Changing my account from UBS to Credit Swiss. Is it possible?

Jmavatar · #1 26.05.2008, 12:42

Hello.

I am wondering to change my 4 months old UBS account to a new one in Credit Swiss.

I want to change first of all because there is only 6 or 7 UBS banks in Zurich

. Credit Swiss has the double, so it is easy for me to go to go to the bank.

The other point is that transfer money to my Spanish account is really expensive with UBS. (I hope with CS will be less)

The fact is that I don't know if is hard to change my bank account from one bank to an other, or if it is as easy as open a new account with CS...

Any tips?

Thanks a lot!

Smitty · #2 26.05.2008, 12:58

	Quote:	Jmavatar
	Hello. I am wondering to change my 4 months old UBS account to a new one in Credit Swiss. I want to change first of all because there is only 6 or 7 UBS banks in Zurich . Credit Swiss has the double, so it is easy for me to go to go to the bank. The other point is that transfer money to my Spanish account is really expensive with UBS. (I hope with CS will be less) The fact is that I don't know if is hard to change my bank account from one bank to an other, or if it is as easy as open a new account with CS... Any tips? Thanks a lot!

Can't you just walk into CS, tell them you want to open a bank account and do it. Walk across the street to UBS, tell them you want to close your bank account and have them transfer the money to your CS account? Excuse me if this sounds simple but I don't think this is a problem or am I missing something? I'm sure UBS will want to know why you are closing the account but if you don't want to tell them you don't have to.

If you have an IBAN number for your account in Spain you should not be charged a lot of money for transactions. If you don't have an IBAN then CS will also hit you with a lot of fees.

ze devil's advocate · #3 26.05.2008, 13:11

It's a free world. You can do what you want as far as opening and closing accounts is concerned.

Jmavatar · #4 26.05.2008, 13:18

Thanks a lot guys!!

The fact is that even with IBAN, UBS is quite expensive.

Can I try to get some good transfer rates with CS, or are them just standards fees??

#5 26.05.2008, 13:20

use Postfinance.

You have post offices and postomats everywhere, can pay in any place with your postcard and the account fees are low.

Stu&Kara · #6 26.05.2008, 13:42

Regarding fees paid for international transfers with CS; we send money back to the UK every month, costing 5 CHF everytime (with IBANs). The bank in the UK adds on their "handling fee", but I don't think it is much. We have financial obligations in the UK and find it really easy to transfer with CS; you can even do it on-line. As a comparison, when we were living in th UK we needed to transfer a relatively small amount of money to Italy (about £1500) and our bank charged us £20 to do it and we had to go into the branch.......

Jmavatar · #7 26.05.2008, 13:44

An other option... But as good as CS?? They have offices to talk to them in person?? I don't want just a place to take out money... I need to talk with them.

Thanks

The fees ar less than the other banks??

	Quote:	Salsa_Lover
	use Postfinance. You have post offices and postomats everywhere, can pay in any place with your postcard and the account fees are low.

#8 26.05.2008, 13:53

	Quote:	Jmavatar
	An other option... But as good as CS?? They have offices to talk to them in person?? I don't want just a place to take out money... I need to talk with them. Thanks The fees ar less than the other banks??

Sure they have, not in a standard post office though. In Geneva they had a full office with many departments that handled investment accounts, 3rd pillar and many other financial services.

The fees are lower and the service is ok.

I don't need ( or have interest ) to talk to a banker so it is perfect for me.

I closed my account at the UBS and CS because I didn't need them anymore.

LaurenM · #9 26.05.2008, 14:09

	Quote:	Jmavatar
	An other option... But as good as CS?? They have offices to talk to them in person?? I don't want just a place to take out money... I need to talk with them. Thanks The fees ar less than the other banks??

The problem I have with post finance is that the card only works here in CH. i don't know if there is another card I do not know about. But I ended up getting a BCV acct so I can make purchases elsewhere.

But maybe you can keep your UBS and transfer money to your Post acct to wire it home cheaper.

Shorrick Mk2 · #10 26.05.2008, 14:17

	Quote:	Jmavatar
	Hello. I am wondering to change my 4 months old UBS account to a new one in Credit Swiss. I want to change first of all because there is only 6 or 7 UBS banks in Zurich . Credit Swiss has the double, so it is easy for me to go to go to the bank. The other point is that transfer money to my Spanish account is really expensive with UBS. (I hope with CS will be less)

What do you call real expensive? It's 5 CHF standard or 10 CHF if you pay for the fees on the receiving end.

finesse · #11 26.05.2008, 14:19

	Quote:	Jmavatar
	An other option... But as good as CS?? They have offices to talk to them in person?? I don't want just a place to take out money... I need to talk with them. Thanks The fees ar less than the other banks??

as far as I know postfinance charge you zero for sending your money to abroad if it is a SEPA transfer. It should be in Eur, you should know the IBAN and BIC code of the recepient's account and it should be sent from their internet bank. I do not know if Spain is a participant of this SEPA payment thing but I guess it is.

