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]

you can hold chf on interactive brokers or at some︀ other brokers. you could try swissquote which at least is used locally and hence has︁ a footprint of the voter base.
these 2 banks mentioned which are open for low︂ 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 nor︅ is the country any longer neutral, plus the banks bend over with their rear hole︆ wide open to any kind of foreign pressure.

 

[Butcher82]

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?

This ducascopy place claims savings are protected by︁ government up to 100k CHF, or that's fake?
Just trying to︃ diversify and put some little funds in CHF in a safe place. Looks like the︄ whole world is boiling, you never know where to run. 🙂

 

[JackAlabama]

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.
no, not fake. but you never︁ know if/when these rules change in an overnight action as has been done a few︂ times e.g. to shaft the credit suisse debt holders for example.
So best bet is︃ always to have accounts at banks which have the largest local voting base or where︄ the ruling class banks at (in case its not a democrazy) etc.
the way things look like they boil together with europe, so makes only sense as︇ europe diversification but not really from an inside europe point of view.
one also wonders︈ how the ubs gigabank situation is going to develop.

 

[Wellington]

Why not just buy the CHF stablecoin?

https://www.bitcoinsuisse.com/cryptofranc

 

[Butcher82]

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 have︀ 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 all︃ over the world, probably more per person than any other country, my personal opinion is︄ 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 basket︆ in any case.

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

 

[EliasIT]

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

 

[Wellington]

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

 

[Butcher82]

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!
Never seen that before,⁢ gonna check it out! 🙄

 

[koohl]

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

 

[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

 

[Butcher82]

Because I want to keep funds in CHF in Switzerland for diversification. Have‌ some other currencies in other places already.

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 a︀ pretty good experience with it, although I don't make use of Yuh very often. I︁ don't know if it's exactly what you're looking for, but you do get a Swiss︂ bank account with no opening fees and no minimum deposit.

 

[koohl]

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

 

[Marzio]

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

 

[Butcher82]

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]

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.
No, it does not.

 

[JackAlabama]

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