Euro account in Switzerland

Badener · #1 09.08.2011, 18:02

What happens if one has a Euro account in Switzerland, and the Euro ceases to exist, or some countries leave the Euro?

In other words, as the account is in a non-Euro currency country, what national currency would one be left with?

fatmanfilms · #2 09.08.2011, 18:16

	Quote:	Badener
	What happens if one has a Euro account in Switzerland, and the Euro ceases to exist, or some countries leave the Euro? In other words, as the account is in a non-Euro currency country, what national currency would one be left with?

Before the EURO existed the ECU was traded. Just because a country leaves the Euro, then your Euro account will just be another foreign currency. Depends on what actually happens to the Euro!

#3 09.08.2011, 18:26

	Quote:	Badener
	What happens if one has a Euro account in Switzerland, and the Euro ceases to exist, or some countries leave the Euro? In other words, as the account is in a non-Euro currency country, what national currency would one be left with?

Like this, but not worth as much...

Attachment 30674

As fatmanfilms says, would still be a notional currency - the exchange rate(s) to this notional currency is what will really be interesting is when it all starts falling apart proper-like

tom tulpe · #4 09.08.2011, 18:30

Check the T&C's - Postfinance dumps the risk on the client

	Quote:
	PostFinance GTCs 13. Foreign currency accounts Customer balances in a foreign currency are invested in the same cur-rency inside or outside the country of the currency in question. Any finan-cial or legal consequences of official measures in the country of the cur-rency or investment shall be borne by the customer. In the case of foreign currencies, PostFinance shall meet its obligations solely at the location of the Operations Center managing the account, and only through a credit with the correspondent bank or with the bank designated by the cus-tomer in the country of the currency concerned.

Grem · #5 11.08.2011, 22:51

In such a case, the reverse of forming the euro would simply occur.

The Euro would be pegged to the new currencies for a certain period, during which time the beneficiary must decide on which currency his funds will be converted to.

Naturally, everyone with any sense, regardless of nationality would select the Deutsch-mark. At the point of removing the "peg" all except the DM would drop leaving in the end... A single currency... :-/
That is my theory anyway.

The Euro is here to stay.

Lex · #6 12.08.2011, 07:22

	Quote:	Badener
	What happens if one has a Euro account in Switzerland, and the Euro ceases to exist, or some countries leave the Euro? In other words, as the account is in a non-Euro currency country, what national currency would one be left with?

I have a euro account and on the account the current exchange rate is written to the franc. i.e. The balances of both currencies are shown. Therefore it would revert to CHF in my case.

Caleb · #7 12.08.2011, 07:27

Just out of curiosity...what scenario do you have in mind ? Because I don't see, hear or feel the € going anywhere anytime soon. It's not really like the Euro is depreciating as fast as we in CH see it, but rather that the CHF is becoming more and more expensive much faster than any other currency can depreciate.

fatmanfilms · #8 12.08.2011, 11:21

	Quote:	Lex
	I have a euro account and on the account the current exchange rate is written to the franc. i.e. The balances of both currencies are shown. Therefore it would revert to CHF in my case.

Maybe, maybe not & at what exchange rate the conversion ?