Cash bank Zweiplus Broker Comparison

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  • BenutzernameMoneyland User Questions
  • Status Member
  • Registriert seit1/27/17
  • Beiträge2142

Dear sir/madame,

Online broker Cash has created a brokerage fee comparison based on the moneyland.ch comparison. According to the comparison, Cash is the cheapest broker because of its 29-franc brokerage fee. That is not always the case.

Cash/Bank Zweiplus is one of the cheapest brokers for certain kind of trades with its CHF 29 brokerage fee + CHF 2 transaction fee (CHf 31 total fee). However, when a transaction is ordered shortly before an exchange closes and part of the order is only filled the following day, that fee doubles to CHF 62. On one occassion I was even charged CHF 93 when a 100-share transaction was divided into 3 separate transactions.

Some other brokers only charge one brokerage fee for orders which are filled within 3 days. In that case, paying a CHF 50 fee for an order which takes 2 or 3 days to fill would work out cheaper. The exchange rates used by Bank Zweiplus also are not very good.

As I'm sure you know, ChemChina bought up Syngenta for USD 465 per share. In order to help small and mid-range investors (up to 500 Syngenta shares or approximately CHF 230,000), ChemChina/Syngenta gave them the option of receiving the payment for their shares in Swiss francs. In this way, smaller investors profited on the takeover by being paid CHF 460,20 per share.

Bank Zweiplus/Cash did not pass this information on to its customers and automatically announced all available Syngenta shares for sale in USD - even for customers with CHF broekrage accounts and Swiss bank accounts. In that way, the broker gained on the USD to CHF exchange during the takeover. Because the bank used an exceptionally poor exchange rate, customers received just CHF 445.82 per Syngenta share. I lost CHF 359,60 on the transaction, and I imagine that many other Cash/Zweiplus customers lost money too. I only found out about this because I have a custody account at Migros bank in which I kept 15 of my Syngenta shares. The Migros Bank paid me the correct CHF 460,20 per share.

Kind regards

 
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  • BenutzernameMoneyguru von moneyland.ch
  • OrtSchweiz
  • Status Expert
  • Registriert seit8/4/15
  • Beiträge4016

Hi there,

We recommend that you use the moneyland.ch securities broker comparison as it accounts for broekrage fees (including flat fees) and custodial fees, helping you to find the most affordable broker for your specific trading and safekeeping needs.

Best regards from Moneyguru