Banking
Switzerland — Banking: Online Banks
Switzerland has a growing neobank scene — Neon (backed by Hypothekarbank Lenzburg), Yuh (a joint venture of PostFinance and Swissquote), and Zak (from Bank Cler) offer fully app-based Swiss IBAN accounts with fast onboarding and low/no fees, while Revolut and N26 serve as EU-based multi-currency alternatives usable in Switzerland but without a Swiss IBAN. Neobanks are popular as a fast-to-open second account or day-to-day spending account, but most relocators still need a traditional Swiss bank for mortgages, larger transfers, or in-branch cash handling.
Why this matters
Neobanks can often be opened within a day, sometimes before a physical commune registration confirmation exists, making them a useful bridge account in the first weeks of a relocation while a traditional bank account is still being processed.
Key facts
- Neon, Yuh and Zak are Switzerland's main homegrown neobanks, each offering a Swiss IBAN, fee-free basic accounts, and app-based onboarding.
- Revolut and N26 operate in Switzerland but issue EU IBANs (not Swiss IBANs), which can complicate salary payments or direct debits from Swiss institutions expecting a CH IBAN.
- Swiss neobanks generally require a Swiss residence permit or address to open a full account, though some allow limited onboarding before permit confirmation.
- Neobanks typically don't offer mortgages, cash deposit services at scale, or full private banking/advisory services — best used alongside, not instead of, a traditional bank.
Steps
- Download the neobank's app — Neon, Yuh and Zak all use fully remote, app-based onboarding with video identification.
- Verify identity remotely — Passport scan and video call identification, typically completed within minutes to a day.
- Confirm Swiss IBAN issuance — Ensure the account provides a Swiss (CH) IBAN if it will be used for salary or direct debit purposes.
- Use alongside a traditional bank — Keep a cantonal/major bank account for mortgages, larger cash needs, or services the neobank doesn't offer.
Costs
- Neon/Yuh/Zak basic account: Free for basic tier; premium tiers CHF 5-15/month
Timelines
- Neobank account opening: Same day to a few days (remote onboarding)
Required documents
- Passport or national ID
- Swiss residence address (for full account features)
- Smartphone for video identification
Common mistakes
- Using an EU-IBAN neobank (Revolut, N26) as a primary account and finding some Swiss employers or insurers won't process payments to a non-CH IBAN.
- Relying solely on a neobank and finding it can't support mortgage applications or larger in-person cash transactions.
- Assuming Swiss neobanks require full residency documentation identical to traditional banks — some allow faster remote onboarding.