Hi Hang,

I've have an account at UBS since 2007 and so far I am satisfied with it. However you have a wide choice of alternative you may investigate, other banks as well as PostFinance, for which maybe someone else couls give you their advice.

For the procedure, for me it took half an hour, you need to present your passport and your work permit. When I first opened my account, I presented a copy of my work contract and a copy of the work permit request, then I sent them the work permit by fax when I got it.

Try to ask your company if they recommend a specific bank, some companies have agreement with banks and you could be able to open an account before receiving your work permit (which was my case).

I agree with Federica. We opened a UBS account a couple of months ago and it was quick, simple and trouble free. They have all the paperwork in English if you dont speak French and our Maestro cards, pin numbers and e banking stuff arrived within a few days.

We didn't have permits either so we took passports and a letter of employment stating B permits had been applied for and they were happy with that.

UBS has been OK for me.  No particular like or dislike.  They do have an English-language call center...

Hello !

I am working at the UBS Airport branch so if I can help you let me know... It takes between 30minutes and 45minutes.

In order to open an account we need 3 things :

- Your work contract

-Passport or ID

- Fixe an appointment

If you have any questions about the UBS accounts just ask me, if I can help it is with pleasure :-)

See you !

Stephanie

Hang,

Welcome to Geneva!

UBS is the partner of glocals.com, and when glocals members open a new UBS account they get for free, for 1 year: the account, a saving account, credit card, eBanking, and 25 Key-Club points worth CHF 25. It's really a no-brainer.

Here's a guide to Geneva banking, in English, incl the different banks and the process for opening an account. 

Enjoy, and hope you'll have lots of money in the account! (-:

Nir

This UBS deal sounds very good - as for my own experience, last November when I came to Geneva from Holland I opened a UBS account on the advice of the relocation agent. Took about an hour and, voila.

However when early this year we decided to buy a house UBS was really not interested in financing it, or helping out in any other way, and so we ended up going to Credit Suisse who offered much better terms and have been exemplary at customer service (not that UBS is not good, they just did not want to have anything to do with us buying a house). I just closed the UBS account last week.

I imagine most banks have a similar procedure for opening an account. But make sure you are clear on the features you want (e-banking, cash cards, credit cards yes or no) and what that will cost. UBS had/has an arrangement where, so long as you maintain a certain minimum balance at all times (CHF 10 thousand I think) there are no monthly fees.

Hello Stéphanie,

You are mentioning only the work contract, but some people were speaking about a proof that a work permit was requested.

Is this different from bank to bank or regulations have changed?

I have a work contract, but no permit yet, so this changes everything for me.

Cheers,

Denisa

I disagree.

I have more than that and still pay 10 chf/month, reduced from 20 chf/month as a "rebate".

I'm not happy with having to pay these 120 chf/year, and that's only for a Maestro debit card, not a credit card, but otherwise, I am happy with UBS - especially the e-banking and 24-hour helpline. Whether or not UBS is worth 120chf/year.. depends. In addition, there is a safekeeping fee for investments.

Denisa :

It s depend of the bank. In the airport we are a rare bank who accept to open an account without having the permit yet. But we want to be sure than you have a job here and generally people bring the proof than they have made a request for the work permit !

Ferney : The offer is free for the first year, but if after the first year you still do not need a credit card you have better to go out of the offer ! So if you are still in it but do not want a credit card but just keep your maestro card, come in an UBS and ask to go out of the package ! Like that you will pay only :

40.- for the Maestro

and if you have more than 10'000CHF you will not pay any other account fees or transfers fees within Switzerland

If you have less than 10'000, cancel the statement with UBS E-Banking and you will pay only 2CHF per month, so 24.- per year.

That mean for MAestro and account fees 40 +24 = 64 instead of 120 ! But really, the offer is interesting ONLY if you need a credit card ! If no, just go out and you will save some money :-)

Regarding the mortgage and loans, it is quite difficult, because we need first to evaluate if yes or no we will be able to lend you and then make a request for the rates... But in anyway, do not be afraid about the rates you can see on internet, we also have some good offer but for that we need an individual appointment and all the documents about the houses etc, your financial situation etc....

