Traditional Bank vs Fintech Business Account: A Swiss Founder's Checklist

"Which business account should I open?"

It's the wrong question. There's no single best account, only the best fit for how your company moves money.

The right question is: what do I need, and which provider gives me that, with risks I understand?

This article gives you a neutral framework: nine criteria, a scorecard, and the questions to ask any provider, whether it's a traditional bank, a fintech or Firma.

First, understand what you're comparing

"Business account" can mean very different things legally.

Banks

A licensed bank in Switzerland accepts deposits from the public. Deposits at FINMA-authorised banks and securities firms are protected up to CHF 100,000 per client and institution under the Swiss depositor protection scheme, which esisuisse administers.

Fintechs

"Fintech" isn't a legal category. It covers many models, for example:

• companies with a FINMA FinTech licence (Art. 1b of the Banking Act), which can accept public deposits up to CHF 100 million but can't invest them or pay interest on them. According to FINMA, client assets at such institutions are not covered by depositor protection and are not privileged in bankruptcy, and clients must be told this beforehand;
• providers that offer accounts through partner banks;
• providers whose balances take a different legal form, such as e-money or digital tokens.

What matters isn't the label. It's what your balance legally is, and what happens to it if something goes wrong.

Where Firma sits

Firma is a regulated financial technology company, not a bank. Regulated banking services are provided through banking partners. Balances on Firma accounts are digital stablecoin tokens, not bank deposits, and are not covered by esisuisse.

We'd rather you know that up front. For more on what to ask any provider, read "Is My Money Protected?" Questions to Ask Any Business Account Provider.

The 9 criteria

1. Regulatory status and protection of balances

• Who regulates the provider, and under which licence?
• What is your balance legally: a bank deposit, e-money, a token, something else?
• Is it covered by depositor protection? If not, how are client funds held and separated?

2. Onboarding time

• How long from application to a working account?
• What do they need from you? (See How to Open a Swiss Business Account in Days, Not Weeks.)
• What do you pay if they can't onboard you?

3. Currencies

• Which currencies can you hold, not just send?
• Do you get account details in your company's name for each currency?

4. Payment rails

• Domestic CHF: SIC, Swiss QR-bills.
• EUR: SEPA.
• International: SWIFT.
• US: ACH, Fedwire, FedNow.
• Stablecoins: which tokens and networks?

The rails cheat sheet: SIC, SEPA, SWIFT, ACH, Fedwire, FedNow: Which Rail When? (Cheat Sheet)

5. Fee model and total cost

Compare the total cost, not the headline:

• monthly fee,
• per-payment fees (in and out),
• FX spread and conversion fees,
• card fees, add-ons, minimum balance charges.

How to measure the hidden part: The FX Fee Your Bank Never Shows You.

6. Limits

• Per-payment and monthly limits?
• Minimum balance?
• Can you set limits for users, software and agents?

7. Integrations and API

• Does it connect to your accounting software today, or "soon"?
• Is there an API? On which plan? With what controls?

8. Support

• How do you reach a human? How fast?
• Is support included, or a paid add-on?

9. Other banking needs

Some needs are traditional bank products. These include a capital deposit account for a cash founding, credit lines and loans, and some kinds of guarantees. If you need these, factor them in, even if you run day-to-day operations elsewhere.

The scorecard

Copy this and fill it in for each option. Score 0–2 per criterion, and weight what matters most to you.

• Regulatory status & protection — Weight (1–3): ; Option A: ; Option B: ; Option C:
• Onboarding time — Weight (1–3): ; Option A: ; Option B: ; Option C:
• Currencies you can hold — Weight (1–3): ; Option A: ; Option B: ; Option C:
• Payment rails you need — Weight (1–3): ; Option A: ; Option B: ; Option C:
• Total cost (your volumes) — Weight (1–3): ; Option A: ; Option B: ; Option C:
• Limits & controls — Weight (1–3): ; Option A: ; Option B: ; Option C:
• Integrations & API — Weight (1–3): ; Option A: ; Option B: ; Option C:
• Support — Weight (1–3): ; Option A: ; Option B: ; Option C:
• Other banking needs — Weight (1–3): ; Option A: ; Option B: ; Option C:

Tip: score with your numbers. Take last quarter's actual payments: how many, which currencies, which rails. A provider that's perfect for a remittance company may be wrong for a two-person agency, and the reverse.

