Opening a Bank Account in Switzerland – Neobank, Big Bank or Cantonal Bank, the Honest Comparison

Before you pick a bank, you need to understand how the Swiss banking system works. Switzerland has three types of banks, and each one serves a different purpose.

Big banks like UBS offer everything under one roof. Mortgages, investment advice, international transfers. But you pay CHF 3 to 8 per month in account fees, often hidden exchange rate markups of 1.5 to 2.5 percent, and get an app that feels like it was built in 2012.

Cantonal banks are regionally anchored and often cheaper than big banks. Their biggest advantage: free ATMs across the entire canton. In some cantons they are even government-guaranteed. But they still charge monthly fees and their apps are not particularly modern.

Neobanks like Neon, Yuh and Zak run entirely on your smartphone. No branch, but account opening in 10 minutes, no paperwork and usually free account management. The partner banks behind them are regulated and your money is protected up to CHF 100,000 by deposit insurance.

For the vast majority of expats and students under 35, a neobank is the best starting point. You do not need mortgage advice at the beginning, you need an account that works. Fast, cheap and without nonsense.

The moneyland.ch test 2025 compared total costs across all Swiss neobanks. Here are the results for a typical user profile with CHF 10,000 in Swiss purchases, CHF 2,000 in foreign currency and 7 ATM withdrawals per year.

Neon Free: approx. CHF 35 per year (Test Winner)

• Account management: free
• Debit card: Mastercard free
• Foreign currency: 0.35 percent surcharge (with neon plus even 0 percent for CHF 2 per month)
• ATM Switzerland: CHF 2.50 per withdrawal
• Partner bank: Hypothekarbank Lenzburg

Neon has had four plans since May 2025. The Free plan is enough for most people. If you regularly pay in euros, neon plus is worth it (CHF 2 per month, but 0 percent foreign exchange surcharge). Neon also offers ETF savings plans and since autumn 2025 a digital pillar 3a.

Yuh: approx. CHF 52 per year (Multi-Currency Champion)

• Account management: free
• Debit card: Mastercard free
• Foreign currency: 0.95 percent for 13 currencies, 1.5 percent for others
• ATM Switzerland: free
• Partner bank: Swissquote (full bank)

Yuh is the only neobank with a real multi-currency account. 13 currencies under one IBAN. If you receive invoices in euros, dollars or pounds as a freelancer, this is a real advantage. Yuh is 100 percent owned by Swissquote and also offers trading in stocks and crypto.

Zak: approx. CHF 153 per year (only for cash depositors)

• Account management: free (Standard) or CHF 8 per month (Plus)
• Debit card: Visa free
• Foreign currency: 2 percent surcharge (most expensive in the test)
• ATM Switzerland: free at Bank Cler ATMs
• Partner bank: Bank Cler

Zak only makes sense if you regularly need to deposit cash, for example from a side job or tips. Deposits are possible at Bank Cler ATMs. In all other aspects, Zak is more expensive than Neon and Yuh.

Our verdict: For 9 out of 10 expats, Neon Free is the best choice. If you need multi-currency, choose Yuh. Zak only if you must deposit cash.

Opening an account at a neobank takes about 10 minutes. Here is the exact process using Neon as an example, Yuh works almost identically.

Step 1: Download the app

Download the app from the App Store or Google Play. Neon and Yuh are free.

Step 2: Start registration

Enter your email address and create a password. You will receive a confirmation code by email.

Step 3: Enter personal details

Name, date of birth, nationality, Swiss residential address. Important: you need a Swiss address. A c/o address with a flatmate or landlord usually works.

Step 4: Video selfie identification

You record a short video of yourself with your ID. The process is automated and takes 2 to 3 minutes. Accepted documents are EU national ID, passport or Swiss foreigner's permit.

Step 5: Accept the contract

You accept the terms and conditions digitally. No printing, no signing, no mailing.

Step 6: Account is active

Your account is immediately usable. You get an IBAN and can pay via Apple Pay or Google Pay right away. The physical debit card arrives within 5 business days by post.

