Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation
Reply
 
Thread Tools Display Modes
  #1  
Old 12.08.2017, 15:30
Newbie
 
Join Date: Jun 2017
Location: York
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 2 Posts
Fuwarin has no particular reputation at present
Short term Swiss bank account.

Hello Swiss forumites,

I am currently working in a short term post in Switzerland for no longer than 90 days and therefore do not have a residence permit (I'm in EU citizen) - I'm using the short stay notification.
Frustratingly, I still require a bank account for my salary to be paid into for the 3 months in which I am here.

The question is, which account would I be eligible for and would be best suited for my needs? I don't want to pay too much in account/management fees. I will simply be using the account to pay in a salary and then eventually, withdraw the money to a UK account. (I may even keep the account open as I may be posted again to CH at a later date but this will depend upon aforementioned account fees).

Also, are the opening of bank accounts fairly instantaneous once an application is made?

Many thanks, happy to clarify as necessary.
Reply With Quote
  #2  
Old 12.08.2017, 16:18
Sbrinz's Avatar
Forum Legend
 
Join Date: Oct 2011
Location: Murten - Morat
Posts: 11,841
Groaned at 589 Times in 376 Posts
Thanked 11,454 Times in 5,896 Posts
Sbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond reputeSbrinz has a reputation beyond repute
Re: Short term Swiss bank account.

Just open a Post Finance account, about the cheapest and easiest.

BUT, I think they will all ask to see your Permit, so you may need a letter from your employer, in lieu of the Permit.

Why can't you use your UK bank account to receive your Swiss salary?
Reply With Quote
This user would like to thank Sbrinz for this useful post:
  #3  
Old 12.08.2017, 17:05
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 15,260
Groaned at 235 Times in 204 Posts
Thanked 12,628 Times in 7,097 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Short term Swiss bank account.

Quote:
View Post
Why can't you use your UK bank account to receive your Swiss salary?
Bank charges & currency transaction costs in both directions as the OP will require money in CHF in CH.

He could ask the company to pay in cash or a Swiss cheque that can be cashed at the bank. (Yes cheques do exist )
Reply With Quote
  #4  
Old 12.08.2017, 18:01
Newbie
 
Join Date: Jun 2017
Location: York
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 2 Posts
Fuwarin has no particular reputation at present
Re: Short term Swiss bank account.

Thanks for your replies. Yes, I suppose an alternative way of payment would be ideal but the company I am working for state that there is really no alternative and refuse to pay into my UK account.

Post finance sounded like a good idea but I worry about being seen as non domiciled and therefore need to pay an extra 25CHF a month on their account.

I am currently living in a short term rental apartment but not sure that would really qualify.
Reply With Quote
  #5  
Old 12.08.2017, 19:29
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 2,955
Groaned at 69 Times in 53 Posts
Thanked 3,228 Times in 1,540 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Short term Swiss bank account.

Do you have a written work contract? If so use that to get a permit and open a bank account. I don't see many alternatives if they won't pay into your UK account.

The temp accomodarion doesn't matter either, if there is a mailbox stick a temporary name tag on it with a piece of paper an cellotape so you can receive mail. Failing that a C/O address might be enough if you explain to the bank in person.

Your employer has a duty of care to you so they should help you with these basic admin stuff, it's very overwhelming if you are new to the country.
Reply With Quote
  #6  
Old 12.08.2017, 20:03
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 15,260
Groaned at 235 Times in 204 Posts
Thanked 12,628 Times in 7,097 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Short term Swiss bank account.

Quote:
View Post
Your employer has a duty of care to you
Really? do you have a link.
Reply With Quote
  #7  
Old 12.08.2017, 20:39
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 2,955
Groaned at 69 Times in 53 Posts
Thanked 3,228 Times in 1,540 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Short term Swiss bank account.

Quote:
View Post
Really? do you have a link.
https://www.employment-law.ch/the-du...r/duty-of-care
Reply With Quote
  #8  
Old 12.08.2017, 21:22
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery-Courtion
Posts: 16,674
Groaned at 275 Times in 210 Posts
Thanked 12,262 Times in 7,018 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Short term Swiss bank account.

Quote:
View Post
Do you have a written work contract? If so use that to get a permit and open a bank account. I don't see many alternatives if they won't pay into your UK account.

The temp accomodarion doesn't matter either, if there is a mailbox stick a temporary name tag on it with a piece of paper an cellotape so you can receive mail. Failing that a C/O address might be enough if you explain to the bank in person.

Your employer has a duty of care to you so they should help you with these basic admin stuff, it's very overwhelming if you are new to the country.
Can't. Workers being sent here from other EU countries for less than 90 days a year have to use the short term registration system. They aren't eligible for a permit.

https://www.sem.admin.ch/sem/en/home...verfahren.html
Reply With Quote
This user would like to thank Medea Fleecestealer for this useful post:
  #9  
Old 12.08.2017, 22:24
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 2,955
Groaned at 69 Times in 53 Posts
Thanked 3,228 Times in 1,540 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Short term Swiss bank account.

