Opening a bank account in Switzerland with little money :)

[Butcher82]

Hello guys.
Don't have 1 million or 3 millions CHF to open up a normal account in Switzerland at the moment. 🙂
But there are places like Ducascopy bank for example. Looks like an account up to 100 000 CHF is guaranteed there.
So I am thinking to open up an account there and maybe some other place to diversify.
Just a savings account to keep money in CHF for a few years and don't touch it.
Does anyone use Ducascopy? And do you know of any other places like that in Switzerland where a non resident can open a savings account with a small amount?

 

[wellington]

There's the pink one... 5k... but fee's and paperwork is a annual headache. CIMBanq

 

[JackAlabama]

Butcher82 said:
Hello guys.
Don't have 1 million or 3 millions CHF to open up a normal account in Switzerland at the moment. 🙂
But there are places like Ducascopy bank for example. Looks like an account up to 100 000 CHF is guaranteed there.
So I am thinking to open up an account there and maybe some other place to diversify.
Just a savings account to keep money in CHF for a few years and don't touch it.
Does anyone use Ducascopy? And do you know of any other places like that in Switzerland where a non resident can open a savings account with a small amount?
Click to expand...

you can hold chf on interactive brokers or at some other brokers. you could try swissquote which at least is used locally and hence has a footprint of the voter base.
these 2 banks mentioned which are open for low amount are not good since the locals dont use them nor have heard of.
you dont wanna be caught up in a credit suisse event which wont be bailed out, with swissqoute theres at least some hope the locals will be affected enough to care.

overall the country and its currency is not better than anyone else any longer nor is the country any longer neutral, plus the banks bend over with their rear hole wide open to any kind of foreign pressure.

 

[Butcher82]

wellington said:
There's the pink one... 5k... but fee's and paperwork is a annual headache. CIMBanq
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Thanks, I wrote them, called them few times, applied online... no word, no sound, they probably don't need any new customers or something.

JackAlabama said:
you can hold chf on interactive brokers or at some other brokers. you could try swissquote which at least is used locally and hence has a footprint of the voter base.
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Yes, I got swissquote account where I trade a little bit, though the fees are crazy. But if I just put CHF there and don't trade, won't they create problems that the money is idle there?

JackAlabama said:
these 2 banks mentioned which are open for low amount are not good since the locals dont use them nor have heard of.
Click to expand...

This ducascopy place claims savings are protected by government up to 100k CHF, or that's fake?

JackAlabama said:
overall the country and its currency is not better than anyone else any longer
Click to expand...

Just trying to diversify and put some little funds in CHF in a safe place. Looks like the whole world is boiling, you never know where to run. 🙂

 

[JackAlabama]

Butcher82 said:
Thanks, I wrote them, called them few times, applied online... no word, no sound, they probably don't need any new customers or something.


Yes, I got swissquote account where I trade a little bit, though the fees are crazy. But if I just put CHF there and don't trade, won't they create problems that the money is idle there?
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not really. No need to trade like a maniac, a few trades per quarter are enough also no need to trade like 95% of your cash balance each time.

Butcher82 said:
This ducascopy place claims savings are protected by government up to 100k CHF, or that's fake?
Click to expand...

no, not fake. but you never know if/when these rules change in an overnight action as has been done a few times e.g. to shaft the credit suisse debt holders for example.
So best bet is always to have accounts at banks which have the largest local voting base or where the ruling class banks at (in case its not a democrazy) etc.

Butcher82 said:
Just trying to diversify and put some little funds in CHF in a safe place. Looks like the whole world is boiling, you never know where to run. 🙂
Click to expand...

the way things look like they boil together with europe, so makes only sense as europe diversification but not really from an inside europe point of view.
one also wonders how the ubs gigabank situation is going to develop.

 

[wellington]

Why not just buy the CHF stablecoin?

https://www.bitcoinsuisse.com/cryptofranc

 

[Butcher82]

JackAlabama said:
not really. No need to trade like a maniac, a few trades per quarter are enough also no need to trade like 95% of your cash balance each time.
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Yes, that's what I am saying. If 70-90% of the balance sits in cash, they might ask questions.

JackAlabama said:
So best bet is always to have accounts at banks which have the largest local voting base or where the ruling class banks at etc.
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Would be happy to open an acc in one of their "cantonal banks" which are the best, but as I said, don't have few mils to throw in at the moment 🙂 So the choice is short unfortunately.
Looks like there's no other options than Ducas and CIM?

JackAlabama said:
the way things look like they boil together with europe, so makes only sense as europe diversification but not really from an inside europe point of view.
one also wonders how the ubs gigabank situation is going to develop.
Click to expand...

They are holding massive funds from all over the world, probably more per person than any other country, my personal opinion is that they will be the last one to die plus nobody is interested in that. But of course not using them as last heaven, not all eggs in one basket in any case.

wellington said:
Why not just buy the CHF stablecoin?
Click to expand...

