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I’m starting a new business, which bank should I choose?
Is it better to have one single bank, or to open several accounts directly?
I need a bank for international transactions, what's my best option?
These are some of the questions that you may ask yourself when you found a company or decide to expand. We've put together this post to help you assess which are your options and avoid the pitfalls. Note that this article focuses on banks available in Switzerland.
Here's what we'll cover:
- Introduction
- Quick decision guide
- Key factors to consider
- Bank comparison matrix
- Hidden costs & fine prints
- Strategic recommendations
- Cash handling and local banking needs
- Common pitfalls to avoid
- Advanced banking automation with dedicated tools
- Conclusion
Introduction
Choosing a banking partner is one of the most consequential decisions when starting a business in Switzerland, or anywhere else for that matter. While the choice is important, it needn’t be permanent - many businesses successfully adapt their banking relationships as their needs evolve, whether by switching providers or adopting a multi-bank strategy.
This guide helps you navigate the Swiss banking landscape, from traditional powerhouses to innovative digital challengers. We'll examine crucial factors beyond basic features and fees, including integration capabilities, scalability potential, and hidden costs that could impact your business in the long run.
Quick decision guide
Traditional banks
- UBS: Best for international operations and comprehensive corporate services
- Valiant: Strong regional presence with focus on SMEs and modern digital capabilities
- PostFinance: Ideal for businesses with high volumes of domestic transactions, leveraging the Swiss Post network for payments and services.
- Raiffeisen: Best for businesses seeking a community-focused banking partner with local expertise and personalized support.
- Cantonal Banks: Best for local businesses, competitive rates, cantonal guarantee
Digital-first banks
- Relio: Swiss-focused digital bank specializing in complex business cases and startups
- Amnis Treasury: Specialized in international payments and multi-currency management
- Wise: Best for international transfers and multi-currency accounts
- Revolut Business: Ideal for digital-first companies and quick setup
- Yapeal: Swiss-based digital solution with FINMA license
- Bivial (Formerly Klarpay): Specialized in e-commerce and digital businesses
Key factors to consider
When selecting a banking partner in Switzerland, several critical factors deserve careful consideration beyond the basic service offerings.
Your operational requirements should drive your initial selection. Consider how you'll interact with the bank daily – do you need frequent access to physical branches for cash deposits, or is a purely digital solution sufficient? International businesses should pay special attention to cross-border payment capabilities and foreign exchange services, as these can significantly impact operational costs. The volume and type of transactions you'll process should also influence your choice, as fee structures can vary dramatically based on usage patterns.
Cost structures require thorough analysis beyond the advertised monthly fees. Banks often have complex pricing models where seemingly minor fees can accumulate substantially. For instance, international transfers might come with multiple charges – from sending fees to intermediary bank costs. Currency exchange operations often include both explicit fees and markup on exchange rates. Credit card services might carry annual fees, transaction charges, and foreign usage surcharges. Understanding your anticipated transaction patterns will help forecast the true cost of banking services.
Integration capabilities have become increasingly crucial in today's digital business environment. Your bank should seamlessly connect with your existing business tools, particularly your accounting software and payment systems. APIs availability can be a game-changer for automation and real-time financial management. Consider whether the bank supports modern Swiss standards like QR-bills and Open Banking (see our dedicated article here), as these are becoming essential for efficient operations.
Service level requirements vary significantly among businesses. While digital banks offer 24/7 access and automated support, traditional banks provide personal relationships and tailored advice. Consider your need for specialized services like trade finance or investment advice, and ensure your chosen bank's support model aligns with your business hours and language requirements. Beyond account features and fees, businesses should consider the quality of customer support offered by their banking partners. Traditional banks often assign dedicated relationship managers who provide personalized assistance, which can be valuable for businesses requiring tailored financial solutions. However, this level of service may come with higher fees or require a minimum account balance. Digital banks, while efficient, typically rely on chat-based or email support, which might not be ideal for urgent inquiries. Before committing to a bank, businesses should assess response times, availability of support in their preferred language, and whether the bank provides assistance outside of standard business hours.
Detailed bank comparison matrix
Legend:
✅ = Fully supported
✔ = Basic or partial support
❌ = Not supported
Traditional banks
Lowest fees are calculated for plans including debit cards.
☝️ About monthly fees: some banks offer packages with additional services, which usually translate in additional costs. Some also waive fees for new businesses in their first year.
