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Old 28.05.2017, 09:13
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Re: Bank account for non-residents

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Exactly, which is why you'll want to keep a CH postal address to keep the account fee-free like ours are.
a) You assume that's possible for the OP to do and b) you assume they'll leave enough money in the account (7,500) to avoid the normal Swiss residency charge of 5 francs per month. Or if it's a Private Account Plus it's 12 francs a month and must have a minimum of 25,000 to be free.

https://www.postfinance.ch/content/d...priv_br_en.pdf

Looking at PostFinance's form you have to say which municipality you're registered with as well as the address to which you want to receive your mail.

https://www.postfinance.ch/content/d...iv_form_en.pdf

These days you are not entitled to privacy. As anyone who's moving to America well knows.

It may depend on your banking relationship. If you've been a customer for many years you may get some leeway that a new customer wouldn't get. When we applied for our mortgage to buy a house here with UBS I was American and that did cause some consternation with our local bank manager. But we'd been with UBS for many years so he made a phone call and we got our mortgage. If we'd just moved here, opened a UBS account and then tried for a mortgage it may well have been a different story.
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Old 28.05.2017, 09:45
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Re: Bank account for non-residents

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What nonsense! We were all non-residents when we opened the accounts. We were not asked for our overseas address (this is not shown on passports) and did not provide one. We provided our CH address. It was very simple. We have been happy with PF as customers for over 20 years. My aunt and partner maintain their PF accounts in CH fee-free even as non-residents as the accounts have been domiciled at a CH address, where they receive mail for many other things in CH as well. I became a resident here within a couple of years after opening the account in any case so it is not an issue.

Only a fool would believe otherwise.
How do you expect PF to know you are non-resident if you provide only a Swiss address and you do not tell them you are resident abroad ?

As you say, only a fool would believe otherwise

I expect if you looked carefully at the form, even 5 years ago, you were not entirely truthful when you filled it up, omitting a few salient details.
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  #23  
Old 28.05.2017, 10:15
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Re: Bank account for non-residents

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a) You assume that's possible for the OP to do and b) you assume they'll leave enough money in the account (7,500) to avoid the normal Swiss residency charge of 5 francs per month. Or if it's a Private Account Plus it's 12 francs a month and must have a minimum of 25,000 to be free.

https://www.postfinance.ch/content/d...priv_br_en.pdf

Looking at PostFinance's form you have to say which municipality you're registered with as well as the address to which you want to receive your mail.

https://www.postfinance.ch/content/d...iv_form_en.pdf

These days you are not entitled to privacy. As anyone who's moving to America well knows.

It may depend on your banking relationship. If you've been a customer for many years you may get some leeway that a new customer wouldn't get. When we applied for our mortgage to buy a house here with UBS I was American and that did cause some consternation with our local bank manager. But we'd been with UBS for many years so he made a phone call and we got our mortgage. If we'd just moved here, opened a UBS account and then tried for a mortgage it may well have been a different story.

The OP did not state nationality or destination and what you write has already been discussed in previous posts.

Of course you are right, it depends a lot on the relationship with the bank that each customer has.

The OP does not need to fill in a form to open a new account. The OP needs to notify PF of a change of correspondence address. This apparently has to be in CH to avoid the charge.

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How do you expect PF to know you are non-resident if you provide only a Swiss address and you do not tell them you are resident abroad ?

As you say, only a fool would believe otherwise

I expect if you looked carefully at the form, even 5 years ago, you were not entirely truthful when you filled it up, omitting a few salient details.
We don't expect PF to know that my partner is domiciled abroad. The account is domiciled in CH.

Last edited by koblenz; 28.05.2017 at 10:21. Reason: add
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Old 28.05.2017, 10:26
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Re: Bank account for non-residents

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The OP does not need to fill in a form to open a new account. The OP needs to notify PF of a change of correspondence address. This apparently has to be in CH to avoid the charge.



We don't expect PF to know that my partner is domiciled abroad. The account is domiciled in CH.
It is completely irrelevant where the account is. For KYC and other reasons your nationality matters and where you live.

