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Old 21.08.2020, 09:26
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Account opening timeframes

We're in the process of moving our daily accounts to a local cantonal bank. We already have an account at one of the global Swiss banks and have local deposits to move across. A main driver is free banking and access to better rates.

One issue we're finding is the speed to process the opening docs and receive the required debit and credit cards, let alone get access to internet banking.
All paperwork has been submitted without issue.

Given experience outside of CH and also at the global Swiss bank, this normally takes 1-2 days to open an account and less than a week at most.

In this case, we are up to 2 weeks to finally receive account numbers from starting but still not received our cards or internet logins.

Is this typical or do we have chosen a particularly tardy cantonal bank and our assigned contact is less than ideal?

Appreciate other experiences but especially want to know if it will be any different if we give up and try elsewhere.
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Old 21.08.2020, 10:17
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Re: Account opening timeframes

Just open a 2nd account at another bank.
2 are always better then 1
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Old 21.08.2020, 10:51
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Re: Account opening timeframes

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We're in the process of moving our daily accounts to a local cantonal bank. We already have an account at one of the global Swiss banks and have local deposits to move across. A main driver is free banking and access to better rates.

One issue we're finding is the speed to process the opening docs and receive the required debit and credit cards, let alone get access to internet banking.
All paperwork has been submitted without issue.

Given experience outside of CH and also at the global Swiss bank, this normally takes 1-2 days to open an account and less than a week at most.

In this case, we are up to 2 weeks to finally receive account numbers from starting but still not received our cards or internet logins.

Is this typical or do we have chosen a particularly tardy cantonal bank and our assigned contact is less than ideal?

Appreciate other experiences but especially want to know if it will be any different if we give up and try elsewhere.

I don't know which Bank are you dealing with but I usually got all cars + papers etc within 1 week via post.
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Old 21.08.2020, 11:17
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Re: Account opening timeframes

Very unusual. You don't have US ties do you (citizenship, green card, investments)?

Anecdotally that can lead to delays.
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Old 21.08.2020, 12:52
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Re: Account opening timeframes

No, they were very keen to ensure no US ties whatsoever. Thanks for feedback, sounds like we have had a poor experience overall.
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Old 21.08.2020, 13:31
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Re: Account opening timeframes

Or it's just taking longer to process because of the virus situation.
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Old 23.08.2020, 17:37
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Re: Account opening timeframes

Finally got accounts set up with maestro and visa cards with pin numbers. End to end took 3 weeks, but at least it's free banking for the next year
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Old 24.08.2020, 15:15
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Re: Account opening timeframes

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Just open a 2nd account at another bank.
2 are always better then 1
Mind the costs though. CS and UBS are far too expensive, I'd go with Postfinance, Raiffeisen, also check the local Cantonal bank.
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Old 26.08.2020, 15:08
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Re: Account opening timeframes

Opening an account should generally be instantaneous, i.e. you will get your account numbers on the spot, assuming all the paperwork is in order. The cards may take a little longer, particularly credit cards as they will want to run credit worthiness checks.
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