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Old 26.08.2012, 23:04
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Post Finance v Credit Suisse

I am thinking of switching from my CS account to PF in order to save some money each year. I pay CHF 12 per month to CS for my account, and I would like to reduce that amount, if not eliminate it. I have been reading about the PF Online Set and would like to know people's experiences with it (ease of use for bill and standing order payments, surprise charges associated with credit card usage or online bill payments, English accessibility, customer service). Is it worth the switch from CS?

Also, I generally keep CHF 7500 in my account so I would be able to avoid the 3 Franc/month fee with PF.

Thanks!
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  #2  
Old 26.08.2012, 23:18
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Re: Post Finance v Credit Suisse

Dunno yet.

Just made the switch now. To be honest, it was the 2 CHF charge that did it for me. So have been transferring stuff over this past month.

First appearances, the CS interface (online) is better, and the login for PF a bind (6 units required vs. 3 for CS). However, I swore I would change...

Will let you know how I get on
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Old 26.08.2012, 23:21
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Re: Post Finance v Credit Suisse

I have used PF for several years. All in English, and mainly paying bill etc over the internet. I did take up the credit card initially but that costs with an annual fee so now I just use one from the Coop that is free. Once you get over a certain sum you can use other ATM providers in CH for free, but actually there are so many Die Posts around , I find you do not need this. You can take out either in CHF or Euro. By internet it is pretty easy to pay bills in multiple currencies rarely with charges other than the exchange rate ( not brilliant)
On the rare occasions I have had to call them, this can all be handled in English.

and on average my monthly charge is Zero.
So overall I can say the service is good value for money
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Old 27.08.2012, 03:17
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Re: Post Finance v Credit Suisse

yeah, PF is quite convenient, all told. And cheaper for sure. Had it for a while.

I ended up switching to CS, however, mostly because of the service. As a freelancer, I really depend on instant action and help from my bank, and I've gotten that from CS when it counted ("sure, we'll raise your credit limit.." and all that).

I can see my credit card bookings and limits right from the web interface.

I also still do some business with the US and CS also lets me have an account in USD. That means I can change into CHF when it makes sense exchange-wise, or wise straight USD to my account in the states when I go visit family over there.

Also, I really like the CS web interface, I was out of the country 7 months recently and I was able to pay all bills, wise myself money and everything without calling the bank. Then when my little code generator dongle died they shipped me a new one within 3 days.

just my 2c
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Old 27.08.2012, 09:25
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Re: Post Finance v Credit Suisse

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yeah, PF is quite convenient, all told. And cheaper for sure. Had it for a while.

I ended up switching to CS, however, mostly because of the service. As a freelancer, I really depend on instant action and help from my bank, and I've gotten that from CS when it counted ("sure, we'll raise your credit limit.." and all that).

I can see my credit card bookings and limits right from the web interface.

I also still do some business with the US and CS also lets me have an account in USD. That means I can change into CHF when it makes sense exchange-wise, or wise straight USD to my account in the states when I go visit family over there.

Also, I really like the CS web interface, I was out of the country 7 months recently and I was able to pay all bills, wise myself money and everything without calling the bank. Then when my little code generator dongle died they shipped me a new one within 3 days.

just my 2c
with Post Finance you can also have a USD account..........
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Old 28.08.2012, 21:47
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Re: Post Finance v Credit Suisse

Would you happen to know if getting a USD account costs extra? And if you don't have a USD account, how would you exchange money? I usually make 2 trips to the States each year and would like to be able to change Francs for Dollars easily.
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Old 28.08.2012, 21:50
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Re: Post Finance v Credit Suisse

To be honest, I never tried to get one at PF. But I do know that even before I had a USD account with CS, I could walk in, say give me a couple grand in dollars (out of the CHF account), and then get on a train for the airport without extra hassle.

