Opening a Swiss bank account - new resident

Finance, Taxes, Banking, Insurance and Retirement
1
Hi,

Looking for some advice please on where to open a bank account

-lowest fees pls

-that covers the basics i.e. to get my swiss wages paid in to, it seems that they all charge a yearly fee for different services.

What are the basics I that need to apply/pay for to avoid any unnecessary costs in the future?

I have Revolut for the moment and would like to open a Migros bank account to get free cash withdrawals from diff ATM machines or at the Migros tills etc.. and later Twint

I wanted to apply for my swiss medical insurance online and pay in full for the year (to get 15% discount) but they only accept a Swiss IBAN.

In turn I need the insurance cert to collect my resident's card.

To then collect my ski lift pass

I'm currently still in the UK and will fly to Geneva on 9th Nov.

I have :

- an employment contract

- been accepted for a year long L-permit

- An address in Verbier - VALAIS canton

- British passport

Should I wait until I'm in Verbier to go to the bank in person or maybe start the online application now from UK?

I'm using moneyland.ch to research the different banking options - but getting a bit lost....

Is this the correct order to apply for each service?

BANK>Health INS> Residence> ski pass

Thank you for reading, Any help is much appreciated.

Have a lovely day/wkend

2
Cost will depend on your needs.

The closest Migrosbank agency from Verbier is in the Rhone valley only (Martigny, Sion, Montreux), though IIRC you can withdraw funds in the larger Migros shops.

For a simple standard case you present you probably want to check out Raiffeisen, they have an agency in Verbier. They're a cooperation, if you join (your deposit of a few hundred will pay above market interest) you'll lower the cost further. For me it's 40.- for the maestro card every few years (no CC with them), that's all provided you don't need another bank's ATM. Though YMMV a little because they're a union of small regional banks, each of which is its own master.

3
Hi Thank you for your response - i'll look into this...

4
I'd be amazed if you got 15% discount. Even 1.5% would be exceptional...

5
1% by KPT so far if you pay in advance for the entire year, .5% if you pay for the semester.

With interest rates rising, I'd expect it to be more for next year, though their website still says 1%.

6
Yeah I wanted to say the same. 1% with Visana if I pay in advance.

7
Just don’t open an account at Credit Suisse, if you haven’t seen the news.