Hello everybody,
As i'm planning my move to Switzerland, an important topic coming in mind is importing / tranfering my funds.
I'm moving from an EU country and have a Euro bank account and as Switzerland is using chf as Currency, things are a bit more complicated than simple Sepa transfert.
I have some questions :
1) Which strategy would be better : opening a Euro account in CH and do a simple Sepa transfer that would basially be almost costless OR Transferring my funds through a third service that would convert them to chf

2) Do you know banks that would open a free Euro account ? I wouldn't need a card or anything just using it to store and transfer my money

3) Do you have experience with third transfer services such as Wise or Bsharpe to avoid the enourmous bank fees?

4) Also, as I'm travelling a lot mainly in europe (not only the eurozone) do you think that a traditional bank + Neon or Revolut would be a good strategy? do you have experience with those neobanks?

5) Finally, knowing that i'm less than 25y which "Traditional" banks would you advice ? have experience with? I'm thinking about Raiffeisen as they offer many advantages with their youth account. I've seen also Valiant that has no fees for spending abroad and in foreign currencies and other advantages but could find so less reviews about that bank so idk if I should trust them...

Looking forward to hear from you,
Have a nice evening

Revolut or Wise is the way to go.

At 25 unlikely you have mega bucks,why do you think you'll get free Banking?

A local Swiss bank account perhaps would be useful once you start earning CHFs here. Maybe check Postfinance Yuth, I think they advertised multi-currency card.

Any free accounts will be contingent on having a minimum deposit, or a mortgage, or other services.

Well many banks offer advantageous accounts that are mostly free for young workers / students such as Migros bank, CS CSX, ubs 4key, Raiffeisen youngmember...

But for now my main question would be : what is the best, cheap way to transfer my funds (around 20k) fron Euro to chf?
I read stories or feedbacks about wise blocking trnasfers / accounts and I'm scared that happens to me. Actually if they start asking too many proof documents idk how I'd provide them, as a student my parents are supporting me and almost all the money I accumulated comes from them so...

If you have proove of funds and they are clean then you have no problem.


Best way, exchange rate wise.......read post N° 2 very carefully.

I guess you're talking about YUH. I checked it, looks like a good alternative to revolut but their currency exchange rate at +0.95% makes it quiet expensive I think

Any bank transfer over 10K needs a reason. It's not just Wise that would do this - any bank is legally obliged to. Source of funds: gifts from my parents will probably do it.

I've used variously: repayment of loan to in-laws, inheritance, purchase of stocks.

My general advice is to keep clear of the big banks, UBS and Crédit Suisse and use either Raiffeisen or your local cantonal banks. Customer service is better. I haven't used any of the "virtual banks", but that might suit you too.
You can open a EUR account in pretty much any bank, which might be a useful solution whilst you're moving.

You need to have a valid reason available if they ask !

I have an account at UBS in CHF --> they offer a nice option for a savings account to a max limit of 30 k euros --> where you don't need to pay anything (this being included in the package I have with them)
So SEPA payment from EU account --> to UBS directly in euros / no commissions --> usually 1/max 2 working days

Or Revolut if you already have your money transfered there, in theory if you use the "top up" option from your local bank account, it should be free to "import" the money into Revolut, and yes you can start using Revolut here to pay for almost anything, almost.

But would recomand to also get a swiss bank account once you land here.. I think Neon Bank might be really cheap

Indeed. If they ask. They don't always.

"I'm buying a car/house/etc." is also a good enough reason.

"Source of funds" my own money.

Tom

BeHonest, if it’s coming drom your savings, say so. If it’s from your parents that’s OK too. 20k isn’t enough for anyone to worry about.

I just transferred in 25k CAD and no one said anything.

Also, no need to transfer the whole amount to CH. Preferable to have 2 accounts in 2 countries. In the short term it looks like more complicate and more expensive. However, in the long term it may provide more flexibility and bit of diversification. It can become a tool to do whatever you want.

Reason, fine, source of funds "my own money" doesn't add up, you need to prove the source of funds.....

For 20k? My savings or gift from parents or both would cover it.

Maybe that depends also on the country, 20k in switzerland isn't worth 20k in eastern europe where that could be 2y salary

Or inheritance. My wife got a transfer of over 300k as inheritance no problem.

And last year 20k from sale of property.

Both times from an EU country.

Tom