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  #101  
Old 22.08.2014, 08:16
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Re: When leaving...close bank account

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I was hammered for 700ish CHF. Apparently UBS has an annual withdrawal limit of 50k or so on their saving accounts and it's not waived for account closure. I wound up paying this penalty during the SWIFT transfer back to #murica. Ouch.

The lesson here is if you think you might want send your money back home at some point, don't bother with the savings account -- the pennies in extra interest isn't worth it. Just keep everything in the current account.

One more useful tidbit: If you want to continue to hold CHF or EUR after you leave, the funds can be wired without conversion. I have a bank on the US side that can hold one of about 20 different currencies. I didn't have to pay a penny for this.
Nothing to stop you having multiple accounts of 50k
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  #102  
Old 22.08.2014, 09:18
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Re: When leaving...close bank account

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I was hammered for 700ish CHF. Apparently UBS has an annual withdrawal limit of 50k or so on their saving accounts
Most, if not all, banks do, though you can take out as much as you want with three months notice and no fee.

Tom
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  #103  
Old 06.10.2014, 15:30
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Re: When leaving...close bank account

Dear all, I need help!!!

I am a non-EU moving to UK soon. Just talked to a person on the PostFinance hot line and she told me that as soon as I deregister, I will have to close my PF account. To keep it opened, one has to have a house in Switzerland or be registered or be otherwise connected to Switzerland (for whatever that means). A C/O address is Switzerland will not do. If one is not connected to Switzerland anymore, an account can only be kept if one is moving to a neighboring country. I was told that UK is not considered as such. Bottom line I was told there is NO WAY for me to keep my account if I deregister.

I was a bit shocked.

First of all everyone seems to be saying that usually with PF it's no problem to keep an account with an overseas address.

Second,I have a vested benefit account with PF, how can they close it, and what's going to happen with my money? When I asked the person about it, she had nothing to say.

Third, I don't have an account in UK yet, and won't have it before I move out from here. Seriously, how am I supposed to transfer the few CHFs that I have on my PF account? In my pockets? Literally? Is that the 21-st century?

Was that person just terribly unprofessional, shall I just visit a Postfinance branch? Shall I just leave without telling them and arrange mail forwarding (normally I don't receive anything from them).

I would deeply appreciate any advice here!

_VWV_
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  #104  
Old 06.10.2014, 16:03
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Re: When leaving...close bank account

I don't think the bank gets notified when you deregister (someone else may comment on this). If so then perhaps you can deregister, open the bank account in the UK which they will probably also only let you do when you have an address there, and then transfer the funds.

An alternative: you can open e.g. a CurrencyFair account while you are still in Switzerland (using your Swiss address) and move your CHFs there. A bonus of this approach is that you will likely be able to convert them to GBPs at a better rate than the banks would give you. Then when your UK account is ready, you can also register it to your CurrencyFair account and then transfer the CHFs converted to GBPs into it.
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  #105  
Old 06.10.2014, 16:11
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Re: When leaving...close bank account

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I don't think the bank gets notified when you deregister (someone else may comment on this). If so then perhaps you can deregister, open the bank account in the UK which they will probably also only let you do when you have an address there, and then transfer the funds.

An alternative: you can open e.g. a CurrencyFair account while you are still in Switzerland (using your Swiss address) and move your CHFs there. A bonus of this approach is that you will likely be able to convert them to GBPs at a better rate than the banks would give you. Then when your UK account is ready, you can also register it to your CurrencyFair account and then transfer the CHFs converted to GBPs into it.
Nobody knows you have a bank account unless you tell them, secrecy in CH is the no 1 priority.

It's quite possible to hold a CHF account in the UK if you really want to, I never know why people tell their banks they are moving when everything is done online today. Just get your post forwarded.
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  #106  
Old 06.10.2014, 16:21
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Re: When leaving...close bank account

Ok, I shall do it. Mail forwarding

Anyways that lady on the hot line even wanted to send me an account cancellation form, while at the same time having no clue on what's going to happen with my vested benefits account.. I think she was just unprofessional.

So you would not go to a postfinance branch, would you? Just to ask how in theory it should work. I am just still a bit shocked, why it works for everyone with PF and I have to do mail forwarding and play hide and seek. Oh well, I always knew I am special.
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  #107  
Old 06.10.2014, 22:11
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Re: When leaving...close bank account

Ok, after googleing hard, I realized that the lady was not being unprofessional. It's the new policy of Postfinance. It seems that now it's only possible to keep your account if you relocate to Austria, Italy, Germany or France.

My god...

Other banks seem to also change their policy in the same direction.

That is a problem, as I wanted to use my vested benefits later, and funds from there can only be released to a private swiss account. Oh well...

