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Moving to Zurich and the bank? Here's how to make the transition seamless!
Moving to Zurich is exciting, but also comes with several organisational challenges. One of the most important aspects is banking. Whether you need to open an account, compare fees, or maintain your existing account – we help you keep track. Do you need personal support with your move? Contact us for a non-binding consultation.
The topic short and concise
Moving to Zurich is exciting, but also comes with several organisational challenges. One of the most important aspects is banking. Whether you need to open an account, compare fees, or maintain your existing account – we help you keep track. Do you need personal support with your move? Contact us for a non-binding consultation.
Moving to Zurich is exciting, but also comes with several organisational challenges. One of the most important aspects is banking. Whether you need to open an account, compare fees, or maintain your existing account – we help you keep track. Do you need personal support with your move? Contact us for a non-binding consultation.
Moving to Zurich is exciting, but also comes with several organisational challenges. One of the most important aspects is banking. Whether you need to open an account, compare fees, or maintain your existing account – we help you keep track. Do you need personal support with your move? Contact us for a non-binding consultation.
Planning your move to Zurich? Learn how to optimise your banking, open accounts, avoid hidden fees, and which banks support expats. Get informed now and move stress-free!
Moving and Banking in Zurich: A Comprehensive Guide
A move to Zurich is an exciting step, but it also comes with some organisational challenges. It is particularly important to adapt your banking to ensure a smooth transition. Whether it’s the change of address for your existing accounts, checking your current banking connections, or opening a Swiss bank account—we at GoMovin are here to help you keep track and make the right decisions. With our expertise in expat services, we make your move as stress-free as possible.
Overview of Key Aspects of Moving to Zurich in Relation to Bank Accounts
Moving to Switzerland requires careful financial planning. We help you understand and execute the necessary steps so that you can feel at home in Zurich right from the start. This includes determining whether you should keep your German account or open a Swiss one, and understanding any potential fees involved.
Objective of the Article
This article provides you with a comprehensive guide for your move to Zurich, especially in relation to your banking. We offer you detailed information on account management, fee structures, and the specifics of the Swiss banking system. Our aim is to provide you with all the necessary information to make informed decisions and optimally manage your move. Benefit from our experience and global network to make your new start in Zurich as easy as possible. Learn how to plan your move with GoMovin and manage the logistics.
Address Change: Adjust German Accounts after Moving to Switzerland
Change of address for existing bank accounts
After your move to Zurich, it's important to review and adjust your existing bank accounts if necessary. One of the first tasks is to update your address with your German banks. This is not just a formality, but can also have tax implications.
German bank accounts after moving to Switzerland
It's quite possible to keep your German account even after moving to Switzerland. However, it's essential to inform the bank of your new address. This can have effects on your tax situation, especially concerning capital gains. Check with your bank about the necessary documents and evidence required. According to auswanderluchs.ch, it is important to inform the bank about your move as this may trigger inquiries regarding your tax residency, which can impact the capital gains tax in Germany.
Address change at Zürcher Kantonalbank (ZKB)
Even if you don't have an account with the Zürcher Kantonalbank (ZKB), it's good to know how an address change works there. The ZKB offers various options for changing your address: online through e-banking (web and mobile app) or in writing by mail. The online change via e-banking allows for immediate adjustment of your data. In the case of written notification, it's important to specify the validity date of the new address. Telephone support is available during business hours (08:00-18:00, Mon-Fri) to assist you. Note that for security reasons, address changes cannot be processed via feedback forms. At GoMovin, we recommend that you take care of these formalities early to avoid unnecessary stress. Use our planning tools to keep all important steps in mind.
Open a Swiss bank account: How Germans can succeed in Zurich
Opening a Swiss Bank Account as a German
Another important step in your move to Zurich is opening a Swiss bank account. This can offer you many benefits, especially concerning local transactions and managing your finances in Swiss Francs (CHF).
Legal Framework
In principle, Germans can legally open a Swiss bank account. However, there are differences between opening an account with and without residency in Switzerland. With residency, opening an account is generally simpler and more straightforward. According to wise.com, German citizens can easily open an account in Switzerland, particularly if they have Swiss residency. Without residency, it is possible to open an account, but it requires more documentation and can be more challenging. At GoMovin, we are happy to advise you on which banks are particularly expat-friendly and what documents you need.
Required Documents and Proof
To open a Swiss bank account, you typically need the following documents: proof of identity (passport or identity card), proof of residence (when opening an account with residency), and possibly proof of income. Banks are required to verify your identity (KYC – Know Your Customer) to prevent money laundering and other illegal activities. wohnsitzausland.com emphasises that the required documents usually include a valid passport or identity card, proof of residence (e.g., rental contract or electricity bill), and proof of income. At GoMovin, we assist you in compiling all necessary documents.
Account Opening Process
The account opening is usually conducted in person or through a local representative. Online account opening is often not possible with traditional banks. Banks carefully review your application documents to ensure there are no fraudulent intentions. The account opening process can take up to 10 days. At GoMovin, we recommend that you start the account opening process early to avoid delays. Use our logistics services to transport all necessary documents safely and quickly.
