Speaking of banking setup, I’d like to share an incident that occurred today. I attempted to send money to my WISE account, which I used regularly in the past but had been inactive for four months. After initiating the transfer, the money never arrived, and I was asked to provide identity verification (which had never happened before). Unfortunately, I couldn’t upload the required documents via the application, for unknown reasons. I had to cancel the transfer, which had already been refunded to me.
Is this procedure new with WISE? I had planned to use this solution for our honeymoon expenses abroad, but if it’s not as reliable as before, I may consider other options like Neon, YUH, or others.
Can you pay for public transport services with Revolut where, for example, for the metro you swipe your card at the entrance and then swipe it at the exit and pay for the journey?
This thread got me wondering about the need for brick and mortar banks. Is anyone using only digital banks? Are there drawbacks for not using brick and mortar aside from not being able to visit one physically?
Particularly, are there favorable interest rates for mortgages when you hold an account with them? From what I understood, one has to shop around for good mortgages anyways.
I do (neon), I don’t need to be able to visit my bank physically. To be fair, I only use my bank account to receive my salary, pay all the recurring bills like rent, etc. and move the rest to brokers/3a accounts. I don’t have a savings account/emergency fund as I use margin loans to cover emergencies.
I believe that choosing between an online bank and a traditional bank primarily depends on your personal situation. For a single person without any specific constraints and who does not own a home, an online bank can be perfectly adequate. However, for someone who owns a property, it’s important to note that, to my knowledge, online banks generally do not offer mortgage solutions (except for Swissquote, which is a particular case).
In any case, it seems preferable to choose bank accounts based on your specific needs. Nowadays, I consider banks almost like IT services: previously, everything was centralized in one place, but today, it’s necessary to diversify services and therefore bank accounts to get the best conditions and services.
Yes.
And mobile apps only for my day-to-day banking. Been doing that for a few years. (Though for investment accounts, I still use - and often prefer - online banking on a desktop browser).
Even when I was with brick & mortar banks in Switzerland (UBS or local banks), I was only using their online services.
I’m still banking with a brick & mortar bank in the EU - but only using their distance banking channels.
That said, opening the account and obtaining a credit card from them without ever having been a resident or citizen of the country was only possible through a personal visit and personal conversation on the phone.
What are the disadvantages of brick and mortar bank? With some traditional banks offering zero fee accounts (like ZKB), I don’t see any difference between digital or traditional anymore.
Probably the speed of implementing certain technologies and/or certain decisions (e.g. the increase in interest for savings accounts) due to the inertia of the system and the impact on the employees of the physical offices?
In my experience traditional banks are becoming more and more digital anyways and have cut down on offices and employees over the years. They also have higher capitals to allocate to newer technologies. If they chose to reduce prices or not, it’s another thing. For example UBS still charges fees for bank accounts - which needs to be eliminated in my opinion.
Maybe Neon has slightly higher interest rate versus ZKb on savings accounts, but I don’t really see much difference to be honest when talking about traditional banking services.
Of course there is nothing wrong with Neon.
But I personally like a bank I can see everything about money these days is virtual, at least the brick and mortar makes it sound a bit real.
They also have higher capitals to allocate to newer technologies.
This could be an advantage but at the moment I do not yet see what are the advantages, hence my original question. And you also agree that they are quite similar. I don’t think the minor differences in interest rates are worth going to one or another.
I don’t see any difference between digital or traditional anymore
So I am finding it difficult to stay traditional. I’m in Geneva, and even though ZKB allows account creation from a different canton. I’m afraid they would at some point need me to visit if some problem arises. My other choice would be Migros Bank, which has a poor app apparently.
Not sure if this is of much help and I haven’t used it myself. Seems like it is possible but comes with some costs unless I missed something on this article from Neon’s FAQ.
For me, clearly interest. 0% at ZKB vs 1% at Yuh. For normal salary account. Yes you can get some better deals with saving accounts but money on my account comes and goes frequently, so saving accounts are not an option.
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everything about money these days is virtual, at least the brick and mortar makes it sound a bit real.