Best Swiss Account in the UK 2024

Planning a move to Switzerland? Or maybe you’re a freelancer or cross border commuter being paid in CHF? In either case you probably need a way to manage your money in francs, and switch from CHF to GBP, EUR, USD or any other currency you might need.

Unfortunately, opening a Swiss franc account in the UK with a bank can mean fairly high fees or minimum balance requirements. If you’re looking for an option with low fees and multi-currency flexibility, you might find you’re better off with an alternative like Wise or Revolut.

In this article, we'll cover what you need to know about opening a Swiss account for yourself or your business, including the best CHF account in the UK, the costs involved, and how to open one.

Quick summary: Swiss franc currency account

Before we get into the details, here’s an overview of the Swiss franc account options covered in this guide.

Wise CHF account: Hold and exchange 40+ currencies including GBP and CHF, with a debit card and no ongoing fees

Revolut CHF account: 5 different account plans which all support CHF and GBP, and which can have some weekday currency conversion with no additional fees

Barclays CHF account: Hold CHF and 11 other currencies, no ongoing fees - no debit card available

HSBC CHF account: Add a CHF account if you’ve already got an HSBC GBP account - no debit card available

Natwest CHF account: CHF account options for UK non-domiciled residents only

• Receive payments with local account details in 10 currencies
• Hold and exchange 40+ currencies
• Send money quickly to accounts in 160+ countries

Wise account

The Wise business account can be opened online or in the Wise app, with no minimum balance requirement. Use Wise to receive, send and convert 40+ currencies. Your Wise business account comes with local account details for 10 currencies, which can be used to receive international payments

Go to Wise

Can you open a Swiss account in the UK?

Yes. You can open an account to hold and exchange Swiss francs in the UK, with either a bank or a specialist online provider.

These accounts aren’t necessarily based in Switzerland, but do let you manage your money like a local in Switzerland, even if your home is in the UK. Different accounts have their own target markets - often either focusing on customers looking to invest or save in foreign currencies, or tailoring features for travellers looking to spend, hold and exchange Swiss francs for day to day use.

Account features vary widely. Some will hold CHF only, while others are true multi-currency accounts which support dozens of currency options. Similarly, you may get a debit card or local account details to be paid in CHF with your account - but this is not always an option.

Best Swiss franc accounts in the UK

As CHF is a very commonly traded currency, there are quite a few Swiss account options in the UK. None is the best per se, as each provider or bank has its own priorities in terms of the features available for customers. To kick start your research, here’s  a quick overview of the availability, features and fees of some of the CHF accounts we profile in this guide.

Wise

Open an account with Wise for personal and business needs. Accounts can be opened online with no minimum balance, and can hold CHF as well as 40+ other currencies. You can get account details for 8+ different currencies including CHF to get paid conveniently to your Wise account, either using local details or SWIFT details, depending on the currency. There’s no Wise fee to pay to receive a CHF payment, although some third party costs may apply, depending on how the sender sets up the transfer.

You can also order a linked debit card for spending and withdrawals at home and abroad. Currency conversion uses the mid-market exchange rate with low, transparent fees.

• Wise fees: No fee to open a personal account, no ongoing fees, 7 GBP for personal account holders to get a card

• Supported currencies: 40+ including CHF

• Wise exchange rates: Mid-market rate 
• Receiving payments: Get paid with local details in 8+ currencies and SWIFT details for additional currencies 
• Other notable features: Send to 160+ countries, spend with your card in 150+ countries

Revolut

Revolut offers both personal and business accounts which can hold 25+ different currencies including CHF. Standard plans have no ongoing charges, and all plans offer some weekday currency conversion with the Revolut exchange rate and no extra fee. Fair usage fees apply once you hit your plan’s limit for currency conversion or ATM use - higher tier accounts have higher no fee limits, plus perks like lounge access and insurance discounts.

• Revolut fees: No monthly fee for standard accounts. Upgrade to a personal account with monthly costs of up to 45 GBP/month or a business account for up to 79 GBP/month. Fair usage and transaction fees may apply

• Supported currencies: 25+ currencies available

• Revolut exchange rates: Revolut rate to plan limits - fair usage fees apply after that, out of hours fees may apply on weekends

• Receiving payments: You may be able to receive payments with local or SWIFT details for select currencies, depending on account type

• Other notable features: Choose from 5 different account tiers to unlock a broad range of account services including savings and investments, insurance and lounge access

Barclays

Barclays CHF accounts can be managed online and through the mobile banking service. If you ever need to you can also pay in and withdraw cash at a local branch, although you may need to arrange an appointment in advance for this service. Accounts are primarily targeted at customers who need to send payments frequently in CHF, such as for ongoing overseas bills - this is not really an account intended for day to day spending.

