Newly moved to Switzerland and need a new a/c.... a number of people have recommended Post Finance:

1. Which a/c type to open? I really want to do most of my banking on-line.

2. Should I get an euro a/c or swiss? Will i be charged to convert my salary from one to the other (I will be paid in euro)? I know the euro interest rate seems better but the exchange rate isn't looking so good !

3. If i get an euro a/c do I get charged to withdraw swiss francs?

ahhh getting confused - any thoughts welcome!

The PostFinance Online Set sounds like a good option for you. 3 CHF / month or free if you keep at least 7,500CHF (or the equivalent in EUR) of assets in total in aggregate in your accounts. They also offer the Plus Set with some additional advantages (free withdrawals abroad and branch transactions) for 12 CHF / month, or free with a minimum of 25,000 CHF of assets.

You can have both a CHF and a EUR account (at no additional charge) in the same set at PostFinance, so there's no need to choose.

Living here I suppose you'll need CHF in your day-day life. If you are paid in EUR, I'd guess you can either get paid into the CHF account and have the payments exchanged by PostFinance (at their EUR buy rate) on receipt, or get paid into the EUR account with no exchange overhead, and then exchange as much as you want (at the same rate) by transferring within the set to your CHF account whenever you need more local money. Notwithstanding potential fluctuations of either currency's value, the latter is probably more efficient if you occasionally need EUR, as you avoid having to buy them in exchange for CHF which you got for EUR in the first place; and you get a higher interest on your balance, of course.

May this be the most difficult choice you'll have to make in the near future

Cheers,
-- Tom

Thanks Tom.

I think the online set is the one I will go for.

I didnt realise I could have both a CHF and EUR together. Thats great

Also I think I will do as you suggested, transfer as much as I need to CHF for day to day expenses and keep the rest in EUR

Cheers, Andrew

What was recommended sounds about right, just get both accounts.
On a side note how the hell did you agree to being paid in EUROs?? are you not going to stay here long? Do you have any financial commitments in EUROs?

I find it outrageous that companies fix their exposure to currency fluctuations through their staff salaries, when they can hedge it on a year by year basis and not complicate their staffs life!

Just called Post Finance and checked that when having both CHF and EUR accounts is that you need to get two separate banking "sets". This means double monthly handling costs, 2x 3CHF, so it's not that bad On the plus side is that you get an overview of your both sets in the same "window" in your online bank.