Bank selection: How to find the right bank for your move to Zurich
Bank Choice: Traditional Banks vs. Direct Banks
Choosing the right bank is crucial for a successful start in Zurich. There are different types of banks, each offering different advantages and disadvantages. At GoMovin, we help you find the best option for your individual needs.
Traditional Banks
Traditional banks generally offer personal advice from bank advisors. This can be particularly helpful if you are new to Switzerland and not yet familiar with the Swiss banking system. However, opening an account at traditional banks is often more time-consuming and associated with higher fees. The BCGE, with its I-Move Service, offers an interesting option, as customers relocating within Switzerland or internationally can maintain their existing relationship with the BCGE advisor. This makes changing banks considerably easier. At GoMovin, we work with various banks to offer you the best conditions.
Direct Banks
Direct banks often offer more favourable conditions than traditional banks. However, personal advice is generally more limited. Additionally, opening an account without residency in Switzerland is often not possible. Nevertheless, direct banks can be an attractive option if you already have experience with online banking and value low fees. At GoMovin, we help you weigh the pros and cons to make the right decision.
Comparison of Different Banks
There are various types of banks in Switzerland, including cantonal banks (e.g., ZKB, BCGE), national banks (e.g., UBS, Credit Suisse) and PostFinance. Cantonal banks are usually regionally anchored and often offer special conditions for residents of the respective canton. National banks operate nationwide and provide a broader range of services. PostFinance is a subsidiary of Swiss Post and offers simple and cost-effective banking services. At GoMovin, we support you in selecting the right bank by providing you with detailed information and comparisons. Use our information on banking options to prepare optimally.
Avoid fee traps: How to save costs in the Swiss banking system
Fees and Costs in the Swiss Banking System
The Swiss banking system can appear complex at first glance, particularly regarding fees and costs. It’s important to be well-informed in advance to avoid unexpected expenses. We at GoMovin provide an overview of the most important fees and show you how to save money.
Account Management Fees
Many Swiss banks charge account management fees, which can vary depending on the bank and account model. Free accounts are often only possible with high deposits. Standard accounts usually incur monthly fees ranging from a few CHF to 30 CHF. Additional fees may apply for Swiss nationals living abroad, averaging CHF 300 annually. According to moneyland.ch, Swiss banks often charge extra fees for clients residing outside Switzerland/Liechtenstein, averaging CHF 300 annually, but can range between CHF 120 and CHF 720. We at GoMovin assist you in finding the most cost-effective account models.
Transaction Fees
Transaction fees can also apply, especially for cash withdrawals at foreign ATMs and the use of credit cards. International transfers, particularly non-SEPA transfers, can also be expensive. Therefore, it is advisable to inquire about the respective fees in advance and, if necessary, use alternative payment methods. auswanderluchs.ch points out that fees may apply for foreign currency transactions and cash withdrawals abroad. We at GoMovin are happy to advise you on how to minimize these fees.
Credit Cards
Credit cards usually incur annual fees, which can be around 30 CHF. Additionally, a deposit is often required, which accrues interest and is refunded when the account is closed. It is important to examine the conditions of credit cards carefully and, if necessary, choose a card with lower fees. We at GoMovin help you find the best credit card offers. Use our information on bank payouts to prepare optimally.
Save money: Use alternatives for cheap international money transfers
Alternatives for International Money Transfers
International money transfers can be expensive, especially if you need to regularly transfer funds between Germany and Switzerland. However, there are more cost-effective alternatives to traditional bank transfers. At GoMovin, we introduce you to some of them.
SEPA Transfers
SEPA transfers within the European Economic Area (EEA) are usually free of charge. So if you have a Euro account in Germany and want to transfer money to a Euro account in Switzerland, you can typically do this without fees. However, Switzerland is not a member of the EEA, so SEPA transfers in Swiss Francs (CHF) are not possible.
Non-SEPA Transfers
Non-SEPA transfers are often associated with high fees and exchange rate markups. Therefore, it is advisable to avoid them and instead use alternative providers. At GoMovin, we recommend comparing the different options and choosing the most affordable one.
Wise (formerly TransferWise)
Wise is an affordable alternative for international transfers. The company offers multi-currency accounts that allow you to hold and transfer money in various currencies. Wise typically uses the current exchange rate and charges only low fees. However, you currently cannot receive CHF with Wise. At GoMovin, we help you find the best solution for your individual needs.
Special case: How cross-border commuters and Swiss abroad benefit
Special Case: Cross-Border Workers and Swiss Abroad
There are special offers and conditions at various banks for cross-border workers and Swiss living abroad. It is important to inform yourself about these in order to find the best options for your individual situation. At GoMovin, we provide you with an overview.
Offers for Cross-Border Workers
Cross-border workers often need accounts for CHF and EUR payments. Some banks offer special conditions for cross-border workers that allow you to transfer money cost-effectively between Germany and Switzerland. Check with the banks about their respective offers and fees. wohnsitzausland.com highlights that there are specific offers for cross-border workers that cater to the needs of people living in one country and working in another. At GoMovin, we help you find the best offers for cross-border workers.