#12 26.05.2008, 14:28

	Quote:	LaurenM
	The problem I have with post finance is that the card only works here in CH. i don't know if there is another card I do not know about. But I ended up getting a BCV acct so I can make purchases elsewhere. But maybe you can keep your UBS and transfer money to your Post acct to wire it home cheaper.

Not true,

the postcard is affiliated to EUFISERV and PLUS and works with many bancomats across europe, I have even used it in cash dispensers in Peru and it works.

You can also get a VISA/Mastercard with the Postfinance account if you need to do credit card purchases.

Jmavatar · #13 26.05.2008, 14:29

Yes, Spain is a SEPA country.

The fact is that las time I paid 39€ for 2000chf :S

I will talk with the different banks to see what fees can I get.

Thanks a lot!!!

finesse · #14 26.05.2008, 14:35

	Quote:	Jmavatar
	Yes, Spain is a SEPA country. The fact is that las time I paid 39€ for 2000chf :S I will talk with the different banks to see what fees can I get. Thanks a lot!!!

maybe you should be a bit more patient. UBS is in trouble nowadays

they need some extra income. (just joking)

Shorrick Mk2 · #15 26.05.2008, 14:44

	Quote:	Jmavatar
	Yes, Spain is a SEPA country. The fact is that las time I paid 39€ for 2000chf :S I will talk with the different banks to see what fees can I get. Thanks a lot!!!

Were those UBS fees? I highly doubt it. Are you sure these weren't the bank fees on the receiving end.

andrew1306 · #16 26.05.2008, 14:44

	Quote:	Jmavatar
	An other option... But as good as CS?? They have offices to talk to them in person?? I don't want just a place to take out money... I need to talk with them. Thanks The fees ar less than the other banks??

All the banks have their fees listed on their websites, if you can't find them, just call. In that respoect I have been very happy with CS, I can always call them and speak in english and the people are always nice - even though they can see my paudry salary

Bananahead · #17 26.05.2008, 19:07

Personally I don't find CHF 0.30 for a transfer expensive.

	Quote:
	"Payment abroad" is available for payments abroad in Swiss francs and foreign currencies. You can select any country and any currency that is available in UBS e-banking. Depending on the currency, target country and cost distribution, a number of payment types are available with different prices and different dates for the earliest possible execution of orders. You simply enter your payment details and based on these, we determine the most cost-effective payment type. We also show you any relevant options for optimizing your payment related to execution date, cost distribution or instructions. Before you transmit a payment, you will be shown the payment type determined by UBS e-banking. There are three types of payments available. One of these payment types will be generated based on your details. 1 Payment order SEPA (Single Euro Payments Area) for payments in euros within Europe – with a UBS service fee of CHF 0.30, it is the most cost-effective payment type. The following conditions must be met: - the currency is euro [more…] - for payments in the European Union (EU), in the European Economic Area (EEA) and in Switzerland (see the country table) - the recipient's bank relationship is identified with IBAN and BIC [more…] - Cost distribution is "Automatic" or "Share costs" [more…] - no instructions [more…] - the payments are not urgent, i.e. the execution date is at least one banking day after the entry date [more…] Advantages: Any beneficiary banks participating in SEPA are credited the full transfer amount within three bank working days after the payment order is received. 2 Payment order abroad extra for payments in Europe and the US – for a price of CHF 10 including third-party costs. For payments in Europe and the US with limited transfer amounts (see the country table): - in the currency of the target country [more…] - the recipient's bank relationship is identified with IBAN and BIC, or with the account number and Fedwire in the US [more…] - for which you assume all costs, so the recipient is credited the full amount; The flat fee of CHF 10 covers all costs until the payment reaches the recipient bank [more…] - no instructions [more…] - the payments are not urgent and do not need to be credited to the recipient for at least three bank working days. The amount arrives at the beneficiary bank within a maximum of 6 bank working days [more…] Advantage over payment abroad: The full transfer amount is credited to the beneficiary's account . 3 Payment order abroad for all other international payments – for a price of CHF 5 plus an optional flat third-party fee of CHF 20. For payments: - anywhere in the world, up to any amount and in all tradable currencies [more…] - in which the recipient is charged some of the costs or all of the costs of the transfer [more…] - that are urgent [more…]

SPB · #18 26.05.2008, 19:13

	Quote:	LaurenM
	The problem I have with post finance is that the card only works here in CH.

That's not right, I used my Post Finance card in the UK and France without problems.