro Payments Area (SEPA)Settlement rules for euro credit transfers and direct debits.