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Old 08.08.2010, 15:12
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Withdrawal Limits on Personal and Savings Accounts

I am just in the process of selecting a bank in Switzerland. I have noticed with Credit Suisse, UBS and other major banks that a withdrawal limit exists. For example, the owner of the account cannot withdraw more than 100,000 CHF per month with UBS, and to draw more than this 3 months notice needs to be given. The same applies for Credit Suisse although they have a 6 month notice requirement.

My questions are as follows:

1. Is this standard for all banks in Switzerland?

2. What if I have a million dollars and wish to buy a new 200,000 car next week, how do I resolve this issue with the bank (very hypothetical I do not have this money!)

3. How do rich people access their money quickly, such as outlined in Question 2? Do they have a special account that gives you access to large funds quickly? I am asking this in case I wish to buy a house in the future in Europe.

4. If I was an overseas investor and I had large sums of money, would this not be restrictive in terms of investing in the Swiss banking system?

Thanks for your thoughts!
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Old 08.08.2010, 15:20
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Re: Withdrawal Limits on Personal and Savings Accounts

Just following up on this I notice Credit Suisse has a 'current account' that has not withdrawl limits. So I guess I have answered my own question! I am just wondering if UBS has a similar account.
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Old 08.08.2010, 15:21
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Re: Withdrawal Limits on Personal and Savings Accounts

1. Yes, every bank has withdrawal limits for certain/most accounts, however they may vary from bank to bank.

2. Most if not all banks will let you withdraw the money anyway, however you have to pay for it; usually they look at the notice period and will charge you the interest you generated with the money (i.e. if you want to withdraw 200k, your limit is 30k and the notice period 3 months, you will have to pay the interest for 3 months on 170k). This is at the bank's discretion, they might decide to wave the interest fully or partially.

3. You can have accounts with no or very high withdrawal limits (Kontokorrekt, Depositenkonto), tho you will not get any or hardly any interest. The higher the interest, the stricter the withdrawal restrictions.

4. If you want to invest money, you wouldn't just stick it in a bank account.
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Old 08.08.2010, 15:29
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Re: Withdrawal Limits on Personal and Savings Accounts

Thanks for your answer.

I just found out that UBS also has a 'current account' that allows for no withdrawal limits, it does however cost 3 CHF per month.

Thinking through all of this I am just wondering why tax evaders would put their money into swiss bank accounts when the accounts earn bugger all interest here with such low interest rates.
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Old 08.08.2010, 18:05
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Re: Withdrawal Limits on Personal and Savings Accounts

My UBS current account has a limit of 100k a month or 3 months notice. They will let you withdraw your money immediately, but charge you 1% for the privilege. I managed to get out our money without penalty. I couldn't believe that when I said that I wanted to give notice to withdraw the funds they had no way of doing so - no form, no process, nothing.

To get your 200k car, you simply buy it at the end of the month. 100k last day of the month and 100k the next day That's what I needed to do for big transfers. Our Credit Suisse account has a CHF 500k per year restriction on withdrawals. Haven't managed to hit that limit yet
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Old 08.08.2010, 18:16
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Re: Withdrawal Limits on Personal and Savings Accounts

Aren't I lucky that I don't have your problems
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Old 08.08.2010, 18:34
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Re: Withdrawal Limits on Personal and Savings Accounts

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My UBS current account has a limit of 100k a month or 3 months notice. They will let you withdraw your money immediately, but charge you 1% for the privilege. I managed to get out our money without penalty. I couldn't believe that when I said that I wanted to give notice to withdraw the funds they had no way of doing so - no form, no process, nothing.

To get your 200k car, you simply buy it at the end of the month. 100k last day of the month and 100k the next day That's what I needed to do for big transfers. Our Credit Suisse account has a CHF 500k per year restriction on withdrawals. Haven't managed to hit that limit yet
I was just reading on their website the following for UBS:

1. Current account, no withdrawal limit
2. Personal account, 100 K per month limit
3. Savings account, 50K per month limit
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Old 08.08.2010, 19:10
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Re: Withdrawal Limits on Personal and Savings Accounts

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4. If you want to invest money, you wouldn't just stick it in a bank account.
You would even less likely stick it in a UBS Managed Investment Fund.

The reason the Swiss banks don't pay much interest is because they don't have to and the Swiss Franc is probably one of the most stable currencies in the world at the moment.