Not everyone wants to lie to banks, some people want to stay honest in their affairs.
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Old 28.05.2017, 10:42
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Re: Bank account for non-residents

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It is completely irrelevant where the account is. For KYC and other reasons your nationality matters and where you live.

Not everyone wants to lie to banks, some people want to stay honest in their affairs.
A nationality, as well as residence can both alter after the account has been opened.

Moreover PF know that both my partner and aunt are non-resident. So there are no lies. We have a good relationship with them and I suspect nothing is going to change for us if it hasn't in the last 20 years.

I suspect the PF charges for non-residents that have been mentioned, are for new cases of existing customers moving away from CH completely with no retention of a CH-postal address or for new customers who reside abroad but wish to open a PF account as they have an interest in opening an account in CH.

All I am saying is we have never been charged by PF for anything.
To avoid the charges mentioned you need a postal address in CH, but in essence you do not need to be a resident in CH to open/maintain an account here.
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Old 28.05.2017, 10:43
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Re: Bank account for non-residents

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all i am saying is we have never been charged by pf for anything.
To avoid the charges mentioned you need a postal address in ch, but in essence you do not need to be a resident in ch to open/maintain an account here.
total crap !
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Old 28.05.2017, 10:46
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Re: Bank account for non-residents

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total crap !
But only in your opinion. Just because you believe something doesn't mean to say it is correct.
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Old 28.05.2017, 10:49
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Re: Bank account for non-residents

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total crap !
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But only in your opinion. Just because you believe something doesn't mean to say it is correct.
It´s crap because it is incorrect.
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Old 28.05.2017, 10:51
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Re: Bank account for non-residents

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It´s crap because it is incorrect.
No it is not incorrect. You do not need to be resident in CH to open and maintain an account here.

And also we have not been charged any fees by PF as non-residents or as residents.
The only fee I can think of relates to an annual charge for a credit card, but because we receive a bonus on transactions which at the end of the year is ordinarily far higher than the cost of the card, the card basically remains free.

One charge might be the 1.2% fee on non-CHF transactions on the credit card. For this charge residence is completely irrelevant though.
To avoid these charges we would need to use a fee-free card or one that is not issued in CH but in the country where the transaction is taking place.

Last edited by koblenz; 28.05.2017 at 11:09. Reason: add
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Old 28.05.2017, 11:50
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Re: Bank account for non-residents

As you say you've had your account for over 20 years. But a new customer may not be able to open an account here or maintain it if they're not a Swiss resident. It's the same for us in the UK, we have some accounts there and the banks know our Swiss address (no UK address given either) and they're happy with that. But we can't open any new accounts so are stuck with accounts that are well over 40 years old now and bring us no extra benefits.

Rules change over the years as you also said, but FATCA and now the European-wide exchange of bank account information may mean such account possibilities are shrinking.
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Old 28.05.2017, 13:06
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Re: Bank account for non-residents

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No it is not incorrect. You do not need to be resident in CH to open and maintain an account here.

Not actually true unless you have plenty of money.

If you (can) read the fine print in the terms and conditions of your contract with PF or a bank, the onus is not on the institution to request information about your residency and status but you. You have to inform the institution of any material change including change of address and residency.

Failure to comply with this can result in the account being closed very quickly with all associated costs billed to your account.

The banks have been hit too many times with fines for money laundering, assisting clients with tax avoidance and now are squeaky clean with regards to this and due diligence.

If you don't or can't understand this i can understand it's fairly complicated, but maybe go to PF and tell them you're non-resident, i'm sure you'll understand then.
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  #32  
Old 28.05.2017, 13:08
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Re: Bank account for non-residents

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As you say you've had your account for over 20 years. But a new customer may not be able to open an account here or maintain it if they're not a Swiss resident. It's the same for us in the UK, we have some accounts there and the banks know our Swiss address (no UK address given either) and they're happy with that. But we can't open any new accounts so are stuck with accounts that are well over 40 years old now and bring us no extra benefits.

