Swiss Multi-Currency Business Account: Options Guide

For internationally oriented businesses registered in Switzerland, managing multiple currencies efficiently is not a convenience — it is a competitive necessity. Swiss multi-currency business accounts allow companies to hold, receive, and send payments in multiple currencies from a single banking relationship, eliminating the cost and complexity of maintaining separate accounts across jurisdictions.

What Is a Multi-Currency Account?

A multi-currency business account allows a company to hold balances in multiple currencies — typically including CHF, EUR, USD, GBP, and JPY — within one account structure. Depending on the provider, the company may have:

• Sub-accounts: Separate balances for each currency, each with its own IBAN or account number.
• Omnibus account: A single account that can hold multiple currencies, with conversions executed on demand.
• Virtual IBANs: Unique IBAN identifiers for receiving funds in specific currencies, mapped to a central account.

The key benefit is operational simplicity. Instead of maintaining banking relationships in London, Frankfurt, and New York, a Swiss company can centralise its treasury in one institution.

Major Swiss Banks

UBS

UBS offers multi-currency business accounts through its Corporate & Institutional Banking division. The platform supports over 30 currencies with competitive foreign exchange spreads for larger transaction volumes. UBS’s strength lies in its global network and integration with trade finance products, making it a natural fit for companies engaged in international trade.

Key features:

• Dedicated relationship manager for accounts above a defined threshold
• Integration with UBS e-banking for multi-currency payments and FX hedging
• Access to international wire transfers via SWIFT
• Letters of credit and documentary collections for trade finance

Credit Suisse (now part of UBS Group)

Following the 2023 integration, Credit Suisse’s corporate banking services have been absorbed into the UBS platform. Existing Credit Suisse multi-currency accounts have been migrated, though the transition continues for some legacy products.

Julius Baer

Primarily a private banking institution, Julius Baer also provides corporate accounts for companies controlled by its private banking clients. Multi-currency functionality is available, with a focus on investment-grade foreign exchange services rather than high-volume transactional banking.

Cantonal Banks

Zurich Cantonal Bank (ZKB), Banque Cantonale Vaudoise (BCV), and other cantonal banks offer multi-currency business accounts, though the range of supported currencies and the sophistication of FX services may be narrower than the major banks. Cantonal banks often provide more competitive pricing for domestic transactions and are a strong choice for companies with moderate international exposure.

Neobanks and Fintechs

The rise of neobanks has introduced new options for multi-currency banking:

Revolut Business

Operating under a Lithuanian banking licence with a Swiss entity for client onboarding, Revolut Business offers multi-currency accounts with real-time exchange rates, low FX margins, and a modern digital interface. It is well-suited to startups and SMEs with significant cross-border payment volumes.

Wise (formerly TransferWise) Business

Wise provides multi-currency accounts with local account details in over 40 currencies. Its strength is transparent, low-cost international transfers using mid-market exchange rates. Wise is not a bank in the traditional sense but holds an e-money licence.

Amnis

A Swiss-headquartered fintech specialising in corporate foreign exchange and multi-currency account services. Amnis offers competitive FX rates, integration with ERP systems, and automated payment workflows. It is particularly popular among Swiss SMEs engaged in import/export.

Key Features to Compare

When selecting a multi-currency account provider, businesses should evaluate:

Currency Coverage

Not all providers support the same currencies. Ensure the provider covers the currencies relevant to your operations. Major currencies (CHF, EUR, USD, GBP) are universally available, but more exotic currencies (e.g., AED, SGD, HKD, ZAR) may have limited support.

Foreign Exchange Rates and Spreads

FX costs are the single largest expense associated with multi-currency accounts. Compare:

• Spread: The markup above the mid-market rate. Traditional banks may charge 0.5–2.0%, while fintechs often offer 0.2–0.5%.
• Spot vs. forward rates: Some providers offer forward contracts and FX hedging tools, essential for businesses with predictable future currency needs.
• Volume discounts: Larger transaction volumes often attract tighter spreads.

Transaction Fees

Evaluate both incoming and outgoing payment fees:

• SWIFT transfers: Traditional banks charge CHF 10–30 per outgoing SWIFT transfer, plus intermediary bank fees.
• SEPA transfers: For EUR payments within Europe, SEPA transfers are typically cheaper (CHF 1–5).
• Local payment rails: Providers like Wise offer local payment routes that avoid SWIFT fees entirely.
• FX conversion fees: Some providers charge a separate fee for currency conversions on top of the spread.

Integration and Automation

For companies processing high volumes of international payments, integration capabilities are critical:

• ERP integration: Connectivity with accounting and ERP systems (SAP, Abacus, Bexio).
• API access: For automated payment processing and treasury management.
• Batch payments: The ability to upload and process bulk payment files.
• Automated FX: Rule-based currency conversions (e.g., automatically convert EUR receipts to CHF above a threshold).

Regulatory Standing

Ensure the provider is appropriately regulated:

• Swiss-licensed banks are regulated by FINMA and offer depositor protection up to CHF 100,000 per depositor.
• Foreign-licensed neobanks operating in Switzerland may be regulated by their home country authority (e.g., the Lithuanian central bank for Revolut).
• E-money institutions (e.g., Wise) are not banks and do not offer deposit protection — funds are safeguarded rather than insured.

Practical Recommendations

For Startups and Small Companies

Neobanks and fintechs offer the most cost-effective multi-currency solutions for smaller businesses. Low monthly fees, competitive FX rates, and user-friendly interfaces make them ideal for companies with moderate transaction volumes.

For Mid-Sized Companies

A combination approach often works best: a traditional Swiss bank for the primary CHF account (providing credibility and access to credit facilities) paired with a fintech solution for high-volume international payments.

For Large Enterprises

Major Swiss banks offer the comprehensive treasury management, trade finance, and FX hedging capabilities that large enterprises require. The higher fee structure is justified by the breadth of services and the risk management tools available.

Opening Process

Opening a multi-currency business account typically requires:

1. Company documentation (commercial registry extract, articles of association)
2. Identification of beneficial owners and authorised signatories
3. Description of business activities and expected transaction volumes
4. Source of funds documentation
5. Completed account application forms

For a detailed guide to the account opening process, see our article on opening a Swiss business bank account.

Tax Considerations

Multi-currency balances may give rise to foreign exchange gains or losses, which must be reported in the company’s annual accounts:

• Realised FX gains/losses: Arise when currencies are converted and are included in taxable income.
• Unrealised FX gains/losses: Arise from revaluing foreign currency balances at year-end. Under the Swiss Code of Obligations, unrealised losses must be recognised, while unrealised gains may (but need not) be recognised.
• Transfer pricing: For companies with related entities abroad, inter-company payments in foreign currencies must be at arm’s length rates.

Donovan Vanderbilt is a contributing editor at ZUG BUSINESS. This article is informational and does not constitute legal, tax, or financial advice.