Honorable mention: The Alternative Bank Switzerland is worth mentioning if you're setting a strong priority on ethics and sustainability. They have been on the forefront for many years in this field. It would be part of the more traditional banks, yet it not assessed in this guide.
Digital banks
*Wise charges a one-time fee of CHF 55 + 0.35% transaction fees per international transfers.
☝️ About transaction fees: Note that most (if not all) banks, traditional or digital, will charge fees on some type of transactions (typically cross-currency). These are not reflected in the tables above, so make sure to review them, based on your need, before making your choice.
Integration & automation capabilities
About the above criteria:
- EBICS: is an established standard protocol that allows to connect third-party solutions to the bank. It requires specific setup for each client and banks.
- Open Banking: is the newest standard that allows to connect third-party solutions to the bank. There’s little to no configuration to be made from the client’s perspective. Considered “fully supported” if the bank is connected to at least one Open Banking aggregator.
- E-Banking export: Considered “fully supported” for banks that allow export in PDF, CSV and camt053 formats.
Have a look at our separate article on Choosing the right accounting software if you wish to know which tool to use with your new bank.
Sway Finance integration features
About the features listed above:
- Real-time sync: allows to have your bank data synchronised in real-time in the Sway Finance application. This works with Open Banking compatible banks (you may refer to the previous table).
- Manual sync: allows to import exported bank data in any format (CSV, CAMT053 or PDF) to sync in manually in Sway Finance.
- Account coding: semi-automated completion of accounting codes, based on accounting history and/or chart of account.
- Payment orchestration: submit or initiate payment to any of your connected bank, from one single place.
- Dashboard and multibanking: access all your bank data in one place to have a consolidated overview of your liquidities.
Hidden costs and banking fine print
While monthly fees are a key consideration, businesses should also pay close attention to hidden costs that may not be immediately apparent. Some banks charge inactivity fees if an account remains unused for a certain period (domicile companies could be charged up to CHF 2’000 per year), while others impose penalties for exceeding a predefined number of transactions. Additionally, businesses switching providers should be aware of account closure fees, which some banks levy to discourage churn. Even seemingly minor charges, such as fees for paper statements or account maintenance for multiple currencies, can add up over time. A careful review of the bank's pricing structure will help avoid unexpected expenses.
Strategic recommendations
Of course, you do not need to settle for one single bank. In fact, having several banks and accounts often allows to minimise your costs, and to increase robustness. So when should you consider having a single bank, and when not?
Single bank strategy
Best for:
- Local businesses with simple needs
- Companies with straightforward cash flow
- Businesses prioritizing relationship banking
Recommended setup for your primary bank:
- Digital bank for online businesses
- PostFinance/Valiant/Cantonal Bank for local SMEs
- UBS for larger companies with more financial needs, potential expansion, e-banking capabilities
Multi-bank strategy
Best for:
- International operations
- E-commerce businesses
- Companies requiring payment flexibility
Recommended setup:
- Primary: Traditional Swiss bank for local operations
- Secondary: Digital bank or neobankg for international payments,FX, and automation-friendly features
- Optional add-ons: Specialized providers for targeted needs—e.g., Amnis for competitive foreign exchange or expense management tools for better spend tracking
💡 If your business handles a high volume of international transfers, consider checking out Monito, a Swiss-made comparison platform that helps you find the most cost-effective way to send money globally
For SMEs managing multiple bank accounts, the smartest strategy is often not choosing between a neobank and a traditional bank, but rather combining both to create a resilient and efficient financial stack.
Neobanks bring real operational value: lower FX fees, virtual cards, automated workflows, and simplified expense management. These tools are especially helpful for SMEs with international exposure or digital-first operations.
Meanwhile, traditional banks remain key partners for complex or long-term financial needs: credit facilities, short-term investments, hedging solutions, letters of credit, bank guarantees, cash pooling, and strategic financial advisory—especially when navigating growth, acquisitions, or restructuring.
In short, a hybrid banking strategy allows SMEs to capitalize on the agility of fintech without sacrificing the depth and security of traditional banking.
Cash handling and local banking needs
For businesses that rely on cash transactions—such as retail stores, hospitality businesses, or service providers—choosing a bank with physical branches and cash-handling capabilities is essential. While digital banks offer convenient online management, they usually lack solutions for cash deposits. Cantonal banks, Raiffeisen, PostFinance, and traditional banks like UBS or Valiant provide cash deposit services via ATMs or branch counters, which can be crucial for businesses with high cash turnover. Companies should also consider whether their bank charges deposit fees or requires an appointment for large cash deposits.
