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Old 28.02.2011, 12:10
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Bank account for Euro and CHF, Basel

Hey all

I have recently moved in Basel. i was wondering which bank and what kind of banks account I could open in order to make both transations in euros (as I will be going often to France) and CHF.

Any ideas or tips will be appreciated

Thanks
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Old 28.02.2011, 12:15
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Re: Bank account in Basel

I took a UBS account because they were giving them away with no bank charges for the first year.

I can't really help on the Euro thing - other than that because you are in Basel, you don't get a dodgy exchange rate on the euro and you can just withdraw them from the cash machines no problem.

- thanks for the post though, you have reminded me I need to check what the charges will be this year!
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Old 28.02.2011, 12:17
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Re: Bank account in Basel

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Hey all

I have recently moved in Basel. i was wondering which bank and what kind of banks account I could open in order to make both transations in euros (as I will be going often to France) and CHF.

Any ideas or tips will be appreciated

Thanks

Being smack in the middle of lots of EU countries (but not EU itself), I imagine "most" if not all of the banks here can and will handle transactions in both currencies (and probably a few others as well), with some fee arrangement likely.

I know for certain that we can pull both euros and chf from the money machines at hubby's bank - Basler Kantonal Bank (BKB)
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Old 28.02.2011, 13:16
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Re: Bank account in Basel

Hi,

NOTE that you are paying different exchange rate when you are pulling EUR from cash machine in Switzerland.

That is banknote exchange rate (pulling EUR from CHF account) which is not good. You will pay a lot for this (unnecessary) privilege.


Check this thread:
Minimizing FX & ATM charges when travelling
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Old 28.02.2011, 13:46
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Re: Bank account in Basel

When I first got here, I opened accounts in Euro, Franc and Sterling. Within a year, I'd closed the foreign currency accounts. Unless you're doing a huge volume of transactions, it just isn't worth it.

I've no complaints over the exchange rate I get for taking Euro out of a UBS cash machine. Taking Euro out of a French or German cash machine is when I really get hit.
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Old 28.02.2011, 13:57
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Re: Bank account in Basel

hi thanks for the advices

i will go bank hunting in basel.

Thanks
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Old 28.02.2011, 14:26
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Re: Bank account in Basel

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When I first got here, I opened accounts in Euro, Franc and Sterling. Within a year, I'd closed the foreign currency accounts. Unless you're doing a huge volume of transactions, it just isn't worth it.
+1 post is too short
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Old 28.02.2011, 14:36
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Re: Bank account in Basel

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I've no complaints over the exchange rate I get for taking Euro out of a UBS cash machine. Taking Euro out of a French or German cash machine is when I really get hit.
you have no complaints, because you haven't calculated how much it costs. The fact is that it costs around 1.5% of the amount roughly. I have been advised in the bank that it is expensive way to get the money.

What is better to do (according to bank adviser) is to move CHF to EUR account online (where bank uses different, better exchange rate), and then get EUR from the ATM. The cost varies.

What I do is to move EUR to EU-based bank (my old bank) (cost of this is 0.3 CHF/transaction) and using its maestro cards pay nothing for ATM withdrawals in Germany or France.
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Old 28.02.2011, 15:01
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Re: Bank account for Euro and CHF, Basel

I live in Zurich but travel UK, Germany, France and Tel Aviv the whole time.

My suggestion is to not ge involved in all this hassle go to Germany or to france
open an account in one of the local Banks and your sorted.

No problems with extra bank charges comission ex change rate and all...

you get what you see
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