_VWV_
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  #108  
Old 22.11.2014, 12:34
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Re: When leaving...close bank account

I think CS is about the 40.-CHF a month mark as someone else posted, but Ive been told PostFinance is only 5CHF a month. Has anyone been around checking all the costs and could post a helpful summary? If not I'll have to check and could try to come back with the up to date details for the main banks.
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  #109  
Old 22.11.2014, 20:27
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Re: When leaving...close bank account

I went into CS last week to find out about keeping my account open for a few months after I leave (so I can collect the apartment bond, pension money, etc). They were adamant that I couldn't keep it open even a single day after I left, which contradicts some of the information given here. In the end, we agreed that they would keep my address as it currently is (i.e. in CH) and I would get my mail redirected by the post office. Then when I am ready to close it, and only then, I will tell them that I have moved. Bizarre.
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  #110  
Old 22.11.2014, 21:21
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Re: When leaving...close bank account

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I went into CS last week to find out about keeping my account open for a few months after I leave (so I can collect the apartment bond, pension money, etc). They were adamant that I couldn't keep it open even a single day after I left, which contradicts some of the information given here. In the end, we agreed that they would keep my address as it currently is (i.e. in CH) and I would get my mail redirected by the post office. Then when I am ready to close it, and only then, I will tell them that I have moved. Bizarre.
Unfortunately, FATCA and other inter-governmental agreements to fight tax evasion are having a knock-on effect here in Switzerland. The banks are so scared of incurring penalties that they'll close all the loopholes they can.
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  #111  
Old 23.11.2014, 10:47
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Re: When leaving...close bank account

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Unfortunately, FATCA and other inter-governmental agreements to fight tax evasion are having a knock-on effect here in Switzerland. The banks are so scared of incurring penalties that they'll close all the loopholes they can.
That's quite frustrating since I don't come from the US and my country has no interest in taxing my worldwide income.
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  #112  
Old 23.11.2014, 12:43
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Re: When leaving...close bank account

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I will soon be leaving Switzerland for Canada and checked with Credit Suisse about keeping open my bank account (in several currencies). No problem, I was assured, except that it will cost CHF 240 per year. (70CHF if moving to an EU country). There would be no charges if you have over CHF 250,000 in your accounts.
Did you check on how much it costs with CS to have a foreign address? I was quoted 750CHF about a year ago. Swissquote only quoted me 150CHF, so not sure what your situations is.
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  #113  
Old 01.12.2014, 23:18
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Re: When leaving...close bank account

hi, i dont think you need to close your account if you move out of switzerland as a swiss citizen does it? I am planning on keeping my account open, as well as keeping my pensions here.
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  #114  
Old 01.12.2014, 23:43
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Re: When leaving...close bank account

No issue with Kantonalbank keeping it open when we leave next month, as foreigners, they have just told me.
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  #115  
Old 02.12.2014, 08:17
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Re: When leaving...close bank account

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hi, i dont think you need to close your account if you move out of switzerland as a swiss citizen does it? I am planning on keeping my account open, as well as keeping my pensions here.
So long as you're not tarred with American citizenship as well, no, it shouldn't. If you were American also, even Swiss nationality would be unlikely to allow you to keep your accounts here once you move. But check with your bank to be sure, just the same.
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  #116  
Old 02.12.2014, 09:40
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Re: When leaving...close bank account

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So long as you're not tarred with American citizenship as well, no, it shouldn't. If you were American also, even Swiss nationality would be unlikely to allow you to keep your accounts here once you move. But check with your bank to be sure, just the same.
My daughter moved to the US with CH and US citizenship, and still has her UBS account (with CHF 3.20 in it).

Tom
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  #117  
Old 05.12.2014, 03:11
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Re: When leaving...close bank account

Has anyone done some research on the bank that charges the least amount of fees for swiss in the US? I believe PostFinance is charging $120.
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  #118  
Old 05.12.2014, 10:38
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Re: When leaving...close bank account

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Did you check on how much it costs with CS to have a foreign address? I was quoted 750CHF about a year ago. Swissquote only quoted me 150CHF, so not sure what your situations is.
As I mentioned before, CS no longer allows you to change to a foreign address if you are not a Swiss citizen. Keep the Swiss address, and get the post to redirect your mail. Get a RSA token to allow you to access your account online without a Swiss phone number.
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  #119  
Old 05.12.2014, 14:16
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Re: When leaving...close bank account

@jwlhall Was that the Schaffhausen Kantonalbank or ZKB?

@_VWV_ Isn't there an issue with the PF account and the post office redirecting the mail, doesn't that tell them you have moved? Maybe they don't link up the records.

@cst I was told the same thing. "Don't tell us."

@Chrigel It's OK if you are Swiss & domiciled elsewhere. (Definitely PF, it's written on their website too.)
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  #120  
Old 17.04.2015, 13:13
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Re: When leaving...close bank account

I have a question,

Recently been offered a great job in Germany.

We are American Non EU citizens with 3 year B permit.

If we leave Switzerland, can we keep our Postfinance account? We also
Have a credit card with them that we quite like. Can we keep that?

Also we have a Swiss Air card thru credit Suisse we really like due to the miles etc. can we keep that if living in Germany?

I have read conflicting reports from No .. You must close all accounts after deregistering to because you live in a neighboring EU country it's ok.

Does the kanton alert the banks if and when you deregister?

Any advice would be appreciated.. Thanks!
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