Hi All

I am in the process of deciding which bank to bank with here in CH. I have done a fair amount of reading and searching but cant seem to decide. I know UBS are coping a hard time of it, and lots of people are leaving. On the other hand some people suggest their service seems to be better.

For me, I need to transfer money back to Australia every months so I am looking at finding a bank that has cheap ish fees on making that transfer. Aside from that I am looking for an account with a savings, eftpos card, and also a CH credit card. Again for minimal fees. I am not too fussed about interest rates.

I would also like the bank to be relatively accessible, in terms of being able to withdraw from an ATM here in Zurich, and thorughout the rest of Europe (ie that it is possible to withdraw from an ATM elsewhere in Europe. I say this because I am having a hard time withdrawing on my Australian card because it has an 8 digit pin!)

The way I see it I am choosing between UBS, CS and ZCB. Any others?

Any ideas, comments, suggestions welcome....or drawing my attention to finer points,

thanks in advance!

Be patient. Someone will come up with a answer for you. I can't believe what people know about on this Forum.

Choose UBS it is a solid bank with good service.

Whatever bank account you get here in Europe, you should be able to withdraw cash from any European ATM - although you will generally get slapped with a fee if you use a machine that does not belong to your bank.

For foreign transfers there are almost always fees involved. For sending cash to Australia, I've heard some people are happy with www.ozforex.com, but only if you are dealing with large amounts.

Have you taken a look at the Post Bank? My wife is very
happy with hers.

I am at Credit Suisse, and I transfer money every month
to pay my mortgage back home. I find the finds fairly
steep so I am thinking about changing.

Since you are new here: Please add a smiley so everyone gets the irony

Thanks for the tips so far guys. Can I ask about how much the fees are approx with Credit Suisse? For example, is it a once off fee, or is it a percentage of how much you transfer? Do you also know if the exchange rate conversion from CHS into Aussie dollars is good? Sorry for the questions, just trying to find some information.

I have also sent off an enquiry to www.ozforex.com so thanks for the link. I will post what I find out.

It depends really on what you want from a bank. UBS and CS are both pretty reliable and nonsense-free, but dont forget that to them you're not really worth much as a client and therefore they probably wont invest too much time and effort in you if need be. ZKB are a bit more sympathetic to the average man-in-the-street and as a result, you'll get better customer service.

People of course will recommend banks based on their own experiences and as such will strongly advise you against whatever bank has failed them in the past. Having never had any problems with any of the banks, I would recommend them all to you and as such would make my final decision on which bank was closest to my work

That was a very good and true post.

I do not know the prices for Australia, as I am German. I am currently with CS and ZKB: Both banks are expensive compared to German or Dutch banks (the only ones I used so far) when it comes to fees and especially international transactions. Additionally, the interest rates you can get for your savings are basically half of what you get in the EU (for very safe fixed investments)... I therefore use them only as my local salary/shopping account.

I agree that ZKB is a bit more focused on the smaller customers, but also very local.

The latest edition of Saldo magazine has an article on all the banks and their charges.

UBS and CS work out the cheapest if your balance stays above 10k. No monthly fee, only 10.20 in postage fees per year and free withdrawals from other banks. The Post account is the cheapest for lower balances BUT the post charges companies each time a customer pays their bill there and some companies pass this onto their customers.

As for interest rate, ZKB and Coop were listed as having double the interest rates of UBS and CS, but only a difference from 0.2% to 0.4%!

HTH

Edit: Coop and Raffiessen give you free Maestro cards for the first year (normally 30-40 francs per card)

Thanks again. In case it helps, I am not so concerned about customer service, really more about more bang for your buck so to speak! I.e. apart from the international transfer fees I am hoping to get an account which doesnt cost alot but gives a lot...anyone know which is best for credit and maestro cards (ATM cards) for example? Do they all have account keeping fees (per month) or are some better? I have heard about the UBS Welcome pack...does CS have an equivalent?

Great...this is good to know. Just to clarify, your balance must stay above 10CHF? Do you know what the fees might be if it doesnt? Given I need to open an account and dont have any CHF just yet, the 10K threshold is somewhat impossible for the first few months or so. After that, no problem...

If your balance goes below 10k in one month the following month's charges are: account keeping fees 7 CHF, e-banking fees (40 rappen per transaction and every bill payment within Switzerland), 2 CHF for withdrawals from another banks ATM.

Also read the small print for withdrawal limits. UBS has a 100k per year limit where 3 months notice is required or a 1% fee. The CS limit is 500k per year BUT bill paying is more difficult since there are no machines to do this after hours.

Thanks again for your information post.

One last question...promise.. re these fees....Are the fees identical at both banks?

I have accounts with both CS and UBS. To be honest, the bill paying at CS is a real pain. You need to take paper slips into the bank teller to pay your bills. Using the internet means typing in all the information from a coded line on the payment slip. If you live or work near a branch is shouldn't be a problem. At UBS I just put the slips into a machine and select the date to be paid for most bills. This is available 24/7.

CS is only better if you are going to save up 100k plus and transfer back home. I wouldn't personally keep more than 30k with UBS, just bacause that's the guaranteed limit.

Just thought I would let everyone know that to transfer with ozforex, from CHF to Aussie dollars, you need to transfer a minimum of 2000CHF, it costs 15CHF and they guarantee no additional fees on either end. i am yet to do it but will post how i go, if I end up using them.

Does anyone else have any other ideas about transferring from CHF to Aussie dollars, cost etc, and who with...i.e. their own bank or a service like ozforex?

UBS charge a flat fee of 10 CHF (Abroad extra) for sending money abroad, and that includes all 3rd party charges so the receiving bank gets the full amount. I've sent money to the UK several (>10,000CHF) without any issues, and with a pretty decent exchange rate.

I have used Oz forex before. One downside is that your money is seen as comming from a strange recipient. Our bank froze our account and it is not something you see on an overseas account until your direct debits fail.

Hello!

It may a bit out of the topic, but much not so much: I thought that it would be helpful to add that I just found out that most of the banks here in Switzerland usually offer a special account for students bellow 30 years of age. If you fit in this category, it might be worth to look into all the benefits offered (really good stuff, including free Maestro Card and MUCH higher interest rates!).

Good day!

Curious to follow this thread, since I need to do the same thing. I noticed that my bank in Australia has a receiving fee, if the money is transferred from overseas even if it transferred as AU$.

Thank you for the warning about frozen accounts Mariezug.

Don't you just love banks!

Larissa