Go Back   English Forum Switzerland > Living in Switzerland > Business & entrepreneur
Reply
 
Thread Tools Display Modes
  #1  
Old 11.09.2016, 13:19
Senior Member
 
Join Date: Apr 2013
Location: Outside Lugano
Posts: 372
Groaned at 9 Times in 9 Posts
Thanked 73 Times in 40 Posts
Konuku has earned some respectKonuku has earned some respect
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!
Reply With Quote
  #2  
Old 11.09.2016, 15:19
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 7,284
Groaned at 49 Times in 45 Posts
Thanked 10,915 Times in 5,118 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Best bank for small companies?

Quote:
View Post
...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.
Reply With Quote
The following 2 users would like to thank 3Wishes for this useful post:
  #3  
Old 11.09.2016, 15:32
grumpygrapefruit's Avatar
Forum Legend
 
Join Date: Feb 2007
Location: Zuriwest
Posts: 5,392
Groaned at 35 Times in 34 Posts
Thanked 13,494 Times in 3,501 Posts
grumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond repute
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.
Reply With Quote
This user would like to thank grumpygrapefruit for this useful post:
  #4  
Old 11.09.2016, 16:54
Jim2007's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Kt. Bern
Posts: 2,676
Groaned at 49 Times in 47 Posts
Thanked 2,900 Times in 1,460 Posts
Jim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond reputeJim2007 has a reputation beyond repute
Re: Best bank for small companies?

Quote:
View Post
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.
Reply With Quote
This user would like to thank Jim2007 for this useful post:
  #5  
Old 11.09.2016, 21:35
Senior Member
 
Join Date: Apr 2013
Location: Outside Lugano
Posts: 372
Groaned at 9 Times in 9 Posts
Thanked 73 Times in 40 Posts
Konuku has earned some respectKonuku has earned some respect
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!
Reply With Quote
  #6  
Old 11.09.2016, 23:08
Today only's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Europe
Posts: 5,172
Groaned at 630 Times in 409 Posts
Thanked 6,039 Times in 2,895 Posts
Today only has a reputation beyond reputeToday only has a reputation beyond reputeToday only has a reputation beyond reputeToday only has a reputation beyond reputeToday only has a reputation beyond reputeToday only has a reputation beyond repute
Re: Best bank for small companies?

Cantonal Bank
Reply With Quote
  #7  
Old 12.09.2016, 09:55
grumpygrapefruit's Avatar
Forum Legend
 
Join Date: Feb 2007
Location: Zuriwest
Posts: 5,392
Groaned at 35 Times in 34 Posts
Thanked 13,494 Times in 3,501 Posts
grumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond repute
Re: Best bank for small companies?

Quote:
View Post
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.
Reply With Quote
  #8  
Old 30.10.2016, 17:18
Newbie 1st class
 
Join Date: Jul 2016
Location: Zurich
Posts: 11
Groaned at 2 Times in 1 Post
Thanked 14 Times in 5 Posts
jlsanders has no particular reputation at present
Re: Best bank for small companies?

Julius Bär
Reply With Quote
The following 2 users groan at jlsanders for this post:
  #9  
Old 30.10.2016, 17:29
roegner's Avatar
Forum Legend
 
Join Date: May 2011
Location: Zurich
Posts: 5,618
Groaned at 192 Times in 167 Posts
Thanked 6,006 Times in 3,030 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Best bank for small companies?

Quote:
View Post
Julius Bär
For small companies??
Reply With Quote
This user would like to thank roegner for this useful post:
  #10  
Old 30.10.2016, 21:12
Forum Legend
 
Join Date: Sep 2006
Location: Albisrieden
Posts: 4,133
Groaned at 95 Times in 64 Posts
Thanked 5,832 Times in 2,189 Posts
nickatbasel has a reputation beyond reputenickatbasel has a reputation beyond reputenickatbasel has a reputation beyond reputenickatbasel has a reputation beyond reputenickatbasel has a reputation beyond reputenickatbasel has a reputation beyond repute
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
Reply With Quote
  #11  
Old 30.10.2016, 21:35
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery-Courtion
Posts: 16,988
Groaned at 280 Times in 215 Posts
Thanked 12,516 Times in 7,169 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
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.
Reply With Quote
  #12  
Old 31.10.2016, 16:15
grumpygrapefruit's Avatar
Forum Legend
 
Join Date: Feb 2007
Location: Zuriwest
Posts: 5,392
Groaned at 35 Times in 34 Posts
Thanked 13,494 Times in 3,501 Posts
grumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond repute
Re: Best bank for small companies?

Quote:
View Post
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?
Reply With Quote
  #13  
Old 31.10.2016, 16:56
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery-Courtion
Posts: 16,988
Groaned at 280 Times in 215 Posts
Thanked 12,516 Times in 7,169 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
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.
Reply With Quote
  #14  
Old 31.10.2016, 18:43
grumpygrapefruit's Avatar
Forum Legend
 
Join Date: Feb 2007
Location: Zuriwest
Posts: 5,392
Groaned at 35 Times in 34 Posts
Thanked 13,494 Times in 3,501 Posts
grumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond reputegrumpygrapefruit has a reputation beyond repute
Re: Best bank for small companies?