Quote:
View Post
Can't. Workers being sent here from other EU countries for less than 90 days a year have to use the short term registration system. They aren't eligible for a permit.

https://www.sem.admin.ch/sem/en/home...verfahren.html
Point taken.

The gentleman should be able to open a bank account nevertheless to be able to receive his salary payments.

Op I would speak to the bank first and get what you need after that to open the bank account.
Reply With Quote
  #10  
Old 13.08.2017, 09:09
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery-Courtion
Posts: 16,674
Groaned at 275 Times in 210 Posts
Thanked 12,262 Times in 7,018 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Short term Swiss bank account.

Yes, I can't think this is an unique situation, companies send workers here short term all the time. Talk to PostFinance and maybe UBS too and see what they have to say. Also check with your work colleagues to see if they're in the same situation and what they did about it.

Why your company can't pay your salary into your UK account I don't know, should be easy enough if you give them the account details. After all, cross border commuters who have a G permit get their salaries paid into their "foreign" accounts.
Reply With Quote
  #11  
Old 13.08.2017, 14:15
Newbie
 
Join Date: Jun 2017
Location: York
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 2 Posts
Fuwarin has no particular reputation at present
Re: Short term Swiss bank account.

Thanks all - I'll take up the matter with HR once more, just in the vain hope.
Certainly in my company, it appears I am the only one who is staying less than 90 days.

I'll update the thread on Monday when I speak to HR/Postfinance/UBS
Reply With Quote
  #12  
Old 13.08.2017, 14:34
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 15,260
Groaned at 235 Times in 204 Posts
Thanked 12,628 Times in 7,097 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Short term Swiss bank account.

Where does it mention about helping to open a bank account?
Reply With Quote
  #13  
Old 14.08.2017, 08:40
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 2,955
Groaned at 69 Times in 53 Posts
Thanked 3,228 Times in 1,540 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Short term Swiss bank account.

Quote:
View Post
Where does it mention about helping to open a bank account?
I never said it does

Go pick a fight some other thread, I'm only genuinely trying to help the OP with his query
Reply With Quote
  #14  
Old 14.08.2017, 18:22
Newbie
 
Join Date: Jun 2017
Location: York
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 2 Posts
Fuwarin has no particular reputation at present
Re: Short term Swiss bank account.

So it seems that UBS was not interested without any kind of residence permit (I tried the really big central Bank in Bern too).


Went for PostFinance eventually. My options were limited to the Basic account, +25CHF/Month non-domicillary fee.


It was either this or try to apply for their residence Permit (which is not necessary otherwise).


I bit the bullet and went for the PostFinance account as I risk not being paid at all otherwise (Doubly confirmed HR not interested in depositing salary to a UK account).


I asked for a closure form at the same time and plan to get rid of the account as soon as the 3 months are up. 75CHF to receive a salary sounds a lot but I'm not taking it too badly given the relative higher salary I am receiving compared to the UK.


Maybe I'm just unlucky as I understand the 25CHF/month fee is a recent introduction and I was told that regulations have really tightened in an attempt to prevent tax fraudsters.
Reply With Quote
This user would like to thank Fuwarin for this useful post:
  #15  
Old 14.08.2017, 19:47
The_Love_Doctor's Avatar
Forum Legend
 
Join Date: Aug 2009
Location: Zugerberg, Zug
Posts: 2,955
Groaned at 69 Times in 53 Posts
Thanked 3,228 Times in 1,540 Posts
The_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond reputeThe_Love_Doctor has a reputation beyond repute
Re: Short term Swiss bank account.

I think CHF25.- for the post finance account is not that bad. Welcome to Switzerland!

When you get to the point of wanting to transfer the CHF out to a UK account there are various alternatives that might save you some money too instead of just letting the UK bank or post finance do the comversion for you.

There is my preferred option of just transfering the money to Revolut (we have a whole thread dedicated to this), you can also use Transferwise or Currencyfair. I haven't used neither of the last two options but ask again when you want to take the money out.
Reply With Quote
  #16  
Old 14.08.2017, 22:50
Newbie
 
Join Date: Jun 2017
Location: York
Posts: 9
Groaned at 0 Times in 0 Posts
Thanked 4 Times in 2 Posts
Fuwarin has no particular reputation at present
Re: Short term Swiss bank account.

Thanks for the tip! I'm currently using Revolut as my daily spending card so will have to look into the capabilities of transferring money back out as well - something I was not previously aware of.

I am also aware of transferwise but it seems that Revolut is touting a lower fees model. I'll obviously scrutinise this closer to the time.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Short Term Car Insurance (Swiss Plates) Alittlec Transportation/driving 2 03.01.2017 12:09
Indian national, short-term contract, trouble getting a bank account amazeswiss Finance/banking/taxation 1 26.02.2014 22:14
Bank account needed for short-term too? menorca Finance/banking/taxation 6 28.10.2013 17:42
Swiss Bank Account Closed by Bank Lorelei Finance/banking/taxation 26 01.07.2011 09:56
Swiss Bank Account dennis Permits/visas/government 1 14.01.2009 10:17


All times are GMT +2. The time now is 21:29.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0