• Barclays fees: No fee for the Swiss account, but you also need a GBP account which may have fees

• Supported currencies: Accounts offered in CHF - or separate account options in other major currencies
• Barclays exchange rates: Barclays rates are likely to include a markup
• Receiving payments: Pay in and out from other Barclays accounts

• Other notable features: You must have a GBP account with Barclays for 6 months before you can apply for a currency account

  HSBC

HSBC offers Swiss franc accounts for both personal and business customers. There are no monthly fees for personal account holders, and you’ll get the live HSBC exchange rate if you need to exchange currencies to make a payment. Accounts do not come with a debit card, but you can make payments easily online and in the HSBC app, including regular payments and scheduled payments up to one year in advance.

• HSBC fees: No opening or monthly fee for personal accounts, charges for some transactions such as some overseas payments; business fees can vary based on account type
• Supported currencies: Personal accounts can be opened in 14 currencies, business accounts can operate in any tradeable currency
• HSBC exchange rates: HSBC rates are likely to include a markup
• Receiving payments: Pay into your account from other HSBC accounts
• Other notable features: Several different types of foreign currency business account available

Natwest

Natwest personal customers in the UK can open a Cash Management account if they have non domiciled status. Businesses have other CHF account options, to suit differing needs. Cash Management accounts include easy access saving options and fixed term deposits. To be eligible you’ll need savings of 25,000 GBP or a salary of 40,000 GBP.

• Natwest fees: No monthly fee for cash management account
• Supported currencies: 25 major currencies covered
• Natwest exchange rates: Natwest rates are likely to include a markup
• Receiving payments: Options vary depending on account selected
• Other notable features: Cash management accounts offer interest and both easy access and fixed term deposit options

What is a Swiss franc account?

A Swiss account can be useful if you need to hold, receive or send payments in Swiss francs. As Swiss francs are seen as a very stable and widely traded currency, it’s common to find banks offering accounts in CHF for saving and investing.

Accounts with a focus on saving don’t usually have a debit card - if you’re a traveller and need to be able to pay for things in stores or make cash withdrawals you might find a non-bank service like Wise or Revolut is a better fit. These accounts are designed to support dozens of currencies and also offer a linked debit card for easy card payments and withdrawals.

How does a Swiss franc account work?

The main function of any Swiss account is to let you hold a balance in CHF. This might be for spending or saving, or because you travel to Switzerland often and need to exchange GBP to CHF frequently, for example.

Aside from holding a balance in Swiss francs, you’ll find that each Swiss account available on the UK market has its own features. Some come with a debit card or ways to earn interest, some have options to receive local payments in CHF, or allow you to deposit cash. Comparing a few different accounts is crucial to make sure that you find one which meets your needs with low fees and fair exchange rates.

Read also:

• How to open a bank account in Switzerland

Swiss account with debit card

If you want to hold a balance in CHF purely to diversify your savings or investments, having a  debit card may not be a priority for you. Instead, you can simply transfer your balance out electronically to another account when you want to access it. However, if you need to be able to get your hands on your money quickly and easily as you travel, a debit card is likely to be a very important feature.

Here’s a reminder of the non-bank alternatives we introduced earlier, which both offer a debit card for ease of spending:

Wise account and card: Get your card for a one time 7 GBP fee, and spend in 150+ countries, in 40+ currencies. CHF supported for holding and exchange, and currency conversion uses mid-market rates with low fees

Revolut account and card: All Revolut account plans have a linked card although the card and the fees you pay will vary based on your account type. All accounts have some no fee currency conversion which uses the Revolut exchange rate, but fair usage and out of hours fees may apply depending on how you transact

How to open a Swiss franc account in the UK

The easiest way to open a CHF account is likely to be with a specialist online service. Different providers have their own application methods, but the process is usually similar:

1. Choose the best provider for your needs

2. Register for your account online, through the provider app, or in a branch

3. Give your personal and contact information

4. Complete the required verification steps

5. Fund your account - and you’re ready to go

When you open your account you’ll need to prove your ID and residential address. The exact documents you need will vary depending on the account type, but can include:

• Government issued photo ID

• Proof of address - a utility bill or bank statement in your name for example

• Business registration documents if you’re opening a business account

How to open a CHF account online

Digital providers will always allow you to open your account and get verified online or through an app - it’s what they’ve been built for. You’ll just need to take clear photos of the documents requested, like your ID and proof of address, and upload them to your account or in the provider’s app. If there’s any problem you can open a chat with the provider to get personalised help.

