Swiss bank account for Swiss living abroad

I am a Swiss citizen living outside of Switzerland. My Swiss bank just radically increased the fees which it charges me. As a longstanding customer I find that intolerable. Which Swiss banks are still attractive for Swiss citizens living abroad? I primarily need a private account (no Maestro card, no credit cards) and a savings account. I use trading brokerage services occasionally.

Greetings,

The moneyland.ch guide to bank fees for non-resident customers provides an overview of the non-resident fees at various Swiss banks.

Best regards from Moneyguru

More on this topic:
Swiss private account comparison

I’m Swiss, living in Southeast Asia and I am looking for a free bank account into which to receive my pension.

Because we Swiss abroad are disadvantaged in that we can only get our pension in either a Swiss account or an account in the country we live in (no third countries), I am looking for a free account in Switzerland. Ideally with no account fee and a free credit card. Basically, all the basics free of charge.

I appreciate any information you can provide.

It doesn’t exist.

The cheapest bank I know of is the BCGE (Geneva cantonal bank): The non-resident customer fee is “just” 72 francs per year, and then there is the 36-franc annual account fee.

Hi there,

Unfortunately, most Swiss banks add high markups to account fees for regular private accounts for customers who do not reside in Switzerland. That applies to all non-resident customers, including Swiss citizens.

What’s more, many Swiss credit card issuers do not issue credit cards to applicants who are not resident in Switzerland.

Currently, no Swiss bank offers a private account with no monthly or annual account fee to non-residents and no non-resident fees. A handful of Swiss banks do not charge no-annual fees for savings accounts, although they may require you to be resident in Switzerland when you open the account. PostFinance savings accounts and some savings accounts offered by Credit Suisse fall into this category. If you do not need to make a large number of withdrawals or transactions, a savings account may suffice to receive your pension into. Some banks let you manage savings accounts and order transactions online.

A prepaid card such as the Travel Cash card from Swiss Bankers may provide a solution for a no-annual-fee credit card alternative and is easier to obtain than a credit card. Make sure to pay attention to loading fees (you can find these listed in the guide to Swiss prepaid cards). Depending on where you live, you may be able to use an online or mobile transaction service which includes a debit card for withdrawals and payments. For example, if you live in Singapore you can receive a payment card from TransferWise or Revolut. These services include prepaid accounts which you can top up by bank transfer also let you make transfers online.

Best regards from Moneyguru

Hi everyone,

I am 79, German-Swiss and a pensioner. I have an account with 30,000 francs at the Schaffhauser Kantonalbank. In 2016 we agreed that the money would remain in the online account but would not earn interest and I could not make any transactions (with a few exceptions).

The bank can use my money for free, so to speak. Now, as of 2019, the bank is charging 120 euros in fees. That means my assets are shrinking while the bank has all the benefits and I don’t benefit at all. That bothers me because it means I have less money for my retirement.

Where can I park those 30,000 francs without paying any fees. I am not interested in making a big profit, but just protecting my retirement savings against fluctuations in the value of the euro. In Switzerland things are generally functional and I have trust in the Swiss franc.

I would be very thankful for any suggestions. I am also open to keeping the Swiss francs outside of Switzerland, if that is possible. I would also be open to investing the money in short-term investments which I could then extend if the costs of investing are low or non-existent. If I close this account, I won’t have a checking account, but I don’t really have one anyway because I don’t use any transaction services from the Schaffhauser Kantonalbank.

If there isn’t any option to securely park the money without paying for it, I was thinking of buying Nestle shares, bonds or something similar. But that would also mean paying fees, or?

Kind regards from across the border in Singen

Hi there,

Almost all Swiss banks charge non-resident fees to private account (checking account) holders who live outside of Switzerland. That also applies to Swiss citizens who reside abroad.

Many banks waive non-resident fees for mortgage and wealth management customers. Some banks waive non-resident fees for customers who hold large amounts of assets at the bank. Most banks do not charge non-resident fees for pillar 3a accounts and vested benefits accounts. Some, like Postfinance, do not charge non-resident fees for savings accounts. Holding your money in a savings account makes sense because you earn interest which counteracts inflation.

Some banks which operate online trading accounts do not charge non-resident fees, or charge very low non-resident fees.

You can find more information in the guide to non-resident fees at Swiss banks.

Possible investment vehicles:

• Savings accounts: low yields, but also a low risk. Compare savings accounts now.
• Fixed deposits and medium-term notes: Similar to savings accounts, but interest rates are fixed over the investment term. Compare fixed deposits now.
• Stocks and other securities: More risk, possibly higher yields. Knowledge of markets and investing required. You pay brokerage fees when you invest, and custody fees for as long as you hold these investments. How much you pay depends on the broker you use. Compare cheap online brokers now.
• Wealth management services: You pay an annual fee, and your money is invested for you. More risk, possibly higher yields. No know-how required, but ongoing costs are higher than investing directly yourself. Compare wealth management services now.

Best regards from Moneyguru

Good day and thank you for your answer,

I found your answer helpful, and your website is easy to use. My compliments. The information you provided gives me somewhere to start.

My brother in law told me that in order to get the tax statements for his Swiss investments which he needs for his German tax report, he has to pay Credit Suisse around 600 francs a year.

I will be closing the account at the Schaffhauser Kantonalbank because my money is dwindling and I don’t get any services in return. As a general Switzerland fan I would like to buy Swiss stocks, but from what I can see on your site, I need a bank account in order to do that.

So my final question is: If I buy Swiss stocks (Nestle, for example) at my German bank, would holding the Swiss shares be roughly equivalent to holding Swiss francs? If the euro were to lose most of its value and the franc remained strong, would the value of the Swiss stocks remain strong if they are denominated by Swiss francs? Would I be able to sell my stocks at the going franc-to-euro rate at that time?

Do I understand this correctly? As an 80-year-old, I am not completely confident finding my way around the financial landscape. I need some non-binding advice.

The Swiss banking association simply states that I should consult a bank of my choice because they are not consultants.

Kind regards

Hi there,

Stocks listed on the SIX Swiss Exchange (such as the Nestle stock with the title 3886335) are denominated by the Swiss franc.

However, if your German accounts (brokerage account, custody account, etc.) are denominated by euros and not Swiss francs, your money will be exchanged from euros to Swiss francs and back when you buy and sell shares and when you receive dividends or coupons. Depending on the exchange rates used by your bank, you may lose money.

It is also worth noting that multinationals like Nestle earn the bulk of their revenues outside of Switzerland and are therefore exposed to many different economies. This is beneficial in that the risk is spread across many different parts of the world. However, if you want to keep your investments in Switzerland, consider investing in the stocks of companies which primarily operate and earn revenues in Switzerland.

Best regards from Moneyguru