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Old 11.09.2016, 13:19
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Best bank for small companies?

I will be starting a small consulting business next month and will be needing to open a bank account for it. It is only me and the transactions will be limited (only a few a month), so I do not need anything super special or designed for SAGLs or SAs.

I have looked around and it seems that both UBS and Post Finance charge CHF 80 and 60 annually, respectively for a business account with them. They also then charge CHF 70-80 annually for a Visa card, which seems a bit steep. I don't even get points!

Does anyone know of a better deal out there for small businesses?

I am not sure if it may also be a problem opening up a business account with someone who does not know me (my personal acct is with UBS) or because I hold a US passport.

Any suggestions?

Thanks!
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Old 11.09.2016, 15:19
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Re: Best bank for small companies?

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...I am not sure if it may also be a problem opening up a business account with someone who does not know me (my personal acct is with UBS) or because I hold a US passport...
Honestly I think the U.S. passport is going to be your biggest hassle in trying to find another bank. There are so few that accept U.S. customers any more. I'd stick with UBS since you already have your personal account there, and you can deduct the fees on your taxes anyway. You might even be able to negotiate the fee for the business account if you go in person to set things up.
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Old 11.09.2016, 15:32
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Re: Best bank for small companies?

Stick with your own bank but if you are not forming a GmbH and just being self employed, you don't need to have a separate bank account. Just keep precise records of what transactions are for business use.
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Old 11.09.2016, 16:54
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Re: Best bank for small companies?

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because I hold a US passport.
This. As the owner of a small company the bank will most likely require you to sign a statement that the beneficial owner of the funds is you and this can be a problem for a US citizen.

Last edited by Jim2007; 11.09.2016 at 21:58.
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Old 11.09.2016, 21:35
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Re: Best bank for small companies?

Thanks. I had to sign something stating I was a US citizen when I opened up my UBS acct and so I agree, it would probably be easier to stick with UBS. I have been told that it is better to have two accts, but I actually will not have many transactions coming in and out. I am a consultant so will only have a few transactions a month (unlike someone who sells lots of things per month).

Maybe it is better to just be diligent and see how it goes. I could always get a separate credit card as that is really where it could get complicated when I am on a business trip on behalf of a client.

Thanks for your input!
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Old 11.09.2016, 23:08
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Re: Best bank for small companies?

Cantonal Bank
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Old 12.09.2016, 09:55
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Re: Best bank for small companies?

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Thanks. I had to sign something stating I was a US citizen when I opened up my UBS acct and so I agree, it would probably be easier to stick with UBS. I have been told that it is better to have two accts, but I actually will not have many transactions coming in and out. I am a consultant so will only have a few transactions a month (unlike someone who sells lots of things per month).

Maybe it is better to just be diligent and see how it goes. I could always get a separate credit card as that is really where it could get complicated when I am on a business trip on behalf of a client.

Thanks for your input!
For a sole trader with only a few transactions, your personal account will be fine. And yes, if you have a lot of travel expenses then a 2nd credit card used only for business is an easy way to keep them separate.
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Old 30.10.2016, 17:18
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Re: Best bank for small companies?

Julius Bär
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Old 30.10.2016, 17:29
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Re: Best bank for small companies?

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Julius Bär
For small companies??
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Old 30.10.2016, 21:12
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Re: Best bank for small companies?

When we opened a GmbH in 2002, we went with Migrosbank initially as they were cheapest. It turned out you get what you pay for with an arrogant customer advisor who was as much use as a chocolate teapot.

In the end we went with UBS, even though they were more expensive they were just a lot more helpful.

Cheers,
Nick
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Old 30.10.2016, 21:35
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Re: Best bank for small companies?

Before taking any steps with UBS talk over your plans with them first. The last thing you want is for UBS to find you're doing business stuff on your personal account without them knowing about it. Might cause them to freeze your account and then where will you be.
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Old 31.10.2016, 16:15
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Re: Best bank for small companies?

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Before taking any steps with UBS talk over your plans with them first. The last thing you want is for UBS to find you're doing business stuff on your personal account without them knowing about it. Might cause them to freeze your account and then where will you be.
Why would they do that?
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Old 31.10.2016, 16:56
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Re: Best bank for small companies?

If they won't give him a business account they may not be happy with him using his personal account for business transactions.
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Old 31.10.2016, 18:43
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Re: Best bank for small companies?

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If they won't give him a business account they may not be happy with him using his personal account for business transactions.
But he already has a personal account with them so there wouldn't be a problem in him also opening a business account too. But anyway, if he's an Einzelfirma, he's perfectly fine using a personal account for business transactions.
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Old 31.10.2016, 19:02
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Re: Best bank for small companies?

Grumpy, I'm FATCA/bank paranoid, even though I've given up the blue book.
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