Quote:
View Post
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.
Reply With Quote
  #15  
Old 31.10.2016, 19:02
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery-Courtion
Posts: 16,988
Groaned at 280 Times in 215 Posts
Thanked 12,516 Times in 7,169 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Best bank for small companies?

Grumpy, I'm FATCA/bank paranoid, even though I've given up the blue book.
Reply With Quote
  #16  
Old 23.02.2017, 11:57
PetZombie's Avatar
Junior Member
 
Join Date: Sep 2015
Location: ZH
Posts: 31
Groaned at 0 Times in 0 Posts
Thanked 14 Times in 7 Posts
PetZombie is considered knowledgeablePetZombie is considered knowledgeablePetZombie is considered knowledgeable
Re: Best bank for small companies?

What did you end up doing, Konuku, and did it work out to your satisfaction?
Reply With Quote
  #17  
Old 06.03.2017, 14:45
Newbie 1st class
 
Join Date: Oct 2007
Location: Wetzikon ZH
Posts: 12
Groaned at 0 Times in 0 Posts
Thanked 5 Times in 4 Posts
Lancezh has no particular reputation at present
Re: Best bank for small companies?

This might not be relevant anymore but i STRONGLY suggest UBS over Postfinance especially if you expect to have international payments or want to accept payments from customers with the least amount of hassle.

First of all the daily usage of their system is just not well suited for business customers and i have a couple solutions in my business that simply dont work with the post as they are not a proper bank.
Reply With Quote
This user would like to thank Lancezh for this useful post:
  #18  
Old 06.03.2017, 14:46
Newbie 1st class
 
Join Date: Oct 2007
Location: Wetzikon ZH
Posts: 12
Groaned at 0 Times in 0 Posts
Thanked 5 Times in 4 Posts
Lancezh has no particular reputation at present
Re: Best bank for small companies?

Quote:
View Post
This might not be relevant anymore but i STRONGLY suggest UBS over Postfinance especially if you expect to have international payments or want to accept payments from customers with the least amount of hassle.

First of all the daily usage of their system is just not well suited for business customers and i have a couple solutions in my business that simply dont work with the post as they are not a proper bank.
Oh and small addendum, if you expect to work with paypal in some form or another, avoid postfinance like the pest, i had only trouble.
Reply With Quote
This user would like to thank Lancezh for this useful post:
  #19  
Old 06.03.2017, 15:36
Senior Member
 
Join Date: Apr 2013
Location: Outside Lugano
Posts: 372
Groaned at 9 Times in 9 Posts
Thanked 73 Times in 40 Posts
Konuku has earned some respectKonuku has earned some respect
Re: Best bank for small companies?

Quote:
View Post
This might not be relevant anymore but i STRONGLY suggest UBS over Postfinance especially if you expect to have international payments or want to accept payments from customers with the least amount of hassle.

First of all the daily usage of their system is just not well suited for business customers and i have a couple solutions in my business that simply dont work with the post as they are not a proper bank.
Thank you! Since I am just a consultant and do not own a company that has lots of transactions, I have decided to just use my personal account at UBS. But I appreciate your input. I do lots internationally so it is better to stay put. Cheers.
Reply With Quote
  #20  
Old 06.03.2017, 16:49
aSwissInTheUS's Avatar
Forum Legend
 
Join Date: Nov 2007
Location: Zurich area
Posts: 7,338
Groaned at 63 Times in 57 Posts
Thanked 10,640 Times in 4,806 Posts
aSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond reputeaSwissInTheUS has a reputation beyond repute
Re: Best bank for small companies?

Quote:
View Post
Oh and small addendum, if you expect to work with paypal in some form or another, avoid postfinance like the pest, i had only trouble.
Is PayPal now finally able to handle letters in a bank account numbers? Good to know.

Quote:
View Post
This might not be relevant anymore but i STRONGLY suggest UBS over Postfinance especially if you expect to have international payments or want to accept payments from customers with the least amount of hassle.

First of all the daily usage of their system is just not well suited for business customers and i have a couple solutions in my business that simply dont work with the post as they are not a proper bank.
PostFinance is, at least since June 2013, a proper bank.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Advice on best bank to bank with from Canada/UK LAP5150 Finance/banking/taxation 2 16.07.2016 11:30
Warehouse/Logistic Services in Switzerland for small companies? bobo_97 Business & entrepreneur 3 13.04.2015 10:43
bank business loan for small startups szederni Business & entrepreneur 3 16.03.2015 10:33
Best bank for immigrant? seph Finance/banking/taxation 22 10.01.2014 11:06
Pension providers for small companies? dannyt986 Business & entrepreneur 0 17.10.2012 10:36


All times are GMT +2. The time now is 09:26.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0