Offers for Swiss Abroad
The SwissCommunity has partnerships with BCGE and ZKB, offering similar banking conditions for Swiss citizens residing both domestically and internationally. However, higher fees may apply to accounts for Swiss abroad. Conditions and fees vary depending on the bank (e.g., PostFinance, TKB, Valiant). Therefore, it is advisable to gather detailed information in advance and compare the various offers. According to swisscommunity.org, the SwissCommunity, in partnership with BCGE and ZKB, provides similar banking conditions for Swiss citizens residing both domestically and abroad. At GoMovin, we support you in choosing the right bank for Swiss abroad.
Here are some of the most important points to consider when choosing a bank as a Swiss abroad:
Fees: Compare account management fees, transaction fees, and credit card fees across different banks.
Conditions: Find out about the conditions for opening and maintaining an account, especially regarding minimum deposits and residency requirements.
Services: Check what services the bank offers, such as online banking, personal consultations, and special offers for Swiss abroad.
Stress-Free Moving: Tips for Smooth Banking Transactions in Zurich
Tips and Recommendations for Moving to Zurich
A well-planned move is half the battle. At GoMovin, we provide you with some tips and recommendations to ensure your banking activities in Zurich run smoothly.
Early Planning
Settle all banking matters well in advance of the move. Contact your banks and inquire about the necessary steps. Open a Swiss bank account early to avoid delays. The SwissCommunity recommends planning well ahead of the move to meet regulatory requirements. At GoMovin, we assist you in creating a schedule and coordinating all important tasks.
Comparing Bank Offers
Compare fees, services, and conditions of different banks. Consider your individual needs and preferences. Use online comparison portals and seek advice from bank advisors. At GoMovin, we provide you with detailed comparisons and help you make the best decision.
Utilise Advisory Services
Take advantage of advice from bank advisors. Learn about webinars and informational events. Utilise the expertise of GoMovin to address all questions related to your move. We offer you comprehensive advice and support to ensure your move to Zurich is a complete success. The SwissCommunity offers webinars that provide important background information for managing Swiss bank accounts from abroad. At GoMovin, we supplement this information with our practical experience and global network.
GoMovin: Your partner for a smooth move to Zurich
Moving to Zurich and the related banking transactions can be complex and time-consuming. However, with the right preparation and partners by your side, you can make this process stress-free. At GoMovin, we are here with our expertise and comprehensive range of services to make your move as pleasant as possible. We simplify the moving process and make international relocation stress-free, efficient and tailored to your needs.
We offer you an all-in-one solution for international moves with personal consultation, legal assistance, property services, and cultural integration. Our services include, among others:
Moves: We take care of transporting your belongings from A to B, safely and reliably.
Expat Services: We support you with all formalities, from visa applications to house hunting.
Visas: We help you apply for the right visa for your stay in Switzerland.
Real Estate: We assist you in finding the right apartment or house in Zurich.
Our key differentiators are our complete service, personalisation, global network, and transparency. We take pride in offering our clients first-class service and making their move as simple as possible.
Are you ready for your move to Zurich? We at GoMovin are happy to support you through every step, from planning to execution. Contact us today for a non-binding consultation and discover how we can help make your move stress-free. Contact us now and start your new life in Zurich with ease!
Further useful links
The Zürcher Kantonalbank (ZKB) provides information on address changes for its customers, both online and by post.
BCGE offers its I-Move service to customers moving within Switzerland or internationally, allowing them to maintain their existing relationship with their BCGE advisor.
SwissCommunity offers similar banking conditions for Swiss citizens residing both domestically and abroad in partnership with BCGE and ZKB, and provides webinars that convey essential background information on managing Swiss bank accounts from abroad.
FAQ
What advantages does a Swiss bank account offer for Germans in Zurich?
A Swiss bank account enables local transactions in CHF, simplifies the management of your finances, and often offers better conditions for certain services.
Can I keep my German bank account after moving to Zurich?
Yes, it is possible, but you must inform your bank of the address change. This may have tax implications, especially on capital gains.
How do I change my address with Zürcher Kantonalbank (ZKB)?
ZKB offers various options: online via E-Banking (Web and Mobile App) or in writing by post. The online change takes effect immediately.
What documents do I need to open a Swiss bank account?
Generally, you need proof of identity (passport or identity card), proof of residence (if opening an account with residence), and possibly proof of income.
What are the pros and cons of traditional banks versus direct banks in Switzerland?
Traditional banks offer personal advice but are often more expensive. Direct banks are cheaper but offer less personal advice.
What fees are incurred with Swiss bank accounts and how can I avoid them?
There are account maintenance fees, transaction fees, and credit card fees. Compare the offers of different banks and choose a cost-effective account model.
Are there special offers for cross-border commuters and Swiss expats?
Yes, some banks offer special conditions for cross-border commuters and Swiss expats. Find out about the respective offers and fees.
What are the alternatives for inexpensive international money transfers?
SEPA transfers (within the EEA) are often free. For other transfers, providers like Wise (formerly TransferWise) may be cheaper.
