Opening an international business account in Switzerland: what should your business check?
An international account should match the currencies, payment routes and finance processes your business actually uses or needs. This checklist covers the key questions before opening or changing an account.
Checklist
Posted on:
A standard CHF business account may be entirely suitable while a company operates mainly in Switzerland. The situation changes as soon as customers pay in foreign currencies, suppliers invoice from abroad or teams are established in other markets. The business may then need more control over how it receives, holds, converts and pays funds at an international level.
The right solution is not necessarily a replacement for the company’s main bank account. It may be an additional international or multi-currency account that supports the payment flows the domestic setup does not handle efficiently. This checklist focuses on the complete journey: receive, hold, convert, pay and reconcile.
1. When should a business consider an international or multi-currency account?
The trigger is usually a change in how the business operates, rather than a specific company size. An international account may become relevant when foreign-currency activity is no longer occasional and the finance team needs a repeatable way to manage it.
A standard business account generally supports everyday company finances, often around the domestic currency. A multi-currency account is designed to receive, hold and pay several currencies within one setup. It can sit alongside the main CHF account, rather than replacing it.
For ecommerce businesses, the merchant account or payment facilitator that accepts card payments serves a different role from the business account that receives and uses the funds.
Example: expansion across Northern Europe
A Swiss ski-equipment company initially manages all activity through a CHF account. As it expands, customers begin paying in EUR, GBP, DKK, NOK and SEK. The company also pays a European supplier in EUR and covers salaries and operating expenses for a new London office in GBP.
If every receipt is converted into CHF automatically, the business loses control over the timing and rate of that conversion. It may later need to buy EUR and GBP again, creating a second conversion. A multi-currency account could allow the company to hold the incoming currencies, reuse EUR and GBP balances for matching costs, and convert the remaining funds when appropriate. The outcome depends on the payment routes, pricing and timing involved; lower costs are not guaranteed.
2. Can you receive, hold and pay in the currencies you need?
A provider may support a currency for conversion without offering the same collection, holding or payment capabilities. The payment route matters too: a local payment uses a domestic system, while an international transfer may pass through intermediary banks.
SwissFx allows businesses to hold, send and receive more than 140 currencies, with local payment and collection capabilities available in more than 30 currencies. Availability differs by currency and market, so the relevant route should be checked against the company’s actual flows.
The international payment flow at a glance
Receive customer funds, hold the required currency, convert when necessary, make payments and reconcile each transaction within the finance workflow.
3. What will the complete payment journey cost?
Account charges are only one part of the cost. A useful comparison follows the funds from the customer or source account through to the final beneficiary and includes any conversion along the way.
SwissFx does not charge opening, subscription or account-maintenance fees. Its charge is an FX margin when currencies are converted, shown before confirmation. Third-party charges may still apply to certain international payment routes.
4. Will the account fit into your finance processes?
The account should support the way the finance team already prepares, approves and reconciles transactions.
SwissFx can integrate with ERP systems and other finance software, helping businesses connect international payments and currency management with their existing workflows.
5. What should you check about the provider?
An international account should also be assessed through the legal and operational framework around it. A bank, payment provider and financial platform do not necessarily operate under the same model.
SwissFx is not a bank. It is a Swiss financial platform and a member of VQF, a self-regulatory organisation recognised by FINMA. Client funds are held in segregated accounts with regulated financial institutions, separately from SwissFx’s operational funds.
6. What information should you prepare for the onboarding process?
Opening an international business account involves customer due diligence. The provider needs to understand who is behind the company, why the account is being opened and how it is expected to be used. Preparing accurate information early can prevent avoidable delays.
For SwissFx onboarding, a company should expect to provide:
The UBO is the natural person who ultimately owns or controls the company. Depending on the structure and onboarding requirements, authorised representatives or signatories may also need to provide information or complete verification steps.
Know-your-customer (KYC) checks form part of anti-money-laundering requirements. They begin with identity and company verification, followed by due diligence to assess the relationship and its level of risk. Monitoring and periodic reviews may continue after the account is opened so that the information remains accurate and up to date.
The provider may also apply restrictions relating to specific industries, countries, ownership structures or expected transaction types. These should be discussed before the application is submitted.
How long does it take to open an international bank account?
SwissFx indicates an onboarding period of around two to three weeks. This is not a guaranteed timeframe: it depends on the complexity of the business and how quickly complete documentation is supplied.
This checklist provides general information and does not constitute financial or investment advice.
Review your international account setup
Choosing an account starts with the company’s real currencies, payment routes and internal processes. SwissFx can review these requirements with your team and explain how its multi-currency, local-payment and FX capabilities could fit alongside your existing banking setup.