Best bank for American/ joint bank accounts

ABinSwitzerland · #1 08.06.2021, 11:53

Hey there,

I have been in Switzerland for 6 years and I have been using Post as my bank the entire time as other banks would not give me an account as an American. I like Post, however, I don’t like that I have to have a separate card to use online for shopping and that I cannot have a joint bank account with my husband (who is Swiss). Does anyone know of a bank that allows joint bank accounts and works with most online shops (without having to have a credit card)?

Thanks for your help!

Village Idiot · #2 08.06.2021, 12:01

Check out UBS.

st2lemans · #3 08.06.2021, 12:02

A joint bank account would require you Swiss husband to fill out FBARs, thus becomming a US person for tax purposes.

I can't imagine him being thrilled about that.

Tom

robBob · #4 08.06.2021, 12:40

If all you need is a credit card just borrow the hubby's. Sure he won't mind.

Village Idiot · #5 08.06.2021, 13:29

	Quote:	st2lemans
	A joint bank account would require you Swiss husband to fill out FBARs, thus becomming a US person for tax purposes

Not at all. The US person is required to fill out the FBAR, declaring all accounts in which they have an interest, including any joint accounts.

There is no responsibility for the non-citizen spouse to become a US person or file an FBAR of their own. You simply file as 'Married filing separately'.

Island Monkey · #6 08.06.2021, 13:31

	Quote:	ABinSwitzerland
	Does anyone know of a bank that allows joint bank accounts and works with most online shops (without having to have a credit card)?

UBS debit cards are now "credit card style" ie they have the long card number, so you can use them online.

so_cal · #7 09.06.2021, 10:36

	Quote:	Village Idiot
	Not at all. The US person is required to fill out the FBAR, declaring all accounts in which they have an interest, including any joint accounts. There is no responsibility for the non-citizen spouse to become a US person or file an FBAR of their own. You simply file as 'Married filing separately'.

Yes, having a joint bank account with an American does not in itself implicate a non-American to have to file a FBAR

3Wishes · #8 11.06.2021, 09:13

	Quote:	so_cal
	Yes, having a joint bank account with an American does not in itself implicate a non-American to have to file a FBAR

Although the non-American doesn't have to file the FBAR, the American does. So it's about the same. All the info still winds up with the IRS including the names of both individuals, etc.

In addition, if the American doesn't file timely/properly, then I believe the penalties of forfeiture apply to the whole account that is jointly owned. And the penalties can be huge.

Mr Wishes and I keep separate, but I know some folks prefer joint accounts. Just be aware of the potential issues.

robBob · #9 12.06.2021, 10:19

If you do get a joint account you should see to it that it is an and/or account in case, god forbid, one of you should suddenly depart. Then there will be no tie up afterwards in accesseng the account.
https://www.luzernerzeitung.ch/leben...rrt-ld.1107517

https://www.private.ch/global/wGloba...orceDownload=0

As for FBARS no need to worry. Just a hassle and make it a point not to forget to file.
As for banks, perhaps try the ZKB. CLER, I believe is also possible.