I hope it will help you :-) And if you need anything just let me know or call me directly at the UBS Airport Branch :-)

Unless you're American!  Then the process is a little more complicated.  You have to open at the HQ in Geneva or Zurich and have some other docs.  Took me three tries to get everything together.  Ugh.

Have been with UBS before and now have PostFinance.  PostFinance is has better service, and fewer charges,  in my experience..

HI,

I went to a branch in Lausanne yesterday with an employment contract and my passport, but I was told I needed a permit to be able to open an account. Is this the case, or should I try again (with a different person)?

Murrough

Ah, just saw the following post.

Sorry

Magie,

  Where did you open yours? I need to open one..For students is it just our permit B plus passport?  Where you able to go from Higher One to the bank here? or did you go through american bank in the process?

See you in class tonight =)

I ended up w/UBS in the end.  You have to go to the Rue de Rhone office, make an appointment, then come back whenever that is.  You'll need an attestion, your permit B, your schedule, passport & they're going to ask you about any other accounts you have, so know that information.  Good luck!

I'm with Migros, I don't like bank charges much and don't have any need for a credit card.

Its a reliable service. Fewer charges. It also is run by BCV and backed by them.

This has been discussed in a former post in very good detail. Perhaps someone can search for it.

I like UBS for these reasons.

1. Swift, to the point and effective

2. If you are a family. There are family accounts that create cost savings. Useful for those who travel and need a visa or mastercard or number of accounts to manage costs

3. Airport branch is useful. You can get sterling as well. Useful if you go back to the UK.

4. No systems failures to date since 2007.

5. English language and others. Very useful.

6. Tailored inhose service, dependent on your needs.

I did not need my permit. As noted above, a contract and ID were all I needed. My banker emails me back the same day, with a backup team.

If you dont need these services. Postfinance is very effective.

For trading, I reccommend and use SwissQuote, but Postfinance also have a similar service but restricted to a a smaller number of global bourses.

with a name like wall st banker, you're probably not on the student permit that lexilent and i are.

I live in france and work as a PhD student in Switzewland. I first went to Credit Suisse and they said that because I live in France I will have to pay 40 franks per month. So screw that. I went to UBS and they said oh you will be a student and you will get paid. Everything for free for as long as you are a student and you can have the account immediatelly. I was sold. Also, all the documents were in English.

Read the below note by Andew: There are good student benefits.

Secondly, there are cost effective banks. Like postfinance. Student permits do not deter banking. Money still comes in and out, smaller banks lower costs, Postfinance is effective and efficient for the purpose backed by a strong Canton bank BCV that do all the processes and so forth.

PS Terrible name, cant be bothered to change it. Remember we were all students. Its the best time and part of life. You lucky sods.

Hi Hang,

I opened my account with PostFinance. It was really uncomplicated. I only had to show my passport. They asked me whether I already had an employer and I told them the name but I never had to show a work contract or anything. That might depend on which passport you have, I am not sure if it is the same for everyone (I'm Austrian).

Anyways, I get charged 3 CHF/month and I paid around 20 CHF for a debit card. So far I am really happy with the service. I basically do everything online and money transfers within the EU are free which is a big plus for me.

I've also heard positive things about Migros Bank.

But I guess it always depends on your needs. I am not planning on buying a house or getting any other kind of loan. Not sure how easy or difficult that would be at PostFinance...

Oh and I opened my account at UBS without an appointment. I went to the main branch in the city centre and just said I want an account. They made me wait a few minutes and then a guy came and went through everything with me.

Thats a plus as well.

Which bank  in CH give you Visa or MC debit card....  Maestro is boring and i can't register the card with  Paypal. I'm with UBS and their  Maestro does not even let us shop on the Internet. i'm so struck !! 

Dear Stephanie,

Are you still at UBS airport? Could I make an appointment? I will arrive in GVA this weekend to work at OMS for one year.

Thanks,

Chansuda

Just so everyone is aware (for those who aren't yet), since January 2013, banks charge for account holders with an address outside CH.  The charges depend on the bank, Migros @ chf5.-/month, UBS @ chf30.- per month, some charge chf50.-, in case it makes a difference for any of you.

