The banking industry in Switzerland is very diverse. Although the principle of universal banking (all banks offer all the services) is common, some banks have specialized in whole or in part.
The interest paid on a bank account denominated in Swiss francs (CHF) can be different from bank to bank. The interest on a private account (checking account) is generally lower than on a savings account. As banking secrecy applies in Switzerland, a withholding tax of 35% is deducted from the interest earned in an account. The account holder can recover this amount by filing an annual tax return.
Opening an account
Unlike attempting to open an account before moving to Switzerland, which is bound by strict rules, it is much easier to begin a banking relationship in person once you arrive, because identification is done directly by presenting an official form of ID (valid passport, identity card or residence permit).
Private account / Payroll account
The private account / payroll account is the most basic account needed for the direct deposit or payment of salary and the processing of payment transactions.
Maestro / Credit card
As cashless purchases and ATM withdrawals not made in a currency other than the card or account currency are subject foreign exchange fees, you should consider signing up for a new Maestro/credit card denominated in CHF. The annual fees, as well as other fees, such as for withdrawals at foreign ATMs, vary depending on the financial institution.
Online banking
All major Swiss banks offer online banking. This easy and convenient way to pay bills is very popular and widespread in Switzerland.