Any idea where you would stick/invest CHF 100,000 plus of funds?
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Old 09.08.2010, 10:52
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Re: Withdrawal Limits on Personal and Savings Accounts

The answer to all your questions is make friends with your bank manager. Any big transactions and he/she can put it through. Keep him/her in the loop and you'll be surprised at how all sorts of things suddenly become possible
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Old 13.07.2020, 10:58
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Re: Withdrawal Limits on Personal and Savings Accounts

Sorry I'm resurrecting this post but I'm currently trying to move some money from Savings account (UBS) to personal account (UBS).

They now have a limit of 50k CHF per YEAR!! from the savings account.

Absolutely outrageous, it even pays 0% interest, I just put money in savings to track the amount really.

Just hope they can help me move it without fees (on the phone they mentioned fees would be 0.5%).
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Old 13.07.2020, 12:11
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Re: Withdrawal Limits on Personal and Savings Accounts

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Sorry I'm resurrecting this post but I'm currently trying to move some money from Savings account (UBS) to personal account (UBS).

They now have a limit of 50k CHF per YEAR!! from the savings account.

Absolutely outrageous, it even pays 0% interest, I just put money in savings to track the amount really.

Just hope they can help me move it without fees (on the phone they mentioned fees would be 0.5%).
Set up multiple savings accounts with the same Bank, it's not rocket science.
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Old 13.07.2020, 12:41
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Re: Withdrawal Limits on Personal and Savings Accounts

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I was just reading on their website the following for UBS:

1. Current account, no withdrawal limit
2. Personal account, 100 K per month limit
3. Savings account, 50K per month limit
What is the difference between a current and personal account?
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Old 13.07.2020, 18:02
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Re: Withdrawal Limits on Personal and Savings Accounts

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What is the difference between a current and personal account?
Current account likely won't pay interest & have monthly charges, personal accounts HISTORICALLY paid a reasonable rate of interest
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Old 13.07.2020, 18:16
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Re: Withdrawal Limits on Personal and Savings Accounts

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Sorry I'm resurrecting this post but I'm currently trying to move some money from Savings account (UBS) to personal account (UBS).

They now have a limit of 50k CHF per YEAR!! from the savings account.

Absolutely outrageous, it even pays 0% interest, I just put money in savings to track the amount really.

Just hope they can help me move it without fees (on the phone they mentioned fees would be 0.5%).
Get them to change the Savings account to a Personal account. We did this with our accounts recently. It didn't cost us anything and we can now transfer money freely between our various accounts.
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Old 13.07.2020, 19:37
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Re: Withdrawal Limits on Personal and Savings Accounts

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Sorry I'm resurrecting this post but I'm currently trying to move some money from Savings account (UBS) to personal account (UBS).

They now have a limit of 50k CHF per YEAR!! from the savings account.

Absolutely outrageous, it even pays 0% interest, I just put money in savings to track the amount really.

Just hope they can help me move it without fees (on the phone they mentioned fees would be 0.5%).
If you send a message to your UBS advisor, they can override the limit.
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Old 13.07.2020, 20:46
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Re: Withdrawal Limits on Personal and Savings Accounts

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Current account likely won't pay interest & have monthly charges, personal accounts HISTORICALLY paid a reasonable rate of interest
Got it, had not noticed post was old and was confused.
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Old 13.07.2020, 20:56
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Re: Withdrawal Limits on Personal and Savings Accounts

see also here: https://www.englishforum.ch/complain...-my-money.html
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Old 14.07.2020, 09:30
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Re: Withdrawal Limits on Personal and Savings Accounts

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Set up multiple savings accounts with the same Bank, it's not rocket science.
Not rocket science, but I didn't expect this standard savings account (vs. a bond) to have any limit of withdrawal. Just a weird concept I havent come across before in the UK

They moved the amount I need out in the end, after I called UBS.
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Old 14.07.2020, 10:59
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Re: Withdrawal Limits on Personal and Savings Accounts

When I was a kid in the 70s, at UK banks you had a current account and a deposit account. The current account was merely for making transactions and was not interest-bearing whereas the linked deposit account accrued some interest. So it's the same thing as back then.

In the UK, of course, building societies started offering interest on current accounts around the mid 80s, which made deposit accounts (as opposed to savings accounts) redundant.
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Old 15.07.2020, 10:34
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Re: Withdrawal Limits on Personal and Savings Accounts

After they allowed me to withdraw some, I contacted my client advisor to completely empty the account.

They refused this one, and told me I can withdraw it in Oct-Nov (3 months) without fee.

Really disappointed they won't help me here to be honest, I expected better. Be careful using a savings account, especially as they offer zero benefit to us (0% interest).

These are all good reasons why the new fintech is going to kill the banks retail business.
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