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Old 14.10.2013, 20:57
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Bank account needed for short-term too?

Hello,
I am studying in Germany and will be moving to Basel for 7 months. I was wondering if I would need to open a bank account or I can just use my German bank account there? Will the transaction charges be too high if I use my Commerzbank or Deutsche Bank ATMs?
Sorry, but I have no idea about this and I have to move in 2 weeks.
Thanks in advance.

Best,
Menorca
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Old 14.10.2013, 21:00
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Re: Bank account needed for short-term too?

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Hello,
I am studying in Germany and will be moving to Basel for 7 months. I was wondering if I would need to open a bank account or I can just use my German bank account there? Will the transaction charges be too high if I use my Commerzbank or Deutsche Bank ATMs?
Sorry, but I have no idea about this and I have to move in 2 weeks.
Thanks in advance.

Best,
Menorca
It's usually cheaper to bank in the Country your living in, try PostFinance but beware they update their software 2 times a year so you might not be able to use their ATM machines for about 2 hours every 6 months on a Saturday night
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Old 14.10.2013, 21:04
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Re: Bank account needed for short-term too?

Thanks!
Will visit them as soon as I reach then
Won't it be a problem though if I say I'm going to be there for only a few months
?
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Old 14.10.2013, 21:16
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Re: Bank account needed for short-term too?

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Won't it be a problem though if I say I'm going to be there for only a few months?
Maybe. I suggest not telling them. They won't ask.
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Old 15.10.2013, 08:55
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Re: Bank account needed for short-term too?

Hi menorca,
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...Will the transaction charges be too high if I use my Commerzbank or Deutsche Bank ATMs?...
"Too high" lies in the eye of the beholder. Commerzbank and Deutsche Bank are known for high fees. Furthermore, how do you plan to use their "ATMs", when these two banks have none in Switzerland (or did you mean their "cards"?)?

If you want stick to German banks, I´d recommend opening a dkb.de account and obtain a kalixa.com credit card, which in combination will allow you to withdraw and pay in Switzerland, without fees, at current mean-fx-rates.

Better yet, open an account in Switzerland. If you´re not a US-citizen that should be pretty easy. I´d go to Postfinance, or you can also try www.money-net.ch, which is the online branch of Berner Kantonalbank. money-net´s accounts are free of charge, you´d just have to pay CHF20/year for the debit card. Also, you can keep this account after you leave Switzerland.

Last but not least you´l probably want to move funds between Germany and Switzerland at some stage. To do that, I recommend one of the many online-fx-brokers, which give you better rates and lower fees compared to banks. There´s a lot of talk about this in here. Check out www.transferwise.com and/or www.currencyfair.com and/or one of the many others.

Rgds, Christian
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Old 28.10.2013, 16:56
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Re: Bank account needed for short-term too?

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If you´re not a US-citizen that should be pretty easy.
Christian,

And if one is a US-citizen??? I may be in a similar situation soon.

Thanks,
Scott
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Old 28.10.2013, 17:42
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Re: Bank account needed for short-term too?

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Christian,

And if one is a US-citizen??? I may be in a similar situation soon.

Thanks,
Scott
Since you´re asking me directly - no idea!

Your government manged to scare banks worldwide, so that many now don´t open accounts for US-citizens anymore.

Even non-US-citizens "suffer" from that, since everyone now has to sign a form stating that you´re not secretly a dual citizen, i.e. presenting a random passport to the bank while also being a US citizen but not mentioning the latter.

I really wonder why I should sign a form about some US laws, if I want to open an account in "country x" while being a citizen of "country x". The "usual test" (what if everyone did the same) also yields unbearable results: Imagine all countries would/could demand this: Everyone would have to sign ~160 forms (1 for each country), stating you´re not a citizen, just to be allowed to open a local account?

Just to be clear - the US government causes the trouble, not US citizens, of which I think quite highly

Possible remedy: Get rid of your US citizenship
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