Trying to rebalance my fiat at the moment 🙂 Crypto is another story.

 

[EliasIT]

Butcher82 said:
Hello guys.
Don't have 1 million or 3 millions CHF to open up a normal account in Switzerland at the moment. 🙂
But there are places like Ducascopy bank for example. Looks like an account up to 100 000 CHF is guaranteed there.
So I am thinking to open up an account there and maybe some other place to diversify.
Just a savings account to keep money in CHF for a few years and don't touch it.
Does anyone use Ducascopy? And do you know of any other places like that in Switzerland where a non resident can open a savings account with a small amount?
Click to expand...

You don't live in Switzerland righ ? Ifyou don't it could be worth to speak with Post Finans anyway or some of the local banks. Requires you take a trip to Switzerland.

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[wellington]

Butcher82 said:
Yes, that's what I am saying. If 70-90% of the balance sits in cash, they might ask questions.


Would be happy to open an acc in one of their "cantonal banks" which are the best, but as I said, don't have few mils to throw in at the moment 🙂 So the choice is short unfortunately.
Looks like there's no other options than Ducas and CIM?

They are holding massive funds from all over the world, probably more per person than any other country, my personal opinion is that they will be the last one to die plus nobody is interested in that. But of course not using them as last heaven, not all eggs in one basket in any case.


Trying to rebalance my fiat at the moment 🙂 Crypto is another story.
Click to expand...

XCHF is 'fiat' it's just on Crypto Rails... better to have there...

 

[Butcher82]

EliasIT said:
You don't live in Switzerland righ ? Ifyou don't it could be worth to speak with Post Finans anyway or some of the local banks. Requires you take a trip to Switzerland.
Click to expand...

Nope. As I understand, if you are a resident, you can open an acc in ANY bank there with no problems. Going to check that Post Finance, looks like an option, thanks!

wellington said:
XCHF is 'fiat' it's just on Crypto Rails... better to have there...
Click to expand...

Never seen that before, gonna check it out! 🙄

 

[koohl]

Why would you prefer Swiss banks over other places - curious ?

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[Clearsky Network]

What is the purpose of this account and how much do you plan to invest?
Swissquote, SEBA and Ducascopy would want you to trade

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[Butcher82]

koohl said:
Why would you prefer Swiss banks over other places - curious ?
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Because I want to keep funds in CHF in Switzerland for diversification. Have some other currencies in other places already.

Clearsky Network said:
What is the purpose of this account and how much do you plan to invest?
Swissquote, SEBA and Ducascopy would want you to trade
Click to expand...

Just a savings account. Ducascopy claims they do saving accounts on their website. I want to deposit in range of guaranteed by state amount.

 

[ilke]

If you don't need to hold too much, I guess Yuh (a partnership between Swissquote and Postfinance could work). You'll get the classic CH IBAN through Swissquote; almost everything is free, 1% on unlimited CHF, quite a nice mobile app, and a Mastercard. Your funds are also insured up to 100,000 CHF because you effectively also get a Swissquote account. You are also (not legally, but can be logically assumed) more protected than with the Swiss banks targeting foreigners since Swissquote and Yuh do have some market share with real Swiss customers, i.e., they would be more likely to get bailed out. I've had a pretty good experience with it, although I don't make use of Yuh very often. I don't know if it's exactly what you're looking for, but you do get a Swiss bank account with no opening fees and no minimum deposit.

 

[koohl]

Butcher82 said:
Because I want to keep funds in CHF in Switzerland for diversification. Have some other currencies in other places already.
Click to expand...

Good point, you could hold CHF with Wise, I do that.

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[Marzio]

ilke said:
Yuh
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You can only open this if you are France, Austria Germany, Italy, Switzerland or Liecthenstein resident

 

[Butcher82]

koohl said:
Good point, you could hold CHF with Wise, I do that.
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Thanks but I want a guaranteed by state deposit. I am not sure if wise does that. I hold a bit of chf on revolut though but would rather transfer to Swiss institution.

 

[369]

why not holding physical in switzerland which can be exchanged anytime into cash and having a small account with swissquote and their card?

 

[Forester]

Butcher82 said:
Yes, that's what I am saying. If 70-90% of the balance sits in cash, they might ask questions.
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It might depend on your citizenship and residence but very probably not. You only must not use SQ for transactional banking. With just holding the small amount of cash they are OK, especially if you also take their credit card.

Butcher82 said:
Thanks but I want a guaranteed by state deposit. I am not sure if wise does that.
Click to expand...

No, it does not.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[JackAlabama]

Butcher82 said:
Thanks but I want a guaranteed by state deposit. I am not sure if wise does that. I hold a bit of chf on revolut though but would rather transfer to Swiss institution.
Click to expand...

in these days and clear for everyone to see, any state guarantees are gone faster than you can count to 3.