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Old 23.01.2015, 13:11
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EUR Current Account

Hi, thought this would be simple. I just want to open an EUR current account, i.e. one I can wander off to france for and spend say 500 EUR and not get a commission fee taken by the bank. I assumed it would be obvious but on asking our local bank in Vaud, they said EUR accounts have a monthly fee and take 1% of any transactions.

Robbery.

I see some threads talking about postfinance but more in relation to low fees for international transfers in and out of it. Does anyone know a swiss (or non swiss) bank that I can simply sign up to a no fees (and almost certainly no interest, so they get there bit) EUR current account ?
thanks
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Old 23.01.2015, 13:19
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Re: EUR Current Account

Any number of accounts for one CHF 5,-- fee per month. Otherwise it is free. How much do you pay your Swiss bank each month?

Make Post Finance your main bank, why pay more?

https://www.postfinance.ch/en/priv/p...eur/offer.html
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Old 23.01.2015, 13:24
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Re: EUR Current Account

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Any number of accounts for one CHF 5,-- fee per month. Otherwise it is free. How much do you pay your Swiss bank each month?

Make Post Finance your main bank, why pay more?

https://www.postfinance.ch/en/priv/p...eur/offer.html
brilliant thats just the job, thanks!
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Old 23.01.2015, 14:10
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Re: EUR Current Account

www.dkb.de is a German bank, so they ahve "native" €-accounts. Also they specialise in opening accounts for Swiss residents. It´s 100% free, you get a free VISA-debit-card which you can use throughout the €-zone to pay&withdraw.
.
I´ve been using them for years, and can´t find the catch (except huge balances might suddenly lose 20% of their value at 10h30 on occasional odd mornings, but then again, I just use it for minimal transactions, no major balances).
.
Opening is super easy, just fill the form and present yourself at any German post office next time you´re in Germany. Like this it´s free of charge.
.
Now I wish there was a referral program, but there isn´t - I just like them.
.
Additional perk: You can withdraw worldwide, free of charge, at any ATM. Even a local ATM-fee that the machine warns you of is refunded, and you get the mean fx-rate. It´s the best for woldwide travel that I´ve found so far.
.
After I opened this account, I closed my Swiss based €-account. No need to get 0% if I can get 1% in Germany.
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Old 30.01.2015, 12:38
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Re: EUR Current Account

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Any number of accounts for one CHF 5,-- fee per month. Otherwise it is free. How much do you pay your Swiss bank each month?

Make Post Finance your main bank, why pay more?

https://www.postfinance.ch/en/priv/p...eur/offer.html
update to this. opened this account, got the card, then found out that you cannot actually pay for things on the card, you can only withdraw cash. You need a credit card to do payments on it (in france for example) and the credit card duly comes with its monthly fee.

So thats the end of that im afraid for PostFinance.
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Old 30.01.2015, 13:39
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Re: EUR Current Account

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...So thats the end of that im afraid for PostFinance.
Time to check out the DKB-option
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Old 30.01.2015, 14:25
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Re: EUR Current Account

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Time to check out the DKB-option
I definitely would chris but im in Vaud so actually turning up in person would be a real trek. do you definitely have to be there in person or could you do it remotely ?
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Old 30.01.2015, 14:30
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Re: EUR Current Account

I prefer the German-"Post"-branch route, because it´s more standardised and free.

However it's possible remotely, too. There are instructions on how to do that, in German, on their website. You have to go to a notary or another official place to identify yourself. Downside is, it costs something.

If you manage to do this, let the forum know how it works. Would be keen to know.
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Old 31.01.2015, 22:54
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Re: EUR Current Account

Sorry to hijack the thread but where would you recommend opening a EUR current account if unable to open a DKB account?

After travelling to a Post branch in Germany to verify my ID, DKB sent me a nice polite rejection letter - when I emailed to query it they responded saying they don't communicate in English. Quite ironic considering their email was in English

I already have a free account with UBS so I'm not overly keen on paying 5 CHF per month just to have a Postfinance account to use for Euros only.

I've been using my UK credit card as it is free to use for purchases worldwide, then just paying it off monthly via a transfer back home. This is no use for withdrawing Euros from an ATM though.
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Old 31.01.2015, 23:00
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Re: EUR Current Account

If you only want the account to spend euros then all swiss banks let you withdraw euros in Switzerland from an ATM from your swiss bank for no fee
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Old 31.01.2015, 23:14
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found out that you cannot actually pay for things on the card, you can only withdraw cash.
While it is correct that the PostFinance card cannot be used as a credit card (and they do not hide that one bit), it is perfectly suitable for non-cash transactions (online, with card terminals in Real Life).

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So thats the end of that im afraid for PostFinance.
Try one of the free credit cards in combination with PostFinance - see https://en.comparis.ch/kreditkarten/default.aspx

Just do not (ever) make the mistake of using any credit card for credit.

Oh, and with you mentioning paying in France: Do yourself a favour and get a current account denominated in Euro - and then a credit card for that. Otherwise you will bleed commission on the exchange rate between CHF and EUR.

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DKB sent me a nice polite rejection letter
DKB tend to service anybody. (Credit card is a different story - but current account anybody. Once stable finances have been documented, the credit card will be no problem either).

I would suggest first reviewing why you were rejected - chances are that it may happen again.