Hope this helps anyone needing a guide.

http://switzerlandbuyingguide.com/swiss-private-personal-current-account-bank-accounts-banking-guide/

Yeah, 30CHF per month is a bit of a scandal really. All that just to send your tax authority how much interest you earned at the end of the financial year on a CD with tens of thousands of other names. The real cost is probably a few cents.

When i first came to Switzerland everyone was pressuring me to go UBS or Credit Suisse - well at least USB still have a few branches. I opted for Migros but kinda wished I'd gone for Postbanque as I think their current account is still free if you have 7500chf on deposit with them, at least that was the case a couple of months back. I'm with Migros and to liquidate all my 3ieme pillier and other stuff and move would be a real pain.

For everyone :)

yes i am still working for UBS but in Nyon.

If anyone need an advices i definitely can help you as long as your domicile is or will be in switzerland.

for the foreigners i can direct you directly with y colleagu who works with foreigners.

it is not the same if you are "frontalier" than if you live in another country for the fees.

If you need advices or would like to have an appointment it is with pleasure, just send me an email at [email protected] and i will answer you.

i hope to be helpful :)

stephanie

For a checking account UBS are ok, I have no problems with them.

For any kind of savings, pensions or anything where interest is of, well interest, to you I have had great service and also benefit from great rates from CIC (Suisse)

I dont beleive a work contract is necessary with any bank, its just a valid B or C work permit. Infact I really dont think its the banks business to see your work contract, further they this can be forged or unvalid Swiss work contracts.

As such, valid swiss working Permit is more than sufficient.

Also useful is a attestation from the 'Office des Population', which states your recognized as a residence in the canton.

A work contract is necessary only if youdo not have yet your work permit ! Because we need a proof than you are well employed in switzerland and we exceptionnally accept to open an account with a work contract if you do not have your work permit.

Then you meed to know than in switzerland every banks are under the law of CDB (compliance law) and one of them is : know your customer. It is not for annoying clients than we ask a lot of questions.

First it is for legal law

secondly it is also to propose you the good product who correspond to your needs. Someone who has  10millions might don t need the same investment product than someone who has 1000chf the needs are differents.

 Then if you need an international bank because you travel a lot or needs to make transfer arround the world, yes a big bank as credit suisse or ubs is better than a small bank. It all depends of your needs.

personnaly i lile my bank and not alao because i am working in it but also because i know the quality pf the product which are behind ;-).

Well Nir, thanks, that's very helpful

What documents did you need to open an account with Migros?

If you have an address in Switzerland, Raiffeisen is also a great option.

For Migros, a G Permit or Swiss address.

I would look at the post office if I were opening an account today due to the charges on the Migros account. Other than that they've been ok.

Thank you :)

Hi Staphanie

I am new to Geneva and started working in Ralph Lauren Polo. In need to open bank account, Can you able to help to open the account as i will get work contract, passport. Thank you

Regards

Ravi Gurram

Hello 

I don t have contact of work but i got permit c.Can u help me open an account please?

Elena

Elena:

Who are you asking for help? The only one who can open a bank account for you is the bank...

I soo lady Stephanie posted un ad she may be helpful?

Ditto. UBS are okay, until you travel outside Switzerland, and then there are all kinds of BS with cards not working, pin not accepted and so on. We've found them to be very opaque. Post Finance have been great, par contre.

Hmm good to know, I was planning to go for Migros bank anyways.

UBS is trying to get clients by offering 1year free but it's not that free since simple

operations are expensive...

Migros has just increased charges again for frontaliers, if you plan on living on the French side of the border.

How much is it right now for migros ? Any other bank ideas for inexpensive bank ?

For the fist year I'll live in the French side and once I get to know few things I'll decide what is the best move.

An “inexpensive bank” is a contradiction in terms.

Christo;

I'm with UBS, and my basic operations are all free: drawing cash, paying with credit card, getting monthly report. The only operation where I've seen UBS is real expensive in stock trading. 

Which simple operations are UBS expensive in?

Migros and Post Finance are charging 20 CHF / Month (with some exceptions).

I don't know about other banks for Frontalieres.

It seems like gouging to me.

actually, try credit agricole and ask them about this - I know they set up accounts for people who work in Switz but live in Frtance.

If you're a U.S citizen, UBS seems to be the only choice but it comes with a ton of requirements and fees.