Frequently Asked Questions (FAQ): Company Bank Account Opening in Switzerland for Payment Traffic

No. Fully automated identity verification is integrated into our onboarding workflow.

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Company documents needed to open a corporate bank account in Switzerland:

• Company establishment documents: a registry excerpt, articles of association (or jurisdictional equivalent) and a share register (draft versions for start-ups)
• Financial statements for the last business year (for existing companies)
• Tax identification number of the company: TIN (here) - typically the official company registration number
• Passport or identity card of the person authorized to open the business account
• Passport or identity card of all signatories on the Swiss corporate bank account
• In the case of intermediate holding structures: ownership documents on each corporate layer up to the ultimate beneficial owners (UBOs), that is, share registers on each intermediate company and its stake in the daughter company

Ownership documents needed to open a business account in Switzerland:

• Passport or identity card of all UBOs
• Personal tax identification number of all UBOs: TIN (here)
• CVs of all UBOs mentioning email and mobile number

From 30 minutes to up to 5 working days depending on your risk profile.

• Account opening fee: CHF 2,000 upon IBAN issuance
• Account maintenance fee: CHF 2,000 per year
• Payment traffic: A percentage on payment traffic invoiced quarterly
• Foreign exchange spread above interbank rate: 0.3%

Yes.

No.

No.

Yes.

The company's funds will at all times be booked at the Swiss National Bank (SNB) for Swiss francs and euros and at Tier-1 Swiss universal correspondent banks for all other currencies.

In Switzerland exclusively with backups in different geographical zones within Switzerland.

360pay does not onboard businesses and process business payments from the these countries and territories (non-exhaustive list):

• Afghanistan
• Barbados
• Burkina Faso
• Burundi
• Chad
• Comoros
• Congo
• Curaçao
• Democratic Republic of the Congo
• Equatorial Guinea
• Eritrea
• Guinea-Bissau
• Haiti
• Iran
• Jamaica
• Libya
• Macao
• Mali
• Mozambique
• Myanmar
• Nicaragua
• Nigeria
• North Korea
• Palestine
• Philippines
• Senegal
• Somalia
• South Sudan
• Sudan
• Syria
• Turkmenistan
• Uganda
• Vanuatu
• Venezuela
• Yemen

Last update: 25 November 2023

360pay does not provide the following products and services (non-exhaustive list):

• Correspondent banking
• Payable through accounts (PTAs), that is, correspondent accounts that are used directly by third parties to transact business on their own behalf
• Stored value instruments (that is, constellations in which a physical card is either the token to access value recorded remotely and linked to the card, or the value is stored on and accessible from a physical card’s chip)
• Domestic / cross-border bulk cash delivery (that is, bulk shipments of currency using air / land / sea carriers to transport large volumes of bank notes from one jurisdiction to another or within a jurisdiction)
• International cash letters
• Remote deposit capture (RDC), that is, the practice of depositing cheques and monetary instruments (e.g. traveller's cheques or money orders) into an account from a remote location, such as an office or home, without having to physically deliver the cheque
• Virtual / digital currencies / tokens etc.
• Cross-border (low-value) remittances
• Service to walk-in customers (non-account holders)
• Sponsoring private ATMs
• Services to unlicenced banks or Non-Bank Financial Institutions - NBFIs (e.g. investment funds, insurance companies, pension funds, leasing companies, payday lenders, pawnbrokers, student loan providers, currency exchanges, FX brokers, operators of credit card systems, microloan organizations etc.)
• Services to shell banks (that is, banks that have no physical presence in the country in which they are incorporated and licensed, and which are unaffiliated with a regulated financial group that is subject to effective consolidated supervision)
• Unlicensed / unregulated remittance agents, exchanges houses, casa de cambio, bureaux de change or money transfer agents
• Money or Value Transfer Services (MVTS) or Money Services Business (MSB), that is, non-bank financial services that involve the acceptance of cash, cheques, other monetary instruments or other stores of value and the payment of a corresponding sum in cash or other form to a beneficiary by means of a communication, message, transfer, or through a clearing network to which the MVTS provider belongs
• Services to the atomic power industry
• Services to the investment banking industry (that is, companies underwriting new debt and equity securities for all types of corporations, facilitating mergers, acquisitions, reorganizations and broker’s securities trades for both institutions and private investors)
• Services to unregulated charities (e.g. charitable trusts)
• Services to regulated charities
• Services to red light business / adult entertainment (that is, companies that sell, rent or display sexually explicit matter, including, but not limited to, adult bookstores, adult magazine stores, stores selling sexually oriented adult games or devices, adult motion picture theatres, adult peep shows, establishments where nude or topless dancing or their displays regularly occur or other similar business)
• Services to virtual currency institutions
• Services to companies related to marijuana including hashish and hash oil, any compound, manufacture, salt, derivative, mixture, or preparation of the plant, its seeds or resin
• Services to the gambling industry, that is, businesses with a physical location (e.g. casinos, bookmakers, operators of slot machines), gambling equipment manufacturers, in addition to online and remote gambling businesses including gambling software and hosting providers
• Services to multi-profile trading companies (that is, import-export companies trading in heterogeneous, unrelated, goods)
• Services to import-export companies where subsequent shipping to sanctioned countries cannot be excluded
• Services to companies with intransparent ownership structures and/or involving bearer shares

Last update: August 2023