Free Cash Withdrawals in Switzerland

Is it possible to make cash withdrawals in Switzerland for free? How should I go about it?

All advice appreciated.

Hi there,

The vast majority of Swiss banks do not charge fees when you use the ATM card or Debit card linked to your account to withdraw money at an ATM operated by your bank. Some Swiss banks let you withdraw money at any Swiss ATM without paying withdrawal fees. The withdrawal fees are clearly shown on account "info" pages in the interactive private account comparison.

Using credit cards to withdraw cash at ATMs is generally not recommended because you pay high cash advance fees. This is true even when you use ATMs operated by the same bank that issued your credit card. There are some exceptions to this rule. You can read about these in the moneyland.ch guide to free cash withdrawals using credit cards.

Best regards from Moneyguru

If you live in Europe and visit Switzerland as a tourist or something, take a look at the card from Transferwise. I use this card for cash withdrawals when traveling and can vouch for its low fees for cash withdrawals. You don't pay for the first 200 quid or equivalent per month and after that it's still relatively cheap (2% of the amount you withdraw I think). The exchange rates are excellent (near-interbank rates). You pay a 0.35%-2% commission for exchanges, depending on the currency. Swiss francs fall under the low end (0.5% commission I think).

The Glint card is a cheap solution if you live in the UK or even outside of the UK. They charge a 0.5% currency conversion fee and use near-interbank exchange rates. If you don't bother converting from sterling to gold and back, you cut out the gold commissions. The only pain is that you can only withdraw the equivalent of 300 quid per day. There is also a 1.50 quid withdrawal fee. On the whole it still works out cheaper than using a debit card or credit card from a bank.

Revolut would also be worth checking out, but I haven't used it so can't say exactly what the deal is with that.

For visitors from the US, I believe Bank of America customers can withdraw money at the ATMs of many European banks using their debit cards without Bank of America charging them a fee. I don't know whether they have any partner banks in Switzerland though.

Hope this helps.

Glint Pay has just entered administration. It was cool while it lasted, but a good reminder that these e-finance startups walk a fine line. Companies like Glint Pay, Revolut and co. pretty much offer over-the-top services in addition to what banks give, but don't really have any capital under management. They are pretty much dependent on signing up huge amounts of users to generate revenue through fees alone. In my opinion, you should only keep money in those accounts for immediate use. They work great for cheap withdrawals though, while they last.

Gone the way of Loot. I think Revolut and Transferwise have enough users to keep them alive for now. But I totally agree about just keeping as much adding as much balance as you need for your cash withdrawals.