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Old 17.11.2014, 14:05
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Swiss banking for English youth- I'm lost

So I have just got a part-time job at a restaurant working 2/3 nights per week (We haven't sorted out the contract yet as I have only been in once and I worked one shift for free- I offered this shift for free because I have never worked in service before so I thought I would do the first one for free to show I am willing to work hard and also I didn't feel like I was that useful because I needed to be taught how to do pretty much everything)

I need to get a bank account that I can use to receive my payments and also to withdraw. I would prefer a debit card in which I won't be able to go over because I do not like spending more than I actually have (old fashioned, I know ). Also, when I go back to England I would like to be able to transfer my money as cheaply as possible. I have only ever had one bank account and that was in England and my dad was there for most of it to help me. I am only 18 so I should be able to get some kind of youth bank account I think?

I basically want to spend as little money as possible on my bank account and I just want it to deposit and withdraw my money. I will also hopefully be getting another job at a supermarket in the mornings so I don't know what kind of taxes I will be paying if I am earning a little extra.

This is all new to me and its all in a different language haha. Any help would be appreciated. I am looking at UBS, Credit Suisse, and Zurcher Kantonalbank at the moment, but I am lost as to which account I should get that I can literally just put money in and take it out when I need it and then to transfer it to England at the end of my year's stay.

Thanks,

William.
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Old 17.11.2014, 14:23
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Re: Swiss banking for English youth- I'm lost

The Post Finance meets all your requirements, youth accounts are free, up to 25 years old, so you could open 2 and use one as a savings account.

https://www.postfinance.ch/en.html?W...rtcut_efinpfen

Most large post offices will open account(s) for you, take your permit and passport with you.

.

Last edited by Sbrinz; 17.11.2014 at 14:57. Reason: youth accounts are free of charge
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Old 17.11.2014, 14:29
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Re: Swiss banking for English youth- I'm lost

I believe those three banks offer youth accounts. I have student accounts with UBS and ZKB (which are similar to the youth accounts) and they would both allow you to do what you want to do: you get a savings account, a private account which allows you to receive/send payments and that is linked to your Maestro card. Similarly, they have no administrative charges.

I like the UBS offer better because it allows you to withdraw money from any ATM in Switzerland (from any bank) without additional charges, which I think is not the case with ZKB. However, the nice thing about ZKB is that you get the ZVV Nachtzuschlag for free (the ticket you have to buy after partying on Fridays and Saturdays), so that's why I keep both :P

Regarding transferring the money back to the UK, I believe the exchange rates offered by the banks are, in general, quite poor, so you might be interested in using a dedicated money transfer service. But about this, I cannot really advise.
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Old 17.11.2014, 14:35
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Re: Swiss banking for English youth- I'm lost

Another vote for PostFinance. As an added benefit, all of PostFinance's materials are available in English.
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Old 17.11.2014, 15:02
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Re: Swiss banking for English youth- I'm lost

So is UBS's - that was one of the reasons my OH set up an account with them some 16 years ago when we first moved here. In fact is was one of the few at the time who offered English as an option.

We have one of each actually - one with UBS and another with PostFinance. UBS is the main one and I use the PostFinance like a savings/emergency fund account putting a certain amount in it each month.
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Old 17.11.2014, 15:29
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Re: Swiss banking for English youth- I'm lost

A further vote for post finance.
Only be careful when withdrawing money at an ATM. If you use a non-post finance ATM there will be a charge. Post finance it is free.
Also you can only use their cards in Switzerland. But the e banking is easy if you want to move your money to a different account.
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Old 17.11.2014, 15:42
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Re: Swiss banking for English youth- I'm lost

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A further vote for post finance.
Only be careful when withdrawing money at an ATM. If you use a non-post finance ATM there will be a charge.
That's what I like about UBS - that you can withdraw money from any ATM without any charges, even if it is from a different bank. The catch is, of course, that the fees for UBS accounts are apparently quite high, but the advantage of the youth/student accounts is that they are free (even with Maestro and credit cards).
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Old 17.11.2014, 15:57
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Re: Swiss banking for English youth- I'm lost

Hi william_watkins_,

I arrived in Switzerland last year and was looking into the banks in order to find out what would be the best solution for me. I decided to go with UBS, here is their youth offer, I have the Campus offer, since I am a student, but the offer is the same, only the eligibility is different.

You would be able to withdraw money from any ATM in Switzerland, you can also deposit money at certain ATMs (there is special name for these, but I don't remember it ), and you can make payments with the maestro card everywhere. You also get free Master Card prepaid credit card and Visa Credit Card (with 2000 CHF limit). You do not need to take any of the cards if you do not want. The prepaid Master Card might come in handy if you want to do online shopping, since you are not going to be able to use the Maestro for that. You can transfer money to the prepaid card at any moment using the ebanking system.

I haven't yet transferred any money outside of Switzerland to tell you my experience, but it should be really easy using the ebanking.

As Papa Lemming wrote, with ZKB you get the Night Supplement for free, so they are worth to be considered. I was living in Lausanne, so I didn't need it at that time.
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Old 17.11.2014, 19:01
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Re: Swiss banking for English youth- I'm lost

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That's what I like about UBS - that you can withdraw money from any ATM without any charges, even if it is from a different bank.
You might want to check that. I'm pretty sure I had something recently saying they would now charge for withdrawals at non-UBS ATMs.
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Old 17.11.2014, 19:06
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Re: Swiss banking for English youth- I'm lost

Well according to their website it is free.

Here what it says on their official website, the link that I previously sent:

The UBS Maestro Card Generation allows you to make cashless payments and withdraw cash at ATMs worldwide. Cash withdrawals in Swiss francs at all UBS and non-UBS ATMs in Switzerland are free of charge. The annual fee for the Maestro Card is included in the package for young people.

There might be something about the credit cards.
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Old 17.11.2014, 20:35
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Re: Swiss banking for English youth- I'm lost

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ZKB allow you to use any other kantonal bank ATM for free and they are pretty easy to find.
But only for CHF withdrawals - if you withdraw Euro at any non-ZKB ATM, they'll charge you (last time, it was at least 5 CHF).
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Old 18.11.2014, 09:54
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Re: Swiss banking for English youth- I'm lost

It's important to read the fine print about the fees for moving money. Do they charge a % or a single fee for currency conversion and movement via bank transfers?

UK accounts typically charge a small fee about £7 (depends on the bank) for receiving money so you'll need to check the charges on that side too.

Post finance & UBS both offer a foreign currency accounts in pounds. Then you could convert money into pounds when the exchange rate is favourable to you during your stay, then move it as pounds into your UK account at the end of your stay.

Post finance accounts can be opened instantly on the same day and then you have the account details for receiving your salary even before you have received the cards from them, which it is very different to the UK!

Though as others have mentioned, most of the banks offer special deals for young people with less fees and higher interest rates.
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Old 19.11.2014, 11:37
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Re: Swiss banking for English youth- I'm lost

Thanks guys, all these points are really helpful!

I guess I'll now be looking at PostFinance and UBS.

I'll get in touch if I need any more help (very likely).

All the best,
William.
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Old 19.11.2014, 14:04
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Re: Swiss banking for English youth- I'm lost

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Also you can only use their cards in Switzerland. But the e banking is easy if you want to move your money to a different account.
I've managed to use my Postfinance card in France and Portugal (just their standard bank card)
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Old 19.11.2014, 14:23
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Re: Swiss banking for English youth- I'm lost

For transfers of funds to and from Switzerland I use Moneycorp.


http://www.moneycorp.com/uk/


The transfer fee is low (£5) and the exchange rates they offer are good.
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