While some banks extend online account opening services to customers, not all do. If your bank can’t offer a digital account opening process, you’ll need to visit a branch and take along your documents to get set up.

What are the advantages of a CHF account in the UK?

An account which lets you hold and exchange Swiss francs might be helpful for yourself or your business if you need to hold, send, spend, exchange or receive CHF.

If you’re a traveller in Switzerland, a CHF account and card lets you spend and withdraw without incurring currency exchange costs every time. It’s also very common to get a better exchange rate with a foreign currency account, compared to using a GBP account to spend overseas, as you can avoid foreign transaction fees.

If you’re getting paid by others in Swiss francs, a CHF account lets you hold your balance without being forced to convert back to GBP. This can cut down on the costs of currency exchange and allows you to exchange when you spot a good rate.

Many CHF accounts come with details you can use to be paid by customers in Switzerland if you’re a business owner - or you can use your Swiss details to collect CHF payments from PSPs like Stripe and marketplaces like Amazon. That makes it easier to grow your business overseas.

How to use a Swiss franc account

What you can do with your Swiss account will depend a lot on the specific account you pick. However, some of the features which are common with CHF accounts in the UK include:

• Hold and exchange CHF or other currencies alongside GBP, in one account

• Get local account details to allow you to receive CHF payments by bank transfer

• Spend in CHF online or when you travel, with a linked debit card

• Invest or save for a future bill or purchase without needing to convert back to pounds

Swiss franc account details

If you’re a freelancer being paid by Swiss clients, or need to receive payments for any other reason, look out for a CHF account which has its own local Swiss franc details for receiving local payments. You may get an IBAN or SWIFT details, depending on the account, which you can give to anyone who needs to send you money.

Swiss business account

Business customers looking for a CHF account might find they have different options compared to personal customers. Some of the features you might find with a CHF business account can include:

• Ways to issue debit cards to team members

• Multi user access

• Accounting integrations

• Batch payment solutions

Here are the non-bank business account providers we looked at earlier:

Wise business account: 45 GBP fee to open an account, and 3 GBP per debit card, with no ongoing charges. Hold 40+ currencies, exchange with the mid-market rate, and get cloud accounting integrations and batch payments

Revolut business account: Several different accounts with varying features included in the account price. All options have cards for convenient spending and can hold, receive and exchange CHF and many other currencies

Conclusion: Swiss account in the UK

If you’re in the UK and need ways to hold a balance in Swiss francs, spend and withdraw when you travel to Switzerland, or you want to send or receive international CHF transfers, a Swiss franc account can help.

You can open an account to hold and exchange CHF with a UK bank or a non bank provider. Banks generally offer Swiss accounts which are more aimed at investing and saving, while non-bank providers have accounts which come with a card for easy spending.

Consider an account from a non bank provider like Wise or Revolut, to get low fees and no minimum balance requirement, with a handy debit card you can use to spend and withdraw in Switzerland and all over the world. Use this guide to kickstart your research and find the best CHF account for you, whether you’re a personal or business customer, freelancer or online seller

CHF account FAQs

Can I open a Swiss franc account in the UK?

Yes. You can open a Swiss franc account with a bank, or a specialist non-bank online service. Different accounts have their own customer niches, and so offer different features, fees, and eligibility requirements. Compare a few including Wise and Revolut, to find the right fit.

How much does it cost to open a Swiss franc account?

Generally CHF accounts from banks can be opened for free, with no monthly charges. However, transaction fees and minimum balance requirements will apply. Some non-bank services like Wise have no monthly fees, while others may have ongoing fees to pay.

Which UK banks offer Swiss franc currency accounts?

UK banks including HSBC and Barclays offer CHF accounts - but these are often meant for people looking to save or invest in a foreign currency rather than as a day to day spending account. As an alternative consider a non-bank provider like Wise or Revolut which can often be cheaper and more flexible.