Common pitfalls to avoid
Integration oversight often proves costly down the line. Many businesses discover too late that their chosen bank's systems don't align well with their existing software infrastructure. This misalignment can force manual workarounds, increasing operational costs and error risks. Before committing to a bank, test the integration capabilities with your critical systems, especially your accounting software and payment processing tools.
Setup timelines frequently surprise new businesses. Traditional banks' onboarding processes can stretch several weeks (or more…) due to regulatory requirements and internal procedures. While digital banks offer faster setup, they might have limitations on initial transaction volumes or available services. Plan your banking setup well in advance of your actual needs, and prepare all documentation meticulously to avoid delays. One of the most common frustrations businesses face when opening a corporate bank account is the time it takes to complete the onboarding process. Traditional banks, particularly those with stringent compliance requirements, may take several weeks to approve a new business account due to document verification and regulatory checks. On the other hand, digital banks can often provide account access within a few days—or even hours—by leveraging automated identity verification and streamlined KYC (Know Your Customer) procedures. However, businesses dealing with complex structures, such as holding companies or international subsidiaries, may still experience delays even with digital banks. Planning ahead and preparing all required documents can significantly speed up the process.
Future growth considerations often take a backseat to immediate needs. Your chosen bank should support not just your current operations but your anticipated growth. Consider whether the bank can scale with you – both in transaction volumes and geographic expansion. Evaluate their credit facilities and additional services you might need as you grow, such as trade finance or merchant services.
Cost assessment errors typically stem from focusing solely on monthly fees while overlooking transaction costs, currency exchange rates, and additional service fees. Consider your typical transaction patterns and calculate the total cost of banking services across all your anticipated activities. Remember that the cheapest option isn't always the most cost-effective when considering the value of additional services and integration capabilities.
Advanced banking automation with dedicated tools
Now you can boost your cash management skills, as well as your accounting and reporting productivity with modern tools, such as Sway Finance. Here below is the benefits you can expect based on the bank type.
Integration Benefits by Bank Type
Traditional Banks
Traditional Swiss banks like UBS and Valiant offer robust integration with cash management and accounting automation tools, enabling:
- Automated daily transaction synchronization
- Full transaction history import
- Comprehensive payment processing
- Complete transaction categorization
Digital Banks
Digital banks typically provide API-based integration, offering:
- Real-time transaction updates
- Automated payment processing
- Basic transaction categorization
- Streamlined account reconciliation
Automation Capabilities
Here’s what you can expect in terms of automation with modern cash orchestration and accounting automation solutions.
Data Processing
- Automatic import from any format (PDF, CSV, CAMT)
- Smart data formatting to match your other tools
- Automated transaction categorization
- Real-time synchronization
Payment Management
- Centralized payment processing across banks
- Multi-bank payment authorization and flows
- Automated recurring payments
- Payment status tracking
Financial Overview
- Consolidated dashboard for all accounts
- Real-time balance monitoring
- Cash flow forecasting
- Automated and real-time reporting
Time Savings
- <15 minutes for monthly accounting closing
- No manual data entry
- Automated reconciliation
- Streamlined approval workflows
Does this seem interesting? You can give it a shot with Sway Finance.
Conclusion
The Swiss banking landscape offers diverse options for businesses of all sizes and types. Traditional banks provide stability and comprehensive services, while digital challengers offer innovation and efficiency. Many businesses benefit from a hybrid approach, combining traditional and digital banking solutions to optimize their operations.
Consider starting with a flexible setup that can evolve with your business needs. Remember that your banking choice impacts daily operations, from payment processing to accounting workflows. Take time to evaluate options thoroughly and consider future requirements when making your decision.
Remember to regularly review your banking setup as your business grows and your needs change. Banks continually update their offerings, and what works today might need adjustment tomorrow. The good news is that switching or adding banks is a common practice in Switzerland's dynamic business environment.
By leveraging modern tools like Sway Finance, businesses can maintain relationships with multiple banks while simplifying their financial operations and gaining better control over their banking activities. This approach combines the strengths of traditional banking relationships with the efficiency of modern financial technology.
You did not find the answer to your questions ?
Do you think we should have considered other banks, or that some statements are not accurate or outdated ?
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