What you need:

• Valid ID (EU ID, passport or foreigner's permit)
• Swiss residential address (c/o also possible)
• Smartphone with camera
• Email address
• About 10 minutes

Important: You do not necessarily need a residence permit. Neon and Yuh open accounts with an EU ID plus Swiss address before the foreigner's permit arrives. This is a major advantage over big banks, which often require the foreigner's permit.

The obvious costs (account management, card) are nearly zero at neobanks. The hidden costs eat you up if you are not careful though.

Foreign exchange surcharge: The biggest cost factor

Every time you pay in euros, dollars or another currency, the bank converts and takes a markup. At Neon Free it is 0.35 percent, at Yuh 0.95 percent. Sounds small, but with CHF 500 in monthly euro purchases that is CHF 21 (Neon) or CHF 57 (Yuh) per year. At big banks you pay CHF 90 to 150 for the same amount.

ATM fees: The hidden classic

Neon Free charges CHF 2.50 per ATM withdrawal. With 2 withdrawals per month that is CHF 60 per year. Trick: At Lidl, Aldi and Coop you can get cash from CHF 10 purchase (CHF 20 to 300). This costs nothing.

International transfers: Watch out for SWIFT

A SWIFT transfer through the bank often costs CHF 20 to 30 plus currency surcharge. Neon offers a Wise integration, making transfers abroad cost only 0.8 to 1.7 percent. Yuh solves this through the multi-currency account if the target currency is one of the 13 available.

Account closure: Usually free, but check

At neobanks, closing the account is free. Some big banks charge up to CHF 50 if you close within the first year.

Our savings tip: Neon Free as main account, free cantonal bank for ATMs as secondary account. This gives you the lowest total costs while still having access to cash everywhere.

In Switzerland, TWINT is the number one payment method in everyday life. Whether hairdresser, bakery, parking meter or market stand, you see the TWINT QR code almost everywhere. Without TWINT connection you are limited in daily life.

TWINT connection at neobanks:

• Neon: TWINT integrated directly in the Neon app. Works immediately after account opening.
• Yuh: TWINT integration available. Also works directly in the app.
• Zak: TWINT available through the Zak app.

Apple Pay and Google Pay:

All three neobanks support Apple Pay and Google Pay. This means you can hold your smartphone to any contactless terminal and pay. In Switzerland, almost every shop now accepts contactless payments.

eBill: Receive invoices digitally

eBill is the Swiss system for digital invoices. Your landlord, health insurance or energy provider sends you the bill directly in the banking app. You review and pay with one click. Neon, Yuh and Zak all support eBill.

Standing order for rent:

Set up a standing order for your rent immediately. In Switzerland, rent is always paid in advance, usually on the 1st of the month. A forgotten rent payment quickly leads to problems with the landlord. All neobanks offer standing orders in the app.

Not every situation is standard. Here are the most important special cases.

Cross-border commuters (residence in Germany, work in Switzerland):

As a cross-border commuter you need a Swiss account for salary payments. Neon and Yuh work if you can provide a Swiss address (your employer's address does not count, it must be a residential address). If you live in Germany and work in Switzerland, a multi-currency account at Yuh makes sense because you receive your salary in CHF and spend in EUR.

Withholding tax:

Your employer needs your bank details for salary payment. Withholding tax is deducted directly from your salary, this has nothing to do with your bank account. But without an account, no salary payment. That is why account opening belongs in the first week after moving.

Dual-account strategy:

Many experienced expats have two accounts: a neobank main account (Neon or Yuh) for daily life and a cantonal bank account for free ATMs and as backup. The cantonal bank is also useful if you later need a mortgage because you already have a customer relationship.

Students:

As a student the same rules apply. Neon and Yuh have no special conditions for students, but the conditions are already so affordable that student discounts would hardly make a difference. If you need to receive a scholarship into a Swiss account, any neobank works.

Private withdrawals as self-employed:

If you have a sole proprietorship (Einzelfirma), separate business and private accounts. Neon does not offer a business account, but you can maintain two separate Neon accounts (private and business under different emails). For an LLC (GmbH) you need a real business account at a big bank or cantonal bank.