How Firma answers the 9 questions

We'll apply the same honesty we're asking you to demand from everyone:

1. Status: regulated fintech, not a bank. Banking services via partners. Balances are stablecoin tokens, not bank deposits, not esisuisse-covered.
2. Onboarding: verification takes about two days once we have the company. If we can't verify you, there's nothing to pay. Companies only, no sole proprietorships.
3. Currencies: USD, EUR, CHF, GBP, CAD, MXN and BRL, in your company's name.
4. Rails: SIC, Swiss QR, SEPA, SWIFT, ACH, Fedwire, FedNow, and stablecoins (USDC on Ethereum and Solana).
5. Cost: money in is free. Plus is Fr. 499 a month with 25 bps out. Platform is Fr. 1'000 a month with 20 bps out. Enterprise is custom, above $2M a month. Conversions use the Reuters rate, and the fee is shown before you send.
6. Limits: no fixed payment or monthly cap and no minimum balance; payments remain subject to compliance checks. On the API, any daily limit is one you set.
7. Integrations & API: API on Platform. Accounting and automation integrations are coming soon.
8. Support: in the app on every plan. Platform adds 1:1 support.
9. Other needs: cash capital deposits need a bank. (Crypto contributions in kind are a different story; see the account-opening article.)

Common comparison mistakes

1. Comparing monthly fees only. FX spreads and per-payment fees often matter more.
2. Ignoring what the balance legally is. Read the terms, not the homepage.
3. Assuming "integration" means "live today". Ask what works now.
4. Choosing for today's flows only. If you plan to invoice in euros or pay US contractors next year, include that.
5. Thinking it's either/or. Many companies use more than one provider for different jobs. You can use Firma alongside your bank.

Bottom line

Don't ask "which account is best?" Ask nine questions, score the answers with your own numbers, and pick the provider whose risks you understand and whose strengths match your flows.

FAQ

Is a fintech business account the same as a bank account?

Not necessarily. Fintechs operate under different models and licences, and balances can have a different legal form. Ask each provider what your balance legally is and whether depositor protection applies.

Are fintech balances covered by esisuisse?

It depends on the provider and its licence. According to FINMA, deposits at institutions with a FinTech licence (Art. 1b Banking Act) aren't covered by depositor protection. Firma balances are stablecoin tokens and aren't covered by esisuisse.

How much does depositor protection cover at Swiss banks?

Deposits at FINMA-authorised banks and securities firms are protected up to CHF 100,000 per client and institution.

Can I use a bank and a fintech at the same time?

Yes. Many companies use different providers for different needs, for example a bank for credit or cash capital deposits, and Firma alongside it for multi-currency payments.

What should I compare besides fees?

Regulatory status, onboarding time, currencies, payment rails, limits, integrations and support.

Run Firma through the same scorecard

Score us the way you'd score anyone: multi-currency balances, broad payment rails, transparent pricing and fast verification, plus a clear answer on what your balance is. Verification takes about two days, and if we can't verify your company, there's nothing to pay.

Open your Firma account →

Still in your first year? Read 7 Money Mistakes Swiss Founders Make in Year One.

This article is general information, not legal, tax, or investment advice. Talk to a qualified adviser about your situation.

Firma is a regulated financial technology company, not a bank. Banking services are provided through banking partners. Balances are digital stablecoin tokens, not bank deposits, and are not covered by esisuisse.

Sources: FINMA, FinTech licence; FINMA, depositor protection; esisuisse; Firma FAQ and pricing.