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all swiss banks let you withdraw euros in Switzerland from an ATM from your swiss bank for no fee
... and the exchange rate implies a commission of 2+ per cent. Give or take. Rather take

Last edited by 3Wishes; 31.01.2015 at 23:35. Reason: merging successive posts
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Old 31.01.2015, 23:23
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Re: EUR Current Account

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Sorry to hijack the thread but where would you recommend opening a EUR current account if unable to open a DKB account?...
How about ing.lu, from where I got a denial-letter? More options: dab.com (in spite of the .com they´re German); diba.de, comdirect.de...

With all those I just don´t know if they open accounts for non-residents by default.
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Old 31.01.2015, 23:30
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Re: EUR Current Account

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While it is correct that the PostFinance card cannot be used as a credit card (and they do not hide that one bit), it is perfectly suitable for non-cash transactions (online, with card terminals in Real Life).



Try one of the free credit cards in combination with PostFinance - see https://en.comparis.ch/kreditkarten/default.aspx

Just do not (ever) make the mistake of using any credit card for credit.

Oh, and with you mentioning paying in France: Do yourself a favour and get a current account denominated in Euro - and then a credit card for that. Otherwise you will bleed commission on the exchange rate between CHF and EUR.
The account is In euros that's the whole point, I wanted an account I can simply pay for things in France with and not incur commision or monthly fees. I will ring them again on Monday as the guy was adamant that the postfinance current account card could not be used for payment till transactions in foreign countries, only the free withdrawal of cash globally and that for payment of things involving anything other than cash a credit card was required,
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Old 31.01.2015, 23:34
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Re: EUR Current Account

Get a bank account in France, then.

Tom
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Old 31.01.2015, 23:42
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Re: EUR Current Account

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I will ring them again on Monday as the guy was adamant that the postfinance current account card could not be used for payment till transactions in foreign countries, only the free withdrawal of cash globally and that for payment of things involving anything other than cash a credit card was required,
Well, the guy is correct.

Grab a current account (and a credit card) in a country where the Euro is the currency of choice. Try to stay clear of Cyprus and Greece, though

Or grab that zero cost CHF credit card and pay significant commission on forex (and that commission is not tied to the "zero cost" but to the "CHF").
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Old 01.02.2015, 01:29
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Re: EUR Current Account

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Get a bank account in France, then.

Tom
From what I heard, French bank's service in general is not really ideal, and they´re really bureaucratic and complicated (all just hear-say...)? (bracing for a groan here!)

Some more ideas for "free" €uro-zone accounts: recordbank.be; fidor.de; maybe Austrian banks in general (?); Estonia seems to lead the way in handling everything electronically, and they´re stable and in the €uro-zone... English-speaking countries would be Malta and Ireland? Maybe Slovakia or Slovenia are in for a surprise? It should be possible to find something where it works out?!
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Old 01.02.2015, 10:47
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Re: EUR Current Account

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If you only want the account to spend euros then all swiss banks let you withdraw euros in Switzerland from an ATM from your swiss bank for no fee

Thanks but unfortunately UBS doesn't seem to agree with you. According to my advisor...

"You'll pay a for every withdrawal with your maestro card on any ATM a charge of 1% of the amount, at least CHF 3.50.

If you open a EUR account and withdrawal directly from your EUR account, you'll pay the agio of 1% of the amount."


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DKB tend to service anybody. (Credit card is a different story - but current account anybody. Once stable finances have been documented, the credit card will be no problem either).

I would suggest first reviewing why you were rejected - chances are that it may happen again.
Thanks, will try to do this again. I did try but when they replied to me (in English) telling me they don't communicate in English, I though stuff them. I had travelled to Germany, queued up in a rather busy Post to get my ID verified, then also met their subsequent request to scan and email more ID, only to be told I did not qualify. I am a recent arrival in Switzerland so maybe this has something to do with it.
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Old 01.02.2015, 10:51
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Re: EUR Current Account

Frankly if you just want to be able to withdraw some Euros then I can't see the problem with getting them direct from your Swiss account. We do this all the time when we want to go shopping or need the Euros for the French motorway tolls. Just ask the ATM for 500 Euros and it comes straight off your account. Okay, there may be a commission charge, but unless you're doing it every month surely it works out cheaper than having a monthly Euro account? For comparison, last time I did this in August 500 Euros cost me CHF625.
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Old 01.02.2015, 10:56
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Re: EUR Current Account

Thank you Medea Fleecestealer. This is exactly what I am doing now, but it is not ideal for me because I need to make small transactions in Euros on a regular basis and I would like to avoid paying CHF 3.50 each time.
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Old 01.02.2015, 11:01
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Re: EUR Current Account

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Frankly if you just want to be able to withdraw some Euros then I can't see the problem with getting them direct from your Swiss account. We do this all the time when we want to go shopping or need the Euros for the French motorway tolls. Just ask the ATM for 500 Euros and it comes straight off your account. Okay, there may be a commission charge, but unless you're doing it every month surely it works out cheaper than having a monthly Euro account? For comparison, last time I did this in August 500 Euros cost me CHF625.
That's exactly what we do. I don't see the point in faffing around setting up special accounts etc to save (maybe?) a few CHFs per year in commission fees.
There must be some sort of fee involved in transferring CHF into the euro account in the first place surely?

If we were shopping or making euro payments on a weekly basis maybe it would be a different story.
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