Good exchange rate too!
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Old 28.09.2012, 01:15
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Re: Post Finance v Credit Suisse

Thought to relate a story about Postfinance, which happened to me today:

So, I go to the local Post to cash a purple "Auszahlungsschein" for my 2011 tax overpayment. The postal worker calls somewhere to verify that it is genuine (same as last year) and then returns to the window asking whether the amount should be put into my Postfinance account. I tell her that I don't have a Postfinance account and would like the amount in cash (same as other years). She looks in her drawer and there is not enough money. She goes to her colleagues requesting money from them but there is apparently not enough money in this Post to cash my tax overpayment. She then says I should return tomorrow morning and suggests that she retain the endorsed Auszahlungsschein. I tell her I would be glad to return tomorrow but I will retain my signed Auszahlungsschein, thank you very much.

Postfinance has applied numerous times to become a bank. After this instance, I see how far they have to go. Would you deal with a bank that:
1) Doesn't have enough cash on hand to cash an Auszahlungsschein?
- The amount is about 1/2 my monthly salary, i.e., not huge.
2) Has such a poorly trained employee who would request retaining an endorsed Auszahlungsschein?
- Or was she being crafty?

The Bundesrat has shown some wisdom in rejecting Postfinance's requests for a bank licence.
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Old 28.09.2012, 02:14
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Re: Post Finance v Credit Suisse

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Thought to relate a story about Postfinance, which happened to me today:

So, I go to the local Post to cash a purple "Auszahlungsschein" for my 2011 tax overpayment. The postal worker calls somewhere to verify that it is genuine (same as last year) and then returns to the window asking whether the amount should be put into my Postfinance account. I tell her that I don't have a Postfinance account and would like the amount in cash (same as other years). She looks in her drawer and there is not enough money. She goes to her colleagues requesting money from them but there is apparently not enough money in this Post to cash my tax overpayment. She then says I should return tomorrow morning and suggests that she retain the endorsed Auszahlungsschein. I tell her I would be glad to return tomorrow but I will retain my signed Auszahlungsschein, thank you very much.

Postfinance has applied numerous times to become a bank. After this instance, I see how far they have to go. Would you deal with a bank that:
1) Doesn't have enough cash on hand to cash an Auszahlungsschein?
- The amount is about 1/2 my monthly salary, i.e., not huge.
2) Has such a poorly trained employee who would request retaining an endorsed Auszahlungsschein?
- Or was she being crafty?

The Bundesrat has shown some wisdom in rejecting Postfinance's requests for a bank licence.

Sounds like other years you didn't have any issue's? Appreciate you had this experience, but it is one experience (by the sounds of it), one can't judge a whole financial institute based on this. Perhaps you caught them on an off day, we all have them, even business's.

I closed my CS account within a cple of weeks of opening it due to the lack of professionalism, doesn't mean the entire IB is unprofessional.

I moved to KB and PF have been more than happy with their services, in fact I have had much better, competent and professional service from both of these!
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  #10  
Old 28.09.2012, 06:03
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Re: Post Finance v Credit Suisse

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1) Doesn't have enough cash on hand to cash an Auszahlungsschein?
- The amount is about 1/2 my monthly salary, i.e., not huge.
That's not unusual, in the UK for example you will need to give notice at least a day in advance (often more) at most bank branches to withdraw anything above 1000 pounds in cash (and they will look at you like you are some kind of criminal...).
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Old 28.09.2012, 08:44
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Re: Post Finance v Credit Suisse

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I am thinking of switching from my CS account to PF...

Thanks!
Can't comment on CS since I have never been a customer but I opened a postfinance online account years ago when I discovered how low the fees were. After a short time spent saving I have paid no monthly fees for years. I make all my payments online and it never costs a cent. I was slightly amused when I recently sold something on ricardo and the buyer sent money from his CS account but messed up the transaction and had to make several transfers and was moaning that he would have to pay extra fees. Also great is that I can make international transfers for CHF 2, and the money reaches it's target in about 2 - 3 working days.

I don't use the online interface in my browser, but use the Java client which can be downloaded from the website. It has a bit of a learning curve but once learnt is simple to use.
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Old 28.09.2012, 09:47
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Re: Post Finance v Credit Suisse

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Would you happen to know if getting a USD account costs extra? And if you don't have a USD account, how would you exchange money? I usually make 2 trips to the States each year and would like to be able to change Francs for Dollars easily.
2 chf a month IIRC, however if it's a share trading account with PF then it's free.
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Old 28.09.2012, 12:03
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Re: Post Finance v Credit Suisse

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The Bundesrat has shown some wisdom in rejecting Postfinance's requests for a bank licence.
Compared to what? CS? - the bastion of morally upstanding banking?


