What does the Top bank package include?
The Top bank package from WIR Bank includes a private account and a Debit Mastercard. It is also possible to get the package as a joint account. The package includes mobile banking.
The debit card is compatible with mobile payment services like Apple Pay, Google Pay, Samsung Pay, Garmin Pay, and Fitbit Pay. Twint will tentatively be added in November, 2024.
Unlike bank packages from other service providers, the WIR Bank’s new package does not include a credit card. It is worth noting though, that the Debit Mastercard can be used in much the same way as a credit card. There are some exceptional cases in which a credit card may be required (certain hotel and rental car bookings, for example).
Other WIR Bank products like savings accounts, fixed deposit accounts, vested benefits accounts, and pillar 3a accounts are also available.
Is the new offer free of charge?
Neither the private account nor the debit card has basic, annual fees. Bank transfers within Switzerland and SEPA payments in euros are also free of charge.
As with bank accounts from WIR Bank’s competitors, there are certain transactions that generate costs. For example, with the exception of SEPA transfers, there is a five-franc fee for bank transfers in foreign currencies.
Is there a fee for cash withdrawals?
The package includes 24 complimentary cash withdrawals per year. Additional cash withdrawals cost two francs per withdrawal. For cash withdrawals outside of Switzerland, in particular, that fee is lower than those charged by many other Swiss banks.
How much do currency exchanges cost?
Unlike most other Swiss banks, WIR Bank does not charge you foreign transaction fees when you use the Debit Mastercard that comes with the Top package to pay for purchases from foreign merchants. Currency exchanges for foreign transactions are carried out at interbank rates when the transaction is processed (not the purchase date) and charged to your Top private account.
moneyland.ch compared the WIR Bank’s franc-to-euro exchange rates (as per sampling on 16 different dates) with those of other major Swiss banks and some neobanks. On average, WIR Bank had a markup of just 0.06 percent above the interbank rates published by Oanda. The only banks with similarly low currency exchange markups were the neobanks Radicant and Alpian.
Does the private account yield interest?
No. As with many Swiss private accounts, you do not earn interest on the balance of your Top account. However, savings accounts from WIR bank have above-average interest rates.
Which terms and conditions apply to the account?
You must meet just one of these four criteria to be eligible for the Top bank package:
- You receive regular incoming transfers of at least 1500 francs. That would be the case, for example, if you use the account to receive your salary.
- You have at last 20,000 francs of retirement savings at the WIR Bank. It is worth noting that the WIR bank has above-average interest rates for pillar 3a accounts.
- You have a WIR Bank mortgage of at least 300,000 francs.
- You become a member of the WIR Bank cooperative by buying a share certificate for 200 francs. All WIR Bank customers are eligible for membership, which can be obtained by submitting a written application. The 200-franc payment covers the 20-franc face value of the shares, plus a markup. Members can get the Top bank package without meeting any additional criteria.
Verdict
The Top bank package gives you a private account and Debit Mastercard with no annual fees – if you meet one of the criteria listed above.
Cash withdrawals are cheap compared to most other banks.
The currency exchange rates used by WIR Bank are on par with those of the most affordable Swiss neobanks.
On the whole, the Top bank package is one of the cheapest offers for a Swiss private account with a debit card.
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