Rules change over the years as you also said, but FATCA and now the European-wide exchange of bank account information may mean such account possibilities are shrinking.
Yes I fully understand it will be more difficult to switch nowadays and either more difficult or more expensive, or both, for new customers. As mentioned, my partner is non-resident and was able to open an account here just by giving a CH postal address. This was only 5 years ago.

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Not actually true unless you have plenty of money.

If you (can) read the fine print in the terms and conditions of your contract with PF or a bank, the onus is not on the institution to request information about your residency and status but you. You have to inform the institution of any material change including change of address and residency.

Failure to comply with this can result in the account being closed very quickly with all associated costs billed to your account.

The banks have been hit too many times with fines for money laundering, assisting clients with tax avoidance and now are squeaky clean with regards to this and due diligence.

If you don't or can't understand this i can understand it's fairly complicated, but maybe go to PF and tell them you're non-resident, i'm sure you'll understand then.

As mentioned previously I am a resident, whilst my partner and my aunt are not and PF know this now. This is not a problem.

You do not need to be resident in CH to open and maintain an account here. It may have become more difficult in recent years and there may be charges, there may even be a minimum deposit requirement in some cases, but it is certainly possible.

Last edited by koblenz; 28.05.2017 at 13:14. Reason: add
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Old 29.05.2017, 14:44
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Re: Bank account for non-residents

The word "minimum" is the key is your last postm
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Old 30.05.2017, 06:58
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Re: Bank account for non-residents

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The word "minimum" is the key is your last postm
Which means a non-resident can open/maintain an account here!

It doesn't look like that PF (or some others) require a minimum deposit though. Particularly not in the case of existing customers. The OP is already a PF customer.

Clearly what does change is the monthly/annual charge for keeping the account open. It is advantageous to continue to domicile the account in CH to avoid the higher fees that banks now seem to want to charge to non-residents.
If the address that PF in this case, has on file continues to be a CH one, there is no charge. Minimum balance is Fr. 7'500 (total, across all accounts).
We keep just over Fr. 7'500 in my partner's account, just to avoid the charge!
If you have a mortgage with them you do not even need to meet that minimum balance requirement.

Last edited by koblenz; 30.05.2017 at 07:44. Reason: add
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Old 02.05.2021, 12:24
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Re: Bank account for non-residents

Does anyone have any current, updated recommendations (from those previously posted), for banks that will allow non-residents leaving Switzerland for a non-EU country (i.e. Canada) to have/maintain an account where their pension can be deposited? (My financial advisor advises this). My bank (Post Finance) has said it will charge 25 CHF/month. Banque Cantonale de Fribourg - possible but NO e-banking allowed.
Thank you.
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Old 02.05.2021, 14:32
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Re: Bank account for non-residents

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Does anyone have any current, updated recommendations (from those previously posted), for banks that will allow non-residents leaving Switzerland for a non-EU country (i.e. Canada) to have/maintain an account where their pension can be deposited?
Are you wanting to keep the money in the account long term or just have a place in Switzerland to receive a payment once you've left? I'm considering using a Wise (formerly TransferWise) account as a means for receiving outstanding payments after I have closed my account here - could be an option?
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Old 02.05.2021, 16:39
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Re: Bank account for non-residents

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Are you wanting to keep the money in the account long term or just have a place in Switzerland to receive a payment once you've left? I'm considering using a Wise (formerly TransferWise) account as a means for receiving outstanding payments after I have closed my account here - could be an option?
From what I've gathered about how you can transfer CHF into wise, I don't think this would be possible.

For CHF you don't get own IBAN, but you're on the shared one (at least that's my conclusion). And you have to make a payment to/from CHF account on your name.
If I understood this correctly:
https://wise.com/help/articles/29323...-chf-transfers
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Old 02.05.2021, 17:13
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Re: Bank account for non-residents

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From what I've gathered about how you can transfer CHF into wise, I don't think this would be possible.

For CHF you don't get own IBAN, but you're on the shared one (at least that's my conclusion). And you have to make a payment to/from CHF account on your name.
If I understood this correctly:
https://wise.com/help/articles/29323...-chf-transfers
Good point. Perhaps Revolut would be more suitable:
https://www.revolut.com/help/adding-...evolut-account
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