I've been with PS for years & never had a single problem, their internet banking is spot on, and international payments are a 3 click breeze. Everything's in English & their call staff are great.



Oh, and I have a clear conscience
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Old 28.09.2012, 12:34
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Re: Post Finance v Credit Suisse

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Compared to what? CS? - the bastion of morally upstanding banking?
Hahahaha. Too true.

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their internet banking is spot on, and international payments are a 3 click breeze.
Maybe. But by golly, the logging in process is a royal PITA.
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Old 28.09.2012, 12:45
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Re: Post Finance v Credit Suisse

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the logging in process is a royal PITA.
Is it?

No different to many other banks that use the code generator gadget.
Take me about 20 - 30 secs max.
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Old 28.09.2012, 12:54
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Re: Post Finance v Credit Suisse

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Is it?

No different to many other banks that use the code generator gadget.
Take me about 20 - 30 secs max.
It is a pain. I need the following:
- A login ID # which 9 digits (?) long
- my user ID - why that can't be the same as my login, who knows
- a password
- a little calculator thing
- my card
- I need to do the whole challenge thing with long numbers, pin for card etc. etc.

For CS:
- a login ID, 6 digits, therefore much more memorable
- a password

Type in, sms to mobile

- type in code (again 6 digits) and you're off

Actually much simpler and better interface.

That said, no other gripes with PF and I went there because I was fed up with CS and their attitude.

Actually... I do have another gripe. My post card doesn't work in D - so I assume it'll be the same everywhere outside CH for buying things (cash points is fine) - what's the solution?

Visa/other?
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Old 20.01.2014, 11:02
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Re: Post Finance v Credit Suisse

Is it possible to deposit and withdraw USD/EUR in cash at the post office counter? Or is it only limited to CHF?
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Old 20.01.2014, 11:18
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Re: Post Finance v Credit Suisse

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Is it possible to deposit and withdraw USD/EUR in cash at the post office counter? Or is it only limited to CHF?
At the counter only CHF and EUR is offered.

With PF you can order USD and GBP, and it arrives by post from "Swiss Bankers" the next day.

My complaint, is the cash arrives in a plain envelope, in the letterbox in my front garden, not by registered post.
Hint, I give my address as Postlagernd / Post Restante at local Post Office. Then I need an ID to collect the letter
containing cash from the post office, but better than losing it to a thief in my garden.

I have been a Post Finance customer for about 10 years, I am completely satisfied. I was a UBS customer for 17 years, & I am NEVER going back!
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Old 20.01.2014, 12:10
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Re: Post Finance v Credit Suisse

I was a CS customer for years.
Absolutely horrible experience.
Unless you have several millions with them, you are treated as scum.
I was even flat-out lied to concerning fees taken on funds.
As soon as I smelled the coffee I got out.
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Old 20.01.2014, 13:06
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Re: Post Finance v Credit Suisse

I still love the following combination:
  • www.postfinance.ch if you keep >7500 CHF at all times (otherwise CHF 5/month)
  • www.money-net.ch if you keep <7500 CHF, effectively costs CHF 20 for the Meastro-card/year for full access to Kantonalbank´s ATM-network
    • (possibly both of above for excessive ATM-coverage)
  • >>Free Migros Mastercard<<
  • >>Free Coop Master or Visa-card<<

  • free www.dkb.de € current account + Visa Debit Card for all foreign withdrawals (both in the €-zone as well as beyond)
  • free www.kalixa.de € credit card for all foreign payments (both in the €-zone as well as beyond, only available with a German, Austrian, Italian or UK-address)
  • www.currencyfair.com to move funds from CH to the own account in Germany (DKB) or other recipients in many countries.
Agreed, it takes a while to set everything up. But no or very little direct fees after that, so I think it´s worth it.
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